Uncloak ICO Review
Nowadays, when all data is digital and even money is transferring using digital networks problem of hacking has increased a lot and cybersecurity firms have become extremely popular. It may be pentest companies or traditional cyber security agencies with so-called, white-hat hackers, but sometimes we may see cybersecurity companies which are trying to implement blockchain in their business model. Around a year ago, Hacken project has conducted their ICO and successfully raised necessary funds. They are offering penetration tests (pentest) services for companies willing to check their system for vulnerabilities.
Now, we have Uncloak which is offering similar services and announced that they will be working on EOS blockchain. According to their whitepaper, they will work the same way as currently existing cybersecurity companies like Kaspersky Labs or ESET, but with blockchain under its hood. It will provide governance and vouching mechanisms to the system, but still using of blockchain is questionable in this project.
Architecture of the System
In basic terms, Uncloak will be an interface between businesses and cybersecurity professionals offering their own database of vulnerabilities. It will have own API to make integration into existing systems easy and fast. Uncloak’s intent is to make a formal framework to support our software development partners who want to promote technology integration and to develop and support enhanced product solutions to increase the breadth and capability across Uncloak as a worldwide Cybersecurity product.
API will enable the programmer to get or set variables within an XML-RPC request which will correspond to field values in the configuration database of Uncloak. It will provide full control of an instance of Uncloak right from a secure 3rd party software app which may be hosted on-premise or in the cloud greatly increasing the position of the entire ecosystem.
For whom it may be useful
First of all, the project will be interesting for enterprises, looking to improve their current security state. It won’t be small or medium enterprises, because, in the real world, SME firms are not attractive for hackers due to the low value of their data. Mostly, clients might be corporations with a lot of businesses in it and huge data arrays including sensitive data (e.g passwords, credit cards info and so on). The thing is – how Uncloak is going to attract huge corporations as clients? Because currently there are well-known and reputable firms working in this field providing similar services but on a centralized basis.
We are not sure that it will be easy for Uncloak to attract corporations just because their system is built on the decentralized architecture.
Uncloak will use 2 tokens in their ecosystem: UCN (ERC-20 token) and UCC (EOS-based token). UCN will be available at ICO event and on exchanges. UCC will be used as a reward for so-called validators and hunters inside of the Uncloak ecosystem. Let’s check their token sale terms:
- Total Supply: 4 200 000 000 UCN
- Available for token sale: 2 100 000 000 UCN (50 %)
- Price per token: 0.01 USD
- HardCap: 21 000 000 USD
- Tokens for the team: 15 % of the total supply
- Tokens for advisors and early backers: 15 % of the total supply
So as you can see, if the ICO will be conducted successfully and hard cap reached, Uncloak will have market capitalization around 21 000 000 USD. Let’s refer to the current market cap of Hacken project, which we have mentioned before, to better understand potential market for the Uncloak. Currently, Hacken market cap is equal to 12 500 000 USD which is almost 50% less than the potential market capitalization of Uncloak. It means, that existing market for Uncloak will be much smaller than it is projected by Uncloak team and increase the possibility of failing ICO.
Team of the project
It is the strongest part of the project. The team consists of 14 members and all of them have opened LinkedIn profiles. When we have analyzed their profiles, we recognized that all of them has very strong and sufficient previous working experience. Moreover, their skill set is confident with the project and has a lot of endorsements from other LinkedIn participants. Let us show you the most experienced team members.
- Tayo Dada – CEO and founder of the project. His previous working experience is more than 20 years started as IT consultant and up to the Managing director of the company. He is a cybersecurity expert and his skill set is sufficient and verified.
- Phil Jackson – CTO of the project. His previous experience includes QA testing and Cybersecurity leader. Skillset is verified and endorsed by other LinkedIn participants.
- Nicholas Topham – CFO and COO of the project. He has a very great skill set in terms of business strategy and product management.
Roadmap and current state of the project
Currently, Uncloak has demo available and final release of the project planned on Q4 2018. So, the team should be in a hurry to deliver the product at a time. A roadmap is limited to the year 2018 and all steps should be completed until the end of the year. No further plans exist and it is a bit strange.
- It should be the first project built upon the EOS Blockchain what increases a hype level of the project. But token sale will be conducted on Ethereum blockchain and only after launch token swap will be completed.
- Blockchain implementation is questionable. Currently existing cybersecurity firms (Kaspersky, ESET, Dr.Web, etc) doing the same and it will be extremely hard to compete with them due to the limitations of decentralized architecture.
- Team of the project is fantastic. Their competence is great and they all look confident to the project goals.
At ICOguru, we’re going to invest in this project at its Pre-Sale stage (live now) and hold tokens until the token swap for EOS-based tokens.