Value Promise - The Deal Project ("ValPromise"), is committed to building a blockchain-based, distributed promise contract release-trading platform that addresses multi-variety and cross-region risk management across a global spectrum (insurance, futures, options contract issuance and trading, forecasting services) issues. ValPromise determines if promises are honored, basing on the public monitoring data via Internet. It allows any individual or organizations that satisfy the rules of the system have access to release their own promises (contracts), while any individual may accept promises(contracts) issued by counterparties with their trust on the fairness and enforceability of the contract itself, which solves problems ofcollaboration regardless of geographical differences and regulatory differences. Specifically, the ValPromise project will focus on the risk management area which scales up to over $1 trillion annually and deliver with a decentralized promise mechanism involving in releasing and trading. They aim to build a fully trusted, more efficient and cost-effective collaboration system of global risk management. The exponential weather insurance will be the ValPromise’s first mature application. So far, with the leading unattended system in pricing automatically and risk control in China, they have made a great deal of cases successfully and have issued over 200,000 guarantee contracts on weather risk in the past 6 months. Over 20, 0000 customers from tourism and agriculture industries are served and they reached a cooperation relationship with Ink Weather, Tujia, Sunshine Insurance Company, major travel agencies and so on. The ValPromise system will empower regular individuals and organizations to easily find hedge contracts and services tailored to their individual needs, which helps build a more efficient ecosystem of risk management across the globe. The ValPromise risk management system will develop a wide range of applications in the future such as index insurance, commodity futures, foreign exchange futures, entertainment and others.
Early April 2018
Late May 2018
End of June 2018
VALPROMISE is a universal protocol that resolves the decentralization of financial contracts for free trading and ultra low-cost deployment application that apply to all public chains that support intelligent contracts.
Project’s whitepaper is outdated, however all information needed for informed decision making is available.
Despite project proposes improvements that has all chances to significantly contribute weather risk hedging market, it lack some important features that will define project’s success. Also, it is not defined how easy it will be to create a contract. If no assistance is provided, users will have to hire professional Solidity developers who are scares and cost a lot. It this will be the case, total costs of using a platform will be high and may decrease the demand in the beginning, when contracts are developed. Another issue is project’s adoption rate. Financial institutions are reluctant to innovations, therefore project will have to spend a lot on marketing to bootstrap adoption. Until these issues are clarified, project’s success is questionable.
Technical side of the project looks well thought-of and clear, however further clarification of consensus mechanism. Also, Ethereum blockchain at the moment quite low tps that is not suitable for high volume networks dealing with IOT. This problem is not covered in the whitepaper. Also, technical description of how contracts are created is superficial.
By now, team managed to stick to the deadlines. Since project is actively working on development chances are high that they will deliver updates on time. However, we note that roadmap is short-term. Also, roadmap does not cover BD aspects.
Team provides contradicting information about team composition. If website information is correct, we note that initial team lacks blockchain experience. Nevertheless, team has strong advisory board that can significantly contribute to the project.
Financial market cases prove that weather derivatives instruments are really applicable in the real life. In addition, there is no other company that provides a blockchain solution for weather derivatives. This creates a prosperous environment for ValPromise. However, since project targets only China, that may be an unnecessary limitation bounding potential profits.
Since only 15% of the tokens will go public, adaption may be limited since potential users will have to buy VPP on the secondary market from either delegators and other platform members or from those who received tokens randomly. We also note that since only 15% are distributed, there can be a lack of liquidity. In addition, there is no information on use of proceeds.
Despite token economics is promising, incentives to hold token are not clear.
Since information about Chinese part of the internet is unavailable on BE1 platform, marketing efficiency can hardly be judged, since China is the primary market. However, we note that project has poor representation in social media.
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