13-July. I passed on Jura. I think it was something to do with the team. Link
We view Jura as a novel approach to the ever-growing space of infrastructure projects, hence having the potential to disrupt the market and gain a lot of usage. There is a big IF in this equation as the team has yet to prove themselves and bring forward actual progress which can validate their theories and novel technologies. There is a long road ahead and we would like to see an MVP so that the team can prove their network model and seize a place in the competitive field they are running in. They need to act fast as there are already many competitors that have working viable technologies and can bring added value to the ecosystem in the meantime.
Picolo Research presents an ‘Avoid’ rating on Jura Network. The project does not offer a unique niche that differentiates itself distinctly from other similar projects, crowning it is as yet another typical blockchain infrastructure project. Furthermore, gaining a foothold in adoption is a critical element in this competitive market, of which the project mentioned no specific business plans.
Overall, for the reasons listed below, Picolo affirms its rating on Jura:
• The project is late in entering this space, which ranks it as a lagger amongs its competitors
• No significant partnerships formed that is crucial to network adoption in this highly saturated market
• It has been more than 9 months since the inception of the project with no MVP nor GitHub code available, casting doubt on the ability to achieve their milestones
• The team is lacking the depth regarding experience in comparison to its competitors
• No public information on technology and cryptography research thesis done by the PhD members of the team prior to the project
• Currently, there is only 1 member on the advisory board with no independent advisors
• Lack of conclusiveness in the whitepaper as details are incomplete. The consensus mechanism was only partially described, and the portion to penalise dishonest behaviours have not been discussed
• High valuation of $100m is not justifiable comparative to the market cap of QLC chain (with an MVP) that currently has a market valuation of ~$18m
• More established projects have been looking to explore similar technology since 2017, but no breakthrough has yet to been developed
Not withstanding the above, Picolo acknowledges that Jura is still in its early stages and that further developments are still underway. However, given the
availability of current information presented by the company, it is difficult to disregard the concerns that have surfaced from our research.
In light of the preceding, we recommend an ‘Avoid’ rating on Jura as we believe there are significant risks associated with the project.
There is a fierce competition from other blockchains and projects solving the similar problem.
Whitepaper presented is deep, detailed and has a great scientific approach. Roadmap is fast enough and promises PoU based consensus framework and Fusus be ready in the 3Q 2018. Testnet is projected for Q4 2018 with mainnet launch in the Q2 2018. The project currently exists on a paper only and no protype has been introduced for now.
Token is likely to be used as means of payment in the network that is a standard function for such projects. If token circulate in such a strong ecosystem, its value may be determined as attractive.
Jura aims to attract 20M USD. Strategic early investors are given a bonus in the range 40-60%. Public sale price is likely to be about 0.015 USD, when Seed round price is 0.006 USD. Strategic investors are given the price 0.009 USD, and private – 0.012 USD. Public sale share in the Hardcap is likely to be around 5-10%. 40% of tokens have no lockup, 40% are locked for 6 months and 20% - for 1 year. Taking into account token distribution, it results in valuation of 40M USD for seed investors and 100M USD for public investors. Such numbers are too high for a project with no prototype available. We found lot of pools gathering contributions that may be an indicator of the easy access to the investment allocations. Early investors remain undisclosed.
Marekt Competitive environment:
Jura is not the only project, which uses DAG. The projects IOTA, Hashgraph, and Nano are also developed based on DAG.
Projects, which launched protocols based on DAG, were attractive for investors in the past and demonstrated high effectiveness of investments after entering the exchange:
IOTA – in the course of ICO 1,337 BTC was raised, capitalization - $3,3 billion, ROI USD - 2729x
Nano - ICO - not available, capitalization - $359M, ROI USD after entering the exchange - 300x
Byteball - ICO wasn’t held, capitalization - $78M, ROI USD after entering the exchange - 6,3x
Quark Chain - raised - $20M, capitalization – not available, ROI USD - 3,67x
Hedera Hashgraph - at the stage of Private sale $18M was raised, capitalization is unknown.
The project advantages:
FUSUS Data Structure: each account will have its own DAG, which will be adaptive to the traffic volume, work under the Proof of Verifiable Random Time (PoVRT) mechanism the for anti-spamming and in which transactions will be periodically pruned to save storage and increase efficiency;
Dynamic Monitored and Distributed Sharding (DMDS): to separate large database into smaller, faster, and easier managed data shards;
Proof of Utility (PoU) Consensus Mechanism: to regulate the voting via utilities and to penalize dishonest behaviors;
AI Security: to filter out suspicious transactions and to warn about malicious nodes.
The project popularity in the social networks and discussion forums
The project is not detected on the radar of influencers.
Twitter: 1,3k followers (number suddenly decreased from 3,4k followers), there are only 2 posts, average number of likes per post is 30, average number of retweets per post is 24, without any discussions, user activity is low.
Medium: 198 followers, there is only 1 post without any discussion in the comment section, user activity is low.
Telegram: 16,8k members, admins on the Telegram-channel are responding fastly, user activity is high anв looks naturally generated.