• Rhea

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  • Rhea is launching a new options trading platform called Crypto20 which is a weighted index of the top 20 cryptocurrencies at a given time.

About Rhea

Rhea is a company that centers around an options trading platform called Rhea Crypto20 – a capitalized weighted index of the top 20 cryptocurrencies. The higher the market cap of a specific cryptocurrency, the bigger its weight is in the index.

The Crypto20 platform aims to introduce the aspects of hedging and speculation to the cryptocurrency universe, encapsulating what Rhea seems to value to be the best of both the finance world and the cryptocurrency world.

Most new investors might not understand the cryptocurrency market to its fullest potential. There are currently over 1,000 different cryptocurrencies to date, each with its on underlying differences in tech, vision, team, broader goals and more. This results in immense prerequisite knowledge of the market in the past, present, and future. As a result of said prerequisite knowledge, investors are prone to either skip investing in cryptocurrencies altogether or invest without the proper information.  Moreover, investors coming from the finance world that are used to deal with traditional markets that are well structured and covered by many indices will find themselves lost in the cryptocurrency market without the right pathing. There are several cryptocurrency indices out there (Bittwent and Crix for instance), but they are yet to be accepted as the portrayal of the entire market by the majority of investors.  The Rhea Crypto20 is Rhea’s goal to create a single index that will accurately describe the market’s direction and current position, which will draw more investors.

Crypto 20

The price of the index at a given point in time will be obtained by summing the current market caps of the constituents. Taken from the Rhea whitepaper itself is an example:

Rhea ICO Review

The price of the index at a given point in time will be obtained by summing the current market caps of the constituents. Rhea is going to rely on several pricing feeds for their formula’s calculation, the formula that calculates the index value in relation to the current market cap and the base market cap. By offering daily and hourly rebalancing, investors will receive a more accurate tool for tracking and speculating in cryptocurrencies.

Rhea Token

The Rhea token is ERC-20 compliant meaning it will run on the Ethereum blockchain, and will require ‘gas’ for transactions. Rhea tokens are the means by which options trading will be executed on the platform, Cryptofund investments will be made and the dividend will be paid out. The maximum supply of Rhea will never be more than 50 million tokens. Its price will be pegged at 0.001 ETH, with discounts available for different time periods. The Rhea token will be used to buy and sell options on the platform or provide market liquidity for extra return.

There are 3 benefits for holding a Rhea token:

  1. Options trading on the Crypto20 platform.
  2. Dividend payment that will derive from transaction fees on the Crypto20 platform. Depending on the tier reached in a document called “Dividend Incentive Scheme” in Rhea’s whitepaper, a pre-set percentage of the collected fees will be distributed among token holders once every 3 months, proportional to the amount each token holder holds.
  3. Cryptofund investing – if the ICO is successful, the Rhea platform will feature a cryptocurrency hedge fund called the Rhea Cryptofund.

As previously mentioned, the Rhea token supply will be 50 million tokens at most, 85% of which will be offered in the ICO round. The remaining 15% will be used for providing liquidity services within the platform and long-term reserve. The founding team will not retain tokens.  In order to ensure fair dealing, any tokens that remain uncommitted during the offering period will be burned before the token distribution period. This will reduce the total supply of Rhea tokens while not affecting the amount that contributors will receive after the dissemination period. Rhea considers the ICO as a success when 5.5 million RHT (Or 12.5% of the maximum supply) are sold to investors. Rhea refers to it as the minimum liquidity threshold to efficiently operate the trading platform.

The Cryptofund is a hedge fund focused on investing in cryptocurrencies with a long-term perspective. The launch of the fund is greatly dependent on the success of the ICO (described in the milestone map below). If a 100% is raised, it will launch shortly after the Rhea platform. Anything below tier VII  would delay the launch.

Rhea ICO Review

The Cryptofund will be long-term oriented, and will have a relative return objective which is to outperform the Crypto20 Index itself. A 1.5% management fee charged on assets under management, and a 10% incentive fee which will be calculated on the net gains of management fees, will be applied. Investors will also receive payments in the form of dividends. There will be a lock-up period of 3 months, and Rhea claims they will publish short weekly updates on the hedge fund and 3-month full reports.

Rhea is a company under Omega Crypto Assets Ltd., which was formed by Georgi Kirilov and Detelin Sertov. Not much is known about Omega Crypto Assets Ltd. and there isn’t much information about it online.

Team

Detelin Sertov, Co-founder

Co-founder at Rhea. Former equity trader at HiQ Invest B.V., previous experience in audit and regulation. Has MSc in Business Economics from the Solvay Brussels School.

Georgi Kirilov, Co-founder

Co-founder/manager at Rhea, former equity trader for HiQ Invest B.V., former financial planner for Perun CCB. Has a MSc in Investments Analysis from the Aston Business School.

Vesselin Antonov, Lead developer

Vesselin Antonov, Lead developer: Lead developer/software developer at Rhea. Former software developer for R&D Solutions Ltd.. Has a MSc in Computer Programming from the New Bulgarian University. Competent in C# and Java/Android, experienced in QA.

Martina Chikova, Design Expert

Design expert at Rhea, Numerous years in as a freelancing designer. Has Master’s degree in Interior Design from the Florence Design Academy.

Lyubomira Naneva, Marketing Specialist

Digital Marketing Specialist at Rhea, Former senior project manager at Strata EOOD. Bachelor’s degree in Political Science and Government from the University of National and World Economy and a master’s degree in public relations/image management from the Sofia University.

Crowdsale Details

Start Time

2nd of October, 2017

End Time

30th of October, 2017

Total Supply

50,000,000 Tokens, 85% of which will be offered for sale. Any unsold tokens will be burned.

Maximum Raise

50,000 ETH is the maximum amount of ETH that can be raised.

Pricing Structure
Oct 2 – Oct 4 0.0008145063 ETH
Oct 5 – Oct 8 0.0008573750 ETH
Oct 9 – Oct 15  0.0009025000 ETH
Oct 16 – Oct 22  0.0009500000 ETH
Oct 23 – Oct 30  0.0010000000 ETH

 

There is a minimum contribution of 0.1 ETH at all stages.

Holding of Funds

15% of the tokens will be used for providing liquidity services within the platform and long-term reserve. The founding team will not retain tokens.

Project Highlights

Technical White Paper

The whitepaper is 15 pages long and covers different issues: the purpose of the index proposed, the formulas behind it, the token sale, future projects, legal and technical issues. It gets pretty mathematical at times, and more importantly, not much is said about the use of blockchain technology and its values in their platform other than to merely create tokens.

Team

Rhea, which operates under Omega Crypto Assets Ltd., is not very known in the cryptocurrency world. There is little information about Omega Crypto Assets Ltd. online.

Location

Sofia, Bulgaira

Blockchain

Ethereum

Project Code

https://github.com/RheaToken

Token Rights

1. Options trading on the Crypto20 platform 2. Dividents every 3 months 3. Cryptofund investing

Tokens as Assets

Exchange

Ratings

Product

View Breakdown
Readiness

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

1
N/A
1 - Nothing yet, just an idea.
Appeal

Does this solution have a distinct edge?

3
N/A
3 - Interesting.
Target User Base

Is it mass market or niche?

3
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
N/A
3 - Some normal competition.
Innovation and IP

Is there (patentable) innovation and intellectual property?

3
N/A
3 - Partial, a novel approach or aspect.
Use of Blockchain

View Breakdown
Blockchain Development

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

2
N/A
2 - Some smart contract functionality.
Disruptive Blockchain Advantage

Is it safeguarded against misuse and corruption?

3
N/A
3 - Potentially disruptive.
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?

3
N/A
3 - Issuing a custom token is justifiable.
System Decentralization (besides token)

Does the token provide holders with value other than as an investment?

3
N/A
3 - Hybrid; decentralized as far as circumstances allow.
Contribution to Blockchain Ecosystem

Does the solution contribute to the evolution of blockchain infrastructure and economy?

3
N/A
3 - Interesting.
Whitepaper

View Breakdown
Comprehensiveness

Does it cover the full scope of the problem and solution?

5
N/A
5 - All issues addressed coherently.
Readability

Is it easy enough to understand?

4
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.?

3
N/A
3 - Basic honesty with some hype.
Business Plan Presentation

Does it contain a viable, comprehensive business plan?

2
N/A
2 - Missing critical information.
Technology Presentation

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

1
N/A
1 - Severely lacking.
Roadmap

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Concreteness

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

1
N/A
1 - No concrete plans or milestones.
Feasiblity

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

2
N/A
2 - Very ambitious.
Vision

Is there a larger, long-term vision?

3
N/A
3 - A trend with potential.
Dependencies (other services or capabilities required)

Does it seem as though a lot of know-how and experience went into the development plan?

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

Is the project currently sufficiently far along in its development plan (relative to its vision and plans)?

3
N/A
3 - Getting there.
Compliance

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Token Utility (intrinsic value through usage)

Is there a concrete business plan (vs. market descriptions, general sentiments, and fluff)?

1
N/A
1 - None in the near (or any) future.
Token as Security (tradable financial instrument)

Is the business model realistic? Is it based on reasonable goals and timelines?

1
N/A
1 - Solely; a passive investment vehicle.
Token / Smart-Contract Infrastructure Readiness

Are the solution's revenue streams, profit mechanisms, key KPIs, etc. clear and easy enough to understand?

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

Is the project raising an amount of money that makes sense given what it needs to reach profitability?

1
N/A
1 - None; ignored.
Legal Review or Agreement

Is it safe from legal, moral or investor abuse?

1
N/A
1 - None available.
Company and Team

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Company Stage and Foundation

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

1
N/A
1 - No registered company yet.
Background of Lead Team Members

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

2
N/A
2 - Fragmented or inconclusive.
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
N/A
3 - Mostly assembled and committed.
Team Skill Set Relevance

What is the level of presence, added value, and commitment of the advisory board?

4
N/A
4 - Well suited to project requirements.
Team Skill Set Balance (biz / tech / blockchain)

Are there enough sufficiently experienced blockchain architects and developers on the team?

3
N/A
3 - Somewhat uncertain, probably okay.
Token Sale

View Breakdown
Raise Amount Max

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

4
N/A
4 - Well suited to needs and plans.
Raise Amount Min

Is the minimum raise reasonably enough to carry out the majority of the development plan? Are there raise amount dependent milestones?

3
N/A
3 - Justifiable.
Fund Allocation

Is fund distribution and allocation reasonable and justified?

3
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?

2
N/A
2 - Unclear or suspicious.
Media Presence and Following

Is the ICO well planned in terms of time, phases and scenarios?

1
N/A
1 - Non-existent, or leaving a bad impression.

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