ICO Review 1.0: AIR PLATFORM (SPHRE)
MCAP Labs promised that soon we will start an ICO review series, where we’ll analyze the awaited as well as ongoing ICOs. So, here we are and the first ICO in our series of “ICO reviews” is AIR platform. Air tokens (XID) will be OMNI tokens (like MaidSafe as an example), as Hyperledger has no native tokens. By relying on PBFT consensus (basically majority decision consensus), Hyperledger doesn’t use or need tokens in their network.
The world we are in today has provided us with ‘digital identities’, which assist us in staying connected with others. However, that identity of ours is still not safe. To be more accurate it is outdated and fragmented. And the only reason for this mismanagement is the unavailability of a system, which will not just support in managing the haphazard nature of digital identities but can be implemented and accessed by all.
Undoubtedly, experts from the team of AIR Platform suggest, they are here to accomplish the same. In fact, as per them, the product will not only assist in eliminating the need of maintaining and following multiple security policies, but its decentralized technology will also support in claiming the ownership of the given digital identity. In simpler words, AIR blockchain will rephrase the ownership of digital identity from the central system and will turn individual in control.
A closer look at the product
As we have already discussed, digital identity has turned into a real problem these days, which means we are living with the ever growing threat of ‘invasion of our privacy and identity fraud’. After all, very few recognize what’s happening with their personal data behind their back. And those who know are unable to take any serious action against the same.
Well, experts from the House of Air Platform promise not just to serve an individual with their own identity control, but assure to provide micropayments in return of their identity-based transactions.
Let’s now analyse this project against our selected parameters to get a clear understanding of its quality:
• Examining whitepaper
Definitely, prototype and/or code help us understand any project better. But this is something we have to overlook in the case of this particular product. While team claims, they have designed a prototype, however, the same is not public. Nevertheless, there are chances that we might expect few components turned public during their development roadmap for dev bounty purpose. The team working on the product has planned to reach out directly to the community during the alpha phase, to give AIR a try and understand what more can be done to turn this product better.
Here’s a link to their whitepaper — http://www.sphre.co/cs/downloads/Air_Platform_Whitepaper.pdf
Furthermore, while funds collected would be held in multi-sig. ESCROW, they do have a breakdown of where the funds will go. For example, a total of 2.5% of the full amount Crowdsale will be apprehended within a formal ESCROW agreement for 12 months as founder’s rewards (maximum of 1.25 million XID). And a total of 6.5% of whole Crowdsale (maximum of 3.25 million XID) would be used for hefty bug and major expansions.
• Team profile and community acceptance
Having basic details of team members at disposal is pretty essential. After all, that serves you with the confidence not just about the product but is allied to its future growth as well. Thence we did a little digging on their personal and professional background, just to make sure there are no red flags. And, while we appreciate the fact that they are easy to find (with the direct link of LinkedIn account provided on product website), they are pretty proficient in elucidating about the product in plain English as well.
Also, with regular blogs about their product and its progress, this team is definitely trying to build a community around their idea. In simpler words, while they are easy to connect with through Slack, email, or other channels, it seems they are eager to solve all the queries one might have related to their product ‘Air Platform’.
Director — Daren Seymour — With far-reaching experience in formulated IT-enabled plans, Daren Seymour holds a proficient record in delivering complex business conversions and major change ventures.
CTO — Kuldip Pardesi — pioneering Development Director with strong IT knowledge, and ability to administer diverse technical teams.
Business Development Director — Mat Birch — highly dedicated and triumphant business development professional.
Community Management — Jake Vartanian — Founder of Cryptodex, Managing Member at Blockchain Partners, and writer at Blockchain News, Jake Vartanian has been a Cryptocurrency advocate since early 2011. Currently, he is functioning as a self-governing blockchain advisor, focusing on tokenization, community building and more.
• Backing technology
With Kuldip Pardesi as their head CTO, it’s quite clear that he is the one who’ll be taking care of all the developments. However, there are definitely few more who are working as team members to turn this product more reliable and problem free. To add in the information published in ‘terms and conditions’ of the same, project will be built using Hyperledger and Omni-Litecoin. As for the technicals of the token sale, the same was handled through Tokeninvestor.com.
• Crypto-Sale Resiliency
With Gibraltar as its incorporated jurisdiction, this incorporation right now is working on formalizing contracts and getting gears in place. In short, while they haven’t yet reached to the topic of internal or external audits, they are definitely planning to go with one of the two. Moving ahead, we believe that security is a major concept; investors look out for before investing. Thence, it’s good to know that team working on ‘Air Platform’ plans on using open source fabric which takes advantage of the technology that is intrinsic to blockchain itself, which is decentralized and cryptographically secured by nature. So it is as secure and transparent as the existing blockchain projects.
At this stage, most of us think about apparent, perceived or real regulatory risks?
Well, we have got your back, we searched deeper, in fact we found one of the prominent members of Air Platform team Mr. William who mentioned that, “the only issue regulation wise would have been in the states because the SEC has yet to clarify the legalities of these projects, and the regulators have proven themselves time and time again to be incompetent to reaching a sensible and realistic understanding of blockchain technology and its benefits, so I don’t see any issues there with regulation because we’ve incorporated outside of the U.S. Compounded by the fact that blockchain projects have been ongoing and sanctioned by some of the largest academic institution and governing bodies, I don’t see an issue. Blockchain and its’ projects are here to stay.”
Our take on the project
Organizations like Google and Microsoft have been taking a shot at this subject for a considerable length of time, yet we trust that blockchain offers the most appropriate answer for this point. Also, after getting to know better from its developers and other team members, we really like that AIR planned to fabricate the stage on Hyperledger, as this takes the security of their product on a different level, or rather with measure (both positive and negative perspectives). From a financial perspective, Air bears a resemblance to a suited assumption, as with 4360 BTC, the maximal top is moderately low. This potentially takes into account a major development in advertise capitalization.
The fleeting key parts of this venture look better than average to us:
• “Low top” ICO: The token esteem can without much of a stretch make x4.
• OMNI-based: Easy joining for trades.
• First genuine blockchain-based computerized personality ICO: New item, new buildup.
- First ICO for tech on Hyperledger: New blockchain, new buildup.
The views expressed in this document are for informational purposes only. To be more precise, information provided and views expressed are the exclusive individual stance of the MCAP Team, based on statistics and records from open access and information that developers provided to the team through Slack, email or other means of communication. Our only objective is to boost the precision and trustworthiness of the young ICO market and to diminish the threat of deception.
For more queries you may use these email Id’s:
Air Platform support: https://tokeninvestor.com/crowdfunding/air
MCAP Labs editorial team- email@example.com
We’ll be glad to receive feedback with thoughts, proposals, ideas and constructive comments on how to make future evaluations more inclusive and informative.