EximChain

Software development company focused on supply chain applications. From supplier credit to inventory management, Eximchain helps businesses connect, transact, and share information more efficiently an

About EximChain

Eximchain aims to develop a platform that facilitates effective supply chain finance (SCF) management. The platform will utilize Quorum, a version of Ethereum that is focused on enterprise. EXC coins will be used to pay network fees and to execute governance.

Token Sale Use of Blockchain

Product

2.2
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?

2.0
N/A
2 - Meh, okay.
Target User Base

Is it mass market or niche?

3.0
N/A
3 - Has growth potential.
Competition

Are there many other similar solutions or is this one of just a few, or even one of a kind?

2.0
N/A
2 - Quite a few / somewhat better competitors.
Innovation

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

2.0
N/A
2 - Some, but nothing outstanding.

Product

Eximchain’s target user base is comprised of small/medium sized enterprises (SME). The project aims to develop tools that simplify and optimize supply chain management, and more specifically, supply chain finance. The level of competition that Eximchain faces as a blockchain-related project targeting supply chain management is quite considerable. The platform will be designed in such a manner that there will be “no incentive for the buyer, the supplier, nor the financier to deviate from the set of actions that will achieve the globally optimal solution”. However specific details of how this will be accomplished are not presented effectively in the document. The GitHub page contains fairly high levels of content and activity.

Product Whitepaper

Use of Blockchain

2.6
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?

2.0
N/A
2 - Some, mainly network effect.
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?

2.0
N/A
2 - Meh, okay.

Use of Blockchain

EXC is an ERC20 compliant token and is used to pay transaction fees on the Eximchain platform, as well as a voting mechanism. It is stated that Eximchain tokens will be issued on a permissioned fork of Ethereum that supports data privacy. Before the Mainnet launch, EXC tokens will be converted to Eximcoins. An additional 75 million Eximcoins will also be issued at this time. Quorum, an enterprise-focused version of Ethereum developed by JP Morgan, will be used for the Eximchain platform. The governance structure simply references documentation for Quorum. Additional content is provided in the appendix of the document. It is stated that the consensus protocol will be similar to PoS, however, “nodes can be voted off the consensus mechanism irrespective of their wealth via quadratic voting governance”.

Use of Blockchain Roadmap

Whitepaper

2.6
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?

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.?

3.0
N/A
3 - Basic honesty with some hype.
Business Plan Presentation

Does it contain a viable, comprehensive business plan?

2.0
N/A
2 - Missing critical information.
Technology Presentation

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

2.0
N/A
2 - Missing critical information.

Whitepaper

The whitepaper is fairly dense with text and spans 15 pages. The technology plan is presented with low levels of detail. Different aspects of the platform are discussed, but not on a highly technical level. For example, the section regarding the smart contract SDK simply lists the features as opposed to discussing how the SDK operates technically. The business plan is also presented with low levels of detail. There is a lack of content regarding the competitive landscape. However, there is a section of the document that thoroughly discusses the value of the platform for various stakeholders (financers, buyers, and sellers). Overall, the whitepaper lacks detail from a business/technology perspective and primarily focuses on the benefits of the platform.

Whitepaper Compliance

Roadmap

2.4
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?

2.0
N/A
2 - Very ambitious.
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 roadmap presented on the Eximchain website spans from 2015 to Q1 2019. Notable milestones reached thus far include the signage of letter of intents (LOIs) for 8 SMEs and the establishment of a Strategic Cooperation Agreement with two organizations. The Mainnet launch is planned for Q1-Q2 2018.
Q1 2018
– First proof-of-concept in supply chain resourcing
– Governance hardening
– Large scale network testing
– Token generation event

Q2-Q3 2018
– First SDK release
– First governance cycle
– Network deployed
– Second proof-of-concept in supply chain financing
– Mainnet launch

Q3 2018
– Second SDK release
– Second governance cycle
– Third proof-of-concept in logistics management

Roadmap Company and Team

Compliance

2.4
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?

3.0
N/A
3 - Limited to blanket standard.
Legal Review/Risk Assessment

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

3.0
N/A
3 - Semi-professional (e.g. Howey Test)

Compliance

The whitepaper contains a disclaimer section at the end of the document that is approximately 2 pages in length. It is stated that “Eximchain is an official candidate of the Blockchain Regulatory Sandbox Program in Guiyang, China and a member of EEA (Enterprise Ethereum Alliance)”. The language is professional. KYC will be used for the token sale and residents from China and the Unites States are not permitted to participate.

Compliance Token Sale

Company and Team

2.8
Company and Team
Company Stage and Foundation

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

2.0
N/A
2 - Initial stages of formation.
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 project first began in the MIT Media Lab in 2015. The core team’s 8 members are listed on the Eximchain website, along with their profile pictures, short descriptions and links to LinkedIn profiles. Two individuals have a background in business, whereas the rest of the core team have a technical background. Individuals on the team have had prior experience with blockchain: the CEO is the Lab Lead at the North America Blockchain Association. The CTO does not have extensive professional experience, as the individual graduated from MIT in 2017, however he has experience building a cryptocurrency-enabled game.

Company and Team Product

Token Sale

1.8
Token Sale
Raise Amount Max

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

1.0
N/A
1 - Very greedy (e.g. uncapped).
Raise Amount Min

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

1.0
N/A
1 - None or nonsensical.
Fund Allocation

Is fund distribution and allocation reasonable and justified?

2.0
N/A
2 - Use of funds only loosely defined.
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 EXC tokens 75 million (80% will be sold during the token sale and 20% is for the bonus account which includes airdrops), where 1 EXC = $0.33 USD (no bonus or discount available during the token sale). The soft and hard caps are unspecified.

It is stated that at the Mainnet launch, EXC will be converted to Eximcoin on a one-for-one basis. 75 million additional Eximcoins will be issued for a total of 150 million Eximcoins (20% is for promotion of the platform, 20% is for the founding team, and 10% is for the reserve account). Tokens in the reserve account are locked for 2 years. The use of funds is briefly discussed (platform development, creating the supply chain ecosystem, and operational expenses) but without specific quantitative allocations.

The token sale will take place Q1 2018.

Product

Eximchain’s target user base is comprised of small/medium sized enterprises (SME). The project aims to develop tools that simplify and optimize supply chain management, and more specifically, supply chain finance. The level of competition that Eximchain faces as a blockchain-related project targeting supply chain management is quite considerable. The platform will be designed in such a manner that there will be “no incentive for the buyer, the supplier, nor the financier to deviate from the set of actions that will achieve the globally optimal solution”. However specific details of how this will be accomplished are not presented effectively in the document. The GitHub page contains fairly high levels of content and activity.

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?

2.0
N/A
2 - Meh, okay.
Target User Base

Is it mass market or niche?

3.0
N/A
3 - Has growth potential.
Competition

Are there many other similar solutions or is this one of just a few, or even one of a kind?

2.0
N/A
2 - Quite a few / somewhat better competitors.
Innovation

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

2.0
N/A
2 - Some, but nothing outstanding.
Product Score:
2.2

Use of Blockchain

EXC is an ERC20 compliant token and is used to pay transaction fees on the Eximchain platform, as well as a voting mechanism. It is stated that Eximchain tokens will be issued on a permissioned fork of Ethereum that supports data privacy. Before the Mainnet launch, EXC tokens will be converted to Eximcoins. An additional 75 million Eximcoins will also be issued at this time. Quorum, an enterprise-focused version of Ethereum developed by JP Morgan, will be used for the Eximchain platform. The governance structure simply references documentation for Quorum. Additional content is provided in the appendix of the document. It is stated that the consensus protocol will be similar to PoS, however, “nodes can be voted off the consensus mechanism irrespective of their wealth via quadratic voting governance”.

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?

2.0
N/A
2 - Some, mainly network effect.
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?

2.0
N/A
2 - Meh, okay.
Use of Blockchain Score:
2.6

Whitepaper

The whitepaper is fairly dense with text and spans 15 pages. The technology plan is presented with low levels of detail. Different aspects of the platform are discussed, but not on a highly technical level. For example, the section regarding the smart contract SDK simply lists the features as opposed to discussing how the SDK operates technically. The business plan is also presented with low levels of detail. There is a lack of content regarding the competitive landscape. However, there is a section of the document that thoroughly discusses the value of the platform for various stakeholders (financers, buyers, and sellers). Overall, the whitepaper lacks detail from a business/technology perspective and primarily focuses on the benefits of the platform.

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?

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.?

3.0
N/A
3 - Basic honesty with some hype.
Business Plan Presentation

Does it contain a viable, comprehensive business plan?

2.0
N/A
2 - Missing critical information.
Technology Presentation

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

2.0
N/A
2 - Missing critical information.
Whitepaper Score:
2.6

Roadmap

The roadmap presented on the Eximchain website spans from 2015 to Q1 2019. Notable milestones reached thus far include the signage of letter of intents (LOIs) for 8 SMEs and the establishment of a Strategic Cooperation Agreement with two organizations. The Mainnet launch is planned for Q1-Q2 2018.
Q1 2018
– First proof-of-concept in supply chain resourcing
– Governance hardening
– Large scale network testing
– Token generation event

Q2-Q3 2018
– First SDK release
– First governance cycle
– Network deployed
– Second proof-of-concept in supply chain financing
– Mainnet launch

Q3 2018
– Second SDK release
– Second governance cycle
– Third proof-of-concept in logistics management

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?

2.0
N/A
2 - Very ambitious.
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:
2.4

Compliance

The whitepaper contains a disclaimer section at the end of the document that is approximately 2 pages in length. It is stated that “Eximchain is an official candidate of the Blockchain Regulatory Sandbox Program in Guiyang, China and a member of EEA (Enterprise Ethereum Alliance)”. The language is professional. KYC will be used for the token sale and residents from China and the Unites States are not permitted to participate.

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?

3.0
N/A
3 - Limited to blanket standard.
Legal Review/Risk Assessment

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

3.0
N/A
3 - Semi-professional (e.g. Howey Test)
Compliance Score:
2.4

Company and Team

The project first began in the MIT Media Lab in 2015. The core team’s 8 members are listed on the Eximchain website, along with their profile pictures, short descriptions and links to LinkedIn profiles. Two individuals have a background in business, whereas the rest of the core team have a technical background. Individuals on the team have had prior experience with blockchain: the CEO is the Lab Lead at the North America Blockchain Association. The CTO does not have extensive professional experience, as the individual graduated from MIT in 2017, however he has experience building a cryptocurrency-enabled game.

Category Breakdown
Company Stage and Foundation

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

2.0
N/A
2 - Initial stages of formation.
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:
2.8

Token Sale

The total number of EXC tokens 75 million (80% will be sold during the token sale and 20% is for the bonus account which includes airdrops), where 1 EXC = $0.33 USD (no bonus or discount available during the token sale). The soft and hard caps are unspecified.

It is stated that at the Mainnet launch, EXC will be converted to Eximcoin on a one-for-one basis. 75 million additional Eximcoins will be issued for a total of 150 million Eximcoins (20% is for promotion of the platform, 20% is for the founding team, and 10% is for the reserve account). Tokens in the reserve account are locked for 2 years. The use of funds is briefly discussed (platform development, creating the supply chain ecosystem, and operational expenses) but without specific quantitative allocations.

The token sale will take place Q1 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)?

1.0
N/A
1 - Very greedy (e.g. uncapped).
Raise Amount Min

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

1.0
N/A
1 - None or nonsensical.
Fund Allocation

Is fund distribution and allocation reasonable and justified?

2.0
N/A
2 - Use of funds only loosely defined.
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:
1.8

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