
Cryptyk plans to change the way we think about cyber-security and cloud storage by developing a decentralized file storage platform that will allow for auditing and monitoring – user behavior and all file transfers owned by the enterprise will be allowed to be monitored by enterprise administrators. Cryptyk aims to provide the most secure cloud storage service compared to its competitors.
Curved Score
Overall Score
Is the product ready for use? Is there a working prototype or MVP? How long until it is operational?
How appealing is the product? How good or necessary is it? Does it have a distinct edge?
Is it mass market or niche?
Are there many other similar solutions or is this one of just a few, or even one of a kind?
How innovative or inventive is the product, either conceptually or technologically?
Cryptyk aims to target enterprise users and small businesses that enjoy the ease of use and convenience of cloud storage while reducing costs associated with cyber security. Cryptyk claims that compared to its competitors in the blockchain ecosystem (Sia, Filecoin, Storj), it will be able to provide low latency access for its users which would be comparable to conventional cloud storage services (200 milliseconds). However, Cryptyk states that it is compromising decentralization in order to reduce latency. They will “compromise between minimal attack surface and low latency is for a node number around 5 storage nodes”, compared to its competitors, such as Filecoin with 20-50 nodes and BTC/ETH with thousands of nodes.
Is blockchain technology essential? Does it make the solution significantly different and better?
How disruptive is the introduction of blockchain technology into the product's market space?
Is the token essential or could it be done just as well or better with fiat or Bitcoin?
How decentralized is the system architecture other than the token (e.g., data collection, storage, access, and use, or decision making processes, etc.)?
How compelling is the solution's contribution to the evolution of blockchain infrastructure and economy?
For the time being, CTK follows the ERC20 token protocol, although the information memorandum states that the final product may be built on top of a different blockchain protocol. The company is currently looking into at least 5 potential candidates with regard to consensus design implementation. The need to have a custom token is clear, as CTK will be used to perform major operations within the Cryptyk ecosystem. It is stated that the value of CTK will grow directly with respect to the revenue of Cryptyk, regardless of market sentiment.
Does it cover the full scope of the problem and solution?
Is it easy enough to understand?
Does it candidly describe and disclose where the project now stands, how much exists and how much still needs to be done, etc.?
Does it contain a viable, comprehensive business plan?
Does it present a well thought out technological architecture? Does it address implementational challenges?
The Cryptyk whitepaper is quite comprehensive, with above average breadth and depth of discussion concerning the technological and business aspects of the project. Combined with the information memorandum, Cryptyk provides nearly full transparency and possesses a clear idea of the direction of the project.
Is there a concrete and practical development plan (vs. just a conceptual vision)?
Is the development plan realistic? Is it based on reasonable goals and timelines?
Is there a larger, long-term vision?
How available, operational, or trusted are the other systems or capabilities on which the project relies?
Where is the project now, relative to its vision and plans?
A high level overview of the roadmap is provided on the Cryptyk information memorandum. It is stated that the project has been in development for over 2 years, specifically with regards to system design, prototype development, security analysis, and customer testing. Three key developmental milestones are: finalizing the blockchain design implementation, building the final product and hosting customer trials by Q1 2018, and delivering the final product to users by Q2 2019. Overall, the roadmap milestones could be more detailed, but the estimated delivery times are fairly reasonable.
How much use is there for the token itself (regardless of its value as an investment vehicle)?
How valuable is the token as an investment vehicle or financial instrument?
Is the blockchain infrastructure of the project ready for use? Is there a working prototype or MVP? How long until it is operational?
How much attention is given to compliance (via token and ecosystem design, token sale participation, etc.)? Is this issue addressed directly and coherently?
What kind of legal documentation (reviews or agreements) and risk assessment are provided?
Cryptyk’s information memorandum discusses the regulatory assessment of the CTK utility token, where much detail is provided regarding whether an accredited or non-accredited investor is able to participate in the token sale. US and Canadian investors are unable to participate in the public sale for non-accredited investors, and in China, South Korea, and Brazil, investing is prohibited for both the public and private token sale. The token sale will incorporate KYC and AML guidelines.
Is the company already established? Has it raised funds before? Is it mature?
Do we know who they are? Do they have LinkedIn profiles? Do they have solid, relevant backgrounds?
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?
Does the amount of talent and skill in each area seem to fit the project requirements?
Is the team well-rounded (biz/tech/blockchain)? Is there sufficient talent and skill in all areas of required development?
The Cryptyk website lists the team members (6-8) along with their job titles and a short description of their respective credentials and relevant experience. Searching through the social media profiles of the team members, including LinkedIn (small sample size) reveals that the team members have verifiable credentials and that their professional experience is at least correlated to their position at Cryptyk. Developers have experience programming for blockchain related projects and most have extensive experience with IoT development.
Is there a clear cap? Is the maximum raise amount modestly sufficient (as opposed to either greedy or insufficient)?
Is the minimum raise reasonable considering the development plan? Are there raise-amount dependent milestones?
Is fund distribution and allocation reasonable and justified?
Is the ratio of tokens sold to those kept reasonable? Does it prevent the company from having too much control?
Is the sale being talked about in Reddit, Bitcointalk, Social Media, Medium, etc.? Is information available and accessible? Is there interest?
The total number of CTK tokens is 750 million (33.3% is for sale, 33.5% is for the Cryptyk team and angel investors, and 33.3% is for the Cryptyk foundation and distribution to customer and developer partners). The hard cap is set at a range between $25MM USD and $28MM USD, where 1 CTK = $0.125 USD and a minimum purchase amount of 4000 CTK. The minimum raise amount is $3MM USD. The token sale will take place on February 8, 2018.
Cryptyk aims to target enterprise users and small businesses that enjoy the ease of use and convenience of cloud storage while reducing costs associated with cyber security. Cryptyk claims that compared to its competitors in the blockchain ecosystem (Sia, Filecoin, Storj), it will be able to provide low latency access for its users which would be comparable to conventional cloud storage services (200 milliseconds). However, Cryptyk states that it is compromising decentralization in order to reduce latency. They will “compromise between minimal attack surface and low latency is for a node number around 5 storage nodes”, compared to its competitors, such as Filecoin with 20-50 nodes and BTC/ETH with thousands of nodes.
Is the product ready for use? Is there a working prototype or MVP? How long until it is operational?
3.0How appealing is the product? How good or necessary is it? Does it have a distinct edge?
3.0Is it mass market or niche?
4.0Are there many other similar solutions or is this one of just a few, or even one of a kind?
3.0How innovative or inventive is the product, either conceptually or technologically?
3.0
For the time being, CTK follows the ERC20 token protocol, although the information memorandum states that the final product may be built on top of a different blockchain protocol. The company is currently looking into at least 5 potential candidates with regard to consensus design implementation. The need to have a custom token is clear, as CTK will be used to perform major operations within the Cryptyk ecosystem. It is stated that the value of CTK will grow directly with respect to the revenue of Cryptyk, regardless of market sentiment.
Is blockchain technology essential? Does it make the solution significantly different and better?
3.0How disruptive is the introduction of blockchain technology into the product's market space?
3.0Is the token essential or could it be done just as well or better with fiat or Bitcoin?
4.0How decentralized is the system architecture other than the token (e.g., data collection, storage, access, and use, or decision making processes, etc.)?
4.0How compelling is the solution's contribution to the evolution of blockchain infrastructure and economy?
3.0
The Cryptyk whitepaper is quite comprehensive, with above average breadth and depth of discussion concerning the technological and business aspects of the project. Combined with the information memorandum, Cryptyk provides nearly full transparency and possesses a clear idea of the direction of the project.
Does it cover the full scope of the problem and solution?
5.0Is it easy enough to understand?
3.0Does it candidly describe and disclose where the project now stands, how much exists and how much still needs to be done, etc.?
5.0Does it contain a viable, comprehensive business plan?
5.0Does it present a well thought out technological architecture? Does it address implementational challenges?
4.0
A high level overview of the roadmap is provided on the Cryptyk information memorandum. It is stated that the project has been in development for over 2 years, specifically with regards to system design, prototype development, security analysis, and customer testing. Three key developmental milestones are: finalizing the blockchain design implementation, building the final product and hosting customer trials by Q1 2018, and delivering the final product to users by Q2 2019. Overall, the roadmap milestones could be more detailed, but the estimated delivery times are fairly reasonable.
Is there a concrete and practical development plan (vs. just a conceptual vision)?
3.0Is the development plan realistic? Is it based on reasonable goals and timelines?
4.0Is there a larger, long-term vision?
3.0How available, operational, or trusted are the other systems or capabilities on which the project relies?
3.0Where is the project now, relative to its vision and plans?
2.0
Cryptyk’s information memorandum discusses the regulatory assessment of the CTK utility token, where much detail is provided regarding whether an accredited or non-accredited investor is able to participate in the token sale. US and Canadian investors are unable to participate in the public sale for non-accredited investors, and in China, South Korea, and Brazil, investing is prohibited for both the public and private token sale. The token sale will incorporate KYC and AML guidelines.
How much use is there for the token itself (regardless of its value as an investment vehicle)?
4.0How valuable is the token as an investment vehicle or financial instrument?
3.0Is the blockchain infrastructure of the project ready for use? Is there a working prototype or MVP? How long until it is operational?
5.0How much attention is given to compliance (via token and ecosystem design, token sale participation, etc.)? Is this issue addressed directly and coherently?
4.0What kind of legal documentation (reviews or agreements) and risk assessment are provided?
4.0
The Cryptyk website lists the team members (6-8) along with their job titles and a short description of their respective credentials and relevant experience. Searching through the social media profiles of the team members, including LinkedIn (small sample size) reveals that the team members have verifiable credentials and that their professional experience is at least correlated to their position at Cryptyk. Developers have experience programming for blockchain related projects and most have extensive experience with IoT development.
Is the company already established? Has it raised funds before? Is it mature?
3.0Do we know who they are? Do they have LinkedIn profiles? Do they have solid, relevant backgrounds?
4.0Is a solid, fully committed core team in place? Do they have online (e.g. LinkedIn) profiles showing sufficient relevant experience? Is their participation transparent?
3.0Does the amount of talent and skill in each area seem to fit the project requirements?
4.0Is the team well-rounded (biz/tech/blockchain)? Is there sufficient talent and skill in all areas of required development?
4.0
The total number of CTK tokens is 750 million (33.3% is for sale, 33.5% is for the Cryptyk team and angel investors, and 33.3% is for the Cryptyk foundation and distribution to customer and developer partners). The hard cap is set at a range between $25MM USD and $28MM USD, where 1 CTK = $0.125 USD and a minimum purchase amount of 4000 CTK. The minimum raise amount is $3MM USD. The token sale will take place on February 8, 2018.
Is there a clear cap? Is the maximum raise amount modestly sufficient (as opposed to either greedy or insufficient)?
2.0Is the minimum raise reasonable considering the development plan? Are there raise-amount dependent milestones?
3.0Is fund distribution and allocation reasonable and justified?
3.0Is the ratio of tokens sold to those kept reasonable? Does it prevent the company from having too much control?
3.0Is the sale being talked about in Reddit, Bitcointalk, Social Media, Medium, etc.? Is information available and accessible? Is there interest?
2.0