Blockchain Terminal

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 Sale Use of Blockchain

Product

2.4
Product
Readiness

Is the product ready for use? Is there a working prototype or MVP? How long until it is operational?

2.0
N/A
2 - Proof of concept or test platform.
Appeal

How appealing is the product? How good or necessary is it? Does it have a distinct edge?

2.0
N/A
2 - Meh, okay.
Target User Base

Is it mass market or niche?

2.0
N/A
2 - Small audience / niche market.
Competition

Are there many other similar solutions or is this one of just a few, or even one of a kind?

3.0
N/A
3 - Some normal competition.
Innovation

How innovative or inventive is the product, either conceptually or technologically?

3.0
N/A
3 - Partial, a novel approach or aspect.

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”. BCT’s target user base is fairly limited 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. 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 4 exchanges (Bitfinex, Kraken, BitFinance and Poloniex). 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. The BCT GitHub page is not provided.

Product Whitepaper

Use of Blockchain

1.6
Use of Blockchain
Blockchain Development

Is blockchain technology essential? Does it make the solution significantly different and better?

2.0
N/A
2 - Some smart contract functionality.
Disruptive Blockchain Advantage

How disruptive is the introduction of blockchain technology into the product's market space?

2.0
N/A
2 - Some, but not much.
Need for a Custom Token (vs. BTC or ETH)

Is the token essential or could it be done just as well or better with fiat or Bitcoin?

1.0
N/A
1 - None really, just fundraising.
System Decentralization (besides token)

How decentralized is the system architecture other than the token (e.g., data collection, storage, access, and use, or decision making processes, etc.)?

1.0
N/A
1 - Essentially centralized.
Contribution to Blockchain Ecosystem

How compelling is the solution's contribution to the evolution of blockchain infrastructure and economy?

2.0
N/A
2 - Meh, okay.

Use of Blockchain

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 Blockchain Roadmap

Whitepaper

2.8
Whitepaper
Comprehensiveness

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

3.0
N/A
3 - Covers most key issues; a few holes.
Readability

Is it easy enough to understand?

3.0
N/A
3 - Readable, takes some time.
Transparency

Does it candidly describe and disclose where the project now stands, how much exists and how much still needs to be done, etc.?

3.0
N/A
3 - Basic honesty with some hype.
Business Plan Presentation

Does it contain a viable, comprehensive business plan?

2.0
N/A
2 - Missing critical information.
Technology Presentation

Does it present a well thought out technological architecture? Does it address implementational challenges?

3.0
N/A
3 - More information required.

Whitepaper

The whitepaper is 47 pages in length. The technology plan is presented with fairly high levels of detail. There is 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 with 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.

Whitepaper Compliance

Roadmap

2.4
Roadmap
Concreteness

Is there a concrete and practical development plan (vs. just a conceptual vision)?

3.0
N/A
3 - An overall plan, major milestones stated.
Feasibility

Is the development plan realistic? Is it based on reasonable goals and timelines?

3.0
N/A
3 - Optimistic.
Vision

Is there a larger, long-term vision?

2.0
N/A
2 - Riding the current wave.
Dependencies (services or capabilities)

How available, operational, or trusted are the other systems or capabilities on which the project relies?

2.0
N/A
2 - Not fully available or trustworthy.
Current Position

Where is the project now, relative to its vision and plans?

2.0
N/A
2 - Critical obstacles ahead.

Roadmap

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. By Q3 2018, third-party applications are planned to be integrated into the platform.

Roadmap Company and Team

Compliance

1.8
Compliance
Token Utility (value through usage)

How much use is there for the token itself (regardless of its value as an investment vehicle)?

2.0
N/A
2 - Minimal or contrived.
Token as Security (tradable instrument)

How valuable is the token as an investment vehicle or financial instrument?

2.0
N/A
2 - Primarily, with few additional rights.
Token/Smart-Contract Readiness

Is the blockchain infrastructure of the project ready for use? Is there a working prototype or MVP? How long until it is operational?

1.0
N/A
1 - Nothing yet, just an idea.
Attention to Compliance Issues

How much attention is given to compliance (via token and ecosystem design, token sale participation, etc.)? Is this issue addressed directly and coherently?

2.0
N/A
2 - Minimal, superficial or hackneyed.
Legal Review/Risk Assessment

What kind of legal documentation (reviews or agreements) and risk assessment are provided?

2.0
N/A
2 - Insufficient or unprofessional.

Compliance

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. KYC will be used for the token sale.

Compliance Token Sale

Company and Team

3.4
Company and Team
Company Stage and Foundation

Is the company already established? Has it raised funds before? Is it mature?

4.0
N/A
4 - Established with some fundraising history.
Background of Lead Team Members

Do we know who they are? Do they have LinkedIn profiles? Do they have solid, relevant backgrounds?

3.0
N/A
3 - Minimally sufficient.
Team Assembly and Commitment

Is a solid, fully committed core team in place? Do they have online (e.g. LinkedIn) profiles showing sufficient relevant experience? Is their participation transparent?

3.0
N/A
3 - Mostly assembled and committed.
Team Skill Set Relevance

Does the amount of talent and skill in each area seem to fit the project requirements?

4.0
N/A
4 - Well suited to project requirements.
Team Skill Set Balance

Is the team well-rounded (biz/tech/blockchain)? Is there sufficient talent and skill in all areas of required development?

3.0
N/A
3 - Somewhat uncertain, probably okay.

Company and Team

The Blockchain Terminal Foundation is a non-profit foundation based in the Cayman Islands. The organization has raised $1.5MM USD in the first round of the pre-sale. The core team of 10 individuals are listed on the BCT website, along with their profile pictures, short descriptions and links to LinkedIn profiles (for most team members). Two individuals do not include their LinkedIn profiles. The LinkedIn profile for the the founder could not be found via manual search on LinkedIn. With regards to blockchain-related experience, the President has experience as a blockchain consultant. 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 Product

Token Sale

1.6
Token Sale
Raise Amount Max

Is there a clear cap? Is the maximum raise amount modestly sufficient (as opposed to either greedy or insufficient)?

2.0
N/A
2 - Somewhat greedy or unrelated to plans.
Raise Amount Min

Is the minimum raise reasonable considering the development plan? Are there raise-amount dependent milestones?

1.0
N/A
1 - None or nonsensical.
Fund Allocation

Is fund distribution and allocation reasonable and justified?

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

Is the ratio of tokens sold to those kept reasonable? Does it prevent the company from having too much control?

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

Is the sale being talked about in Reddit, Bitcointalk, Social Media, Medium, etc.? Is information available and accessible? Is there interest?

3.0
N/A
3 - Some presence, lukewarm reception.

Token Sale

Details of the token sale and the platform’s economic model are absent from the documentation. It is stated that “the volume of tokens distributed to the constituents, total supply, time-line, use of proceeds, conditions of release, and milestones will be forthcoming”. However, some details are presented in the FAQ section of the BCT website. The hard cap for the pre-sale is $21MM USD and the overall hard cap is $51.5MM USD. The public token sale takes place April 1, 2018.

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”. BCT’s target user base is fairly limited 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. 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 4 exchanges (Bitfinex, Kraken, BitFinance and Poloniex). 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. The BCT GitHub page is not provided.

Category Breakdown
Readiness

Is the product ready for use? Is there a working prototype or MVP? How long until it is operational?

2.0
N/A
2 - Proof of concept or test platform.
Appeal

How appealing is the product? How good or necessary is it? Does it have a distinct edge?

2.0
N/A
2 - Meh, okay.
Target User Base

Is it mass market or niche?

2.0
N/A
2 - Small audience / niche market.
Competition

Are there many other similar solutions or is this one of just a few, or even one of a kind?

3.0
N/A
3 - Some normal competition.
Innovation

How innovative or inventive is the product, either conceptually or technologically?

3.0
N/A
3 - Partial, a novel approach or aspect.
Product Score:
2.4

Use of Blockchain

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.

Category Breakdown
Blockchain Development

Is blockchain technology essential? Does it make the solution significantly different and better?

2.0
N/A
2 - Some smart contract functionality.
Disruptive Blockchain Advantage

How disruptive is the introduction of blockchain technology into the product's market space?

2.0
N/A
2 - Some, but not much.
Need for a Custom Token (vs. BTC or ETH)

Is the token essential or could it be done just as well or better with fiat or Bitcoin?

1.0
N/A
1 - None really, just fundraising.
System Decentralization (besides token)

How decentralized is the system architecture other than the token (e.g., data collection, storage, access, and use, or decision making processes, etc.)?

1.0
N/A
1 - Essentially centralized.
Contribution to Blockchain Ecosystem

How compelling is the solution's contribution to the evolution of blockchain infrastructure and economy?

2.0
N/A
2 - Meh, okay.
Use of Blockchain Score:
1.6

Whitepaper

The whitepaper is 47 pages in length. The technology plan is presented with fairly high levels of detail. There is 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 with 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.

Category Breakdown
Comprehensiveness

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

3.0
N/A
3 - Covers most key issues; a few holes.
Readability

Is it easy enough to understand?

3.0
N/A
3 - Readable, takes some time.
Transparency

Does it candidly describe and disclose where the project now stands, how much exists and how much still needs to be done, etc.?

3.0
N/A
3 - Basic honesty with some hype.
Business Plan Presentation

Does it contain a viable, comprehensive business plan?

2.0
N/A
2 - Missing critical information.
Technology Presentation

Does it present a well thought out technological architecture? Does it address implementational challenges?

3.0
N/A
3 - More information required.
Whitepaper Score:
2.8

Roadmap

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. By Q3 2018, third-party applications are planned to be integrated into the platform.

Category Breakdown
Concreteness

Is there a concrete and practical development plan (vs. just a conceptual vision)?

3.0
N/A
3 - An overall plan, major milestones stated.
Feasibility

Is the development plan realistic? Is it based on reasonable goals and timelines?

3.0
N/A
3 - Optimistic.
Vision

Is there a larger, long-term vision?

2.0
N/A
2 - Riding the current wave.
Dependencies (services or capabilities)

How available, operational, or trusted are the other systems or capabilities on which the project relies?

2.0
N/A
2 - Not fully available or trustworthy.
Current Position

Where is the project now, relative to its vision and plans?

2.0
N/A
2 - Critical obstacles ahead.
Roadmap Score:
2.4

Compliance

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. KYC will be used for the token sale.

Category Breakdown
Token Utility (value through usage)

How much use is there for the token itself (regardless of its value as an investment vehicle)?

2.0
N/A
2 - Minimal or contrived.
Token as Security (tradable instrument)

How valuable is the token as an investment vehicle or financial instrument?

2.0
N/A
2 - Primarily, with few additional rights.
Token/Smart-Contract Readiness

Is the blockchain infrastructure of the project ready for use? Is there a working prototype or MVP? How long until it is operational?

1.0
N/A
1 - Nothing yet, just an idea.
Attention to Compliance Issues

How much attention is given to compliance (via token and ecosystem design, token sale participation, etc.)? Is this issue addressed directly and coherently?

2.0
N/A
2 - Minimal, superficial or hackneyed.
Legal Review/Risk Assessment

What kind of legal documentation (reviews or agreements) and risk assessment are provided?

2.0
N/A
2 - Insufficient or unprofessional.
Compliance Score:
1.8

Company and Team

The Blockchain Terminal Foundation is a non-profit foundation based in the Cayman Islands. The organization has raised $1.5MM USD in the first round of the pre-sale. The core team of 10 individuals are listed on the BCT website, along with their profile pictures, short descriptions and links to LinkedIn profiles (for most team members). Two individuals do not include their LinkedIn profiles. The LinkedIn profile for the the founder could not be found via manual search on LinkedIn. With regards to blockchain-related experience, the President has experience as a blockchain consultant. 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

Is the company already established? Has it raised funds before? Is it mature?

4.0
N/A
4 - Established with some fundraising history.
Background of Lead Team Members

Do we know who they are? Do they have LinkedIn profiles? Do they have solid, relevant backgrounds?

3.0
N/A
3 - Minimally sufficient.
Team Assembly and Commitment

Is a solid, fully committed core team in place? Do they have online (e.g. LinkedIn) profiles showing sufficient relevant experience? Is their participation transparent?

3.0
N/A
3 - Mostly assembled and committed.
Team Skill Set Relevance

Does the amount of talent and skill in each area seem to fit the project requirements?

4.0
N/A
4 - Well suited to project requirements.
Team Skill Set Balance

Is the team well-rounded (biz/tech/blockchain)? Is there sufficient talent and skill in all areas of required development?

3.0
N/A
3 - Somewhat uncertain, probably okay.
Company and Team Score:
3.4

Token Sale

Details of the token sale and the platform’s economic model are absent from the documentation. It is stated that “the volume of tokens distributed to the constituents, total supply, time-line, use of proceeds, conditions of release, and milestones will be forthcoming”. However, some details are presented in the FAQ section of the BCT website. The hard cap for the pre-sale is $21MM USD and the overall hard cap is $51.5MM USD. The public token sale takes place April 1, 2018.

Category Breakdown
Raise Amount Max

Is there a clear cap? Is the maximum raise amount modestly sufficient (as opposed to either greedy or insufficient)?

2.0
N/A
2 - Somewhat greedy or unrelated to plans.
Raise Amount Min

Is the minimum raise reasonable considering the development plan? Are there raise-amount dependent milestones?

1.0
N/A
1 - None or nonsensical.
Fund Allocation

Is fund distribution and allocation reasonable and justified?

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

Is the ratio of tokens sold to those kept reasonable? Does it prevent the company from having too much control?

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

Is the sale being talked about in Reddit, Bitcointalk, Social Media, Medium, etc.? Is information available and accessible? Is there interest?

3.0
N/A
3 - Some presence, lukewarm reception.
Token Sale Score:
1.6

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