We assign the Sense project a "Stable" rating. We do not give an investment attractiveness rating for SENSE tokens because of the lack of information about their possible application. We consider participation in the Sense ICO to be appropriate for investors who like the idea of the project and who accept the risks identified in this review.
The project is a service that allows for the monetization of accumulated human capital through a special messenger bot that will connect users seeking certain information with those who have the necessary competence in relevant areas. It is a working product with an existing user base.
The technology has potential applications that go far beyond the messenger-bot. Given that the algorithm will collect and index information about millions of people across the internet, including their skills, expertise, and knowledge (rather than identity), large commercial companies will be willing to pay a lot of money for the contact details of specialists with proven knowledge and experience, who are able to accomplish a specific task.
SENSE tokens are issued to finance the development of a decentralized platform. They will also be used as the reward for the users' participation in the platform activity. Unfortunately, we were unable to find out where and how the SENSE tokens will be accepted as payment apart from within the platform itself, although the team promises that the number of bots, dApps and apps accepting SENSE will grow. The team also states that they have some alpha partners that are small and medium-sized applications and also some very large development collaboration partnership conversations underway. However, we were unable to find out anything more specific
The project is technically complex, so investors acquiring SENSE tokens should be aware of the risks involved: right now, it is difficult to predict whether it will be possible to fully realize the proposed functionality and whether it will have the intended level of quality. At the same time, it has to be noted that the team's qualifications and their commitment to the project seems sufficiently high, which enables us to give a high ranking score to the Sense project.
General information about the Project and ICO
The Sense project is developing blockchain-based smart contracts which allow people to monetize their contribution to interaction with one another within the Sensay platform and with other messengers. This is a short description of the project using a slightly revised definition from the Sensetoken project site. Definition in simple form is always valuable, and we will try to give that by quoting the words of the project's founder, Crystal Rose:
«My barometer of what’s understandable is what I can explain to my mom»
«What my mom understands is that with our platform, you can connect to anyone from anywhere, share everything you know, and earn money for it. I want to empower people to understand that within themselves they have human capital. It is something you earn – some people drive for uber, with our platform you can put your mind to work»
Conceptually, the Sensay platform consists of three main components:
- Sensay — a messenger application and bot-network that allow users and communities from different centralized messengers to communicate on a smart routing basis
- SENSE is the first blockchain-based smart contract network in chat, which allows you to evaluate the intellectual contributions of different participants through Sensay and other applications that can function on the basis of SENSE.
- Humans.AI is a protocol with an application programming interface, asynchronously or in real time allowing developers to work with user data in messengers, as well as providing users with access to passive or active income.
The following key information is about the upcoming token sales.
The nominal price of SENSE is set at US $0.10 for the token. The final price will be determined during sales
Hard Cap: US$25 million
Number of tokens: 1 billion SENSE (1,000,000,000)
The distribution of Sense tokens will be as follows:
- 27.5% sold in the token sale
- 27.5% retained for the company
- 15% incentives for SENSE protocol development contributors
- 30% retained for SDN, communities, users and contributors
The lock-up period for the team's tokens and SDN tokens is 2.5 years. Each quarter 10% of the tokens will be defrosted.
Methods of payment: BTC, ETH, EOS and other tokens through Shapeshift
Token format: ERC-20 Standard
There will be no bonuses, discounts or other rewards in the main Sense ICO.
The project site contains the onepager SENSE Token Sale2, in addition to the traditional white paper.
Project services and their usage
The Sensay project is a service that allows the monetization of accumulated human capital through a special messenger-bot, which will connect users seeking particular information with those who have required competence in the area.
Interaction within the system will be carried out through communication with the chat-bot in the most common mobile messengers. This communication will be carried out in a language that is "natural" for the person. This means that the user will not need to enter any special commands, or select a "search query", it is sufficient to pose a question to the chat-bot which can instantaneously find the relevant conversation partner. It does so using a mix of topical and behavioral data that users have provided in the course of using Sensay. The specialists connected to the conversation receive a reward in the form of SENSE tokens at the end of the interaction.
Sensay’s core matching algorithm and routing engine allows users to connect to each other based on knowledge, helpfulness, availability, and other factors for valuable conversations and can expand to any communication layer.
Each member of the Sense network has their own benefits in this system:
- End Users: Earn and spend SENSE by providing knowledge work and/or consensus
- AI Agents: Consume human conversational data for learning capabilities
- Developers: Build and use an incentivized human graph beyond existing social media
- Platforms: Gain from engagement extending beyond their siloed communities
The future interface of the system is expected to look as follows:
As soon as a user submits a request to the system, the chatbot begins to look for competent experts on the issue. The first person to respond to the bot's signal goes into peer-to-peer dialogue. At the end of the dialogue, both parties can assign a rating and evaluate the quality of the information provided. The user will be automatically charged for using the service in SENSE tokens.
A smart contract on the Ethereum Blockchain will be responsible for making fair payments to participants and will guarantee the "proof of intelligence". Each network participant will have their own "questionnaire" in the smart contract that will accumulate and synthesize information about the experience and skills of the specialist.
The team is also developing the Human.AI algorithm, which will analyze the data received from the API service, rank and classify the participants competence based on their activity on the selected portal, as well as other qualitative characteristics.
In the future, the team plans to develop their own algorithm for parsing and analysis of data from other sources that do not provide their public API. This way, the quality of a network participant's rating will be significantly improved.
Such technology has potential applications that go far beyond the messenger-bot. Given that the algorithm will collect and index information about millions of people across the internet, including their skills, expertise, and knowledge (rather than identity), large commercial companies will be willing to pay good money for contact details of specialists with proven knowledge and experience and who are able to accomplish a specific task.
Engineering features of the project
The system’s development is being performed in closed mode. The team has not published either information on the development process or the prototype source codes. Thus, we can only make an assessment using indirect parameters.
The technology stack is presented as follows:
- Application Layer
- Sensay is the first application on the SENSE Decentralized Network. Others will follow, including the following in both the centralized and decentralized spaces:
- Desktop Applications
- Web Applications
- Mobile Applications
- Voice Applications
- AR/VR Applications
- Service Layer (Humans.AI API)
- SENSE tokens are transacted across the SDN as developers integrate with the Humans.AI API service layer or
- otherwise develop smart contract functionality.
The basic architecture of the system, therefore, is as follows:
The Service Layer architecture is designed with the following programming languages:
At the blockchain layer level data from Human.AI will be recorded in the Ethereum smart contract. This way, each network member will be assigned a specific "competence level" and recorded in the smart contract in the following form (example):
HumansList = ["wallet_ID"] = 1VfnbHfnpaZjKWvyi1okTjGJusN455pa9H, ["knows"] =
["sense_balance"] = 1333,
["average_rating"] = 8.5,
["average_tip"] = 9.25,
["tribes"] = "LAvegans",”necromancers”, “crypto”,
["contact_IDs"] = "c25d156fa6f8d4d1a4f3c7c73e27ddab",”7a58d70e2247d42603bb3908f776d0 a9”,
["min_contact_gas"] = "1”,
The Smart Contract contains the following characteristics:
- The ether wallet address to which the smart contract (i.e. knowledge attribution) is sent (public wallet key)
- Amount of tokens due, calculated when knowledge is assessed (oracleized) by the API
- Hash of knowledge that is created by the oracle via API
- Developer or referring user wallet (optional)
The tokens will meet the common ERC-20 standard and will be available for storage in most of the popular crypto wallets.
Development strategy and Roadmap
At this time, the documentation for the Sense project does not have specific sections that exclusively detail the development strategy of the project. Moreover, there is no roadmap section, which does not happen often. However, the documentation describes what the Sensay platform is now and how it is planned to change it in the future.
The best definition of the Sensay platform to date is given by the project's team in the white paper.
«Sensay is an interoperable messaging platform for matching and routing people for conversation across major consumer messenger applications, including the most popular mobile messenger system: SMS, commonly known as text messaging. The platform can be used for communication across different messaging apps, as an information repository, and to find relevant knowledge outside of individual networks while monetizing individual knowledge contributions»
In fact, the founders want to make the current platform decentralized and based on smart contracts, bringing Sensay to a new level. For this purpose, the SENSE Decentralized Network (SDN) is being developed, and it should become the missing link between the users of centralized messengers and blockchain.
The existing Sensay platform, and the launch of the SDN represent a vision for:
- Decentralized messaging
- Users who own their data
- All 5 billion global mobile users connecting and transacting with each other
- Free, interoperable communication between centralized and decentralized applications
- Users creating meaningful work and having access to new jobs
- Most-used “apps” are bots within messengers
The funds raised during the ICO will be distributed as follows:
- 30% Product Development
- 20% Infrastructure & Systems
- 15% Security
- 35% Marketing and Community building and other corporate purposes
Unfortunately, a more specific project development plan has not yet been formulated. This issue is likely to be closed by the founders soon, and the more familiar roadmap with milestones will appear both on the site and in the white paper.
The Sense project team believes that their new platform can be useful to all internet users, and social media users in particular. In fact, they offer statistics regarding the current state of affairs in the white paper. According to recent studies, the number of people using the internet has exceeded 3.7 billion and the number of social media users has exceeded 3 billion. This is very telling because the development of social media is a powerful driver for the growth of internet usage. Currently, the average internet user spends more than 2 hours on messengers and social media daily.
Of course, decentralized Sensay will not be able to attract this many users; it can, however, compete in the chatbot segment, and it might well succeed there.
With the development of instant messengers, most market majors have introduced chatbot functions. Chatbots are currently used in Facebook Messenger, WeChat, Kik for providing B2C services, promoting sales and marketing. Among them, we would like to mention Telegram, the messenger that from the very beginning presented itself as a convenient environment for the creation of chatbots.
Recently, GRAND VIEW Research has published a market study on chatbots; according to their data in the US, the chatbot market shares are distributed as follows:
The diagram shows that the bulk of applications are in the fields of E-commerce, Financial Services and Healthcare. Despite the fact that the breakdown is for the US, we believe that within a certain accuracy, it will be the same for the global market.
Different market researchers have different opinions about the chatbot market in its current state, as well as about prognoses for the future. For example, in the aforementioned GRAND VIEW RESEARCH study, the global chatbot market was estimated at more than US$190 million at the end of 2016, while the MarketsAndMarkets study estimated the market at more than US$700 million. This significant difference seems to be related to the difference in chatbot classification. The two agencies, however, agree on their high evaluation of the CAGR up to 2021: GRAND VIEW RESEARCH 45%, MarketsAndMarkets 35,2%.
Thus, if technical implementation of the Sense project is successful, it will have a place in the growing industry. Given that the project will in a sense be an aggregator-bot for all popular messengers, the monetary evaluation of the market covered could turn out to be rather substantial.
The project is led by a team of nine people and three advisors with significant experience on projects such as Airbnb and Bancor Network. The team has also announced that there is a co-founder and CTO of the Ethereum Foundation, Dr. Gavin Wood, among the advisors.
In general, the team has a good portfolio in industry-specific activities, and some founders have worked with each other for several years now.
We did not find any negative aspects concerning the team, nor any unconfirmed experience.
Crystal Rose — CEO, Co-founder (LinkedIn, Twitter). Is working on the Sensay project for more than 3 years. Previously she worked at Phenomenon, where she was developing innovative technologies for large companies. Has experience in Social media and geo-targeted marketing.
Ariel Jalali — CEO, Co-founder (LinkedIn). For Sensay, Ariel is focused on core innovation as the company defines the future of knowledge work and empowers the evolution of human purpose. He also worked at the Phenomenon company, where his main responsibilities included: architect and launch web, mobile and social apps that serve as core revenue drivers and enable hyper-growth in companies.
Angel Jose — Lead Software Developer (LinkedIn). Full stack software developer. Building cross-platform / messenger bots.
Aaron Brzowski — Software Engineer (LinkedIn). Building aspects of the system related to the backend routing of user messages.
Stef Telford — Back-end Software Developer.
For the time being, the Sense project marketing campaign leaves a dual impression. On one hand, the subject is actively discussed in authoritative publications and not only in the ones focusing on blockchain. On the other hand, the documentation and official pages of the project are rather sloppy.
Let us start with the shortcomings, namely the project site which, as the project's business card, still leaves much to be desired. It is frankly poorly made and some sections seem careless and unfinished. However, there is no such problem with the associated Sensay site, and we can only hope that in the remaining time the team will be able to straighten out their website, since as the saying goes: «Fine dress helps to impress».
When it comes to media announcements there are no complaints. Publications are many in number; they are high in quality; sources are authoritative and include Forbes, The Crypto Times, BlockchainNews, BitcoinExchangeGuide. Among published material there are announcements, reviews and interviews with the founders; we believe that the project is well covered in the media and it is now possible to move on.
The team's activity on social networks and messengers is just taking off. At the time of writing the growth of subscribers is quite substantial, and we expect that by the beginning of the project's launch their number will attain average levels for such projects. The main channels and the number of subscribers are as follows:
- Telegram – 1327
- Facebook – 2070
- Medium – 587
- Twitter –15,600
The Twitter figures might be interpreted as overstated, but they are not. The Medium, Facebook, and Twitter pages were created a long time ago and were initially dedicated to the Sensay project.
The main channel of communication with the community on the issue of the upcoming ICO is the group in Telegram. It is pretty active, and the team readily answers users' questions.
In addition to Telegram, Sense has a discussion thread on bitcointalk.org, but the thread does not seem very active; it has only two pages, and the posts are mainly devoted to bounties and the late publication of the white paper on the site. The project team does not answer the community's questions in the forum.
Competitive Advantages of the Project
Lately, centralized social networks are often subjected to criticism, and rightly so, for their lack of centralized management. There are many such disadvantages to be found, and most often they are pointing to censorship, the totalitarianism of moderators and unreliable storage of personal data. In addition, users are limited by the fact that social networks classify them by means of promotional social graphs.
Sensay solves this problem with a decentralized, understandable, functionally compatible messaging platform, allowing anyone to exchange information and gain access to transactions through centralized messengers on a distributed network.
In the case of messengers, chatbots firmly established themselves as an important communication tool for the users. In addition to the convenience of using bots for developers and service providers, progress with AI also plays an important role. It is no accident that for the last five years, the Loebner Prize (AI Prize) was awarded to chatbots.
The Sense project, however, stands out from other bots due to its "human" component. In the end, a user will always get the experience of a specific person, and not the answer acquired as a result of search query, even in the most advanced programs. Therefore, from the point of view of users as information consumers, the decentralized Sensay will be quite interesting and will stand out from other chatbots.
Risks of the Project
The risks to the Sense project are mainly related to the fact that the information provided is very scant. We have already mentioned that we cannot assess the viability of the project's economic model and its effectiveness.
Generally speaking, the technology is not new. Many professional social networks integrate algorithms for matching individuals based on their experience. The leading search networks also integrate context recognition algorithms into user search queries. Given the density of the service, it can be assumed that this kind of technology is more likely to be used by recruiting agencies rather than by the online community in general (because most of the information can be found free of charge through search services or thematic forums). Potential employers are willing to pay for services that provides access to qualified specialists.
Naturally, we wanted to get a more detailed explanation of the mathematical apparatus of the project. We asked the team to describe the variables that are specified in the probability formula, and provide some explanation of how the SVM algorithm will be implemented in Conversational Routing and Conversational Valuing. The team refused to comment.
There is, of course, a technical risk: how will the algorithms developed by the team work? Will they work? Will users receive answers to their questions? We tried to test the Telegram bot, but it never answered our questions:
Ask a question and await the response
When will the ICO begin?
Economy of the Project
The white paper contains a very detailed description of the project itself, but there is almost no information on its economy.
It is clear that the central aspect of the economy will be SENSE tokens, the sale of which during the tokensale is intended to finance development of the decentralized network. Once development is complete, all payments within the platform will be made in SENSE tokens.
The documentation did not contain any information on commissions that will be charged by the platform administration. The sums necessary for maintaining the platform are also unknown.
Thus at the moment it is not possible to assess the economic risks for investors acquiring SENSE tokens.
Investment highlights of the token
The SENSE token, as already mentioned above, will have as central a role as possible in the functioning of the platform:
- At the token launch, Sensay intends to sell its new SENSE tokens to end users in exchange for cryptocurrencies (BTC/ETH) to fund future decentralized network development
- New user account creation is driven by smart contracts that attribute and value knowledge
- End users create smart contracts requesting a service and use SENSE to pay service providers or developers
- All users in the SENSE Decentralized Network act as publishers, who contribute content for tokens
- Developers provide a service to smart contract creators, create platform tools and get compensated in tokens for its usage; tokens enable creation of this tool
- Users provide services and get compensated in tokens for chat data, Me Bot, human API calls for live help, and referrals to other users
- Partners consume information from chats, analyze data and compensate the platform and users via tokens.
However, it is not clear from the documentation how increase in the token price can be ensured. We posed this question to the team, and here is the answer we received:
«Sense tokens will be the mechanism of capturing value for knowledge and attributing that to an individual, as well as compensating individuals, publishers, developers, and other platform participants for their efforts, expertise, and knowledge work. There will be a fixed supply of tokens, and as the system gains broader adoption and more tools (bots, dApps, apps) are deployed, the velocity of transactions will grow, driving demand, thus enabling the value to increase».
In our opinion, the provided information does not answer our question directly. Which bots, dApps, apps will accept payments for their services in SENSE tokens is not known at this time. Thus, we do not have a fundamental view of the prospects for the SENSE token.
We tend to believe that the prospects for this project and its token will depend to a large extent on the product rather than on a fundamental justification of token dynamics. Beyond a shadow of a doubt, the project is interesting and unusual. We are not prepared to predict the future price of a SENSE token, but we will not talk investors who love the idea, and who believe that it has been sufficiently worked through, out of investing in this project via the ICO.
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.