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Peculium Rating Review

Risky+

Investment Rating

Expiry date : Expired 19 Dec 2018

Rating report

We have reviewed the project's progress as of February 2019 and would like to note that the progress of the project is difficult to track and very unclear, the team did not publish the updated roadmap. Therefore, the project's rating has been decreased to Risky+. 

The project is currently vulnerable and dependent upon favorable business, financial, and economic conditions to meet commitments on the project’s deliverables. In the event of adverse business, financial, or economic conditions, the team is not likely to have the capacity to meet its commitments on the project. This outlook assesses the potential direction of the project; in determining a rating, consideration is given to any changes in economic and/or fundamental business conditions. This outlook is not necessarily a precursor of a rating change or future team actions.

The project has the following strengths which are worth noting:

  • Ambitious idea;
  • The beta already being available for AIEVE;
  • The token’s smart contract code is publicly available, all ICO details (token distribution details, burning, etc.) have been verified and their reliability can be confirmed;
  • The team is very open and willingly shares all possible information with the potential customers in elaborate detail;
  • No direct market competitors;
  • The economics of the token is rather well structured and understandable
  • Diversified team composition.

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

MVP

The project is based on a technologically complex idea, which requires a large number of different stages testing and coordination within the team. There is already an available beta for the AIEVE, which was launched already in February, and there is a publicly available smart contract code on GitHub for the token. As for further steps, the team plans to release the Smart contract SOLIDUS Q1, 2019, and the last part of the AIEVE platform is scheduled in Q2 2019. The ALTERUS beta should have been released in mid-August, and as of the report date there is no available link for download. But the team informs that they are 6 months ahead on automatic trading (Solidus) – a strategic choice to better answer current market expectations. On the project’s GitHub account there is only a smart contract code of the token itself, the SINGULUS, for which the deployment of a smart contract should have been taken place in Q3. The details of which are unavailable still - there is no code for the applications, at least for the initial ones.

It can be said that, from a technical point of view, in recent months, the project has not released the results of active work for the public. According to the information received from the team, the SINGULUS IOS application is already ready, but has not been announced and released yet. Anyone can register on aieve.io/user and check the current development stage.

Incomprehensive whitepaper

The whitepaper and later LitePaper do not include market/competitor analysis, forecasts of marketing activities, or plans for product promotion. The forecasted use of proceeds and a technical description of the platform need further clarifications. The team and advisors’ description are absent in WP and LP, and the existence of ICO and CCO is confusing. The most part of the aforementioned missing information can be found in other project-related documents, but the existence of so many information sources can be confusing and even with the existing betas, it can increase the risk level for investors.

Incomprehensive roadmap

There are several available roadmaps among the Project’s documentation, which confuses the understanding of the timeline. These roadmaps cumulatively also have several disadvantages, such as: the longest period covered is only December 2019, the milestones mostly cover the technical aspects of the project and does not lay out the business development process – e.g. when and how marketing activities will be performed.

Market/Competitors risks

Peculium does not conduct competitors’ analysis because when the project initially entered the market, there were no similar projects. From the date of the initial WP issue, several projects, which position themselves as a “savings platform”, have appeared and they have similar features with simultaneously prediction markets’ projects and a bit with asset management platforms. In this case, the competitors’ area is expanding, which leads to an increased risk level.

Team and advisors’ composition risk

The team composition is quite diverse with technical specialists in the blockchain area, and there are specialists in the marketing and financial areas as well. In general, the team seems quite complete, as the disadvantages we can note the lack of information about Peculium on almost half of the accounts, the unpopularity of some accounts (very few contacts and lack of recommendations), and some positions on the website differ from the LinkedIn’s ones. Currently established advisors and partnerships do not seem really sufficient. There is only one blockchain-related partnership and most of the advisors are not affiliated with the project on LinkedIn as well.

Development

The project is still under development and may undergo significant changes over time. Although it is intended for the project to follow the specifications set forth in this document, and the Foundation will endeavor to work towards those ends (subject to internal business considerations), changes may be required to be made to the specifications of PCL, or Peculium Project, for any number of reasons.

Based on the analysis performed and taking into consideration all risks associated with the Peculium project, as of September 2018, we have assigned the Peculium project a “Stable” rating. The rating may need to be reassessed once further alpha/MVP versions of the product are released and feedback on the betas is received.

Project & ICO information

Peculium originates from the word «pecul» (Latin), which literally translates to “a sum of money saved for the future”. This project is a revolutionary savings platform that seamlessly integrates the power of Automated Machine Learning and Artificial Intelligence (AML-AI), Blockchain Technology (based on Ethereum), and the economics of traditional savings and cryptocurrency markets.

Peculium is a savings platform developed specifically to benefit from managing a superior cryptocurrency portfolio with the help of artificial-intelligence-based decision making. It also offers a variety of crypto-asset management products for individual users and institutions. The platform offers products with varying degrees of autonomy over asset management, which range from completely autonomous (suitable for users and investors) to highly customizable (suitable for professional traders, larger corporations, and brokers who are interested in providing customized plans to their clients). The platform will allow monitoring and management of crypto-assets in real time as well.

The project has the following public pages:

Website

Whitepaper

LitePaper

Reddit

GitHub

Twitter

Facebook

Medium

Telegram (main channel)

Telegram (Chinese channel)

Telegram (Spanish channel)

Telegram (French channel)

Telegram (German channel)

 

PRIVATE SALE

PRE-ICO

ICO (PUBLIC SALE)

Start date

November 1, 2017

December 17, 2017

December 21, 2017

End date

November 22, 2017

December 20, 2017

January 24, 2018 (End of CCO – September 27, 2018)

Stage cap

EUR 50,000,000

 

 

Ticker

PCL

 

Token

ERC-20

 

Token supply (for sale/total)

17,000,000,000 (TBA after the token burn) / 20,000,000,000 (TBA after the tokens’ burn)

 

Token distribution

5% / 1,000,000,000 PCL

25%/5,000,000,000 PCL.

In the continued coin offering (CCO) phase, beginning Mar'18 until end of Jul’18; a total of 55% of tokens will be sold exclusively to the big investors and savings funds from all over the world, providing institutional foundation and stability for long-term success.

 The details of token distribution are as follows:

 

Soft cap

EUR 7,000,000

 

Hard cap

EUR 20,275,000

 

 

Estimated capitalization (Total valuation = Hard cap/tokens for sale * total token supply)

 EUR 24 mln (based on the initial token supply)/ EUR   28 mln (based on the actual token supply)

 

Token price (official Telegram group)

1 PCL TOKEN = 0, 01 €

 

1 PCL TOKEN = 0, 005 €

 

If the price goes above 0,005€ it will be set to the previous day’s highest price.

Discounts/Bonuses

Private sale 50%

The bonus structure varies with time from 35% to 0%. Please, refer to the picture under the table

Lock-ups

First ICO only:

  • Investors will be immediately able to use their tokens
  • Investors will receive their tokens one week after the ICO

40% of stakeholder tokens will be distributed immediately free of charge to the contributors that have raised awareness and participated in the ICO success

  • The remaining 60% of stakeholder's tokens will be distributed 10% each month over 6 months
  • All reserve tokens (55%) will be released over five months starting starting in Mar'18 and ending in Jul’18.
  • CCO (current phase): the minimum lock up is 1 month after the end of this last token phase, then holding bonus.

Min/Max contribution

No data

No data

EUR 50/ No data

Currencies accepted

BTC / ETH / LTC / DSH / BCH / €

Restricted list

First ICO: China, accredited for USA

CCO: accredited investors for USA

KYC procedures

Yes

Country of legislation

France

           

It is important to note that the last sales-period of ICO, according the LitePaper (released after first ICO stage), started on August 28, 2018 and ends on September 27, 2018.

The bonus system created for the investors is aimed to show their support by holding their PCL for a long term. The bonus depends on the number of months to claim the tokens from validation order date. The tokens can be claimed about 1 month after the ICO.

For the first ICO, not for the current token sale phase, the project has launched a bounty program, through which the team believes to reach more supporters and investors. This comprehensive community outreach campaign has been allocated a total of 3% of the Tokens for the bounty program (600,000,000 PCL). 100,000,000 PCL (16.7%) will be reserved for the airdrop and bounty management. Another 100,000,000 PCL (16.7%) will be used to create partnerships with the established names in the crypto-sphere. These partnerships have been carefully chosen from social platforms, such as Youtube, Medium, Steemit, Twitter etc. The majority of the tokens (400,000,000 PCL) will be used to directly incentivise the members of the crypto-community in the form of bounties for signature campaigns, user-created articles, videos, and user-promoted PECULIUM content on social platforms. All bounty participants will earn shares on a meritocratic basis. The payments in the form of PCL will be made at the end of each payment period.

To sum up the token sale phases from the table above, the following diagram can be visualized:

Facing tough market conditions and regulation uncertainties, Peculium did actually burn PCL 12,328 bn of the total supply.

100% of the total existing PCL tokens have been minted/created already. The corresponding token-burn will take place after the last sales-period in Q4 2018. The total-supply is finally determined & will stay like this after the last token-burn is done.

After the already burnt tokens, the following token distribution scheme can be presented:

As there have already been 12 bn PCL out of 20 bn PCL burnt, the estimated valuation should be recalculated (currently we can see that only ~72% of the total tokens are for sale). So, potential valuation since of the report date is ~ EUR 28 mln with the same Hardcap.

The vesting terms of the tokens are not directly specified. It is quite clear, which vesting terms have the tokens, and which are under bonuses scheme, but even there the decision to hold the tokens depends on each investor. The tokens can be claimed about 1 month after the ICO.

 

The team provides the following funds allocation scheme:

  • Super computer: The project plans to be the first company to use a supercomputer on the blockchain ecosystem. Guided by the team’s supercomputer expert, Malik Cherif has already helped set up the biggest supercomputers in France. The objectives for using the supercomputer are:

• Higher computational power to make forecasts more accurate, by analyzing a huge amount of data

• If some of the computing resources remain unused, easy access to any other ICOs

  • Security: complex security solution to protect the investments and AIEVE predictions from hacking;
  • Legal & accounting: legal necessity of financial asset management, requiring an assessment from lawyers;
  • Technical improvement: finish the development of the products, web application, test the iterations, integrate and analyze more coins & tokens, develop complementary tools for the application: real time analysis dashboard, etc;
  • International marketing: Increase the outreach internationally through marketing campaigns and strategic partnerships.

The team’s intention to spend 71% from the total sum (Super Computer development, Technological improvement and Growth and International Development) seems a bit overestimated, but from the scheme above it is not clear in which part the marketing and community development are included, as well as Operating expenses. According to clarifications provided by the team, marketing-related expenses are included in the International development part. Different OPEX types are included in different parts (Housing in Legal & accounting, Technical OPEX – in the technical improvements part). Basically, expenses are included in each category.

We believe that the whitepaper has the following problems:

  • The token distribution schemes from the initial WP and the LitePaper are slightly complicated and make the token allocation scheme difficult to understand;
  • Because of the existence of 2 whitepapers (Whitepaper and LitePaper), the terms are confusing as well;
  • There is no publicly available information regarding countries from the restricted list;
  • Forecasts of marketing activities and plans for product promotion are not covered in the whitepaper.

The above issues and the absence of marketing activity make it impossible to analyze the potential market distribution for the services. However, given that the project already has the beta versions, this should not significantly increase the level of risk for potential investors.

Technical overview

As a reminder, Peculium is developing the first ever savings management platform, using Artificial Intelligence and Automated Machine Learning to target the cryptocurrency market.

The whole Peculium system is combined from the following systems:

  • Due to AIEVE, its Artificial Intelligence algorithm, Peculium is aimed to make the investments in cryptocurrencies as secure as a bank deposit and benefits from big market moves by anticipating them.

 

  • Peculium will also offer a variety of cryptoasset management products (Singulus, Alterus, Solidus) for both individual users and institutions. The products have different degrees of autonomy over asset management that can range from completely autonomous (suitable for users and investors) to highly customisable (suitable for professional traders, larger corporations, and brokers who are interested in providing customised plans to their clients). The platform will allow for the monitoring and management of crypto-assets in real time.

 

AIEVE is an Artificial Intelligence companion of Peculium. AIEVE is powered by Peculium and is supported by state-of-the-art Big Data and Machine Learning technologies which integrate with Blockchain data feeds.

 

AIEVE has the following technology:

AIEVE comes in the three stages, which are:

AskEVE v5 was announced on August 28, and comes with a better MAPE, more accurate prediction updates, and a host of new features. Now, the movement of the coin can be predicted for up to 15, 20, 25, and 30 minutes.

The launch of MyEVE is planned for the end of September, 2018 and the BeliEVE is scheduled in Q2, 2019.

 

SOLIDUS smart contracts integrates all (137+) basic algorithm features, giving the user security and stability. Apart from the technical analysis, indicators and the rating reports, all benefits available on the Peculium platform are already integrated in SOLIDUS. Most importantly, SOLIDUS can be used and reap benefits from the power of AIΞVE without paying a recurring fee. It comes with a limited set of parameters from which to choose. At the end of each solidus contract period, the smart-contracts return the predefined proportion of the profits to the investors.

 

We note the following details of the project’s whitepaper:

 

  • There is no consensus mechanism description;
  • It is not clear from the documentation, as far the platform is decentralized. According to the information received from the team, the platform is centralized;

The technical description of the work of the Peculium platform requires further clarifications and the work of all the internal mechanisms that are essential for the work of the system as a whole and the main product is also not clear.

Description of services & their applicability

Peculium is developing the first savings management platform, using Artificial Intelligence and Automated Machine Learning, to target the cryptocurrency market.

Peculium will also offer a variety of crypto-asset management products for both individual users and institutions. The products have different degrees of autonomy over asset management that can range from completely autonomous (suitable for users and investors) to highly customizable (suitable for professional traders, larger corporations, and brokers who are interested in providing customized plans to their clients). The platform will allow for the monitoring and management of crypto-assets in real time.

The project provides the following business model, which comprises three products:

All these products use AIEVE, the AI- algorithm which forecasts market prices.

SINGULUS and ALTERUS are fixed-term contracts on crypto assets. AIEVE provides on-demand investment advice with the help of which investor trades by himself.

SINGULUS is self-managed, and the user can decide to use/follow AIEVE advice. The Wallet (Personal savings) SINGULUS has the following features:

  • Mobile app for crypto savings
  • Personal savings
  • Self-Management
  • Easy to use
  • Risk-Management
  • AIEVE on demand

On the official website of the project there is information that the SINGULUS wallet will soon be available for download. According to information received form the team, the Beta version is already available, but has not been announced yet.

Second, ALTERUS is an end to end (E2E) smart contract, which gives greater control over savings-management, provides a wide range of flexibility and autonomy for savings and allows to use brokers in delegating management designed specifically for large corporations and financial institutions. It provides a greater control over the asset management parameters allowing financial institutions to use brokers in delegating management. Simply put: ALTERUS is Singulus for institutions.

The product has the following characteristics:

  • Web app for crypto savings
  • Corporate savings
  • Self-Management
  • Easy to use
  • Risk-Management
  • AIEVE on demand

The ALTERUS beta should have been released in mid-August, as of the report date there is no available link for download.

Smart contract SOLIDUS has the following characteristics and will be launched in Q1, 2019:

  • Various Durations
  • Personal/Business Savings
  • Delegated Management
  • Effortless
  • Risk-Management
  • Managed by AIEVE

The features of the product are:

The management of the company's products is transparent and regularly optimized to ensure the most successful investment flow and minimize possible risks.

The next steps of the team are to continue following the roadmap and getting prepared to the upcoming launches of the products. One of the project’s strengths is that the team is 6 months ahead of schedule on automatic trading (Solidus aka BeliEVE in its early stage will auto-trade in Binance).

Roadmap

The Project’s documentation demonstrates several Roadmaps, which slightly differ from each other.

In the initial Whitepaper the following Roadmap is presented:

The Roadmap above confuses the understanding of the terms and the content of the milestones. It covers the period until the end of 2017 as well.

The LitePaper provides the following Release Roadmap:

AskEVE: (released & live) is the first product on top of on AIEVE. Through AskEve, AIEVE is providing forecasts on the Top 14 coins, every minute, 24/7. All users can execute the trades manually. On the latest upgrade to version 5, AskEve- predictions are for up to 15, 20, 25 and 30 minutes;

  • MYEVE: will be «AskEve, personalized, with additional features on top”;
  • SINGULUS and ALTERUS are believed to be released in 2019.

 

We believe the Roadmaps have the following problems:

  • The longest period covered is only until December 2019;
  • The milestones mostly cover the technical aspects of the project and do not lay out the business development process – e.g. when and how marketing activities will be performed, how many users the platform the company intends to reach by the end of each stage, etc.

Market outlook

Market overview:

Despite its strong potential, the cryptocurrency market suffers from high volatility, limited liquidity and a lack of transparency.

According to information from statista.com, the number of blockchain wallet users worldwide from 1st quarter 2015 to 2nd quarter 2018 shows a 17,47% CAGR growth. The statistic below presents the total number of Blockchain wallet users worldwide from the first quarter of 2015 to second quarter of 2018. The number of Blockchain wallets has been growing since the creation of the Bitcoin virtual currency in 2009, reaching over 25 million Blockchain wallet users at the end of June 2018.

At the same time, there are already more than 22 mln bitcoin (and other currencies) wallet according Bitinfocharts.com as of July 31, 2018. So, currently, the number of users is approximately the same as the number of wallets, which can indicate a huge rivalry in this area.

The project, which is currently under review, also includes the elements of AI and prediction markets.

Prediction markets are exchange platforms, where the objects of trade are the results of certain events. Over the period of 1,5 years, the entire industry of prediction markets consists of only 38 projects, of which there are 37 projects, which have completed the ICO. That is 97% of the entire industry, indicating a minimal popularity, as the market share of all ICO projects of prediction markets is less than 1 % of the total number of projects on the ICORating website - 4636 ICO.

Increasingly, blockchain technology and AI are fueling disruptive innovations in every industry. Promising projects involving these two technologies have been exciting researchers and investors. AI and blockchain technologies, when harnessed together, promise the creation of amazing and profitable new business solutions within the Internet of Everything (IoE) universe. At the same time, AI and blockchain are opposed in many ways. This problem is being solved by many AI blockchain related projects:

The statistic shows the growth of the artificial intelligence market worldwide from 2017 to 2025. Artificial intelligence is a term used to describe a variety of technologies. These include machine learning, computer vision, natural language processing (NLP), and machine reasoning, among others. Artificial intelligence is expected to have implications for, and a use in, every industry vertical, and is likely to be one of the next great technological shifts, like the advent of the computer age or the smartphone revolution.

Based on the information above, we can assume that the growth of blockchain projects with AI involvement can be expected as well.

Competitive landscape:

We will use Porter’s Five Forces framework to perform an initial competition assessment for the Peculium project.

Bargaining power of customers – High

The key factor for almost all projects is its popularity among corporate and private users. The platform will succeed only if it succeeds in attracting enough customers to the platform. We have assessed the bargaining power of customers as high.

Bargaining power of suppliers – Low

Since there is only labor (developers), AI and expertise on the supply side for the Peculium project, the bargaining power of suppliers can be assessed as relatively low.

Threats of new entrants – Low

The project is really ambitious, and for the new entrants there is a huge entry cost, especially on the technical aspect –data analysis, data management, AI prediction algorithm, IT infrastructure, etc. Any other project starting today would have 6 months’ delay due to the fact that any new AI algorithm has to learn approximately for 6 months.

Threat of substitutes – Medium/ Low

The threat of a substitute product or service is high if it offers a value proposition that is uniquely different from present offerings of the industry. There are no assumptions that one of the newcomers will offer a more unique solution than already existing ones.

Industry rivalry – Medium

The project does not have direct market competitors, but there are several blockchain projects, which are currently looking into savings on blockchain. We have decided to add the project to the prediction markets industry and micro-financing as well to complete the competitors’ types.

 

Peculium

WeTrust

SaveDroid

Cindicator

Ticker

PCL

TRST

SVD

CND

Project type

Blockchain ecosystem (centralized)

Blockchain ecosystem (decentralized)

Blockchain ecosystem (centralized)

Blockchain ecosystem (centralized & decentralized parts)

Token type

ERC-20

ERC-20

ERC-20

ERC-20

Algorithm

No data

No data

No data

currently PoW, will be PoS later on

Description of services and features

Wallet, AI, machine learning, smart contracts

Decentralized, smart contracts, ROSCA platform, insurance, P2P loans

Smart contracts, AI, machine learning

Decentralized fintech platform, AI, machine learning, smart contracts

Key users

Corporate users (Platform with additional features; access to Peculium’s Machine Learning tools (fees apply)) & individuals (Free platform, with basic analytics tools)

Mass users (mostly individuals)

Mass users (mostly individuals)

Corporate users & individuals, financial analysts, developers

Development stage

Beta for AIEVE is available

Mainnet is live

MVP (ready-to-use full version) is available

Mainnet is available

ICO status

Ongoing

Ended

Ended

Ended

Funds collected as of ICO date/Hard cap)

USD 8.1 mln/~ USD 21.8 mln

USD 5 mln/ BTC 6 k

USD 50 mln/~ USD 67 mln

USD  15 mln/ USD  15 mln

Total tokens

20,000,000,000 (from which 12,338,000,000 have already been burned)

100,000,000

10,000,000,000

2,000,000,005

Tokens for sale

72% - 5,746,500

80,000,000

6,000,000,000

1,500,000,000

Valuation at ICO date (Hardcap/% of tokens for sale )

~ USD 30 mln

~ BTC 7.5 k

~ USD 111,7 mln

~ USD  20 mln

Market cap

USD 2.6 mln

USD 2.4 mln

Unknown

USD 29.3 mln

WeTrust is a decentralized collaborative savings and insurance platform. In fact, it is collaborative financing, and microfinance based on trust. It is eliminating the need of a “trusted third party”, which allows for lower fees, improved incentive structures and a greater amount of capital to reside among the participants. The project will be powered by smart contracts and blockchain technology. The project has the following features:

  • Will allow users to form and manage their own digital Rotating and Saving Credit Association platform (ROSCAs) on the Ethereum blockchain
  • Will reward users for recruiting new members, managing ROSCAs, or performing other services on the WeTrust platform (70% of fees are distributed back to users)
  • Decentralized: enables elimination of reliance on payment processors, reduces costs associated with fees and bureaucracy, and protects against fraud
  • Autonomous: transactions provided by Smart contracts
  • Frictionless: system designed in such a way that customers do not even know they are running on blockchain technology (Mobile App)
  • Lower fee: 0.1 to 5% transaction fee - Users will be incentivized to use their real world identities

Among the advisors of the project, are Bo Shen (Fenbushi), Vitalik Buterin (Ethereum), Brian Hoffman, etc, who give the project a strong position.

Savedroid is an ecosystem of crypto-saving and investing for the masses. Savedroid specialized in artificial intelligence (“AI”) saving technology, and has geared up to democratize cryptocurrencies: savedroid will create an AI-fueled ecosystem of crypto-saving and investing for the masses. Users will profit from easy-access to AI-based, crypto-saving plans in Bitcoin, Ethereum, Bitcoin Cash, Ripple, Litecoin, IOTA, Dash etc.

The company provides users of the mass market with easy access to cryptocurrencies. The ecosystem will automatically convert fiats to Bitcoin or Etherium, etc., then store them in a secure wallet. The money can be spent using an integrated credit card.

One of the most significant competitive advantages of the project is its already existing working application, which only reinforces the public's interest Meanwhile, the project has attracted a lot of interest, which is caused by investors’ confidence in the development team that previously presented a similar product for the banking sector, and has received good feedback. But, still, the AI/Forecast solution is not available yet.

The other competitive advantage of the project is the existence of quite powerful partnerships - Deutsche Börse AG, Wirecard, Check24, Freenet, Drillisch.

Cindicator is positioned as a hybrid intelligence for asset management. Cindicator uses the forecast market as part of its technology to determine the direction in which prices move for different financial assets. It is the platform, which combines collective intelligence and AI by using machine learning protocols. The project is fully decentralized. The effectiveness of the project, as well as the other projects of prediction markets, is based on "crowd wisdom".

There are several products that are already completed and ready to use. These include a collective intelligence platform (Cindicator app for Android and iOS), trading signals, API for hedge funds, price-related signals, probabilistic signals, and arbitrage bots. As the differences from the Peculium, the following can be highlighted: from a technological point of view, it is not the same technology. It is more like a bot using a machine learning algorithm and from the business side, they are more focused on trading, not allowing anyone to securely invest in the Blockchain.

Multiple institutional investors have already invested in Cindicator, meaning that the company has already passed due diligence of those investors. The project is two years in the making and has a mobile app available with over 10,000 users.

Cindicator cooperates with Microsoft and the Moscow Stock Exchange.

Based on the information above, the Industry rivalry can be assessed as medium, as it will be quite complicated for the Peculium project to compete, as, for example, currently there is no information regarding any institutional projects involved in the project or any loud partnerships concluded.

Furthermore, Peculium offers information, visibility/forecasts and asset management services, which can definitely find their use, especially considering the possibility that the cryptomarket will be structured the same way as the traditional market:

                                                                                                                             

All of the aforementioned competitors, in fact, have the same features. The information regarding the consensus protocol type is unavailable (besides Cindicator), so the project still has its high potential and it has much to improve on, for example, comparing its current capitalization with the capitalization of the Cindicator. The main objective which the team of the project faces is to run the working versions of each product and each project stage as soon as possible and certainly on time.

Team

The project offers state-of-the-art asset-management solutions (according the team’s description) with predefined terms in the form of smart-contracts. It appears to be technically complicated, but the ability of the team to deliver such a complex project can be witnessed, since a demo version has already been released. The project’s team is divided into several groups. Please refer to the tables below:

Core team

 

Rashid Outhai

Florian Rais

Position

Founder & CEO

Chief of Commercial Officer

Total experience

5+ years (according to LinkedIn. According to the information received from the team – 20+ years)

20+ years

Relevant experience

Yes

Yes

Relevant education

Yes

Yes

Professional achievements

CEO at UpsilonData ( focused analytical provider with a column-store DBMS and the Hadoop framework to deliver a higher performance or to fill gaps in functionality)

Hybridblock pte Advisory Board member, Managing Partner @ MicroTech Lubes SA

LinkedIn

Yes

Yes

Connections

500+

500+

Endorsements / Recommendations

Yes

No

 

 

Abed Ajraou

Bruno Chouanga

Position

Chief Data Officer

Project Manager

Total experience

15+ years

20+ years

Relevant experience

Yes

Yes

Relevant education

Yes

Yes

Professional achievements

CEO & Co-Founder @ AIEVE

Professor of Business Intelligence @ Kedge Business School

No

LinkedIn

Yes

Yes

Connections

500+

239

Endorsements / Recommendations

Yes

No

 

Malik Cherif

Nadir Lopez Ibarra

Position

Expert High Processing Computing

Business Developer

Total experience

20+ years

3 years

Relevant experience

Yes

No

Relevant education

Yes

Yes

Professional achievements

Oracle Solaris 10 System Administrator Certified Professional Exam, Part I

No

LinkedIn

Yes

Yes

Connections

500+

500+

Endorsements / Recommendations

Yes

No

 

Basak Kutlu

    Alba Plana Sau

Position

Business Developer

Brand Designer

Total experience

1 year

10+ years

Relevant experience

Yes (Internship)

Yes

Relevant education

Yes

Yes

Professional achievements

No

Writer & video editor @ UNESCO

LinkedIn

Yes

Yes

Connections

211

500+

Endorsements / Recommendations

No

No

 

 

Mathilde Bourbon

Ashish Sharma

Position

UI-UX Graphist Designer

Head of Marketing, Asia

Total experience

3 years

10+ years

Relevant experience

No

Yes

Relevant education

Yes

Yes

Professional achievements

No

Founder @ Surgemonks

LinkedIn

Yes

Yes

Connections

197

500+

Endorsements / Recommendations

No

Yes

 

 

Tyler Caulfield

Michael Edward

Position

Head of Marketing, USA

Head of Marketing, Europe

Total experience

1 year

10+ years

Relevant experience

No

Yes

Relevant education

No

Yes

Professional achievements

No

No

LinkedIn

Yes

Yes

Connections

4

500+

Endorsements / Recommendations

No

Yes

 

 

Ahmed Imad

Jorge Rodriguez

Position

Technical Marketing

Chief Security Officer

Total experience

5+ years

5+ years

Relevant experience

Yes

Yes

Relevant education

Yes

Yes

Professional achievements

Analyst @ Hashgraph, GraphChain

Developer @ Ethereum

PM @ PATRON

 

LinkedIn

Yes

Yes

Connections

175

500+

Endorsements / Recommendations

No

Yes

 

 

Anay Bhalerao

Asma Chebbi

Position

Head of Content Strategy

Digital PR Manager

Total experience

10 + years

3 years

Relevant experience

Yes

No

Relevant education

Yes

No

Professional achievements

No

No

LinkedIn

Yes

Yes

Connections

500+

16

Endorsements / Recommendations

Yes

No

 

 

Lisa Ponkin

Position

Legal Expert

Total experience

3 years

Relevant experience

No

Relevant education

Yes

Professional achievements

No

LinkedIn

Yes

Connections

101

Endorsements / Recommendations

No

 

The aforementioned team members have one main disadvantage which is a lack of affiliation with the project on several accounts. Another problem to note is the fact that almost all team members are simultaneously employed in several projects. In the LinkedIn accounts of Ahmed Imad and Jorje Rodriguez, it is stated that they are Advisors of the project, not the Technical Marketing specialist and CSO, accordingly.

Financial and Strategy by Accuracy

 

Taoufik Lachleb

Christophe Leclerc

Position

Chief Financial Officer

Strategy and Financial Expert

Total experience

25+ years

20+ years

Relevant experience

Yes

Yes

Relevant education

Yes

Yes

Professional achievements

Partner @ Accuracy

Partner @ Accuracy

SM @ E&Y

Previously employed for 8 years @ Arthur Andersen

LinkedIn

Yes

Yes

Connections

500+

500+

Endorsements / Recommendations

No

No

 

 

Nicolas Darbo

Martin Della Chiesa

Position

Strategy and Financial Expert

Expert Financial Institutions

Total experience

20+ years

5+ years

Relevant experience

Yes

Yes

Relevant education

Yes

Yes

Professional achievements

Partner @ Accuracy

No

Manager @ Accuracy

LinkedIn

Yes

Yes

Connections

500+

500+

Endorsements / Recommendations

No

No

 

 

Clement Tequi

Francois Hiault

Position

Strategy and Financial Analyst

Strategy and Financial Analyst

Total experience

5+ years

5+ years

Relevant experience

Yes

Yes

Relevant education

Yes

Yes

Professional achievements

2 Publications

Blockchain - Vers de nouvelles chaînes de valeur;

La blockchain : un marché prometteur, mais peu mature et risqué

 

Associate @ Accuracy

Associate @ Accuracy

LinkedIn

Yes

Yes

Connections

500+

433

Endorsements / Recommendations

No

No

 

 

 

 

 

Luna Yi

Position

Strategy and Financial Analyst

Total experience

5+ years

Relevant experience

Yes

Relevant education

Yes

Professional achievements

Financial analyst @ Accuracy

LinkedIn

Yes

Connections

500+

Endorsements / Recommendations

No

 

Except for a few Financial & Strategy team members, almost all of the aforementioned persons are not affiliated with Peculium on LinkedIn. All of them represent the Partner’s company – Accuracy (Advisory Corporate Management).

Peculium Artificial Intelligence & Analytics Team

 

Serge Humpich

Esso-Dong DJAFALO

Position

CTO: Chief Technology Officer

Tech.Lead

Total experience

30+ years

5+ years

Relevant experience

Yes

Yes

Relevant education

Yes

Yes

Professional achievements

Co-founder @ praagma Robotics

Founder @ scrudlabs

LinkedIn

Yes

Yes

Connections

196

500+

Endorsements / Recommendations

No

No

 

 

Zhao Geng

Antoine Decourt

Position

Chief DataViz Officer

Data Scientist

Total experience

5+ years

5+ years

Relevant experience

Yes

Yes

Relevant education

Yes

Yes

Professional achievements

Chief DataViz Officer @ AIEVE

No

LinkedIn

Yes

Yes

Connections

236

500+

Endorsements / Recommendations

No

Yes

 

 

James Walmsley

Kamel Nebhi

Position

Senior Data Scientist

Chief NLP Officer

Total experience

3 years

5+ years

Relevant experience

Yes

Yes

Relevant education

Yes

Yes

Professional achievements

No

A lot of industry-related publications

LinkedIn

Yes

Yes

Connections

42

500+

Endorsements / Recommendations

No

Yes

 

 

Ankur Maheshwari

Martin Leroy

Position

Blockchain Research

Full Stack Developer

Total experience

10+ years

No data

Relevant experience

Yes

No data

Relevant education

Yes

No data

Professional achievements

CEO @ Techracers (progressive Blockchain Studio helping industries to create sustainable futures by scaling blockchain technology towards a broader adoption of blockchain systems)

No

LinkedIn

Yes

Yes

Connections

500+

22

Endorsements / Recommendations

No

No

 

 

Benjamin Velluet

Nessim Ben Haj Ali

Position

Data Process Blockchain Developer

Data Process Blockchain Developer

Total experience

5+ years

2 years

Relevant experience

Yes

Yes

Relevant education

Yes

Yes

Professional achievements

A lot of industry-related professional certifications

No

LinkedIn

Yes

Yes

Connections

44

500+

Endorsements / Recommendations

No

No

 

 

Paul Poursafa

Samir Litim

Position

Data Process Blockchain Developer

Full-Stack Developer

Total experience

4 years

No data

Relevant experience

Yes

No data

Relevant education

Yes

No data

Professional achievements

No

No

LinkedIn

Yes

Yes

Connections

227

90

Endorsements / Recommendations

No

No

 

 

Charles Paris

Mel Owen

Position

Data Process Blockchain Developer

BigData and Blockchain DevOps

Total experience

5+ years

2 years

Relevant experience

Yes

No

Relevant education

Yes

Yes

Professional achievements

No

No

LinkedIn

Yes

Yes

Connections

500+

500+

Endorsements / Recommendations

Yes

No

 

 

Gourav Soni

Vijay Sharma

Position

Technical Solutions Architect

Mobile Expert

Total experience

5+ years

5+ years

Relevant experience

Yes

Yes

Relevant education

Yes

Yes

Professional achievements

Technical solutions architect @ TechRacers

Mobile expert @ TechRacers

LinkedIn

Yes

Yes

Connections

459

500+

Endorsements / Recommendations

No

No

 

 

Vishal Maheshwari

Harsh Rathi

Position

Technical Manager

Solidity Developer

Total experience

5+ years

No data

Relevant experience

Yes

Yes

Relevant education

Yes

Yes

Professional achievements

Technical manager @ TechRacers

Solidity developer @ Techracers

LinkedIn

Yes

Yes

Connections

500+

No data

Endorsements / Recommendations

No

No

 

 

Mohamed A. Legheraba

Position

Blockchain Developer

Total experience

2 years

Relevant experience

Yes

Relevant education

Yes

Professional achievements

No

LinkedIn

Yes

Connections

457

Endorsements / Recommendations

No

 

More than a half of the Technical team is affiliated on LinkedIn with only a part of the Peculium project – AIEVE. Another problem is that it is complicated to confirm the technical experience of all of the developers since there is lack of any experience track or recommendations on several accounts.

Communications team

 

Stefan Schettler

Sirbu Alexandru

Position

Head of Communication

Communication specialist, Europe & US

Total experience

5+ years

5+ years (mostly self-employed)

Relevant experience

Yes

No

Relevant education

No data

No

Professional achievements

No

No

LinkedIn

Yes

Yes

Connections

500+

2

Endorsements / Recommendations

No

No

 

 

Aymen Slaimi

Chouaieb Sleimi

Position

Communication Specialist,  Middle East

Communication Specialist,  Middle East

Total experience

5+ years

1 year

Relevant experience

Yes

No

Relevant education

Yes

Yes

Professional achievements

No

No

LinkedIn

Yes

Yes

Connections

53

17

Endorsements / Recommendations

No

No

 

 

Michael Vadal

Joseph Anton Gadong

Position

Communication Specialist,  Asia

Communication Specialist,  Asia

Total experience

5+ years

10+ years

Relevant experience

Yes

No

Relevant education

Yes

No

Professional achievements

No

No

LinkedIn

Yes

Yes

Connections

206

500+

Endorsements / Recommendations

Yes

No

 

 

Andreu M.

Manuel R.

Position

Communication Specialist,  Latin America & Spain

Communication Specialist,  Latin America & Spain

Total experience

No data

4 years

Relevant experience

No data

No

Relevant education

No data

Yes

Professional achievements

No data

No

LinkedIn

No data

Yes

Connections

No data

344

Endorsements / Recommendations

No data

No

 

 

Amine Soussi

Position

Digital Marketing Manager

Total experience

10+ years

Relevant experience

Yes

Relevant education

Yes

Professional achievements

No

LinkedIn

Yes

Connections

500+

Endorsements / Recommendations

Yes

As well as the other team parts of the project, this group has similar problems – not all members are affiliated with the project on LinkedIn, and almost all team members are simultaneously employed in other projects. The link to Andreu M.’s page leads to LinkedIn’s feed page.

As it can be seen from above, the team composition is quite diverse. Together with technical specialists in the blockchain area, there are specialists in the marketing and financial areas. In general, the team seems quite complete and professional, as/since the disadvantages are the lack of information about Peculium on almost half of the accounts, and the unpopularity of some accounts (very few contacts and lack of recommendations). The list of team members is really huge, and even taking into account their visual “diversification”, it is very hard to navigate through it and separate the real core team of the project from the other team members.

Ambassadors

 

Javier Garcia

Robby Schwertner

Position

Head of Ambassador Program, Spain Ambassador

Ambassador ReturnOnSociety

Total experience

15+ years

10+ years

Relevant experience

Yes

Yes

Relevant education

Yes

Yes

Professional achievements

Founder @ Growth XXL, Advisor @ Hobiwi.com

Advisor @ numerous blockchain projects

LinkedIn

Yes

Yes

Connections

500+

500+

Endorsements / Recommendations

Yes

No

 

 

Eric Egnet

Nicola Matarese

Position

Ambassador & Advisor US

Italy Ambassador

Total experience

30+ years

15+ years

Relevant experience

Yes

Yes

Relevant education

Yes

Yes

Professional achievements

Named One of the Top 100 Most Social CIOs on Twitter 2016;

Top Fifty IT Practitioners;

Named One of The Top 100 Most Social CIOs on Twitter 2015;

Named One of the Top 100 Most Social CIOs on Twitter 2014

Advisor @ numerous blockchain projects

LinkedIn

Yes

Yes

Connections

500+

500+

Endorsements / Recommendations

Yes

No

 

 

Rufin Koua

Thais Targinno

Position

Canada Ambassador

Brazil Ambassador

Total experience

15+ years

2 years

Relevant experience

Yes

No

Relevant education

Yes

Yes

Professional achievements

Advisor @ numerous blockchain projects

No

LinkedIn

Yes

Yes

Connections

240

500+

Endorsements / Recommendations

No

No

 

 

Mark Savage

Zander Kiel

Position

Youtube Ambassador

Secret Challenge Team

Total experience

10+ years

3 years

Relevant experience

Yes

No

Relevant education

Yes

Yes

Professional achievements

Director @ BitCOin Core Academy

No

LinkedIn

Yes

Yes

Connections

500+

182

Endorsements / Recommendations

Yes

No

 

 

Marco Petri

Maximus Prophete (Max)

Position

Secret Challenge Team

Secret Challenge Team

Total experience

10+ years

1 year

Relevant experience

Unknown

No

Relevant education

Unknown

Yes

Professional achievements

No

PhD Data Science

LinkedIn

Yes

Yes

Connections

88

951

Endorsements / Recommendations

No

No

 

 

Nordin Nberri

Position

VIP PR Preculium

Total experience

No data

Relevant experience

No data

Relevant education

No data

Professional achievements

No data

LinkedIn

No

Connections

No data

Endorsements / Recommendations

No data

 

The whole team of advisors does not look really strong, since not all of the advisors have sufficient experience in the blockchain area. However, everyone on the advisory team is strongly focused on business development and marketing. Meanwhile, most of the advisors are not affiliated with the project on the LinkedIn.

Furthermore, the Peculium team has already established a group of commercial partners and allies, including, but not limited to, Accuracy, TechRacers, UpsilonData, Cloudera, Google, etc., but the nature of these partnerships remains unclear as there are no official press releases. There is no publicly available information regarding any other already established partners or any plans regarding further potential partnerships.

Token analytics

Peculium has created its own currency, the PCL, which is the fuel of Peculium’s vision. This token, already listed on major exchanges, will be the main payment method giving access to Peculium’s products.

The Pecul (PCL) is an ERC20 compatible token, integrated as a smart-contract on the Ethereum blockchain. Pécule (PCL) means savings. PCL is the utility token used on the Peculium platform to pay for various products. These products take advantage of the Artificial Intelligence engine AIEVE.

Peculium also expects to generate profits from fees, commissions, and by subscriptions to AIEVE. For first three years, 20% of PECULIUM corporate profits will be distributed among PECULIUM investors on a yearly basis as a proportion for their contribution during the crowd-sale. Investors will not be required to hold tokens to be eligible for receiving distributed corporate profits.

Pecul can be exchanged over the Ethereum network. According to the team, from a philosophical point of view, despite being a financial tool, the PCL is above all an achievement of technology. It is the product of the strong foundation laid down by the Peculium creators who have worked tirelessly on it since even before the conceptualization. It is the product of the collaboration of scientific minds all across the world. The team believes that PCL will become the symbol of the success of Peculium.

The team of the project provides the following information regarding detailed functioning of the smart contract with the PCL participation.

 Singulus and Alterus are fixed-term contracts on crypto-assets. AIEVE provides on-demand investment advice with the help of which investor trades by himself.

 Solidus product is an asset management solution enabling B2C and B2B clients to invest on crypto-assets via smart contracts. Fees are paid in PCL.

Thus, the economics of the token is rather well structured and understandable.

100% of all the existing PCL tokens have been minted/created already. The unsold tokens have gradually been burned out of the total supply. The corresponding token-burn will take place after the last sales period in Q4, 2018. The total supply is finally determined and will stay like this after the last token-burn is done. Thus, there is no chance for inflation of PCL-tokens which will continuously raise the price on the markets equal to the demand.

In the future, Peculium AML AIEVE and the ALTERUS Smart-Contract will allow investors to choose from the market category to streamline their investments. These categories may include green savings, high tech savings, solidarity savings, to name a few. The team believes that by giving more control to the consumers of the PECULIUM platform, the project will be able to satisfy the customers’ needs, or, in case of brokers, the needs of their customers.

Token price factor analysis

We identified the following key factors that may affect the token price:

FACTOR

DESCRIPTION

PRICE EFFECT

Demand for the service

At the date of the analysis (early September 2018), it is hard to predict the demand for the platform in 2019 once it is fully released. But considering the fact that the team is developing the first savings system in cryptocurrency with a lot of usable features, the demand on the platform depends on the number of users attracted and the success and timeliness of each stage of the development.

⬆⬆⬇

Development and release of the each products’ stage according to the roadmap

Whether or not the team is meeting those milestones, the degree of the product development at each stage will drive the token price up or down.

⬆⬇

Volatility of cryptomarket

Although the platform, token and product do not seem to have speculative purposes, the high volatility of cryptomarkets may cause traders and speculative investors especially at first to trade PCL, which may lead to token price fluctuations for the token or even speculative activities (pump & dump, etc.).

⬆⬇

Discounts/Bonuses

On the first ICO there was a bonus/discount based on ICO stages, quite significantly, from 35% to 0%. These tokens have been on the market for 9 months, thus the team affirms the actual price has integrated them already. For the CCO stage, the bonuses structure is different. The amount of tokens sold with a discount is not so significant.

Limited token supply

Assuming that the company develops as intended and the demand for the solution is sufficient, a limited token supply can result in a long-term deflation of the token price.

Investment risk analysis

RISK

DESCRIPTION

LEVEL

MVP

The project is based on a technologically complex idea, which requires a large number of different stages of testing and coordination within the team. There is already an available beta for the AIEVE, which was launched already in February, and there is a publicly available smart contract code on GitHub for the token, but for further steps, the team plans to release the Smart contract SOLIDUS in Q1, 2019 and the last part of AIEVE platform is scheduled in Q2, 2019. The ALTERUS beta should have been released in mid-August, since the report date there is no available link for download. But the team has informed that they are 6 months ahead of schedule in automatic trading (Solidus) – a strategic choice to better answer current market expectations. On the project’s GitHub account there is only a smart contract code of the token itself, for the SINGULUS, for which the deployment of the smart contract should have taken place in Q3. The details are unavailable still and there is no code for the applications yet (at least initial ones).

It can be said that from a technical point of view, in recent months, the project has not released the results of active work for public. According to the information received from the team, the SINGULUS IOS application is already ready, but has not been announced and released yet. Anyone can register on aieve.io/user and check the current stage of development.

Taking into account the information above, we have assessed the MVP risk level as Medium-to-High.

Medium/ High

 

 

Incomprehensive whitepaper

  • Absence of market / competitor analysis in Whitepaper and LitePaper;
  • Absence of the forecasted marketing activities in the WP and LitePaper;
  • There is no publicly available information regarding countries from the restricted list;
  • The forecasted use of proceeds is not clear;
  • The technical documentation needs further clarifications.

Most of the aforementioned missing information can be found in other project-related documents, but the existence of so many information sources can be confusing and even with the existing betas, it can increase the risk level for investors. Given that there are publicly available betas already, there is no feedback yet. We are implying a Medium risk level.

 

 Medium

 

Roadmap

The Project’s documentation demonstrates several Roadmaps, which slightly differ from each other. The roadmap has the following disadvantages:

  • The longest period covered is only  December 2019;
  • The milestones mostly cover the technical aspects of the project and do not lay out the business development process – e.g. when and how marketing activities will be performed.

Medium

 

Market/competitors risks

Peculium does not conduct competitors’ analysis because when the project initially entered the market there were no similar projects. From the date of the initial WP issue, several projects which have positioned themselves as a “savings platform”, have appeared and they have similar features with simultaneous market prediction of projects and asset management platforms. In this case, the competitors’ area is expanding which leads to increased risk level. But, still, the concept intended to be used has competitive advantages over those with similar approaches, implying a Medium risk level.

Medium

Team composition

The team composition is quite diverse with technical specialists in the blockchain area and there are specialists in the marketing and financial areas. In general, the team seems quite complete, but the disadvantages are the lack of information about Peculium on almost half of the accounts, the unpopularity of some accounts (very few contacts and lack of recommendations), and some positions on the website differ from the LinkedIn’s ones. The list of team members is really huge, and even taking into account their visual “diversification”, it is very hard to navigate through it and separate the real core team of the project from the other team members.

Medium

 

 

 

Advisors & established partnerships

Currently established advisors and partnerships do not seem really sufficient. There is only one blockchain-related partnership and most of the advisors are not affiliated with the project on LinkedIn as well.

   Medium

 

 

Development risks

The project is still under development and may undergo significant changes over time. Although it is intended for the project to follow the specifications set forth in this document, and the Foundation will endeavor to work towards those ends (subject to internal business considerations), changes may be required to be made to the specifications of PCL, or the Peculium Project, for any number of reasons.

Medium

 

 

 

Token price decrease

There are several price factors discussed above that may put significant pressure on the price of a token. We disregard systematic price risks when considering the decreased degree of probability for this token price.

Low

The information contained in the document is for informational purposes only. ICORating received monetary compensation in the amount of $17000 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.