blockchain whispers - gem reseacrh …
TRANSCRIPT
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BLOCKCHAIN WHISPERS - GEM RESEACRH
MORPHEUS.NETWORK ($MRPH)
10 SEPTEMBER 2021
Contents 1. INTRODUCTION ........................................................................................................................ 2 2. UNDERVALUED ........................................................................................................................ 2
2.1 Market cap comparison ............................................................................................................ 3 2.2 Business development partners .............................................................................................. 3 2.3 Clients ......................................................................................................................................... 5 2.4 Connecting dots ........................................................................................................................ 5 2.6 Integrations ................................................................................................................................ 6
3. AWARENESS............................................................................................................................. 7 4. TOKENOMICS ............................................................................................................................ 8 5. USE OF BLOCKCHAIN ............................................................................................................ 10 6. THE TEAM ............................................................................................................................... 11
6.1 Core team ................................................................................................................................. 11 6.2 Team in the news ..................................................................................................................... 11
7. REFERENCE MATERIALS ...................................................................................................... 11 7.1 Blackpaper ............................................................................................................................... 11 7.2 Social media ............................................................................................................................. 11 7.3 AMA ........................................................................................................................................... 12
8. CONCLUSION .......................................................................................................................... 12 APPENDIX ................................................................................................................................... 13
Percentage of APR for nodes - Whitepaper ................................................................................. 13 Web portals ..................................................................................................................................... 13 Vitalcan ............................................................................................................................................ 14 Polaris (SENASA) ........................................................................................................................... 15 FCL Co-op ....................................................................................................................................... 16 MaxiaNet .......................................................................................................................................... 17 Sobeys (unannounced) .................................................................................................................. 18 Coca-Cola FEMSA (unannounced) ............................................................................................... 19 Unclear, but could be Customs Direct ......................................................................................... 20 Unknown .......................................................................................................................................... 21 LIS Software Solutions (separate webpage for MRPH) .............................................................. 22 Hanhaa ............................................................................................................................................. 23
BCW team
Proposed by: @triple Assisted by: @eef @FlyingDutchman Did not participate: @Dr.Popcorn @bib1 @CryptoWolfgang @Yusuf71 @bcvm @bpbq
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1. INTRODUCTION
MORPHEUS.NETWORK (MRPH) uses blockchain technology to optimize trade and supply chains. Its platform automates, simplifies, and transforms information and processes required to supply goods and services across the world, and incorporates an integrated cryptocurrency payment system. It has integrated with IPFS for secure and efficient storage of documents on the blockchain.
MRPH is a SaaS1 middleware automation platform which seamlessly integrates existing supply chain systems with emerging technologies (such as blockchain, IoT, AI, ML, RFID and IoT). Automating each and every step of the supply chain brings efficiency and provides clients with verifiable and traceable digital records. This improves decision making, offers proofs, reduces cost and provides clients with access to blockchain technology in a flexible and tailored way in a $15 trillion industry (2020). Clients pay for this access with MRPH based on the modules they use, and records posted to the blockchain.
This video provides a good explanation of how the MRPH platform works.
Like QNT, MRPH can integrate with any blockchain, any emerging technology and any legacy system. Clients do not have to buy new systems. Although blockchain providers like VeChain do not offer this, MRPH could integrate with VeChain if needed. MRPH could even create platform modules using the best aspects from different blockchains (eliciting speed, security, decentralization, privacy, and storage), and combine these with emerging technologies (such as AI, ML, and IoT). MRPH also offers platform access through an API and SDK.
Clients choose how they wish to access the MRPH platform. They can either have bespoke portals or standard access. See the Appendix for a few examples.
COO Noam Eppel told us that MRPH currently has a seat on the project’s governance board and is sponsoring Baseline Protocol, an open source initiative aimed at setting common standards for those integrating with and using blockchain technology. Baseline is currently managed by Ethereum OASIS2
2. UNDERVALUED
MRPH is undervalued on many levels not least because of its:
• Market cap • Approach to business development • Clients • Potential clients gleaned from connecting the dots • Pilot projects • Integrations • Lack of widespread awareness • Tokenomics • Blockchain use case • Team
1 Software as a service (software accessed online for a fee rather than bought and installed on individual computers). 2 OASIS is a non-profit organization which helps various projects https://www.oasis-open.org/projects-committees. They provide incorporation, governance structure, membership management, voting, funding, PR, establish open standards etc
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2.1 Market cap comparison
MRPH’s market cap is lower than VET (x86), QNT (x43), and UBT (x5). Its token price would be $167 or $82 with a market cap like VET or QNT.
The market caps show that supply industry projects are valuable. VET and QNT have risen sharply, and there is no obvious reason why MRPH would not rise sharply too in an industry that does not suffer from oversaturation of supply chain projects. This graph shows growth since Apr-21.
2.2 Business development partners
MRPH scales its business using a few dozen of business development partners who introduce MRPH to their clients and vice versa. MRPH considers these partners as important revenue multipliers.
The following table only identifies a subset of these partners:
Date Company Details Announced 01-Apr-19
Joffrey Group Noam Eppel in July 2019 interview: “We recently announced an agreement with logistics specialists Joffroy Group to provide superior supply chain visibility and automate their compliance processes. Joffroy services major clients including Pepsico, Dematic, Steris, Metso, Carl’s Jr, 3M, Cemex, and more.” Dan Weinberger in AMA: According to meeting between Noam Eppel and Eduardo Joffroy in July 2020, MRPH is “playing a big part of their digital transformation journey. It is going very well”
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2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
Market Cap $m - Supply chain projects (2021)
VET QNT UBT TRAC MRPH
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Date Company Details Announced 17-May-19
Geotab MRPH and Geotab (leading North American fleet management and tracking company) partnered to expand the services which they can both offer their clients.
Announced 17-Sep-19
Customs Direct Working with Customs Direct, MRPH successfully completed a real-world shipment with cross-border clearance through the US Customs and Border Protection Agency (US CBP). In a video, the CEO of Customs Direct confirmed that it was working with the US CBP and US Department of Homeland Security (DHS) on projects leveraging the MRPH platform.
Announced 10-Aug-20
Demand Management
Systems
Clients include Hyundai, Fujitsu, BP, and Ingram Micro.
Announced 14-Dec-20
Polaris Network
SENASA, the Argentine National Food Safety and Quality Service, is working with Polaris Network to implement MRPH’s solution for animal management and certification using blockchain and IoT technologies. Polaris Network recently expanded to Spain. SENASA’s current best practice and norm is for all companies handling phytosanitary (plant based) materials to use MRPH’s platform.3 The announcement means companies like Bayer & Monsanto, and Atanor, will use MRPH for Argentina, and this will create opportunities for wider deployment.
Announced 07-Jan-21
LIS Software Solutions
LIS has over 1,000 clients in Mexico and Latin America. They include FEMSA Coca-Cola and Mars. LIS hosts a dedicated MRPH webpage.
Announced 02-Feb-21
Qingdao Maple Leaf
China’s Qingdao Maple Leaf will offer MRPH solutions to optimize supply chains for Chinese manufacturers. This includes Xinlei Compressor Co, which MRPH performed a pilot for in 2019. A Twitter link connects dots and suggests possible links between MRPH and the ANT Group (a photograph of MRPH’s CEO and a director of the Ant Group). The latter is responsible for its R&D and blockchain technology. The Ant Group, which is an affiliate company of the Chinese Alibaba Group, owns China’s largest digital payment platform (Alipay), which alone serves 1 billion users.
Announced 25-Feb-21
Versoview MRPH can benefit from VersoView’s clients who seek emerging technology for supply chain management, and Versoview can benefit from MRPH’s clients who seek digital publishing solutions.
Announced 22-Apr-21
Blockchain Guru / Dimitra
Ag Tech
Dimitra Ag Tech has representatives in 42 countries (South America, Africa, Middle East, and South Asia) working on projects directly with governments. MRPH is involved in about 66% of them.
Announced 05-May-21
Hanhaa MRPH and Hanhaa (an IoT innovator) partnered to provide IoT monitoring and tracking and an immutable blockchain record for clients. VitalCan published a case study (working with MRPH and Hanhaa) for shipping goods within Argentina and across international borders in South America.
3 “As of November 2020, it is now SENASA’s newly accepted best practice and norm for all companies handling phytosanitary materials to comply by agreeing to leverage the Morpheus.Network platform. Polaris & Morpheus.Network have agreed on the 1st project on phytosanitary with SENASA and now are looking at the 2nd project based on blockchain and IoT to bring the country forward with animal management and certification.”
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2.3 Clients
MRPH has disclosed the following clients:
Date Company Details Announced 07-Apr-20
Vitalcan Vitalcan is the largest pet food supplier in Argentina. The owner, Jorge Marcos Madrid, who is also the CEO of Polaris Network (see above), uses MRPH for his supply chain needs. Vitalcan was the first company in LATAM to use IoT and blockchain.
Announced 22-Apr-20
Federated Cooperative
Limited
MRPH has a three-year agreement to manage FCL’s complex supplier document management system across Canada. FCL employs over 23,000 people and has a revenue of $10.7 bn (2018). FCL’s stated goal is to incorporate blockchain technology into its supply chain through MRPH’s platform.
Announced 17-Nov-20
maxiaNET An international brand development and distribution company who has a log in URL to the MRPH platform.
Announced 04-Feb-21
Jose Cuervo Jose Cuervo is the best-selling brand of tequila and sells 20% of tequila consumed worldwide. The vide in the announcement used Jose Cuervo as an example to highlight features of the MRPH platform.
Announced 25-Apr-21
Gulftainer Gulftainer is a privately owned, independent, port management and 3PL logistics company based in the UAE. It chose MRPH as one of four tech start-up ventures (from 2,000 applicants) to transform ports and logistics. Gulftainer is the world’s largest privately owned port operator. MRPH working on advanced solutions for Gulftainer.
Announced 26-Apr-21
CJI Piping and Fabrication
CJI Piping and Fabrication uses MRPH solution to ease compliance documentation.
2.4 Connecting dots
Evidence suggests associations between MRPH and the following clients:
Date Company Type Details 22-May-20 Coca-Cola
FEMSA Possible
Client Speculation began in May-20 about a link between Coca-Cola and MRPH. This stemmed from MRPH announcing it had hired Carl Wood and posting a photo of Carl - with two other MRPH employees (Karl McDermott and Ben Smith) - outside Coca-Cola’s offices in Atlanta. This was picked up in a Reddit post which noted that Ben was the son of Coca-Cola’s President and COO. The announcement also stated that: “Carl has also been working hard on a project to be announced with a Fortune 50 food and beverage company.” In about Jan-21, a community member discovered a URL4 containing Coca Cola’s log in page to MRPH’s platform. This link still exists but is now protected with a login prompt. A photo of the login page can be seen at MRPH Wiki and in the Appendix below. On 01-Sep-21, Chico Crypto directed a question to MRPH about any involvement it had with Coca Cola. Noam Eppel (MRPH’s COO) stated:”…NDAs are funny things but what
4 https://linko.morpheus.network/Platform/Login
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Date Company Type Details I can say confidently is that one of the top three beverage companies in the world is part of our revenue.” [video clip]
18-Jan-21 Sobeys Possible Client
A community member discovered a URL5 containing Sobeys’ log in page to MRPH’s platform. This link still exists and once again is protected with a login prompt. Sobeys’ annual revenue for 2019 was CAD 25.1 bn. See MRPH Wiki for more details.
31-Aug-21 DP World Santos (Brazil)
Possible Client
MRPH released a photo of Carl Wood in an undisclosed location. A Twitter follower identified this as DP World’s offices in Brazil. DP World’s global half yearly revenue to Jun-21 was $5 billion.
2.5 Pilots
MRPH has showcased its platform through pilot projects. Some of these include:
• 29-May-19 Changzhou Yi-Lift • 12-Jun-19 Afriwork • 15-Jul-19 Xinlei Air Compressor Co • 29-Jul-19 Ji’nan North • 22-Aug-19 Guilin Measuring & Cutting Tool • 11-Sep19 Hoosier Feeder Company • 19-Sep-19 Nantong No. 5 • 25-Sep-19 Brock Air Products • 09-Oct-19 Supermaly Generating Equipment • 21-Oct-19 Morgan Li • 22-Nov-19 TLP Hydraulics • 27-Nov-19 Erickson • 03-Dec-19 APEC Machinery • 07-Jan-20 Shanghai Reder • 02-Mar-20 PLSON
2.6 Integrations
MRPH has integrated its platform with many others, thus allowing MRPH to incorporate their technologies into automated smart contracts. These include:
• Shipping companies UPS, FedEx, DHL Express / DHL eCommerce / DHL Freight, United States Postal Service, Canada Post, Purolator, GLS, China Post, Canpar, Yun Express, India Post, Taiwan Post, Singapore Post, Norco Delivery Services, Parcelforce, Correios, OnTrac, Deutsche Post, Royal Mail and Australia Post.
• Cryptocurrencies and blockchain partners BNB, DAI, TRON and LTC Horizen, Chainlink, Holochain, GoChain
• Payment Partners SWIFT AccessPay facilitates worldwide payments through banks.
• Clouds MRPH has integrated with the following clouds:
5 https://sobeys.morpheus.network
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• Others MRPH has over 100 integrations. Many can be used as a drag and drop component in a supply chain workflow. Examples include RPA, Oracle, US Customs, SAT, eB/L, Microsoft Dynamics, IoT, GS1, Blockchain, GeoTab, Cloud, TSM, WMS, CRM, Salesforce, KYC, AML, RFID, QR Code, AI, ML, etc.
In Aug-20, MRPH announced partnerships with Loadsure and Life Insurance International to provide automated cargo insurance to MRPH’s clients. This will automate a fragmented aspect of existing supply chains.
2.7 Blockchain partners
MRPH has partnerships with Horizen, Chainlink, Holochain, and GoChain.
Its strength, however, is that MRPH is blockchain agnostic. Clients can run their applications on any chain and on any cloud.
3. AWARENESS
MRPH is under the radar because:
1. It is not on well-known exchanges. Most buy and sell using Uniswap and Bittrex. In the May-21 AMA, СEO Dan Weinberger indicated that MRPH was close to securing a large CEX. He stated: "We are very close with a rather large, centralized exchange, [which has been mentioned quite a bit in the Telegram channel].” The CEXs mentioned there are: Coinbase, Binance and KuCoin. An announcement is imminent.
2. MRPH is currently held by 10,000 wallet addresses. By comparison, VET has about 500,000 addresses.
3. Marketing does not appear to be widespread.
4. MRPH community is relatively limited in size and hype power. However, this MRPH community has been following the project since 2018 and is growing since the recent accomplishments. There are about 5,500 users in the main TG, and another 1,000 in the price-discussion TG. There's a dedicated TG for the Community Media Team for those who want to contribute in a more active way. Of course, this still looks pale compared to VET’s 67,000 users (English Channel only). Quant is closer to MRPH with 7,500 members in their main TG and 5,500 in the price-discussion TG plus 850 in their Quamfy Crew TG.
5. The number of influencers in MRPH has been limited, but has picked up in the last year
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Influencer Forum Followers Example Ivan on Tech Twitter 300k 12-Aug-21 Chico Crypto YouTube 268k 01-Sep-21 The Martini Guy YouTube 112k 16-Aug-21 Oddgems Twitter 78k 05-Aug-21 DreadBong0 Twitter 41k 08-Mar-21
4. TOKENOMICS
MRPH’s tokenomics can be summarized as follows:
1. There is a finite supply of 47.8m $MRPH tokens, and all team and partner tokens have been fully unlocked a few years ago. This is low compared to many other projects and there is no scope to create new tokens to dilute existing or future holdings.
2. The MRPH platform allows clients to pay for the SaaS services in any supported currency. The platform has a direct SWIFT integration and accepts cryptocurrency assets. A percentage of the SaaS fees are converted to $MRPH (acquired from the market) and then stored in a $MRPH platform wallet. This wallet pays the network participants, including the business development partners, platform module programmers, and node operators. Token holders benefit too as demand for the platform translates to demand for $MRPH. $MRPH tokens are also used to notarize transactions on the blockchain. MRPH explained its network revenue and fee structure in an announcement dated 27-Mar-19.
3. $MRPH is the only token - no other tokens are minted to reward node holders, so MRPH$ is not a typical unlimited supply token. $MRPH has a role at the heart of the platform and ecosystem. Rewards will be in $MRPH or a stablecoin.
4. $MRPH is anti-inflationary because SaaS fees for platform access are used to buy $MRPH from the market. Further, as $MRPH captures increasing platform revenue, this provides an incentive for everyone to grow the platform's use to secure increased revenue. This creates an environment for exponential growth.
5. MRPH will pay node holders a percentage of revenue according to the MRPH Blackpaper. This does not specify a revenue percentage but the original whitepaper (on which funding was secured to implement MRPH) mentioned 33.33% of annual platform revenue (see Appendix).
6. Our research did not find any guarantee for this percentage, but anything of that order would be considered significant and worthy of being called ‘excellent tokenomics’.
7. MRPH has not released masternode details so far, but the MRPH CEO stated in a meeting with Horizen on August 25 2021 that “they are coming in two months”.
8. MRPH has generated revenue since 2019 or 2020. Two years ago, MRPH forecasted $6m annual platform revenue by the end of 2021 and $100m by the end of 2024. In their announcement on September 10 2021, MRPH stated they consider themselves no longer a startup: “As we approach the end of 2021 and the start of a new year, we are now entering the SCALE UP phase where we look to expand our client base and welcome new partners who want to cooperate towards reaching our common goals.”
9. Looking at the MRPH wallets, we see 3 obvious team wallets, accounting for 25.8% of all tokens. Two big wallets can be traced back to team wallets but are only 1.2% of total supply. The vast majority of all bigger token holders are longtime supporters, either from ICO or since 2018/2019. Around 4.2 million tokens are currently held in exchanges. The top-100 wallets hold 31.1 million tokens or 65.7% all tokens. This percentage has come down from around 70% 2 years ago, but still shows a very loyal investor base who have always stayed on for masternodes, even if it took a 3-year wait. But now it is just weeks before “they are coming”.
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10. The Morpheus.Network Black Paper (p 27-29) provides the best explanation for how the MRPH token is used: “The MRPH tokens are the currency used to cover the costs associated with operating the platform for data storage, notarization and exchange.”
This diagram shows the token flow:
5. USE OF BLOCKCHAIN
MRPH’s clients, its potential clients, and the interest shown by partners, show that companies want blockchain and emerging technologies to govern and control their supply chain processes. This is understandable - it can provide competitive advantage, not only through efficiencies but also by attracting new customers and markets. The valuations placed on both VET and QNT reinforce this - blockchain and emerging technology is the future for supply chains.
MRPH’s CEO, Dan Weinberger:
• Explained the need for supply chains to modernize and keep pace with emerging technologies or they would miss out on the benefits of efficiency - see his article published in the CSCMP Supply Chain Quarterly. This is especially relevant during disruptive events, such as Covid-19.
• Presented to the UN/CEFACT forum in Hangzhou, China, on the role of blockchain technology in supply chains. He said emerging blockchain technology was not a universal fix because digitizing supply chains required a standardized approach to harmonizing existing technologies, bureaucratic systems, and financial exchanges. He then illustrated the hurdles using a practical example. This indicates a pivotal role for blockchain as part of supply chains going forward.
Through its blockchain, ERP and cloud agnostic middleware platform, technical partnerships, and integrations, MRPH can provide end-to-end supply chain solutions where clients, regulatory authorities, and other interested parties, can benefit from blockchain and emerging technologies. The MRPH Blackpaper explains this in greater detail.
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6. THE TEAM 6.1 Core team The MRPH website provides details of the senior MRPH Team. This includes links to LinkedIn profiles and email addresses. The senior team can be summarized as follows:
Name Details Danny Weinberger Co-founder and CEO - Global trade Noam Eppel Co-founder and COO - Web development and information security Roger Crook Logistics. Former CEO of DHL, and CEO of Capital Springboard Karl McDermott Business development - Head Carl Wood Business development - Director Ben Smith Business development - Director Dean Allen Medical Solutions - Director Nikhil Sethi Marketing - Director Matthew Burgoyne Legal Counsel Ryan Franzen Legal Counsel Grant Gulovsen Legal Counsel Kevin Xu Product development and integrations Kal Ali Partnership advisor Sebastian Spitzer Mobility and IoT advisor
6.2 Team in the news
Date Details Jul-18 Dan and Noam are Advisors for the Artificial Intelligence Program at George Brown
College. Nov-18 Dan is a UN/CEFACT & Logistics Summit Speaker. Jul-19 Dan is a Committee Member of ISCEA International.
May-21 MRPH Selected for Plug and Play Toronto - Inaugural Supply Chain Innovation Platform.
Jul-21 Dan Weinberger Appointed Chair of Supply Chain Working Group at the International Associations for Trusted Blockchain Applications [INATBA].
n.d. Noam is a Professor at George Brown College. n.d. Noam is a governing Board Member of the Ethereum OASIS Open Project and the
Baseline Protocol. n.d. Noam is the Managing Director of the Crypto Defenders Alliance.
7. REFERENCE MATERIALS
7.1 Blackpaper
The MRPH Blackpaper provides a concise guide to the MRPH platform, how it works, its features, and the MRPH token.
7.2 Social media
Description Address Users Website https://morpheus.network/ Telegram - Announcements https://t.me/MorpheusNetworkAnnouncements 1,162 Telegram - Main https://t.me/themorpheusnetwork 5,532 Telegram - Lounge https://t.me/mrphlounge 921 Facebook https://goo.gl/1z4jQU 8,196 Twitter https://bit.ly/2lQbOcG 14,500 Medium https://goo.gl/fvW7u8 1,200 Instagram https://bit.ly/2lBM57D 304 Community Wiki Wiki -
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7.3 AMA
The following AMAs show how the project has progressed:
Sep-18 Nov-18 Jan&Feb-19 Apr-19 May&Jun-19 Jul&Aug-19 Oct-19 Dec-19
Mar-20 May-20 Jul-20 Sep-20 Feb-21.P1 Feb-21.P2 May-21 Aug-21
8. CONCLUSION
MRPH is undervalued in many ways, especially when compared to the VET and QNT valuations. It has existing clients in the form of large corporations and government agencies. It also has potential clients which, although not announced, are likely to include multinationals such as Coca-Cola FEMSA and Sobeys. MRPH has integrated its platform with several partners, shipping companies, cryptocurrencies, blockchains, custom brokers, banks, insurers, clouds and many more.
MRPH is not well known which means its token price has excellent potential for growth. This feeds into its tokenomics, which on paper could be a catalyst for price appreciation too. Perhaps the reason why the token is so relatively cheap is because masternode details remain to be announced. But there is every indication this will be within the next two months.
The team is well connected and respected within the industry. They give every indication that they have first-hand knowledge of the supply chain industry.
VET is ahead of MRPH, but the price reflects this. It started in Jun-15, a few years before MRPH and received traction mainly from mainland China with customers like BMW. VET secured extensive capital at startup and aggressively marketed before its first product emerged. It listed on large exchanges and became a big name relatively quickly.
QNT is similar to MRPH because it had low traction for a while and was slow to list on big exchanges and focused on product and customers first. Reading the channels shows that many of QNT’s partnerships remained unannounced, and the price suffered for want of official announcements. Once they came, QNT’s price took off. Also, the exchanges seem to have a significant effect. QNT received a KuCoin listing on 07-Feb-21 (when at $38), a Coinbase listing on 24-Jun-21 (when at $75), and a Binance listing on 29-Jul-21 (when at $98). It has since risen to $312 in six weeks.
There is no reason why MRPH cannot move up from its current position. Indeed, today MRPH released an announcement stating that it was transitioning from its startup phase to the scale up phase. This announcement coincides with MRPH appointing a renowned European marketing company, rolling out masternodes and promising a Tier 1 exchange. If the latter has a similar effect to that experienced by QNT, MRPH will move up the crypto rankings. It’s time to fill those bags.
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APPENDIX
Percentage of APR for nodes - Whitepaper
Web portals
The community discovered that MRPH has several web portals reserved. Some are for announced clients, and some are for companies where MRPH has made no announcement about the reason for the portal.
Based on a subdomain search, these are the current subdomains under MRPH:
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Vitalcan
https://vitalcan.morpheus.network/Platform/Login
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Sobeys (unannounced)
https://sobeys.morpheus.network (now a single signon precedes the portal login page)
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Coca-Cola FEMSA (unannounced)
https://linko.morpheus.network (now a single signon precedes the portal login page)
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Unknown
https://plant.morpheus.network/Platform/Login
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LIS Software Solutions (separate webpage for MRPH)
https://lis.com.mx/morpheus-network/
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Hanhaa
https://hanhaa.com/category/blockchain/
https://hanhaa.com/blockchain-app-integration/
Customs Direct cd.morpheus.network (Just the subdomain is available but portal has not yet been activated)