Chromapolis ico review
Chromapolis by ChromaWayAugust 05, 2018
Chromapolis – a next-generation platform for easy creation, usage and extended scaling of the secure dApps.
- The project's economic model:
Currency: ETH;
Total token supply: 1 000 000 000;
Amount of tokens available for contributors: 150 000 000;
Total hard cap: $13 500 00 (rumors);
Terms of the token sale: there was no seed round and there's no plan for such. 15% of the entire token supply will be offered to the private investors in 3 batches with various discounts: 35%, 30%, 25%;
Token pice: $0.09 (rumors);
Token structure: total for sale – 15%, company's reserve – 40% (10% of tokens will be sold yearly at the base price or higher), core node compensation fund – 2%, team & advisors – 10%, promotional purposes – 30% (at most 10% per year). There's total of 97% mentioned and there's no information about missing 3%.
Lock-up periods: the team's and advisors' tokens will be vested, however, there are no details on the terms of vesting available so far.
Token release: vesting rules are the same for all the contributors! 25% before the exchanges and 25% every 2 months after listing. The timeframe for vesting is 6 months.
Activity in the social networks (data captured on 29.07.2018):
Telegram EN (???) – there are no announcements channel and group at the moment, though there is a scam channel that is adding people, stay alert!!!:
Twitter (https://twitter.com/chromaway) – 2660 subscribers, 443 tweets, the page is pretty active.
- Investors and partners:
There are rumors about FBG & #Hashed being invested in the project.
Unfortunately, there is no legit proof of that so far, however, it's promised to be published soon. In case these rumors are confirmed and #Hashed are invested in this project - this is a positive sign. It's one of the few funds in the current market, which does not invest in each and every project, like FBG.
Chromapolis is the product of ChromaWay (https://chromaway.com/), which is focused on the active development in the field of blockchain technologies. The company was founded in 2014. Headquarters is located in Stockholm.
https://www.linkedin.com/company/chromaway/
LinkedIn page has 15 employees and 660 followers.
ChromaWay was founded in 2014 and is the pioneer in what's today called 'blockchain 2.0'. Having blockchain specialists onboard, ChromaWay is offering the platform for smart-contracts & escrowing and transferring assets on the blockchain. ChromaWay is working with Swedish Land Registry and other institutions and financial companies, offering them intellectual contract solutions for housing. Among other achievements, ChromaWay introduced Postchain, the consortium's database.
CromaWay's partners:
Roadmap:
The token: ERC-20 with eventual transferring to its own chain. Purpose: the requirement for hosting providers in a stake, which lock and limit the supply; dApps payments for hosting services; native dApps' tokens support for the sake of liquidity support and maintenance of the internal exchange.
Limitations for contributors: TBA.
WhiteList/KYC – ТВА
Blockchain: YES.
Patents: NO.
MVP: September 2018 – testnet launch, October 2018 - MVP release.
Similar projects:
The team compares its project with such well-known projects as EOS, Cardano, QTUM, Ethereum, but we consider it as the potential competitor of Hashgraph & Aergo more than that of Cardano & Ethereum.
GitHub (https://github.com/chromaway):
Chromapolis's GitHub is private, which is not the case for ChromaWay, which contains 21 repositories holding more than 100 000 lines of code. The working process is rather slow, there are some abandoned repos with no tracked activity since 2015.
We are sure that Chromapolis is being developed within the private repositories, as there is evidence that those were publicly available earlier.
WP (https://drive.google.com/open?id=14SnyS0pJZKR12rYZ8p69P28Ls0hjh2Vz):
The platform for decentralized applications based on the relational distributed database.
The system will have its own blockchain (root), where each app will have its own sidechain. The data from the root chain will be also recorded on blockchains of Bitcoin and Ethereum:
DApps data will be stored in the relational distributed database;
There is a unique query language for queries to Rell database being developed, its queries are 7 times more compact than those of SQL.
Consensus algorithm DPoS;
Free transactions;
Sharding (an application is using only the necessary number of nodes);
The quality of the white paper is quite high. There is a moderate amount of noise and the technical side is fully described.
The team:
Henrik Hjelte - CEO
https://www.linkedin.com/in/henrikhjelte/ - 500+ contacts
Got Master's degree in Business Administration at Uppsala Universitet.
Henrik has experience in consulting business & startups, discovered Bitcoin in 2013 and created a consulting team with his partners offering consulting services in this field.
He became co-founder and CEO of ChromaWay - Stockholm, Sweden, Tel Aviv, Israel, Lviv, Ukraine - color tokens is a way of repeatedly accessing Bitcoin infrastructure for transferring not only money but all valuable assets. Gold, fiat currencies, smart-property, real estate, coupons and even objects of art.
Alex Mizrahi – CTO
https://www.linkedin.com/in/alex-mizrahi-a1b2b44/ - 196 contacts
Alex graduated from Donetsk National University with high distinction. He also was representing his university in various coding competitions. In addition to that, he contributed to the development of the web-based system for managing tuition in his university.
'I have been coding since I was 10, from 3D-graphics and UI's to low-level performance optimization in an assembly. I have vast experience in math, information technologies, algorithms, object-oriented design and programming language theory.'
He acted as a developer in several companies and became co-founder and CTO СhromaWay https://www.linkedin.com/company/chromaway/
(15 employees, 639 followers)
Or Perelman – COO
https://www.linkedin.com/in/orperelman/ - 500+ contacts
His blog has 12 223 subscribers.
Or is a marketing specialist, co-founder of the array of Bitcoin-focused companies in Israel. For instance, he is working with Safebit Bitcoin from 2011. He joined ChromaWay as COO in 2013.
He is a lawyer, graduated from a college in Netanya, specializing in patents, intellectual property, advertising and social media.
Chromapolis's team consists of only 3 people - senior managers. There's an opinion that all of the technical work is being done by the specialists from ChromaWay and there are a lot of them there.
Advisors of Chromapolis:
Guy Gorem - developer, security specialist. 500+ contacts in LinkedIn.
https://www.linkedin.com/in/vcorem/
Guy acts as founder and co-founder in various enterprises. He worked as an architect-developer within the Israeli branch of Intel for 2 years and 7 months. He became a president of a small company DAGlabs Ltd., which is focused on research and development of DAG protocols for projects and platforms based on the blockchain. There is a major announcement that the company employs developers from Silicon Valley and Israel.
Danny Yang
https://www.linkedin.com/in/huuep/ - 500+ contacts
Got Bachelor's degree in Harvard, Master's and Ph.D. in Computer Science at Stanford.
Danny is a founder of BlockSeer since 2013, which offers analytical tools for BTC and ETH transactions and apps on the blockchain.
Since finishing the internship in Honda Research Labs he has been occupying senior positions and acting as a co-founder in various enterprises, among which are blockchain and crypto related ScoreData Corporation, MaiCoin, Seravia.
Asse Sauga
https://www.linkedin.com/in/asse-sauga/ - 500+ contacts
Asse has been working as a system administrator, manager for other developers and even freelancer in Estonia until he finished a refresher course in the University of Nicosia, Greece in Introduction to Cryptocurrencies – Bitcoin.
After that, he founded Estonian cryptocurrency association.
He acted as an advisor in Reverse Resources project and currently advises in Cryptyk (cloud storage, the token sale is scheduled for August, 28, IBM acts as a strategic partner).
Yiseul Cho
https://www.linkedin.com/in/yiseulcho/ - 500+ contacts
Yiseul is a venture partner at FBG Capital, co-founder Hashed. She was an advisor in ICON, Nucleus Vision, Waves, Mediblock and PolicyPal. Currently she advises in Metadium.
Yiseul is Korean, graduated from two universities in Computer Science, one of which was MIT (Master's degree).
The project has pretty high-level advisors working in famous transnational companies and representing well-known venture funds.
Advisors of ChromaWay:
Charlie Lee (Litecoin) & Vinny Lingham (Civic, Gyft), who don't need an introduction.
Rain Lohmus
https://www.linkedin.com/in/rain-l%C3%B5hmus-9198146/ - 500+ contacts
Rain was a vice-chairman of HashBank in Tallin for 8 years, then he acted as a member of the observation committee in telecom enterprise in Tallin, Starman AS, for 9 years, later he occupied various positions in LVH Group – largest Estonian bank holding. He has been acting as a chairman of the observation committee at one of the LHV Capital's division since 2012 (venture investing). The project's website mentions him as a co-founder of two banks.
Сorrey Voo
https://www.linkedin.com/in/correyvoo/ - 500+ connections (5409 blog posts followers)
Correy graduated from Loughborough University, UK, where he got his Master's degree in Computer Science.
He occupied senior positions in a number of quite large companies, connected to the information technologies and services, among which are companies in California. Corey acts as an advisor in CromaWay since 2015.
In May 2015 he became a СTO and partner of 01Ventures (London, 202 followers).
Ryan Orr
https://www.linkedin.com/in/ryan-j-orr-05853/ - 500+ contacts
Ryan got his Ph.D. in Stanford and was working there for 5 years, quote: 'Ryan played the key role in the launch of the Center for global projects in terms of multidisciplinary industry partnership program in Stanford University, within School of Engineering and featuring professors from Law School, GSB, Economics and Social Sciences. The role was in raising funds and conducting 'round tables' with leaders from government, industry and scientific sphere.
After that he acted as a venture partner at CrossCoin Ventures.
From 2005 to 2015 Ryan was a consulting specialist in Stanford.
Since 2014 he has been CEO and co-founder of Chronicled (a company founded in San Francisco, used blockchain and IoT for providing intellectual and secure solutions for supply chains. The company has developed a decentralized protocol and a supply chain network for compliance with business requirements for private cooperation between organizations).
ChromaWay has top-tier advisors. The one controversial there is Charlie Lee. This person practically abandoned his community by selling all his Litecoin at the top and posted that people still should buy them as the price would be even higher.
Summary:
This is a high-level project. We liked the terms of the token sale, modest bonuses, and absence of the seed round. The roadmap is rather tight – Chromapolis v1.0 launch is planned in December 2018. Full roadmap completion is set for July 2019. Chromapolis is a project by ChromaWay, which means that highly skilled employees of the latter are working on the former. The WP of the project is well done, not without any noise, but pretty decent overall. The project has high-level advisors and ChromaWay has TOP-tier advisors.
Weaknesses: we can mention private GitHub, the absence of final token metrics, no channel and group in Telegram, and Charlie Lee as ChromaWay advisor.