Rhea

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

Timeline

02. Oct 201730. Oct 2017

Rating

Min/Max cap 50,000 ETH
Discount
Review

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.

ICO Details

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

Product readiness

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

N/A
1 - Just an idea.
Competitive advantage

Does this solution have a distinct edge?

N/A
2 - Meh.
Size of addressable community

Is it mass market or niche?

N/A
3 - Can go either way.
Space in the market

Are there many other similar solutions or is this one of just a few, or even one of a kind?

N/A
4 - Few to no alternatives.
Innovation and IP

Is there (patentable) innovation and intellectual property?

N/A
5 - Already patented and protected.
Use of Blockchain

Blockchain advantage

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

N/A
1 - No. Borders misuse / deception.
Precautionary measures

Is it safeguarded against misuse and corruption?

N/A
2 - Can be manupulated with some skill.
Need for a custom token

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

N/A
3 - Depends on other contingencies.
Intrinsic value of token

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

N/A
4 - Can be used for many things
Contribution to the blockchain economy

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

N/A
5 - Yes, profoundly.
Compliance

Is the token a utility, a security, or both? Is it compliant with relevant legislation?

N/A
4 - Probably not a security and is treated this way.
Whitepaper

Comprehensiveness

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

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

Is it easy enough to understand?

N/A
4 - Easy to read.
Transparency

Does it candidly describe and disclose where the project now stands, how much exists and how much still needs to be done, etc.?

N/A
3 - Clear but leaves open questions.
Business Plan

Does it contain a viable, comprehensive business plan?

N/A
2 - Some vision, less plan.
Technology

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

N/A
1 - No. Ignored them.
Development Roadmap

Concreteness

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

N/A
1 - Nothing.
Feasiblity

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

N/A
2 - Possibly, but very ambitious.
Vision

Is there a larger, long-term vision?

N/A
3 - Yes, to a degree.
Maturity

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

N/A
4 - Yes, skilled work.
Current position

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

N/A
5 - Coordinated with the full development plan.
Business Model

Concreteness

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

N/A
1 - No. Nothing.
Feasiblity

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

N/A
2 - Possibly, but very ambitious.
Clarity

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

N/A
3 - Yes, to a degree.
Cost effectiveness

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

N/A
4 - Yes, Seems Reasonable.
Legitimacy

Is it safe from legal, moral or investor abuse?

N/A
5 - Yes, safe and morally sound.
Company and Team

Company stage and foundation

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

N/A
1 - No, there is no registered company yet.
Founders

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

N/A
2 - Some, partial or fragmented information available.
Core team

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?

N/A
3 - Core team assembled, sufficiently committed and transparent.
Advisory Board

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

N/A
4 - A well-rounded collection of experienced, commited advisors.
Blockchain Talent

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

N/A
4 - Solid blockchain talent
Development Talent

Are there enough sufficiently experienced non-blockchain developers on the team?

N/A
5 - There are superstar developers on the team, verified through reputation / github profiles
Business Talent

Are there enough sufficiently experienced business developers on the team?

N/A
4 - Extensive and proven.
Legal Counsel

Does the team have good legal counsel?

N/A
3 - Necessary legal issues are addressed.
Overall Skill Set

Does the amount of talent and skill in each area seem to fit the project requirements?

N/A
2 - Inconsistency between the team's experience and the project needs.
Token Sale

Raise Amount Max

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

N/A
5 - Fully thought out and planned.
Raise Amount Min

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

N/A
4 - Fits what is necessary to achieve plans at each stage.
Fund Allocation

Is fund distribution and allocation reasonable and justified?

N/A
3 - Reasonable, sensible allocation of funds.
Token Sold / Kept Ratio

Is the ratio of tokens sold to those kept reasonable? Does it prevent the company from having too much control?

N/A
2 - Company keeps most, with some strategic purpose.
Quality Campaign Stategy

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

N/A
1 - Novice
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?

N/A
2 - Minor exposure and interest