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Universal reputation protocol might get low adoption due to the existence of reputation protocols on each platform. Roadmap is not detailed and does not explain when the testnet will be launched. Now there is neither demo nor MVP available. The process of protocol integration into existing blockchain platforms might be complex and lengthy. Users might not want a universal reputation system, as if you have a series of bad experiences with malicious actors on one platform, it could affect you using other platforms. There is no information on the business model. Further details of the use of proceeds categories are not specified. The lockup scheme for the team tokens is unclear. Now it is unclear how many people work on Layer Protocol development. 2 out of 3 co-founders do not mention neither Layer nor Pin Protocol as a workplace on their LinkedIn accounts.
Market:The similar projects-competitors haven’t been found
Social activity:The number of followers in Telegram is not high - 5665 users, the team rarely and slowly asks the questions. The official channels of the project in social networks haven’t been found.
Verdict:The early entry into the market of reputational systems without competitors gives a head start, and thanks to a strong team and building of partnership networks – there are high chances of success in the long term (from 2 years). Close early cooperation with Origin Protocol and Ink Protocol, as well as experience of business building in the economy of collaborative consumption from Gee Chuang, Josh Fraser and Matthew Liu are necessary for project development and vital for Layer protocol success
A simple idea to make customers of the sharing economy market act honestly and responsibly that will be implemented on the blockchain basement may turn out to become very attractive for the services of the industry. Just to remind, among potential clients of the platform you can find Uber and Airbnb. Mass adoption and product implementation become traditional challenges for ICO projects. Layer Protocol is not an exception. A very good sign for the project is the partnership with Spin. So they have an excellent start. Let’s see what will be next.We like projects developing a simple straightforward idea, because it’s much easier for them to stay focused and implement a quality product. Layer Protocol is one of suchlike projects.