MediChain

MediChain allows patients to store their own data in a secure way and give access to specialists anywhere.

About MediChain

MediChain is a platform that uses a distributed ledger for medical information. MediChain plans to use a “hybrid off-chain” approach, where data will be stored off the main chain and in the cloud, where it will be accessible with cryptographic keys in order to reduce latency and ensure that the platform has greater scalability compared to competitors. Users will be able to voluntarily exchange medical data in exchange for MCU tokens.

Token Sale Use of Blockchain

Product

2.8
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?

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

Product

MediChain points out that there are many competitors in the health care sector. However it is stated that they are “approaching the problem with finer attention to research, issues with systems currently in place around the world, and blockchain integration.” This statement is quite vague and does not effectively make MediChain stand out from the competition. One important distinction, however, is that MediChain believes that blockchain alone will not be able to scale massively, which is why they are pursuing a hybrid approach utlizing off-chain data storage. The data will be stored in the cloud and accessible with cryptographic keys.

Product Whitepaper

Use of Blockchain

3.0
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?

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?

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?

3.0
N/A
3 - Interesting.

Use of Blockchain

MCU follows the ERC20 token protocol. A hybrid approach with off-chain data storage is planned for reasons of scalability. Data will be accessible via the cloud through cryptographic keys. It is stated that MediChain will use MCU tokens for research project voting. Node operators are rewarded with MCU tokens, thus the need for a custom token is evident.

Use of Blockchain Roadmap

Whitepaper

3.8
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?

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.?

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 quite lengthy at 44 pages and could be much more concise. The ramifications of employing the solution in the health care industry are discussed, including how this system would deal with emergency access to medical data. Specific smart contracts that are planned to be used on the platform are also discussed. Overall, the whitepaper takes time to read and understand, but the business and technology plans are quite well presented. The whitepaper would benefit from removing non-critical content such as background information regarding how blockchain technology works and the various use-cases.

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?

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?

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

The roadmap spans from Q1 2018 to Q4 2020 with many milestones in between. It is stated that the MediChain system is to be developed on the Ethereum framework during the next 6 months. The MediChain platform is planned to be made public via API within 12 months, and by 18 months, a medical data exchange is to be developed. The roadmap shows that MediChain plans to grow its team in multiple stages over the next couple of years.

Roadmap Company and Team

Compliance

2.8
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?

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

The whitepaper begins with legal disclaimer that is quite detailed and states that MCU tokens should not be considered securities for MediChain. For some reason, the same content is repeated at the end of the whitepaper. Risk factors of purchasing MCU tokens are also discussed in fairly high detail. Specific, industry-related compliance concerns (HIPAA, FDA 510(k), IEC 60601-1 and ISO 13485) are also addressed.

Compliance Token Sale

Company and Team

2.6
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?

2.0
N/A
2 - Somewhat skewed.

Company and Team

The 25 team members are listed in the whitepaper with descriptions of their educational and professional backgrounds. Profile pictures and links to LinkedIn profiles are provided on the MediChain website. The team’s skill set is skewed towards business development. There are two blockchain engineers but investigation of their respective LinkedIn profiles leads to no indication that they have extensive blockchain-related development experience.

Company and Team Product

Token Sale

3.6
Token Sale
Raise Amount Max

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

3.0
N/A
3 - Justifiable.
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?

5.0
N/A
5 - Carefully planned and fully transparent.
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?

3.0
N/A
3 - Some presence, lukewarm reception.

Token Sale

The total number of MCU tokens is 100 million (40% is for public sale, 6.5% is for the pre-sale, 18% is for the team, 10% is for the medical data fund, 15% is for the partner fund, 4% is for the bounty program, and 6.5% is for the advisors). The allocation of funds is described in high detail. The soft cap is $2MM USD and the hard cap is $40MM USD, where 1 MCU = $1 USD. The token sale takes place on March 1, 2018 to April 30, 2018.

Product

MediChain points out that there are many competitors in the health care sector. However it is stated that they are “approaching the problem with finer attention to research, issues with systems currently in place around the world, and blockchain integration.” This statement is quite vague and does not effectively make MediChain stand out from the competition. One important distinction, however, is that MediChain believes that blockchain alone will not be able to scale massively, which is why they are pursuing a hybrid approach utlizing off-chain data storage. The data will be stored in the cloud and accessible with cryptographic keys.

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?

2.0
N/A
2 - Some, but nothing outstanding.
Product Score:
2.8

Use of Blockchain

MCU follows the ERC20 token protocol. A hybrid approach with off-chain data storage is planned for reasons of scalability. Data will be accessible via the cloud through cryptographic keys. It is stated that MediChain will use MCU tokens for research project voting. Node operators are rewarded with MCU tokens, thus the need for a custom token is evident.

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?

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?

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?

3.0
N/A
3 - Interesting.
Use of Blockchain Score:
3.0

Whitepaper

The whitepaper is quite lengthy at 44 pages and could be much more concise. The ramifications of employing the solution in the health care industry are discussed, including how this system would deal with emergency access to medical data. Specific smart contracts that are planned to be used on the platform are also discussed. Overall, the whitepaper takes time to read and understand, but the business and technology plans are quite well presented. The whitepaper would benefit from removing non-critical content such as background information regarding how blockchain technology works and the various use-cases.

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?

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.?

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:
3.8

Roadmap

The roadmap spans from Q1 2018 to Q4 2020 with many milestones in between. It is stated that the MediChain system is to be developed on the Ethereum framework during the next 6 months. The MediChain platform is planned to be made public via API within 12 months, and by 18 months, a medical data exchange is to be developed. The roadmap shows that MediChain plans to grow its team in multiple stages over the next couple of years.

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?

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

The whitepaper begins with legal disclaimer that is quite detailed and states that MCU tokens should not be considered securities for MediChain. For some reason, the same content is repeated at the end of the whitepaper. Risk factors of purchasing MCU tokens are also discussed in fairly high detail. Specific, industry-related compliance concerns (HIPAA, FDA 510(k), IEC 60601-1 and ISO 13485) are also addressed.

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?

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:
2.8

Company and Team

The 25 team members are listed in the whitepaper with descriptions of their educational and professional backgrounds. Profile pictures and links to LinkedIn profiles are provided on the MediChain website. The team’s skill set is skewed towards business development. There are two blockchain engineers but investigation of their respective LinkedIn profiles leads to no indication that they have extensive blockchain-related development experience.

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?

2.0
N/A
2 - Somewhat skewed.
Company and Team Score:
2.6

Token Sale

The total number of MCU tokens is 100 million (40% is for public sale, 6.5% is for the pre-sale, 18% is for the team, 10% is for the medical data fund, 15% is for the partner fund, 4% is for the bounty program, and 6.5% is for the advisors). The allocation of funds is described in high detail. The soft cap is $2MM USD and the hard cap is $40MM USD, where 1 MCU = $1 USD. The token sale takes place on March 1, 2018 to April 30, 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)?

3.0
N/A
3 - Justifiable.
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?

5.0
N/A
5 - Carefully planned and fully transparent.
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?

3.0
N/A
3 - Some presence, lukewarm reception.
Token Sale Score:
3.6

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