[repost] A BLOCKFYRE’S COVER: REVIEW ON MORPHEUS LABS/ $MITX
The original post was posted at Blockfyre’s Website: https://www.blockfyre.com/blog/morpheus-labs-mitx-coin-review
Morpheus Labs is aiming to bridge the gap between Blockchain technology and the business world by building an enterprise-grade blockchain platform with an additional blockchain app marketplace that enables organizations of any size to develop, deploy and operate distributed applications. Their Blockchain as a service platform (BPaaS) will allow companies to build, test and manage applications using different Blockchain protocols to achieve rapid prototyping, cost efficiency, in a fail-safe environment. It will also support distributed hosting for Blockchain network nodes and off-chain applications. The team will assist companies with the design of turn-key solutions, while their platform provides the flexibility to choose between available programming languages and Blockchain runtimes to better suit the needs of their clients.
What Problem does Morpheus Labs solve?
A growing number of companies around the world are looking to leverage the benefits of Blockchain technology but often get stuck in the beginning stages of deploying distributed applications because they have difficulties evaluating multiple blockchain technologies or selecting which one to use. In general, they lack collective blockchain expertise, a streamlined process or simply an environment for testing their applications. On top of that companies have difficulties finding the right use case that will apply to their industry and they are struggling to evaluate the return on investment. High costs are another factor, prohibiting companies from developing Blockchain solutions, whether in-house or outsourced, enterprises often refuse to innovate, if costs are not measurable and the outcome is unpredictable.
So Morpheus labs’ goal is to answer the three big questions, enterprises face when they plan on developing blockchain applications: Which Blockchain?, Which Use Cases? And how do we test and deploy our application?
Product and Vision
Proper infrastructure and experience in the field of Blockchain are sorely lacking, Morpheus Labs will fill this void by building a revolutionary platform that focuses on quick go-to-market strategies, all-in-one service, and user-friendliness. As it is stated in their whitepaper: “Let our platform do the heavy lifting while you focus on value-adding work…” The initial value proposition of their platform contains four pillars:
Evaluation and testing of different blockchain technologies: Morpheus Labs allows enterprises to experiment with different types of blockchains on a single platform. Developers can choose between 7 different blockchains: Ethereum, Hyperledger Fabric, Multichain, NEM, NULS, Vechain, Quarkchain.
Crowdsourcing: Ideas, tools, solutions, and advice will be generated through a community-driven approach, this will further save time and money for companies working with Morpheus Labs. Expert advice via crowd wisdom could lead to faster and more innovative results.
Enterprise Grade: All resources and support are made ready on the cloud, allowing enterprises to customize applications anytime and anywhere in a secure, reliable and scalable environment, making rapid prototyping and easy production deployment possible.
Deployment of Applications: Morpheus Labs makes it easy to deploy blockchain applications within a safe environment.
As mentioned above, Morpheus Labs is a BPaaS and to ensure long-term business sustainability and cost-effectiveness, the business model is based on a combination of fixed, recurring fees and one-time initial fees under four tiers: Individual, Starter, Optimum and Enterprise. A subscription-based model will incentivize companies to actually use the platform rather than paying on a per-project basis. This separates Morpheus Labs from many of their competitors in this space who are mostly utilizing a Pay-to-use model. Morpheus Labs’ approach does not only make sense in an environment where continuous improvement and upgrading are needed, but it could also provide a competitive advantage in a highly competitive space.
Morpheus Labs is based in Singapore. The company is led by Chuang Pei-Han, Branson Lee, Dorel D. Burcea and Bruce Lu Yang. Chuang Pei-Han is a serial entrepreneur, with seven years of experience in banking. He has a proven track record of building and growing businesses. Branson Lee, is a former member of the Singapore Fintech Association, with over 13 years experience in business development and channel partnership. He worked at Linkedin and is also an active public speaker for blockchain and Fintech events. Branson was recently named as one of Asia’s top 100 Fintech influencers.
Dorel D. Burcea, has over 16 years of experience in application development and infrastructure management. He has been a technology leader with seasoned expertise in large B&FSI, overseeing multi-million digital transformation projects. Bruce Lu Yang has more than 20 years experience in software development and technology innovation. He has worked with IBM, as a technical leader, focusing on cloud application development and technology innovation in various industries. Throughout his professional career, he has successfully delivered more than 20 projects.
According to the Morpheus Labs website, the team consists of 10 members with various backgrounds relevant to their mission. It’s always great to see an organization which has a proven be able to build businesses, which is the case here.
Tokenomics: What is the MITx Token?
Morpheus Infrastructure Token (MITx) is an ERC-20–compliant token, designed to be used within the Morpheus BPaaS network for all services and products rendered. Platform subscription, distributorship licensing and token swaps with other digital currencies or tokens are the primary use cases for the MITx token. The more companies using the platform and the more activities the platform has, the more valuable MITx tokens should be, adoption is the key for investors.
The ICO took place from February to April 2018. Of the total supply of 799.999.997 MITx tokens, 30% went to the community, 25% to the token sale, 20% to a reserve fund, 15% to the Morpheus Labs Foundation, for strategy and research purposes and 10% to the team. The current circulating supply is 205.577.285 MITx.
In August 2019 Chuang Pei-Han and Branson Lee decided to extend the lock-in period of their token shares from 15th April 2018 to 14th Oct 2019. This further proves commitment to the project and will strengthen investors trust in the team and vision.
Growth potential and Roadmap
The roadmap featured on the Morpheus Labs website is split up into a “Business” and a “Technical” section. It’s great to see a roadmap split up like this, but it certainly lacks detail and doesn’t go any further than Q4 of 2018. This should be updated soon because at first glance it seems like the team doesn’t make any progress. If investors are willing to dig a bit deeper though, they will find a very compelling and continuously updated blog feed on medium, which highlights milestones and achievements.
Blockchain will definitely play a significant role in enterprise software. This is going to be a huge market as soon as companies find out how they can improve their operations using blockchain technology. Since distributed ledgers are a relatively new technology and because of scarcity when it comes to developers in this space, a solution that offers easy access to Blockchain applications will be highly sought after, once companies are trying to get a hold on this technology. In this regard, Morpheus Labs is very well positioned, as they provide a highly scalable all-in-one solution.
At this point, I want to take a closer look at the go-to-market strategy and partnerships or rather clients the team has already signed up, as it gives Morpheus Labs a whole new level of legitimacy and shows that the business and platform are viable. One exciting partnership is the one with veriTAG. veriTag and Morpheus Labs joined forces to roll out the VeriHUB Blockchain Platform to improve China’s food safety.
So far we have highlighted the many positive aspects of this project, but there are indeed also some downsides to Morpheus Labs. A tremendous market opportunity will always attract competition, and Morpheus Labs is not the only project in this space. The service they are providing is, unfortunately, something that can be copied pretty easily and on the technical side, there are no substantial barriers to entry for new and existing competitors. I am sure that the team is well aware of this market condition hence the very early efforts to build strong partnerships on the business as well as on the technological side of the project, one of these partners is VeChain.
As we discussed under the roadmap section of this report, the information presented on the project’s website is vague and doesn’t really go into detail about the technology or what separates Morpheus Labs from its competitors. I’m not a big fan of “Hype Machine” -projects, but the website should contain a little more background, a clear USP and an updated roadmap. Most of this information is presented very well in the whitepaper and their blog, but it should also be reflected on the website in a more appealing way. I have talked to the and asked them about this, they assured me that the website and roadmap will be updated soon.
Morpheus Labs is working in a space filled with competition but considering the team, partnerships and achievements so far, I see a very good chance for the project to stand out from the rest and become one of the leaders in their space.
MITx scored 53 out of 76 Points in our evaluation program.
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