Blockchain Terminal

BCT (also known as Blockchain Terminal) is an institutional cryptocurrency platform which provides tools and services, allowing real-time audits and compliance enforcement.

About Blockchain Terminal

BCT (also known as Blockchain Terminal) is an institutional cryptocurrency platform which provides tools and services for traditional and crypto assets allowing for real-time audits and compliance enforcement. The Blockchain Terminal will provide access to an application marketplace and enable direct trade. The platform will integrate ComplianceGuard, a tool for recording CCO logbooks. BCT tokens will be used to access (and deploy) services on the BCT platform and pay network fees.

Token Economics Product

Documentation

3.0
Documentation
Comprehensiveness

Does it cover the full scope of the problem and solution?

3.0
N/A
3 - Minimally sufficient information provided.
Readability

How easy is it to read and understand the documentation, comprehend the project's goals and trajectory.

3.0
N/A
3 - May take some time to get through, or be somewhat long or complicated, but gets the point across.
Transparency

Level of disclosure of pertinent information regarding the company and the project, including current stages of development, issues that have been identified and how to address them, potential problems, access to resources and repositories (github repository, patent applications). Honesty with regard to what the project can (vs. wishes to) achieve.

3.0
N/A
3 - Basically honest, but hyped up or potentially misleading.
Presentation of Business Plan and Token Model

What stages are to be achieved, how are they to be carried out and according to what timeline, what is the long-term plan. How well thought-out is the token model and how well does it fit into the company's overall business model.

2.0
N/A
2 - Missing critical information; discussion is brief or very basic, or based on unfounded claims or promises.
Presentation of Platform Technology and Use of Blockchain

What are the platform's core and additional features, how are they to be implemented and according to what timeline, what is the long-term plan. How well thought-out is the use of blockchain technology and how integral is it to the platform.

5.0
N/A
5 - Thorough, viable, convincing, promising. Technical information and considerations of design and implementation are discussed in thorough detail (including dependencies, scaling, consensus, etc.)
Legal Review and Risk Assessment

How professional are the disclaimers, risk assessments, terms and conditions, etc. Is the company working with respectable law/accounting firms? What about due diligence and smart contract auditing? Is a SAFT structure being used (and is the SAFT accessible)?

2.0
N/A
2 - Insufficient or unprofessional (e.g., only a short disclaimer).

Documentation

The whitepaper is 47 pages in length. The technology plan is presented with fairly high levels of detail. There is a specific discussion of the technical aspects of the platform including the platform architecture, programming model, and governance structure. The business aspects of the platform are discussed in less detail compared to the technology plan. There is minor market research presented in the whitepaper, along with content regarding the use cases of the token. However, comparison with competitors, growth strategies, and the fee structure are not thoroughly discussed. Overall, the whitepaper is primarily focused on discussing the features of the platform. There is a short disclaimer section at the beginning of the document. It is stated that “seamless compliance” will be achieved through the use of the dual blockchain architecture and the ongoing platform/application development. However, thorough discussion regarding how the organization plans to address regulatory compliance is absent from the document. The BCT GitHub page is not provided.

Documentation Market

Product

3.7
Product
Differentiation

What are the product's unique features / attributes / advantages? How is it different from other, similar products or projects? What makes it stand out or gives it an edge?

3.0
N/A
3 - Some; has a certain edge or angle.
Readiness

Readiness of the full platform, including blockchain/smart-contract/token infrastructure; based on what's publicly available (not just claims).

5.0
N/A
5 - Fully operational; Traditional platform exists, blockchain integration in alpha or even beta.
Concreteness of Development Plans

How detailed is the roadmap? How well defined is the timeframe? How concrete and detailed are the milestones and how well are they correlated with the business and technology development plans, as well as with funding goals (i.e., fundraising dependent)?

3.0
N/A
3 - An overall plan, major milestones stated with some relevant details.
Current Position within Roadmap

How far along is the project as a whole relative to the plans and roadmap (including growth, not just platform development)?

4.0
N/A
4 - Past a few hurdles.
Feasiblity

Are the project's development plans reasonable? Does the long term vision align with core objectives and current development efforts? Does the timeframe make sense?

4.0
N/A
4 - Realistic.
Blockchain Innovation

What is the level of innovation and development particularly with regard to blockchain technology and its utilization? Do the project's blockchain-related developments have value beyond the company's particular platform or network?

3.0
N/A
3 - Specific, platform-related automation via smart contract functionality.

Product

BCT aims to become a “high-availability network device that securely journals compliance entries for a hedge fund’s Chief Compliance Officer, and is also a desktop terminal for use by hedge fund traders, analysts, portfolio managers, and operations staff”. ComplianceGuard is an application of the Blockchain Terminal that allows CCOs to record logbooks in a ledger on a private blockchain. It is stated that “the BCT provides a mechanism for legitimizing hedge fund manager operations, and, significantly, implementing cryptocurrency strategies”. BCT is currently being integrated with some of the well-known exchanges such as Bitfinex, Kraken, BitFinance, and Poloniex. There are three phases of development according to the implementation plan shown in the whitepaper: design and initial deployment, engagement, and promotion. The BCT website contains a more detailed development roadmap which spans from 2015 to Q3 2018. Milestones reached thus far include integration with ComplianceGuard and creation of documentation for community review. According to the roadmap, BCT should have integrated third-party applications into the platform, yet its current status is unclear. No future plans are mentioned beyond Q3 2018.

Product Company and Team

Market

2.7
Market
Target User Base

How big is the project's target user base, how large is its potential market?

3.0
N/A
3 - Has growth potential.
Market Penetration Potential

How easy or difficult will it be to penetrate this market sector on the scale proposed by the project? How dominant is the hold of current market leaders, and are they maintaining a competitive edge? For reviewers (not for tooltip): This should be generally with regard to both traditional and emerging blockchain solutions (assuming that in most sectors, there are no leading blockchain solutions as of yet, but there may start to be). Also, token regulatory issues that apply equally to all should not be stressed here, unless the project has an extra regulatory issue, or (in the other direction) if the regulatory measures taken help it considerably with market penetration...

3.0
N/A
3 - Moderate, a good strategy is essential.
Direct Competition

How many direct competitors does the project have (that are already known or can be easily found with a simple search), and how much further along are they? This should focus on blockchain-related competition but can include established or notable traditional (non-blockchain) competitors with a strong hold.

2.0
N/A
2 - Quite a few / somewhat better competitors (e.g., 7-10, some further ahead). Blockchain solutions are trendy in the sector.
Solution Advantage

How strong is the project's unique selling proposition (i.e., its stated advantage over similar or comparable ones)?

3.0
N/A
3 - Moderate.
Blockchain Disruption

How strong is the potential for disruption of the market sector due to the introduction of blockchain technology, as it is utilized by the solution?

3.0
N/A
3 - Moderate.
Long-Term Vision

What are the long term goals and plans of the project? (In terms of concrete plans, not just hype or vague assertions.)

2.0
N/A
2 - Monetization and network growth, increasing engagement. Project with somewhat limited scope or questionable viability.

Market

BCT’s target user base is fairly limited considering current trading adoption and the level of competition that the platform faces as a project that aims to allow for the exchange of trading/finance tools is quite considerable. BCT believes that the platform does not have any true competitors (discussed in the FAQ section of the website) but further discussion is not provided.

Market Token Economics

Company and Team

2.7
Company and Team
Company Stage and Foundation

When was the company founded, how mature is it? Has it raised significant funds? Where relevant, this should address the parent company. For reviewers (not for tooltip): Check company LinkedIn and Crunchbase profiles. Impression summary should list basic information such as founding date, location/s, previous fundraising rounds (via crunchbase), maybe number of employees (via linkedin).

4.0
N/A
4 - Established with some fundraising history (at least one notable previous investment round).
Team Assembly and Commitment

What is the structure of the team (core members, advisers, contributors)? Are all necessary positions filled or is the company still looking for key team participants? Are the team members fully committed to the project (or involved with other projects simultaneously)?

2.0
N/A
2 - Lacking in key areas.
Background of Lead/Core Team Members

Are LinkedIn (or Github, or other professional) profile links provided, and do they show involvement in the project and relevant previous experience? For reviewers (not for tooltip): If the team is quite large, C-level and certain key team members (such as lead tech/blockchain developers) should be looked at, while other than that, a sample is fine (but this should be mentioned or reflected in the language ["It appears as though..."]).

3.0
N/A
3 - Minimally sufficient.
Relevance of Team's Previous Experience and Skill Set

How relevant are the team members' backgrounds and experience to the project and its requirements? Do they come from related industries and have in-depth knowledge of their respective fields?

2.0
N/A
2 - Lacking or inconsistent.
Team Skill Set Balance (biz / tech / blockchain)

Do the team members' backgrounds and experience appear to collectively cover the project requirements? This includes but is not limited to blockchain expertise.

2.0
N/A
2 - Somewhat skewed.
Strategic Partnerships

What kind of launch partners and early adopters does the project have?

3.0
N/A
3 - A few SMB's; may include founder or advisor related ventures but shows ability to expand beyond.

Company and Team

The Blockchain Terminal Foundation is a non-profit foundation based in the Cayman Islands. The core team of 10 individuals is listed on the BCT website, along with their profile pictures, short descriptions. A manual search on LinkedIn shows 39 employees, some of which are listed as past employees, including Jeremy Weiss, who served as Blockchain Terminal’s CEO and resigned August 2018, which raises many questions regarding the current state of the company. The Linkedin profile of Mir Adnan Ali, BCT’s founder, cannot be found to verify his background.  With regards to blockchain-related experience, the President, Bob Bonomo has experience as a blockchain consultant, which also marked his leave on July 2018 according to his Linkedin profile. There is a lack of developers with extensive experience working on large-scale blockchain projects. One of the strategic advisors is presented as one of the core team members with the role of lead developer.

Company and Team Documentation

Token Economics

2.0
Token Economics
Value Proposition of Token

How much of a need is there for the token? What is the token's utility value, and what is its value as a security?

2.0
N/A
2 - Token issued primarily for fundraising purposes or network effect. Inherent value is minimal or contrived.
Token Economy

How well defined and sustainable is the token economy? This should include circulation, fees, earn/spend mechanisms, inflation/deflation mechanisms, etc.

3.0
N/A
3 - Some aspects stll undetermined, or potentially but not necessarily problematic.
System Decentralization (besides token)

How decentralized is the solution other than the token (e.g., data collection, storage, access, and use, or decision making processes, etc.)? The purpose here is not to penalize use of centralized components per se, but to assess how decentralization is incorporated.

3.0
N/A
3 - Hybrid; use of decentralized / centralized components is broadly justified; decentralization not a core aspect.
Fundraising Goals (Min/Max Raise Amounts)

How sensible are the project's min/max raise amounts or soft/hard caps? (Related to Use of Proceeds but broader).

2.0
N/A
2 - Somewhat greedy or unrelated to plans.
Use of Proceeds (Fund Allocation)

How well-defined and sensible is the planned use of proceeds / fund allocation?

1.0
N/A
1 - Not clear how funds will be used.
Token Allocation

How well-defined and reasonable is the token allocation (including vesting, what's done with unsold tokens, etc.)?

1.0
N/A
1 - Obfuscated, or giving company control of market value.

Token Economics

According to several sources, the project has raised $30,000,000 in its token sale during April 2018. The token is yet to be traded on public exchanges as of September 2018. BCT is an ERC20 compliant token and is used to register, transact, and utilize applications on the BCT platform. The ERC20 variant of the BCT tokens will be exchanged for native BCT tokens on a one-to-one basis when the platform is launched. The generation of ERC20-based BCT tokens is primarily for funding purposes. The BCT will use both a private and public, permissioned blockchain, which works with the Ethereum blockchain. It is stated that governance will be enforced by the Foundation, thus the platform is not entirely decentralized. Use of funds and token allocation are not presented in the company documentation.

Documentation

The whitepaper is 47 pages in length. The technology plan is presented with fairly high levels of detail. There is a specific discussion of the technical aspects of the platform including the platform architecture, programming model, and governance structure. The business aspects of the platform are discussed in less detail compared to the technology plan. There is minor market research presented in the whitepaper, along with content regarding the use cases of the token. However, comparison with competitors, growth strategies, and the fee structure are not thoroughly discussed. Overall, the whitepaper is primarily focused on discussing the features of the platform. There is a short disclaimer section at the beginning of the document. It is stated that “seamless compliance” will be achieved through the use of the dual blockchain architecture and the ongoing platform/application development. However, thorough discussion regarding how the organization plans to address regulatory compliance is absent from the document. The BCT GitHub page is not provided.

Category Breakdown
Comprehensiveness

Does it cover the full scope of the problem and solution?

3.0
N/A
3 - Minimally sufficient information provided.
Readability

How easy is it to read and understand the documentation, comprehend the project's goals and trajectory.

3.0
N/A
3 - May take some time to get through, or be somewhat long or complicated, but gets the point across.
Transparency

Level of disclosure of pertinent information regarding the company and the project, including current stages of development, issues that have been identified and how to address them, potential problems, access to resources and repositories (github repository, patent applications). Honesty with regard to what the project can (vs. wishes to) achieve.

3.0
N/A
3 - Basically honest, but hyped up or potentially misleading.
Presentation of Business Plan and Token Model

What stages are to be achieved, how are they to be carried out and according to what timeline, what is the long-term plan. How well thought-out is the token model and how well does it fit into the company's overall business model.

2.0
N/A
2 - Missing critical information; discussion is brief or very basic, or based on unfounded claims or promises.
Presentation of Platform Technology and Use of Blockchain

What are the platform's core and additional features, how are they to be implemented and according to what timeline, what is the long-term plan. How well thought-out is the use of blockchain technology and how integral is it to the platform.

5.0
N/A
5 - Thorough, viable, convincing, promising. Technical information and considerations of design and implementation are discussed in thorough detail (including dependencies, scaling, consensus, etc.)
Legal Review and Risk Assessment

How professional are the disclaimers, risk assessments, terms and conditions, etc. Is the company working with respectable law/accounting firms? What about due diligence and smart contract auditing? Is a SAFT structure being used (and is the SAFT accessible)?

2.0
N/A
2 - Insufficient or unprofessional (e.g., only a short disclaimer).
Documentation Score:
3.0

Product

BCT aims to become a “high-availability network device that securely journals compliance entries for a hedge fund’s Chief Compliance Officer, and is also a desktop terminal for use by hedge fund traders, analysts, portfolio managers, and operations staff”. ComplianceGuard is an application of the Blockchain Terminal that allows CCOs to record logbooks in a ledger on a private blockchain. It is stated that “the BCT provides a mechanism for legitimizing hedge fund manager operations, and, significantly, implementing cryptocurrency strategies”. BCT is currently being integrated with some of the well-known exchanges such as Bitfinex, Kraken, BitFinance, and Poloniex. There are three phases of development according to the implementation plan shown in the whitepaper: design and initial deployment, engagement, and promotion. The BCT website contains a more detailed development roadmap which spans from 2015 to Q3 2018. Milestones reached thus far include integration with ComplianceGuard and creation of documentation for community review. According to the roadmap, BCT should have integrated third-party applications into the platform, yet its current status is unclear. No future plans are mentioned beyond Q3 2018.

Category Breakdown
Differentiation

What are the product's unique features / attributes / advantages? How is it different from other, similar products or projects? What makes it stand out or gives it an edge?

3.0
N/A
3 - Some; has a certain edge or angle.
Readiness

Readiness of the full platform, including blockchain/smart-contract/token infrastructure; based on what's publicly available (not just claims).

5.0
N/A
5 - Fully operational; Traditional platform exists, blockchain integration in alpha or even beta.
Concreteness of Development Plans

How detailed is the roadmap? How well defined is the timeframe? How concrete and detailed are the milestones and how well are they correlated with the business and technology development plans, as well as with funding goals (i.e., fundraising dependent)?

3.0
N/A
3 - An overall plan, major milestones stated with some relevant details.
Current Position within Roadmap

How far along is the project as a whole relative to the plans and roadmap (including growth, not just platform development)?

4.0
N/A
4 - Past a few hurdles.
Feasiblity

Are the project's development plans reasonable? Does the long term vision align with core objectives and current development efforts? Does the timeframe make sense?

4.0
N/A
4 - Realistic.
Blockchain Innovation

What is the level of innovation and development particularly with regard to blockchain technology and its utilization? Do the project's blockchain-related developments have value beyond the company's particular platform or network?

3.0
N/A
3 - Specific, platform-related automation via smart contract functionality.
Product Score:
3.7

Market

BCT’s target user base is fairly limited considering current trading adoption and the level of competition that the platform faces as a project that aims to allow for the exchange of trading/finance tools is quite considerable. BCT believes that the platform does not have any true competitors (discussed in the FAQ section of the website) but further discussion is not provided.

Category Breakdown
Target User Base

How big is the project's target user base, how large is its potential market?

3.0
N/A
3 - Has growth potential.
Market Penetration Potential

How easy or difficult will it be to penetrate this market sector on the scale proposed by the project? How dominant is the hold of current market leaders, and are they maintaining a competitive edge? For reviewers (not for tooltip): This should be generally with regard to both traditional and emerging blockchain solutions (assuming that in most sectors, there are no leading blockchain solutions as of yet, but there may start to be). Also, token regulatory issues that apply equally to all should not be stressed here, unless the project has an extra regulatory issue, or (in the other direction) if the regulatory measures taken help it considerably with market penetration...

3.0
N/A
3 - Moderate, a good strategy is essential.
Direct Competition

How many direct competitors does the project have (that are already known or can be easily found with a simple search), and how much further along are they? This should focus on blockchain-related competition but can include established or notable traditional (non-blockchain) competitors with a strong hold.

2.0
N/A
2 - Quite a few / somewhat better competitors (e.g., 7-10, some further ahead). Blockchain solutions are trendy in the sector.
Solution Advantage

How strong is the project's unique selling proposition (i.e., its stated advantage over similar or comparable ones)?

3.0
N/A
3 - Moderate.
Blockchain Disruption

How strong is the potential for disruption of the market sector due to the introduction of blockchain technology, as it is utilized by the solution?

3.0
N/A
3 - Moderate.
Long-Term Vision

What are the long term goals and plans of the project? (In terms of concrete plans, not just hype or vague assertions.)

2.0
N/A
2 - Monetization and network growth, increasing engagement. Project with somewhat limited scope or questionable viability.
Market Score:
2.7

Company and Team

The Blockchain Terminal Foundation is a non-profit foundation based in the Cayman Islands. The core team of 10 individuals is listed on the BCT website, along with their profile pictures, short descriptions. A manual search on LinkedIn shows 39 employees, some of which are listed as past employees, including Jeremy Weiss, who served as Blockchain Terminal’s CEO and resigned August 2018, which raises many questions regarding the current state of the company. The Linkedin profile of Mir Adnan Ali, BCT’s founder, cannot be found to verify his background.  With regards to blockchain-related experience, the President, Bob Bonomo has experience as a blockchain consultant, which also marked his leave on July 2018 according to his Linkedin profile. There is a lack of developers with extensive experience working on large-scale blockchain projects. One of the strategic advisors is presented as one of the core team members with the role of lead developer.

Category Breakdown
Company Stage and Foundation

When was the company founded, how mature is it? Has it raised significant funds? Where relevant, this should address the parent company. For reviewers (not for tooltip): Check company LinkedIn and Crunchbase profiles. Impression summary should list basic information such as founding date, location/s, previous fundraising rounds (via crunchbase), maybe number of employees (via linkedin).

4.0
N/A
4 - Established with some fundraising history (at least one notable previous investment round).
Team Assembly and Commitment

What is the structure of the team (core members, advisers, contributors)? Are all necessary positions filled or is the company still looking for key team participants? Are the team members fully committed to the project (or involved with other projects simultaneously)?

2.0
N/A
2 - Lacking in key areas.
Background of Lead/Core Team Members

Are LinkedIn (or Github, or other professional) profile links provided, and do they show involvement in the project and relevant previous experience? For reviewers (not for tooltip): If the team is quite large, C-level and certain key team members (such as lead tech/blockchain developers) should be looked at, while other than that, a sample is fine (but this should be mentioned or reflected in the language ["It appears as though..."]).

3.0
N/A
3 - Minimally sufficient.
Relevance of Team's Previous Experience and Skill Set

How relevant are the team members' backgrounds and experience to the project and its requirements? Do they come from related industries and have in-depth knowledge of their respective fields?

2.0
N/A
2 - Lacking or inconsistent.
Team Skill Set Balance (biz / tech / blockchain)

Do the team members' backgrounds and experience appear to collectively cover the project requirements? This includes but is not limited to blockchain expertise.

2.0
N/A
2 - Somewhat skewed.
Strategic Partnerships

What kind of launch partners and early adopters does the project have?

3.0
N/A
3 - A few SMB's; may include founder or advisor related ventures but shows ability to expand beyond.
Company and Team Score:
2.7

Token Economics

According to several sources, the project has raised $30,000,000 in its token sale during April 2018. The token is yet to be traded on public exchanges as of September 2018. BCT is an ERC20 compliant token and is used to register, transact, and utilize applications on the BCT platform. The ERC20 variant of the BCT tokens will be exchanged for native BCT tokens on a one-to-one basis when the platform is launched. The generation of ERC20-based BCT tokens is primarily for funding purposes. The BCT will use both a private and public, permissioned blockchain, which works with the Ethereum blockchain. It is stated that governance will be enforced by the Foundation, thus the platform is not entirely decentralized. Use of funds and token allocation are not presented in the company documentation.

Category Breakdown
Value Proposition of Token

How much of a need is there for the token? What is the token's utility value, and what is its value as a security?

2.0
N/A
2 - Token issued primarily for fundraising purposes or network effect. Inherent value is minimal or contrived.
Token Economy

How well defined and sustainable is the token economy? This should include circulation, fees, earn/spend mechanisms, inflation/deflation mechanisms, etc.

3.0
N/A
3 - Some aspects stll undetermined, or potentially but not necessarily problematic.
System Decentralization (besides token)

How decentralized is the solution other than the token (e.g., data collection, storage, access, and use, or decision making processes, etc.)? The purpose here is not to penalize use of centralized components per se, but to assess how decentralization is incorporated.

3.0
N/A
3 - Hybrid; use of decentralized / centralized components is broadly justified; decentralization not a core aspect.
Fundraising Goals (Min/Max Raise Amounts)

How sensible are the project's min/max raise amounts or soft/hard caps? (Related to Use of Proceeds but broader).

2.0
N/A
2 - Somewhat greedy or unrelated to plans.
Use of Proceeds (Fund Allocation)

How well-defined and sensible is the planned use of proceeds / fund allocation?

1.0
N/A
1 - Not clear how funds will be used.
Token Allocation

How well-defined and reasonable is the token allocation (including vesting, what's done with unsold tokens, etc.)?

1.0
N/A
1 - Obfuscated, or giving company control of market value.
Token Economics Score:
2.0

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