Nollycoin

Nollycoin is the cryptocurrency that powers a blockchain-enabled Peer-To-Peer decentralized ledger system for the global distribution of movies and other creative works.

About Nollycoin

Nollycoin is a platform that facilitates the publication and distribution of media as a “coded contract” which automates the distribution of royalty payments. Funds from the ICO will be used not only for the development of the platform, but also to “acquire a slate of exclusive international blockbuster films”. NOLLY coins will be used as a means of exchange on the platform and provide access to “Exclusive Premium Tickets”, which allow users to access movies on the Nollytainment platform and partnered movie theaters.

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?

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?

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?

1.0
N/A
1 - None or indeterminate.

Product

The Nollycoin whitepaper lists the main selling points of the platform, which primarily focus on the Nollycoin team and not the platform itself. The platform aims to target the creative works in Nollywood, a $3.3 billion dollar sector according to the document. There are considerable competitors that aim to target the entertainment industry with blockchain-related projects. However, Nollywood does not provide aspects of the platform that sets it apart from its competition. It is stated that the mockup of the product was released February 25th, 2018. The MVP can be found at nollytv.net, and is quite rudimentary. It is not clear to what extent blockchain technology has been integrated into the MVP.

Product Whitepaper

Use of Blockchain

2.0
Use of Blockchain
Blockchain Development

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

2.0
N/A
2 - Some smart contract functionality.
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?

1.0
N/A
1 - None really, just fundraising.
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.)?

2.0
N/A
2 - Centralized with some plans to decentralize.
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

NOLLY is an ERC20 compliant token and is used as a means of exchange on the Nollycoin platform. The benefits of NOLLY that are discussed in the document are not unique to the token and apply to most cryptocurrencies. Thus, there is no significant need to create a custom token, other than to generate funds for the platform.

Use of Blockchain Roadmap

Whitepaper

2.0
Whitepaper
Comprehensiveness

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

2.0
N/A
2 - Insufficient coverage.
Readability

Is it easy enough to understand?

4.0
N/A
4 - Easy to read and understand.
Transparency

Does it candidly describe and disclose where the project now stands, how much exists and how much still needs to be done, etc.?

2.0
N/A
2 - Ambiguous non-disclosure.
Business Plan Presentation

Does it contain a viable, comprehensive business plan?

1.0
N/A
1 - Severely lacking.
Technology Presentation

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

1.0
N/A
1 - Severely lacking.

Whitepaper

The whitepaper is 39 pages in length. There is little to no discussion regarding the technology of the platform. There are generic descriptions of the benefits of using blockchain technology for the platform. The business plan is presented with low levels of detail. Market research is presented without extensive references to credible data and there is no discussion regarding how the platform compares with its competitors. The majority of the document discusses the benefits of the platform (that are not particularly unique to NOLLY), and does not sufficiently discuss execution from both a technological and business perspective. Overall, the whitepaper lacks detail.

Whitepaper Compliance

Roadmap

1.8
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?

1.0
N/A
1 - A pipe dream.
Vision

Is there a larger, long-term vision?

2.0
N/A
2 - Riding the current wave.
Dependencies (services or capabilities)

How available, operational, or trusted are the other systems or capabilities on which the project relies?

1.0
N/A
1 - Not-yet-available or questionable.
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 Nollycoin website spans from October 2017 to December 2018 and contains 14 milestones. Milestones reached thus far include the conceptualization of the platform, the whitepaper preparation, the creation of the Nollycoin wallet (was not found through the Nollycoin website), and the release of the MVP / mockup. It is stated that NOLLY will be listed on public exchanges by July 2018 and that the commission of the first 10 exclusive movies and TV Series will be completed by August 2018. Future developments of the project are quite ambitious: it is stated that after the first year, future projects include a Nolly Shopping Mall, Nolly Mobile TV, Nollytainment Crowdfunding, and Nollytainment Tours (worldwide tie-ins with movie and entertainment events around the world).

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 that is approximately one page in length and is fairly professionally written. It is stated that “no securities and exchange commission, regulations and licensing department of any country, nor any other state or federal governmental agency has passed on or endorsed this token sale”. There is also a section towards the end of the document that discusses legal implications and precautions. It is unknown how KYC will be used for the token sale and whether particular demographics are prohibited from participating, although the FAQ states that “there will be two types of KYC. For investors under 10,000 USD there will be a light KYC process where only personal information will be required, such as first and last name, gender, date of birth, nationality, country of residence, id number. For investors over 10,000 USD we will have a full KYC process where an additional scan of the passport or national ID card will be required.”

Compliance Token Sale

Company and Team

1.4
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?

1.0
N/A
1 - Unverifiable (e.g., no online profiles).
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?

1.0
N/A
1 - Haphazard or uncommitted.
Team Skill Set Relevance

Does the amount of talent and skill in each area seem to fit the project requirements?

2.0
N/A
2 - Lacking or inconsistent.
Team Skill Set Balance

Is the team well-rounded (biz/tech/blockchain)? Is there sufficient talent and skill in all areas of required development?

1.0
N/A
1 - Severely skewed.

Company and Team

It is stated that the founders of Nollytainment are experts in the Nigerian movie industry. The website lists a business and strategy advisory board with 6 members, a technical development team with 3 members (CTO and 2 web developers) and 1 consultant, a movie directors advisory team with 7 members, and a marketing advisory team with 7 members. There seems to be an attempt to combine advisors/consultants with the core team. Individuals are presented in the whitepaper and on the Nollycoin website along with their profile pictures, short descriptions and links to social media profiles. The skill set of the core (development) team consists mainly of a background in technology, particularly web development – two are web developers and the technical experience of the CTO consists mainly of front-end development. Investigating the LinkedIn profiles of the two web developers shows that the link provided for one of the developers does not lead to a profile, and the link provided for the other developer leads to an empty LinkedIn profile. As a result, the skill set and the level of team commitment are not clear.

Company and Team Product

Token Sale

3.4
Token Sale
Raise Amount Max

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

4.0
N/A
4 - Well suited to needs and plans.
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?

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?

4.0
N/A
4 - Most tokens sold, vesting periods on kept tokens.
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 NOLLY tokens 500 million (70% is for sale, 19.5% is for the founders, 5.5% is for partners and 5% is for bounties and airdrops). Vesting periods are clearly outlined. The allocation of funds is described in moderate detail (25% is for technology development, 20% is for the Nollycoin team and business development, 20% is for global marketing, 30% is for acquisition/commissioning, and 5% for administration contingency). The soft cap is $3MM USD and the hard cap is $5MM USD. Unsold tokens from the presale will be available for purchase during the public sale. Unsold tokens from the public sale will “be placed in a pool to be used by the platform for future purposes”.

Product

The Nollycoin whitepaper lists the main selling points of the platform, which primarily focus on the Nollycoin team and not the platform itself. The platform aims to target the creative works in Nollywood, a $3.3 billion dollar sector according to the document. There are considerable competitors that aim to target the entertainment industry with blockchain-related projects. However, Nollywood does not provide aspects of the platform that sets it apart from its competition. It is stated that the mockup of the product was released February 25th, 2018. The MVP can be found at nollytv.net, and is quite rudimentary. It is not clear to what extent blockchain technology has been integrated into the MVP.

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?

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?

1.0
N/A
1 - None or indeterminate.
Product Score:
1.8

Use of Blockchain

NOLLY is an ERC20 compliant token and is used as a means of exchange on the Nollycoin platform. The benefits of NOLLY that are discussed in the document are not unique to the token and apply to most cryptocurrencies. Thus, there is no significant need to create a custom token, other than to generate funds for the platform.

Category Breakdown
Blockchain Development

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

2.0
N/A
2 - Some smart contract functionality.
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?

1.0
N/A
1 - None really, just fundraising.
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.)?

2.0
N/A
2 - Centralized with some plans to decentralize.
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:
2.0

Whitepaper

The whitepaper is 39 pages in length. There is little to no discussion regarding the technology of the platform. There are generic descriptions of the benefits of using blockchain technology for the platform. The business plan is presented with low levels of detail. Market research is presented without extensive references to credible data and there is no discussion regarding how the platform compares with its competitors. The majority of the document discusses the benefits of the platform (that are not particularly unique to NOLLY), and does not sufficiently discuss execution from both a technological and business perspective. Overall, the whitepaper lacks detail.

Category Breakdown
Comprehensiveness

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

2.0
N/A
2 - Insufficient coverage.
Readability

Is it easy enough to understand?

4.0
N/A
4 - Easy to read and understand.
Transparency

Does it candidly describe and disclose where the project now stands, how much exists and how much still needs to be done, etc.?

2.0
N/A
2 - Ambiguous non-disclosure.
Business Plan Presentation

Does it contain a viable, comprehensive business plan?

1.0
N/A
1 - Severely lacking.
Technology Presentation

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

1.0
N/A
1 - Severely lacking.
Whitepaper Score:
2.0

Roadmap

The roadmap presented on the Nollycoin website spans from October 2017 to December 2018 and contains 14 milestones. Milestones reached thus far include the conceptualization of the platform, the whitepaper preparation, the creation of the Nollycoin wallet (was not found through the Nollycoin website), and the release of the MVP / mockup. It is stated that NOLLY will be listed on public exchanges by July 2018 and that the commission of the first 10 exclusive movies and TV Series will be completed by August 2018. Future developments of the project are quite ambitious: it is stated that after the first year, future projects include a Nolly Shopping Mall, Nolly Mobile TV, Nollytainment Crowdfunding, and Nollytainment Tours (worldwide tie-ins with movie and entertainment events around the world).

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?

1.0
N/A
1 - A pipe dream.
Vision

Is there a larger, long-term vision?

2.0
N/A
2 - Riding the current wave.
Dependencies (services or capabilities)

How available, operational, or trusted are the other systems or capabilities on which the project relies?

1.0
N/A
1 - Not-yet-available or questionable.
Current Position

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

2.0
N/A
2 - Critical obstacles ahead.
Roadmap Score:
1.8

Compliance

The whitepaper contains a disclaimer section that is approximately one page in length and is fairly professionally written. It is stated that “no securities and exchange commission, regulations and licensing department of any country, nor any other state or federal governmental agency has passed on or endorsed this token sale”. There is also a section towards the end of the document that discusses legal implications and precautions. It is unknown how KYC will be used for the token sale and whether particular demographics are prohibited from participating, although the FAQ states that “there will be two types of KYC. For investors under 10,000 USD there will be a light KYC process where only personal information will be required, such as first and last name, gender, date of birth, nationality, country of residence, id number. For investors over 10,000 USD we will have a full KYC process where an additional scan of the passport or national ID card will be required.”

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

It is stated that the founders of Nollytainment are experts in the Nigerian movie industry. The website lists a business and strategy advisory board with 6 members, a technical development team with 3 members (CTO and 2 web developers) and 1 consultant, a movie directors advisory team with 7 members, and a marketing advisory team with 7 members. There seems to be an attempt to combine advisors/consultants with the core team. Individuals are presented in the whitepaper and on the Nollycoin website along with their profile pictures, short descriptions and links to social media profiles. The skill set of the core (development) team consists mainly of a background in technology, particularly web development – two are web developers and the technical experience of the CTO consists mainly of front-end development. Investigating the LinkedIn profiles of the two web developers shows that the link provided for one of the developers does not lead to a profile, and the link provided for the other developer leads to an empty LinkedIn profile. As a result, the skill set and the level of team commitment are not clear.

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?

1.0
N/A
1 - Unverifiable (e.g., no online profiles).
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?

1.0
N/A
1 - Haphazard or uncommitted.
Team Skill Set Relevance

Does the amount of talent and skill in each area seem to fit the project requirements?

2.0
N/A
2 - Lacking or inconsistent.
Team Skill Set Balance

Is the team well-rounded (biz/tech/blockchain)? Is there sufficient talent and skill in all areas of required development?

1.0
N/A
1 - Severely skewed.
Company and Team Score:
1.4

Token Sale

The total number of NOLLY tokens 500 million (70% is for sale, 19.5% is for the founders, 5.5% is for partners and 5% is for bounties and airdrops). Vesting periods are clearly outlined. The allocation of funds is described in moderate detail (25% is for technology development, 20% is for the Nollycoin team and business development, 20% is for global marketing, 30% is for acquisition/commissioning, and 5% for administration contingency). The soft cap is $3MM USD and the hard cap is $5MM USD. Unsold tokens from the presale will be available for purchase during the public sale. Unsold tokens from the public sale will “be placed in a pool to be used by the platform for future purposes”.

Category Breakdown
Raise Amount Max

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

4.0
N/A
4 - Well suited to needs and plans.
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?

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?

4.0
N/A
4 - Most tokens sold, vesting periods on kept tokens.
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:
3.4

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