Cryptyk

CTK is the new digital currency for cyber-security and storage

About Cryptyk

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.

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?

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?

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?

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

Product

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.

Product Whitepaper

Use of Blockchain

3.4
Use of Blockchain
Blockchain Development

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

3.0
N/A
3 - Automation; making something easier to do.
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

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.

Use of Blockchain Roadmap

Whitepaper

4.4
Whitepaper
Comprehensiveness

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

5.0
N/A
5 - All issues addressed coherently.
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.?

5.0
N/A
5 - Candid openness.
Business Plan Presentation

Does it contain a viable, comprehensive business plan?

5.0
N/A
5 - Thorough, viable, convincing, promising.
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 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.

Whitepaper Compliance

Roadmap

3.0
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?

3.0
N/A
3 - Imperfect but available, or using substitutes.
Current Position

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

2.0
N/A
2 - Critical obstacles ahead.

Roadmap

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.

Roadmap Company and Team

Compliance

4.0
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?

5.0
N/A
5 - Fully operational.
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?

4.0
N/A
4 - Professional.

Compliance

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.

Compliance Token Sale

Company and Team

3.6
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?

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

Company and Team

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.

Company and Team Product

Token Sale

2.6
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?

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?

3.0
N/A
3 - Sufficient company/community interest balance.
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

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.

Product

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.

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?

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?

3.0
N/A
3 - Partial, a novel approach or aspect.
Product Score:
3.2

Use of Blockchain

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.

Category Breakdown
Blockchain Development

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

3.0
N/A
3 - Automation; making something easier to do.
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:
3.4

Whitepaper

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.

Category Breakdown
Comprehensiveness

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

5.0
N/A
5 - All issues addressed coherently.
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.?

5.0
N/A
5 - Candid openness.
Business Plan Presentation

Does it contain a viable, comprehensive business plan?

5.0
N/A
5 - Thorough, viable, convincing, promising.
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:
4.4

Roadmap

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.

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?

3.0
N/A
3 - Imperfect but available, or using substitutes.
Current Position

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

2.0
N/A
2 - Critical obstacles ahead.
Roadmap Score:
3.0

Compliance

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.

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?

5.0
N/A
5 - Fully operational.
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?

4.0
N/A
4 - Professional.
Compliance Score:
4.0

Company and Team

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.

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?

4.0
N/A
4 - Good, sufficient for each aspect.
Company and Team Score:
3.6

Token Sale

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.

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?

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?

3.0
N/A
3 - Sufficient company/community interest balance.
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:
2.6

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