Devery.io is developing the Devery Protocol, a decentralized verification platform that enables marking and tracking over the Ethereum network. The protocol allows manufacturers, brands, retailers and any other party to assign unique signatures to any products, services or digital goods sold, issued and traded online. The unique signatures are stored on the Ethereum network and can be queried to determine contextual data (including location, date, manufacturer/point-of-origin and the identification of the verifying party). Verification is not limited to the sale of physical goods and services, and can be extended to verifying the authenticity and legitimacy of any digital goods and services (such as certificates and courses). The protocol is the base layer of the Devery ecosystem. It can be used to build application level verification services and can be integrated with any existing e-commerce stores, applications or services. This fosters a competitive market of third-party verification services for specialty commercial markets, such as the clothing and apparel industry, technology, food markets, raw materials, education and other digitally sold goods and services.
An operational token, the Entry Verification Engine (EVE), is the engine that powers the protocol. The EVE token is required to generate unique signatures and contextual data on the protocol. Any application that builds on top of the Devery protocol requires the user to spend EVE tokens, which are received by the owner of the application as a fee for their verification services.
If a supplier does not honour terms of distribution, items can be marked as illegitimate.
Items can no longer be counterfeited before purchase as the incentive to do so is greatly diminished.
Socially conscious businesses can opt to provide the location of their products throughout the supply chain.
Consumers have the ability to ensure the item they have purchased online is legitimate before it is posted.
DeveryRegistry.sol and the DeveryTrust.sol contracts
Attention. There is a risk that unverified members are not actually members of the team
Opportunities:The use cases for the project are very broad as the project is compatible with pretty much any physical and digital goods in any industry.Devery is a protocol that let other applications to be built on, so it will be mentioned frequently whenever they partner with other projects that use Devery. In crypto, news flow is one of the major factors that drive price as it shows the progress of a project.
Concerns:The roadmap is vague, which does not show the team’s thoughts on the project’s development.The Devery.js tool is planned to be released closer to the crowdsale so it would not be available before the presale. White paper is short (11 pages) and is light on details, making it difficult to see whether the protocol will work as promised. Only 2.5 pages are devoted to explaining the Devery protocol, so there is not much we can analyze.The team claimed that they have silent partners that they are working with but cannot name the partners. This makes it difficult to gauge whether the protocol will be well received by the real world.We are not sure how much time Bokky Poobah, a respected smart contract security auditor, will spend on the project as he audits multiple ICO contracts a week. The team does not have relevant experience working in a retail company. Chironjit Das had 4 years of experience in Tesco Stores but in the financial services arm.
Conclusion:Overall, we are neutral about both the short- and long-term potential for this ICO. There are just very little details available for us to have confidence that the project will be successful. Our thoughts of the tokens for short term and long term are as follows:For short-term holdingNeutral. As (1) the MVP will be released in January 2018 before the public crowdsale, and (2) presale participants receive only a 5% discount in exchange for having their ether locked up for over a month, we believe it is better to participate in the crowdsale even if you are interested in the project.For long-term holdingNeutral. With the lack of relevant experience in the team, we are unsure whether the project will be able to gain traction and become successful in the long run.
Devery is the brainchild of Andrew Rasheed, a Software Engineer(Web & Blockchain) who in the past has been associated with many famous crypto projects such as Ethstall and Coinwatch Touchbar. Similarly, Chironjit Das is the ‘Community and Finance’ manager. He is a certified Accountant, and has had a lot of prior experience in the retail industry. Lastly, Antoine Najjarin is the company’s ‘Partnerships & Strategy Lawyer’.
Fighting counterfeit goods by recording every product unit on the blockchain is one of today’s trends. You may have read our review on a project from a similar field (Wabi), which raised $10 million from ICO investors in less than 24 hours.Obviously, regular consumers are in need of guarantees of authenticity of goods that they order over the Internet. However, is a protocol alone sufficient for that? Doubtful.The project’s more readily apparent flaws in our opinion are lack of focus and weak grasp of the issue at hand. The brevity of the White Paper (just 11 pages) seems to demonstrate the team is at the very start of their path. Against the backdrop of competition – specialized anti-counterfeit solutions that have already begun development of products for pharmaceuticals, consumer and luxury-goods, and have identified specific scenarios for those markets, Devery’s less detailed approach seems less convincing.With that said, our opinion is that you shouldn’t rush into this one, and instead wait for a more outstanding representative of anti-counterfeit solutions.
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