DecentraX

The DecentraX (DCX) blockchain is being built with proprietary hardware that runs the network around blockchain needs. First Utility will be a Decentralized Exchange.

About DecentraX

The DecentraX blockchain is built using custom hardware which helps to maintain a network capable of handling high-performance, high-throughput blockchain transactions. Additionally, the DCX network offers a vast array of functionality, starting with a Decentralized Exchange (DEX). Furthermore, features such as an open-source dApp marketplace, secure encryption and storage of sensitive data, and hardware wallets could be implemented later on.

Token Economics Product

Documentation

3.7
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.

4.0
N/A
4 - Relatively easy to read and understand, even if complex.
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.

4.0
N/A
4 - Informative disclosure. Necessary information provided.
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.

4.0
N/A
4 - Clear, well thought out, realistic. Business and token models are well-developed and clearly presented.
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.

3.0
N/A
3 - More information required. Discussion is primarily in layman terms, specifications only partly provided, or some key issues remain unaddressed.
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)?

4.0
N/A
4 - Professional legal documents are provided, project employs professional legal counsel and financial auditing services.

Documentation

Comprehensiveness: The whitepaper document opens with a breakdown of the core issues with centralized exchanges, and the proffered solution is clearly laid out. Description of the product is explained in detail, although written technical content is mostly inadequate (only a number of use cases are briefly cited — not detailed). The overall business plan is well-presented, with token economics, governance structure and regulatory compliance discussed extensively.

The team information, with brief bios, is included both in the whitepaper and on the website. A whole page in the whitepaper is dedicated to providing legal information to readers.

Readability: The whitepaper is easy to read and the information contained is provided in a way that can be easily grasped.

Transparency: The current stage of development is not mentioned in the whitepaper. The team has made it known that the primary goal is the development of a Decentralized Exchange with other goals being set — albeit without a binding promise — for the future. However, the goals of the project are clearly outlined with accompanying realistic deadlines.

Presentation of Business Plan and Token Model: Information on the business development plan is made available. The long-term goal is to build a fully-decentralized exchange to improve ease of use and address the current problems of cryptocurrency exchanges (e.g., liquidity). The fractional reserve will be managed by the company, to be used for DCX development and also for filling trades on the platform when appropriate.

Token supply and distribution information is surprisingly absent from the whitepaper but is made available on the website. The token model is well-thought out, with the DecentraX utility to be adopted as the gas to cover transaction costs on the DCX Network.

Presentation of Platform Technology and Use of Blockchain: The technical aspects of the platform itself (such as tining capabilities, network structure and hardware design) are thoroughly discussed. Also, the platform’s core features are presented with emphasis on “benefits of…” rather than actually explaining the various (potential) components of the DCX Network.

However, information related to use of blockchain is not satisfactorily explained: the implemented atomic swap technology is only discussed in light of its use without elaborating on how it works.

Legal Review and Risk Assessment: The legal section is included close to the end of the whitepaper, discussing risk factors and containing a standard disclaimer. The SAFT structure is not adopted in this case.

Documentation Market

Product

3.0
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).

2.0
N/A
2 - Product (including core components) in proof of concept or limited testing phase only.
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)?

3.0
N/A
3 - Getting there.
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

Differentiation: The project’s major unique attribute lies in its proprietary hardware technology which helps it to scale to 1 million TPS. While decentralized exchanges are becoming more common in the crypto space, DecentraX uses atomic swap technology to enable peer-to-peer (P2P) cross-chain trading of multiple cryptocurrencies without losing their private keys.

It also plans to implement additional functionality later on, most importantly dApp development.

Readiness: It would seem the platform’s core development and blockchain integration is to be implemented after the completion of the token sale. Information on the GitHub page isn’t publicly available.

Concreteness of Development Plans: Information provided in the whitepaper on the project roadmap/timeline is spanning to August 2020. Only dates and headlines are listed, with there being no detailed explanation for each milestone in the roadmap. Notwithstanding, the majority of the milestones are related to further development of the platform and introduction of new features. The dates seem realistically achievable; the development timeframe is spread over 2 years.

Current Position within Roadmap: 

DCX chip development roadmap:
Nov 1, 2019 – project start – Chip architecture, IP & Circuit Architecture, IP Development, System-C reference model
May 1, 2019 – RTL Development cleaning, block level testing,
Aug 1, 2019 – RTL final, Physical design, chip tape out, FPGA for application development, BSP development
Nov 1, 2019 – System board & application, chip testing & debug, system testing.
May 1, 2020 – Production

Masternode roadmap:
Nov 1, 2018 – Defining architecture & designing both software, and hardware.
Jan 1, 2019 – Coding& development
Feb 1, 2019 – Testnet implemented for internal development
May 1, 2019 – Alpha stage
Aug 1, 2019 – Beta stage
Nov 1, 2019 – FCS

Feasibility: The goals of the project is feasible: build a decentralized exchange which uses atomic swap technology to enable cross-chain trading capabilities with potential support for advanced functionality. The long-term vision of introducing other features is in line with the project’s objectives. However, a potential red flag is that the project development timeline is spread over roughly a year, give or take a few months. With so much functionality to introduce to the platform, it looks rather impossible to achieve that much within such short timeframe.

Blockchain Innovation: From a blockchain technology perspective, the company offers some level of innovation with its proprietary hardware which provides support for high-performance transactions and atomic swap technology which enables cross-chain trading of multiple cryptocurrencies.

Product Company and Team

Market

3.2
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...

4.0
N/A
4 - The notion of gaining hold over a significant share of the market is not unreasonable.
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.

3.0
N/A
3 - Some normal competition (e.g., 5-7, similarly positioned). Blockchain solutions already evidently present 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.)

3.0
N/A
3 - Gain hold over a particular market segment, expand global outreach, possibly expand into other segments or sectors.

Market

Target User Base: The target user base for the platform is primarily people who are interested in trading or investing in cryptocurrencies. However, when the team introduces advanced functionality (e.g. dApp development) as promised, the user base may broaden.

Market Penetration Potential: The market penetration potential is somewhat challenging but they could turn the tide in their favour with innovations such as custom hardware chips and atomic swap technology. This would help to solve the current challenges with centralized exchanges (inadequate liquidity and scalability issues, for instance).

Direct Competition: The project has many direct competitors, as there are a number of decentralized cryptocurrency exchanges which offer the same functionality such as transparency, security and liquidity. Potential direct competitors are:
Kyber Network, Waves DEX, 0x, Bitshares and, most notably, EtherDelta and IDEX. It is pertinent to note that they would still have to compete with established centralized exchanges.

However, they have an innovative solution which, if they are able to follow through, would put them on par with (and even ahead of) their competitors.

Solution Advantage: While the project has the advantage from a technical standpoint, it is still largely “on paper”; as they do not have a working MVP yet available on their website.

Blockchain Disruption: The potential for disruption is minimal; the cryptocurrency exchange market is already saturated. Although, according to the company, users will get enjoy lower transaction fees than the market average, with the atomic swap feature. Also, they would be the first decentralized exchange to build their blockchain from the ground up using proprietary hardware.

Long-Term Vision: At the beginning of the whitepaper, the team succinctly outlined its view of the current state of the cryptocurrency exchange market, stating: “the DecentraX team believes that DEX trading is the future and will free projects and investors from the chains seen with centralized exchanges.” In light of this, DecentraX aims to be, in the long term, a more independent cryptocurrency trading marketplace where current problems of liquidity, security and transparency in the market are effectively tackled.

Presently, the main goal is to build a decentralized exchange on the DecentraX network. Later on, features such as dApp development and secure file storage could be introduced.

Market Token Economics

Company and Team

3.5
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).

3.0
N/A
3 - Company structure in place.
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)?

3.0
N/A
3 - Mostly assembled and committed.
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..."]).

4.0
N/A
4 - Verifiable relevant experience.
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?

4.0
N/A
4 - Well suited to project requirements.
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.

4.0
N/A
4 - Good, sufficient for each aspect.
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

Company Stage and Foundation: Company information cannot be found anywhere in the whitepaper. However, a look at the LinkedIn page tells us that the private company is based out of Silicon Valley and headquartered in Sheridan, Wyoming. It was founded in 2018, according to the information on the LinkedIn page.

Team Assembly and Commitment: In the whitepaper, 4 key members are introduced. However, a search for employees of DecentraX on LinkedIn tells a different story: only two team members (one working in an advisory capacity and the other as a marketing manager) are listed. This raises some concern, considering the fact that the project’s whitepaper and website only lists 4 key members without mentioning the advisors and other members, and the company’s LinkedIn profile does not include the said key members as company employees. That being said, the company has shared several other positions which can be found under “Founder Q&A”.

Background of Lead/Core Team Members:

In the “Our Team” section of the whitepaper, 3 core members are listed (with their brief bios included) as follows:

Keith Son, CEO
Keith is an experienced and accomplished executive with long work history in the technical, business, and start-up worlds. He has spent over 25 years focusing on storage technology and has co-founded a couple of companies relating to archival and flash technologies.

Minesh Amin, Software Architect
Minesh holds a PhD in Computer Science from the University of Minnesota. He spent 8 years working at Synopsys, where he helped architect, prototype, implement, and deploy a number of parallel product versions (TetraMAX, TenX, and Primetime DMSA).

GP Singh, Chip Architect
GP has delivered 40+ succesful tape outs with microprocessors, ASSP, SOC, and ASIC chips. He has extensive experience with leading engineering teams and has spearheaded the RealSilicon organization. His varied work experience makes him adept at solving many high speed and low power semiconductor issues.

As mentioned, other team members are available in the “Q&A” section of the review.

Relevance of Team’s Previous Experience and Skill Set: According to their LinkedIn pages, the core team members have experience working with storage technologies, building hardware chips and generally the IT space.

Team Skill Set Balance (biz / tech / blockchain): The team has technical expertise in platform development and custom hardware design, there is some experience working with blockchain technology. Business development department is in place.

Strategic Partnerships: Notable partnerships are not evident in the whitepaper/website. That being said, there are several undisclosed partnerships that are being integrated into the service. There are also no launch partners for the token sale.

Company and Team Documentation

Token Economics

3.7
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?

3.0
N/A
3 - Limited or uncertain; some risk with regard to actual value, but issuing a custom token is justifiable.
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.

4.0
N/A
4 - Mostly decentralized, or centralized components can be justified by business and technology models.
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).

4.0
N/A
4 - Reasonable, funding goals make overall sense.
Use of Proceeds (Fund Allocation)

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

4.0
N/A
4 - Well defined and reasonable.
Token Allocation

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

4.0
N/A
4 - Most tokens sold, vesting periods on kept tokens.

Token Economics

Value Proposition of Token: The DecentraX token, DCX is a utility token which will primarily serve as gas for covering transaction costs on the network. According to the whitepaper, this will “[make] it easy for users to broadcast out trades on the DCX Network Order Book and allow other people to choose to fill an existing swap, broadcast out their own custom swap, or to do a direct sale for DCX which will be filled by the fractional reserve.”

Token Economy: Information on the token economics is well defined. The whitepaper outlines how the proceeds from network fees will be distributed but fails to provide more important information. The website, on the other hand, states that the maximum supply of DCX tokens is 25 million, with a circulating supply of 12.5 million pre-development and the remaining 12.5 million to be released into circulation post-development. Specific details as to the token sale (the soft cap, hard cap and ICO price) are not provided. It is however stated that 11 million DCX will be available for sale during the ICO. DCX Tokens can be earned by staking 3,000 or more DCX and running a node (Either leasing or buying) on the DecentraX network after launch.

System Decentralization (besides token): According to the whitepaper, the DCX network is claimed to be decentralized. However (also from the same whitepaper), security and scalability (1 million TPS) will be favored at the expense of decentralization. This is very much in line with the Blockchain Trilemma, a concept which postulates that “it is impossible to fully satisfy the three desirable properties [of blockchains] simultaneously” (namely decentralization, security and scalability). Thus, only 2 out of the 3 can be fully achieved, and the DecentraX approach to the Blockchain Scalability Trilemma by favoring security and scalability over decentralization simply implies that the DCX network will never be fully decentralized. DecentraX’s platform will be centered around three key capabilities: (a) all critical back and frontend systems will be authored in first-of-its-kind language (which will be open sourced) with built-in notion of minification, scrambling, and encryption; (b) transport layer with bulletin notion of fault tolerance, client-side load balancing capabilities, and rich set of routing primitives to make whole classes of attacks (both 51% and replay) very difficult to execute; (c ) ability to define and maintain hundreds of ledgers around a fat-tree based topology customized to handle 6Pbytes of network traffic per rack every 24 hrs. while consuming under 15kW.

Fundraising Goals (Min/Max Raise Amounts): The company is aiming to raise $10,000,000 as its soft cap ($21m Hard Cap), which is reasonable for a hardware project. According to its website, DecentraX Private Pre-sale raised $225,000 USD.

Use of Proceeds (Fund Allocation): The whitepaper further states that 25% of DCX Network fees will go into staking rewards, 30% will go back into the fractional reserve wallet and be used to fund development, and the remaining 45% will be evenly distributed across masternode operators who meet the minimum requirements for running nodes (23 hours uptime and 3,000 DCX staked).

Token Allocation: Here’s a breakdown of the token allocation (as seen on the website), which is divided into two phases: pre-development and post-development.

Pre-development (12.5 million DCX circulating supply):

Presale: 1 Million (marketing for ICO, and rolled over into development)
ICO: 11 Million (used for development of the DecentraX project)
Marketing, Pre-Development: 500,000 (website, whitepaper, marketing)

Post-development (12.5 million DCX):

Staking Rewards: 6 Million
Development: 6 Million
Time Locked: 500,000

Documentation

Comprehensiveness: The whitepaper document opens with a breakdown of the core issues with centralized exchanges, and the proffered solution is clearly laid out. Description of the product is explained in detail, although written technical content is mostly inadequate (only a number of use cases are briefly cited — not detailed). The overall business plan is well-presented, with token economics, governance structure and regulatory compliance discussed extensively.

The team information, with brief bios, is included both in the whitepaper and on the website. A whole page in the whitepaper is dedicated to providing legal information to readers.

Readability: The whitepaper is easy to read and the information contained is provided in a way that can be easily grasped.

Transparency: The current stage of development is not mentioned in the whitepaper. The team has made it known that the primary goal is the development of a Decentralized Exchange with other goals being set — albeit without a binding promise — for the future. However, the goals of the project are clearly outlined with accompanying realistic deadlines.

Presentation of Business Plan and Token Model: Information on the business development plan is made available. The long-term goal is to build a fully-decentralized exchange to improve ease of use and address the current problems of cryptocurrency exchanges (e.g., liquidity). The fractional reserve will be managed by the company, to be used for DCX development and also for filling trades on the platform when appropriate.

Token supply and distribution information is surprisingly absent from the whitepaper but is made available on the website. The token model is well-thought out, with the DecentraX utility to be adopted as the gas to cover transaction costs on the DCX Network.

Presentation of Platform Technology and Use of Blockchain: The technical aspects of the platform itself (such as tining capabilities, network structure and hardware design) are thoroughly discussed. Also, the platform’s core features are presented with emphasis on “benefits of…” rather than actually explaining the various (potential) components of the DCX Network.

However, information related to use of blockchain is not satisfactorily explained: the implemented atomic swap technology is only discussed in light of its use without elaborating on how it works.

Legal Review and Risk Assessment: The legal section is included close to the end of the whitepaper, discussing risk factors and containing a standard disclaimer. The SAFT structure is not adopted in this case.

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.

4.0
N/A
4 - Relatively easy to read and understand, even if complex.
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.

4.0
N/A
4 - Informative disclosure. Necessary information provided.
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.

4.0
N/A
4 - Clear, well thought out, realistic. Business and token models are well-developed and clearly presented.
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.

3.0
N/A
3 - More information required. Discussion is primarily in layman terms, specifications only partly provided, or some key issues remain unaddressed.
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)?

4.0
N/A
4 - Professional legal documents are provided, project employs professional legal counsel and financial auditing services.
Documentation Score:
3.7

Product

Differentiation: The project’s major unique attribute lies in its proprietary hardware technology which helps it to scale to 1 million TPS. While decentralized exchanges are becoming more common in the crypto space, DecentraX uses atomic swap technology to enable peer-to-peer (P2P) cross-chain trading of multiple cryptocurrencies without losing their private keys.

It also plans to implement additional functionality later on, most importantly dApp development.

Readiness: It would seem the platform’s core development and blockchain integration is to be implemented after the completion of the token sale. Information on the GitHub page isn’t publicly available.

Concreteness of Development Plans: Information provided in the whitepaper on the project roadmap/timeline is spanning to August 2020. Only dates and headlines are listed, with there being no detailed explanation for each milestone in the roadmap. Notwithstanding, the majority of the milestones are related to further development of the platform and introduction of new features. The dates seem realistically achievable; the development timeframe is spread over 2 years.

Current Position within Roadmap: 

DCX chip development roadmap:
Nov 1, 2019 – project start – Chip architecture, IP & Circuit Architecture, IP Development, System-C reference model
May 1, 2019 – RTL Development cleaning, block level testing,
Aug 1, 2019 – RTL final, Physical design, chip tape out, FPGA for application development, BSP development
Nov 1, 2019 – System board & application, chip testing & debug, system testing.
May 1, 2020 – Production

Masternode roadmap:
Nov 1, 2018 – Defining architecture & designing both software, and hardware.
Jan 1, 2019 – Coding& development
Feb 1, 2019 – Testnet implemented for internal development
May 1, 2019 – Alpha stage
Aug 1, 2019 – Beta stage
Nov 1, 2019 – FCS

Feasibility: The goals of the project is feasible: build a decentralized exchange which uses atomic swap technology to enable cross-chain trading capabilities with potential support for advanced functionality. The long-term vision of introducing other features is in line with the project’s objectives. However, a potential red flag is that the project development timeline is spread over roughly a year, give or take a few months. With so much functionality to introduce to the platform, it looks rather impossible to achieve that much within such short timeframe.

Blockchain Innovation: From a blockchain technology perspective, the company offers some level of innovation with its proprietary hardware which provides support for high-performance transactions and atomic swap technology which enables cross-chain trading of multiple cryptocurrencies.

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).

2.0
N/A
2 - Product (including core components) in proof of concept or limited testing phase only.
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)?

3.0
N/A
3 - Getting there.
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:
3.0

Market

Target User Base: The target user base for the platform is primarily people who are interested in trading or investing in cryptocurrencies. However, when the team introduces advanced functionality (e.g. dApp development) as promised, the user base may broaden.

Market Penetration Potential: The market penetration potential is somewhat challenging but they could turn the tide in their favour with innovations such as custom hardware chips and atomic swap technology. This would help to solve the current challenges with centralized exchanges (inadequate liquidity and scalability issues, for instance).

Direct Competition: The project has many direct competitors, as there are a number of decentralized cryptocurrency exchanges which offer the same functionality such as transparency, security and liquidity. Potential direct competitors are:
Kyber Network, Waves DEX, 0x, Bitshares and, most notably, EtherDelta and IDEX. It is pertinent to note that they would still have to compete with established centralized exchanges.

However, they have an innovative solution which, if they are able to follow through, would put them on par with (and even ahead of) their competitors.

Solution Advantage: While the project has the advantage from a technical standpoint, it is still largely “on paper”; as they do not have a working MVP yet available on their website.

Blockchain Disruption: The potential for disruption is minimal; the cryptocurrency exchange market is already saturated. Although, according to the company, users will get enjoy lower transaction fees than the market average, with the atomic swap feature. Also, they would be the first decentralized exchange to build their blockchain from the ground up using proprietary hardware.

Long-Term Vision: At the beginning of the whitepaper, the team succinctly outlined its view of the current state of the cryptocurrency exchange market, stating: “the DecentraX team believes that DEX trading is the future and will free projects and investors from the chains seen with centralized exchanges.” In light of this, DecentraX aims to be, in the long term, a more independent cryptocurrency trading marketplace where current problems of liquidity, security and transparency in the market are effectively tackled.

Presently, the main goal is to build a decentralized exchange on the DecentraX network. Later on, features such as dApp development and secure file storage could be introduced.

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...

4.0
N/A
4 - The notion of gaining hold over a significant share of the market is not unreasonable.
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.

3.0
N/A
3 - Some normal competition (e.g., 5-7, similarly positioned). Blockchain solutions already evidently present 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.)

3.0
N/A
3 - Gain hold over a particular market segment, expand global outreach, possibly expand into other segments or sectors.
Market Score:
3.2

Company and Team

Company Stage and Foundation: Company information cannot be found anywhere in the whitepaper. However, a look at the LinkedIn page tells us that the private company is based out of Silicon Valley and headquartered in Sheridan, Wyoming. It was founded in 2018, according to the information on the LinkedIn page.

Team Assembly and Commitment: In the whitepaper, 4 key members are introduced. However, a search for employees of DecentraX on LinkedIn tells a different story: only two team members (one working in an advisory capacity and the other as a marketing manager) are listed. This raises some concern, considering the fact that the project’s whitepaper and website only lists 4 key members without mentioning the advisors and other members, and the company’s LinkedIn profile does not include the said key members as company employees. That being said, the company has shared several other positions which can be found under “Founder Q&A”.

Background of Lead/Core Team Members:

In the “Our Team” section of the whitepaper, 3 core members are listed (with their brief bios included) as follows:

Keith Son, CEO
Keith is an experienced and accomplished executive with long work history in the technical, business, and start-up worlds. He has spent over 25 years focusing on storage technology and has co-founded a couple of companies relating to archival and flash technologies.

Minesh Amin, Software Architect
Minesh holds a PhD in Computer Science from the University of Minnesota. He spent 8 years working at Synopsys, where he helped architect, prototype, implement, and deploy a number of parallel product versions (TetraMAX, TenX, and Primetime DMSA).

GP Singh, Chip Architect
GP has delivered 40+ succesful tape outs with microprocessors, ASSP, SOC, and ASIC chips. He has extensive experience with leading engineering teams and has spearheaded the RealSilicon organization. His varied work experience makes him adept at solving many high speed and low power semiconductor issues.

As mentioned, other team members are available in the “Q&A” section of the review.

Relevance of Team’s Previous Experience and Skill Set: According to their LinkedIn pages, the core team members have experience working with storage technologies, building hardware chips and generally the IT space.

Team Skill Set Balance (biz / tech / blockchain): The team has technical expertise in platform development and custom hardware design, there is some experience working with blockchain technology. Business development department is in place.

Strategic Partnerships: Notable partnerships are not evident in the whitepaper/website. That being said, there are several undisclosed partnerships that are being integrated into the service. There are also no launch partners for the token sale.

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).

3.0
N/A
3 - Company structure in place.
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)?

3.0
N/A
3 - Mostly assembled and committed.
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..."]).

4.0
N/A
4 - Verifiable relevant experience.
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?

4.0
N/A
4 - Well suited to project requirements.
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.

4.0
N/A
4 - Good, sufficient for each aspect.
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:
3.5

Token Economics

Value Proposition of Token: The DecentraX token, DCX is a utility token which will primarily serve as gas for covering transaction costs on the network. According to the whitepaper, this will “[make] it easy for users to broadcast out trades on the DCX Network Order Book and allow other people to choose to fill an existing swap, broadcast out their own custom swap, or to do a direct sale for DCX which will be filled by the fractional reserve.”

Token Economy: Information on the token economics is well defined. The whitepaper outlines how the proceeds from network fees will be distributed but fails to provide more important information. The website, on the other hand, states that the maximum supply of DCX tokens is 25 million, with a circulating supply of 12.5 million pre-development and the remaining 12.5 million to be released into circulation post-development. Specific details as to the token sale (the soft cap, hard cap and ICO price) are not provided. It is however stated that 11 million DCX will be available for sale during the ICO. DCX Tokens can be earned by staking 3,000 or more DCX and running a node (Either leasing or buying) on the DecentraX network after launch.

System Decentralization (besides token): According to the whitepaper, the DCX network is claimed to be decentralized. However (also from the same whitepaper), security and scalability (1 million TPS) will be favored at the expense of decentralization. This is very much in line with the Blockchain Trilemma, a concept which postulates that “it is impossible to fully satisfy the three desirable properties [of blockchains] simultaneously” (namely decentralization, security and scalability). Thus, only 2 out of the 3 can be fully achieved, and the DecentraX approach to the Blockchain Scalability Trilemma by favoring security and scalability over decentralization simply implies that the DCX network will never be fully decentralized. DecentraX’s platform will be centered around three key capabilities: (a) all critical back and frontend systems will be authored in first-of-its-kind language (which will be open sourced) with built-in notion of minification, scrambling, and encryption; (b) transport layer with bulletin notion of fault tolerance, client-side load balancing capabilities, and rich set of routing primitives to make whole classes of attacks (both 51% and replay) very difficult to execute; (c ) ability to define and maintain hundreds of ledgers around a fat-tree based topology customized to handle 6Pbytes of network traffic per rack every 24 hrs. while consuming under 15kW.

Fundraising Goals (Min/Max Raise Amounts): The company is aiming to raise $10,000,000 as its soft cap ($21m Hard Cap), which is reasonable for a hardware project. According to its website, DecentraX Private Pre-sale raised $225,000 USD.

Use of Proceeds (Fund Allocation): The whitepaper further states that 25% of DCX Network fees will go into staking rewards, 30% will go back into the fractional reserve wallet and be used to fund development, and the remaining 45% will be evenly distributed across masternode operators who meet the minimum requirements for running nodes (23 hours uptime and 3,000 DCX staked).

Token Allocation: Here’s a breakdown of the token allocation (as seen on the website), which is divided into two phases: pre-development and post-development.

Pre-development (12.5 million DCX circulating supply):

Presale: 1 Million (marketing for ICO, and rolled over into development)
ICO: 11 Million (used for development of the DecentraX project)
Marketing, Pre-Development: 500,000 (website, whitepaper, marketing)

Post-development (12.5 million DCX):

Staking Rewards: 6 Million
Development: 6 Million
Time Locked: 500,000

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?

3.0
N/A
3 - Limited or uncertain; some risk with regard to actual value, but issuing a custom token is justifiable.
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.

4.0
N/A
4 - Mostly decentralized, or centralized components can be justified by business and technology models.
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).

4.0
N/A
4 - Reasonable, funding goals make overall sense.
Use of Proceeds (Fund Allocation)

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

4.0
N/A
4 - Well defined and reasonable.
Token Allocation

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

4.0
N/A
4 - Most tokens sold, vesting periods on kept tokens.
Token Economics Score:
3.7
What is the current stage of development for each of the components of the platform?

Currently we are doing virtual testing and getting patents for chips, network structure, and masternodes. Our development team is writing the blockchain code.

On the DCX chip development, we are in high-level design of the chip.  Here is the schedule –

Nov 1, 2019 – project start – Chip architecture, IP & Circuit Architecture, IP Development, System-C reference model

May 1, 2019 – RTL Development cleaning, block level testing,

Aug 1, 2019 – RTL final, Physical design, chip tape out, FPGA for application development, BSP development

Nov 1, 2019 – System board & application, chip testing & debug, system testing.

May 1, 2020 – Production

On the masternode, we are defining network architecture, performance requirement, and security.

Nov 1, 2018 – Defining architecture & designing both software, and hardware.

Jan 1, 2019 – Coding& development

Feb 1, 2019 – Testnet implemented for internal development

May 1, 2019 – Alpha stage

Aug 1, 2019 – Beta stage

Nov 1, 2019 – FCS

Which steps are you planning to take to verify and inspect the exchange before launching?

We are doing an internal alpha launch with sample ERC20 contracts being traded internally. We will eventually roll out a Beta DEX launch with our BETA wallets & wallet SDK to trusted developers and partner projects. We are moving our virtual build on to a test net as the next step, and will continue to internally test our network off existing technology, and do our soft launches on existing technology (That is spec’d to allow our mainchan to move from testnet to mainnet when our chips are completed)

Our chip/board testing and verification will take about 6 months with extensive focus on correctness, performance, security, and reliability.

Please provide more background on the team, pervious experience and expertise.

Keith Son:

CEO

Accomplished executive with over 25 years of high tech experience in technical, business, and startups.  Focused on storage technologies from software to system to asic.  Co-founded couple storage companies in archival and flash technologies.  Grew the business to billions usd revenue, with multi years of strong growth.  I will be bringing in business experience in the system, chip, and software to the block chain development, deployment, and growth

Minesh Amin:

CTO

To achieve one million TPS, Decentrax will need to leverage two distinct set of technologies (distributed computing, and high performance computing). For this project, I will bring over 25 years of experience in designing, architecting, and programming high performance software systems in areas as diverse as VLSI Test, VLSI Static Timing Analysis, Image Analytics, Hardware Maintenance. In all cases, I had to interact with domain experts who had different skill sets than mine; additionally, these engagements resulted in solutions that had record setting performance. I have open sourced first-of-their-kind technologies, and have proprietary technology based on patents (both issued and pending) on critical aspects of high performance, fault tolerant computing.

GP Singh:

Chip Specialist and Manufacturing Lead

With over 25 years of experiences in designing, architecting, manufacturing, and managing, GP brings the low power and high frequency chip design technologies into the DecentraX project. GP has led high speed and low power chip development projects as a team leader, CTO and VP of Engineering for multiple companies. His rich experience and expertise in extremely rare expertise of high-speed digital circuit is very applicable in developing a world-class enterprise class Hardware systems from the ground up. GP heads the hardware team that will execute the DecentraX Minmaster Chips project. GP works with a world class processor design team with extensive experience in low power and high-speed chips designs. This includes design of a processor chip that runs at 10GHz. Such high frequency processors chip has yet to be designed. This same team has invented ground-breaking low power technology in the past two years of research. The high speed and low power expertise of this team is very rare and is not easily available anywhere in the world.

Aziz Abderrahmen:

Lead Blockchain Developer

Aziz possesses an experience of more than 5 years as a full stack web developer and an experience of 2 years as a blockchain/solidity (& truffle framework) programmer.

He has developed within several teams revolutionary blockchain-related projects and is working with big scale companies on introducing blockchain technology

Kyle Belford:

Project Manager

SEO and Marketing specialist. Specializing in google algorithm marketing to increase search rankings for organic traffic and conversions. Project managing social media and creating content for various silicon valley companies, as well as over 7 years of experience project managing marketing teams. Key player in the development of BitcoinDiamond’s community in the US.

Alex Lontoya:

Community Manager

Ex-professional athlete, Co-Founder of a sports technology company, and ex-account manager for a Fortune 500 company. Excelled in all aspects of business development, partnership development, fund raising, sales, marketing, brand development, and investor relations.

Larry Sawyer:

UI/UX

UI/UX specialist, portfolio includes PayPal and various other high profile mobile and desktop GUI for popular applications and software.

Greg Sanders (CeeJay):

Website Developer

A highly skilled and experienced web developer / web analyst with a strong background in web design, programming languages, database management.

Previous Experience

Design of ecommerce website, web app and mobile apps for online stores

Backend development of ecommerce websites using programming languages like Ruby or PHP.

CMS developer responsible for fixing bugs, building themes, adding new functionalities and providing infrastructure maintenance.

Monitor and control server to oversee the performance and condition of single and multiple servers, install and configure softwares , hardwares, networks and ensuring security and efficiency of IT infrastructure.

Expertise

Web development, coding and programming, Site troubleshooting, hosting and maintenance, digital & ecommerce design.

Others Includes:

WordPress. PHP, HTML5, XHTML, CSS3, JavaScript, Query, SOL, Bootstrap, NET, Action Script, Google Analytics, AJAX, CMS, Windows, Android, IOS. Mac

What are the specific plans for team development?

We are currently speaking with many different teams who have experience with building DEX, dApp, and Wallet applications for Blockchain Technology to bring on once funding is secured.

On the chip/board/system development – We are working with hardware team leading with GP Singh.  On the board/system team, we will develop board software and system software.  These software will handle systems with capable of processing million TPS.

Does DecentraX incorporate decentralization with respect to the governance structure of the platform?

To ensure reliability, stability, security and scalability across both centralized and decentralized components, at its most basic level, DecentraX’s platform will be centered around three key capabilities: (a) all critical back and frontend systems will be authored in first-of-its-kind language (which will be open sourced) with built-in notion of minification, scrambling, and encryption; (b) transport layer with bulletin notion of fault tolerance, client-side load balancing capabilities, and rich set of routing primitives to make whole classes of attacks (both 51% and replay) very difficult to execute; (c ) ability to define and maintain hundreds of ledgers around a fat-tree based topology customized to handle 6Pbytes of network traffic per rack every 24 hrs. while consuming under 15kW.

Are there ways users can earn DCX tokens other than the bounty & referral programs? Please specify.

DCX Tokens can be earned by staking 3,000 or more DCX and running a node (Either leasing or buying) on the DecentraX network after launch. Community Rewards and contests will be run (Non-US, KYC Compliant to qualify).

Community Rewards and contests will be run after the ICO and Utility is available (All inclusive)

What is the value proposition for DCX tokens?

DCX Tokens will be the key to participating in the DecentraX Network and utility.

 Writing Contracts

In order for a company to be able to write contracts on the DCX Network they will need to stake DCX Coins to serve as the Gas on their contract (Companies or contract writers will stake 3,000 DCX Per Contract, these coins will be used to pay for transactions on their contract) (300,000 Coins can be minted and transacted across the DCX Network per 3,000 DCX staked)

In the case of ticketing. If a company wants to write multiple contracts for various events, they will be able to do this off of one company account and split the 300,000 coins into 10 events for 30,000 tickets per event. Once the event is over the coins / contracts can be recycled for new events and new tickets.

This way users who are not blockchain familiar will not have to hold DCX in their wallets to transact new contracts on the DecentraX network, and the GAS fees will be paid in advance of writing the contract(s). Each contract will have a Max amount of transactions that can occur before more Gas will have to be added (DCX) to their contracts if they are recycling their contracts in perpetuity.

Operating Nodes

3,000 DCX can be staked, and nodes can be leased or purchased directly from DecentraX outside of our network, certain network requirements and hardware requirements will have to be met to operate a node or nodes on the DecentraX network. 40% of all network Fees will be evenly split to all Node operators on the DCX Network.

DEX Trades:

Every DEX Trade that occurs Peer-to-Peer will require a set of Fees to be paid by both the Buyer and Seller, these fees will not only cover the transaction costs, but will also trigger the DEX wallet to proceed with the Atomic Swap. All fees on the DEX will be paid in DCX.

Fees are not paid for DEX trades that occur within a “Contract” as the contract owner has already paid these fees.

What are your funding goals in terms of hard cap and minimum funding for execution?

The Hardcap for DCX is 110,000 ETH Roughly 21,500,000 USD / the Softcap is 55,000 ETH Roughly 10,750,000 USD

We will provide you with our Line Item projects by Quarter, as well as our PPM projects for Burn Rate, etc.

What are the current plans for unsold tokens?

Unsold coins from the Presale are 100% placed into securing a Strategic Partnership and Bounty Programs

Unsold coins from the ICO will be 20% Burned, 30% placed back into staking rewards, 50% placed back into Development.

Use this code to share the ratings on your website