CHAT: The Blockchain-based ‘WeChat’

Onetop Rating
Sep 5, 2018 · 9 min read

6.93/A-

By : ONE.TOP Rating

Statement: the contents of this assessment are for reference only. Any investment behavior made according to the contents of this assessment is not related to the contents of this assessment. The project is risky and the investment must be prudent.

1. Project overview

Openchat mainly defines the chat protocol bimp based on block protocol. It adds a digital asset in the traditional xmpp protocol that allows it to transmitted in each im, and the temporary project is known as BeeChat. BeeChat is a blockchain-based mobile communication application. With a unique decentralized distributed technology and its highly secure encryption service ensures free global chat with up to 30,000 people. It is also based on quantum chain blockchain technology, and it supports btc, eth, qtum mobile wallets, sending red packets and cash transfer, just as simple and convenient as chat.

2. Project rating

2–1–1 Market space. 9 points

The target market of project Chat is the chat application on the blockchain, and the market space of Wechat can be used as a reference. As Tencent’s main and most profitable social application, it has not announced the independent revenue of WeChat business. According to the report released by HSBC in August 2015, it estimated the market value of WeChat is about 40% of Tencent’s 500 billion US dollars market value, which is 200 billion US dollars. In addition, the market value of Facebook and Twitter are 500 billion US dollars and 20 billion US dollars, judging from this, the potential market space of social applications is huge.

2–1–2 Market Pain Point. 8 points

Compared with the social platform under the blockchain technology, the traditional market has the following four major pain points:

1). Currently, internet-based social networks have a poor tamper-proof system, which could cause centralized operations to go down.

2). The user’s expression of opinions on the social platform may be deleted or even banned because of the religion and politics involved. In other words, the user cannot truly enjoy the freedom of speech.

3). There could be a problem of uneven distribution of profit because the platform is profitable by analyzing user’s data and the user does not get the benefit in a return.

4). The personal information posted by users on the social platform is over-commercialized, and the intellectual property rights of the published articles are not protected.

2–1–3 Compatibility. 9 points

Blockchain technology is a new way of linking. In comparison with traditional Internet technology, blockchain technology has the characteristics of tamper-resistant and decentration. However, the biggest pain point of current social platforms is the problem of freedom of speech and non-transparent of information, moreover, the social platform has the power to delete what they think is inappropriate, which is actually a violation of the rights of all users. In summary, blockchain technology and social platforms fit together.

2–1–4 Application Scenario. 9 points

Electronic wallet

The wallet is the main function that the digital community required to enable users to use cryptocurrencies. As a first step, BeeChat will consolidate the wallet for all BeeChat users. The associated user interface will allow the user to apply the most common interactions of wallet. By integrating wallets to support BeeChat’s millions of users, BeeChat Wallet could be the world’s most popular and used cryptocurrency wallet.

Self-media ecology

Discovery is a News Feed area for BeeChat that integrates friends, news, quotes, and transactions. Users can also find out the blockchain information related to their own interests while paying attention to their friends’ News Feed.

Chat

Through the Chat, users are able to keep in touch with family and friends, they are also able to build their own social circles and share other decentralized apps on the platform with their social networks. Chat is the fastest mobile communication function which integrated HD video, voice and text. It’s unique distributed technology and highly secure encryption service allow users chatting globally without delay and also allow users to make high-quality voice or video calls for free. In addition, it supports 500 people online chat at the same time.

Application Network

Network is a global decentralized symbiosis application market provided by OpenChat. Users can download products provided by third-party application developers. Users are able to obtain the right to use the application by paying or providing valuable actions. Meanwhile, developer will issue decentralized apps in order to earn ChatCoin.

2–1–5 Token mechanism. 8 points

Total supply: 1,000,000,000 CHAT

Token name: CHAT

Market capitalization: ¥495,126,769

Liquidity: 550,000,000 CHAT

Token distribution

40% of ChatCoin (400 million) will be allocated to participants during the ICO phase; paying ChatCoin as return, 20% of ChatCoin (200 million) is assigned to the OpenChat founding team and early contributors, who offered resources and technologies in early stage of BeeChat’s development; 30% of ChatCoin is allocated to the eco-construction, to reward top contributors to the OpenChat community, and developers of early OpenChat applications; 10% of ChatCoin will be used in the OpenChat brand marketing program.

2–2 Active level. 7 points

According to the special nature of the project, the BeeChat application has been launched and works stable, and the judgment of activity is directly referred from the official group and official account on BeeChat.

1). Official Account

BeeChat has entered a large number of currency circle official account

2). Group

Referring to the data of the official group and the currency group, the number of the user is large, but the activity level is not high, and there is a lack of management, and the advertisement is rampant.

Additionally, the project team has not the response the question we asked about the total number of users. From the group chat volume and the reading number, it easy to see that the active level is not high, but we should say that the number of software users is huge.

2–3–1 Development difficulty. 7 points

From a technical perspective, the Openchat project is a distributed protocol BIMP based on blockchain technology. And similar applications include Status, Qbao, etc. It is difficult to establish blockchain contracts and develop software application technology, but Beechat software has been developed and put into operation on the line, which will be added accordingly.

From the perspective of the business model, Openchat is a social network matrix, the most important business goal is the increase in the number of users, due to the existence of WeChat, QQ and other social network applications, it is difficult to take market share from those taken market.

2–3–2 Degree of competition. 3 points

There are three main relatively projects base on blockchain instant messaging platform so far, which are SNT, Beechat, and Qbao.

Among them, SNT has the highest market value, which is about three times as the market value of Chat. On the other hand, from the perspective of instant messaging tools, the monopoly position of WeChat and QQ in the market is even more unbreakable. It is worth noting that Openchat has a special feature, it is also a digital currency wallet, so it can realize the function which is similar to WeChat red envelope. Overall, the project is highly competitive.

2–3–3 Other risks. 6 points

The crowdfunding price of Chat is 1.3 RMB, the current secondary market price of Chat is 0.9 RMB and it is in a broken state for a long time, which is crashing the confidence of the holders.

2–4–1 Technological innovation. 4 points

Electronic wallet based on blockchain

As it mentioned above, Wallet is the main function that the digital community required to enable users to use cryptocurrencies. As a first step, BeeChat will consolidate the wallet for all BeeChat users. The associated user interface will allow the user to apply the most common interactions of wallet. By integrating wallets to support BeeChat’s millions of users, BeeChat Wallet could be the world’s most popular and used cryptocurrency wallet.

Self-media ecology

Discovery is a News Feed area for BeeChat that integrates friends, news, quotes, and transactions. Users can also find out the blockchain information related to their own interests while paying attention to their friends’ News Feed.

As a blockchain application project, Openchat has not many innovations in technology.

2–4–2 Code status. 2 points

No code status published

2–5 Executive status. 8 points

There is no published timeline, from the project landing situation, Beechat has Android and iOS versions, and the usage rate of chat and wallet are more advanced.

2–6 Investment team. 4 points

*Note: The following are all from the white paper

Nell:A Java engineer and commercial software consultant who specializes in back-end development and micro-server architecture. Nell is also a senior developer in our blockchain solution department.

George:A senior software developer in the back-end and database, specializing in software architecture and object-oriented design. George has focused on the design of product solutions for many years.

Mia:Mia has many years of legal background, she is good at helping startups and small and medium-sized enterprises to solve legal problems in the financing stage from the very beginning. She worked in the field of crowdfunding and cryptocurrency for many years.

PikaOne:A digital designer of the user interface and with years of experience at Google, and he has in-depth research experience on innovative design.

AC:The brand interaction and concept designer who has years of experience in illustration and advertising design, he is now working on digital design development.

Oscar:Senior Scrum expert and senior software engineer with years of experience in team development and project management. His goal is to develop a top-notch and globally recognized decentralized software product.

*Note: The above content is 100% of the project white paper

The introduction of the project team, especially the public avatar, is confusing. From the description, the team is strong, but the less rigorous avatar and unverifiable description are unconvincingness.

2–7 Community score. 2.51 points

Spicy strip

Rating: 8.9

Chat is a team that really does things. I have been using Beechat software since 2017 and the team is very reliable.

Stop and go

Rating: 9.2

Chat is always being broke out, but compared to other similar projects, the upside potential of Chat is very large, I am very optimistic. And from the degree of software landing, there are few projects in the currency circle is really developing software. Chat is very good, I am very optimistic.

White Pigeon

Rating: 8.3

I have been following beechat for a long time. Whether it is technical or team, Chat is doing well. However, due to poor team promotion, I am afraid Chat has lost the best time.

GeekSu

Rating: 7.5

Chat is good, but the number of blockchain applications is increasing rapidly, and Beechat is not making any progress, and how many people are really using Beechat to chat? I think the project is just average.

Yuanyuan

Rating: 7.1

Beechat, it was quite hot on the Internet before, but I was very disappointed after reading the white paper, especially the team, actually put a bunch of cartoon avatars, I don’t know if the team is unspeakable, but in the case of the project landing, still give an average score.

Eight gods

Rating: 7.9

I am holding the Chat currency, I have carefully read the project paper, of course, the software is very good, it is also very smooth to use, but the official website does not have much information, the white paper is also written relatively simple. In general, after all, the team developed software as the endorsement, so give a 7.9.

Letter

Rating: 9.5

I have been using the Beechat software for a long time. And many projects are able to develop a software in the currency circle? Most shell corporation are using white paper to swindle money. In addition, Beechat combines the wallet function with software, I am very optimistic.

Swaggy S

Rating: 8.7

I can’t find the project code, I don’t know why, but from the software situation, the number of user is large and very active. With reference to the telegraph software, Chat is now completely underestimated.

Li Jing

Rating: 8.1

Based on the software of blockchain technology, this is definitely the future of blockchain technology. people always said that the blockchain lacks a killer application. I think Chat has potential to be the killer application.

Future

Rating: 6

Chat is really doing things, the software has been updated, and the white paper has also made a good plan. The developed application of Chat is enough to surpass most people in the currency circle.

3. Project summary

In summary, the market analysis score is 1.79 points, the activity level score is 0.49 points, the risk assessment score is 0.39 points, the key technology score is 0.35 points, the score of execution status is 0.84 points, the team rating is 0.56 points, the community score is 2.51 points, the total score is 6.93 points, and the investment level is B+ level. And the integrative competence of project is average.