Cardstack

Cardstack is an open-source framework and consensus protocol that makes blockchains usable and scalable for the mass market.

About Cardstack

Cardstack aims to be an open-source framework and consensus protocol providing three main functions: (1) The Cardstack Framework – an SDK for building cohesive blockchain apps run by the Cardstack Hub, which will orchestrate data and value transfer across multiple blockchains and the cloud; (2) The Cardstack-powered dApps, which use the ‘Tally protocol’ to perform complex computations and organize large networks of users, such as batching payments, counting votes, and rewarding good work; (3) The Cardstack Token (CARD), an Ethereum based ERC-20 token designed to reward Cardstack-powered communities and to enable developers to monetize their Cardstack-based apps via smart-contracts.
Competitors: Dogeethereum, Litecoin, Polkadot, Blockchain Router, Metronome
Uniqueness/Advantages to competition: Aims to provide not only cross-chain communication, but also a user experience layer for on-platform app development.

Token Sale Use of Blockchain

Product

3.6
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?

4.0
N/A
4 - Captivating.
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

There is currently a very active and publicly accessible github repo that is open sourced and available for contribution. Complete blockchain development/testing for the platform is planned to occur after the ICO, and the public release is planned to be occur in 2018 (see Roadmap).
There is appeal to the Cardstack product, given the increasing demand for cross-chain capable software development. The potential / target user-base will grow with the adoption of cryptocurrency in the general population. There is currently a some normal competition in the cross-chain technology sector, and blockchain competition will stiffen over time as adoption continues.
Competitors: Dogeethereum, Litecoin, Polkadot, Blockchain Router, Metronome

Product Whitepaper

Use of Blockchain

4.0
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?

4.0
N/A
4 - Generally 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?

4.0
N/A
4 - Captivating.

Use of Blockchain

The project’s contribution to blockchain development is in creating an open source consensus protocol that allows for decentralized application creation with cross chain communication capabilites. There is a disruptive advantage as the platform is aimed at connecting many different blockchains via cross-chain technology. There is need for a custom token, which allows for pricing and settlements as well as interaction on the platform, due to the independent consensus protocol and open-source development, which also provide some contribution to the blockchain ecosystem.

Use of Blockchain Roadmap

Whitepaper

4.0
Whitepaper
Comprehensiveness

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

4.0
N/A
4 - Satisfactory coverage, well written.
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.?

4.0
N/A
4 - Informative disclosure.
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 very well put together, professional and aesthetic, and contains a good mixture of media and textual explanation. The whitepaper is long at 54-pages, but can be easily read and understood due to the amount of presented media. The whitepaper provides high level information and includes seven main sections which each are described in detail: Overview, Concepts, Architecture, Economics, Organizations, Fundraiser, and Resources. The business and technology plans behind Cardstack are concisely explained including detailed textual and graphical explanations.

Whitepaper Compliance

Roadmap

3.4
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?

4.0
N/A
4 - Realistic.
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?

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

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

3.0
N/A
3 - Getting there.

Roadmap

A milestone roadmap is given on a yearly basis. Many obstacles lie ahead as final platform/blockchain development and public platform launch will occur well after the ICO. The roadmap is vague and no descriptions are provided of the intermediate steps required to complete each milestone.

Roadmap:
2017 to 2018: Git for Data Persistence / Hyperledger Sawtooth / Ethereum VM / Workflow System / Cardstack Token (CARD)
2018 to 2019: Open Deployment / Contextual Messaging / Any Docker Container

Roadmap Company and Team

Compliance

3.8
Compliance
Token Utility (value through usage)

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

3.0
N/A
3 - Limited or uncertain 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?

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

5.0
N/A
5 - Professional, audited.
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 CARD-tokens have intrinsic value through their planned usage on the Cardstack platform, allowing users to pay for the software they use. The token’s main utility is as a tradable financial instrument, as it is used specifically as a means to pay and settle transactions, but also allows interaction on the platform itself.
The token smart-contract infrastructure will be completed after the ICO, however there is a very active github repo available for public review.
Compliance is addressed with direct statements of AML & KYC Due Diligence, and this is enforced with an audited, manual screening process via whitelisting. The legal disclaimer states that the tokens are intended for use as functional utility tokens and are not viewed as securities. The terms and conditions of the sale aim to absolve the company of any liability regarding the ICO and any problems that may occur, and provide a general statment that the tokens are not to be deemed a security. The legal reveiw and legal partnerships are top notch.

Compliance Token Sale

Company and Team

4.0
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?

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?

4.0
N/A
4 - Fully 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?

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

Company and Team

Cardstack has an established team with 18 employees and 4 legal partners.
The core team has experience in finance, business/project management and development, consulting, marketing/sales, computer science, data analysis, programming, engineering, UX, IT, and blockchain/cryptocurrency/smart-contract development.
The legal partners are very reputable and include MME Legal | Tax | Compliance, McDermott Will & Emery, Debevoise & Plimpton LLP and Bitcoin Suisse AG.
Most team members have verifiable work experience credentials via LinkedIn profiles, however some profiles provide little information. Many members of the team appear to be dedicated to other projects outside of Cardstack. Some of the core team members have previous experience with blockchain, cryptocurrency, or smart-contract projects, investing, and ICO consultation/launch, and one member is considered a sr. blockchain developer with support from other developers as well. The legal counsel of the project is very familiar with crypto currency laws and highly reputable in blockchain/smart-contract law.
Positives: The core team is well rounded and has previous experience in the field of blockchain, cryptocurrency, or smart contracts.
Negatives: Not all members are fully dedicated to the project.

Company and Team Product

Token Sale

3.2
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?

3.0
N/A
3 - Rough estimates, but sensible.
Token Allocation

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

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

Cardstack Token (CARD)
Hard Cap: $35 mil
Soft Cap: $10 mil
Total Token Supply: 10 billion CARD

Token distribution:
6 Billion Tokens in initial TGE
– 40% ICO Public sale
– 08% Airdrops
– 10% Ecosystem Initiatives
– 20% Cardstack Foundation Reserve (5yr Vesting after Year 1)
– 15% Cardstack Syndicate & Team Reserve (4yr vesting after Year 1)
– 07% Advisors & Agencies
4 Billion Tokens minted from 2018 to 2028 for mining and market incentives and staking rewards.

Use of funds
– 40% Build the Platform
– 20% User experience / web development
– 15% Data Science and academic research
– 10% Events, Podcasts, & educators
– 10% Smart-contract writers / Financial Analysts
– 05% General Admistration

Social Media Presence & Following
There is some community engagment and reception.

Product

There is currently a very active and publicly accessible github repo that is open sourced and available for contribution. Complete blockchain development/testing for the platform is planned to occur after the ICO, and the public release is planned to be occur in 2018 (see Roadmap).
There is appeal to the Cardstack product, given the increasing demand for cross-chain capable software development. The potential / target user-base will grow with the adoption of cryptocurrency in the general population. There is currently a some normal competition in the cross-chain technology sector, and blockchain competition will stiffen over time as adoption continues.
Competitors: Dogeethereum, Litecoin, Polkadot, Blockchain Router, Metronome

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?

4.0
N/A
4 - Captivating.
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:
3.6

Use of Blockchain

The project’s contribution to blockchain development is in creating an open source consensus protocol that allows for decentralized application creation with cross chain communication capabilites. There is a disruptive advantage as the platform is aimed at connecting many different blockchains via cross-chain technology. There is need for a custom token, which allows for pricing and settlements as well as interaction on the platform, due to the independent consensus protocol and open-source development, which also provide some contribution to the blockchain ecosystem.

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?

4.0
N/A
4 - Generally 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?

4.0
N/A
4 - Captivating.
Use of Blockchain Score:
4.0

Whitepaper

The whitepaper is very well put together, professional and aesthetic, and contains a good mixture of media and textual explanation. The whitepaper is long at 54-pages, but can be easily read and understood due to the amount of presented media. The whitepaper provides high level information and includes seven main sections which each are described in detail: Overview, Concepts, Architecture, Economics, Organizations, Fundraiser, and Resources. The business and technology plans behind Cardstack are concisely explained including detailed textual and graphical explanations.

Category Breakdown
Comprehensiveness

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

4.0
N/A
4 - Satisfactory coverage, well written.
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.?

4.0
N/A
4 - Informative disclosure.
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:
4.0

Roadmap

A milestone roadmap is given on a yearly basis. Many obstacles lie ahead as final platform/blockchain development and public platform launch will occur well after the ICO. The roadmap is vague and no descriptions are provided of the intermediate steps required to complete each milestone.

Roadmap:
2017 to 2018: Git for Data Persistence / Hyperledger Sawtooth / Ethereum VM / Workflow System / Cardstack Token (CARD)
2018 to 2019: Open Deployment / Contextual Messaging / Any Docker Container

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?

4.0
N/A
4 - Realistic.
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?

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

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

3.0
N/A
3 - Getting there.
Roadmap Score:
3.4

Compliance

The CARD-tokens have intrinsic value through their planned usage on the Cardstack platform, allowing users to pay for the software they use. The token’s main utility is as a tradable financial instrument, as it is used specifically as a means to pay and settle transactions, but also allows interaction on the platform itself.
The token smart-contract infrastructure will be completed after the ICO, however there is a very active github repo available for public review.
Compliance is addressed with direct statements of AML & KYC Due Diligence, and this is enforced with an audited, manual screening process via whitelisting. The legal disclaimer states that the tokens are intended for use as functional utility tokens and are not viewed as securities. The terms and conditions of the sale aim to absolve the company of any liability regarding the ICO and any problems that may occur, and provide a general statment that the tokens are not to be deemed a security. The legal reveiw and legal partnerships are top notch.

Category Breakdown
Token Utility (value through usage)

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

3.0
N/A
3 - Limited or uncertain 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?

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

5.0
N/A
5 - Professional, audited.
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:
3.8

Company and Team

Cardstack has an established team with 18 employees and 4 legal partners.
The core team has experience in finance, business/project management and development, consulting, marketing/sales, computer science, data analysis, programming, engineering, UX, IT, and blockchain/cryptocurrency/smart-contract development.
The legal partners are very reputable and include MME Legal | Tax | Compliance, McDermott Will & Emery, Debevoise & Plimpton LLP and Bitcoin Suisse AG.
Most team members have verifiable work experience credentials via LinkedIn profiles, however some profiles provide little information. Many members of the team appear to be dedicated to other projects outside of Cardstack. Some of the core team members have previous experience with blockchain, cryptocurrency, or smart-contract projects, investing, and ICO consultation/launch, and one member is considered a sr. blockchain developer with support from other developers as well. The legal counsel of the project is very familiar with crypto currency laws and highly reputable in blockchain/smart-contract law.
Positives: The core team is well rounded and has previous experience in the field of blockchain, cryptocurrency, or smart contracts.
Negatives: Not all members are fully dedicated to the project.

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?

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?

4.0
N/A
4 - Fully 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?

4.0
N/A
4 - Good, sufficient for each aspect.
Company and Team Score:
4.0

Token Sale

Cardstack Token (CARD)
Hard Cap: $35 mil
Soft Cap: $10 mil
Total Token Supply: 10 billion CARD

Token distribution:
6 Billion Tokens in initial TGE
– 40% ICO Public sale
– 08% Airdrops
– 10% Ecosystem Initiatives
– 20% Cardstack Foundation Reserve (5yr Vesting after Year 1)
– 15% Cardstack Syndicate & Team Reserve (4yr vesting after Year 1)
– 07% Advisors & Agencies
4 Billion Tokens minted from 2018 to 2028 for mining and market incentives and staking rewards.

Use of funds
– 40% Build the Platform
– 20% User experience / web development
– 15% Data Science and academic research
– 10% Events, Podcasts, & educators
– 10% Smart-contract writers / Financial Analysts
– 05% General Admistration

Social Media Presence & Following
There is some community engagment and reception.

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?

3.0
N/A
3 - Rough estimates, but sensible.
Token Allocation

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

4.0
N/A
4 - Most tokens sold, vesting periods on kept tokens.
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:
3.2

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