
SKYFchain aims to create and build unmanned aerial carriers (drones) for commercial operations, and to develop the blockchain-based SKYFchain Operating Platform (OP) for cargo robot operation management. SKYFchain’s drone uses a gasoline powered engine to mitigate the challenges of scalability and increasing drone size. The SKYFchain OP is intended to eventually incorporate automated cargo vessels of all kinds, including drones, ships, and passenger vehicles. SKYFT tokens will be used to facilitate all transactions on the platform (which will, however, be paid for in fiat). Token holders will receive 25% of the transaction fees.
Curved Score
Overall Score
Is the product ready for use? Is there a working prototype or MVP? How long until it is operational?
How appealing is the product? How good or necessary is it? Does it have a distinct edge?
Is it mass market or niche?
Are there many other similar solutions or is this one of just a few, or even one of a kind?
How innovative or inventive is the product, either conceptually or technologically?
It is stated that a prototype of the SKYFchain drone had a major test flight event for clients in December 2017. The SKYFchain drone can “carry a useful load of 400kg/880lb and can fly up to 350km/220miles” (whether these specifications are theoretical or based on tested results is unknown). The GitHub page is provided with significantly low levels of activity and content. SKYFchain states that a “universal operating platform for the cargo robots does not exist” and as a result, the level of competition is fairly low. Perhaps the most challenging part of the project is the engineering that is involved with creating a fully functional product. However, SKYFchain has made significant developments towards their product from a hardware perspective. The organization possesses a patentented propeller design (https://patents.google.com/patent/WO2017141069A1/en?inventor=arsentyev&oq=arsentyev) and when compare to Mil Mi-8 helicoptors, the SKYFchain claims that SKYF uses 24 times less fuel. A demonstration video of the drone is available on the SKYFchain website. Smart contracts are currently in development and will be available close to the end of the ICO sale.
Is blockchain technology essential? Does it make the solution significantly different and better?
How disruptive is the introduction of blockchain technology into the product's market space?
Is the token essential or could it be done just as well or better with fiat or Bitcoin?
How decentralized is the system architecture other than the token (e.g., data collection, storage, access, and use, or decision making processes, etc.)?
How compelling is the solution's contribution to the evolution of blockchain infrastructure and economy?
SKYFT is an ERC20 compliant token and is used for transactions within the SKYFchain. It operates on a private (permissioned) blockchain. SKYFT is an intermediary means of exchange, as transactions on the platform are paid for in fiat, but executed on the platform using SKYFT tokens. SKYFchain uses blockchain with built-in smart contracts to provide a “trusted source of data and reasonable control over unmanned assets for clients, logistics operators, insurance and leasing companies, banks, and authorities worldwide”. It is stated that token holders will receive 25% of commissions from transactions that take place on the SKYFchain platform (client payment, loans to purchase unmanned vehicle, etc). The remaining transaction fees will be distributed to the Community Development Fund (25%) and to blockchain super-node operators (50%). Regarding the consensus protocol, it is stated that initially administrators will be selected to create the governance structure of the platform, so that “in the beginning the network will be centralized, but as new participants join the system it will become more and more decentralized”.
Does it cover the full scope of the problem and solution?
Is it easy enough to understand?
Does it candidly describe and disclose where the project now stands, how much exists and how much still needs to be done, etc.?
Does it contain a viable, comprehensive business plan?
Does it present a well thought out technological architecture? Does it address implementational challenges?
The whitepaper is 55 pages long. The technology plan is presented with moderate levels of detail. The potential scalability issues with regard to use of the Ethereum blockchain are discussed and potential solutions are mentioned (forking from Ethereum, creating a custom blockchain solution, and using other payment channels). Discussion regarding the consensus algorithm for the SKYFchain architecture is also included. The business plan is presented with fairly high levels of detail and contains a thorough discussion of market research, the platform’s economic model, and prospective clients. Overall, the whitepaper is fairly comprehensive, but should contain more content regarding the advantage of implementing blockchain technology in the platform.
Is there a concrete and practical development plan (vs. just a conceptual vision)?
Is the development plan realistic? Is it based on reasonable goals and timelines?
Is there a larger, long-term vision?
How available, operational, or trusted are the other systems or capabilities on which the project relies?
Where is the project now, relative to its vision and plans?
The roadmap presented in the whitepaper spans from 2014 to 2025. Milestones are grouped by the year of completion and presented in the form of bullet points which contain fair levels of detail. Milestones reached thus far include securing VC funding, designing and manufacturing cargo drones, and developing the international legal structure. Distribution of the private blockchain network nodes is planned to take place sometime in 2019. The international legal structure is still in development, but SKYFchain states that regulatory obstacles will not impede commercial acitivites in the next 2-3 years and that in remote regions, SKYF is already able to fly based on current regulations.
How much use is there for the token itself (regardless of its value as an investment vehicle)?
How valuable is the token as an investment vehicle or financial instrument?
Is the blockchain infrastructure of the project ready for use? Is there a working prototype or MVP? How long until it is operational?
How much attention is given to compliance (via token and ecosystem design, token sale participation, etc.)? Is this issue addressed directly and coherently?
What kind of legal documentation (reviews or agreements) and risk assessment are provided?
The whitepaper contains a disclaimer section. It is explicitly SKYVT are utility tokens and it is clearly stated that SKYFT tokens are compliant with the SEC. However, the regulations regarding unmanned drones are not clear and it is stated that “unmanned cargo robots may become an asset which would require new types of regulations and business processes”. Nevertheless, SKYF discusses the current regulatory framework for a number of jurisdictions and says that “solutions of SKYFchain OP may provide the standard for the development of future regulations”. It is unknown whether KYC will be used for the token sale, but only accredited investors are permitted to participate.
Is the company already established? Has it raised funds before? Is it mature?
Do we know who they are? Do they have LinkedIn profiles? Do they have solid, relevant backgrounds?
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?
Does the amount of talent and skill in each area seem to fit the project requirements?
Is the team well-rounded (biz/tech/blockchain)? Is there sufficient talent and skill in all areas of required development?
The organization has already received $5MM in VC funding. The team of 13 individuals are listed on the SKYFchain website, along with their profile pictures, short descriptions and links to LinkedIn accounts. The skill set of the team is fairly balanced between business and technology development. One individual is responsible for drone design and another for drone development. Individuals with extensive blockchain-related knowledge are primarily limited to those in advisory roles.
Is there a clear cap? Is the maximum raise amount modestly sufficient (as opposed to either greedy or insufficient)?
Is the minimum raise reasonable considering the development plan? Are there raise-amount dependent milestones?
Is fund distribution and allocation reasonable and justified?
Is the ratio of tokens sold to those kept reasonable? Does it prevent the company from having too much control?
Is the sale being talked about in Reddit, Bitcointalk, Social Media, Medium, etc.? Is information available and accessible? Is there interest?
The total number of SKYFT tokens is 1.2 billion (44% is for sale, 15% is for the network development fund, 10% is for the community development fund, 9.5% is for the reserve fund, 1.5% is for the bounty fund, and 20% is for the team). Vesting periods are clearly indicated. The allocation of funds is described in moderately high detail (45% for research and development, 25% for marketing and platform development, 24% for operations, business, and corporate development, and 6% for legal and administrative fees). There are different development strategies discussed for different levels of funding. The soft cap is $5MM USD and the hard cap is $30MM, where 1 SKYFT = ~0.065 USD (ICO-end price). The ICO is planned to launch in May 2018.
It is stated that a prototype of the SKYFchain drone had a major test flight event for clients in December 2017. The SKYFchain drone can “carry a useful load of 400kg/880lb and can fly up to 350km/220miles” (whether these specifications are theoretical or based on tested results is unknown). The GitHub page is provided with significantly low levels of activity and content. SKYFchain states that a “universal operating platform for the cargo robots does not exist” and as a result, the level of competition is fairly low. Perhaps the most challenging part of the project is the engineering that is involved with creating a fully functional product. However, SKYFchain has made significant developments towards their product from a hardware perspective. The organization possesses a patentented propeller design (https://patents.google.com/patent/WO2017141069A1/en?inventor=arsentyev&oq=arsentyev) and when compare to Mil Mi-8 helicoptors, the SKYFchain claims that SKYF uses 24 times less fuel. A demonstration video of the drone is available on the SKYFchain website. Smart contracts are currently in development and will be available close to the end of the ICO sale.
Is the product ready for use? Is there a working prototype or MVP? How long until it is operational?
3.0How appealing is the product? How good or necessary is it? Does it have a distinct edge?
5.0Is it mass market or niche?
3.0Are there many other similar solutions or is this one of just a few, or even one of a kind?
5.0How innovative or inventive is the product, either conceptually or technologically?
5.0
SKYFT is an ERC20 compliant token and is used for transactions within the SKYFchain. It operates on a private (permissioned) blockchain. SKYFT is an intermediary means of exchange, as transactions on the platform are paid for in fiat, but executed on the platform using SKYFT tokens. SKYFchain uses blockchain with built-in smart contracts to provide a “trusted source of data and reasonable control over unmanned assets for clients, logistics operators, insurance and leasing companies, banks, and authorities worldwide”. It is stated that token holders will receive 25% of commissions from transactions that take place on the SKYFchain platform (client payment, loans to purchase unmanned vehicle, etc). The remaining transaction fees will be distributed to the Community Development Fund (25%) and to blockchain super-node operators (50%). Regarding the consensus protocol, it is stated that initially administrators will be selected to create the governance structure of the platform, so that “in the beginning the network will be centralized, but as new participants join the system it will become more and more decentralized”.
Is blockchain technology essential? Does it make the solution significantly different and better?
2.0How disruptive is the introduction of blockchain technology into the product's market space?
2.0Is the token essential or could it be done just as well or better with fiat or Bitcoin?
2.0How decentralized is the system architecture other than the token (e.g., data collection, storage, access, and use, or decision making processes, etc.)?
2.0How compelling is the solution's contribution to the evolution of blockchain infrastructure and economy?
3.0
The whitepaper is 55 pages long. The technology plan is presented with moderate levels of detail. The potential scalability issues with regard to use of the Ethereum blockchain are discussed and potential solutions are mentioned (forking from Ethereum, creating a custom blockchain solution, and using other payment channels). Discussion regarding the consensus algorithm for the SKYFchain architecture is also included. The business plan is presented with fairly high levels of detail and contains a thorough discussion of market research, the platform’s economic model, and prospective clients. Overall, the whitepaper is fairly comprehensive, but should contain more content regarding the advantage of implementing blockchain technology in the platform.
Does it cover the full scope of the problem and solution?
4.0Is it easy enough to understand?
4.0Does it candidly describe and disclose where the project now stands, how much exists and how much still needs to be done, etc.?
4.0Does it contain a viable, comprehensive business plan?
4.0Does it present a well thought out technological architecture? Does it address implementational challenges?
3.0
The roadmap presented in the whitepaper spans from 2014 to 2025. Milestones are grouped by the year of completion and presented in the form of bullet points which contain fair levels of detail. Milestones reached thus far include securing VC funding, designing and manufacturing cargo drones, and developing the international legal structure. Distribution of the private blockchain network nodes is planned to take place sometime in 2019. The international legal structure is still in development, but SKYFchain states that regulatory obstacles will not impede commercial acitivites in the next 2-3 years and that in remote regions, SKYF is already able to fly based on current regulations.
Is there a concrete and practical development plan (vs. just a conceptual vision)?
3.0Is the development plan realistic? Is it based on reasonable goals and timelines?
3.0Is there a larger, long-term vision?
4.0How available, operational, or trusted are the other systems or capabilities on which the project relies?
3.0Where is the project now, relative to its vision and plans?
2.0
The whitepaper contains a disclaimer section. It is explicitly SKYVT are utility tokens and it is clearly stated that SKYFT tokens are compliant with the SEC. However, the regulations regarding unmanned drones are not clear and it is stated that “unmanned cargo robots may become an asset which would require new types of regulations and business processes”. Nevertheless, SKYF discusses the current regulatory framework for a number of jurisdictions and says that “solutions of SKYFchain OP may provide the standard for the development of future regulations”. It is unknown whether KYC will be used for the token sale, but only accredited investors are permitted to participate.
How much use is there for the token itself (regardless of its value as an investment vehicle)?
3.0How valuable is the token as an investment vehicle or financial instrument?
2.0Is the blockchain infrastructure of the project ready for use? Is there a working prototype or MVP? How long until it is operational?
2.0How much attention is given to compliance (via token and ecosystem design, token sale participation, etc.)? Is this issue addressed directly and coherently?
4.0What kind of legal documentation (reviews or agreements) and risk assessment are provided?
3.0
The organization has already received $5MM in VC funding. The team of 13 individuals are listed on the SKYFchain website, along with their profile pictures, short descriptions and links to LinkedIn accounts. The skill set of the team is fairly balanced between business and technology development. One individual is responsible for drone design and another for drone development. Individuals with extensive blockchain-related knowledge are primarily limited to those in advisory roles.
Is the company already established? Has it raised funds before? Is it mature?
4.0Do we know who they are? Do they have LinkedIn profiles? Do they have solid, relevant backgrounds?
3.0Is a solid, fully committed core team in place? Do they have online (e.g. LinkedIn) profiles showing sufficient relevant experience? Is their participation transparent?
3.0Does the amount of talent and skill in each area seem to fit the project requirements?
3.0Is the team well-rounded (biz/tech/blockchain)? Is there sufficient talent and skill in all areas of required development?
3.0
The total number of SKYFT tokens is 1.2 billion (44% is for sale, 15% is for the network development fund, 10% is for the community development fund, 9.5% is for the reserve fund, 1.5% is for the bounty fund, and 20% is for the team). Vesting periods are clearly indicated. The allocation of funds is described in moderately high detail (45% for research and development, 25% for marketing and platform development, 24% for operations, business, and corporate development, and 6% for legal and administrative fees). There are different development strategies discussed for different levels of funding. The soft cap is $5MM USD and the hard cap is $30MM, where 1 SKYFT = ~0.065 USD (ICO-end price). The ICO is planned to launch in May 2018.
Is there a clear cap? Is the maximum raise amount modestly sufficient (as opposed to either greedy or insufficient)?
3.0Is the minimum raise reasonable considering the development plan? Are there raise-amount dependent milestones?
3.0Is fund distribution and allocation reasonable and justified?
4.0Is the ratio of tokens sold to those kept reasonable? Does it prevent the company from having too much control?
3.0Is the sale being talked about in Reddit, Bitcointalk, Social Media, Medium, etc.? Is information available and accessible? Is there interest?
2.0Regulations for automated air travelling vary worldwide and are frequently corrected. While the rules are undergoing numerous revisions thousands of companies were granted the permits for autonomous flights. SKYF will start commercial operations on SKYFchain mainly in the remote areas including some parts of Africa, Russia, Armenia, Ecuador, Brazil, Canada and so on. Right now, we do not see regulatory obstacles that can prevent us from commercial activities during the next 2-3 years. In those regions SKYF can fly already under the current regulations.
With the accumulated statistics and operations data next market entries will be easier. We plan to expand to Australia first, and then to other countries with similar regulations.
SKYFchain will serve not only aerial cargo robots (drones) but also ground based (trucks) and sea based (ships).
The smart contract is in the development stage. It will be published close to the ICO main sale end.
One of our clients, an oil and gas company, uses helicopters MI-8 with fuel consumption of 680 kg per hour for the delivery of spare parts to its oil rigs. For the same delivery SKYF needs only 28 kg of fuel per hour. In this application SKYF consumes 24 times less fuel. In 70% of cases MI-8 is substantially underutilized because they transport only 100-200 kg of cargo.
Technical specifications outlined in the whitepaper are confirmed by computer modelling, live test results of the core components, flight tests of SKYF prototypes and technical specifications of third party components.
Blockchain is a key component in SKYFchain. SKYFchain uses blockchain with built-in smart contracts to provide trusted source of data and reasonable control over the assets for clients, logistics operators, insurance and leasing companies, banks, and authorities from different countries and industries. SKYFchain helps to overcome the incompatibility of rules and standards.
SKYFchain decentralization will come from two main sources. First, more manufacturers of unmanned vehicles, operating companies, their customers from different regions will use SKYFchain driving its geographical and business sector decentralization. Second, SKYFchain will rely on the supernodes as parts of its blockchain infrastructure. During ICO sale SKYFchain offers supernode certificates for every 100Â 000 USD contributed. At the later stage the holders of the supernodes will include large logistics companies, banks, insurance and leasing companies.
SKYF drone manufacturer has Russian patent granted and PCT application with priority date 2016-02-17. These documents describe and protect a unique and proprietary SKYF drone design that defines the use of two different sets of propellers – the bigger for lifting and the smaller for steering. This scheme brings a much better utilization of power train compared to a traditional multicopter scheme. More information about the patent and its status is here: https://patents.google.com/patent/WO2017141069A1/en?inventor=arsentyev&oq=arsentyev
SKYF drone clients compare it with the existing solutions in their industries. Oil and gas companies in Siberia, Russia use helicopters to supply on-shore rigs with food, water and spare parts. According to their calculations they can slash cost by 5 to 10 times with SKYF autonomous drones.
In agriculture our clinets use small airplanes for crop dusting. That’s a very dangerous job because the flights are performed at low altitudes. https://www.nytimes.com/2014/10/03/us/for-crop-dusters-a-hidden-danger-in-the-fields.html
SKYF drones can dust the crops during the night time (the best time for dusting) which is almost impossible for traditional aviation.
SKYF drones can fly fully autonomously following an approved mission plan.
SKYF drone has its own proprietary autopilot it gives us another level of protection against reverse engineering. You can see the SKYF autonomous flight here https://www.youtube.com/watch?v=okjwu8DV5Ng