Skrumble ICO Overview
The Skrumble ICO and SKM Token are offering a new blockchain protocol specifically designed for building secure, decentralized communication channels. Along with the protocol, Skrumble are also launching a communication app leveraging the technology behind an existing product by their parent company.
To address the technical limitations posed by blockchain when it comes to the data storage and connection speeds necessary for real-time p2p communications, Skrumble Network have designed a hybrid product that combines both blockchain and rich media communication technologies. With no central host that can be censored or blocked, the Skrumble ICO offers a vision for a secure, global communication platform that is owned and operated by the community of users.
Skrumble ICO Value Proposition
There are three components to the Skrumble Network. The first is the underlying blockchain protocol designed specifically for facilitating decentralized communication applications.
Second, there is the decentralized communication app itself architected to penetrate firewalls and guarantee both user privacy and anonymity. The app includes a full range of features including messaging, video calls and file sharing.
The final component is a communication layer for developers to integrate Skrumble into external applications.
Three factors that set Skrumble apart as outlined in the whitepaper are:
The Skrumble Network utilizes an underlying utility token called SKM. SKM allows users to unlock premium features of the application such as the sharing and storage of large files. It is also intended to provide access to exclusive media content hosted via the application. Additionally, miners are rewarded in SKM for their participation in the authentication process.
Skrumble ICO Team
Skrumble Network is an ICO launched by an existing company called Skrumble Technology Incorporated. The team is large and includes a large line-up of programmers along with a business development and marketing team.
David Lifson (CEO & Founder): David has 30 years of experience in tech and business. According to his LinkedIn, he already has 4 exits behind him. His track record in both the telecom and tech industries is extensive. For the last 5 years, he has served as Founder and CEO of Skrumble.
Eric Lifson (Co-founder & VP of Marketing): Eric has 7 years of expertise developing strategic marketing initiatives with numerous Fortune 500 companies. Of those 7 years, Eric spent 4 of them with Cossette, a Canadian marketing company, before moving on to co-found Skrumble. Eric holds an MBA with a specialization in Marketing from Hult International Business School.
Michael Dabydeen (Lead Developer): Michael has been in the tech field for over 13 years. His past experience includes various roles as a Web Developer, Mobile App Developer, Software Developer and finally Full-Stack Developer with his last company.
The Skrumble Network advising team is comprised of some impressive figures who include Anthony Diorio (Co-founder of Ethereum and Founder of Jaxx Wallet), Jeff Pulver (Co-founder of Vonnage) and Jinius Tu (CTO of Aion) and
A full list of the whole team is available here.
Skrumble ICO Strengths and Opportunities
Skrumble Network’s parent company Skrumble Technology Incorporated already have an existing chat application. According to Co-founder Eric Lifson, there is a significant amount of crossover between the existing enterprise communication app and the dApp pertaining to both the UI and backend. The extent of the application user base though is unclear. On Google Play, there are only around 100 downloads.
The ecosystem development plan to onboard developers and organizations represents a worthwhile long-term plan for sparking growth on the protocol.
The team plan to launch an incubator for the first phase of scaling. Via the incubator, several strategic partners will work to build new product offerings on the Skrumble Network. Two examples in the whitepaper include a freelance marketplace and a virtual showroom.
Skrumble Network will also provide open source SDKs and API for anyone who wishes to leverage the protocol. Through provision of these resources and a token-based incentivization scheme, the team aim for developers to build further products and services on the network.
Skrumble Network ICO Weaknesses and Threats
Skrumble Network lay out a poignant case against the chat app industry giants. Telegram is now blocked in Russia, a vulnerability in WhatsApp was revealed last year and WeChat is openly censored by the Chinese government.
Yet people still predominantly use these messaging apps, even with the option of more secure alternatives at hand. Further, a range of fully decentralized, encrypted p2p messaging apps also exist.
There are of course several value propositions offered by Skrumble that set the project apart from competitors. Of the three key advantages cited on page 25 of the whitepaper the most enticing is number one – Skrumble Network cannot be blocked by conventional firewalls.
Any chat app that could breach the Great Firewall would be a game-changer. But the Great Firewall is no ordinary firewall and without any available code or product demo, this value proposition remains a purely theoretical one at that. We’ll believe it when we see it.
On the platform, the SKM token is utilized to access premium functions like large file sharing. As a token with a seemingly auxiliary role in the app, the value is contingent on not only the degree to which Skrumble scales their user base, but also how many of those users purchase the token for access to premium functions.
At this stage, it’s not yet certain which features exactly will require SKM for access. To build value into the token, Skrumble plan to work with external developers on integration of the protocol into 3rd party applications and, therefore, increase demand as the ecosystem expands.
In the end, the value of SKM rests on three assumptions; 1) initial adoption will be widespread 2) secondary integration will scale the project toward mass adoption and 3) user demand for premium features only available through the token will be high.
With little evidence toward the success of the first Skrumble app and supplementary role of the SKM token in the new iteration, those are three assumptions we aren’t willing to make.
Skrumble ICO Code Review
Andre Cronje has taken a good look at what’s available and his report his here.
The Verdict on Skrumble ICO
The value proposition offered by the Skrumble Network is not only valid but needed. The pathway to achieving that vision, on the other hand, may not be through blockchain.
Learn more about the Skrumble ICO from our Telegram Community by clicking here.
SKRUMBLE ICO REVIEW SCORES
The Skrumble ICO (SKM Token) is on a mission to decentralize communications, using a platform that they claim is able to penetrate firewalls, that is end-to-end encrypted, that does not store data, and that has a full-featured comms app including video and file-sharing. It all sounds terrific, and is much-needed – but we have to maintain healthy skepticism until we see any proof that an app like this requires the blockchain, has any chance of token adoption, and can bring value to us as potential investors.
Progress To Date……………………3.2
Community Support & Hype…..8.4
Price & Token Distribution……..5.7
- Founder has previous entrepreneurial success
- Backing from several prominent blockchain figures
- Little evidence of any past adoption of offchain product
- Benefits of product tokenization are shaky
- No evidence to support core value proposition
Today’s Date: 4/24/18
Project Name: Skrumble Network
Token Symbol: SKM
White Paper: https://skrumble.network/whitepapers/
Crowdsale Hard Cap: 20k ETH ($12 million at $600 USD per ETH)
Total Supply: 2,100,000,000
Token Distribution: 26% to crowdsale, 15% to team (9 month lockup and and vesting over 10 month (10% per month from month 10)), 29% for foundation 6 month lockup and vesting over 10 month (10% per month from month 7), 15% for community building, 10% for advisors (6 month lockup and vesting over 10 months) and 5% for angel investors
Price per Token: TBA
Fully-diluted Market Cap (at crowdsale price): $46 million (At current price of ETH)
Accepted Payments: ETH
Countries Excluded: China, US
Bonus Structure: N/A
Presale Terms: N/A
Whitelist: Register at https://skrumble.network/skm-whitelist/
Important Dates: TBA
Expected Token Release: TBA
Ironic additional Information: https://t.me/skrumble
About Our Methodology
The team at Crypto Briefing analyzes an ICO against ten criteria, as shown above.
These criteria are not, however, weighted evenly – our proprietary rating system attributes different degrees of importance to each of the criteria, based on our experience of how directly they can lead to the success of the ICO in question, and its token investors.
As always, please be careful when investing in Initial Coin Offerings (ICOs) as they can be highly speculative and offer few – if any – guarantees. It is sound practice to never invest more than you can afford to lose.
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This category accounts for the leaders, developers, and advisors.
Poor quality, weak, or inexperienced leadership can doom a project from the outset. Advisors who serve only to pad their own resumes and who have ill-defined roles can be concerning. But great leadership, with relevant industry experience and contacts, can make the difference between a successful and profitable ICO, and a flub.
If you don’t have a team willing and able to build the thing, it won’t matter who is at the helm. Good talent is hard to find. Developer profiles should be scrutinized to ensure that they have a proven history of working in a field where they should be able to succeed.
What is the technology behind this ICO, what product are they creating, and is it new, innovative, different – and needed?
The IOTA project is a spectacular example of engineers run amok. The technology described or in use must be maintainable, achievable, and realistic, otherwise the risk of it never coming into existence is incredibly high.
Tokens which have no actual use case are probably the worst off, although speculation can still make them have some form of value.
The best tokens we review are the ones that have a forced use case – you must have this token to play in some game that you will probably desire to play in. The very best utility tokens are the ones which put the token holder in the position of supplying tokens to businesses who would be able to effectively make use of the platforms in question.
There doesn’t have to be a market in order for an ICO to score well in this category – but if it intends to create one, the argument has to be extremely compelling.
If there is an existing market, questions here involve whether it is ripe for disruption, whether the technology enables something better, cheaper, or faster (for example) than existing solutions, and whether the market is historically amenable to new ideas.
Most ideas have several implementations. If there are others in the same field, the analyst needs to ensure that the others don’t have obvious advantages over the company in question.
Moreover, this is the place where the analyst should identify any potential weaknesses in the company’s position moving forward. For instance, a fundamental weakness in the STORJ system is that the token is not required for purchasing storage.
With many ICO ideas, the timing may be too late or too early. It’s important for the analyst to consider how much demand there is for the product in question. While the IPO boom funded a lot of great ideas that eventually did come to fruition, a good analyst would recognize when an idea is too early, too late, or just right.
Progress To Date
Some of the least compelling ICO propositions are those that claim their founders will achieve some far-off goal, sometime in the future, just so long as they have your cash with which to do it.
More interesting (usually) is the ICO that seeks to further some progress along the path to success, and which has a clearly-identified roadmap with achievable and reasonable milestones along the way. Founders who are already partially-invested in their products are generally more invested in their futures.
Community Support & Hype
Having a strong community is one of the fundamental building blocks of any strong blockchain project. It is important that the project demonstrates early on that it is able to generate and build a strong and empowered support base.
The ICO marketplace is becoming more crowded and more competitive. While in the past it was enough to merely announce an offering, today’s successful ICO’s work hard to build awareness and excitement around their offering.
Price & Token Distribution
One of the biggest factors weighing any analysis is price. The lower the price the more there is to gain. But too low of a price may result in an under capitalized project. It is therefore important to evaluate price relative to the individual project, its maturity and the market it is going after.
The total supply of tokens should also be justified by the needs of the project. Issuing a billion tokens for no reason will do nobody any good.
Communication is key. The success of a project is strongly tied to the project leaders’ ability to communicate their goals and achievements.
Things don’t always go as planned but addressing issues and keeping the community and investors in the loop can make or break a project.
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