BoatPilot

BoatPilot is essentially marine Google Maps and TripAdvisor in one program, with no other product like it in the world. The funds raised in this ICO will be used to expand business dramatically.

About BoatPilot

BoatPilot is an augmented reality (AR) capable marine navigation service for private and commercial yachting markets. The platform enables access to marine routes, marine laws and regulations, and relevant information on coastal objects. NAVI tokens will be used to book yachts and marinas. NAVI tokens become increasingly scarce each time the tokens are used, as the tokens will be immediately burned. Additionally, 25% of the advertising revenue will be used to purchase NAVI tokens from exchanges, where 50% of the tokens will be burned. There are three main components of the platform: BoatPilot (navigation), Pocket Skipper (brokerage, rentals, etc), and BoatGod (hardware).

Token Sale Use of Blockchain

Product

3.4
Product
Readiness

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

3.0
N/A
3 - Prototype / MVP / alpha.
Appeal

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

3.0
N/A
3 - Interesting.
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?

5.0
N/A
5 - Hardly any (or no) competition.
Innovation

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

4.0
N/A
4 - Original, specialized.

Product

Although the target user base of the product is quite narrow, it is stated that over 35,000 users have downloaded BoatPilot’s beta-version. The level of competition that BoatPilot faces is relatively low (partly due to the niche target demographic). A beta version of the product was released on Android and a minimum viable product (MVP) was released on iOS in 2017. The GitHub page shows low levels of activity, although the code regarding the TGE has been through a security audit.

Product Whitepaper

Use of Blockchain

2.2
Use of Blockchain
Blockchain Development

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

1.0
N/A
1 - None; simple Ethereum based coin.
Disruptive Blockchain Advantage

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

3.0
N/A
3 - Potentially disruptive.
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.)?

3.0
N/A
3 - Hybrid; decentralized as far as circumstances allow.
Contribution to Blockchain Ecosystem

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

3.0
N/A
3 - Interesting.

Use of Blockchain

NAVI is an ERC20 compliant token. NAVI tokens will used to book yachts and marinas. In other words, NAVI tokens act as a means of exchange on the platform. As a result, there is no significant need to create a custom token other than to generate funds for the platform. BoatPilot plans to increase the scarcity of the tokens by burning them when they are used to rent or book a vessel. Also, it is stated that “least 25% of all advertising profits will be used to buyout tokens available on cryptocurrency exchanges”. Thus, the value of the token is planned to increase as the platform grows. The fundamental concept of the platform can be performed without the use of a custom token, but procedures are in place (token burning) to entice users to purchase tokens and fund the organization.

Use of Blockchain Roadmap

Whitepaper

3.6
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?

4.0
N/A
4 - Easy to read and understand.
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?

4.0
N/A
4 - Clear, well thought out, realistic.
Technology Presentation

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

4.0
N/A
4 - Clear, well thought out, realistic.

Whitepaper

The whitepaper is moderate in length at 40 pages. There is a separate document that outlines the technical aspects of the project. This document gives specific details of how the organization plans to overcome technological obstacles. The document is presented with a series of problems and proposed solutions, which are well thought out. The business plan is presented in fair detail and adequate market research is included in the document. There is sufficient discussion regarding the justification for the service and how existing solutions compare to BoatPilot.

Whitepaper Compliance

Roadmap

2.6
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?

3.0
N/A
3 - A trend with potential.
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

The development roadmap spans from Q2 2018 to Q4 2021 and is segregated into two different levels of funding: soft cap and hard cap. The roadmap contains a fair number of milestones that are discussed in sufficient detail. In Q2 2018, BoatPilot plans to open a physical office, release the final version of the BoatPilot mobile application, and release Pocket Skipper on iOS and Android.

Roadmap Company and Team

Compliance

1.6
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?

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

1.0
N/A
1 - None; ignored.
Legal Review/Risk Assessment

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

1.0
N/A
1 - None available.

Compliance

The whitepaper does not contain a disclaimer section and does not explicitly state whether NAVI tokens should be considered security tokens. A separate document provided on BoatPilot’s website outlines the smart contract security audit. US residents will not be able to participate in the token sale.

Compliance Token Sale

Company and Team

3.0
Company and Team
Company Stage and Foundation

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

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

3.0
N/A
3 - Correlated 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 team of 6 individuals are listed on the BoatPilot website, along with their profile pictures, short descriptions and links to social media profiles. The skill set of the team is fairly balanced between technology and business development. One particular team member is included in the whitepaper but not the website. Most team members do not have a lot of detail provided on LinkedIn and only have job titles listed without job descriptions.

Company and Team Product

Token Sale

2.0
Token Sale
Raise Amount Max

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

3.0
N/A
3 - Justifiable.
Raise Amount Min

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

3.0
N/A
3 - Justifiable.
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?

2.0
N/A
2 - Minor exposure and interest, or ambivalent reception.

Token Sale

Details of the token allocation for the token generating event (TGE) are provided, but the allocation with regard to the total supply of tokens is not clearly presented in either the whitepaper or the website. The total number of tokens distributed in the TGE is approximately 229.7 million (61.25% is for free float, 20% is for the team, 12.25% is for bonuses, 3.5% is for advisors, 1.5% is for the project ecosystem, and 1.5% is for bounties, PR, and referrals). The most significant allocation of tokens, “free float”, is not adequately defined. The allocation of funds is described in low levels of detail; fund allocations are not clearly indicated and only a list of items is provided for a successful TGE. The soft cap is $3.92MM USD and the hard cap is $9.85MM USD, where 1 NAVI = $0.07 USD. The token sale takes place from January 9, 2018 to March 31, 2018.

Product

Although the target user base of the product is quite narrow, it is stated that over 35,000 users have downloaded BoatPilot’s beta-version. The level of competition that BoatPilot faces is relatively low (partly due to the niche target demographic). A beta version of the product was released on Android and a minimum viable product (MVP) was released on iOS in 2017. The GitHub page shows low levels of activity, although the code regarding the TGE has been through a security audit.

Category Breakdown
Readiness

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

3.0
N/A
3 - Prototype / MVP / alpha.
Appeal

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

3.0
N/A
3 - Interesting.
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?

5.0
N/A
5 - Hardly any (or no) competition.
Innovation

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

4.0
N/A
4 - Original, specialized.
Product Score:
3.4

Use of Blockchain

NAVI is an ERC20 compliant token. NAVI tokens will used to book yachts and marinas. In other words, NAVI tokens act as a means of exchange on the platform. As a result, there is no significant need to create a custom token other than to generate funds for the platform. BoatPilot plans to increase the scarcity of the tokens by burning them when they are used to rent or book a vessel. Also, it is stated that “least 25% of all advertising profits will be used to buyout tokens available on cryptocurrency exchanges”. Thus, the value of the token is planned to increase as the platform grows. The fundamental concept of the platform can be performed without the use of a custom token, but procedures are in place (token burning) to entice users to purchase tokens and fund the organization.

Category Breakdown
Blockchain Development

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

1.0
N/A
1 - None; simple Ethereum based coin.
Disruptive Blockchain Advantage

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

3.0
N/A
3 - Potentially disruptive.
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.)?

3.0
N/A
3 - Hybrid; decentralized as far as circumstances allow.
Contribution to Blockchain Ecosystem

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

3.0
N/A
3 - Interesting.
Use of Blockchain Score:
2.2

Whitepaper

The whitepaper is moderate in length at 40 pages. There is a separate document that outlines the technical aspects of the project. This document gives specific details of how the organization plans to overcome technological obstacles. The document is presented with a series of problems and proposed solutions, which are well thought out. The business plan is presented in fair detail and adequate market research is included in the document. There is sufficient discussion regarding the justification for the service and how existing solutions compare to BoatPilot.

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?

4.0
N/A
4 - Easy to read and understand.
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?

4.0
N/A
4 - Clear, well thought out, realistic.
Technology Presentation

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

4.0
N/A
4 - Clear, well thought out, realistic.
Whitepaper Score:
3.6

Roadmap

The development roadmap spans from Q2 2018 to Q4 2021 and is segregated into two different levels of funding: soft cap and hard cap. The roadmap contains a fair number of milestones that are discussed in sufficient detail. In Q2 2018, BoatPilot plans to open a physical office, release the final version of the BoatPilot mobile application, and release Pocket Skipper on iOS and Android.

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?

3.0
N/A
3 - A trend with potential.
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:
2.6

Compliance

The whitepaper does not contain a disclaimer section and does not explicitly state whether NAVI tokens should be considered security tokens. A separate document provided on BoatPilot’s website outlines the smart contract security audit. US residents will not be able to participate in 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?

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

1.0
N/A
1 - None; ignored.
Legal Review/Risk Assessment

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

1.0
N/A
1 - None available.
Compliance Score:
1.6

Company and Team

The team of 6 individuals are listed on the BoatPilot website, along with their profile pictures, short descriptions and links to social media profiles. The skill set of the team is fairly balanced between technology and business development. One particular team member is included in the whitepaper but not the website. Most team members do not have a lot of detail provided on LinkedIn and only have job titles listed without job descriptions.

Category Breakdown
Company Stage and Foundation

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

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

3.0
N/A
3 - Correlated 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:
3.0

Token Sale

Details of the token allocation for the token generating event (TGE) are provided, but the allocation with regard to the total supply of tokens is not clearly presented in either the whitepaper or the website. The total number of tokens distributed in the TGE is approximately 229.7 million (61.25% is for free float, 20% is for the team, 12.25% is for bonuses, 3.5% is for advisors, 1.5% is for the project ecosystem, and 1.5% is for bounties, PR, and referrals). The most significant allocation of tokens, “free float”, is not adequately defined. The allocation of funds is described in low levels of detail; fund allocations are not clearly indicated and only a list of items is provided for a successful TGE. The soft cap is $3.92MM USD and the hard cap is $9.85MM USD, where 1 NAVI = $0.07 USD. The token sale takes place from January 9, 2018 to March 31, 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)?

3.0
N/A
3 - Justifiable.
Raise Amount Min

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

3.0
N/A
3 - Justifiable.
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?

2.0
N/A
2 - Minor exposure and interest, or ambivalent reception.
Token Sale Score:
2.0

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