ico analytics
- 1. keep sector: infrastructure, privacy management. product/service: data privacy layer, which is based on secure multi party computation (sMPC) and can be used as for Ethereum, as for other blockchains and cross-chain usage. project/layer provides the solution as for privacy sensitive data owners (b2c), as for data management providers (b2b). there are several services/products: dead man switch, marketplaces for digital goods, pseudorandomness oracle, decentralized signing service, custodial wallets and cross-chain trading, encryption service for blockchain storage, banking on public blockchains. wide range of potential usage options means wide range of project capitalization tools and channels – token demand growth (price increase). token usage model: token is used: (a) to create and hold the node (to get services requests from users), (b) to pay for services (e.g. computation, data storage) on a par with ETH. (a)-factor will fix a certain amount of tokens in hands of future service providers. it has a positive influence into market situation with no price drop down due to the supply shortage (tokens are frozen). it is hard to predict the power of this factor as soon as there is a lack of information regarding rules to create and hold the keep-node. (b)-factor will have its positive impact in a middle- and long-term perspective as soon as the project will be launched in a full mode and there is a discount in case of KEEP-payment. team: there are 11 members who work full time. linkedin shows that the team was created during the autumn of 2017. the issue is that team has a lack of technical competency within crypto-sphere. sales force is weak and there are some doubts regarding dynamic growth (which should be taken into consideration if we speak about investments up to 1 year term). advisors: ConsenSys presence means great bridge to numbers of businesses all over the world which the company works with providing them with decentralized solutions. KEEP is a good puzzle part within the ConsenSys products and services kit. it will boost KEEP growth for sure. Storj, district0x, Aragon presence means support of potential business partners. Aragon sees the value within having encrypted data vaults controlled and owned by DAOs (Aragon cofounder is in direct contact with KEEP project lead since July 2017). this would enable private data to be shared with selected stakeholders, which could be added or removed depending on the DAO’s governance mechanism. district0x finds KEEP as a perfect solution for creators looking to sell music, images, and other types of digital art – members of districts will leverage KEEP to privately share data necessary to effectively govern their district. KEEP team also has potential business partner like Lendroid (successful ICO with USD 47,5 M result at the end of 2017), which adds the audience and practical usage areal.
- 2. Dfinity was found within github + there is a quote of project lead Matt Luongo: “I actually think the stuff behind Dfinity is interesting because… …we’re porting a lot of their work to ETH so the technical due diligence has been done” = possible cooperation of teams which is quite logical to create win-win tandem. supporters: Polychain Capital is the most significant one within supporters’ pool and is a good sign enough. Dfinity, which was mentioned above, is also a part of Polychain Capital portfolio. there is no coincidence. there is no info regarding investments into KEEP (web in general and crunchbase in particular) – sent request to the Polychain Capital to confirm the info and will update as soon as I get feedback. social media: there is a good blog (with weekly update) and quite active twitter channel. there are introductions of KEEP team members, advisors, lots of study material regarding the tech KEEP uses to create its project. there is friendly and transparent atmosphere which is a good sign. telegram is a weak one – 2000 members (e.g. nucypher counts +23k). maybe because slack was chosen as a main one. but slack is closed due to high load (it was mentioned by the team that +7800 people are waiting for their entrance) – waiting for reply into my request to enter it. site of the project has 212k monthly audience (according to similarweb). whitepaper: tech-oriented, no business information. ICO: it was planned to launch ICO in February – there is a delay. the metrics is good in terms of rough token price prediction – 0.06 USD (total = 1 bln tokens, to sell 50%, cap = 30 M) – which is a great base for X’es. to be in the whitelist we should be in slack – no more info for the moment. the issue is that there is no understanding about second part of the total tokens amount (50%). information regarding distribution of attracted funds also is not disclosed. the issue is the position of the team regarding project’s token listing (source – reddit): Q: When will KEEP come to market/exchanges? – A: Absolutely no team will member will be in contact with or pursue getting KEEP listed on any exchange. It is up to the market, not the team. conclusion: KEEP has both the tech (layer) and products/services (the first one - pseudorandomness oracle - will be launched just after ICO), which already have attracted attention of both business partners and investors (who definitely completed their own DD). it makes the project powerful in terms of ROI due to its strong product component (with a definite demand), growth potential and applied nature. the risk is within: a lack of crypto-experience of devs (despite Fold project period of two team members), uncertainty regarding ICO metrics and pre-sale process, a lack of understanding regarding 50% of total token supply and collected funds usage, competitor (nucypher) launch can damage funds collecting because of attention/funds dilution, position of the team regarding trading of KEEP tokens – there is no exchange and there is no activity to get the one (my prediction is Binance). this risk factor is crucial for short-term investments. investment should be done with low risk rate taking into consideration current absence of liquidity ‘due’ to absence of exchange provider.
- 3. nucypher: privacy layer, infrastructure project to provide decentralized key management system to securely store and manipulate private, encrypted data. team has been working together since 2014/15 which is a big plus. its initial product was decentralized data base – zeroDB – which turned into current infrastructure project. both business and tech leads have a good experience. project has raised USD 4.3 M (for 30% stake) during pre-sale from 13 investors which includes Michael Novogratz’s Galaxy Digital Assets Fund and Polychain Capital, which led the round. team has a working system and business customers, which make nucypher a commercialized project already – big plus. a good sign is twits from Amazon accounts (AWS for Government, AWSonAir) regarding nucypher – there is a hint on cooperation with state authorities. a little threat is dependence of nucypher from its partner Malaga University (Spain), which developments on encryption algorithms (the heart of the system) are used within the product. token is used to create/hold internal node and pay/get payment for provided services. the first function locks the token within the system, which has a positive impact in terms of market situation as soon as ico is completed and token is traded on exchanges. there is no info regarding the list of exchanges but there is a plan to have such partners and disclose them asap. there is a little uncertainty regarding token supply, which is not set for the moment. the cap is planned to be USD 25 M. distribution of tokens: 30% presale (USD 4.3 M), 50% main sale, 10% team (all tokens are locked as utility one to create the node – should be checked as soon as smart contract is published), 10% project development fund. nucypher is a strong project to get investments from us. the proposition is to use the token as a middle-term (3-6 months) investment (but not a flip) to get maximum gain as soon as the network will be launched in a full mode and new business customers will come.
- 4. gonetwork: mobile network infrastructure for Ethereum (off-chain solution), which includes GoExchange, wallet, explorer. extremely ambitious target to develop infrastructure for off-chain Ethereum transactions similar to the Bitcoin Lightning Network. Bitcoin LN is a resource-intensive project, which is supported by a numerous and professional team with a range of powerful engineers. nothing personal, gonetwork has bad chances to disrupt the market because of weak ratio between target and capacity/experience. but hot, in demand proposition is the first part of market hype boom-mix, which second part is a prominence of gonetwork team as a winner of the world’s largest Ethereum hackathon ETHWaterloo in 2017. there should be mentioned that another project was presented to hackathon judges – Pocket app, which aims to solve a problem with financial literacy by implementing gamification, parental controls and transparency for youth leveraging the Ethereum blockchain. there is a lack of activity within github, which last update was made in October 2017. github account was launched in April 2017, since when the team did a try to launch its project via Kickico platform. with ETH 60k cap for ??“dubsuqad-video-social-network-2-0”?? (core of the project is taken from the link to project’s kickico page). there is no !! white paper !!, !! no product !! and no vesting schedule while team is going to get 25% of all tokens. there is a leak that COO of the project has set the target of the ICO to collect money and launch another ICO… to collect money. COO commented that email was compromised, which caused his telegram account manipulation. suggestion is to support a true nature of this leak because of many others red flags and undisclosed information. plus aggressive bounty campaign. ICO was planned to be launched on a regular basis with a preset hardcap (the first ICO date was November the 20th 2017). now it is planned to use Dutch auction mechanics. to spread tokens through as many participants as it is possible (which is put by the team as a reason to use the mechanics) or to collect as many funds as it is possible – that is the question. by the way, I met no issues while registering in whitelist – it seems to be unlimited one. gonetwork is extremely risky object to invest. there is a lack of information about the project. lots of known facts play against the team. due to a hype nature it can be used as a flip one to get 2-3 Xs with a minimum investment.
- 5. NEX: NEX is NEO ecosystem must have part – platform for decentralized cryptographic trade and payment service creation (decentralized exchange). the project has a very strong technical team which roots are in City of Zion, open-source global NEO developer community (NEO’s devs army). founders keeps 20% of cap with 2 years vesting program. business part is not critical within the project as soon as the exchange will serve NEO ecosystem, which has a very strong brand and proposes no alternative of NEX for the moment (Aphelion is not a competitor). NEX token is a security type, as soon as it provides possibility to get profits from exchange’s operational activity. thus it is needed to pass KYC procedure to buy tokens. it should be mentioned, that company is going to be incorporated in Switzerland, Zug. ICO hard cap is USD 25M (conversion rate is USD 1 per token) and tokensale will be set on a lottery basis – system will chose 25 000 preregistered participants randomly, each investor will be allowed to spend only USD 1 000 as a maximum (only 50% of tokens are to be sold = 25M of 50M). the second lottery will be done in case of need (if there are unclaimed tokens). NEO is under attack regarding its centralized nature, its core protocol, its blockchain capacity and lots of issues with ICOs which has taken place within NEO blockchain already. NEO cap was damaged by all these things but still keeps its 7th place in top-10 market cap. and the team is still able to attract new projects to launch ICO on NEO blockchain. and exchange is a brilliant tool to attract more and more participants due to this critical component of the whole ecosystem. and due to cross-chain component launch which will support trading of ETH and ETH tokens (this is a part of NEX team development plan) it will disrupt exchanges market and will boost NEO ecosystem growth in the nearest future (Q4 2018 - Q1 2019). NEX is a strong, profitable (both flip and mid-term) investment tool with low risk and only sad story for potential investor – individual cap will not exceed USD 1k. registration process starts today – I am definitely in.
- 6. Origin: Uber and Airbnb became a big problem for traditional taxi business and hotels. now it’s time of Uber and Airbnb to meet a problem – Origin. the project provides the solution to develop decentralized markets and targets sharing economy market – the whole one, as soon as it is about protocol and the base. this base will be is used by multiple platform users (taxis, hotels etc.). and this fact puts a huge potential into hands of the team and into Origin token in particular (as investment tool). “3 in 1” formula seems to be a trend already among ico products (e.g. Skrumble uses the same one): dApp + shared data layer and standards + community fund. dApp exists already in demo mode, protocols are used by 40+ companies already (including NuCypher). Origin solves data control issues in a favor of data owner, Origin eliminates transaction fees, Origin cuts identity verification and reputation risks (making it possible to use a single rating level within several service providers). Origin plays with both pains as of buyers, as of sellers, providing win-win solution for both, which means high speed of adoption, avoiding the chicken or the egg dilemma. it should be mentioned that it is not the first try to push decentralized market concept into masses. DarkMarket by Amir Taaki was the pioneer. it was too radical and targeted dark market clients. a funny thing – the project was developed during hackathon with no multi-millions budgets and months of development. an interesting thing – the project was taken under heavy control of the capital (Andreesen Horowitz, Union Square Ventures) after total rebranding into Open Bazar. district0X (which also uses magic pair ETH+IPFS like Origin does) is an excellent example from the same market and with ico mechanics as a tool to rise financial resource: USD 9 M were collected during ico campaign, which generated 16x just in a month. capitalization reached almost USD 290 M on its top at the beginning of January ’18. Origami Network was going to enter decentralized markets field too and is keeping silence as for now (should be put into watch list). but none of those projects made the focus into sharing economy and joint usage of shared data, which puts Origin in a rather winning position. metrics of the token is not preset but cap can be forecasted on the presale volume 28,5 M of a recent investment injection + USD 3 M from Pantera at the end of ’17, which is USD 31,5 M in total already. thus cap is predicted above USD 100 M, which is a heavy one comparing within current ico landscape, but Airbnb only capitalization is USD 31 b. pretty good soil to grow, to grow, to grow. while growing Origin token will be in demand as soon as it plays several key roles within ecosystem being a utility one. strong team, strong advisors’ pool, exciting and working product with real users already, inspiring presale results with Pantera as a leader, well structured technical and product documentation, active git, cool idea with Origin fund (which functions include as ecosystem development, as providing support functions like arbitration, management of insurance pools and processing of claims) – all these leveling a poor roadmap and a lack of progress within a new born decentralized markets’ sector in general. Origin is a strong project to take one of leaders’ role and to rocket soon. the question is when and what are the plans of business development team to win the market. but current b2b onboarding inspires to make good predictions in this direction. conclusion: strong yes.
- 7. PDATA: data management project with the focus into a certain segment but not a whole data stream – personal data of consumers. this focus excretes PDATA out of many competitors. blockchain core functions to keep privacy and transparency are as indispensable as profits generating in case of data management. PDATA pulls out a middle element between data generating and consumption sides, using those two fundamentals of a new born tech. it is done with a help of a trading platform which connects personal data holders and corporations, which are eager to use this data to make their products better, sale forces more efficient etc. the team has a working product, which is in demand already despite quite small achievements in 2017 and 2018 year sales plan with a target of USD 0.8 M (and 100 downloads in GooglePlay – seems to be just an example of development but not a core product). there are top tier companies within an already existing pool of customers (e.g. Audi, P&G, Intel) which means the team has a significant handicap and is able to burst with its sales due to adoption of PDATA by market leaders, market movers. the beauty of the project is within its simplicity which makes it possible not to pay critical attention to a lack of blockchain experience of development team. moreover devs team and top management has an experience of joint work in other companies before Opiria project was born. it is important to mention that Christian Lange (CEO) and Marlene Gagesch (CTO) were both a part of Ergoneers Group, which developments are used by Opiria team to make its product not only collecting subjective data (like age, gender, income) but mining extras from eye tracking and physiology parameters form wearable – such technologies makes data picture more full and valuable, more competitive. it is important to mention that Christian Lange did his best to grow Ergoneers up to USD 5 M turnover from scratch and to grow a worldwide sales partner network with sales partners in more than 20 different countries – it is a positive adoption factor. PDATA token is a utility one which is used to be a payment tool within PDATA platform. metrics is good with a satisfactory USD 0.1 price of a token but a little bit inflated cap of USD 30 M as for such a project. the last one puts the growth of PDATA token into a disadvantageous position taking into consideration financial plan, which reflects ratio of total token supply and company’s turnover as 1/13.6 (55/750) for 3-4 years. but (a) financial plan seems to be very conservative and (b) the internal mechanism will use PDATA tokens also as a meaning to get more requests for data (from customers to consumers), PoS analog – these two will grow token demand. investment object is a stable low-risk project with a strong 1+ year growth potential as soon as blockchain platform is launched and the first top tier client uses the one. there is a cool team (both top management and devs), working product as a real solution of a real issue, clear conservative roadmap and financial plan and a good metrics, which makes PDATA token an attractive investment tool.
- 8. Skrumble: 3 in 1 ico – blockchain, application (messenger), layer – which attracts much attention due to the fact. but there is NO product – beta-version of application and own blockchain will be launched in Q3 ’18. the team has some kind of communication platform, which is put in GooglePlay, but it has 100 downloads. maybe because of a strong focus into b2b-part of its business. the team works together since 2014 in a parent company and has a solid experience as in business (it is stated that 400k people within corporate sector uses its solutions), as in tech (the team has officially become a technical partner with Hitachi). BUT there is NO experience within blockchain sector. Skrumble Network has developed a protocol called SKRTP (Skrumble Secured Real Time Protocol), but the white paper for this protocol will be published at release time. thus we must trust everything is ok there till newly hired security specialists will audit it and finalize it. token usage model is quite simple: to pay for extra-services within developed ecosystem, to get payment for service providing (keeping nodes). BUT the company is going to use other currencies/tokens as a payment mean also, which will make native token to meet some competition and it definitely will not support the growth of SKM-token. metrics of SKM is pretty good in terms of its price and capitalization of the project, which is USD 0.04 and 13M respectively – pretty good soil for Xs (taking into consideration lock up period as for founders’, as for advisors’ shares; a minimum one is 3 months). such math puts the project into the end of 5th hundred on coinmarketcap, which estimates to be undervalued despite some threats and minuses of this ico. plus there is a good news regarding liquidity of SKM-token as soon as lbank exchange is among project’s partners. but pay attention that token supply will be done in three parts after successful token acquisition (1/3 in 30 days). a strong but corporate oriented team has some communication product. it chooses a very appropriate period of time due to FB scandal and TG ban. it is decided to use blockchain hype to enter b2c-market due to ico mechanics, which will collect some initial group of users (to test the product, collect the feedback) and investors with a near 0-cost resources. understanding a lack of its experience within decentralized stuff the team put an attractive cap as a target and launched its fresh-fresh github to show its developments (while the core protocol is not published). there is a strong member of strategic advisory board – Anthony Dilorio – who is a quite well-known person in crypto-world. there is a set of early investors, whose contribution is not disclosed but it creates a good atmosphere for potential investor. the project is far from star league and there are threats of a lack of understanding how things will work, how audience will be acquired - users and developers - and token demand will grow (there is a prediction that corporate part of the audience will be activated also otherwise it will be a loss of marketing team), why core protocol is not published, why github is so green, the team has absolutely no experience within blockchain, which usage is under a question in case of communication app/platform. but metrics is a very good one, the team is strong and counts 4 years of successful cooperation already, communication topic is too hot nowadays, Dilorio participation and other investors presence cut some risks – all these factors make the project a perspective one despite all disadvantages. I use Signal to keep my conversation private :) with no blockchain inside of product infrastructure.
- 9. nOS: despite a lack of information about the project it is must be part of the portfolio. because of unbeatable success of NEO team and the ecosystem they develop. this development is steady and gets great marketing support. the last one has international nature and includes significant communication not only with investor but developer. I would compare NEO and ETH here: ETH had created the basis of its ecosystem and started to flirt with dev community just after, NEO did it vice versa. and it pays. NEO does create powerful effect to boost the whole ecosystem due to engagement of coders who create the road investor will follow soon. and nOS is the gate. nOS core mission is to simplify interaction between NEO and user side, which includes both end-user and developer. I would pay attention that this project has MVP already and this MVP is dedicated for developers who can start creating their dApps in a new way. nOS proposes the way which simplifies as the way dApp is created (universal smart contract), as interaction between end-user and dApp creator. this interaction will not need jumping and buying verity of tokens to use one or another dApp due to automatic exchange of a core recourse (GAS) into a certain asset, which is needed to use product or service. something tells me that NEX will be used to support exchange operation – just brilliant puzzle. generally this simplifying/upgrading means NEO start talking more human language with its non-technical community (which is a target audience with no doubt). and this is a great move forward as soon as it multiplies the audience and accelerates mass adoption. there is no metrics regarding nOS token but its utility nature let us predict that price gonna be up to USD 0.1-1, which will make it as a perfect speculative tool as soon as true function of this token will be fulfilled later when mass adoption happens. I would focus your attention on the fact that NEO introduces dApp rating/voting system which is based on nOS token. people love to manage the destiny of everything (except themselves) including software and this utility token let them make a dApp as a top leader or hide some shit at the end of the listing. thus NEO launches applied decentralized authority tool on the whole ecosystem scale but not a single project – it will add hype effect also. the team is strong and has proven track record within not only blockchain but NEO (Neon wallet, NEO Ruby library, NEOblog, NEOAuth). this is a great advantage of the attitude NEO proposes, when the same (successful and qualified) specialists switch from one project to another. that is why I believe Moonlight is not just a partner of nOS, but a successful and perspective project too. nOS has no advisors. it has only one investor for the moment – its own fund (NGC). but it does not need any of them as soon as NEO creates strong international community with a very strong focus into technical component. that is why we need to build (!) a working PoC application on nOS or contribute to the nOS codebase to qualify for pre-sale. coders will manage this world :) and this is a veiled evidence. nOS must be in the portfolio but there should be a strong control of the whole NEO ecosystem as soon as puzzle attitude is a two way street – bad news on NEO will damage all its cross-projects. also we need to check metrics of the project as soon as it is published – high cap will damage attractiveness of investments. PS: please pay attention to ETH-analog of nOS – https://cardstack.com
- 10. DAOstack: this is the hall of fame project. DAO is the next level of interaction mechanics, “project owner - project contributor”, “investor - project owner” interaction etc. ico is just a tool to collect the resource in a decentralized way – nothing more. spending and managing are about old paradigm of centralization. Vitalik did an attempt to launch DAICO (DAO+ICO) essence at the beginning of this year but before he had screwed up theDAO and put a big heavy cross onto DAO mechanics. it seemed to be the plan but not an accidental. why? it is dangerous for the current state of things because masses can ruin the state due to collective intelligence, collective power. the way business is organized today will shift into new rails in the nearest future. due to DAOstack. the product (the platform) is developed modular at its core and open-source throughout (github is well managed and very active). the platform consists of several layers but I would make the focus of yours on Arc.js one – it is a JavaScript library that lets front-end developers easily build applications on top of a library of smart contracts implemented on ETH blockchain. without being familiar with Solidity or the blockchain – this is critical positive factor for adoption. the product provides easy-to-use “puzzle” to build your own DAO. it let you issue your own token to collect resource and put ownership right against it (shared ownership), to provide further governance to your project by best-of-best out from the investors’ crowd (who are identified and well incentivized) avoiding corruption, overwhelming noise of ideas and opinions. the product makes it easy to launch and manage curation lists and forget about manipulation and hands managed ratings. strongly recommend material on curation lists – https://medium.com/@ilovebagels/token-curated-registries-1-0-61a232f8dac7. DAOstack is not about theory and plans – it is about practice and results of nowadays. Genesis DAO – is the first DAO within DAOstack ecosystem which is ready to act as crowd sourced investment fund. it is ready to get proceeds and will be funded by (!) 40% of all collected funds during the ico. the team is not just a theory builders but active participants and practical investigators. it is a strong plus. moreover there is the first dApp, which is built on the stack – Alchemy. it will be launched in a full mode by Q3 ’18, but there is a working prototype, which has been presented by CEO of the project in March ’18 already. there is a great solution how things are organized in terms of decision making with a help of internal GEN token: the token does not have the power to vote but it can attract attention. it means that there is voting protocol which is separated from prediction making. it means that money does not play a critical role in decision making but the competence and reputation. internal GEN token is used to attract attention to any decision, project, issue or something. with GEN you can make your “bet” and win or lose as soon as voting process is over. this mechanics let project owners to get the best decisions, and reputation-holders (e.g. professional marketers, designers, accountants etc.) to get their incentives directly from the project owner. with no intermediary. according to preset rules, which are hardcoded. so there is no doubt in GEN demand, as soon as it is a blood of the platform. GEN is utility token with high load. the team – dream team. despite no exits of its CEO Matan Field in case of previous projects. I love this man and we have connected the first time back in 2014. he is fanatic, well-well educated (PhD) fanatic. there should be analyses why previous projects did not burst, but I am sure this time everything gonna be in another positive way. firstly, this project is well supported as in case of team, as in case of partners, which are eager to get and use the product in a full mode (e.g. Gnosis is one of them – it understands what prediction is but it needs appropriate infrastructure to move prediction market services into masses). secondly, Matan and the team is using ico mechanics, which was not in a wide usage during Lazooz and Backfeed time. general metrics of the token is: supply 40 M, hard cap – USD 30 M. there is no preset price of the GEN token but the prediction is USD 1. it will be clarified just before main sale starts. presale is available with the only 10% discount, but
- 11. the barrier to entry is USD 100k. both metrics show that the team feels itself too confidently and there is a preliminary demand. yes, lots of investors see lots of Xs in case of DAOstack. I see dramatic changes on the way we will collaborate soon due to DAOstack. I am in (but not on presale :)) for the moment).
- 12. VirtuePoker (VP): VP is another transformer from old centralized model into a new one, which is blockchain based. nothing extraordinary, just the next pretender to get massive market share of gambling and poker in particular. it is not the first try to use decentralized model but seems to be the first project which has so powerful team, which members’ experience has a very strong focus strictly onto gambling industry. I would underline that VP is a wholly-owned subsidiary of ConSensys and the presence of Joseph Lubin within advisors’ pool costs a lot. ConSensys means lots of business development worldwide and technical expertise. the last one is strengthen by Andrew Miller (advisor, a rare example a useful member within the board) – this pro was one of the first to shout about theDAO security issues, which killed so powerful DAO idea for several years (until DAOstack). FYI: ConSensys family – https://media.consensys.net/get-to-know-the-47-projects-that-make-up-the-consensys- mesh-478b7d3028c1 the project is based on a classical poker software developments but uses blockchain technology and IPFS (distributed data storage) in critical sectors, which are as market’s threats and problems for nowadays but huge opportunities for new comers of tomorrow like VP. the project solves real problems of poker players – incredible worldwide army with incredible turnover. token metrics is a little bit hidden: current sale round will include 100M VPP tokens with hard cap of ETH 25k, which means total capitalization (25k*5, as soon as 20%) of ETH 125k (USD 80M+), but not ETH 25k. despite this VP is undervalued as soon as its potential is at least 10 times more of its capitalization: Poker Stars (current market leader) annual turnover is USD 850M. to support such turnover VP will provide its clients with VPP tokens, which role is not just a means of payment, but a source to develop the base to become a part VP ecosystem – to become “Justice”, service node holder, who is able to get proceeds from services provided to the ecosystem. it will add value to the token and will have positive effect onto demand. as well as access to special tournaments and other extra bonuses for VPP-holders. it will be great if the team will follow its intention to build the product and white label it after with keeping node holders as a must be part for new licensees across the globe. the team has some rough product already and is going to release an alpha version of the software by May 22, 2018. I love it. despite the fact that VP site does not work correctly (at least in Chrome), despite a little violence with 3rd party products usage to pass identification process (uPort, HooYu), despite technical metrics “6-handed game currently plays at a rate of approximately 80 hands per hour”, which is poor but seems to be the basis to develop (there is no other way as soon as the team is really fucking experienced in gabling). the only coinmarketcap listed poker project is CoinPoker with a tiny cap of USD 13M. that project has nothing in similar with VP except idea to decentralize the process gambling platform and players interact with each other. great team, great owner (ConSensys), solid specialized experience, attractive token business model with revenue sharing mechanics (built into project architecture), well-structured and very interesting WP with lots of details and existing product, true vesting – all these make VPP a perspective and low risk investment object.