Myriads.IO

Myriads.IO is a decentralized machine learning network for GPUs based on blockchain. Our experienced team is creating new hardware and software approach to machine learning. Myriads.io - project that

About Myriads.IO

Myriads is a decentralized peer-to-peer platform that brings machine learning capabilities to the masses. Users will pay with MRDS tokens for access to Myriads’ distributed network of GPUs, in order to perform machine learning activities. Node operators which complete the activities will be rewarded with MRDS tokens.

Token Sale Use of Blockchain

Product

1.8
Product
Readiness

Is the product ready for use? Is there a working prototype or MVP? How long until it is operational?

1.0
N/A
1 - Nothing yet, just an idea.
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?

2.0
N/A
2 - Small audience / niche market.
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

The market for distributed computing is quite saturated and the target user base is quite small. There is not much that makes Myriads stand out from the competition. The use of blockchain technology is not revolutionary or innovative compared to Myriads’ competitors.

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?

2.0
N/A
2 - Some, but not much.
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?

2.0
N/A
2 - Meh, okay.

Use of Blockchain

MRDS is an ERC20 compliant token that is used as a means of exchange for services provided on the Myriads platform. Node operators will be rewarded with MRDS tokens for creating viable machine learning models. Hence, the need for a custom token is evident.

Use of Blockchain Roadmap

Whitepaper

3.0
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?

4.0
N/A
4 - Clear, well thought out, realistic.

Whitepaper

The whitepaper is 31 pages long, and begins by discussing the problem of centralized computers used for machine learning, and how a network of GPUs would be able to compete with centralized solutions by increasing security and computing power. However, not much discussion is provided investigating why this is the case. The technology plan is presented in moderately high detail, and discusses the technical specifics of how the platform will work, beyond a layman level explanation. However, the business plan presentation is lacking, and more discussion is required with regard to Myriads’ claims justifying the demand for the service and how it will compare to competitors. Overall, the level of writing in the whitepaper is quite poor, with many spelling errors, incorrectly used terms, and sentences that make little sense. It is clear that English was not the writer’s first language. Still, the technological discussion is fairly comprehensive, though the business plan presentation is lacking.

Whitepaper Compliance

Roadmap

2.8
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?

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

The roadmap presented in the whitepaper spans from July 2017 to July 2020 and contains moderate levels of detail. Milestones presented contain descriptions as to what they entail. Milestones reached thus far include market research, VC funding, and partial development of the Myriads application. The alpha version (MVP) is planned to launch in July of 2018.

Roadmap Company and Team

Compliance

2.6
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?

1.0
N/A
1 - Nothing yet, just an idea.
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?

2.0
N/A
2 - Minimal, superficial or hackneyed.
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 documentation showing that Myriads is registered as a company in Scotland. It is stated that MRDS tokens “may not be offered or sold in the United States to the person or in the interests of a person who is a US citizen or company”. However, the language is not professional and the level of detail is quite low. KYC will be used for the token sale and US residents will not be able to participate.

Compliance Token Sale

Company and Team

2.4
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?

2.0
N/A
2 - Fragmented or inconclusive.
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 three C-level executives are listed in the whitepaper along with descriptions of their professional histories and links to LinkedIn profiles. Six other individuals are listed as “other members of [the] team” and it is unclear whether some or all of these individuals are considered advisors or core team members, especially since these individuals are not listed on the Myriads website. Only one of these individuals mentions Myriads in their bio description. Taking into consideration all the team members listed in the whitepaper, the skill set favors technology over business development.

Company and Team Product

Token Sale

2.2
Token Sale
Raise Amount Max

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

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?

1.0
N/A
1 - None or nonsensical.
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 MRDS tokens is 270 million (40% is for sale, 45% is used for incentives for miners, 10% is reserved for development, and 5% for advisors). The allocation of funds is briefly described. The soft cap is not specified and the hard cap is 108 million MRDS, where 1 ETH = 25,000 MRDS. The token sale takes place on March 20, 2018.

Product

The market for distributed computing is quite saturated and the target user base is quite small. There is not much that makes Myriads stand out from the competition. The use of blockchain technology is not revolutionary or innovative compared to Myriads’ competitors.

Category Breakdown
Readiness

Is the product ready for use? Is there a working prototype or MVP? How long until it is operational?

1.0
N/A
1 - Nothing yet, just an idea.
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?

2.0
N/A
2 - Small audience / niche market.
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:
1.8

Use of Blockchain

MRDS is an ERC20 compliant token that is used as a means of exchange for services provided on the Myriads platform. Node operators will be rewarded with MRDS tokens for creating viable machine learning models. Hence, 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?

2.0
N/A
2 - Some, but not much.
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?

2.0
N/A
2 - Meh, okay.
Use of Blockchain Score:
3.0

Whitepaper

The whitepaper is 31 pages long, and begins by discussing the problem of centralized computers used for machine learning, and how a network of GPUs would be able to compete with centralized solutions by increasing security and computing power. However, not much discussion is provided investigating why this is the case. The technology plan is presented in moderately high detail, and discusses the technical specifics of how the platform will work, beyond a layman level explanation. However, the business plan presentation is lacking, and more discussion is required with regard to Myriads’ claims justifying the demand for the service and how it will compare to competitors. Overall, the level of writing in the whitepaper is quite poor, with many spelling errors, incorrectly used terms, and sentences that make little sense. It is clear that English was not the writer’s first language. Still, the technological discussion is fairly comprehensive, though the business plan presentation is lacking.

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?

4.0
N/A
4 - Clear, well thought out, realistic.
Whitepaper Score:
3.0

Roadmap

The roadmap presented in the whitepaper spans from July 2017 to July 2020 and contains moderate levels of detail. Milestones presented contain descriptions as to what they entail. Milestones reached thus far include market research, VC funding, and partial development of the Myriads application. The alpha version (MVP) is planned to launch in July of 2018.

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?

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:
2.8

Compliance

The whitepaper contains documentation showing that Myriads is registered as a company in Scotland. It is stated that MRDS tokens “may not be offered or sold in the United States to the person or in the interests of a person who is a US citizen or company”. However, the language is not professional and the level of detail is quite low. KYC will be used for the token sale and US residents will not be able 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)?

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?

1.0
N/A
1 - Nothing yet, just an idea.
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?

2.0
N/A
2 - Minimal, superficial or hackneyed.
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:
2.6

Company and Team

The three C-level executives are listed in the whitepaper along with descriptions of their professional histories and links to LinkedIn profiles. Six other individuals are listed as “other members of [the] team” and it is unclear whether some or all of these individuals are considered advisors or core team members, especially since these individuals are not listed on the Myriads website. Only one of these individuals mentions Myriads in their bio description. Taking into consideration all the team members listed in the whitepaper, the skill set favors technology over business development.

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?

2.0
N/A
2 - Fragmented or inconclusive.
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:
2.4

Token Sale

The total number of MRDS tokens is 270 million (40% is for sale, 45% is used for incentives for miners, 10% is reserved for development, and 5% for advisors). The allocation of funds is briefly described. The soft cap is not specified and the hard cap is 108 million MRDS, where 1 ETH = 25,000 MRDS. The token sale takes place on March 20, 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?

1.0
N/A
1 - None or nonsensical.
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:
2.2

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