Fluence is a blockchain-based data storage platform that allows for decentralized storage and management of encrypted structured data. The platform is based on storing data without centralized servers, but instead spread across users’ private storage space in an encrypted format. The company incentivizes this sharing of space by compensating users who provide storage to the system with tokens, allowing anyone with some extra storage space to earn money. Fluence provides traditional database features like querying and filtering data, but is based on blockchain technology and a peer-to-peer network of users.
When users rent storage space to the network, their “node” becomes part of a cluster of nodes responsible for a certain dataset. Each cluster of nodes maintains its own “cluster blockchain” for recording internal operations, allowing the platform to avoid the lagging and large block sizes that would come with running one large blockchain for all nodes. By decentralizing data storage, the company hopes to almost eliminate leaks, guarantee maximum uptime, and eliminate the possibility of data regulation. The company’s use of currently unused storage space provided by users is also expected to bring down the cost of storage.
Due to the decentralized nature of Fluence, the platform guarantees a maximum uptime and no possibility for data regulation. Fluence aims to support both the cryptocurrency community and traditional industries such as the sharing of medical data with clinics or researchers and financial data with banks or insurance companies. Unlike projects such as Storj or Sia, Fluence is designed for storage and sharing of structured data, rather than files.
Fluence uses two types of tokens: tradable and functional tokens. The company’s FLU tokens represent shares in Fluence and can be traded on stock exchanges or transferred. FLU is issued on the Ethereum blockchain and has a limited allocation of 100,000,000. Within the Fluence system, the Fluence Functional token (FFT) is used to maintain operations, mainly as a reward for nodes for providing storage and performing database operations. FFT is non-transferable and will have its value managed to always be worth about $1 USD. Fluence plans to make money by taking a 0.5% commission for each operation performed within the system.
Fluence.ai has a clear business and technical model, but is still working on their proof of concept. There is significant need for blockchain-based storage, but other companies are already working in this field, including Storj, Sia, and Filecoin, which raised $250 million in their August 2017 ICO. Due to SEC regulations, US residents cannot participate in Fluence’s pre-ICO or main ICO.
Fluence is headed by CEO Evgeny Ponomarev and CTO Dmitry Kurinsiky. Ponomarev built the 2GIS Dialer mobile app that at one point processed more than 65 million calls per month, and is in charge of project management for the CodeFest developers conference every year (1,500+ attendees/year). He claims he first mined Bitcoin in 2011 on a CPU. Ponomarev has a BA in Math, and worked a number of jobs as a Product Manager. CTO Dmitry Kurinskiy is a software engineer with over 13 years of experience in previous roles including CTO at tech consulting firm Taktika, CTO at delivery startup Passenger.me, and Lead Software Engineer at shopping list startup Whisk. According to the company’s business white paper, his interests lie in distributed systems, functional programming, and stream processing. The two co-founders both studied at Novosibirsk State University between 2005 and 2009, which may be where they met. The company’s technical advisors include Alexander Demidko (Data Platform Engineer at Stitch Fix and former Lead Software Engineer at Metamarkets), Michael Egorov (CTO at NuCypher), and Nhan Phan (VP Engineering at Metamarkets).
|Token Sale Dates||Presale: 14-August to 4-September..
ICO: Q4 2017
|Total Supply||100,000,000 FLU tokens in total. 51% are available for sale (6% during pre-sale and 45% in the ICO, if the pre-sale max cap is not reached all unsold tokens will be burnt). 20% will be held in reserve, 20% will go to Fluence team members, and 9% will go towards an ecosystem fund. Pre-ICO sales are done in FPT tokens, which will be converted to tradable FLU tokens after the main crowdsale.|
|Raise Limits||Pre-ICO cap is 2000-4000 ETH, ICO cap is undecided|
|Pricing Structure||During presale: 1 ETH= 1500-3000 FPT depending on investment size
During ICO: 1 ETH = 750 FLU
|Technical White Paper||https://drive.google.com/file/d/0B07gyODhPstQNzFoZHBoVFdyMzA/view
Clear technical explanation of the Fluence system and concise presentation of business, tech, and ecosystem design.
|Team||Strong technical backgrounds with a history of interest in blockchain, but basically a two-man operation.|
|Token Rights||FLU tokens are tradable and aim to represent Fluence network liquidity. The non-transferrable Fluence Functional Token (FFT), which will be kept at a value of approximately $1, maintains operations within the Fluence network by giving a reward for providing the nodes that offer the storage and database operations the network depends on.|
*Disclosure – At the time of writing, cryptorated staff owned no Fluence tokens.