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Gath3r

Gath3r

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Category: Mining                                                                       Country: BVI   Date: September 26, 2018

 

 

CONCEPT

Project concept description

Gath3r is a mining script, that aims to replace monetization by ads. It allows to incentivize not only webmasters/ content creators/ mobile app developers, but also reward users with currencies (BTC, GTH, fiat) for sharing their mining power (hashrate). End-users have the option to choose if they want to participate. They can opt to permit the usage of some of their spare GPU or CPU power to mine while they’re browsing as usual, with no impact on the user experience or the user’s processing unit.

 

The product is good for:

  • Charity / Donation
  • Content Websites & Blogs
  • Streaming Sites
  • Mobile Applications

 

Market problem relevance and methods of its solution by the project

Monetization by ads has many disadvantages:

  • No transparency on an income. Ad providers can cheat with numbers.
  • To gain profit with ads site/ app should have a high number of monthly end-users and this number should be stable.
  • Ad providers take high commissions for their service.   
  • End-users are trying to skip ads if they have that option.
  • A number of end-users, that are using ad blockers (which also are blocking mining scripts) is rising, so a revenue of the market is shrinking.

 

Solution:

  • Use of the miner script eliminates the middleman (ad provider) and raise revenue.
  • Blockchain makes information about the effectivity of the marketing campaign more transparent.
  • With the use of the miner on the site/ app revenue doesn’t depend on the number of end-users – only on their hashrate, time they spend on site/ app, and current mining coin aspects (price, transaction commission, difficulty, etc.).   
  • End-users have the option to choose if they want to participate and ability to specify exact hashrate they want to donate to site/app.

 

NOTE:

  • Blockchain doesn’t guarantee, that the performance of the marketing campaign is not fake (numbers can still be cheated by bots, etc.) – it only shows information in a transparent way.
  • To raise large revenue with mining site / app already should has high network traffic / large audience. And if site / app will has such metrics, it rather will use ads, because revenue will be bigger. At the same time, if the price of payout currencies will significantly increase (while hashrate and number of valid hashes will be high + GPU mining already will be implemented), potentially revenue can be comparable.

 

 

TOKENOMICS

Project metrics

Seed Round: April 2018

Private Sale / PreICO TIME: 1 October - 31 October

ICO TIME: 10 November - 10 December

 

Token: GTH

Price: 15 000 GTH = 1 ETH (prices are based on ETH)

Bonus: up to 50% (during Private Sale)

Platform: ERC20 → own specification

Total issue: 500,000,000

Accepting: ETH

Minimum investment: 50 ETH (Private Sale), no limits during Public Sale.

Soft cap: 1500 ETH

Hard cap: $ 5M (12,000 ETH)

Whitelist/KYC: Yes

Restricted areas: China, Algeria, Bolivia, Ecuador, Bangladesh, Nepal, and Pakistan, accredited investor status needed for USA, UK, Singapore

 

As of  August 24, 2018 project has raised 500 ETH (from Seed investors).

 

NOTE:

  • The Soft cap is more than 8 times smaller than the Hard cap (optimal if it will be ⅓ or ¼ of the Hard cap).
  • Bonuses for the Private Sale is too high (optimal is up to 30%).

 

Token and funds breakdown

Token Allocation:

40% Token sale

20% Team and Advisors (6,25% to Advisors)

40% Network Rewards

 

Use of Funds:

10% Legal Cost

10% Business Development

12% Administrative & Operational Costs

25% Marketing & Communication

43% Product & Technology Development

 

The address of wallet of smart-contract ICO: https://ropsten.etherscan.io/address/0x21ca7ec8cdd0635cc0cab9975821966261d29c8e

Ethereum collected during the raise will be kept in cold storage in multi-sig wallets which will require founders’ signatures from their ledgers. All crypto

hardware wallets used will always be backed up with at least one more person having access to the recovery codes in case of an emergency.

 

NOTE:

  • Allocation for team is high (optimal is up to 10%).

 

Protective measures from token depreciation

Founder tokens are locked and vested quarterly over 12 months, advisor tokens will be vested over 3 months.

 

Token Sale and Network Rewards allocations will have no lockups.

 

Unsold tokens to be moved to reserve pool and emitted over several years to be used for network rewards.

 

The team will operate a Buy Back and Burn program that would happen quarterly, with a total of up to 5% worth of the revenue being burned.

 

 

PRODUCT

Project products and technologies description

Gath3r.io intends to provide website and application owners an alternate/ additional form of non-intrusive monetization by providing their JavaScript miner to websites / mobile apps, which can be integrated into them and raise revenue by eliminating the middleman (ad provider) between consumer and webmaster/ content creator. End-users have the option to choose if they want to participate (only webmasters can choose how much mining power they would like to get from end-users). According to team’s statement by making service 100% opt-in, the risk of being blocked is greatly reduced (additionally they have seen that antiviruses are open to whitelisting miners that prove they are user friendly and not malicious). As a last measure, if for some reason team will see an unreasonable amount of blockage, they will do periodical manual code updates that would bypass such blockers until the next code scan.

 

The product is good for:

  • Charity / Donation.
  • Content Websites & Blogs.
  • Streaming Sites.
  • Mobile Applications.

 

What differs Gath3r miner for other products on the market is that end-users will also be rewarded (in GTH) for sharing their computational power - Loyalty Program, in which mining will create user loyalty and incentivize more time spent on participating websites (when end-user will return to the site, his mining progres will continue). End-user can login at the Gath3r.io site, or when they opt-in at webmaste’s site, to specify a wallet and to begin receive rewards in Gath3r token (GTH). Reward system that will be used – PPLNS (according to the team’s statement, this is better for webmasters). Gath3r will make 15% from hashrate commissions, transaction charges, and pool fees. The higher the traffic on the website - the smaller the commission's charge.

 

End-users will mine Monero and later other cryptocurrencies (in the MVP already was found option to mine Monero). Payout system for webmasters will allow conversion to BTC, GTH, or even fiat currency where applicable (implemented via API of the 3rd party exchange). Webmasters can exchange, for example, Monero for BTC via integrated ShapeShift. exchange. Team aims to sign partnerships with fiat exchanges where the majority of webmasters are to instantly convert the payouts into fiat and to transfer them to webmasters bank accounts. Fiat payouts for end-users won’t be provided (only in GTH).  

 

Team has provided results of a stress-test of their miner on different devices (Laptop, Xbox One S, Mobile Phone) under different load. According to it under a 100% usage of Gath3r all devices won’t experience big heat increase and will be slow down just a little bit.

 

For GTH team is developing Proof-of-Stake blockchain (according to the team’s statement they are not aiming to compete with other projects in TPS speed, so their blockchain will have tech specs, that from their point of view will be enough to achieve project goals). GTH will be needed to be held for staking/nodes. Team will control a certain % of the total nodes to make 51% percent harder and vet nodes through a simple compliance process.

 

In the future team has plans to integrate Paywall Program, that will allow webmasters to collect payments in GTH in lieu website mining.

 

The system is currently centralized with all nodes being operated by Gath3r and hosted on the AWS.

 

NOTE:

  • System is currently centralized.

 

Stage of development and development strategy (Road Map)

The team has not published code on public but has provided screenshot of an activity of the development (one, two, three, four) and results of the smart contracts audit.

There is an MVP of the product (access can be provided after a registration in early adopters program).

The roadmap is scheduled up to Q2 2019. It doesn’t provide deep technical details on the platform development and it’s not clear how development will be performed after Q2 2019. Roadmap looks not final.

Q3 2018 MVP

Q4 2018 Main platform launch V1

Q1 2019 Gath3r Proof of Stake Blockchain

Q2 2019 Main platform launch V2 (Fiat Payouts, GPU mining support, 20+ Cryptocurrencies can be mined, Mobile SDK, Loyalty program, Paywall Program)

 

Blockchain importance in the project

The team is building own PoS blockchain to perform transactions with GTH coin.

 

Ethereum blockchain will be used for the project’s ICO, the issuance of the GTH token.

 

Also, project will provide ability to mine BTC, XMR blockchains to make payments / donations to webmasters and to receive rewards in those coins to themselves.

 

 

TEAM AND ADVISORS

Team experience and achievements

Raghav Reggie Jerath, Founder & CEO – Founder of Jaadu (2 yrs 1 mth) - is a logistics based personal concierge service / Regional Manager at Oil Field Supplies (2 yrs 1 mth) / Digital Executive at MSL group (8 mths).

Gabriel Osiceanu, Co-Founder & CMO – Programmatic Media Trader at thegroup romania (2 yrs) / Marketing Manager at Romanska Distribution (1 yr 4 mths).

Udit Sharma, Co-founder & COO – Operations Manager & Business Development Manager at Jaadu (1 yr 6 mths) / Operations at Thegstreet.com (1 yr 8 mths).

Farrukh Shaikh, Co-Founder & CFO – Audit at KPMG (3 yrs 8 mths) / Audit Trainee at Grant Thornton UAE (1 yr 2 mths).

Steven Young, General Counsel – Vice President of Legal Affairs at Planet Alpha Forest (1 yr 4 mths) / Associate Attorney at Hastings Law Group (2 yrs 5 mths).

Rachel Long, Community manager – Sales Representative at Oil Field Supplies (1 yr 5 mths) / Administrator at Mace Macro (1 yr 10 mths)

Mirna Baqi, Community manager - Sales Representative at Cellvision DWC (2 yrs 6 mths) / Social Media Manager at Broke Ensemble (1 yr 1 mth)

Boris Serebrov, CTO & Blockchain Solutions Architect – Hyperledger Fabric Blockchain Developer at Õpet Foundation (6 mths). At the same time on the site of the project his post id Software Developer. Õpet is an AI companion chatbot which serves as an affordable private digital tutor for high school students. Co-owner, Lead Developer at Algo-rithm (16 yrs) / CTO, Full Stack Developer at Appto.us (3 yrs) / Lead Backend Developer at Tapway (2 yrs).

Nikolas Ivanov, Smart Contracts Guru, and Blockchain Developer - Worked at crypto-currency wallets development based on Bitcore full node API, Litecoin full node, Ethereum Developer API. Blockchain Solutions Developer at Õpet Foundation (6 mths) / Blockchain Dev at Modern Finance Chain (9 mths) – code development in the project not active. / Python Developer / Data Scientist at QuantuMobile (1 yr).

Alex Ewetumo, Blockchain Developer – He is very active on the GitHub.

Florin Andrieseio, Backend Developer – Senior Software Developer at Feel IT Services (6 yrs 1 mth).

 

Project advisors

Viacheslav Shybaiev, Technical Advisor – Blockchain Team Lead at Modern Finance Chain (11 mths) / Advisor & Blockchain Solutions Architect at Õpet Foundation (6 mths) / Product Manager at Status.im (5 mths) / Product Manager of the Opera Mobile at Opera Software (4 yrs 1 mth).

Jake Baval, Community Advisor – Fonder of Korean Jew Trading (1 yr 4 mths) / Dental Billing Specialist & Office Manager at Metropolitan Dental Associates (6 yrs 7 mths).

Tom Attea, Creative Advisor – President & Creative Director at Heavy Creative (9 yrs 8 mths) / VP of Advertising-Creative Director at Fonar Corp (3 yrs 7 mths).

John Kim, Strategic Advisor – Associate Technology Support Analyst at Deloitte (2 yrs 2 mths) / Experienced Technology Support Analyst at Deloitte (8 mths) / Chief of Strategy at LUX (9 mths) - blockchain company.

Narendra Nag, Marketing Advisor – Vice President at MSLGROUP (6 yrs 1 mth) / Chief Digital Officer at Xynteo (1 yr 1 mth).

David Drake - David Drake is the Chairman of LDJ Capital, a multi-family office; Victoria Partners, a 300 family office network based in London; LDJ Real Estate Group and Drake Hospitality Group; and The Soho Loft Media Group with divisions Victoria Global Communications, Times Impact Publications, and The Soho Loft Conferences. David is an adviser for more than 50 projects at a time. There is a problem with the focus and quality of activities.

 

 

PARTNERS AND INVESTORS

Strategic partners

Confirmed: Credits – high-speed blockchain platform (claimed millions of TPS). The project is controversial as it received large criticism from the crypto society for using low-security technics and performing speed test of the network in an environment that has nothing to do with a reality.

Confirmed: Bakarmax – Indian webcomics site. Local influencers. They give the project free marketing - in exchange, Gath3r is not charging them commissions.

Confirmed: Beemster – company will advise/ assist Gath3r with technical implementations and new research in relations to Gath3rs product.

Confirmed: Blockchain Legal Services  – a law firm formed in Salt Lake City, UT, USA.

 

Agreement with one business accelerator, which is a subsidiary of a VC, is under the NDA.

 

Large investors and investment funds

No data

 

 

MARKET

Market competitive environment

According to the IAB Internet Advertising Revenue Report conducted by PwC, the global digital advertising market grew 21% to $88 billion in 2017, while in the first half of 2014 market grew to $ 23,1 Billion.

 

According to https://publicwww.com, a service that indexes the source code of Web sites, there are nearly 20,000 Websites currently running Coinhive (in Q4 2017 was 32, 000).

 

At the same time one of the biggest campaign operators using Coinhive — an in-browser cryptocurrency mining service — made a measly $7.69 USD after running Coinhive’s script on 11,000 websites for three months, according to a report published to arXiv. But all of those sites were parked domains - website addresses that are bought but usually not used for anything except serving ads to accidental visitors — meaning that the 105,000 visitors that landed on these pages during the three-month period didn’t spend that much time on them (the report says the average time spent on a page was was 24 seconds). As more layers are used to hide the miner, in case of arXiv report, ads, the hashrate will slow down - leading to lower amounts.

 

At the same time Coinhive allows to mine only Monero with CPU and 20 valid hashes per second on average (and takes 30% commissions), while Gath3r will allow to mine Monero and many other cryptocurrencies and will take 15% commission, while implementation of GPU mining will allow to increase an income in a number of valid hashes per second up to 80-100.

 

Team has provided a sheet with calculation of revenue of use of Gath3r mining Monero at 75 H/s (25 CPU, 50 GPU - with comments on tech specs and hashrate) and taking price $ 175 with explanation of numbers (one and two). Plus, they have provided calculations for CPU+GPU mining.

 

Firefox will block cryptojacking malware in future versions of its web browser, according to an announcement August 30, while Opera has integrated this feature months ago.

 

Direct competitors:

  • Coinhive (ICO wasn’t held, market cap unavailable, adopted by The Pirate Bay, UNICEF, Alluc, etc.). The product is available for use.
  • JSE Coin (ICO is pending, market cap unavailable). Hardcap $ 60M, the token sale will last 3 days, with no restrictions for countries. The product is available for use.

 

Project advantages

  • End-users will be rewarded in GTH for sharing their mining power.
  • There is an MVP of the product (access can be provided after a registration in early adopters program).
  • For mining will be available Monero and other cryptocurrencies.
  • Payouts for webmasters can be received in fiat currencies, BTC and GTH.
  • In the future team has plans to integrate Paywall Program, that will allow webmasters to collect payments in GTH in lieu website mining.
  • With very high site/app traffic and good market conditions product can be a good alternative/addition for ad marketing.
  • End-users have the option to choose if they want to participate (competitors already implemented such function).
  • Webmasters can specify the limit of computing power, that end-users can share (competitors already implemented such function).
  • 15% commission (while Coinhive is charging 30%).
  • Implementation of GPU mining will allow to increase an income in a number of hashes per second up to 80-100 (while competitors only use CPU).
  • End-user’s mining progress will continue, when he will get back to the site.
  • According to the provided result of the stress-test, under a 100% usage of Gath3r all devices won’t experience big heat increase and will be slow down just a little bit.

 

 

SOCIAL ACTIVITY

Project’s popularity in social networks and at topic forums

As of 21 September, 2018, the user base in the social networks of the project counts over 5,8k users and the audience’s activity is low.


Facebook – 5,1K followers,  average number of likes per post is 0, and 0 reposts per 1 post on average, with 0 comments. The audience’s activity is low.

E:\Users\Reklamapsy\Desktop\в Интернете\криптокопирайтинг\ICO Pools\Gath3r facebook.jpg

Twitter – 609 followers, an average number of likes per post is 16, and 10 reposts per 1 post on average, with 0-1 comments on average. The audience’s activity is low.

E:\Users\Reklamapsy\Desktop\в Интернете\криптокопирайтинг\ICO Pools\Gath3r twitter.jpg

Telegram – 258 members. The audience’s activity is low.

 

According to the SimilarWeb, a number of monthly visits of Gath3r.io is less than 5000 (total number of visits is less than 5000, but it is +22,65% from last month).

 

 

RISK ASSESSMENT

Strengths:

  1. End-users will be rewarded in GTH for sharing their mining power.
  2. There is an MVP of the product (access can be provided after a registration in early adopters program).
  3. For mining will be available Monero and other cryptocurrencies.
  4. Payouts for webmasters can be received in fiat currencies, BTC and GTH.
  5. In the future team has plans to integrate Paywall Program, that will allow webmasters to collect payments in GTH in lieu website mining.
  6. With very high site/app traffic and good market conditions product can be a good alternative/addition for ad marketing.
  7. End-users have the option to choose if they want to participate (competitors already implemented such function).
  8. Webmasters can specify the limit of computing power, that end-users can share (competitors already implemented such function).
  9. 15% commission (while Coinhive is charging 30%).
  10. Implementation of GPU mining will allow to increase an income in a number of hashes per second up to 80-100 (while competitors only use CPU).
  11. End-user’s mining progress will continue, when he will get back to the site.
  12. According to the provided result of the stress-test, under a 100% usage of Gath3r all devices won’t experience big heat increase and will be slow down just a little bit.
  13. Team has provided a sheet with calculation of revenue of use of Gath3r mining Monero at 75 H/s (25 CPU, 50 GPU - with comments on tech specs and hashrate) and taking price $ 175 with explanation of numbers (one and two). Plus, they have provided calculations for CPU+GPU mining.
  14. The project has partnered with the software development company Beemster and some employees of that company (developers with many years of software development experience) are working as the part of the Gath3r team;
  15. Technical Advisor has large experience in software development;
  16. Concept of the project looks promising;
  17. Team has provided result of the audit of smart contracts by third-party.
  18. Code development is active (yet it’s repositories are not public).

 

Weaknesses:

  1. There is no confirmation of claimed investments from large investors in the open sources;
  2. It would be better if allocation for Team will be separated from Advisors with a specified exact percentage for each one.
  3. The project has not published code on the GitHub, since the technology proprietary and they do not want to make their code public (yet team has provided screenshots of the activity on the code development).
  4. The roadmap doesn’t provide deep technical details on the platform development and it’s not clear how development will be performed after Q2 2019. Roadmap looks not final.
  5. To raise large revenue with mining site / app already should has high network traffic / large audience. And if site / app will has such metrics, it rather will use ads, because revenue will be bigger.
  6. Bonuses for the Private Sale is too high.
  7. The Soft cap is more than 8 times smaller than the Hard cap.
  8. Blockchain doesn’t guarantee, that the performance of the marketing campaign is not fake (numbers can still be cheated by bots, etc.) – it only shows information in a transparent way.
  9. David is an adviser for more than 50 projects at a time. There is a problem with the focus and quality of activities.
  10. Social activity of the project is low.
  11. Although project has not many competitors, financial indicators of them are very low.
  12. System is currently centralized.

 

 

Fraud risk - low. Community interest - low.

Product - 7.7
Team and partners - 7.5
Market - 8.3
Average score - 7.4

DISCLAIMER: This is not financial advice! None of the members of ICOPools.io are licensed financial advisors, hence you are urged to do your own due diligence and take your own decisions. (read more)