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[ICO Review] What is HitChain? Strong Platform Technology or just “Drawing based things”?

christina - 28/07/2018 - 6708 view
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Decentralized autonomous organization Blockchain for the development of programmers HitChain aims at applying protocol Hit and ecosystems Hit in improving the open source ecosystem's unfairness, ineffectiveness, centralization.

1. Ideas:

Decentralized autonomous organization Blockchain for the development of programmers HitChain aims at applying protocol Hit and ecosystems Hit in improving

 - Open Source Ecosystem Nowadays: Unfairness, Ineffectiveness, Centralization.

+ Unfairness: Existing developers have not really gained real value in the Blockchain technology industry yet.

+ Ineffectiveness: The intellectual property assets of the developers has not been effectively protected

+ Centralization: Open source platforms are now centrally controlled

- Hitchain's Ecosystem

 + Protocol "Hit": Processing data of Merkle Tree (data of tree structure - a binary structure - summarising all transactions into a block by creating a digital fingerprint for list of transactions, so that Users could allow to confirm whether a transaction is included in the block or not. Merkle trees are created by rebuliding hashing pairs for nodes until just one remaining hash.

+ IPFS(InterPlanetary File System), distributing open source protocol of the hypermeia protocol which operates on content and identity, distributes data into the form of P2P peer-to-peer networks focusing on mini part as central servers likes other protocols.

+ Cross-chain verification mechanism

+ Multi-Task State Machine: Storage Device in Multi-Function

- Blockchain Network 3.0

+ The DAG converges model.

+Flexible Ledger Technology

Double Consistency Mechanism: Practical Byzantine Fault Tolerant and Delegated Proof of Stake

+ There are 2 Apps: Smartcontract và Witness

- Economic Model: "HIT"

+ Cryptocurrency system

Value Allocation and Confirmation

+ Bonus mechanism based on contributions

+ Model of Value for programmers

- Democratic community:

+ Self-governing communities with open rules

+ The candidate will be elected obviously by system

+ Support for developers to exchange encrypted assets

 => Whitepaper is writen simply, just in the introduction stage. Basic knowledge has no outstanding features.  The project compares itself with Github, which stores the current open source code, aimed at developing a decentralized code environment for programmers.

 Github in project is quite different Currently this storage is devide into two parts, one is Hitchain and another is a token-profile. One note is that the external table shows that the new team has 10 contributions last year so far in July, but in the Hitchain code there are over 178 contributors with more than 8K commits within a year, while the names of contributors are not the same as name the member in the project.

In addition, token-profile was project to go fork from I'm token, which is a popular Chinese software similar to Metamask.

2. Team of Founders

+ Jiang Li (Australia): President, Director, Founder of Hitchain; CTO of Microsoft in China He is a senior international technology manager. Especially, Mr. Jiang has a close relationship in international IT. In the field of Blockchain,  he is experienced in Cloud Computing and Open Source Ecosystem He is responsible for supervising the operation of the HitChain strategy as well as impressing international developers to develop a comunity of self-managed developer, which more advanced than Github.

He is responsible for overseeing the operation of the HitChain strategy as well as engaging with international developers to develop a more advanced self-managed developer community, Github. The director of Hitchain Group, co-founder of TIBCO, a US software company, which provides integration software, process soft for cloud computing or component companies. He is a board member in many transnational corporations. He has more than 30 years of experience working at APAC software company. He is in charge of developing the business and promoting the international reputation of the HitChain team.

+ Leon Li (HongKong): The director of Hitchain Group, an open source expert at Intel, was the first to be recognized as APAC Engineer in Mainland China. He holds a number of technical positions in global software companies. In the Hitchain team, he leads the development of open source systems.

 + Nick Ma (Japan): Programmers and maintenance staff at the well-known OpenStack Group (cloud-based operating system, with more than 82,000 community members from more than 187 countries around the world). Chief of Engineer in Cloud at Telexistence (Japan). He was responsible for the structure, core modeling and programming in the team.

+ Jerry Li (China): Git Protocol Specialist, Co-Founder in Gitee's CDO , OSChina (Nearly 500K Visits Per Day). He take in charge of developing the Git Protocol management, architecture, designing the host code, and promoting the development of the community as well.

+ David Mei (China): Programming Developers and experts in Blockchain technology. He does the research deeply and he is experienced in the development of blockchain technology. He is responsible for designing the development of the basic open chain in the team.

 + Thomas Tan (USA): Scientist, PhD in Computer Science - Software Engineer at the University of Southern California. He is currently a decentralized storage specialist at one of IBM's Los Angeles offices. He is responsible for the decentralized storage protocol, code-based IPFS in team.

- The advisors:

+ Jia Tian: Chief of Scientist at Cortexlabs.ai, who learns about bitcoin from 2011. He majored is in the field of decentralized systems; He graduated with a bachelor's degree from Tsinghua University. Tian holds the position of Chief of Scientist in the bitcoin fund, bitfund in China and supporting Zerocoin and later as Zcash_member of the Electoral Commission. He also invested in Bitfinex as a stockholder.

 + Habo Ma: The expert in the field of blockchain. CTO at Gempay và AllCoin. As a member in the Blockchain Expert Panel of the Institute of Electronics and Blockchain Professionals of the Chinese Computer Society.

+ Binsheng Wang: Excellent graduate expert in the Chinese Academy of Social Sciences, PhD in Economics;

In addition, three other experts have much experience in the field of financial management, investment and computer science in China.

 => Experienced team in the Blockchain field, but it was experience profile that unverifable as well as whether they are actually involved in the project. What they listed is only available on the website and there is no Linkedin for verification.

 - Investing Fund in Hitchain: Huobi Capital, Okex Capital, H Capital, Blockchain VC, OneBoat Capital, LD Capital. However, the author of the article has not verified any funds invested in Hitchain yet.

- Roadmap of development:

+ 1st quarter 2018 Team HitChain established

 + Q3 2018: Develop and proceed with Token Sale

 + Q4 2018: Hitchain Community Development

 + Q2 2019: Public Chain

 + Q2 2019: Present Hit Protocol

+ 2019: Continuing in Community Development and System Improvement

= The development process is not clear and it does not have speciffic task.

 - Distribute the Token: 5% for Marketing, 30% token sale, 10% for the Foundation, 15% for the team and 40% for the community development. {Ut1}

 No information about Token metrics. The project currently uses the ERC20 token

- Community:

 + Telegram: Founded on 12/07 was + 54K members. However, most of the content is written in Chinese. Group's members are not dynamic in discussing. Suspected that there is a bot to drag members.

+ Facebook is not responding

+ Twitter: There is no article

+ Medium: no posts, 7 followers

+ Gitee: No activity

=> The community is not active, and team members do not regularly interact with news about the project or community care.

 - Another feature is that when the author of the article learn about the number of visitors on the website Alexa.com, there are no data or ratings in any country. This proves that very few of people visit the project to find out information.

- The media partners on the website are linked to the web but when they visit each website they cannot get any information related to Hitchain on these channels.

Conclusion:

Advantages: The project focused on developing the Blockchain platform, outlining elements in the technology as well as HitcChain, Hit protocol, Mekle tree, IPFS data storage, DAG, Hitchian Token. The application is also quite clear and esspecially the teams are evaluated with good experience, good foundation.

Disadvantage:

 Most of the team information comes in striking and prominent form but there are no definite proofs to make. The number of people interested in the project is not much, the team members have not paid attention to the problem of community care or marketing for the project.

Rate from Icogens.com:

HYPE

RISK

ROI

TERM

ICOGENS’ RATING

LOW

HIGH

NOT RATE

NOT RATE

NOT RATE

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*Note: All the information (on icogens.com) including tokens sales, “interest level”, ROI rate, hype rate, risk rate are our subjective opinion and only for informational and educational purposes. The information ICO Gens provides is not an investment advice.

HYPE: is defined as the level of concern over a project and its FOMO. This score is based on the number of people joining a project’s social channels such as Reddit, Telegram, Twitter, Facebook, Bitcointalk, Medium or Slack as well as the number of review articles produced by the third party.

RISK: the risk rate of the project. Based on this score, you can find more spam warnings of the project. More specifically, RISK is about the transparency of the project, its idea, members of the development team, roadmap and whitepaper. (RISK is rated regardless ROI rate of the project).

ROI: (Return on Investment): the rate of profit a project can bring to investors (ROI is considered separately from RISK. ROI can be rated High and RISK can be rated High as well).

TERM: this factor reveals the length of time you should hold token or coin of a project. The period of time can be Short, Medium or Long.

ICOGENS’ SCORE: this score can be decided by scores of four other scores or it will reflect the level of interest ICOGENS’ team has in the project. This score is separated from ROI score. It just shows how much ICOgens core team concern the project.

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Source: Icogens.com

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