ICOrating
NEUROCHAIN Basic Review (https://www.neurochaintech.io)
ICO dates (19.03.2018 - 15.04.2018)
Web: icorating.com
Email: [email protected]
Twitter: @IcoRating
Project Details
Name: NEUROCHAIN
Ticker symbol: NCC
Project Type: Blockchain, Artificial Intelligence
Extended company description: NeuroChain is an ecosystem created around its
own blockchain, based on machine learning technologies.
Company: Neurochain
Website
Whitepaper
ICO Details
Public ICO start date: 19.03.2018
Public ICO end date: 15.04.2018
Token sale duration (weeks): 3.8
Token type: ERC20
Total number of tokens Issued: 4,374,000,000
Tokens available (Pre-Sale + Public ICO): 395,000,000
Investment goals:
Price of 1 NCC: 0.1 EUR
Accepted Payments: BTC, ETH
Bounty program: n/a
Token role: Functional
Team
Team size (number of people): 15
Number of Advisors and Partners: 3
Github
Project Information
NeuroChain is an ecosystem created around its own blockchain, based on machine
learning technologies.
The system is based on three principles:
Decision Making: A chain of bots is used.
A set of rules: A decision-making protocol (verification of
involvement/integrity and verification of work process).
Network and Media: Clear communication channels (adaptive
communication) and a training ecosystem.
Key differences from existing systems are as follows:
The main goal for the project is to improve the performance of distributed systems.
The system has no smart contracts; their role will be performed by bots built on the
basis of AI technology.
The project can find application in:
the exchange of data between companies with concealment of information
possible.
tracking of goods.
verification of information.
any situations in which AI or machine learning is required.
transfer of autonomous algorithms to cars.
transfer of autonomous algorithms to car data.
automatic execution of contracts (insurance payments).
transfer of ownership (shares, debt obligations).
regulated professions.
Internet of Things.
data banks.
Project advisors:
John Rice (Linkedin) — Senior research fellow at MIT.
Pascal Lauffer (Linkedin) — Chief digital technology officer at FIMAT — Blue
Group Toque Verte, partner at Capco — Odysseus Consulting, formerly
business transformation officer at Newedge — Astrance Capital.
Renaud Roquebert (Linkedin) — CEO and founder of Lighthouse LHLF US,
employee at HEC Paris, international tax specialist at Lighthouse LHLF — a
law Firm.
Project partners:
LOUKA — a company producing natural products.
Agestion — a consulting company in the field of asset management.
Hopps Group — a logistics company.
Interxion — a company providing data services.
Attracted investments: n/a
Summary
The project is based on blockchain technology, and integrates machine learning and
artificial intelligence.
Strengths of the project:
the project has an experienced team and advisors.
there is an MVP.
markets where the project operates show high growth rates.
Weaknesses of the project:
implementation of the project will not be immediate.
Market and Industry
The project focuses on creating a new blockchain architecture using machine
learning and artificial intelligence. In this regard, we will consider the market for
blockchain technologies, machine learning and artificial intelligence in our analysis.
According to Research and Markets, the blockchain market will reach $6.1 billion by
2023 (from $0.3 billion in 2017). The blockchain CAGR is projected at 71.5% until
2022.
This rate is confirmed by Yahoo Finance. Technavio Analytics predicts overall
market growth for blockchain with a CAGR of more than 55%.
With regard to the machine learning and artificial intelligence market, IDC predicts
that the market will be characterized by a CAGR of 55.1% during the period between
2016–2020. [https://globenewswire.com/news-
release/2017/11/22/1204931/0/en/Global-6-Billion-Blockchain-Market-2017-2023-
Market-is-Expected-to-grow-at-a-CAGR-of-48-37.html],
[https://finance.yahoo.com/news/blockchain-market-grow-cagr-61-091500956.html],
[https://www.businesswire.com/news/home/20171117005320/en/Global-Blockchain-
Market-Forecasts-2017-2022],
[https://www.idc.com/getdoc.jsp?containerId=IDC_P33198]
Comments: Markets are showing high rates of growth, which suggests the possibility
of occupying a niche.
Competitors
The following competitors are discussed in the WP:
Bitcoin — the original and innovative payment network built on the basis of
blockchain technology.
Ethereum — a platform for creation of decentralized online services based on
blockchain, working on the basis of smart contracts.
The following could also be identified among the competitors:
Matrix — a platform for the creation of decentralized online services built on
blockchain, based on AI and smart contracts.
Summary: The project's key difference from the competition is its use of bots in the
network, which replace miners and smart contracts.
Engineering Features of the Project
The platform is built on the basis of blockchain technology, which also combines
machine learning and artificial intelligence.
Neurochain includes:
Bots. These act independently and use machine learning algorithms.
Collective artificial intelligence. Thanks to these protocols, bots are able to
continually improve the system.
A Proof of Involvement and Integrity (PII) protocol aimed at reaching optimum
performance with a limited number of bots.
Technical Description
Bots perform the following functions:
validation of a transaction, if the bot in question has been chosen for this role.
improvement of systems for projects and technologies due to the
specialization of the algorithm used.
bots can communicate and learn from each other.
improvement of systems for projects and technologies with collective artificial
intelligence.
In the system, miners are replaced by bots. Bots are also rewarded for participating
in the network, with their rating being improved as a result. The higher a rating, the
better the quality of a bot.
Comments: The project already has a prototype that is presented on GitHub.
[https://github.com/neurochain/prototype-ui]
Technical Roadmap
With the development of the technology and data amounts required, it is planned to
implement the following:
December 2017: Launch of the prototype.
April 2018: Development of the Neurochain protocol in a larger environment.
April 2018: bot Identity Generation module. A wallet generator is being
developed for the ICO to prepare contributors for accessing the future
mainnet. This web version must be adapted into the core language.
May 2018: Basic features: Transactions, bots, blocks, ledger, ... are the
basics. Creation, diffusion, and validation are the basic functionalities that a
bot must handle. Security is one of the basic features (authentication,
signature, checksum).
June 2018: Connecting and Communication Module. Communication is the
heart of the distributed system. The communication feature will manage step
by step broadcasting; it is at the heart of the system and needs continuous
updates, route optimization ... This must be available for many channels: udp,
tcp, email, sms, etc.
August 2018: Consensus and Decision Algorithms. Aggregation of all
activities (transactions, bots, chained blocks) to make a consensus, distribute
the result, limit fork risk etc.
September 2018: Encryption Layer: Encrypt the content of transactions to
secure confidential information.
October 2018: Alpha tests and integration of intelligent applications. Opening
the testnet and running full activities with a high level of logging to detect and
optimize interactions.
January 2019: NeuroChain Blockchain is released.
January 2019 — Development of a new blockchain infrastructure based on
the principle of Proof of Involvment and Integrity.
June 2019: Implementation of the principle of verification of a work process
that enables intelligent applications based on machine learning.
March 2020: Integration of intellectual property exchange with the help of bots
and the launch of collective artificial intelligence.
March 2023: A self-consistent distributed system will start running when bots
start autonomous activities.
Comments: The team has introduced a step by step strategy for the project’s
development. However, its implementation will take about 2 years, during which time
the emergence of more advanced technology could well occur.
The following active modules are presented in the open repository:
Comments: There are 5 open modules in the repository that belong to the project
team:
machinelearning — experiments, algorithms and proof of concept.
prototype-dashboard — prototype of the dashboard.
prototype-ui — neurochain prototype.
WhitePaper — project document.
Documentation
We have analyzed Neurochain’s website and documentation for sufficiency and
consistency regarding making an investment decision.
Information about the project is contained in the White Paper, NeuroChain Intelligent
Business, NeuroChain Business Presentation, Collective Artificial Intelligence, What
is Neurochain, Neurochain Main Innovations, Frequently Asked Questions, Privacy
Policy — Terms documents; these documents are available in English. The White
Paper presents a description of the project; the main emphasis is on a description of
the platform.
The website also provides information on the project, RoadMap, ICO,
documentation, partners, team and advisors. The site is presented in English,
Korean, Spanish, Russian, Thai, and Vietnamese.
Summary: The documentation provides insight into the project. However, we believe
that adding information about which functions are to be performed by bots and a
more detailed description of uses for the project would give a better impression of
the project.
ICO
Tokens to be issued for sale, %: 15
Public ICO start date: March 19, 2018
Token Type: ERC20
Accepted Payments: BTC, ETH
1 NCC price: 0.1 EUR
Crowdsale Duration: 3 weeks, until April 15, 2018
Token limit: 4,374,000,000
Advantages for token holders: Tokens are functional and can be used for
accessing platform services or be sold.
Dividends: no
Additional token issue: no
Escrow: n/a
The token sale takes place in several stages with the following bonuses:
Max Goal: 30,000,000 EUR
Minimum Goal: n/a
Comments: Tokens are planned to be listed on exchanges.
Token and Capital Distribution
Tokens and capital are distributed according to the following scheme:
Summary: Tokens do not affect the distribution of shares in the company. The
reward system is set up so that it is more advantageous to buy tokens earlier.
Development Plans
Roadmap of the project
Over 2016–2017 the project presented their concept at various events.
Summary: According to the WP, the project plans to create training centers and
manuals for operating this network.
Team
The team consists of 15 personnel and 3 advisors. Information on core members of
the team (LinkedIn) is as follows:
Frederic Goujon (Linkedin) — CEO. Managing partner at BGFI Consulting,
formerly CTO at DBA and BigData.
Dr. Billal CHOULI (Linkedin) — CTO. Specialist in quantitative modelling at
ADNEOM, formerly CEA nuclear fusion research specialist, research fellow at
Massachusetts Institute of Technology (MIT).
Bruno Delahaye (Linkedin) — Director of marketing, partner-founder. Vice
president of transformation and marketing operations at Dassault Systèmes.
There are 12 other people in the team.
Summary: Nearly every member of the team did not disclose their affiliation to the
project.
The team is mainly from France, and also has the following experts: A sales advisor,
a security advisor, CFO, scientific director, technical specialists, an Agnostic &
Holistic Innovation Catalyst, a developer of blockchain architecture, research fellow
at Columbia University, project developers of blockchain-architecture, and a data
processing specialist.
Marketing
Information about the project is available via a variety of popular services such as
Twitter, Telegram, Medium, Bitcointalk, Github, Linkedin, YouTube and Facebook.
The project has no bounty program.
The team is conducting an advertising campaign on social media. On Twitter and
Facebook there are regular news updates; the project maintains a blog on Medium
and posts videos on YouTube.
The format of articles about the project suggests that they were mainly written by the
project team as reviews or by the media as an announcement of another project
staging an ICO.
Comments: Interest in the project is gradually increasing. The marketing campaign is
mainly developed on Twitter and Facebook.
Analysis of Neurochain’s website traffic based on Similarweb.com’s data showed the
following:
Traffic sources: [https://www.similarweb.com/website/neurochaintech.io]
Comments: direct: 53.49%, referrals: 11.14%, search: 18.46%, social: 7.12%, mail:
9.79%
Search traffic: 18.46%, of which 100% is "organic" traffic
Referral Links: 0.1114
Analysis of the Neurochain website traffic based on data from BE1.ru showed the
following:
Traffic sources: [https://be1.ru/stat/neurochaintech.io]
Comments: Top 5 countries of origin for site visitors: Thailand — 9.15%, USA —
8.07%, France — 7.85%, Russia — 6.82%, Vietnam — 6.74%
Referral Links: icobench.com — 32.05%, icocountdown.com — 22.03%,
longcatchain.com — 17.33%, icoalert.com — 9.10%, web.telegram.com — 5.40%
Social activity: Facebook — 68.59%, Linkedin — 13.91%, Youtube — 11.33%,
Twitter — 5.50%, VKontakte — 0.68%.
Summary: Based on available data on the project, it can be concluded that users
are now interested in the project. The team is leading an advertising campaign on
social media (Facebook, Twitter), communicates with users in Telegram, keeps a
blog on Medium and posts videos on Youtube. There are publications in the media
available. The team takes part in various specialized events. In the last month the
traffic of the site has increased by 50,000.
Contacts
You can contact the developers through the following links:
Website
Telegram
Medium
Github
Bitcointalk
YouTube
The information contained in the document is for informational purposes only. The
views expressed in this document are solely personal stance of the ICOrating Team,
based on data from open access and information that developers provided to the
team through Skype, email or other means of communication.
Our goal is to increase the transparency and reliability of the young ICO market and
to minimize the risk of fraud.
We appreciate feedback with constructive comments, suggestions and ideas on how
to make the analysis more comprehensive and informative.