Polyswarm - Blockchained Cyber Security - ICO Review

coldpie (37)in #cryptocurrency • 7 years ago

Token Sale -Nectar (NCT)

This document represents independent analysis and opinion only. It is not intended to constitute financial advice of any form and should not be used that way!

- The CryptoJam

**Note this is an abbreviated version of the full review of Polyswarm provided free on our website here

In a nutshell

An impressive project aiming to improve the current ecosystem for malware and cyber security analysis more generally. Polyswarm consists of a solid team of experts - that much is obvious, seemingly with backgrounds in U.S. DOD where this stuff is done at scale (or attempted to) as core business. This experience is supplemented by real world private industry achievements. Polyswarm is one of the rare ICOs where the people who best understand a problem, are the ones trying to solve it. The level of detail and thought that has gone into the proposal is really impressive - and a quick look at their funding-level based business objectives illustrates a clear understanding of the non-technical challenges. Not your typical coin offering.

The Good, the Bad and the Ugly
The Good	The Bad
Skillsets and Experience of Key Persons is as impressive as you'll find in an ICO. No real competition that I could find - a couple of security related offerings on the way out, but not really in the same game as Polyswarm. Plenty of funds being raised and significant allocations to support requirements like legal and tax expenses - the sort of things most ICO's don't think of. A model that incentivises the key players - including providing thousands of security experts with a new decentralised marketplace. A bunch of key partnerships in place already that will support getting Polyswarm operational.	Ah - not much. The actual Polyswarm environment doesn't exist yet - the Alpha is due out in April 2018. The team does have a record though in developing other security tools. From an investment point of view - there isn't a whole lot of financial incentive for the coin holder other than price speculation - unless your really prone to infecting your devices.
The Ugly
Just the fluro-green background in the whitepaper.

Jam Rating

Token Model	21/25
Business Model	23/25
Team Capability	24/25
Existing Product	12/25

Token Sale Details

HardCap	$50,000,000 USD worth of NCT. Total quantity of NCT based on ETH/NCT exchange rate. ETH value to be fixed at start of sale.
Minimum Contribution	$100 USD worth of ETH
NCT	1 ETH = 31,337 NCT
Payment types	ETH via ERC20 Smart Contract
PROHIBITED PARTICIPANTS	All US Citizens and US Residents and others as described in the Token Sale Agreement.
	Bonus Structure
20%	Up to 23m USD raised
15%	23-28m USD raised
10%	28-33m USD raised
5%	33-38m USD raised

Token Allocation Breakdown

Polyswarm do an excellent job of breaking down what will be achievable based on the final fundraising amounts. These can be viewed on the main website and follow different levels which more or less coincide with the funding bonus levels outlined above. Importantly, these also illustrate the Polyswarm are aware of their technical strengths but realize the requirement for expanded business development and soft skills.

Allocation	%	Max Funding amount(USD)
Protocol and Software Development	54.51%	$27,255,000
Office Expenses	3.00%	$1,500,000
Operational Overhead (travel, hosting)	4.06%	$2,030,000
Legal	14.49%	$7,245,000
Marketing	13.62%	$6,810,000
Tax	10.32%	$5,160,000
Total	100%	$50,000,000