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Mercury protocol
Transcript
ICO REVIEW
Mercury Protocol (GMT)
Global Messaging Token
CONCLUSION
CONCLUSION
- Idea: 6/10 - Signal already exists but I welcome competiton
- Documentation: 6/10 - documentation is decent but some of the information quite vague
- Product: 7/10 - app is there but it will have to be modified to use blockchain
- Team: 7/10 - existing company with some experience
- ICO conditions: 7/10 - cap is decent and 60% of tokens distributed - no presale and no bonuses (I like that)
VERDICT
Verdict: 6.7/10
Mercury Protocol is itself a good ICO but it lacks things that would make it truly great and also will face fierce competition.
Short term: there is a registration and KYC - those usually increase the value of tokens on exchanges however the ICO is lacking hype so it's hard to say if there will be interest once it's listed on exchanges. I feel it could go both ways - keep an eye on contribution amount - Status has cap of $86 million vs $40 million of Mercury Verdict: neutral
Long term: There is potential long term but the competition will make it risky to invest that early. Status is more popular and Signal Protocol already used in major apps on the market. Verdict: avoid until the project is more popular
VERDICT
Good, bad and risks
- The good:
- ICO conditions are decent
- team has experience with app developing
- existing app to implement the protocol
- overall solid project
- The bad:
- the documentation could be better
- plenty of competition (Signal protocol and Status)
- some missing information about ICO
- Risks:
- messaging business is very busy with competition and Dust app isn't that popular
- the project is also missing hype
Idea
IDEA
- The Mercury Protocol is a decentralized, transparent, and open source protocol built on the Eth blockchain.
- It will inherit the benefits of blockchain technology, including the improved network security, user privacy, and data transparency
- The Mercury Protocol will integrate a new blockchain token called “Global Messaging Token.” The token will be leveraged to encourage positive user behavior on the network
- It will be first integrated into Dust application and later into Broadcast application
- Verdict: Signal protocol already exists and does the same thing - competition is good though...
6/10
DOCUMENTATION
DOCS
- Website is clear, not too flashy and highlights the project well.
- Fair amount of activity on social links and involvement with the community
- Whitepaper has only 17 pages but is quite good in terms of techical content. ICO details quite vague
- Good FAQ and roadmap
- No team description and no LinkedIn
- Verdict: Overall the documentation is decent but no team description? Also whitepaper is a bit short.
6/10
6/10
EXISTING PRODUCT
EXISTING
PRODUCT
- There is a Dust app available and it will be the first app to utilise the Mercury Protocol as a proof of concept (supposed to be Q3 but not done yet?)
- Dust is currently in-market, averaging at least 20,000 daily active users and over 200,000 messages sent per day
- Second app using the token will be called Broadcast (currently pre-alpha) (to relese in Q4)
- Development roadmap there but no github
- Verdict: there is existing app but the protocol and tokens need to be incorporated
7/10
7/10
How will it work?
MORE DETAILS
- The Mercury Protocol provides users with rewards for participation:
- Creating content
- Determining platform content quality by providing feedback
- Responding within a certain timeframe to notifications or messages
- Sharing/”reposting” content
- Consistent logins
- and others
Competition
- Status - browser, messenger, and gateway to a decentralized world. It raised over 100 million in ICO (top 10 ICOs so far)
- Signal Protocol - cryptographic protocol that can be used to provide end-to-end encryption for voice calls, video calls and instant messaging conversations, already used in WhatsApp (normally), Facebook Messenger and Google Allo (as special mode)
Competition
TEAM
TEAM
- office in Los Angeles, USA
- 15 team members and 2 advisors
- Team produced the app Dust as Radical App
- Radical App was created in 2014
- Team experienced but not sure about blockchain experience.
- Advisors are significant but not developers
- Twitter : @MercuryProtocol
- LinkedIn: https://www.linkedin.com/company/18270256/
- Medium: https://medium.com/mercuryprotocol
- ICO website: https://www.mercuryprotocol.com/
- Slack and Telegram available
- Verdict: Exisiting company with experience but could get more advisors?
7/10
ICO
ICO
- registration ongoing
- Main sale -> October 25th lasting for 30 days or until hard cap is reached
- accepted tokens ETH
- no new tokens ever created
- MAXIMUM CROWDSALE CAP: $24 Million
- PREDICTED TOTAL MARKET CAP (if all tokens sold): around $40 million (around 100th on Coinmarketcap)
- For reference Status has $86 million
- Verdict: Overall conditions are decent - I like no bonuses and no pre-sale, the maket cap is okay, some missing ICO conditions
7/10
Token distribution
- 1 billion tokens in total
- 60% for sale (600 million)
- 20% user growth pool
- 12.5% development team and advisors (only 6 months lockup with 50% available after 3 months)
- 7.5% application developers
- No pre-sale and no bonuses
- Individual cap for the first 12 hours
- Now many tokens per ETH??
- Distribution system?? Unused tokens burned or distributed??
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