[ICO REVIEW] Rays Network: The Second Generation of Ethereum

ICOgens Platform
Sep 4, 2018 · 6 min read

Rays Network can be a Secure and Private blockchain for enterprises or a Secure and Fast cryptocurrency for the public. Each transaction will have an option whether the transaction should be private or public.

1. Technological idea

Rays team aims to create a Flexible Blockchain Network which may switch between General and Enterprise users.

Rays Network can be a Secure and Private blockchain for enterprises or a Secure and Fast cryptocurrency for the public. Each transaction will have an option whether the transaction should be private or public. A public transaction will be like a normal transaction on Ethereum blockchain. Meanwhile, in the private transaction, everyone knows that there is a transaction made but only the intended receiver can see what is inside the transaction. This can be done by Bullet proof Non-Interactive Zero Knowledge Proof, a Privacy protocol.

The consensus algorithm used in Rays Network is Customized Delegated Proof of Stake (CDPoS). CDPoS is just an improvement of DPoS with Trusted and Efficient labels being assigned to best performing Delegates. By implementing CDPoS, RAYS holders can still stake RAYS coins even when their wallets turn off.

Besides a private and public key, each user can create an ID key which allows the sender to choose which personal data he or she likes to attach and reveal to the receiver. To do that, the user needs to create a personal profile where he or she can enter as much information as he or she wants. When the personal profile is completed, the user can create several ID keys that are linked to personal information. The information is only stored in the user’s wallet, not in the blockchain.

The technologies the project intends to apply into their network are not new ones but the idea of this project sounds interesting. The combination of enterprise and public blockchain will attract more users for the network. The most important thing is that whether they can realize their idea. DPoS and BulletProof are not commonly used like other mechanisms, which may take the team more time to apply those technologies to their network and utilize the effectiveness of them.

2. Team

a. Core team

The team is quite large with profiles of many members in the website. Here is the information about some core members:

Umar Shafiq (Co-founder, CEO): He got MS degree in Electrical and Electronics Engineering at University of Surrey and PhD degree in Aerospace, Aeronautical and Aeronautical Engineering. He was the founder of GraphBlock. He was also the advisor of WeiCrowd, a token marketplace and Fledo, a business social network. Currently, he is CEO of another ICO project called Hopper Crypto Wallet.

Tomek Betko (Co-founder, Director, DPoS architecture designer): He was co-founder of Crypto-currency finanse I inwestycje. He is currently the advisor of DAPS coin, an ICO project.

Michal Mikolajczyk (Co-founder, CCO): His academic background is about law. He used to work for Corr Recruitment providing staffing and recruiting services. He was the Site lead at Randstad Inhouse, a company about human resources.

Mattias Kruskopf (CTO): Postdoctoral Researcher at National Institute of Standards and Technology

b. Advisor

Rays Network has a group of advisors who are PhDs and Post doctorate in some fields such as AI, Neural Network, Computer Science or Finance and CEO of Blockchain Lab, Steeves Solution, opolo.io, BandZ Network, Complexity Labs, etc.

The advisor team is impressive considering their expertise. However, regarding the core team, apart from Umar Shafiq, other co-founders don’t have much direct experience in working with blockchain projects or developing blockchain technology. The CTO is good at academic knowledge but his experience in developing blockchain is also limited.

3. Roadmap

Q3 2018

Private and Pre Sale

Technical whitepaper 1.0 release

Preparation for Exchange Listings and RAYS Exchange

Preparation for RAYS Cloud Wallet

Release of Cloud wallet

Preparation of Windows and Linux wallets

Q4 2018

Release Windows and Linux Wallets

Listing on at least one top rated exchange other than IDEX

Listing on https://coinmarketcap.com

Release RAYS Exchange

Technical Whitepaper Update 1.1

Release New Skymap for 2019

Establishment of RAYS office in Asia

Academic Collaborations and Establishment of RAYS Research Laboratory

2019

AI Master nodes

Quantum Proof

RAYS 3S Wallet

RAYS Mainnet Deployment

The roadmap is really detailed. The Private and Presale takes place from July to November and the Public sale will start in December.

As it states in the roadmap, Cloud wallet and technical paper will be released in Q3, 2018. However, there is still not the technical paper. The Github currently also shows that the team is not really active in developing the project.

4. Token economy

Hardcap: 20 million USD

Total Supply: 500 million RAYS Coins

Initial Circulating Supply: 300 million RAYS Coins

Token sale: 40%

DPoS Allocation: 40%

Team: 12%

Future Developments: 5%

Advisors: 2%

Bounty and Referral: 1%

5% for Future Development is for market adoption and network maintenance. 40% DPoS Allocation is for reserve pool for 100 years staking. In other words, 40% coins distribution is for reserve fund. This figure is really high. No one can ensure that Rays Network will exist after another 100 years.

5. Community

Telegram group chat: 15,103 members

Twitter: 1,241 followers

Facebook: 1,978 followers

Rays Network is listed on some ICO websites which are not really popular.

The admins in Telegram group and Twitter update information about the project regularly but the members joining Rays Network’s community are not active. There is little interaction in the Telegram group chat.

Summary

Advantages

The idea of Rays Network can simultaneously provide blockchain services for enterprises and public users. Instead of using 2 separated blockchains, thanks to the integration of both public and private blockchain, it is more convenient for users to make transactions for different purposes.

They have a team with balanced skills from blockchain, media, marketing or management. The advisor team is also impressive.

Things to note

The token allocation is not appropriate. 40% for reserve is too high.

The commitment of the team to Rays Network is not firm because some of members in the core team still work for other projects or companies while developing Rays Network.

As it is shown in the Github, the developers are not active in developing the project.

Conclusion

Although the idea of this project sounds promising, there is nothing innovative. Considering its marketing strategy now, the project does not seem to be attractive to investors. Also, there is some outstanding members in the team, the other members have little experience in the crypto market. More importantly, Rays Network is actually a protocol project but the hardcap 20 million USD is a bit high for the product type based on the current situation of the market. If Rays Network develops its own blockchain, this project is worth keeping an eye on. Otherwise, it would be risky to invest in this project.

This is a Article about Rays Network review with 4 languages namely Vietnamese, Chinese, English and Korean. Can you check here

source: ICOGENS.COM

Thank you for choosing ICOGENS
Website | Twitter | Telegram News | Telegram EN Chat

ICOgens Platform

Written by

This is the official medium of ICOGENS.COM- Website that provides information and news of ICO.

Welcome to a place where words matter. On Medium, smart voices and original ideas take center stage - with no ads in sight. Watch
Follow all the topics you care about, and we’ll deliver the best stories for you to your homepage and inbox. Explore
Get unlimited access to the best stories on Medium — and support writers while you’re at it. Just $5/month. Upgrade