spectiv Basic Review
|Start ICO||07 Dec 2017|
|End ICO||28 Dec 2017|
Ticker symbol: SIG
Project type: A dedicated virtual reality streaming platform
ICO: 08.12. 2017
Soft cap: No information available.
Hard cap: No information available.
Token: SIG, follows ERC20 standard
Bonus structure: early bird
Referral system: No information available
Open source: No information available.
Team size: 8, plus 3 advisors.
Developer team active: Yes, steady activity on Slack
GitHub: No information available.
Wiki: No information available.
Twitter +936 followers
Reddit: No information available.
YouTube: No information available.
Spectiv is a virtual reality streaming content platform. Content providers can earn ERC20 tokens for likes and views by followers. In addition it gives advertisers opportunity to place offers inside the platform. Three kinds of content publishing in the platform include:
- Community-driven VR content – VR experiences contributed by general users. Spectiv enables ordinary users to stream personal experiences with their own VR equipment. This content can range from professionally produced to casually recorded uploads.
- Commercial VR Events – VR live streams of sporting events, concerts, and more from premium seat proximities for a truly engaging perspective. This enables viewers to watch popular events from home as well as to fully immerse themselves in the VR atmosphere. For these mainstream events, Spectiv will directly partner with relevant hosting organizations.
- Spectiv Original VR Content – Original VR content created by Spectiv. This content will be produced with cutting-edge VR technologies and will be overseen by the Spectiv productions team. Spectiv original content will be introduced to the platform after development of community-driven and commercial components.
The Spectiv project issues Specs and Sigs tokens Specs - Spectiv Token is a virtual reality token supporting internal platform functions like tipping, premium content purchases, and ad rewards. Sigs - Signal Tokens are an ERC20 token connecting associated markets using the Ethereum blockchain, to foster growth in the virtual reality industry.
The Spective Project is based on two technological solutions – blockchain and VR. At the moment no VR platforms with 360’ video opportunity have been implemented yet. The reason is in the lack of suitable content, not in the technological implementation. As we know, the VR YouTube concept is a current hot topic.
The technology solution is a forward looking idea. We cannot say the same about the project as itself; it is a issue as to whether the project can survive in a competitive market without guaranteed community loyalty or partnership agreements with social networks. Another question is how they intend to invite followers.
The VR hub is not a unique one; other media content providers can create an analogous product.
The decentralized aspect, as with the Steem and BAT platforms, is not a particularly great strength. Within the near future, this type of platform will be common advertising and discussion.
Another question arises as to whether the team is fully prepared for implementation. The initial given ICO date was the middle of August, 2017. The founders moved it to December, explaining the date change on bitcointalk.org:
“We have had several discussions with our crypto consulting company, Sutton Stone, and we have setup a new timeline which will allow us the necessary time to prepare for the crowdsale. We previously mentioned that we were hoping to launch our pre-sale in late September, but that will not be possible. We have to ensure that everything is setup properly with all the correct documentation.”
It is not currently clear to prospective investors whether the price of the issued tokens would increase or not.
- A synergy of VR and blockchain technological solutions.
- The project is in its infancy;
- lack of loyal followers;
- the staff has never launched a blockchain project before;
- competitive weakness.
VR streaming portals are not yet common, so the project does not currently have direct competitors. Of course, streaming portals are being created, thanks to VR content existence. Technological solutions for VR hub development are the same as for any other media content hub development. Currently we do not see the defining features of the Spectiv project to be particularly competitive.
The blockchain-based Spectiv platform gives content providers opportunity to earn SIG tokens for the quantity of likes and views by platform users. In addition, advertisement can be more efficient.
Regarding technological solutions, the main competitor is Steem. Steem is a blockchain-based social media platform where anyone can earn rewards for their posts. Another competitor is BAT, a token for the digital advertising industry. It pays publishers for their content and users for their attention, while providing advertisers with more in return for their ads.
VR is one of the most topical items for discussion among IT startup company developers. Currently we are seeing a large-scale industry being established. There are VR glasses for general consumption, fuelling new content development. Special hubs for content storage and streaming are being developed, too.
Many articles on VR market research are regularly published. According to these, the market is going to grow many times within the next ten years. According to SuperData’s forecasts, by 2020 the VR market will be more than $28 billion 1. According to Statistica’s data, $40 billion2. It should be noted the market value was $2 billion as for the end of 2016. Under the given forecasts the VR market can grow by 14-20 times. We can say it is the most promising market for the near future.
The product has not yet been launched, so it is very difficult to judge engineering aspects of the project. Here is an example of the platform’s future operation. This picture is available on bitcointalk.org.
The whitepaper given on the website provides us with necessary information on the project. The document is accurate and full, and the founders describe the project step by step in detail, with extended explanations of key talking points.
As mentioned, technical documentation is not available at the time of review so we do not have opportunity to audit engineering aspects of the project.
Start: 08.12. 2017
Close: no fixed date
Crowdsale pool: 80 000 000 SIG
Signal Tokens Distribution:
- Sigs Crowdsale: 60%
- Platform Reserve: 20%
- Management Team: 14%
- Escrow and Advisors: 4%
- Bounties and Rewards: 2%
- Platform Development: 40%
- Marketing & Sales: 15%
- Content Licenses: 15%
- Payouts for Contributors: 10%
- Equipment: 8%
- General & Administrative: 7%
- Legal Fees: 5%
Tokens are locked after purchase until the platform launch. After the platform launch it is planned to issue the second token – SPEC. This is the internal Spectiv currency. Specs will have a fixed value and will be offered in three distinct denominations:
- Gold Specs: $0.10
- Silver Specs: $0.05
- Bronze Specs: $0.01
The project intends to raise 40 million dollars. 48% of this total is for development and equipment purchase. We believe these are essential expenses, very difficult to reduce. So, if the project raises less than 20 million dollars it will be difficult to continue development. So early participation in ICO is profitable from the point of view of bonus receipts but it is risky.
It is worth mentioning that the founders do not ignore risks in their description. In their Project Development Plan they describe development plans if the minimal target is not achieved by the crowdsale.
They are as follows:
Level 1: $2,000,000 Received
- Develop mobile-powered VR headset video viewing functionality
- Develop robust VR video uploading backend + hosting support
- Legal costs associated to company formation and crowdsale structure
- Operating expenses (G&A, data hosting, salaries, etc.)
- Fund deals for independent VR content creators to port existing content to Spectiv platform
Level 2: $10,000,000 Received
- Develop signal link traffic data analytics system for tracking Sig conversions
- Hire 2 additional programmers to accelerate backend development
- Expand equipment compatibilities (Oculus Rift, HTC Vive, etc.)
- Actively pursue partnerships with sports and entertainment organizations
- Enter partnerships with professional VR producers to contribute new content
- Launch targeted marketing and promotion campaign to reach new users
Level 3: $25,000,000 Received
- Fund greater data hosting bandwidth to accommodate more content
- Develop commercial event and user-to-user live stream functionality
- Integrate system for virtual reality advertising through Spectiv platform
- Fund broadcasting deals for major live events in sports and entertainment
- Launch new user sign-up campaign: $3 Specs credit + cardboard headset for first 200,000 new users
Level 4: $40,000,000 Received
- Reserve capital for future data hosting and additional hiring needs
- Develop immersive Spectiv virtual reality environment and interface
- Global marketing efforts to promote community-driven contributions
- Fund Spectiv Original Content; VR production equipment + team
Here is the plan of development if they gain the maximal target:
- Finalize terms of employment within team and recruit supplemental developers and interns.
- Finalize company structure, including equity split, advisor/investor relations, employee agreement.
- Start initial platform marketing campaign.
- Launch full Crowdsale of Signal Tokens.
- Hire additional platform developers.
- Work on development of Alpha platform.
- Secure content contributions with existing VR enthusiasts around the world.
- Subsidize popular content creators to adopt VR recording systems and contribute their content to our platform.
- Grow user base and incentivize user-driven contributions.
- Release Alpha version of platform.
- Optimize platform; gather feedback and resolve kinks found in alpha.
- Begin discussions for licensing arrangements and partnerships with commercial organizations.
- Release beta version of platform.
- Execute full online marketing campaign and referral program.
- Introduce advertisers and ad rewards.
- Make pointed efforts to establish a wide selection of VR experiences, focusing specifically on variety of content.
- Launch official Spectiv website and platform
- Robust ad rewards system for advertisers, viewers, and content creators.
- Contingent on milestones met, begin plans for Spectiv original VR content.
Dylan Senter - Co-Founder & CEO (LinkedIn)
Dylan is an accomplished entrepreneur who has founded multiple businesses over the past several years. He is currently a co-founder of Sensytec, a smart materials technology startup that has received over $3M in R&D funding to date. He is also an experienced e-commerce expert, operating his own Amazon storefront (SuperSenter) that generated >$500,000 in sales for 2016. His entrepreneurial achievements earned him honors and scholarship from the Texas Business Hall of Fame in 2015. His specialties are in business development, marketing, and growth strategies.
Nick Ravanbakhsh - Co-Founder & COO (LinkedIn)
Nick has a double major in accounting and entrepreneurship from the University of Houston. He is the CFO of Sensytec and competed with Dylan Senter in several business plan competitions across the nation. Together they won 1st place in 3
competitions and placed in several others. In addition to the work he does with Sensytec, he also co-founded Effortless Online Solutions, a digital development agency with Chris Peña, chief of technology. Nick is a passionate virtual reality and blockchain enthusiast versed in sales, finance, economics, and emerging technologies.
Chris Peña - Chief of Technology & Development (LinkedIn)
Chris is a highly-regarded programming expert, proficient in most coding languages. He is best known for his YouTube channel, Dev Coffee, where he lives codes apps and teaches programming through in-depth video tutorials. He is the CEO and head programmer of Effortless Online Solutions, a firm providing app development and design services.
Ramon Hernandez - UI Developer (LinkedIn)
Ramon holds a bachelor of fine arts with a focus in graphic design. He has done work for several local organizations in Houston through his independent design firm, RFHgraphics. His experience is in design, UI/UX, branding, and packaging. Ramon is a remarkably talented artist with a unique interest in the operations side of the projects he designs for.
Bryn Bellomy - Ethereum Developer (LinkedIn)
Bryn is an experienced full-stack developer and entrepreneur, currently holding the title of Chief Technology Officer at ListenOnRepeat, a popular music discovery and curation service. The companies he founded previously have focused on a wide range of technologies, from real-time video processing to mobile applications to audio synthesis and music production tools. In addition to his experience with media tech, he has a profound passion for the cryptocurrency space and is excited to find the confluence of these two interests at Spectiv.
Justin Wood - Software Architect
Justin has a degree in Art and Technology from the University of Texas at Dallas and has experience in creating and sculpting 3D models for games, film, and print. Through his passion for new technologies, art, design, and making products that people enjoy, Justin gained an avid interest in front-end programming very early. This soon turned into an absolute passion for full-stack development and a dedicated career in programming. He is currently a lead developer at Rise Services, where he is working alongside Chris Peña to create a new platform for energy industry accounting.
Jasmine Nguyen - UX Developer (LinkedIn)
Jasmine is a creative, engaging, full stack developer with a passion for front-end development and UI design. She specializes in designing seamless user experiences and intuitive platform functionalities. More than anything, Jasmine has a keen ability to see through the “new users” perspective, understand what it takes to retain those users, and translate that into technical front-end objectives. Jasmine is a Coder Camps graduate.
Mirza Baig - Business Strategy (LinkedIn)
Mirza has a finance degree from the University of Houston, where he was Vice President of Corporate Relations for the Investment Banking Scholars club and placed first in the Oil and Gas Valuation Competition. He is knowledgeable in energy trading, investment banking, and strategic management and has work experience in investment management at Merrill Lynch and most recently in business development at AIG. He is currently working on a contract project with BNY Mellon.
There is a project thread on bitcointalk.org. It is the main discussion channel for interaction with the community. There is also an account on Slack.
The project is not carrying out an aggressive marketing campaign. There are articles about the coming ICO in siliconANGLE, Cryptosmile, Bitcoinexchangeguide, and other periodicals.
The information contained in the document is for informational purposes only. The views expressed in this document are solely personal stance of the ICOrating Team, based on data from open access and information that developers provided to the team through Skype, email or other means of communication.
Our goal is to increase the transparency and reliability of the young ICO market and to minimize the risk of fraud.
We appreciate feedback with constructive comments, suggestions and ideas on how to make the analysis more comprehensive and informative.