Hey, welcome back to a brand new episode of ICOJudge, brought to you by me, Mihai Catalin Teodosiu, your favorite programmer, entrepreneur, and cryptocurrency enthusiast [LinkedIn] and ICOJudge.co, the best ICO and cryptocurrency assessment service in the world!
Full disclosure! Yes, I am getting paid by ICOs to provide an in-depth report and help them achieve the highest level of transparency and professionalism regarding their website, whitepaper, social media & communication channels. However, the reviews I write on my blog are totally separate from the paid services I provide, and are 100% independent from any ICO influence, being solely my own opinions about whether an ICO or existing coin is worth any investment on my behalf or not. As always, this is not financial advice, I am not a financial advisor!
Since my first cryptocurrency reviews, I have refined the reviewing process, keeping my 10 steps intact, but making the scoring system more granular. Each item in the list is assessed either as Great (1p), Good (0.75p), Bad (0.25p) or Missing (0p).
Finally, the total score for each ICO or existing coin is calculated as the average of the scores for each item in the list.
Also, a comments section is provided for each criterion, providing further insight, if necessary.
As a personal preference, I decided to invest only in ICOs or existing coins that score over 80% (On Track or Low Risk, according to my system), no matter what people say, no matter how great the hype is or any other kind of word-of-mouth thingy that gets noobs overly excited. Yes, I really do practice what I preach.
|ICO / Coin Review|
|SCORING SYSTEM||TOTAL SCORE||STATUS CODE|
|90.00% – 100%||On Track|
|80.00% – 89.99%||Low Risk|
|70.00% – 79.99%||High Risk|
|<= 69.99%||Off Track|
Here’s my review for today’s ICO/coin, Sentinel Chain (https://sentinel-chain.org/):
|Item no.||Item Name||Item Score (points)|
|Item #1||The whitepaper. Is it clear and describes the project in detail?||0.75|
|Comments||I liked the fact that (unlike some recent ICOs), Sentinel Chain “bothered” to make their whitepaper easily accessible right from the homepage. It’s surprising to me to see more and more (hyped) ICOs for which I have to use Google Search to find the whitepaper published using some obscure Reddit post or tweet. This document is the core of the project, people! Wake up!
Anyway, back to Sentinel Chain, they did a pretty decent job with their whitepaper, but the design and readability could definitely be improved, as well as the website itself. The whitepaper handles the use cases of the technology, the market potential, the token metrics and features, but it should also contain a properly depicted roadmap, a well-defined go-to-market strategy and more details about the tech itself.
In a nutshell, what Sentinel Chain does is:
“The Sentinel Chain is a global B2B marketplace for financial services accepting the use livestock as collateral. The Sentinel Chain addresses two main issues to be solved to allow the asset tokenization of livestock: First, the creation of a process that transforms livestock from ‘dead capital’ to a fungible asset with a transparent and clear defined value. Second, the creation of an open and transparent marketplace that connects the unbanked to the network of global financial providers.”
|Item #2||Do I feel like this technology will solve an existing issue?||1|
|Comments||Yes, this technology aims to solve a huge issue with the tokenization of livestock, using the magic of smart contracts. Finally, a blockchain project addressing the needs of rural population, a huge niche that will also need to be included in the blockchain revolution era. The use cases are very well laid out in their whitepaper. A full point here.|
|Item #3||Does the technology solve a particular issue or tries to be the jack of all trades? (not to be confused with Item #2. Here, it’s very important to me if the team tries to address a particular problem and do it well, rather than trying to build X apps and platforms all at once, which can be counterproductive, especially when having a small team or budget)||1|
|Comments||Sentinel Chain is likely to be the “master of a single trade”, as opposed to many other ICOs that are aiming to build multiple products simultaneously with a few developers only. Sentinel Chain has a team of about 13 people, according to their website, all of them being focused on achieving the major goal of the project.
So, considering the size and quality of the team, I really have a good feeling that they will deliver as expected. Now, I may end up being wrong, but I tend to think the opposite in this case.
|Item #4||How original is the idea behind the ICO? Any other strong competitors? How can this product be a step ahead of its competition? What sets it apart from other ideas or projects?||0.75|
|Comments||For some reason, I think about Sentinel Chain as some kind of OmiseGo of the rural landscape across the globe. Although there are quite a few projects that tend to solve the “banking the unbanked” issue, I don’t know any of them clearly focused on the rural niche of the population. So, although not 100% original as a concept, Sentinel Chain is definitely standing out when you consider the target of their work.|
|Item #5||What is the number of tokens issued at ICO time? What is the total number of tokens? How do these numbers impact the price in the future?||1|
|Comments||Before discussing any numbers, I must admit they’ve done a great job to summarize all the token information on their website’s homepage. So, let’s see some numbers:
Total supply: 500.000.000 SENC, which is at the upper limit of my sweet spot regarding the number of tokens, with only 200.000.000 SENC sold at ICO (pre-sale and crowdsale) which is also great. The hard cap is set at $14.4M, which is pretty decent as well. Considering the planned circulating supply and hard cap, the price per token will be somewhere below 20 cents, which is another sweet spot for me, personally.
Please note that the KYC and PoS starts on February 5th, meaning today 🙂 Regarding the crowdsale, their latest Medium post says “The SENC Token Sale will officially start in March 2018. We will release the exact date in February 2018.”
|Item #6||What are the token distribution stats? Is there a reasonable number of tokens available for public sale, compared to the total number of tokens? Are there too many tokens reserved for other purposes besides public sale and use?||0.75|
|Comments||The distribution stats are very well outlined in the whitepaper and on their website, showing a 40% of tokens available throughout the pre-ICO and ICO sale periods. Here are the exact figures regarding the token distribution.
Treasury and Reserve Fund 30%
Since I find the best distribution to be around 50% for the public sale, I will award Sentinel Chain 0.75p here.
|Item #7||Are there any current or announced partnerships with big names in the industry?||1|
|Comments||One full point here for having VeChain as partners, since I am a huge believer in VeChain (disclaimer: I hold a masternode).
Moreover, Sentinel Chain partnered with Maybank (Malaysia’s largest bank by both market capitalization and total assets) and MediShares (the world’s first global marketplace for mutual aid), which are amazing additions to their partner portfolio.
|Item #8||Is there any existing product/prototype/alpha version for this technology? (ICO website, GitHub)||0.25|
|Comments||Sentinel Chain 1.0 alpha version will go live in Q1 2019, according to the roadmap, with beta testing starting out in Q2 2018. So, basically we should have a test version up and running very soon.|
|Item #9||Are there any founders / developers / special advisors with a solid background in the industry or in blockchain technology?||1|
|Comments||The team is quite impressive, if you look through the names and their background. I noticed at least 4 team members having worked for some major names throughout their career. Let me summarize this for you.
Roy Lai, Sentinel Chain’s CEO and Founder, also CEO of InfoCorp Technologies, worked as a VP of Fixed Income at Royal Bank of Scotland and Disaster Recovery Manager at P&G. Need I say more?
Murli Manohar Jehan Mohan, Project Director at Sentinel Chain, works as a Senior Business Analyst for United Airlines and held a .Net Developer role at Cognizant, which is quite impressive.
Edwan Chian is a Business Analyst at Sentinel Chain and held several positions at huge names like HSBC, Maybank, CNBC and Fuji Xerox. Another great addition to the team, I must admit.
Jamunadevi D works as a Project Manager for Sentinel Chain, having an extensive experience as a People Manager at HP and Team Leader at Allsec Technologies.
Among the many (great) advisors of Sentinel Chain, maybe the most prominent figure is Bo Shen, Managing Partner at Fenbushi Capital and ICO advisor to a number of great blockchain projects, one of them being WeTrust, a project that also has Vitalik Buterin backing them up.
|Item #10||Is there an active online community? (Slack, Telegram, Discord, Twitter, Facebook) Are people talking about this ICO on YouTube? Is there any hype around the project?||0.5|
|Comments||Sentinel Chain already has a growing community (mainly due to VeChain Foundation’s tweets) on Telegram (over 11k active members), but still quite low on Twitter, with about 1.5k followers only. They should be more active on Reddit, Facebook and Twitter as well, given that these are among the first places people go to for finding information. However, their Medium posts are very well structured and quite informative, which brings their score to 0.5p here.
Given that Sentinel Chain is still in its infancy and the ICO is far from over, I find the overall community numbers pretty good, to be honest.
Considering all the pluses and minuses above, I think 8.00 is a score that best describes the current state of this project / ICO. Yes, I will consider investing in this ICO, but it definitely needs a higher level of commitment by the team, especially regarding the marketing side of things, in a space where more and more great ICOs are emerging each and every day.