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Optherium Rating Review

Stable+

Investment Rating

Expiry date 28 Feb 2019 28 Nov 2018

Rating report

Based on the analysis we decided to assign Optherium a Stable +” rating.

The project has the following strengths:

  • It participates in a significant and fast-growing market (the blockchain industry).
  • Its fiat-to-crypto and crypto-to-fiat currency exchange and eWallet services are licensed in the European Union (EU).
  • It allows instant on-chain and cross-chain transactions at a rate of more than 100,000 transactions per second (tps).
  • It is a member of the following organizations: The Linux Foundation, Hyperledger and Crypto Valley.

However, there are also a number of risks still associated with this ICO project:

Commercial risk

It can be assumed that the market is competitive. However, most of Optherium’s competitors are lacking in the number of currencies supported, transaction speeds, instant confirmations, and the level of wallet and digital asset security. While Optherium is an Ecosystem built around a Multi-Decentralized Private Blockchains Network™ that is capable of instant currency conversions and confirmations at speeds over 100,000 tps, and Dynamic Biometric™-based verification. Therefore, if the team can deliver on all of the announced features and functionalities, the project can gain traction and become popular. Still, it is worth noting that the commercial risk should be considered by potential investors.

Team composition risks

We note that some members of the team do not state their affiliation to the Optherium project on their official LinkedIn profiles, while others have stated multiple job responsibilities. Also, there are no links to the official LinkedIn profiles for four members of the team. In addition to this, we noticed that five out of eight advisors have not listed their advisory roles to the Optherium project on their official LinkedIn profiles.

Absence of known VC investors

As of November 2018 there were no announced VC investors (apart from CGC, who are listed as a partner on the Optherium website). The absence of interested corporate investors may affect  project development and marketing.

 

Based on our analysis and taking into consideration all of the risks associated with the Optherium project, as of November 2018, we decided to assign Optherium a Stable +” rating. It is worth noting that once the major issues are resolved by the team, the project rating will need to be reassessed as the risks linked to it may change.

Project & ICO information

One of the main problems that current businesses face is that they are using multiple ledgers that are inefficient, expensive, and subject to fraud and misuse. This is largely due to the reliance on centralized, trust-based, third-party systems created and used by financial institutions, clearinghouses, and other institutional entities. The lack of transparency and additional efforts to provide insurance for transactions cause delays in transaction settlements. These risks and uncertainties ultimately contribute to missed business opportunities.

To address these issues, Optherium Labs, a global FinTech company, aims to introduce the Optherium Ecosystem that will create a global finance blockchain infrastructure upon a Multi-Decentralized Private Blockchains Network™.

Website

 

ICO website

 

Whitepaper

 

Medium

 

Telegram

 

Twitter

 

Reddit

 

Bitcointalk

 

Blog

 

Facebook

 

LinkedIn

 

Instagram

 

Vimeo

 

YouTube

 

Smart Contracts

 

Optherium Labs Ltd is the company behind the Optherium project, with its operations located in Zug, Switzerland.

 

Premier Round

Pre-Sale

Public Sale

Start date

5th October, 2018

To be announced

To be announced

End date

5th December, 2018

To be announced

To be announced

Stage cap

USD 7,500,000

USD 35,500,000

USD 43,000,000

Ticker

OPEX™

Token

ERC-20

Token supply (for sale/total)

57,941,176 OPEX™ / 3,200,000,000 OPEX™

Soft cap

USD 5,000,000

Hard cap

USD 43,000,000

Estimated valuation at ICO date

USD 2,374,822,354

Token price

USD 0.75

USD 0.85

USD 1.00

Bonus

20%

10%

-

Lock-up

See below

See below

See below

Minimum investment

USD 10,000

USD 2,000

USD 1,000

Maximum investment

USD 20,000,000

USD 20,000,000

USD 20,000,000

Currencies accepted

USD, EUR, BTC, ETH, LTC, DASH, USDT

Restricted list

China, Singapore

KYC procedures

Yes

Country of legislation

Switzerland

         

 

The token distribution scheme is as follows:

 

As is shown above, 47% of tokens will be allocated to Node holders and they will be locked for 1 year. Tokens reserved for the team (15%) will have the same lock-up period, (1 year). 25% of tokens will be held in the Liquidity Reserve and will not be sold on exchanges. The remaining 13% of tokens will be unrestricted, 14% of which will be allocated for sale, and the other 86%, that is 358,058,824 OPEX™, will be kept in a restricted reserve escrow account, protected by three keys, until needed for future funding rounds.

Therefore, there will be the following restrictions on OPEX™ tokens after both the pre-sale and the public sale:

  • It will be required for all U.S. investors to hold their OPEX™ tokens for 1 year after purchase before they can be sold on exchanges.
  • It will be required for all U.S. and Non-U.S. “Node Holders” to hold their OPEX™ tokens for 1 year after purchase before resale.
  • All advisors, and team and marketing members must hold their OPEX™ tokens for 1 year after purchase before resale, after which they will be subject to the rules of divestiture created by the Optherium Management Committee.
  • Other non-U.S. token holders, who are not “Node Holders”, advisors, or team or marketing members, will be able to sell their OPEX™ tokens once they are listed on an external exchange (approximately after 3 months).
  • All OPEX™ tokens dedicated to the Exchange and liquidity reserve (25% of total) will never be sold by the company.

According to the whitepaper, any unsold tokens will be kept in a restricted escrow reserve fund. If the amount raised will be less than the project hard cap, funds will be proportionally allocated to prioritize ecosystem development, VivusPay functionality, and BitCrox™ exchange development. If the project soft cap is not reached, all collected funds will be returned to all ICO participants.

With regards to the future use of proceeds, the project team presented the following table, shown below, that prioritizes technical and application development depending on the amount of funds raised. Marketing, legal, administrative, and other expenses are included in each milestone and will not exceed 35% of the budget at each given milestone.

Money Raised in TDE(?)

Features & Developments

USD 5m

  • Additional VivusPay functionality (Secure Data Storage component, NFC integration, base currency pairings, virtual card payment integration).
  • Blockchain development and refinement.

USD 15m

  • Dynamic biometrics.
  • Continued blockchain development and refinement.
  • BitCrox™ Exchange application.

USD 25m

  • B2B Platform.
  • Consolidation of physical operations in Switzerland.
  • Expand HR resources to accelerate software and business development.

USD 43m

  • Liquidity for Bitcrox™ Exchange.
  • Licensing for OTC Trading .
  • Launch of physical debit cards.
  • Launch of white label services.
  • E-commerce platform development.
  • Acquisition of banking licenses.

After the Premier Round sale, the team plans to list the OPEX™ token on the following exchanges: CoinBene, Huobi, OKEx, FCoin, Binance, YoBit.net, Bitstamp, KuCoin, and Bitfinex.

Technical overview

Optherium Labs aims to create an ecosystem around a modular, Multi-Decentralized Private Blockchains Network™, which will guarantee fast transactions and instant confirmations utilizing MultiSecure Transactions™ and Dynamic Biometrics™-based user verification involving multiple currencies and multiple forms of digital assets.

As mentioned in the whitepaper, the Ecosystem will act as an operating system for marketplaces, data-sharing networks, digital currencies, and decentralized communities, where every transaction and every piece of data is stored on a Multi-Decentralized Private Blockchains Network™ within the Optherium Ecosystem.

The project team will maintain its own private, peer-to-peer nodes and blockchains forged by consensus and combined with a system for smart contracts and assistive technologies. Its multiple blockchains will work with Hyperledger Fabric, the InterPlanetary File System (IPFS), and the Ethereum Network with unique cross-chain transactions. By using multiple blockchains over multiple platforms, Optherium creates a uniquely secure, Multi-Decentralized Private Blockchains Network™ environment.

The Optherium Ecosystem provides an array of private blockchain networks which allow instant on-chain and cross-chain transactions at a rate of more than 100,000 transactions per second and peer-to-peer roles and permissions to protect sensitive information. Optherium achieves such high transaction rates by using blockchain channels in a unique way. Each blockchain channel consists of five nodes and is capable of reaching approximately 3,500 transactions per second. Optherium combines many of these channels to form a platform layer, and uses many layers to develop multi-decentralization and maximum security.

Therefore, the Optherium Ecosystem tries to solve the three primary problems remaining in today’s blockchain industry:

  • Slow transactions and confirmations.
  • A lack of security.
  • Overall lack of usability for a wide range of users.

We note that even though the project’s GitHub profile is private, the project itself is under active development. Also, at of the time of our analysis, the team had already released the testnet (MVP).

Description of services & their applicability

Optherium Labs’ main point is to solve the problems with financial transactions and to satisfy the needs of the enterprise, finance and e-commerce industries. The Optherium Ecosystem will also support any other value-based transactions that are possible on blockchain. These include those transactions involving digital assets, legal document streams with authentication, real estate transactions, etc.

The project will provide the following blockchain solutions:

  • VivusPay Mobile App – It is an asset management tool, which allows individuals and small businesses to securely store their digital assets with Multisecure Technology™ and Key Recovery Service by utilizing Dynamic Biometrics™ and other Know Your Customer data, while managing their assets directly from their decentralized wallets. The App is already released and can be downloaded from the project website.
  • Optherium Debit Card – This allows users to withdraw money from any A™ in the world legally, safely and anonymously. This service is under development and is expected to be available by Q1 2019. As of now it can also be pre-ordered on the project website.
  • Multi-Decentralized Digital Currency Exchange (Bitcrox.io) – It will provide liquidity for all transactions within the Ecosystem that require conversion and confirmation, at speeds of over 100,000 transactions per second. Furthermore, it will support up to 150 digital currencies and provide an OTC desk for high volume transactions between enterprises and individual users in the safest and most user friendly ecosystem. According to the project website, the service is under development and is expected to be launched in Q1 2019.
  • Biometrics, such as a proof of identity – Dynamic Biometrics™ verification is a patented technology that uses biometric data (face, voice, fingerprint, retina, etc.) as a key, password or identity verification tool on the Ecosystem. It is estimated to be publicly released in Q4 2019.

White Label solutions - Optherium Labs offers businesses the opportunity to have a private-labeled product built for them within the Ecosystem. This will enable enterprises to utilize the Optherium Ecosystem’s rapid transaction speeds, instant currency conversions and confirmations, multilevel security verifications, and advanced user experience for private benefit.

Roadmap

The project team has provided the following roadmap:

According to project documentation, 15% of the tokens allocated to the team will be locked for a period of 1 year, which, looking at the presented roadmap, covers all of the major milestones. 

It is stated in the whitepaper, that in addition to the introduction of VivusPay to the market in Q3 2018, the company plans to release the following products: its Ecosystem, Key Recovery Service (KRS), Wallet Provider Service (WPS) and Know Your Customer Service (KYC). Therefore, at the time of our analysis the mobile app, VivusPay, was available for download from the project website and from the AppStore and Google Play.

The description of the marketing and business development activities that are schedule for Q3 and Q4 2018, according to the roadmap, can also be found in the whitepaper. The whitepaper also mentions that Optherium has a team of 14 marketing specialists who are fully certified with Facebook, Google, Twitter, and the LinkedIn Ads platform. All marketing efforts and team members are focused on the blockchain, FinTech, and Banking industries and they have a fixed budget of USD 200,000, which is dedicated to having Optherium noticed by the world’s blockchain, FinTech and cryptocurrency communities.

Market outlook

As stated in the project whitepaper, in just the last year, the global digital economy has grown more than tenfold from USD 25 bn to USD 270 bn today. Despite the volatility in the digital industry, there has been a clear upward trend and there are strong indications this will continue into the foreseeable future. One of the ways this growth is highlighted, is through the number of unique users involved in the digital economy. Optherium believes that there are over 50m unique users that hold some form of digital asset in the market today.

These users have at least one of the 140 publicly available wallets, which require varying degrees of usability and security. This is a marked improvement in security when compared to storing crypto assets in a “hot” wallet with an exchange. A recent article in Fortune calculated, that since 2011, nearly 5 million Bitcoins have been stolen, representing a loss of over USD 10 bn. 4m Bitcoins were lost in 2017 alone. Hence, there are still significant challenges that threaten the viability of the digital economy.

As of November 2018, Optherium had a number of competitors in the blockchain market, please refer to the summary table below:

Industry rivals

 

Optherium

PayCommerce

BitGo

Ticker

OPEX™

N/A

N/A

Key functions / features

Hyperledger, Multi-currency Wallet, Multi-currency Mobile Wallet App, etc.

PayCommerce Network, Federated Ledger, etc.

BitGo KeyCard, BitGo Custody, BitGo Business Wallet, etc.

Key users

Enterprises, users, developers

Enterprises, users, developers

Enterprises, users, developers

Development stage

VivusPay™ eWallet Mobile App release

N/A

Mainnet launched

ICO status

Premier Round ongoing

N/A

N/A

Funds raised during the ICO/Hard cap

Unknown / USD 43m

USD 22m / N/A

USD 42.5m / N/A

Percentage of tokens for sale

2%

N/A

N/A

ICO valuation

USD 2.4 bn

N/A

N/A

Market capitalization

N/A

N/A

N/A

Product launch

Q4 2019

Released

Released

The PayCommerce Network uses the proprietary Federated Ledger™ to enable real-time, instant payments, with clearing and settlement integration for its worldwide banking consortium. PayCommerce’s enterprise customers include seven of the top global banks, 11 of the top 50 U.S. banks, 14 Global Fortune 500 firms and eight U.S. Fortune 500 companies. Additionally, the PayCommerce platform has processed over USD 400 bn, consisting of nearly 200m transactions in the last 12 months.

BitGo empowers businesses to integrate digital currencies into their existing financial systems securely. According to different sources it is one of the top, most trusted wallet providers in the bitcoin space, which is also easy to use, as it has an intuitive design. Today, it is the world's largest processor of on-chain bitcoin transactions, processing 15% of all global bitcoin transactions, and USD 15 bn per month across all cryptocurrencies.

Therefore, it can be concluded that the market for Optherium is competitive. However, most of Optherium’s competitors are lacking in the number of currencies supported, transaction speeds, instant confirmations, and the level of wallet and digital asset security. While Optherium is an Ecosystem built around a Multi-Decentralized Private Blockchains Network™ that is capable of instant currency conversions and confirmations at speeds over 100,000 tps, and Dynamic Biometric™-based verification. Therefore, if the team can deliver on all of the announced features and functionalities, the project can gain traction and become popular. Still, it is worth noting that the commercial risk should be considered by potential investors.

Team

The Optherium project is represented by the following team members:

Serge Beck

Position

Founder and CEO

Total experience

16+ years

Relevant experience

Yes

Relevant education

Yes

Professional achievements

Seed Investor at HYPR Corp.

LinkedIn

Yes

Connections

500+

Endorsements / Recommendations

Yes

 

Roman Kaganov

Position

Chief Technology Officer

Total experience

5+ years

Relevant experience

Yes

Relevant education

Yes (Nuclear Reactors and Power Plants)

Professional achievements

Blockchain Developer at DevOrchestra

LinkedIn

Yes

Connections

406

Endorsements / Recommendations

Yes

 

Rajavelu Dharmaraj

Position

Chief Operations Officer

Total experience

9+ years

Relevant experience

Yes

Relevant education

Yes

Professional achievements

VP Technology Operations at Advantum Health

Principal/Director of Operations at emPower Doctors LLC 

LinkedIn

Yes

Connections

500+

Endorsements / Recommendations

Yes

 

Vadim Ivanenko

Position

CIO and Investors Relations

Total experience

8+ years

Relevant experience

Yes

Relevant education

Yes

Professional achievements

CEO & Founder at Luft – Digital Agency

CEO & Founder at HÖSH

LinkedIn

Yes

Connections

500+

Endorsements / Recommendations

Yes

 

 

Shaun Dindial

Position

Advisor

Total experience

6+ years

Relevant experience

Yes

Relevant education

Yes

Professional achievements

Partner at Enroll My Group

Partner at Crypto Global Capital

LinkedIn

Yes

Connections

500+

Endorsements / Recommendations

Yes

 

Jeff Ramson

Position

Advisor

Total experience

34+ years

Relevant experience

Yes

Relevant education

Yes

Professional achievements

Founder & CEO of PCG Advisory Group

LinkedIn

Yes

Connections

500+

Endorsements / Recommendations

Yes

 

 

The project team also includes the following team members: Morty Lempel (Director of Business Development and Investor Relations), Evgeniy Nikishov (Chief Software Architect), Dmitry Pugachev (Blockchain and Software Engineer), Pavel Shalamkov (Frontend Team Lead), Vasiliy Gavrilovich (VP Software Development), Max Kardanets (Senior Full Stack Developer), Alexander Protasov (QA Automation Engineer), Elena Protasova (QA Engineer), Yuriy Petrichenko (Frontend/Mobile Engineer), Yaroslav Bosenko (Product Designer), Igor Priadko (DEX Developer), Dmitry Dimenko (Marketing and Brand Consultant), Kirill Rusanov (DEX Developer), Constantin Savchenkov (Blockchain Software Engineer), Evgeny Kuzin (DevOps and Security Officer), Valentin Savchenko (Head of PPC), Adam Uzialko (Writer), Alexandr Palamarchuk  (Bounty Manager), Aleksandra Ostroukh (PR Manager), Alex Borbely (Creative Writer), Anna Nesterova (Email Marketing Manager), Bunty Agarwal (CFO) , Kateryna Kaverznaya (SMM Manager), Kate Vasylenko (PR Lead), Vladislav Pustovalov (PPC Manager), Liliya Soldatova (Community Manager), Alena Beck (Investor Relations), Iryna Pleskach (Copywriter), Jonathan Meiner (Analyst), Dmytro Rodak (Analyst and PPC Manager) and Roman Vynnychenko (PPC Manager).

We note that the following team members do not state their affiliation on their official LinkedIn profiles: Liliya Soldatova , Alexander Protasov, , Evgeny Kuzin, Iryna Pleskach, Adam Uzialko, Valentin Savchenko, Dmytro Rodak and Roman Vynnychenko.

The following team members mentioned multiple job responsibilities on their LinkedIn profiles:

  • Serge Beck has stated that he is also working as Seed Investor at HYPR Corp.
  • Bunty Agarwal has stated that he is also working as a CFO at Soffito, Managing Partner at Group 5 Advisory and Finance Director at BCA Advisors.
  • Vadim Ivanenko has stated that he is also the CEO & Founder of Luft – Digital Agency and the CEO & Founder of HÖSH.
  • Morty Lempel has stated that he is also working as a Director of Sales at Advantum Health.
  • Vasiliy Gavrilovich has stated that he is also working as the CEO & Co-Founder of Prof-it LLC and VP Software Development at DAO AXIS.
  • Max Kardanets has stated that he is also working as the CTO & Co-Founder of Luft.
  • Yaroslav Bosenko has stated that he is also working as CEO & Head of UX at Archetype Agency.
  • Alexandr Palamarchuk has stated that he is also working as a Bounty Team Lead at ZeroState, Worldopoly, etc.
  • Yuriy Petrichenko has stated that he is also working as a Frontend Developer at HebronSoft.

Also, we could not find the official LinkedIn profile for Igor Priadko, Kirill Rusanov, Liliya Soldatova and Elena Protasova.

There are a number of partners listed on the Optherium website, including the following corporate partners: Amnet (Marketing and Programmatic Services), Ambisafe Software (ICO Manager), Archetype (Data Analytics and Enterprise Performance Management), Quantum Media (USA Marketing). Also, Optherium has recently announced that a strategic agreement with TrustMeUp has been signed, which paves the way for the development of an innovative global trust ecosystem established on Optherium’s Multi-Decentralized Private Blockchains Network™ . Furthermore, the project team has announced their partnership with the following fundraising experts:  the Asia Israel Blockchain Association and Moorgate Partners.

It is also mentioned on the website that the Optherium project is a member of the following organizations: The Linux Foundation, Hyperledger and Crypto Valley.

To conclude, we note that some members of the team do not state their affiliation to the Optherium project on their official LinkedIn profiles, while others have stated multiple job responsibilities. Also, there are no links to the official LinkedIn profiles for four members of the team. In addition to that, we note that five out of the eight advisors do not list their advisory roles to the Optherium project on their official LinkedIn profiles.

Token analytics

The total token supply is 3,200,000,000 OPEX™. OPEX™ is an ERC20-compliant token.

The OPEX™ token is a multi-function token that is created to be used on the Optherium platform. Its main role is to serve as a utility token (facilitator function) within the Optherium Ecosystem, eWallet services, B2C and B2B platforms, and the Multi-Decentralized™ Digital Currency Exchange. Therefore, it is used for the formation of digital currency pairs, permitting rapid internal conversion between up to 150 digital currencies in response to user requests.

The secondary role of OPEX™ is as a Proof-of-Node Licensure token for node holders, where:

  • A “Node License” for a node can be purchased by accredited investors either in its entirety or as a portion.
  • A total of 18 nodes need to be ordered for licensure, at a value of USD 8.4m per node/ at a price of USD 0.75 per token.
  • The smallest available portion of a “Node License” is 1/13 of a node with a value of USD 647,000.
  • In order to participate in the 25% dividend distribution program, an investor must be a node holder or part of a group purchasing an entire node.
  • In addition to participating in a share of the dividend pool, the node holder will be responsible for a small yearly maintenance fee charged by the company to maintain the hardware and functionality of each node.
  • The maintenance fee will be deducted from the dividend payment the node holder receives each year, using a smart contract.
  • The value of the node holder’s OPEX™ tokens may increase as demand for OPEX™ tokens increases.

For any transactions settled on the Optherium platform there will be corresponding fees charged, ranging from 0.1% to 0.5% of the transaction value. Such fees will apply to all payments, remittances, instant currency conversions, data storage solutions, the KRS, KYC, and biometric validations. For B2B clients and other corporate clients, Optherium also plans to charge licensing fees for white labeled products and listing fees on the Optherium exchange.

Token price factor analysis

FACTOR

DESCRIPTION

PRICE EFFECT

Development and release of new products according to the roadmap

We note that the team has launched its platform, and now plans to add further functionalities and updates, as well as extend its services to South America, Canada, and Africa. The successful implementation of project services and functionalities, according to the development plans, may cause the price to go up, whereas failure to deliver will push the token price down.

⬆⬇

Demand for the platform

Considering the increasing popularity of the platform and project services, the project may face increasing direct (blockchain based) and indirect competition. However, the long-term demand for the platform may cause the token price to rise or fall.

⬆⬇

Sale of tokens by the team, advisors and contributors

15% of the tokens are reserved for the team, which are restricted for 1 year, and 13% of the unrestricted tokens are planned to be allocated to contributors and advisors, and are unrestricted only for non-U.S. investors. However, taking that only 14% of all unrestricted tokens will be sold during the ICO (the remaining will be held for future sales), this should not have a significant impact on the token price.

Sales of tokens by private sale investors

At the time of analysis, the Premier Round sale was ongoing, however, assuming the stage cap (USD 7.5m, 20% bonuses) is reached, only non-U.S. token holders who are not “Node Holders”, advisors, team or marketing members  will be able to sell their OPEX™ tokens once it is listed on an external exchange, which should not have significant effect on the token price.

Limited token supply

Assuming that the project develops as intended and the demand for the platform is sufficient, a limited token supply may have an impact on the token price in the long-term.

Volatility and immaturity of the cryptomarket

Although the token lacks speculative purposes, it is used as an internal payment mechanism within the system, therefore high volatility in the cryptomarkets may cause traders and speculative investors to trade OPEX™, which may result in price fluctuations or even speculative activities (pump and dump, etc.).

⬆⬇

Investment risk analysis

RISK

DESCRIPTION

LEVEL

 

Commercial risk

It can be concluded that the market for Optherium is competitive. However, most of Optherium’s competitors are lacking in the number of currencies supported, transaction speeds, instant confirmations, and the level of wallet and digital asset security. While Optherium is an Ecosystem built around a Multi-Decentralized Private Blockchains Network™ that is capable of instant currency conversions and confirmations at speeds over 100,000 tps, and Dynamic Biometric™-based verification. Therefore, if the team can deliver on all of the announced features and functionalities, the project can gain traction and become popular. Still, it is worth noting that the commercial risk should be considered by potential investors. We also note that traditional big market players may switch to internally developed blockchain systems at some point, as well.

Medium

Team composition and expertise

We note that some members of the team do not state their affiliation to the Optherium project on their official LinkedIn profiles, while others have stated multiple job responsibilities. Also, there are no links to the official LinkedIn profiles for four members of the team. in addition to that, we note that five out of eight advisors have not listed their advisory roles to the Optherium project on their official LinkedIn profiles.

Medium

 

 

 

Absence of known VC investors

As of October 2018  there are no announced VC investors (apart from CGC, who are listed as a partner on the Optherium website). The absence of interested corporate investors may affect  project development and marketing.

 

Medium

Token price decrease

We note that there are several fundamental factors which indicate that the token price may go down.

Low

 

The information contained in the document is for informational purposes only. ICORating received monetary compensation from the entity rated in this report for completing the ratings report. However, the entity rated in this report did not have the opportunity to approve this rating report before the report was published, nor did the rated entity have the opportunity to edit or remove this report once it was published. The views expressed in this document are solely those of the ICORating Team, based on data obtained 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.