BTU Protocol

BTU Protocol is an open decentralized ERC-808 smart contract-based booking protocol which facilitates the reservation process between resource providers, bookers, and booking platforms.

About BTU Protocol

The Booking Token Unit (BTU) Protocol is an ERC-808 based protocol which facilitates the reservation process between resource providers and booking applications or dApps. BTU aims to create an open-source standardized decentralized booking protocol along with reference implementations that can be leveraged for various industries (hospitality, travel, finance, healthcare, retail, automotive and more).

Token Sale Use of Blockchain

Product

3.2
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?

3.0
N/A
3 - Interesting.
Target User Base

Is it mass market or niche?

4.0
N/A
4 - Large audience / wide 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?

4.0
N/A
4 - Original, specialized.

Product

The essential product appears to be the BTU protocol itself, with a specific implementation planned for hotel booking. The BTU protocol involves the use of the project’s standardized decentralized reservation contract (RES), wherein BTU tokens are used to make bookings. The project’s Github repo contains code for a demo-mvp with the RES smart contract, and appears to be relatively new (1 contributor, little but recent activity). The EIP github contains additional activity (https://github.com/ethereum/EIPs/pull/808).
Competition includes: lockchain, quickchain, rezchain (webjet), concierge.io, windingtree

Product Whitepaper

Use of Blockchain

3.6
Use of Blockchain
Blockchain Development

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

4.0
N/A
4 - Innovative use of blockchain technology.
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?

4.0
N/A
4 - Token is essential to platform.
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.)?

4.0
N/A
4 - Mostly decentralized.
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

The BTU protocol is being standardized as ERC-808 and requires the use of the Ethereum-based BTU token. The ERC-808 standard implements the ERC-20 transferable token standard, while adding specific functions handling the reservation process.
While the protocol itself is open and Ethereum-based (decentralized), the project’s website states that “All platforms implementing the BTU protocol would benefit from a hybrid approach combining an on-chain smart contract and off-chain software components, providing more scalability.” With regard to scalability, decentralized solutions such as Cosmos, IPDB/IPFS, and Raiden are considered.

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?

5.0
N/A
5 - Crystal clear. Enjoyable.
Transparency

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

4.0
N/A
4 - Informative disclosure.
Business Plan Presentation

Does it contain a viable, comprehensive business plan?

3.0
N/A
3 - More information required.
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 21-page long whitepaper is available only via email (including automatic mailing list subscription, along with an Unsubscribe option). The whitepaper contains a comprehensive market analysis of the hotel booking sector and online travel agencies, focusing on problems due to centralized control. The BTU protocol itself is discussed concisely and in detail, with specifications and smart contract structure, (although anti-spam measures are only lightly touched upon). Links to the ERC-808 EIP submissions are provided, along with definitions of the specific functions added to ERC-20, and the reference implementation can be found BTU’s Github repository. The discussions regarding token functionality and platform scalability are limited and vague. A first use case, for hotel booking, is given particular attention with a schematic representation of the overall architecture and a simplified process description.

Whitepaper Compliance

Roadmap

3.2
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?

4.0
N/A
4 - Long term.
Dependencies (services or capabilities)

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

4.0
N/A
4 - Available and trusted.
Current Position

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

2.0
N/A
2 - Critical obstacles ahead.

Roadmap

The roadmap provided in the whitepaper contains:
May 2018 : On-chain MVP (MVP Application fully onchain [RES smart contact, Demo Dapp for Booker, Demo Dapp])
September 2018: Scalability MVP (MVP for BTU [Javascript SDK, Booking infrastructure], Support to first platform based on BTU protocol : Hotel booking website integrated to one hotel channel manager.)
January 2019: Multiple Integrations (BTU 1.0 implementation [SDK in Javascript, Java, Python, Go, Plugin to Wordpress and Drupal, More scalability], Support to more partners)
April 2019: Protocol Upgrade (BTU 2.0 implementation and upgrades [Integration with reputation and other systems, Privacy by design])
October 2019: Full Scalability (Implementation of a Cosmos Zone or any other selected scalability solution)

The website also features a roadmap containing:
January 2018: EIP ERC-808 submission of the BTU Protocol
March 2018: Releasing the BTU Protocol MVP (<– not yet available)
April 2018: BTU Protocol Token sale
May 2018: “Earth” release (Protocol fully onchain, RES smart contract, Demo dApp)
Q3 2018: “Mars” release (Support to first platform based on BTU protocol, Booking infrastructure, Javascript SDK, Template dApp customizable to any industry)
Q1 2019: “Jupiter” release (Support to more partners leveraging our booking infrastructure, SDK in Javascript, Java, Python, Go, Plugin for Wordpress, Drupal and other CMS)
Q2 2019: “Saturn” release (Integration of reputation system, Enhanced privacy features)
Q4 2019: “Uranus” release (Implementation of a Cosmos Zone)

Roadmap Company and Team

Compliance

3.6
Compliance
Token Utility (value through usage)

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

4.0
N/A
4 - Distinctive use cases.
Token as Security (tradable instrument)

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

3.0
N/A
3 - Partly; compliance not fully assured.
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?

4.0
N/A
4 - Specific, detailed.
Legal Review/Risk Assessment

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

5.0
N/A
5 - Professional and top-tier.

Compliance

The BTU token is issued on top of Ethereum public infrastructure, and can be used as a deposit for booking a resource as well as a reward mechanism (particular forms of usage are suggested, not specified).
The whitepaper and website contain no legal documentation, and while it is unknown whether or how KYC will be used, for now reading the whitepaper requires an email address. Also, the Terms and Conditions for token purchasers is a highly professional, 32-page long document, absolving the company of all liability. It also states that the website, protocol, and BTU tokens are not offered for use to residents of the US, New Zealand, the Republic of Korea, and China.

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?

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?

4.0
N/A
4 - Verifiable relevant experience.
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 website lists 2 founders, 5 team members, 8 ambassadors, and 2 legal counselors. Profile pictures, short bios, and LinkedIn profile links are provided. The 5 listed team member positions are: Senior Blockchain Architect & Technical Advisor, Chief Operating Officer, Back-end Developer, Front-end Developer, Partnership Manager Korea. The two founders appear to have extensive blockchain-related experience (and one is the inventor of ERC-808). Team members’ profiles show clear involvement with the project and relevant experience, but also involvement in other enterprises. The role of the ambassadors is not explained (seems to be online presence/promotion, and most do list the project on their LinkedIn profiles). The two legal counselors are partners at Fieldfisher. The company is based in France.

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)?

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?

4.0
N/A
4 - Reasonable, sensible.
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

Private sale is currently live, token sale information not available on the website.
According to this post [https://blog.gatecoin.com/participate-in-the-booking-token-unit-protocol-btu-token-pre-sale-through-gatecoin-42b3d32b1304]:
* Only contributions in EUR are accepted for the presale.
* Public sale begins on April 10.
* Presale cap is EUR 250,000.
* Public sale cap is EUR 30,000,000.
* Total token supply is 50,000,000 BTU (no further minting after the token generation event).
* US nationals, US residents, New Zealand nationals, and residents of Mainland China, will not be accepted as contributors.

Product

The essential product appears to be the BTU protocol itself, with a specific implementation planned for hotel booking. The BTU protocol involves the use of the project’s standardized decentralized reservation contract (RES), wherein BTU tokens are used to make bookings. The project’s Github repo contains code for a demo-mvp with the RES smart contract, and appears to be relatively new (1 contributor, little but recent activity). The EIP github contains additional activity (https://github.com/ethereum/EIPs/pull/808).
Competition includes: lockchain, quickchain, rezchain (webjet), concierge.io, windingtree

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?

3.0
N/A
3 - Interesting.
Target User Base

Is it mass market or niche?

4.0
N/A
4 - Large audience / wide 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?

4.0
N/A
4 - Original, specialized.
Product Score:
3.2

Use of Blockchain

The BTU protocol is being standardized as ERC-808 and requires the use of the Ethereum-based BTU token. The ERC-808 standard implements the ERC-20 transferable token standard, while adding specific functions handling the reservation process.
While the protocol itself is open and Ethereum-based (decentralized), the project’s website states that “All platforms implementing the BTU protocol would benefit from a hybrid approach combining an on-chain smart contract and off-chain software components, providing more scalability.” With regard to scalability, decentralized solutions such as Cosmos, IPDB/IPFS, and Raiden are considered.

Category Breakdown
Blockchain Development

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

4.0
N/A
4 - Innovative use of blockchain technology.
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?

4.0
N/A
4 - Token is essential to platform.
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.)?

4.0
N/A
4 - Mostly decentralized.
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:
3.6

Whitepaper

The 21-page long whitepaper is available only via email (including automatic mailing list subscription, along with an Unsubscribe option). The whitepaper contains a comprehensive market analysis of the hotel booking sector and online travel agencies, focusing on problems due to centralized control. The BTU protocol itself is discussed concisely and in detail, with specifications and smart contract structure, (although anti-spam measures are only lightly touched upon). Links to the ERC-808 EIP submissions are provided, along with definitions of the specific functions added to ERC-20, and the reference implementation can be found BTU’s Github repository. The discussions regarding token functionality and platform scalability are limited and vague. A first use case, for hotel booking, is given particular attention with a schematic representation of the overall architecture and a simplified process description.

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?

5.0
N/A
5 - Crystal clear. Enjoyable.
Transparency

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

4.0
N/A
4 - Informative disclosure.
Business Plan Presentation

Does it contain a viable, comprehensive business plan?

3.0
N/A
3 - More information required.
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:
3.6

Roadmap

The roadmap provided in the whitepaper contains:
May 2018 : On-chain MVP (MVP Application fully onchain [RES smart contact, Demo Dapp for Booker, Demo Dapp])
September 2018: Scalability MVP (MVP for BTU [Javascript SDK, Booking infrastructure], Support to first platform based on BTU protocol : Hotel booking website integrated to one hotel channel manager.)
January 2019: Multiple Integrations (BTU 1.0 implementation [SDK in Javascript, Java, Python, Go, Plugin to Wordpress and Drupal, More scalability], Support to more partners)
April 2019: Protocol Upgrade (BTU 2.0 implementation and upgrades [Integration with reputation and other systems, Privacy by design])
October 2019: Full Scalability (Implementation of a Cosmos Zone or any other selected scalability solution)

The website also features a roadmap containing:
January 2018: EIP ERC-808 submission of the BTU Protocol
March 2018: Releasing the BTU Protocol MVP (<– not yet available)
April 2018: BTU Protocol Token sale
May 2018: “Earth” release (Protocol fully onchain, RES smart contract, Demo dApp)
Q3 2018: “Mars” release (Support to first platform based on BTU protocol, Booking infrastructure, Javascript SDK, Template dApp customizable to any industry)
Q1 2019: “Jupiter” release (Support to more partners leveraging our booking infrastructure, SDK in Javascript, Java, Python, Go, Plugin for Wordpress, Drupal and other CMS)
Q2 2019: “Saturn” release (Integration of reputation system, Enhanced privacy features)
Q4 2019: “Uranus” release (Implementation of a Cosmos Zone)

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?

4.0
N/A
4 - Long term.
Dependencies (services or capabilities)

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

4.0
N/A
4 - Available and trusted.
Current Position

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

2.0
N/A
2 - Critical obstacles ahead.
Roadmap Score:
3.2

Compliance

The BTU token is issued on top of Ethereum public infrastructure, and can be used as a deposit for booking a resource as well as a reward mechanism (particular forms of usage are suggested, not specified).
The whitepaper and website contain no legal documentation, and while it is unknown whether or how KYC will be used, for now reading the whitepaper requires an email address. Also, the Terms and Conditions for token purchasers is a highly professional, 32-page long document, absolving the company of all liability. It also states that the website, protocol, and BTU tokens are not offered for use to residents of the US, New Zealand, the Republic of Korea, and China.

Category Breakdown
Token Utility (value through usage)

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

4.0
N/A
4 - Distinctive use cases.
Token as Security (tradable instrument)

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

3.0
N/A
3 - Partly; compliance not fully assured.
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?

4.0
N/A
4 - Specific, detailed.
Legal Review/Risk Assessment

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

5.0
N/A
5 - Professional and top-tier.
Compliance Score:
3.6

Company and Team

The website lists 2 founders, 5 team members, 8 ambassadors, and 2 legal counselors. Profile pictures, short bios, and LinkedIn profile links are provided. The 5 listed team member positions are: Senior Blockchain Architect & Technical Advisor, Chief Operating Officer, Back-end Developer, Front-end Developer, Partnership Manager Korea. The two founders appear to have extensive blockchain-related experience (and one is the inventor of ERC-808). Team members’ profiles show clear involvement with the project and relevant experience, but also involvement in other enterprises. The role of the ambassadors is not explained (seems to be online presence/promotion, and most do list the project on their LinkedIn profiles). The two legal counselors are partners at Fieldfisher. The company is based in France.

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?

4.0
N/A
4 - Verifiable relevant experience.
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

Private sale is currently live, token sale information not available on the website.
According to this post [https://blog.gatecoin.com/participate-in-the-booking-token-unit-protocol-btu-token-pre-sale-through-gatecoin-42b3d32b1304]:
* Only contributions in EUR are accepted for the presale.
* Public sale begins on April 10.
* Presale cap is EUR 250,000.
* Public sale cap is EUR 30,000,000.
* Total token supply is 50,000,000 BTU (no further minting after the token generation event).
* US nationals, US residents, New Zealand nationals, and residents of Mainland China, will not be accepted as contributors.

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?

4.0
N/A
4 - Reasonable, sensible.
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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