Kryptopal ICO Review

 · 15 mins read

Intro and Overview

KryptoPal – is a new SDK (software development kit) platform that will allow different dApps to make crypto payments and transactions from anywhere in the world with any cryptocurrency. KryptoPal is developing an ecosystem that will include various tools for developers who will be able to use their habitual programming language and enjoy all the advantages of the decentralized platform in non-centralized programs. KryptoPal will work for a wide variety of applications such as wallets, remittance services, payment networks, eCommerce, gaming, banking systems, etc.

Even though there has been a widespread acceptance and enthusiasm for blockchain and cryptocurrency, there are certain barriers that stop them from being accepted into everyday routine due to issues such as new technology, lack of documentation, infrastructure, and development tools. In addition to the existing problems, it restricts people from performing real-time transactions like they are currently accustomed to.

Project name

KryptoPal

Token symbol

KPX

Type of token

utility

Network

Ethereum, ERC-20

Website

https://kryptopal.io/ 

White paper

Open WhitePaper

Hard cap

$30 million

Price

1 KPX = $0.4

Total Tokens Supply

1,000,000,000 KPX

Tokens for Sale

500,000,000 KPX

Country

USA

Team

6 core members/7 advisers/3 agencies

Public Sale Date

August 8 – October 6, 2018

Public Sale Conditions

KYC, AML


Product description

Technology

The KryptoPal platform consists of a Software Development Kit (SDK), an extensible Application Programming Interface (API), the KryptoX token (KPX), and secure Smart Contracts and payment channels.
To gain access to all the benefits of the Ethereum ecosystem, a developer using a KryptoPal platform for an existing application should be able to connect to the platform. This application will be connected to other applications and will provide users with the ability to perform a wide range of transactions. Existing applications (it might be any program or device) will be easily connected to decentralized technologies and gain access to encryption of transactions and smart contracts. Another benefit is blockchain technology speed of implementation. Developers do not need extra skills to review documentation.  

Benefits

  • Existing applications can be easily integrated into the ecosystem, their users won’t be forced to switch to a new tool.
  • The project helps to implement blockchain in everyday life, simplifying technology usage and saving time for application developers.
  • Creation of a unified system of transactions, that works in µRaiden network progressive network with low fees.

Ecosystem

The KryptoPal ecosystem includes:

  • Software Development Kit (SDK): can be integrated into any existing application, connects this application to Ethereum blockchain, which means global connection to other applications in the network.
  • Extensible Application Programming Interface (API): The KryptoPal platform works by wrapping a set of API endpoints into easy-to-consume SDKs for developers, which will enable fully powered blockchain functions.
  • KryptoX token (KPX): Platform fuel and the main element which will unlock the access to API features and transactions, will be used to cover transaction fees, as a user reward, as an instrument for instant micro transactions.
  • Secure Smart Contracts: Will be easily integrated into applications allowing developers to integrate automate payments.

Payment channels: May be opened using µRaiden network. By allowing users to lock tokens on-chain and trade balance proofs in real time, these channels allow application providers to connect to their consumers and enable real-time zero-fee transactions. When either party chooses to close the channel, their balances are updated to the blockchain using the last balance proof.

Tokenomics

KPX is a utility token. KryptoPal’s goal is to reach the majority of current and future crypto users. KryptoPal estimates crypto users will be 1% of the total population by 2022 or 2% of the total app users that exist today. With this conservative approach, 80 million KryptoPal users will be generated.

The token provides users with access to premium API features and integrates the application with mainstream applications worldwide. They help facilitate real-time micropayment channels with zero fees and reward users with tokens.
The token transactions happen on-chain in the Ethereum blockchain. The blockchain-based functionality allows users to register and provides permission for their identities. Alternatively and more securely, users may register their identity within a “User Identity registry” smart contract.

 

Market and competitors

Overview

The industry's request for convenient API for cryptocurrency transactions has been around for a long time. There are a huge number of projects that have been offering the similar functionality for bitcoins for a long time already on the market (Neurowave, Tierion, Factom Alpha, Coinbase itself, Blockchain project, Bitcore, Colu, Gem, BlockCypher, ChromaWay and others), however for the ethereum-based tokens the choice is not so great. With the right approach to the issue and successful marketing, they will have the opportunity to gain a foothold in the market as a reliable tool.

The main competitors are:

  • Ripple is the most known platform at the moment, which allows you to send money around the world in a quick and reliable manner. Financial companies and businesses eagerly use the token to reduce the cost of transactions.
  • Coinbase is mainly a crypto wallet and crypto exchange that allows exchanging Bitcoin, Bitcoin Cash, Ethereum, and Litecoin and fiat currencies in around 32 countries.
  • Raiden Network is an off-chain scaling solution, that works with any ERC20/223 compatible token, enabling fast, cheap and scalable payments. Its goal is to research a so-called “state channel” technology, define protocols and develop reference implementations.
  • OmiseGO is a public Ethereum-based financial technology for mainstream digital wallets. It enables real-time, peer-to-peer value exchange and payment services across jurisdictions and organizational silos, and across both fiat money and decentralized currencies. Designed to enable financial inclusion and disrupt existing institutions, access will be made available to everyone via the OmiseGO network, SDK and digital wallet framework.
  • TenX is a solution provider that allows users to convert and spend some leading cryptocurrencies through the use of a debit-like card. A cardholder can easily monitor and maintain their security settings, portfolio spending, daily spending and withdrawal limits. TenX is equipped with a banking license and debit card system that will help establish it as a payment network for the real-world to connect with the blockchain ecosystem.
  • Civic offers a solution called Secure Identity Platform (SIP), that uses a verified identity for multi-factor authentication on web and mobile apps without the need for usernames or passwords.
  • Infura exposes a number of API endpoints that allow applications to interface with decentralized solutions like the InterPlanetary File System (IPFS) and Ethereum full nodes.

KryptoPal is a single solution that combines the functionality of the platforms considered above into a single SDK.

Delivery

Roadmap

The roadmap shows that the team has eagerly approached concept development of the project, since it took them almost a year to get from the idea creation in January 2017 to the first alpha versions of the product. The next step was the growth of the team, after which the development, as seen on the roadmap, significantly accelerated. Since December 2017 (launch of the test network) to March 2018 (SDK alpha), the team did a great job. However, it should be noted that since April the roadmap document has not been updated, which again can be attributed to the shortage of marketers.

Team and advisory board

Both key team members and advisors have relevant experience but do not have experience in widely known international companies. Lack of understandable international experience can be considered a disadvantage. Especially in the case of advisors, it’s always better to see some serious figures who could help the company with entering international markets and establishing connections with the largest investors.

Also, as a disadvantage, we note that the section of the team does not mention any expert software engineers who are directly involved in the development of the product, and there is no possibility to evaluate their experience of working on blockchain projects.

Executive team

  • Venkat Nallapati, CEO, is an experienced entrepreneur who has worked for Fortune 500 clients such as Honeywell, American Express, American Airlines, Best Western International, CIGNA, Aetna, Walmart, ING and Michelin Tires. LinkedIn profile
  • Jaycen Horton, CTO is a specialist in building peer-to-peer applications by leveraging the latest in smart contract technologies and combining it with familiar yet cutting edge user experience technology.  LinkedIn profile
  • Jane Kanter, CRO, is a regulatory expert and has more than 35 years of experience counselling businesses about legal, regulatory and compliance matters. Most recently, Jane served as Chief Operating Officer and General Counsel of ARK Investment Management LLC, a registered investment adviser located in New York City.  LinkedIn profile
  • Jorge Sanchez, CMO, also works as a fellow at VentureWell and was a Digital Marketing Specialist at Spear Education. LinkedIn profile
  • Camille Evans Paterson, Community Relations, is an author, app creator, digital marketer, entrepreneur and teacher specializing in communication, responsible for supporting the KryptoPal community. LinkedIn profile
  • Christophe Bosquillon, Chief Economist, provides Foreign Direct Investment (FDI) decision support & strategic risk assessment to various industries & governments.  LinkedIn profile

Advisors

Advisors board includes 6 experts specializing in marketing, business strategy, digital and blockchain startup strategy and technology. All the advisors claim to have a long experience in the industry, have working LinkedIn profiles but their actual places of employment are either local or peripheral. Team doesn’t publish any external links to advisors’ profiles and it makes more difficult the process of information verifying.

 

  • Jeffrey Willenbrink, Marketing Advisor, works as a self-employed marketing technologist helping clients to tune websites with digital marketing solutions for e-commerce  Has a website,  LinkedIn and Twitter profiles.
  • Mohanned Al-Anni, Business Strategy Advisor is the Vice Chairperson/Co-Founder and COO of Gulf University in Bahrain. Has LinkedIn but no foto.
  • Ravi Prasad, Digital and Blockchain Start-up Strategist. Is claimed to be the CEO of WWI, a cloud-based technology company, and is a Project Manager for Ninestars, a digital solutions company. Has no social media resources or working profile.
  • Mohammad Nauman, Technology Advisor is an Engineering Director at American Express and advisors at various startups, helping them with strategic solutions to enable business growth. Has LinkedIn profile.
  • Jo Lynn Clemens, CPCU, ARM, Advisor. Her experience includes CEO and Founder of XOXY, President of JJC Insurance Services, an insurance training, compliance and operational auditing company monitoring coverholders in the areas of Compliance, IT, Marketing, Accounting, Underwriting and Claims on behalf of Lloyds of London. Has LinkedIn profile.
  • Anthony Scarpulla, Community Advisor, works as a CCO at Blockchain Beginners. Former Senior Crypto Strategist at Vermamedia. Has working LinkedIn profile
  • Rennie Davis, Advisor. The most experienced figure at the advisor's board. His clients have included the CEO of HBO, CEO of the Manville Corporation, officers of Time-Warner and IBM, the board of directors of Gates Rubber Company and people in the Forbes 400 Richest Has working LinkedIn profile

Agencies

Team page on the project's website mentions three agencies, who took outsourcing functions such as legal support and work on the promotion of the project:

  • Reichlin Hess, Attorneys at Law, Tax Advisors, Blockchain and Crypto Projects
  • TechThinq, PR & Media Firm
  • KEO Marketing, Next Generation B2B Marketing

Partners

The only partnership established for now is a charity partnership with a Swiss NGO help2kids in an effort to enable donations for children in Africa.

 

Token distribution and token sale details

Total Token Offered

500 mln of 1 bln

Token price

The price is $0.04 but will slide up during the sale depending on the whitelist position

Public Token sale Date

August 8, 2018

Bounty program

https://t.me/KPXbounty

 

KryptoPal pre-ICO is active since April 2018, and bounty campaign can be accessed here. KryptoPal pre-sale is for accredited investors, and the public sale is for every qualified person. Private pre-sale is currently in progress with the public main sale starting on August 8. It requires for a user to be registered, whitelisted and KYC verified in order to participate in the ICO. The team is only accepting Ethereum.

Token sale is open to all jurisdictions except USA, Canada and China. Token price will change automatically once the previous round allocation is completed. First 48 hours of public sale is open to whitelist participants only.

 

Funds Utilization

Hype

Website review

KryptoPal website monthly audience is not available due to lack of data at similarweb.com. Although their website domain was registered in September 2017, we can assume that either the site itself was launched recently, or its promotion is not sufficiently active and attendance figures are low.

Source: Similarweb.com

Most of the visits are linked to referrals (70%), and about 30% come from search queries. These search requests are: project name, as well as phrases “free startfinder tokens” or “get free token”. The team also has a Github profile with low activity.

Media and community

The media activity regarding KryptoPal is quite low. There are no articles on the project itself and its technical components, but a significant increase in references was due to the fact that KryptoPal participates in a charity project in Africa.

Online image of the project shows that the marketing campaign for the project didn’t yet actively started. Social media community is small: 1,214 subscribers in Telegram group chat and 1,193 followers on Twitter. Activity in Facebook (258 subscribers) and Instagram (90 subscribers) also remains low.

We expect that the team will increase marketing activity closer to the date of public sales. However, it should be noted that such a low community activity less than 2 weeks before the public sale start looks depressing.

Conclusions and editorial opinion

Risks and Potential

KryptoPal claims “to remove the barriers of mass adoption to cryptocurrency by creating a technology that would make it easier for people to use”. According to the idea of the team, KryptoPal should be a PayPal of blockchain world. Despite the ambitious aspirations, considering that the idea was created in January 2017, it is not yet clear what will allow the team to make KryptoPal a key player in the Ethereum and Ethereum-based tokens SDK market.

 

Investment prospects

The project looks ambitious and will be useful for the blockchain ecosystem. However, despite the fact that the team has already launched the alpha version of SDK and the API, it is not entirely clear why the project remains unnoticed in the media field and in social media. Either this is a conscious decision of the team or a flaw. In any case, this is a serious point that might drive away investors.