X8 Project

X8 Project developed two Ether Tokens: X8Currency (X8C) that is fully backed with 8 fiat (cash) currencies + gold and X8X Utility Token, that is used as a key to issuing and exchange process of X8C with 0% fee and a fair value exchange.

About X8 Project

The X8 platform utlizes two Ethereum tokens: the X8 utility token (X8X), which is the one issued during the TGE, and the X8 currency token (X8C), which is backed by 8 fiat currencies (EUR, USD, JPY, GBP, CAD, AUD, CHF, NZD) and gold. X8C reserves are diversified across up to 8 different brokers and banks using the Financial Information Exchange Protocol, and bank reserve deposits are further reinsured with Swiss Re. Assets are actively managed by ioNectar’s Automatic Reserve Management (ARM) AI, which optimizes asset distribution and keeps the basket stable with a natural rate of up to 1-3% p.a.. X8C tokens are to be issued in return for cash payments added to the reserves (and burned when said reserves are withdrawn), while X8X tokens are to enable zero-fee trade in X8C and have a fixed maximum supply of 100 million.

Token Sale Use of Blockchain

Product

3.2
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?

3.0
N/A
3 - Partial, a novel approach or aspect.

Product

The main product is really the X8C; the X8X provides access to the system and enables zero fee trading in X8C. The X8C basket is managed by ioNectar’s proprietary ARM AI software, which according to the whitepaper, has been in development since 2016 (ioNectar is listed as founded in 2017 on LinkedIn), and has been operational on live institutional accounts, proving itself through the Brexit event and following GBP flash crash.

Product Whitepaper

Use of Blockchain

2.6
Use of Blockchain
Blockchain Development

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

1.0
N/A
1 - None; simple Ethereum based coin.
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 Custom Token (vs. BTC or ETH)

Is the token essential or could it be done just as well or better with fiat or Bitcoin?

4.0
N/A
4 - Token is essential to platform.
System Decentralization (besides token)

How decentralized is the system architecture other than the token (e.g., data collection, storage, access, and use, or decision making processes, etc.)?

3.0
N/A
3 - Hybrid; decentralized as far as circumstances allow.
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

X8 provides an automated asset management platform and financial instrument via a two-token model (effectively separating the utility and the security). Smart contract specifications are not given (presumably because both tokens are straightforward implementations), but the project’s github account has relatively recent code for both. Asset management and presumably any KYC are centralized. It is stressed that the X8X is strictly a utility token, that acts as a license to use the system (and whose price is determined freely by the market), yet it is also stated as a KYC token. The amount of X8X required to use the system is is calculated according to X8C allotment, and is currently X8X = ?X8C.

Use of Blockchain Roadmap

Whitepaper

3.0
Whitepaper
Comprehensiveness

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

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.?

2.0
N/A
2 - Ambiguous non-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

There are two whitepapers – one describing the project and token sale, and one describing the company’s ARM AI. The general business model, and the overall financial behavior of the ARM AI, are described at some length and with illustrative examples, use cases, etc. However, certain details or specifications are vague, glossed over, or missing, and no numbers or graphs depicting the sotware’s performance since it became operational are given.

Whitepaper Compliance

Roadmap

3.2
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.
Feasiblity

Is the development plan realistic? Is it based on reasonable goals and timelines?

4.0
N/A
4 - Realistic.
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?

4.0
N/A
4 - Available and trusted.
Current Position

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

3.0
N/A
3 - Getting there.

Roadmap

The whitepaper states that: “Costs for the utility service set up are to be covered with the funds raised during the TGE. This means that after the funds will be spent during a 3-year runway, the entire business activity will transition into the tokenized domain…” The team’s roadmap begins with establishing “a technology for B2B interconnectivity with banks and brokers” in 2012, and ends with a global payment platform based on a global portfolio basket in Q4-2019. Near future milestones include proto-reserves accumulation, fiat diversification, crypto-to-fiat ARM AI activation, and gold storage activation, anticipated in Q3/4-2018 but dependent upon the amount of funds in the reserve. An important milestone for Q4-2017 is the incorporation of two distinct entities: X8 AG, Zug and in the future X8 Capital AG, Zug, in Switzerland. X8 AG is to be a non-regulated company providing software solutions for financial analytics and processes of the portfolio risk management, while X8 Capital AG will be a licensed asset management entity (compliant with US rules and regulations).

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?

3.0
N/A
3 - Partly; compliance not fully assured.
Token/Smart-Contract Readiness

Is the blockchain infrastructure of the project ready for use? Is there a working prototype or MVP? How long until it is operational?

1.0
N/A
1 - Nothing yet, just an idea.
Attention to Compliance Issues

How much attention is given to compliance (via token and ecosystem design, token sale participation, etc.)? Is this issue addressed directly and coherently?

4.0
N/A
4 - Specific, detailed.
Legal Review/Risk Assessment

What kind of legal documentation (reviews or agreements) and risk assessment are provided?

2.0
N/A
2 - Insufficient or unprofessional.

Compliance

The whitepaper states that “Following multiple legal consultations across various jurisdictions, X8 Team is fully confident that X8X utility token falls under the classification of a utility token and NOT a security. X8X utility token acts like a membership coupon that grants access to the X8C currency token… The issuer of the tokenized license or the X8X utility tokens and the issuer of the X8C currency tokens are separate corporate entities… Corporate entities are separated in order to protect form conflict of interest.” It also states that X8 AG and X8 Capital AG will “implement strict AML/KYC procedures when it comes to on-boarding and accepting clients and handling client funds.”

Compliance Token Sale

Company and Team

3.0
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?

4.0
N/A
4 - Verifiable relevant experience.
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?

3.0
N/A
3 - Correlated to project requirements.
Team Skill Set Balance

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

2.0
N/A
2 - Somewhat skewed.

Company and Team

ioNectar founded in 2017; X8 AG and X Capital AG under formation. X8 AG is the issuer of X8X utility tokens. X8 Capital AG is the issuer of X8C currency tokens.
Lead team is the lead team of ioNectar. Team appears lean but qualified, listed team members have updated LinkedIn profiles showing also relevant prior experience, but there appear to be no blockchain developers (as of yet).

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?

3.0
N/A
3 - Justifiable.
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

Total supply of X8X is 100 million. The Token Generation Event will be spread over 5 stages: (1) Private Placement with fiat deposit (18%), (2) Whitelist presale with KYC and (3) Crowdsale (together 34%), (4) Distribution to team and advisors (15%) and to X8 Capital AG (6%) subject to locked periods and/or gradual release, (5) Reserve for institutional buyers or will be distributed in airdrop over a 3-year period (27%).
Sale price is 0.1EUR per token to raise 3.4 million EUR in ETH. Minimum already raised in private placement.
Fund allocation: “Swiss architecture” (1.2m), “IT hardware and production overhead” (700k), research and development (600k), marketing (500k), legal (300k), and “overhead” (100k).

Product

The main product is really the X8C; the X8X provides access to the system and enables zero fee trading in X8C. The X8C basket is managed by ioNectar’s proprietary ARM AI software, which according to the whitepaper, has been in development since 2016 (ioNectar is listed as founded in 2017 on LinkedIn), and has been operational on live institutional accounts, proving itself through the Brexit event and following GBP flash crash.

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?

3.0
N/A
3 - Partial, a novel approach or aspect.
Product Score:
3.2

Use of Blockchain

X8 provides an automated asset management platform and financial instrument via a two-token model (effectively separating the utility and the security). Smart contract specifications are not given (presumably because both tokens are straightforward implementations), but the project’s github account has relatively recent code for both. Asset management and presumably any KYC are centralized. It is stressed that the X8X is strictly a utility token, that acts as a license to use the system (and whose price is determined freely by the market), yet it is also stated as a KYC token. The amount of X8X required to use the system is is calculated according to X8C allotment, and is currently X8X = ?X8C.

Category Breakdown
Blockchain Development

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

1.0
N/A
1 - None; simple Ethereum based coin.
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 Custom Token (vs. BTC or ETH)

Is the token essential or could it be done just as well or better with fiat or Bitcoin?

4.0
N/A
4 - Token is essential to platform.
System Decentralization (besides token)

How decentralized is the system architecture other than the token (e.g., data collection, storage, access, and use, or decision making processes, etc.)?

3.0
N/A
3 - Hybrid; decentralized as far as circumstances allow.
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:
2.6

Whitepaper

There are two whitepapers – one describing the project and token sale, and one describing the company’s ARM AI. The general business model, and the overall financial behavior of the ARM AI, are described at some length and with illustrative examples, use cases, etc. However, certain details or specifications are vague, glossed over, or missing, and no numbers or graphs depicting the sotware’s performance since it became operational are given.

Category Breakdown
Comprehensiveness

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

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.?

2.0
N/A
2 - Ambiguous non-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:
3.0

Roadmap

The whitepaper states that: “Costs for the utility service set up are to be covered with the funds raised during the TGE. This means that after the funds will be spent during a 3-year runway, the entire business activity will transition into the tokenized domain…” The team’s roadmap begins with establishing “a technology for B2B interconnectivity with banks and brokers” in 2012, and ends with a global payment platform based on a global portfolio basket in Q4-2019. Near future milestones include proto-reserves accumulation, fiat diversification, crypto-to-fiat ARM AI activation, and gold storage activation, anticipated in Q3/4-2018 but dependent upon the amount of funds in the reserve. An important milestone for Q4-2017 is the incorporation of two distinct entities: X8 AG, Zug and in the future X8 Capital AG, Zug, in Switzerland. X8 AG is to be a non-regulated company providing software solutions for financial analytics and processes of the portfolio risk management, while X8 Capital AG will be a licensed asset management entity (compliant with US rules and 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.
Feasiblity

Is the development plan realistic? Is it based on reasonable goals and timelines?

4.0
N/A
4 - Realistic.
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?

4.0
N/A
4 - Available and trusted.
Current Position

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

3.0
N/A
3 - Getting there.
Roadmap Score:
3.2

Compliance

The whitepaper states that “Following multiple legal consultations across various jurisdictions, X8 Team is fully confident that X8X utility token falls under the classification of a utility token and NOT a security. X8X utility token acts like a membership coupon that grants access to the X8C currency token… The issuer of the tokenized license or the X8X utility tokens and the issuer of the X8C currency tokens are separate corporate entities… Corporate entities are separated in order to protect form conflict of interest.” It also states that X8 AG and X8 Capital AG will “implement strict AML/KYC procedures when it comes to on-boarding and accepting clients and handling client funds.”

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?

3.0
N/A
3 - Partly; compliance not fully assured.
Token/Smart-Contract Readiness

Is the blockchain infrastructure of the project ready for use? Is there a working prototype or MVP? How long until it is operational?

1.0
N/A
1 - Nothing yet, just an idea.
Attention to Compliance Issues

How much attention is given to compliance (via token and ecosystem design, token sale participation, etc.)? Is this issue addressed directly and coherently?

4.0
N/A
4 - Specific, detailed.
Legal Review/Risk Assessment

What kind of legal documentation (reviews or agreements) and risk assessment are provided?

2.0
N/A
2 - Insufficient or unprofessional.
Compliance Score:
2.4

Company and Team

ioNectar founded in 2017; X8 AG and X Capital AG under formation. X8 AG is the issuer of X8X utility tokens. X8 Capital AG is the issuer of X8C currency tokens.
Lead team is the lead team of ioNectar. Team appears lean but qualified, listed team members have updated LinkedIn profiles showing also relevant prior experience, but there appear to be no blockchain developers (as of yet).

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?

4.0
N/A
4 - Verifiable relevant experience.
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?

3.0
N/A
3 - Correlated to project requirements.
Team Skill Set Balance

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

2.0
N/A
2 - Somewhat skewed.
Company and Team Score:
3.0

Token Sale

Total supply of X8X is 100 million. The Token Generation Event will be spread over 5 stages: (1) Private Placement with fiat deposit (18%), (2) Whitelist presale with KYC and (3) Crowdsale (together 34%), (4) Distribution to team and advisors (15%) and to X8 Capital AG (6%) subject to locked periods and/or gradual release, (5) Reserve for institutional buyers or will be distributed in airdrop over a 3-year period (27%).
Sale price is 0.1EUR per token to raise 3.4 million EUR in ETH. Minimum already raised in private placement.
Fund allocation: “Swiss architecture” (1.2m), “IT hardware and production overhead” (700k), research and development (600k), marketing (500k), legal (300k), and “overhead” (100k).

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?

3.0
N/A
3 - Justifiable.
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:
3.4

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