QASH

Providing LIQUIDITY to the Non-Liquid Crypto Economy

About QASH

LIQUID aims to provide liquidity to the crypto economy. QASH coins will be used to pay transaction fees for services in the QUOINE liquid ecosystem. It is stated that “QUOINE LIQUID will become a complete financial ecosystem for the crypto economy”. The World Book is an aggregate of multiple market order books and allows users to trade using any currency. QUOINE is licensed as a digital currency exchange by the Japan Financial Services Agency.

Token Sale Use of Blockchain

Product

3.0
Product
Readiness

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

4.0
N/A
4 - Beta or initial rollout.
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?

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?

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

The two (related) main components of the QASH platform are the World Order book and the ability to trade in any currency. QASH’s target user base is comprised of cryptocurrency traders and investors. The level of competition that QASH faces is quite high. There is a chart that briefly outlines the comparison between LIQUID and 6 other competitors (Omega One, Bancor, Quantave, Exchange Union, Rialto, and SALT). It is also stated that QUOINE will open a cryptocurrency exchange, QRYPTOS. The organization has already built QUOINEX, “one of the largest Cryptocurrency exchanges in the world, regulated by the Japan FSA and fully aligned with the requirements of most regulated markets around the world”. The GitHub page can be found and shows very high levels of content and activity.

Product Whitepaper

Use of Blockchain

2.8
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?

3.0
N/A
3 - Issuing a custom token is justifiable.
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?

3.0
N/A
3 - Interesting.

Use of Blockchain

QASH is an ERC20 compliant token and is used to pay transaction fees on the LIQUID platform, as well as on QRYPTOS and QUOINEX (cryptocurrency exchanges). It is also used to access a variety of services on these platforms (trading tools, credit/lending management, etc.) and for prime brokerage services. It is stated that by Q2 2019, “QUOINE will create its own blockchain (QASH BLOCKCHAIN) that will have specific financial industry requirements already built in”. It is stated that this new blockchain solution will support more programming languages and will integrate KYC/AML, and allow for node management (region restrictions), as well as a variety of financial services. It is not clear (other than support for more programming languages for smart contract development), why a new blockchain solution is required instead of developing these services on top of the Ethereum blockchain. Technical details for this blockchain solution are not included in the document.

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?

3.0
N/A
3 - More information required.
Technology Presentation

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

3.0
N/A
3 - More information required.

Whitepaper

The whitepaper is 73 pages in length. There is discussion with regards the the proposed features of the platform but technical specifics are omitted from the document. There are a few technical diagrams included, but discussion regarding these aspects of the platform are presented in layman terms. The business plan is presented with moderate levels of detail. There is some discussion of the problems associated with the lack of liquidity in the cryptocurrency market. Overall, the whitepaper could include more technical detail, especially with regard to the QASH BLOCKCHAIN.

Whitepaper Compliance

Roadmap

3.6
Roadmap
Concreteness

Is there a concrete and practical development plan (vs. just a conceptual vision)?

4.0
N/A
4 - Down to earth.
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?

4.0
N/A
4 - Past a few hurdles.

Roadmap

The roadmap presented in the whitepaper spans from from Q1 2014 to Q3 2019. Milestones reached thus far include the launch of QUOINEX, the release of the QUIOINEX mobile application, the launch of QRTYPTOS, and beta access to the QUOINE LIQUID platform. The official QUOINE LIQUID platform launch is planned for Q2 2018 with direct market access in Q3 2018. Future developments include: primer brokerage offerings in Q4 2018, launch of the QASH blockchain in Q2 2019, and obtaining a full banking license in Q3 2019.

Roadmap Company and Team

Compliance

3.4
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?

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?

4.0
N/A
4 - Beta or initial rollout.
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?

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

Compliance

The whitepaper contains a disclaimer section that is approximately 3 pages in length. KYC will be used for the token sale. It is specifically stated that individuals from the People’s Republic of China are prohibited from purchasing QASH through the token sale. QUOINE is currently regulated in Japan by the Japan Financial Services Agency (JFSA) and was officially licensed by the JFSA as a digital currency exchange in September 2017.

Compliance Token Sale

Company and Team

4.6
Company and Team
Company Stage and Foundation

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

5.0
N/A
5 - Well established, has raised significant funds.
Background of Lead Team Members

Do we know who they are? Do they have LinkedIn profiles? Do they have solid, relevant backgrounds?

5.0
N/A
5 - Accomplished, recognized.
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?

4.0
N/A
4 - Fully assembled and committed.
Team Skill Set Relevance

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

5.0
N/A
5 - Meeting and exceeding 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

LIQUID is being developed by QUIONE, which was incorporated in 2014 and received $20MM USD in funding in 2016. The core team of 9 individuals are listed on the LIQUID website, along with their profile pictures, short descriptions and links to social media profiles. The skill set of the core team is based mainly on backgrounds in finance. The CTO was formerly CTO of Merrill Lynch in Japan, the CEO was formerly Senior Vice President at SoftBank Group, and the SVP was formerly Vice President at Goldman Sachs. (The link provided for the CEO’s LinkedIn profile does not work but the profile can be found through a manual search.) Profiles of key team members show that listed professional experience corroborates bio descriptions.

Company and Team Product

Token Sale

2.4
Token Sale
Raise Amount Max

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

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?

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?

4.0
N/A
4 - Solid exposure and interest, good impression.

Token Sale

The total number of QASH tokens 1 billion. The allocation of tokens for the first year is as follows: 35% is for the public sale, 30% is for community and ecosystem development, 20% is for management and QUOINE shareholders, and 15% is for strategic partners and institutional buyers. The token allocation in year 5 is such that 80% is offered to the public and 20% is for management and QUOINE shareholders. The allocation of funds is described in moderate detail (50% is for liquidity, 20% is for product development, 15% is for operations, 15% is for legal/regulation expenses). The amount raised during the ICO, which took place from November 6th 2017 to November 8th 2017 was $105MM USD. The soft cap was 50,000 ETH and the hard cap was not specified, where 1 QASH = $0.31 USD.

Product

The two (related) main components of the QASH platform are the World Order book and the ability to trade in any currency. QASH’s target user base is comprised of cryptocurrency traders and investors. The level of competition that QASH faces is quite high. There is a chart that briefly outlines the comparison between LIQUID and 6 other competitors (Omega One, Bancor, Quantave, Exchange Union, Rialto, and SALT). It is also stated that QUOINE will open a cryptocurrency exchange, QRYPTOS. The organization has already built QUOINEX, “one of the largest Cryptocurrency exchanges in the world, regulated by the Japan FSA and fully aligned with the requirements of most regulated markets around the world”. The GitHub page can be found and shows very 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?

4.0
N/A
4 - Beta or initial rollout.
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?

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?

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:
3.0

Use of Blockchain

QASH is an ERC20 compliant token and is used to pay transaction fees on the LIQUID platform, as well as on QRYPTOS and QUOINEX (cryptocurrency exchanges). It is also used to access a variety of services on these platforms (trading tools, credit/lending management, etc.) and for prime brokerage services. It is stated that by Q2 2019, “QUOINE will create its own blockchain (QASH BLOCKCHAIN) that will have specific financial industry requirements already built in”. It is stated that this new blockchain solution will support more programming languages and will integrate KYC/AML, and allow for node management (region restrictions), as well as a variety of financial services. It is not clear (other than support for more programming languages for smart contract development), why a new blockchain solution is required instead of developing these services on top of the Ethereum blockchain. Technical details for this blockchain solution are not included in the document.

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?

3.0
N/A
3 - Issuing a custom token is justifiable.
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?

3.0
N/A
3 - Interesting.
Use of Blockchain Score:
2.8

Whitepaper

The whitepaper is 73 pages in length. There is discussion with regards the the proposed features of the platform but technical specifics are omitted from the document. There are a few technical diagrams included, but discussion regarding these aspects of the platform are presented in layman terms. The business plan is presented with moderate levels of detail. There is some discussion of the problems associated with the lack of liquidity in the cryptocurrency market. Overall, the whitepaper could include more technical detail, especially with regard to the QASH BLOCKCHAIN.

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?

3.0
N/A
3 - More information required.
Technology Presentation

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

3.0
N/A
3 - More information required.
Whitepaper Score:
3.0

Roadmap

The roadmap presented in the whitepaper spans from from Q1 2014 to Q3 2019. Milestones reached thus far include the launch of QUOINEX, the release of the QUIOINEX mobile application, the launch of QRTYPTOS, and beta access to the QUOINE LIQUID platform. The official QUOINE LIQUID platform launch is planned for Q2 2018 with direct market access in Q3 2018. Future developments include: primer brokerage offerings in Q4 2018, launch of the QASH blockchain in Q2 2019, and obtaining a full banking license in Q3 2019.

Category Breakdown
Concreteness

Is there a concrete and practical development plan (vs. just a conceptual vision)?

4.0
N/A
4 - Down to earth.
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?

4.0
N/A
4 - Past a few hurdles.
Roadmap Score:
3.6

Compliance

The whitepaper contains a disclaimer section that is approximately 3 pages in length. KYC will be used for the token sale. It is specifically stated that individuals from the People’s Republic of China are prohibited from purchasing QASH through the token sale. QUOINE is currently regulated in Japan by the Japan Financial Services Agency (JFSA) and was officially licensed by the JFSA as a digital currency exchange in September 2017.

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?

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?

4.0
N/A
4 - Beta or initial rollout.
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?

3.0
N/A
3 - Semi-professional (e.g. Howey Test)
Compliance Score:
3.4

Company and Team

LIQUID is being developed by QUIONE, which was incorporated in 2014 and received $20MM USD in funding in 2016. The core team of 9 individuals are listed on the LIQUID website, along with their profile pictures, short descriptions and links to social media profiles. The skill set of the core team is based mainly on backgrounds in finance. The CTO was formerly CTO of Merrill Lynch in Japan, the CEO was formerly Senior Vice President at SoftBank Group, and the SVP was formerly Vice President at Goldman Sachs. (The link provided for the CEO’s LinkedIn profile does not work but the profile can be found through a manual search.) Profiles of key team members show that listed professional experience corroborates bio descriptions.

Category Breakdown
Company Stage and Foundation

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

5.0
N/A
5 - Well established, has raised significant funds.
Background of Lead Team Members

Do we know who they are? Do they have LinkedIn profiles? Do they have solid, relevant backgrounds?

5.0
N/A
5 - Accomplished, recognized.
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?

4.0
N/A
4 - Fully assembled and committed.
Team Skill Set Relevance

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

5.0
N/A
5 - Meeting and exceeding 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:
4.6

Token Sale

The total number of QASH tokens 1 billion. The allocation of tokens for the first year is as follows: 35% is for the public sale, 30% is for community and ecosystem development, 20% is for management and QUOINE shareholders, and 15% is for strategic partners and institutional buyers. The token allocation in year 5 is such that 80% is offered to the public and 20% is for management and QUOINE shareholders. The allocation of funds is described in moderate detail (50% is for liquidity, 20% is for product development, 15% is for operations, 15% is for legal/regulation expenses). The amount raised during the ICO, which took place from November 6th 2017 to November 8th 2017 was $105MM USD. The soft cap was 50,000 ETH and the hard cap was not specified, where 1 QASH = $0.31 USD.

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?

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?

4.0
N/A
4 - Solid exposure and interest, good impression.
Token Sale Score:
2.4

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