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[ICO REVIEW] THE POWER - 100k+ tps Blockchain for real-time users and companies interaction

Đăng bởi: Alice  - 01/10/2018 - 953 view
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The Power was born to deal with 2 existing problems in the current blockchain including scalability and speed achieving more than 100000 TPS. The project will apply smart contracts more accurately and rapidly with higher level of security, it acts as a tool to create other blockchain, helping protocol and Dapp to be built on its own platform. The Power also is a ledger to reserve computing power and data. 

 

1. What is Power?

Power is a combined blockchain, used by both communities, institutions and enterprises. The Power was born to deal with 2 existing problems in the current blockchain including scalability and speed. The project will apply smart contracts more accurately and rapidly with higher level of security, it acts as a tool to create other blockchain, helping protocol and Dapp to be built on its own platform. The Power is a ledger to reserve computing power and data.  Currently, most new blockchain projects are aiming to address two core issues of the current system, however, there are many projects that haven’t been carried out their ideas.  So the question is whether the Power has any technological breakthroughs and it can actually solve two problems that are heading?

To prove it’s viable, the project has provided a comparison of its platform with other platforms that have been used the current market. In general, The Power owns and addresses many existing shortcomings in current systems.

 

2. Technological breakthroughs

The Power intends to address these two issues through two key technologies: Use Sharding technology to solve the replicability and combine with two consensus mechanisms Proof of Byzantize Fault Tolerance (PBFT)  and Delegated Proof of Stake (DPoS),both of which are called Resonance Consensus to address the scalability ( aim to optimize the time of creating new block, about 250 ms) 

 

  • PBFT is a Byzantine Generals Problem - based - consensus mechanism.
  • The problem: An army is divided into many divisions which together encircle a central base, if they attack all at once or retreat at the same time, they can only win or draw the battle. The problem is that they need to ensure that the information from the general to the division is the same and accurate. This problem is the same in the system that has many different nodes and need to verify a transaction whether is correct or not
  • The solution: Divide nodes into different groups, for example, a group of 4 nodes. 1 of 4 nodes will perform the transaction and the rest 3 nodes will verify it.
  • In case, 1 of the 3 verifications that the transaction is bad and sends false information about it, the other two nodes will recognize it because they receive the same information from the node performing the transaction.
  • In case, the node performs a transaction that is bad, i.e sends heterogeneous information about the transaction to the other three nodes, when the 3 nodes exchange information, they will recognize the difference and may not verify the transaction.
  • DPoS is a consensus mechanism requiring shareholders to vote for “delegates" who will be responsible for confirming the transaction and maintaining the blockchain.

In addition, The Power's core technology platform is subchain. Many people mistakenly think that the subchain is a kind of sidechain, but in fact the sidechain can be considered as a subbranch of the main blockchain and the subchain is not. Put simply, The Power will not have a main blockchain, but many subchains exist in parallel. Subchain will have the same functions and characteristics as in blockchain but with faster transaction speed and higher replicability. Users in this subchain can completely switch to another subchain, or two subchains can be merged to form a new subchain.

For the definition of the subchain that The Power gives us, we can fully recognize the similarity between Sharding technology and the parallel existence of subchain. Instead of breaking data down like other platforms, The Power breaks down one main blockchain into parallel subchains.

 

3. Token mechanism

 

Token symbol: SK

Hardcap: $30 million

Compared with the current market, The Power’s hardcap is considered quite high, although the project focuses on building a platform blockchain, but there are quite many other platform projects that have been built and implemented with lower capital. For example, Jura Network ($ 20 million), Tomochain ($ 8.5 million), etc. With such a high hardcap, it may negatively impact on the crowdsale of the project, because the community is often interested in small capital projects with the aim of payback and making profit soon.

According to the information provided by the project, 22% of the tokens for the team will be locked for 6 months, 0.2% will be unlocked each day, and tokens allocated for the advisers will be locked for 3 months, unlocked 0.5 % each day. Compared to other existing projects, the lockup mechanism of The Power is shorter and more flexible, and it is unlocked day by day, however, it is more appropriate if the percentage of tokens allocated for the token sale increases and the percentage of bonus token for the nodes decreases.

The main purpose of SK token in the system is the “charge” of users when they use services in the system such as transaction fee, smart contract fee, and fee for building or using Dapps, fee for integrating other platforms.

In addition, SK token acts as a reward mechanism for users in the system when they perform tasks such as:

  • Information verification on the block
  • Data storage

 

4. Media channel

Telegram (898 members): https://t.me/thepower_en

Twitter (54 followers): https://twitter.com/thepoweren

Medium (44 followers): https://medium.com/@thepower

Github: https://github.com/thepower/

Although it was established at the end of 2017, the number of members and followers on The Power’s media channels is quite small. The telegram of the project is also not dynamic, members mainly join the group but they don not have much dynamic conversations to show that they are interested in the project.

The project has just lauched referral programs and the bounty programs will be started in the upcoming weeks. In general, referral program is not a good option to attract the community, because people only participate in Telegram group to get free tokens, they are not really interested in the project, and may leave group any time. In addition, the owners  of free tokens have the psychology of selling tokens right after these tokens go public to get real money, which will negatively affect the price of the token in the first place and  the token’s price may not increase any more without a proper strategy.

It is clear that The Power has not had a properly directed and effective marketing strategy, although the project is currently in private sale round- one of the most important stages to attract the attention of the community in general as well as investors in particular.

An advantage of The Power is that Github of the project has been updated with the API and Snapshot technique. Moreover, the development team has just released announcement that they have achieved 100000 transactions per second on test. This is a great progress of The Power.

 

5. Roadmap

The roadmap just has information about the technology development plan belonging to the developing team, but it doesn’t contain any information about token sales or plan for the project to go public.  Overall, the roadmap is quite detailed and makes fairly fast progress. From the beginning of Q4 2014, The Power will release a testnet or a new model of technology for each quarter. Especially, in the Q4 of this year, The Power’s mainnet will be launched, which is considered as one of the most important milestones of the project.

 

6. Developing team

Core team

Max Mikhailenko (CEO and co founder): He has built two internet service providers, has 9 years of experience in start-ups, is one of the investors of the SaaS Company and a master of business administration of the Moscow School

Igor Belousov (CTO và co - fouder): He has 20 years of IT experience, 10 years of experience in start-ups, and is a co-founder of a telecommunications services providers.

Vitaly Pirozhkov (CVO và co-founder): He has more than 10 years of experience in IT, engineering and start-ups, is a law, finance and investment expert, he is also a lecturer and transmitter about blockchain technology.

Vladimir Goncharov (Full-stack developer): He is a professional developer with more than 20 years of experience in programming, a Erlang developer since 2012, focusing on developing server with high speed loading for software over the past 10 years.

Andrey Zhuravlev (blockchain developer): He does the researches to develop the cryptocurrency market from the early years, has experience in developing high-speed servers for software.

Alex Leo (software engineer): He has 20 years of experience in the IT industry, 10 years of experience in the field of software testing and security validation, many years of experience in other computer - related - fields such as data design, low-level programming, development of high-speed server software, development of websites.

Vladimir Eliseev (DevOps developer): He is a professional developer with more than 20 years of experience in information technology and the development of the Internet.

 

In addition, The Power team has a lot of other members with many years of experience in technology in general and blockchain in particular. Another plus point for this project is that all members have a LinkedIn link to verify their education and working experiences, creating trust in the community and investors.

Advisors

Demetrious Zamboglou: he is the chief business development officer of Lykke Corp (a Fintech company), a financial researcher and receives many awards in blockchain technology.

Dimitry Machikhin: CEO of Midex.com (exchange), he has advised over 30 blockchain projects, expert of cointelegraph.com and icobench.com, and is an economic adviser and has advised for startups around the world since 2013.

Vlad Kirichenko: He is CEO and co-founder of Jincor, a managing partner with venture capital Puzzle Capital, an investor with more 3 three years of experience in strategic planning, foreign affairs and IR & GR.

 

7. Comment

Advantages

The Power is a platform project aiming at solving two core problems in the current blockchain platform including speed and replicability. At present, there are many ICOs in the market, and only new platform projects really catch the attention of users.

The Power plans to create blockchain for the community and enterprise, therefore, The Power can apply it for quite a lot of fields. As planned, after the crowdsale is over, The Power team will start going to businesses in person to introduce their products and blockchain applications.

The roadmap is quite detailed and makes fairly fast progress. From the beginning of this year, the project has launched 3 testnets and is planning to launch mainnet at the end of the year. This proves that the core team is capable of materialize the project, not a project “on the shelf”.

Challenges

The most obvious point is that the hype of the project is very low despite the fact that the project got started for a long time ago. Not only on the websites of the project such as Medium or Twitter, the Telegram site for community to participate in and discuss is also in the “nobody’s home" status. In particular, the project is in the private sale round but has not had any activities to attract attention from the community.

The hardcap of the project is quite high, compared to experts and funds, this is a reasonable figure for a platform project. However, with a view of an individual investor, $ 30 million is a huge number, it is difficult to return capital and make a profit.

 

Conclusion

To recap, The Power has a good idea, can apply blockchain in many areas, has a detailed and quite fast roadmap, and launch the mainnet at the end of this year. However, the current market is in a downtrend, so with the hardcap of $ 30 million, The Power is not a potential project to invest in the present time, and need more time to observe.

 

Rating from Icogens:

HYPE

RISK

ROI

TERMS

ICOGENS’ SCORE

LOW

MEDIUM

NEUTRAL

NOT RATE

NEUTRAL

 

Continue follow Bigcoinvietnam.com to update the latest information of this project and other ICO projects. 

*Note: All the information (on bigcoinvietnam) including tokens sales, “interest level”, ROI rate, hype rate, risk rate are our subjective opinion and only for informational and educational purposes. The information Bigcoinvietnam provides is not an investment advice.

HYPE: is defined as the level of concern over a project and its FOMO. This score is based on the number of people joining a project’s social channels such as Reddit, Telegram, Twitter, Facebook, Bitcointalk, Medium or Slack as well as the number of review articles produced by the third party.

RISK: the risk rate of the project. Based on this score, you can find more spam warnings of the project. More specifically, RISK is about the transparency of the project, its idea, members of the development team, roadmap and whitepaper. (RISK is rated regardless ROI rate of the project).

ROI: (Return on Investment): the rate of profit a project can bring to investors (ROI is considered separately from RISK. ROI can be rated High and RISK can be rated High as well).

TERM: this factor reveals the length of time you should hold token or coin of a project. The period of time can be Short, Medium or Long.

ICOGENS’ SCORE: this score can be decided by scores of four other scores or it will reflect the level of interest ICOGENS’ team has in the project. This score is separated from ROI score. It just shows how much Icogens core team concern the project.

 

You are reading [ICO REVIEW] THE POWER - 100k+ tps Blockchain for real-time users and companies interaction from Investment ICO

Source: Icogens.com

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Alice

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