Streamity ICO Review
The Streamity team is creating a solution called – Streamdesk which has p2p exchange functionality and will work with different cryptocurrency-fiat pairs. At the start point there will be only most popular crypto like bitcoin, ethereum, and litecoin but in future, they are going to add more cryptocurrency pairs to the exchange. Alongside with an exchange, Streamity is going to provide different services which will include news, analysis, educational, and investment resources. All of them might be used as an assistance tool for investors with regard to their management of cryptocurrency funds.
Ethereum based smart contracts will be used as basement level of the platform and all exchanges occurred on the StreamDesk will be governed by smart contract code. To support smart contract functionality, StreamDesk will be built on the Ethereum blockchain.
Streamity ICO will be conducted under the following terms:
- Total token supply: 180 000 000 STM tokens
- Tokens available for sale: 70 % or 126 000 000 STM
- Tokens for Team & Advisors: 25 % team and 2 % advisors (locked for 1 (one) year)
- Current Bonus: 10 %
Streamity has established their development according to the amounts raised. There are following milestones:
- Up to $0.5M – p2p exchange only for EU market
- Up to $1.5M – p2p exchange for Asia and Europe
- Up to $5M – p2p exchange for Asia and Europe and U.S market
- Up to $10M – p2p exchange alongside with analytical, educational and investment resources
- Up to $20M – p2p exchange alongside with analytical, educational and investment resources, translated to the 5 different languages
Currently, Streamity has raised more than $4M on the 1st ICO round and Pre-ICO. Their Hard Cap is $20M (including Pre-ICO). The following ICO round will begin on 16th of April 2018.
Streamity is relying only on crowdsale and didn’t do any private or closed rounds for their ICO.
The team of the project and Advisory board
The team includes 16 members and they are still hiring new members. Let’s check core team using their social profiles. All team members were working in different companies before Streamity. Executive team consists of three members:
- Vladislav Kuznetsov – CEO and Co-Founder of the project. According to his LinkedIn profile, he is an independent entrepreneur from 2011 and previously has founded two companies from different fields of economy. Most of his skills are related to the business administration. Almost all of them are verified by other LinkedIn participants.
- Dmitriy Martianov – CTO and Co-Founder of Streamity. Before Streamity, he was working as a web developer. The entire experience is 3+ years. Skillset consist of different programming skills (JS, Jquery, ES, etc.)
- Oleg Sribny – Head of Investment. His overall experience is more than 10 years in the field of finance and investments. Before Streamity he was working as an independent investor.
Other team members are mostly programmers; designers; content managers and marketing specialists. From our point of view, the project has lack of people who are responsible for the security of client’s funds. Moreover, blockchain developer does not have any links to the social profiles or Github so his experience is not verifiable.
Advisory board includes 10 people with different background. We have tried to find out their previous experience but only three of them have been verified:
- Andrey Zolin – Blockchain Advisor. He was an advisor at several projects such as StopTheFakes; Airexe and Mo Bee.
- Stephan De Haes – Promotional advisor. Previously was an advisor for OS University; SafeCrypt; PerksCoin – mostly as a marketing advisor.
- Opinder Preet Singh – Blockchain advisor. Previously – Local Advisor at EthLend.
Others from the advisory board do not have any open social profiles so they cannot be verified. Could these advisors contribute to the Streamity project? We think no because these guys are not famous experts and do not contribute to the project a lot.
Partners of the project
Streamity website mention only two partners of the project. One is Fortifier – IT company which is providing blockchain based service for the insurers to detect fraud and minimize risks and losses. Probably, they’re consulting Streamity team about the security issues. Another one is SingExpert – company which providing full spectre of legal and relocation services in Singapore – where Streamity is incorporated.
RoadMap and a current state of the development
Streamity roadmap is clear enough but does not provide many details. It has only 8 stages: From the idea (Aug. 2017) and up to the launch of the additional investment services (Q4 2019). All stages have enough time to be completed and launch of the StreamDesk is planned on Q1 2018 which has just ended but still platform not launched. So due dates obviously missed.
We’ve tried to find out what is going on right now at Streamity and received an answer that Alpha version release of the StreamDesk (main service of the Streamity project) has been postponed due to the failed partnership. Previously, they were going to partner with OKPAY to provide deposits and withdrawals, but OKPAY ceased the service and currently, they have an agreement with Yandex.Moneyand release of the Alpha version planned on 15th – 26th of April 2018.
Streamity itself claimed 4 main competitors up to date: LocalBitcoin.com; BTCbanker (Telegram Bot); Changelly and QVolta. Only one of them was built using blockchain – QVolta and currently it is not providing full functionality for their users. Market Cap of QVolta is 10 times less than Streamity hard cap. It means that products like exchanges are mostly in the downtrend. LocalBitcoins is the largest competitor of the mentioned above. They provide a p2p exchange in 248 countries. Stats for Changelly and BTCbanker is not publicly available so we can’t identify their approximate market share.
We checked the project Streamity which is going to create a p2p cryptocurrency exchange governed by the smart contract deployed on the Ethereum blockchain. That is the way to improve the security of the exchange. We’ve seen that current market for cryptocurrency exchanges is in the downtrend (you can see it on the 24h volume comparison) and will be hard to take the desirable market share for the new project. There are a lot of exchanges operating in the market: giants like Binance or Bittrex, regular like Poloniex; KuCoin HitBTC, etc and even smallest like several telegram bots and infancy exchanges like Tidex or Bit-Z. Competition is hard and to win in this race, Streamity will need to have a huge marketing budget and any revolutionizing features to attract potential customers.