SKYFChain

The First B2R (Business 2 Robots) Operating Platform for Cargo Robotics Industry

About SKYFChain

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.

1.9

Curved Score

2.4

Overall Score

Curved ScoreActual Score
SKYFChain
10 Mar15 Jun
$5,000,000
$30,000,000
Visit Website
Token Sale Use of Blockchain

Product

4.2
Product
Readiness

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

3.0
N/A
3 - Prototype / MVP / alpha.
Appeal

How appealing is the product? How good or necessary is it? Does it have a distinct edge?

5.0
N/A
5 - Wow.
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?

5.0
N/A
5 - Hardly any (or no) competition.
Innovation

How innovative or inventive is the product, either conceptually or technologically?

5.0
N/A
5 - Highly specialized, proprietary.

Product

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.

Product Whitepaper

Use of Blockchain

2.2
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?

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?

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.)?

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

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”.

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?

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.?

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?

3.0
N/A
3 - More information required.

Whitepaper

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.

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 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.

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)?

3.0
N/A
3 - Limited or uncertain 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?

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?

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

Compliance

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.

Compliance Token Sale

Company and Team

3.2
Company and Team
Company Stage and Foundation

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

4.0
N/A
4 - Established with some fundraising history.
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?

3.0
N/A
3 - Somewhat uncertain, probably okay.

Company and Team

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.

Company and Team Product

Token Sale

3.0
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?

3.0
N/A
3 - Justifiable.
Fund Allocation

Is fund distribution and allocation reasonable and justified?

4.0
N/A
4 - Well defined and reasonable.
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 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.

Product

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.

Category Breakdown
Readiness

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

3.0
N/A
3 - Prototype / MVP / alpha.
Appeal

How appealing is the product? How good or necessary is it? Does it have a distinct edge?

5.0
N/A
5 - Wow.
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?

5.0
N/A
5 - Hardly any (or no) competition.
Innovation

How innovative or inventive is the product, either conceptually or technologically?

5.0
N/A
5 - Highly specialized, proprietary.
Product Score:
4.2

Use of Blockchain

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”.

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?

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?

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.)?

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:
2.2

Whitepaper

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.

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?

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.?

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?

3.0
N/A
3 - More information required.
Whitepaper Score:
3.8

Roadmap

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.

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 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.

Category Breakdown
Token Utility (value through usage)

How much use is there for the token itself (regardless of its value as an investment vehicle)?

3.0
N/A
3 - Limited or uncertain 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?

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?

3.0
N/A
3 - Semi-professional (e.g. Howey Test)
Compliance Score:
2.8

Company and Team

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.

Category Breakdown
Company Stage and Foundation

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

4.0
N/A
4 - Established with some fundraising history.
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?

3.0
N/A
3 - Somewhat uncertain, probably okay.
Company and Team Score:
3.2

Token Sale

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.

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?

3.0
N/A
3 - Justifiable.
Fund Allocation

Is fund distribution and allocation reasonable and justified?

4.0
N/A
4 - Well defined and reasonable.
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:
3.0
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