PolySwarm ICO rating
Total score: 91 out of 100 points!
Business (19 out of 20 points)
PolySwarm is a decentralized anti-virus and cyber threat intelligence market made possible by Ethereum smart contracts and the blockchain. PolySwarm brings enterprises, consumers, vendors and geographically-diverse security experts together into a single marketplace for more complete cyber threat detection. Experts craft and maintain competing software “micro-engines” that quickly identify the latest threats, attempting to outperform their competition. The combined protection of thousands of microengines allows for broader, faster coverage and more efficient protection.
PolySwarm defines a real-time threat detection ecosystem involving enterprises, consumers, vendors and geographically-diverse security experts. Experts develop and hone competing “micro-engines” that autonomously investigate the latest threats, attempting to outperform their competition. PolySwarm’s “Proof of Work” is threat detection accuracy: the market rewards experts who are best able to defend enterprises and end users.
Relative to today’s ad hoc market, PolySwarm will lower the barrier to entry, provide broader coverage options, discourage duplicative effort and ensure interoperability among products and threat intelligence feeds.
A very unusual and interesting idea for ICO market.
The team brought up an important topic which hardly anybody paid attention to. This business model has great chances of success, subject to its proper implementation. During the implementation process there will be many disputed issues and difficulties. The team understands the fact that the roadmap will be complicated (based on white paper and communication with the team).
Product readiness (4 out of 5 points)
A bunch of code published at https://github.com/polyswarm. This beta code is in use by ongoing malware bounty contest (https://tokensale.polyswarm.io). Much more will be published after the close of PolySwarm sale, including prototype micro-engine used for the malware bounty competition.
They have (and have published) a significant amount of code that is of Alpha quality. Alpha quality code has continuous testing an has been subject to external users’ input for over a month now.
White Paper (8 out of 10 points)
White paper is translated into a number of languages (English, Russian, Spanish, French, Japanese, Korean). This fact reflects the seriousness of the project despite that some translations are not of highest quality.
White paper is quite difficult to read, but there is no other way to fully explain such project. The document fully describes the logic of the project and shows the difficulties the team to be faced.
But the document almost does not contain the marketing part of product promotion. Probably due to this fact, in some translations of white paper the document was called as a “technical description”.
After communication with the team, it became clear that they have marketing plan and it is good enough.
Roadmap (8 out of 10 points)
The roadmap shows developing stages of the IT product and the release dates of new versions until the middle of 2019.
Each stage contains a fairly detailed description of the new features of each software release.
V 0.1 Alpha (30 April 2018)
PolySwarm Alpha will focus on delivering a prototype end-to-end workflow for Bounties after successful token sale.
V 0.2 Beta (31 May 2018)
PolySwarm Beta will focus on delivering PolySwarm Offer support over Raiden-style Channels.
V 0.3 Gamma (31 July 2018)
PolySwarm Gamma will focus on providing matchmaking features that facilitate collaboration between Ambassadors, Experts, and Arbiters.
Polyswarm 1.0 (Q4 2018)
PolySwarm Stable will focus on eliminating bugs in PolySwarm Gamma prior to migration from the PolySwarm testnet (test tokens) to the real PolySwarm market.
Polyswarm 2.0 (Q2 2019)
PolySwarm’s second stable release currently has two main goals: expanding Offers and Bounties to handle a wider range of Artifact types (e.g. URLs and Network streams) and easing PolySwarm utilization for the Enterprise and Home User.
Legal (5 out of 5 points)
PolySwarm Pte Ltd – a Singaporean entity
Swarm Technologies, Inc – a Puerto Rican entity
Team (19 out of 20 points)
PolySwarm project is under the control of an established team of professionals, with many years of expertise and the necessary knowledge.
The first thing to say about the PolySwarm team is that it is the excellent Advisors team:
MARK TONNESEN (former CIO, McAfee)
DAN GUIDO (co-founder & CEO, Trail of Bits)
CHRIS EAGLE (author, IDA Pro Book, senior lecturer, Naval Postgraduate School )
CARL HOFFMAN (founder & CEO, Basis Technology)
The project creators have many years of experience in working together.
The team consists of professionals whose experience fully meets the goals and objectives of the project.
The authors of the project:
Steve Bassi (CEO,CO-FOUNDER) – founder of Narf Industries with clients ranging from DARPA to Fortune 500.
Paul Makowski (CTO, DEVELOPER, CO-FOUNDER) – expert on vulnerability research and cryptography with extensive blockchain experience.
Ben Schmidt (DIRECTOR OF PRODUCT SECURITY, DEVELOPER, CO-FOUNDER) – Ben has uncovered hundreds of vulnerabilities in widely-used products.
Nick Davis (COO, DEVELOPER, CO-FOUNDER) – substantial experience leading enterprise teams in real-world, large-scale digital forensics.
Max Koo (SENIOR BACKEND DEVELOPER, CO-FOUNDER) – experience in secure software engineering, vulnerability analysis, digital forensics, and reverse engineering.
Adrian Escude (CMO) – expert in marketing, digital analytics and product management for Fortune 100 companies.
Bill Fehr (VP OF GROWTH & PARTNERSHIP) – a business development and marketing expert, practiced at selling technical services.
Evelyn Hytopoulos (CHIEF ECONOMIST AND DATA SCIENTIST) – expert in economics, big data, and advanced analytics with international, cross-industry experience.
Jessica Thiefels (VP OF COMMUNITY MANAGEMENT) – you can find her work on more than 500 websites worldwide including Virgin, Forbes and Business Insider.
ICO terms (5 out of 5 points)
Nectar utility tokens (“NCT”) will be allocated in the following manner:
- 54.51% – Protocol and Software Development
- 3.00% – Office Expenses
- 4.06% – Operational Overhead (travel, hosting, etc)
- 14.49% – Legal
- 13.62% – Marketing
- 10.32% – Tax
The PolySwarm team expects Legal spending to decrease in FY19/20. The surplus will be redistributed into Marketing, Overhead and Developer Salaries.
Our 10.32% estimated Tax is low, but not unreasonable. Swarm Technologies is domiciled in Puerto Rico and has filed for the ACT20 tax incentive. This is good for participants: more funding will be allocated directly to the development and promotion of PolySwarm.
The proper distribution of tokens and funds raised under the ICO.
Token applying (5 out of 5 points)
These tokens will be exchanged by participants for threat intelligence. NCT powers all the major PolySwarm interactions: Bounty placement, Offer channel establishment / teardown / exchange, assertion registration and ground truth determination. By selling utility-specific NCT tokens, exchange rates for NCT to threat intelligence should enjoy isolation from the volatility in the larger ETH market, ensuring active participation in PolySwarm without concern for fluctuations in ETH.
As a utility token, PolySwarm economically disincentives Nectar speculation by rewarding honest market participation through the collection and distribution of Fees to value-adding, active participants.
The use of tokens absolutely reasonable in this economic and logical model.
ICO Promotion (18 out of 20 points)
ICO has already raised $ 10 million.
Interesting for ICO idea attracted the attention of many media resources.
Participation in conferences, interviews on YouTube and detailed video reviews played a big role in raising funds for this ICO.
The statements about the potential partnership with leaders of antivirus and information protection market attracted the attention of many investors.
Long-term marketing strategy (after ICO):
- Sponsor PolySwarm integration into existing incident response (IR) and defensive toolkits.
- Partnership with existing threat intelligence vendors, offering early Arbitership as incentive to plug into the network.
- Sponsor contributions to open source projects that add in PolySwarm support. Inject ourselves into existing workflows.
- Host events and sponsor information security conferences.
- (Continue to) run competitions (they have one running right now). Get security experts excited about the platform and its earning potential.
- Offer incentives (e.g. Aribtership during beta development) to partner companies that will help with cross-promotion.