ICO Review: Evident Proof – Legal Proof on the Blockchain

After looking at 33 token announcements today, we’re choosing Evident Proof as our ICO of the Day. Evident Proof is a platform to store data immutably on the blockchain.

Premise

4.5/5 Excellent

Evident Technology from Evident Proof on Vimeo.

 

Whether its articles of incorporation, shipping documents, contracts, or other legal documents, there are certain, legally valid documents and pieces of information which need to be certified as being genuine.

Blockchain is a natural way to store these kinds of data, as it makes sure that any data stored on it becomes immutable. Through the consensus algorithms(currently Proof of Work), modifying a piece of data stored on the blockchain becomes exponentially harder as each new block is added to the chain.

Evident Proof is using this property of blockchains to provide a business solution for supply chain businesses, enterprises, and other businesses which need to handle legally important data.

Evident Proof will develop two parallel blockchains. One public blockchain, as well as a private blockchain for speed and double-verification.

We think this is a great premise as immutable data is a natural use of blockchain.

Team

4/5 Very Good

The team behind Evident Proof hails from Berkshire Cloud, a cloud managed service provider which works often with the enterprise organizations which would be using Evident Proof.

The CEO Adrian Clarke worked previously at Microsoft, and the rest of the team, while not all-star, seems quite capable. Advisors include a director at Microsoft.

The team has engaged a law firm to verify the statements in the whitepaper and conduct an IPO-level verification process with the directors of the project.

Token

2/5 Very Poor

The EPT token is generated when data is stored on the blockchain, and used to retrieve verified data on the blockchain. Data owners can use their EPTs to view their own data, or third parties can buy EPTs on an exchange and use them to view verified data.

EPT Is raising $48 million for 19% of the tokens. This is a high hard cap for a project like this, and a relatively low percentage of tokens sold.

Because tokens will be generated, rather than burned over the lifetime of the project, the tokens will also experience inflation – the supply of available tokens will increase over time.

Risks

3/5 Medium Risk

The project has a sound premise, a good time and an interesting token model. We think execution-wise there should be no issues – the technical scope of the project is not massive and the team has good experience to pull it off.

The biggest risk with this project is getting a good return on a project with such a high hard cap, as well as the risk of inflation over time from tokens being generated.

Summary

Evident Proof is taking one of the core aspects of blockchains – immutability and applying it to the business problem of legally proving documents and data are genuine. There’s a strong need for this kind of verification service across a range of industries, and we feel it’s quite a good use of blockchain.

Unfortunately for people interested in the token sale, a fairly large hard cap means it will be hard to achieve a good return on this project. In addition, there will be inflation as a significant portion of tokens – 45% – are set aside for token generation. That means buy-and-hold may not make a lot of sense either.

Users of the platform end up getting the best deal — as they essentially get paid to store data on the blockchain.

Excellent

★★★★☆
Evident Proof is taking one of the core aspects of blockchains – immutability and applying it to the business problem of legally proving documents and data are genuine. There’s a strong need for this kind of verification service across a range of industries, and we feel it’s quite a good use of blockchain. Unfortunately for people interested in the token sale, a fairly large hard cap means it will be hard to achieve a good return on this project. In addition, there will be inflation as a significant portion of tokens – 45% – are set aside for token generation. That means buy-and-hold may not make a lot of sense either. Users of the platform end up getting the best deal — as they essentially get paid to store data on the blockchain.
- Danger
ICO Review: Evident Proof - Legal Proof on the Blockchain
4.0 rating based on 12,345 ratings
Overall rating: 4 out of 5 based on 1 reviews.

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