ICO Review — BlockCAT
Crowdsale opening date 15 July 2017
Crowdsale closing date 15 Aug 2017
Country of origin Canada
Platform for the ICO Ethereum
The value proposition of providing pre-built smart contract templates for many general usecases which no-technical users can use to deploy on Ethereum is one of the best DApp platforms that is badly needed in the Ethereum ecosystem. Currently the most extensively usage of Smart Contracts in Ethereum is for ICOs, but with this platform various other common smart contract use cases can also be deployed in ethereum and used by new developers and non tech users. The biggest help of this platform as promised is that these templates will be audited and also cost less gas in comparison to stand alone smart contracts as they are derived from a master contract template.
However I found already an interesting Visual Smart Contract Designer https://etherscripter.com, is present though it is in Serpent and such a simple designer for Smart Contracts using solidity would have been a much better proposition to start then stating that non-technical users can deploy. One has to understand that Smart Contracts are very powerful tool and also prone to misuse and changes are costly. Hence by focussing on its faster go to market and pre-built template features as USP they can get much better traction.
Also one of the biggest issues for the platform I have is their insistence of paying for the deployment and verification of these smart contracts via CAT token. Now given that a general user not having access to CAT how will he get CAT token to use their platform which makes their value proposition very restrictive. Also by the nature of the smart contracts developed in their platform based on their design principle locks into their platform which is one big concern I have.
Who should Invest?
Though the whitepaper says that CAT will not be a speculative token but and will be the core part of the BlockCAT platform but since their idea is still only in initial concept stage to the public, the only value any investor in short to medium term will get by Speculative trading which is buy and sell in short term. Holding it will only help it in long term (2018–2019) if their platform is ready and CAT tokens are usable on their platform.
Also I am worried about the nature of their experimental crowdsale smart contract, they have mentioned “A security cap of 1 million ETH will be hardcoded into the contract as a safety net against unforeseen complications.”. Which makes one think are they really good at developing reliable smart contracts and if they are able to deliver in the vision of providing a easy smart contract development platform and a fledgling marketplace.
BlockCAT lets anyone create, manage, and deploy smart contracts on the Ethereum blockchain with just a few clicks and provides a marketplace for Smart Contracts for both Developers and non-technical users alike.
Ethereum is a blockchain-based computer network paired with the Ether currency, and has implemented a powerful distributed computing environment called the Ethereum Virtual Machine (EVM). As part of the platform, a programming language for writing smart contracts targeting the EVM called Solidity implements familiar high level programming concepts that allows more sophisticated smart contracts to be written.
Smart Contracts come with their own barriers to mass adoption:
- Smart contracts must be written by programmers, making them accessible to few potential users and not to non-coders.
- Only those familiar with the Solidity language can interpret them, making it difficult to reach agreement with any nontechnical party.
- Smart contracts can contain bugs, which may result in the loss of assets. A bug-free smart contract would have prevented this hack from ever occurring.
They are creating a marketplace that allows developers to sell smart contracts that are connected to a visual interface. This makes it easy for everyday people to purchase, deploy and use smart contracts on a global scale.
Most importantly, anyone can earn a portion of the marketplace fees by verifying new smart contracts.Developers must stake CAT tokens in order to publish contracts. All users who correctly staked CAT will receive a portion of fees earned by that contract, alongside the original developers, opening up new avenues for income not previously available. It all begins with making smart contracts accessible, both to developers and users alike.
The main value proposition of BlockCAT is to provide a painless platform for creating and deploying smart contracts to the Ethereum network. To accomplish this, they will build a distributed application (DApp) composed of a device-agnostic, web-based user interface
and a set of audited smart contracts to securely create and deploy the smart contracts of users’ choosing.
Note: This is just a screen demo and the actual platform will be ready in early 2018.
CAT serves several key operational functions with respect to the BlockCAT platform for its
- CAT will be the only means of paying for contract deployment.
- CAT owners will be allowed to participate in milestone completion votes, which will
- CAT will serve as the primary mechanic for verifying third-party marketplace smart
Sale Date and Time: 20:00 UTC on July 15th, 2017
Sale Duration: 30 days, or until the hard cap is reached
330 CAT to 1 ETH (first 24 hours)
315 CAT to 1 ETH (next 48 hours)
300 CAT to 1 ETH (rest of the sale)
If the minimum goal is not reached by the end of the sale duration, then all contributed Ether will be marked for refund.
Any tokens purchased as part of the sale will be immediately allocated to the buyer, but will be locked from transfers until the the minimum goal has been reached.
These tokens will be immediately spendable in the BlockCAT mainnet demo app, once the minimum cap is reached.
Once the sale concludes, a portion of CAT tokens will be allocated and given to the BlockCAT team as an incentive for the success of our platform, and a separate portion will be held as a reserve pool and expenditure fund.
The community will hold 79% of all CAT, the BlockCAT team will hold 20% of CAT (subject to a freeze period), and 1% will be allocated for the reserve pool.
The BlockCAT team will lock 30% and 10% of the token sale proceeds until the completion of the first and second noted milestones.Half of the tokens (10% of the total token pool sold) retained by the BlockCAT team will be frozen for one year (12 months) from the end of the sale, with the other 10% remaining frozen for an additional year (a total of 24 months).
The specific amounts locked may change according to the results of the token sale and the BlockCAT team’s needs.
Benefits to Token Holders
They are in talks with exchanges already to get CAT listed soon after the sale ends. Though it is already being traded on EtherDelta and we expect Liqui.io to follow soon.
CAT owners will be allowed to participate in milestone completion votes, which will be used to unlock reserves for BlockCAT expenditure.
When BlockCAT smart contracts are deployed by users, the CAT that is paid as a fee will be re-sold and circulated back into the ecosystem at market value.
In the case of three failed votes, the lock will be released at the discretion of the BlockCAT team, no less than one month after the final completion vote.
- Eric Huang — CEO
- Wade Penson — CTO
- Ben Stevens — MEDIA ADVISER
- Ramon Lawrence — BUSINESS ADVISER
- Jamie McKee-Scott — UX AND RESEARCH ADVISER
- Graeme Douglas — TECHNICAL ADVISER
Their MVP will only be ready by 2018 Q1 and hope they can keep some of the most important features in their white paper in their MVP. Though I have reservations on the quirky nature of their ICO and but the good thing is that their ICO smart contract is available on Github. Reading their whitepaper gave me lot of insights as to how we can develop pre-defined smart contract templates and also the key economics of gas cost vs smart contract deployment in Ethereum which is one issue they are trying to solve. Also by introducing milestone based voting for payout they are introducing a community based governance structure around their platform. Though it remains to be seen, how much useful this is to the investors who buy the ICO.
While this platform provides a more general purpose platform by developing a workflow based Smart Contract design platform, it remains to be seen how Solidity and Ethereum as a platform evolve. And it will be better if BlockCAT can be flexible enough to provide similar simple interface for more smart contract platforms in future.