ICO REVIEW: TRIAS

Hi everyone, it’s CryptoGabby from Crypto Round Table.

Please note that this review is based on my own personal opinion and research and I have not been paid in any form. This review is also not to be taken as financial advice and it is recommended you do your own research to factor in your own personal circumstances.

What is TRIAS?

  • TRIAS is short for Trustworthy & Reliable Intelligent Autonomous Systems
  • TRIAS aims to create a new- gen public chain, which will support the execution of general-purpose native-applications on all platforms. Their vision is to root trust in machines so that any system and software implement only expected behaviours .

Main Features of TRIAS

  • TRIAS is building an all-platform supported native-application-compatible smart contract execution platform, development framework and collaborating ecosystem that will have 3-subsystems. You can find a more detailed description of each sub-system in the whitepaper
  • Leviatom, a network of Trusted Execution Environments (TEEs) to achieve correct executions of general-purpose software.
  • Prometh, a traceable development framework to achieve decentralized functional and security properties definitions for general-purpose software. It records the critical information for a piece of software’s entire lifecycle on the blockchain
  • MagCarta, a consensus-oriented programming paradigm to achieve embed and self-defined consensus strategy for high-order enterprise DApps.
  • The three subsystems implement a Separation-of-Powers model (TRIAS Politica), which is a political theory for social governance. It advocates that the powers of execution, legislation and judiciary should be controlled by different organizations. They exercise independently and restrict each other. This decentralization model is a first for cyberspace governance.
  • Smart contracts have pioneered a way to genuinely execute trustworthy applications, however, reaching consensus is a high-cost task. POW requires substantial computing powers, which is consumed by inconsequent workloads. High redundancy is also enforced, which result in serious computation waste and network congestion. This seriously limits the number of programs to run in parallel.
  • TRIAS will use a layer 1 solution enhancement to public blockchains. This establishes trusted relationships among the consensus nodes of existing public chains and significantly reduces the complexity for reaching consensus. It is able to help the third-party chains to achieve more than 100,000 TPS for a single shard and defend near 90% malicious collaborative attacks.
  • Tokens are rewarded to nodes which can choose to act in one of 3 roles:
  • Verifiers: continuously and repeatedly examining the trustworthiness of the surrounding nodes by initiating TEE-oriented verifications to them. Frequent verification computing power contributors will be allocated tokens periodically.
  • Routers: collect the verification data from the verifiers, disseminate it to other peers and construct the web-of-trust
  • Executers: execute Prometh applications as scheduled by the Magcarta contract. They are rewarded for their contributions in compute power and storage

Token Metrics

  • Hard Cap: 35,000 ETH. Approximately $10M
  • Vesting: 20% at TGE. Afterwards, 20%/15%/15%/15% for the following 4 months
  • There will be a seed and private round sale and no public sale
  • It will be pegged to ETH which is handy during this crypto bear market

Community (27/8/18)

  • Telegram: 14,673 members
  • Twitter: 1,164 followers
  • Mentioned 1/17 bloggers on top7 ICO.

Roadmap

  • 2018 Q3 Technical white paper will be published. The development of Heterogeneous Consensus Technology Solution, Trusted Computing libraries, account management, formal verification methods, stress testing, etc.
  • 2018 Q4 Testnet launches. Open source codes released; the design and implementation of core network, incentive mechanism, wallet and other technical solutions; Wallet & Blockchain Browser will be finished
  • 2019 Q1 Test & Iteration
  • 2019 Q2 Mainnet v1.0 launches.

Team:

  • The team is made up of 22 scientists and engineers from Oxford, Gatech, Peking University and leading tech companies e.g. Alibaba, Microsoft and Intel
  • The team is led by Anbang Ruan who is also the founder of Octa Innovations. He has had more than 10 years research experience in Trusted Computing, trusted Cloud Platform, Cloud Computing Security and Virtualized Platform Security.
  • Wei, Ming is CTO and also a Co- founder of Octa Innovations. He has had years of software development and management experience in cloud computing, AI, embedded projects etc. While at Octa Innovations, he hosted and developed DASO private chain and consortium blockchain which achieves 100K TPS.
  • HAO, Shuang CMO, PR Director in Octa Innovations, Master of Media Management in HKBU. Former frontline reporter in national media for major international news.
  • SUN, Jiahao CSO, Chief AI Scientist of a well-known international bank located in London. Graduated from Oxford University, majored in Computer Science. He is an AI elite certified by the British government and has founded several AI and Fintech companies in London
  • YIN, Zhaoming Leviatom was a Core Developer Alibaba senior engineer of EB-class big data platform. He has many years’ experience of graph computations and distributed systems at Oracle and Intel Research Institute in the Silicon Valley.
  • GUO, Lin, Prometh Core Developer Operation and maintenance director in Octa Innovations. Used to work as a senior operation and maintenance engineer of Didi and led the team to automate the release and testing of DevOps on more than 100 business projects.
  • LI, Fei, Prometh Core Developer Operation and maintenance director in Octa Innovations. He excels in researching internet technology and making heterogeneous middleware environment. He has also handled over 6 million simultaneous online uses and million-level TPS.
  • CHEN, Jian, Chinese Market Development Marketing Director in Octa Innovations. He has 10 years of marketing experience and is responsible for the marketing objections of NetEase games, Youdao search, Youdao dictionary and 360.
  • The rest of the teams profile can be found on their official website.

Core Partners:

  • Octa Innovations LTD, PRC will provide technical, research and marketing support for TRIAS. Octa Innovations is one of the earliest security solution providers to integrate trusted computing and blockchain technology in China. It has successfully completed many major projects in banking, securities, government affairs
  • The joint laboratory of Octa Innovations and Peking University (the Lab for short). The laboratory will rely on Octa Innovations to provide TRIAS with innovative research capabilities in TEE, graph computation, and trusted software construction. Its research team includes 4 professors, 12 doctoral students, and more than 20 master students.

Advisors:

  • Advisors have not been publicly announced yet however we know that they are working closely with NGC and KOSMOS

Investors:

  • NGC, KOSMOS, DHVC, Reflexion

Pros & Cons:

  • Pros: Good concept, strong team, trusted computer environment is an important component of future stacks, real use of blockchain, potential partnership with AWS. Project should gain good exposure once crypto winter is over. There is also strong communication via their weekly updates.

Summary:

  • Short term: TRIAS has the potential to perform well in the short run. It has generated a fair amount of hype as infrastructure projects are more favourable during this crypto winter. It is also led by a strong team who have all previously worked with each other and have proven experience in trusted computing and blockchain technology.
  • Long term: Until the testnet has been completed, we feel it is still too early to determine how well TRIAS will perform and whether they will be able to accomplish what they have set out to achieve.

Questions:

After analysing this project, these were some of the questions I was still left with. I’ll be reaching out to the team directly to see if they are able to answer these questions and will post an update with the answers when I do.

  1. Are you able to provide a more detailed Token Metrics e.g. total token supply, % of the tokens on sale, expected listing time, expected month of token distribution?
  2. Have you confirmed what the ETH/BTC peg price will be?
  3. According to my current information, the hard cap is 35k eth. Is this still the case or do you plan on increasing it because of the recent ETH dump?
  4. Will there be a public ICO?
  5. Can you list who is on your all-star team of advisors?
  6. Who is your book builder or investor relations support?
  7. How far are you along your roadmap? Are you on track?
  8. How much have you raised and in which stage are you currently for your raise process?
  9. Is there any difference between seed and private round (terms)?
  10. Do you have any intention of running masternodes in the future?

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