I. Hycon Project Positioning The underlying public chain platform aims to solve the performance bottleneck of low blockchain rate and limited throughput at the current stage of blockchain transactions, and realize commercial-grade applications. The main features of the public-chain platform are: fast transaction confirmation time, chain transaction scalability (up to 3000TPS transaction throughput in 2MB/S connection), synchronous outbound (can be based on DAG structure location instead of time-order link area) Block) and smart contracts.
Basic technology: DAG structure (SPECTRE consensus algorithm), synchronous blockchain location evaluation: It is very necessary that poor scalability is the main bottleneck of large-area commercial application of blockchain, and the DAG structure can solve this bottleneck to some extent logically. Therefore, project positioning is very necessary and logically feasible. However, after Ethereum, smart contracts have become an essential attribute for improving the blockchain public chain platform, and the DAG structure is currently unable to deploy smart contracts. Therefore, the project is technically difficult and there are certain risks and uncertainties in technology.
II. Business Models and Valuation
2.1 Business Model
The project is part of the Infinite Project Ecosystem, which is designed to provide anyone with a simple and intuitive user interface to easily create a personalized, private Infinite Blockchain. The ecosystem is divided into three phases: Hycon, Infinite Platform, and Infinite Decentralized Exchange.
The first phase Hycon will create an effective medium for companies, small businesses, governments, NGOs and individuals to exchange value. At this stage, the platform token Hycon will be launched, which will become the fuel for platform function calls.
In the second phase, Infinite Platform will establish a blockchain platform that is applicable to all, making the organization of the Infinite Platform more accountable (to ensure that the power does not abuse the power and make some data unchangeable and auditable) ), transparency (guarantee that processes and data are transparent to all participants), and the security of sensitive data.
The third phase will be the establishment of a decentralized exchange based on Infinite Platform, which aims to provide a secure exchange of rich currency trading pairs including atomic trading, cross-chain trading and more.
Clearly, Hycon will act as a fuel for all functional calls throughout the ecosystem, with the same positioning as ETH. Therefore, once the ecosystem is established, the Hycon token appreciation potential is promising for a long time. Evaluation: High potential for long-term appreciation
2.2 Technical feasibility
DAG technology has been proven by IOTA and Byteball to have high throughput and faster blockchain validation. However, the project plan is very ambitious, and smart contracts and cross-chain atomic trading technologies are all essential functional attributes. Currently, these technologies are not yet mature, so there are certain technical risks. Evaluation: High technical risk
2.3 Token sales of tokens
- Total: 10 billion
- Distribution ratio: 4%, ie 400 million sales, 70% of tokens
- Used for mining token prices: Pending
- fund collection: Completed Korea Pre-ICO and private placement, a total of 35M US dollars
- open ICO Time: March 30, 2018, hard top 60M US dollar
Evaluation: the valuation of medium and high business logic is established, and has been proved by many public chain platforms has great potential for appreciation (ETH, NEO, etc.) ), but the details of the token still require further information. The proportion of tokens sold is low, most of which is used for mining. The proportion of tokens is reasonable, and 70% of the funds raised will be used for research and development, and the distribution is reasonable. However, the total amount of tokens is large, and the hard top is high, which leads to a large increase in the amount of funds raised, which limits the appreciation potential of tokens to a certain extent.
Third, the team and partners
3.1 Core team
The core team is mainly from South Korea, and the main force comes from the blockchain company Glosfer. Among the members, the proportion of programmers is dominant, taking into account the marketing and marketing personnel, but there is no senior blockchain technology in the members and consultants.
Glosfer South Korea's blockchain company Glosfer announced that it will launch 200 physical cryptocurrency trading chains later this year, allowing people to purchase cryptocurrencies directly in the store. Glosfer plans to launch the online cryptocurrency exchange THEBIToff in January and launch the corresponding offline trading platform in March. The CEO said, “We want people to buy cryptocurrencies in the store, just as easy as buying lottery tickets.” – Babbitt Community Rating:
Medium to first, team members mainly from South Korea are not international enough, but Korean virtual currency The market is abundant; secondly, the technical staff in the team and consultants have no experience in developing blockchain projects, but behind the support of Glosfer, a centralized blockchain company. Compared with other free-chain developers, Hycon clearly has higher execution, control and profitability, which can make up for the lack of development experience. Third, the project lacks a strong partner, but considering that the underlying public chain is almost all independently developed, and the DAG structure has sufficient open source data to obtain, it gives a moderately high evaluation.
Fourth, other agencies rating: IC0BENCH: 3.2 IC0DROPS:
Medium (medium) Evaluation: hot high Twitter and Facebook's relatively low fever indicates that the project may not pay enough attention to overseas markets. And the opening time of Twitter is late, the tweet is simple, and considering the frequency of response and the enthusiasm of the telegraph group customer service, the marketing staff of the project is not professional enough. But as the project approaches IC0, the shortcomings of marketing have been added and the number of telegraphs has soared. When the whitelist is registered, the server is paralyzed because the traffic is too large, which shows that it is hot.
- 1. From the perspective of the quality of the official website and the style of the white paper, the project is grand and the white paper is logical and academic, but the white paper is still relatively thin. The current white paper does not specifically introduce the technology of smart contracts. detail.
- 2. Marketing and community management capabilities are weak (increased later).
- 3. The roadshow promotion area is limited to Korea and Hong Kong.
- 4. South Korea is a developed country and its investment in blockchain projects is highly enthusiastic.
- 5. When the whitelist was registered, the system was embarrassing, and the registration time was delayed. It was obvious that the preparation was insufficient beforehand, but the subsequent apology was sincere and unremarkable, showing that the team's public relations ability was acceptable.
The project locates the pain points of the current platform chain platform It aims to create an ecosystem that rivals and even surpasses Ethereum, and the technical logic is feasible. The token has considerable storage value. The proportion of coins used for mining is as high as 70%, ensuring sufficient economic incentives for the growth of the number of nodes in the entire ecosystem. But the key to building this ecosystem is the ability to deploy smart contracts on the DAG structure. (At present, SPECTRE has released a new PHANTOM algorithm that claims to solve the smart contract deployment problem, but needs further verification.)
In addition, the project team core members and consultants have no blockchain development experience, and the roadmap requires completion in 2018. All developments in the three phases of the project, in general, the team's technical development capabilities are slightly insufficient, there are certain risks. However, judging from the financing progress of the project and the white paper, it can be considered that the project is well funded and practical, and is led by the centralization company, with greater execution and cohesion.
- 1. The project is clear and very necessary.
- 2. The appreciation of the token is clear and the expected appreciation is huge, which helps to stimulate the holder's willingness to hold the position.
- 3. The centralized company is leading development and has stronger execution.
- 4. The Korean market is enthusiastic about the blockchain, and the purchasing power is strong.
- 1. The competitors are strong (ETH, EOS, Rchain, Byteball, etc.)
- 2. The community is low in heat and the marketing ability is insufficient (the latter is improved)
- 3. Technology The developer's blockchain project development experience is insufficient.
- 4. The fund raised by the project has a large short-term return rate: medium-high high-term long-term return rate: high risk: high--
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