ico review: bloom (blt) - crush crypto · 2017-11-11 · ico review: bloom (blt) decentralized...

ICO Review:

Bloom (BLT)

Decentralized Credit ScoringNovember 11, 2017

PROJECT OVERVIEW

What is Bloom?

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• A protocol for assessing credit risk through identity

verification and the creation of a network of P2P and

organizational creditworthiness vouching (“credit staking”).

• The project aims to solve the problems with the current

credit rating system.

• High risk of identity theft

• Cross-border credit scoring

• Creditworthiness assessment

• Limited ability to expand

• Uncompetitive credit scoring

http://www.crushcrypto.com/

PROJECT OVERVIEW

Main components


BloomID: Establishes identity and creditworthiness. Third parties can publicly

vouch for others’ identity information, legal status and creditworthiness.

BloomIQ: Decentralized system that manages credit history. One of its main

goals is to allow a user to import existing credit history to this system.

BloomScore: calculates credit risk. It is a dynamic indicator of an individual’s

likelihood to pay debts that adapts to the maturity of a user’s credit history.


PROJECT OVERVIEW

Main components



PROJECT OVERVIEW

The Bloom Card


• A blockchain credit card built on the

Bloom protocol, allowing the Bloom

protocol to be deployed and developed in

a live environment.

• One of the first projects based on Bloom

credit infrastructure, launched alongside

the Bloom protocol.

• It is intended to set as a precedent for

other lenders.


PROJECT OVERVIEW

Development roadmap


• The business model of Bloom was announced in August 2017. It has partnerships with

other blockchain lending projects such as Ethland, Lendoit and Everex.

• Development roadmap

Phase 1 Bloom Invitation System and

Voting

Phase 2 Bloom Identity Matching

(BloomID)

Phase 3 Credit Staking (Precursor to

BloomScore)

Phase 4 Creditworthiness Assessment

(BloomScore)

Phase 5 Bloom Credit Protocol Launch +

BloomCard

Phase 6 Democratized Autonomous

Credit Infrastructure


TOKEN SALE OVERVIEW

BLT token sale summary

• Project name: Bloom

• Token symbol: BLT

• Website: https://hellobloom.io/

• Hard cap: US$50M (public crowdsale ICO contributors

own 50% of total token supply if hard cap is reached)

• Total supply: 150M BLT tokens

• Max market cap at ICO (fully diluted): US$100M

• Bonus structure: None

• Whitelist: Registration ongoing

• Timeline: November 30, 2017 for 1 month

• Token distribution: After the end of ICO

ICO SUMMARY


TOKEN DISTRIBUTION

50%

20%

20%

10%Token sale contributors

Bloom team (2 year

vesting period)

Long term expenditures

and network updates

Community (advisors,

lenders, partners,

bounties, etc.)

https://hellobloom.io/


PROJECT OVERVIEW

Use of BLT tokens


• Security: Users need to put a small amount of BLT as

collateral for users they invite. This collateral serves as

protection against a mass-scale network of malicious

accounts.

• Scoring proposals: Token-based voting is used to keep

the system stable and provide influence to those

contributing most to the network. This is also the

mechanism for future changes to the BloomScore.

• Payment: Network currency for verifying identity and

assessing creditworthiness with independent vendors.


THE TEAM

Who are the people behind Bloom?


Jesse LeimgruberAn advisor to The Alchemist

Accelerator, a Thiel Fellow, and

a mentor at the European

Innovation Academy. Prior to

Bloom, Jesse founded

enterprise analytics software,

NeoReach, which provides

analytics for Fortune 500

brands including Microsoft,

Walmart, Citrix and others.

Ryan FaberLaunched Flatiron Collective

which now manages over

$100M annually in digital

marketing spend. His

developments in user

acquisition made him a 3x

Webby Award winner and his

methodology has been

attributed to the growth of a

number of billion dollar

brands.

Daniel MarenFounded solar power

electronics company,

Dragonfly Systems, which was

acquired by SunPower

Corporation in 2014. He is a

recipient of a Forbes 30 under

30 award. Previously, he

architected a biofuels program

for Indonesian farmers.

Alain MeierServed as a research scientist

for Stanford Bitcoin Group.

Developed open source

cryptography projects

including CryptoNote.me.

Alain is serving as the CEO of

compliance and identity

verification company, Cognito

(formerly BlockScore).

John BackusFounding research scientist at

Stanford Bitcoin Group, a Thiel

Fellow and cofounder and

CTO of Cognito. Experience in

identity infrastructure,

previously engineering data

preprocessing algorithms

currently implemented into

Cognito’s infrastructure.


OUR THOUGHTS

The opportunities


• The Equifax hack in September 2017 shows that a decentralized and

secured credit scoring system like the Bloom protocol is much needed.

• Bloom is a protocol and they will be mentioned anytime it is being

used by a lending platform.

• The co-founders all have impressive credentials with relevant

experience.

• The white paper is well written and covers ways to prevent exploits of

the protocol. This shows that the team has put a lot of thoughts into

the technical side of the project and shows the team’s competency.


OUR THOUGHTS

Our concerns


• The team has not developed any proof of concept/beta yet.

• The project has a high hard cap of $50 million which may lower the

potential return for ICO participants. The attractiveness of the ICO

depends on how much funds are raised.

• It looks like all the co-founders are working on Bloom on a part-

time basis while they are also working on other businesses that

they have founded. It is unclear how much time they are able to

allocate to Bloom.

• There is no estimated completion timeframe for the milestones

listed in the roadmap, so we are unsure when the protocol will be

completed and ready to roll out.


OUR THOUGHTS

What do we recommend?

For flipping: Neutral.

• Hard cap of $50 million is very high, especially for a white paper project. We are not sure

if the project can reach the hard cap, so there may not be unmet demand for the ICO.

For long-term holding: Depends.

• We believe the project can provide attractive long-term return if the project raises less

than $30 million, otherwise we are neutral.

• Even though the team is impressive and they have a well-thought-out plan, the project is

at a white paper stage and it probably takes a long time for the protocol to launch.



ico review: bloom (blt) - crush crypto · 2017-11-11 · ico review: bloom (blt) decentralized...

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