ICOrating

NEUROCHAIN Basic Review (https://www.neurochaintech.io)

ICO dates (19.03.2018 - 15.04.2018)

Web: icorating.com

Email: info@icorating.com

Twitter: @IcoRating

Project Details

Name: NEUROCHAIN

Ticker symbol: NCC

Project Type: Blockchain, Artificial Intelligence

Extended company description: NeuroChain is an ecosystem created around its

own blockchain, based on machine learning technologies.

Company: Neurochain

Website

Whitepaper

ICO Details

Public ICO start date: 19.03.2018

Public ICO end date: 15.04.2018

Token sale duration (weeks): 3.8

Token type: ERC20

Total number of tokens Issued: 4,374,000,000

Tokens available (Pre-Sale + Public ICO): 395,000,000

Investment goals:

Price of 1 NCC: 0.1 EUR

Accepted Payments: BTC, ETH

Bounty program: n/a

Token role: Functional

Team

Team size (number of people): 15

Number of Advisors and Partners: 3

Github

Project Information

NeuroChain is an ecosystem created around its own blockchain, based on machine

learning technologies.

The system is based on three principles:

Decision Making: A chain of bots is used.

A set of rules: A decision-making protocol (verification of

involvement/integrity and verification of work process).

Network and Media: Clear communication channels (adaptive

communication) and a training ecosystem.

Key differences from existing systems are as follows:

The main goal for the project is to improve the performance of distributed systems.

The system has no smart contracts; their role will be performed by bots built on the

basis of AI technology.

The project can find application in:

the exchange of data between companies with concealment of information

possible.

tracking of goods.

verification of information.

any situations in which AI or machine learning is required.

transfer of autonomous algorithms to cars.

transfer of autonomous algorithms to car data.

automatic execution of contracts (insurance payments).

transfer of ownership (shares, debt obligations).

regulated professions.

Internet of Things.

data banks.

Project advisors:

John Rice (Linkedin) — Senior research fellow at MIT.

Pascal Lauffer (Linkedin) — Chief digital technology officer at FIMAT — Blue

Group Toque Verte, partner at Capco — Odysseus Consulting, formerly

business transformation officer at Newedge — Astrance Capital.

Renaud Roquebert (Linkedin) — CEO and founder of Lighthouse LHLF US,

employee at HEC Paris, international tax specialist at Lighthouse LHLF — a

law Firm.

Project partners:

LOUKA — a company producing natural products.

Agestion — a consulting company in the field of asset management.

Hopps Group — a logistics company.

Interxion — a company providing data services.

Attracted investments: n/a

Summary

The project is based on blockchain technology, and integrates machine learning and

artificial intelligence.

Strengths of the project:

the project has an experienced team and advisors.

there is an MVP.

markets where the project operates show high growth rates.

Weaknesses of the project:

implementation of the project will not be immediate.

Market and Industry

The project focuses on creating a new blockchain architecture using machine

learning and artificial intelligence. In this regard, we will consider the market for

blockchain technologies, machine learning and artificial intelligence in our analysis.

According to Research and Markets, the blockchain market will reach $6.1 billion by

2023 (from $0.3 billion in 2017). The blockchain CAGR is projected at 71.5% until

2022.

This rate is confirmed by Yahoo Finance. Technavio Analytics predicts overall

market growth for blockchain with a CAGR of more than 55%.

With regard to the machine learning and artificial intelligence market, IDC predicts

that the market will be characterized by a CAGR of 55.1% during the period between

2016–2020. [https://globenewswire.com/news-

release/2017/11/22/1204931/0/en/Global-6-Billion-Blockchain-Market-2017-2023-

Market-is-Expected-to-grow-at-a-CAGR-of-48-37.html],

[https://finance.yahoo.com/news/blockchain-market-grow-cagr-61-091500956.html],

[https://www.businesswire.com/news/home/20171117005320/en/Global-Blockchain-

Market-Forecasts-2017-2022],

[https://www.idc.com/getdoc.jsp?containerId=IDC_P33198]

Comments: Markets are showing high rates of growth, which suggests the possibility

of occupying a niche.

Competitors

The following competitors are discussed in the WP:

Bitcoin — the original and innovative payment network built on the basis of

blockchain technology.

Ethereum — a platform for creation of decentralized online services based on

blockchain, working on the basis of smart contracts.

The following could also be identified among the competitors:

Matrix — a platform for the creation of decentralized online services built on

blockchain, based on AI and smart contracts.

Summary: The project's key difference from the competition is its use of bots in the

network, which replace miners and smart contracts.

Engineering Features of the Project

The platform is built on the basis of blockchain technology, which also combines

machine learning and artificial intelligence.

Neurochain includes:

Bots. These act independently and use machine learning algorithms.

Collective artificial intelligence. Thanks to these protocols, bots are able to

continually improve the system.

A Proof of Involvement and Integrity (PII) protocol aimed at reaching optimum

performance with a limited number of bots.

Technical Description

Bots perform the following functions:

validation of a transaction, if the bot in question has been chosen for this role.

improvement of systems for projects and technologies due to the

specialization of the algorithm used.

bots can communicate and learn from each other.

improvement of systems for projects and technologies with collective artificial

intelligence.

In the system, miners are replaced by bots. Bots are also rewarded for participating

in the network, with their rating being improved as a result. The higher a rating, the

better the quality of a bot.

Comments: The project already has a prototype that is presented on GitHub.

[https://github.com/neurochain/prototype-ui]

Technical Roadmap

With the development of the technology and data amounts required, it is planned to

implement the following:

December 2017: Launch of the prototype.

April 2018: Development of the Neurochain protocol in a larger environment.

April 2018: bot Identity Generation module. A wallet generator is being

developed for the ICO to prepare contributors for accessing the future

mainnet. This web version must be adapted into the core language.

May 2018: Basic features: Transactions, bots, blocks, ledger, ... are the

basics. Creation, diffusion, and validation are the basic functionalities that a

bot must handle. Security is one of the basic features (authentication,

signature, checksum).

June 2018: Connecting and Communication Module. Communication is the

heart of the distributed system. The communication feature will manage step

by step broadcasting; it is at the heart of the system and needs continuous

updates, route optimization ... This must be available for many channels: udp,

tcp, email, sms, etc.

August 2018: Consensus and Decision Algorithms. Aggregation of all

activities (transactions, bots, chained blocks) to make a consensus, distribute

the result, limit fork risk etc.

September 2018: Encryption Layer: Encrypt the content of transactions to

secure confidential information.

October 2018: Alpha tests and integration of intelligent applications. Opening

the testnet and running full activities with a high level of logging to detect and

optimize interactions.

January 2019: NeuroChain Blockchain is released.

January 2019 — Development of a new blockchain infrastructure based on

the principle of Proof of Involvment and Integrity.

June 2019: Implementation of the principle of verification of a work process

that enables intelligent applications based on machine learning.

March 2020: Integration of intellectual property exchange with the help of bots

and the launch of collective artificial intelligence.

March 2023: A self-consistent distributed system will start running when bots

start autonomous activities.

Comments: The team has introduced a step by step strategy for the project’s

development. However, its implementation will take about 2 years, during which time

the emergence of more advanced technology could well occur.

The following active modules are presented in the open repository:

Comments: There are 5 open modules in the repository that belong to the project

team:

machinelearning — experiments, algorithms and proof of concept.

prototype-dashboard — prototype of the dashboard.

prototype-ui — neurochain prototype.

WhitePaper — project document.

Documentation

We have analyzed Neurochain’s website and documentation for sufficiency and

consistency regarding making an investment decision.

Information about the project is contained in the White Paper, NeuroChain Intelligent

Business, NeuroChain Business Presentation, Collective Artificial Intelligence, What

is Neurochain, Neurochain Main Innovations, Frequently Asked Questions, Privacy

Policy — Terms documents; these documents are available in English. The White

Paper presents a description of the project; the main emphasis is on a description of

the platform.

The website also provides information on the project, RoadMap, ICO,

documentation, partners, team and advisors. The site is presented in English,

Korean, Spanish, Russian, Thai, and Vietnamese.

Summary: The documentation provides insight into the project. However, we believe

that adding information about which functions are to be performed by bots and a

more detailed description of uses for the project would give a better impression of

the project.

ICO

Tokens to be issued for sale, %: 15

Public ICO start date: March 19, 2018

Token Type: ERC20

Accepted Payments: BTC, ETH

1 NCC price: 0.1 EUR

Crowdsale Duration: 3 weeks, until April 15, 2018

Token limit: 4,374,000,000

Advantages for token holders: Tokens are functional and can be used for

accessing platform services or be sold.

Dividends: no

Additional token issue: no

Escrow: n/a

The token sale takes place in several stages with the following bonuses:

Max Goal: 30,000,000 EUR

Minimum Goal: n/a

Comments: Tokens are planned to be listed on exchanges.

Token and Capital Distribution

Tokens and capital are distributed according to the following scheme:

Summary: Tokens do not affect the distribution of shares in the company. The

reward system is set up so that it is more advantageous to buy tokens earlier.

Development Plans

Roadmap of the project

Over 2016–2017 the project presented their concept at various events.

Summary: According to the WP, the project plans to create training centers and

manuals for operating this network.

Team

The team consists of 15 personnel and 3 advisors. Information on core members of

the team (LinkedIn) is as follows:

Frederic Goujon (Linkedin) — CEO. Managing partner at BGFI Consulting,

formerly CTO at DBA and BigData.

Dr. Billal CHOULI (Linkedin) — CTO. Specialist in quantitative modelling at

ADNEOM, formerly CEA nuclear fusion research specialist, research fellow at

Massachusetts Institute of Technology (MIT).

Bruno Delahaye (Linkedin) — Director of marketing, partner-founder. Vice

president of transformation and marketing operations at Dassault Systèmes.

There are 12 other people in the team.

Summary: Nearly every member of the team did not disclose their affiliation to the

project.

The team is mainly from France, and also has the following experts: A sales advisor,

a security advisor, CFO, scientific director, technical specialists, an Agnostic &

Holistic Innovation Catalyst, a developer of blockchain architecture, research fellow

at Columbia University, project developers of blockchain-architecture, and a data

processing specialist.

Marketing

Information about the project is available via a variety of popular services such as

Twitter, Telegram, Medium, Bitcointalk, Github, Linkedin, YouTube and Facebook.

The project has no bounty program.

The team is conducting an advertising campaign on social media. On Twitter and

Facebook there are regular news updates; the project maintains a blog on Medium

and posts videos on YouTube.

The format of articles about the project suggests that they were mainly written by the

project team as reviews or by the media as an announcement of another project

staging an ICO.

Comments: Interest in the project is gradually increasing. The marketing campaign is

mainly developed on Twitter and Facebook.

Analysis of Neurochain’s website traffic based on Similarweb.com’s data showed the

following:

Traffic sources: [https://www.similarweb.com/website/neurochaintech.io]

Comments: direct: 53.49%, referrals: 11.14%, search: 18.46%, social: 7.12%, mail:

9.79%

Search traffic: 18.46%, of which 100% is "organic" traffic

Referral Links: 0.1114

Analysis of the Neurochain website traffic based on data from BE1.ru showed the

following:

Traffic sources: [https://be1.ru/stat/neurochaintech.io]

Comments: Top 5 countries of origin for site visitors: Thailand — 9.15%, USA —

8.07%, France — 7.85%, Russia — 6.82%, Vietnam — 6.74%

Referral Links: icobench.com — 32.05%, icocountdown.com — 22.03%,

longcatchain.com — 17.33%, icoalert.com — 9.10%, web.telegram.com — 5.40%

Social activity: Facebook — 68.59%, Linkedin — 13.91%, Youtube — 11.33%,

Twitter — 5.50%, VKontakte — 0.68%.

Summary: Based on available data on the project, it can be concluded that users

are now interested in the project. The team is leading an advertising campaign on

social media (Facebook, Twitter), communicates with users in Telegram, keeps a

blog on Medium and posts videos on Youtube. There are publications in the media

available. The team takes part in various specialized events. In the last month the

traffic of the site has increased by 50,000.

Contacts

You can contact the developers through the following links:

Website

Twitter

Telegram

Medium

LinkedIn

Facebook

Github

Bitcointalk

YouTube

The information contained in the document is for informational purposes only. The

views expressed in this document are solely personal stance of the ICOrating Team,

based on data from open access and information that developers provided to the

team through Skype, email or other means of communication.

Our goal is to increase the transparency and reliability of the young ICO market and

to minimize the risk of fraud.

We appreciate feedback with constructive comments, suggestions and ideas on how

to make the analysis more comprehensive and informative.