Analytics

October 25

Tokenbox’s analysis of ICO projects: Centrifuge

October 25

The solution for the financial and logistics industry from Germany goes to ICO. What assessment will he get from rigorous analysts?

Centrifuge (Germany)

Centrifuge is an OS for the financial industry. The idea behind ​​the project is to manage interaction between 1) decentralized financial applications used for organizing logistics 2) document flow and 3) accounting tools for structures on the blockchain. Such a solution significantly reduces costs and creates a very convenient and functional environment for businesses.

Centrifuge is a system that consists of special components that provide convenient functionality of daily business operations and significantly reduces costs. Let us examine the technical part of the project.

At the moment, the platform intends to use the Ethereum network and its smart contracts. Centrifuge Nodes will be responsible for the efficiency and correct functioning of the network. The sidechains needed to ensure the operation of individual dApps will work using the POA algorithm. Private document management within the Centrifuge OS is based on a protocol that provides P2P transfers of private documents.

Any submitted document is registered at the level of the operating system as an NFT token – that is, it carries information not only about the value and the owner but also additional data. Thanks to usage of NFT tokens featuring the ERC-721 standard, the workflow becomes more secure and personalized.

The token standard is a very important aspect in terms of managing this kind of OS. The network uses 2 native tokens – Medallion and Cent. Medallion is used to vote online, as well as being a reputation indicator in order <for a user> to be able to validate the network. Cent is used to pay for services, as well as to express gratitude to network participants, but not to pay for goods.

Custody service

The OS plans on using stable currencies for settlements. In addition, users need to keep a certain number of Cent tokens to be able to use the services of the OS. In order to effect faster settlements between users and provide them with the functionality of being able to purchase tokens quickly, Centrifuge provides this solution for quick purchase (in fiat) and secure storage of tokens.

Tokenometrics of the project: TBA.

It is important to note that Taulia, the parent company of the Centrifuge project, was established in 2009 and has been doing developing and programming work for banking institutions and is working to optimize bank transfers. Taulia has developed a unique dynamic discounting program, according to which fast payments by a customer are followed by dynamic discounts from suppliers of the goods.

There are plenty of positive things about the head company. They already have experience in dealing with organization of financial transactions and a large list of very reputable partners and customers (PayPal, IBM, Bell, Coca-Cola Enterprises, Northgate, KPMG).

Taulia is trading on the NYSE, which means that the team knows how to organize successful trades and listings.

The team directly behind Centrifuge, however, boasts an impressive history of solving problems of supply management in the real sector. The three founders of the project – Maex Ament, Martin Quensel and Philip Stehlik – created and successfully developed several companies, including Taulia. This company deals with more than 1.5 million suppliers from 164 countries and has already provided more than $ 100 billion in liquidity and payment solutions for small and medium-sized enterprises.

Partners of the project:

  1. USD Coin is a new stable coin from Circle, for which 110 million dollars have already been gathered. One of the main investors is Bitmain, alongside whom Breyer Capital, Tusk Ventures, IDG Capital, Pantera, and Blockchain Capital have also invested.
  2. Crossinx is a leading German software provider that supports more than 150,000 companies in digitizing financial processes.
  3. Hokodo is a technological company that seeks to provide financing and insurance for small and medium enterprises.

The summary of the project from Tokenbox analysts: the project features a good team, a great idea, a base (an already existing reputable company with powerful clients like Fortune 500), and strong partnerships. Of the minuses: the project is at its early stage, and there isn’t enough information on tokenometrics.

The preliminary assessment of the project from The Tokenbox is 7.5 / 10.

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