The Multiven Open Marketplace logo

The Multiven Open Marketplace

ICO details

Token nameMTC Token
TickerMTC
Token total supply2,000,000,000
BlockchainEthereum
Accepted currenciesETH, BTC, LTC, EUR, USD
StatusRunning Presale
Funding Goal€ 10,000,000
Funding Cap€ 50,000,000
Presale startsJul 1, 2018
Presale endsOct 9, 2018
ICO startsMay 1, 2019
ICO endsMay 31, 2019
Token nameMTC Token
KYC/AMLRequired
Restricted CountriesUnited States
Telegram Members Count1,900

Our Review of The Multiven Open Marketplace

Rating
58

This is an ambitious concept put forth by an impressive team from an existing company. However, the project’s weakness is its token model. MTC will not be the sole currency on the project’s open marketplace, meaning the token price isn’t guaranteed to appreciate alongside platform adoption, and the team have also failed to provide enough information on how they plan to make the marketplace successful. Given the existing company’s nine figure revenue, it’s unclear why the project needs $100 million but it is a concern that only 10% of tokens will be sold and that insiders will control 75.5% of tokens post-ICO. The project may have potential if these issues are addressed.

  • Concept

    Concept Rating
    19 /30

    Multiven aims to solve the problem of the centralisation of blockchain nodes in certain geographical areas and the possible centralisation attacks this may open up. Multiven will attempt to combat this in several different ways: By offering free human-powered AI cybersecurity and maintenance for public nodes; by offering paid human-powered AI cybersecurity and maintenance for private nodes and other non-blockchain clients; by sending blockchain nodes into space where they will be out of reach from earthly attackers; and by creating a P2P marketplace (MOM) for new and recycled software, hardware and services such as maintenance and thus reduce the cost of mining hardware, making it more accessible to those in developing countries.
    Multiven already possesses a software and hardware maintenance and services business powered by a decentralised global network of 1200 vetted internet network experts, security researchers, cryptographers and distinguished engineers called Pingsta as well as a proprietary Artificial-Intelligence engine called MySolvr which learns from the network of experts and deploys solutions on its own. This business has expected revenues of $500 million in 2018 and $1 billion in 2019. Crucially, the whitepaper states that once the MOM goes live, “all Multiven services will be transferred to it via smart contracts and the Multicoin will be the sole means of trade”, effectively ensuring the MOM will have at least $1 billion worth of transaction volume in 2018.
    While it’s an interesting idea with strong backing, there is missing information and it is unclear how much of Multiven’s offering adds value to token holders. It’s unclear how the foundation will generate revenue as no business model is explicitly referenced in the whitepaper; it is mentioned that the MOM will charge “minimal transaction fees” and that a portion of these will be devoted to funding the free public node maintenance service. However, no exact figures are mentioned leaving potential investors with little idea of how much revenue the foundation will generate and how much will be left to sustain itself after funding the free public node maintenance.
    The whitepaper also spends a long time discussing initiatives like Nodes in Orbit, Map the Internet and free maintenance for public nodes but it’s unclear how any of these benefit token-holders as they do not generate revenue for the foundation or use the MTC token. The only part of the project that actually generates value for token holders is the MOM, and other than letting us know they will be moving Multiven corporation’s nine figure revenue maintenance business onto the MOM, not much else is done to convince potential investors that the MOM will be successful. Given the long-term vision for the MOM is to become a global marketplace for software, hardware and related services, more information must be provided regarding how Multiven plans to achieve this. This is especially important given that the MOM, like all marketplaces, suffers from a “chicken and egg” problem where the platform only becomes valuable to users once a critical mass of users exists. We believe more details should be provided on Multiven’s business development strategy, outlining who the initial target market will be, how the company plans to reach it, further expansion plans, details on established or targeted partnerships and a clear roadmap laying out realistic milestones. While the team mentions some very large markets that it’s MOM product is targeting, it’s unclear what percentage of these markets are actually reachable due to manufacturer monopolies in areas such as first hand sales and maintenance as well as legislation in second hand sales.
    Finally, there seems to be a possible conflict of interest as Multiven will be both the operator of the MOM as well as a participant in the MOM, selling maintenance services. This may be perceived by competitors as giving it an unfair advantage as Multiven will have access to all information on the platform including who competitors work with and prices charged. These fears may prevent competitors from joining the platform and thus hinder the growth of the MOM.

  • Team

    Team Rating
    18 /25

    There are six core team members and nine advisors. Their background in both blockchain and distributed networking seems impressive, though there are a few concerns. The team has strong business development and industry experience, multiple sales executives have 5+ years of experience working for competitors in the hardware/software maintenance industry, however, the project has no developers or blockchain development experience. The majority of the team also comes from Multiven’s maintenance business, which doesn’t benefit token holders, so it is important for investors to know that the team will be working exclusively on the MOM. It is also worrying that Multiven only have a team of six given the hard cap targeted and the ambition of the project.
    The project’s advisors don’t fill any of the gaps in the team, only one advisor is technical, Jeremy Seban, however, he is extremely junior with only two years of experience. There is a mix of experience among the advisor team - some are former CXO’s at large public companies like SAP and Huawei while others have less than two years work experience and are very recent graduates. There are also too advisors with too much overlap between them; Victor Chow, Nicholas Schobinger and Gilbert Reveillon all seemingly offering the same kind of big company executive experience and Sean Brizendine, Philipe Deucadin and Jillian Godsil are all non-technical blockchain people or professional advisors.

  • Competition

    Competition Rating
    14 /20

    Multiven is doing various different things: Offering free human-powered AI cybersecurity and maintenance for public nodes; offering paid human-powered AI cybersecurity and maintenance for private nodes and clients; sending blockchain nodes into space; and creating a P2P marketplace for software, hardware and services such as maintenance. While it’s difficult to estimate the size of the nodes in orbit market, the other markets are undoubtedly massive. The worldwide information technology products and services market will exceed $3 trillion in 2018; $105 billion of that is from hardware and software maintenance while just over $500 billion will come from sales of new telecommunications equipment. Multiven estimates that the secondary market for pre-owned, decommissioned and otherwise unwanted and un-monetised computer networking equipment software to be worth approximately $100 billion per year. In addition, there is a fast emerging market for x86 COTS whitebox-based NFC and SDN which exceeded $5 billion in 2017 and is growing at 50% per year. Multiven faces competiton in all these areas.
    Spacechain and QTUM have already sent the first nodes into orbit, and the Vector and Nexus partnership, Blockstream, Space Decentral as well as large incumbents like Nasa/SpaceX have also mentioned NiO. In regards to the MOM, competitors include OpenBazaar, which has received investment from Union Square Ventures and Andreesen Horowitz, and recently closed a $5 million investment round in which Bitmain was one of the investors, indicating they may be thinking of using OpenBazaar to sell their hardware, thus becoming direct competitors to Multiven. There’s also Newegg, Alibaba and Amazon for hardware as well as Amazon Web Services marketplace for software. Golem, a blockchain based computing provider, is also among Multiven’s competition.
    While Multiven claim to have no competitors for their maintenance service, research reveals otherwise with the merger of two of the largest companies in the space, SMS and Curvature. The resulting company, SMSCurvature, will be the largest provider of secondary hardware and third-party maintenance globally with over 2000 employees, 600 parts deposits, 1.25 million devices under support and $550 million in revenue. There are also other providers of third party software and hardware maintenance services such as Rimini Street, Origina, Spinnaker Support, Alui, Evernex and many others. There are also a few blockchain competitors such as Gladius, Uncloak and Sentinel Protocol who will compete with the project on software services for nodes and businesses. Gladius offers decentralised dDOS protection, Uncloak provides AI cyber threat detection and Sentinel Protocol provides integrated security intelligence solutions for the blockchain.

  • Economics

    Economics Rating
    1 /15

    The total supply of MTC is 2 billion, 10% will be sold in the ICO, 10% is allocated to the incentive/referral program, 19.5% will go to the team, advisors, grants and awards, 5% will go to the Nodes in Orbit project and the final 55.5% goes to the foundation reserve. The soft cap is $25 million and the hard cap is $100 million at a token price of €0.50.
    There are several concerns with this token distribution. First, the team, advisors and foundation will control 75.5% of tokens post-ICO. Even accounting for the 27.75% the foundation will sell three months after the ICO, the team and foundation will still control 47.75%. Second, there is a minimum cap of $10 million, a soft cap of $25 million and hard cap of $100 million - the large discrepancy between the minimum goal and hard cap indicates bad planning. Not enough has been done to convince investors that $100 million is needed, especially considering the company is expected to turn over $500 million this year. It’s also a concern that any unsold tokens will be placed into the reserve rather than burned as this could result in an even greater share of tokens being controlled by insiders. In addition, investors may be concerned that 5% of the tokens are being devoted to the Nodes in Orbit program despite the fact it is never explained how this will benefit token holders. Similarly, 3% of tokens, worth $3 million, will be given to Wei Dai, Nick Szabo and the Hal Finney family, these tokens aren’t vested and investors rightly could be concerned that they will be dumped onto the market.
    It’s also a concern that the proposed hard cap values MTC at $1 billion despite MOM not existing yet, and isn’t expected to launch until Q2 of 2019. Given the stated revenue numbers, it would make some sense as a valuation of MTC Corporation but it is important to note that the token doesn’t entitle token holders to any claim on MTC’s revenue, the only value which will accrue to the token is MOM volume. While the team has committed to transferring its current business to the MOM, it’s unclear how much of this transaction volume will actually take place in MTC as they are also offering fiat payment options. Given this, $1 billion seems to be a high valuation.

  • Presence

    Presence Rating
    6 /10

    The website and whitepaper are both very well presented, though the project’s presence is below average, especially for a project seeking to raise $100 million. Multiven have a small community and it appears they are mainly bounty hunters and bots; Google search results also indicate low traction with bloggers, influences and publications. It is worth noting that Cisco are claiming Multiven’s CEO is a federal fugitive and is misrepresenting the results of the lawsuit, which the team should address on the website. There are also negative reviews for both Pingsta and Multiven on Glassdoor, though there is only one review for each so shouldn’t be considered damning.
    Given the stage the project is at, they have done fairly well, and the experience of the team within the blockchain space will allow them to leverage their networks to build up the Multiven brand - the project’s presence could improve over time.

Team

  • Maxime Jeantet photo
    Maxime Jeantet
    Project Team Leader
  • Jeremy Seban photo
    Jeremy Seban
    Blockchain Expert & Smart Contracts Developer
  • Sebastian Schwarz photo
    Sebastian Schwarz
    Products and Public Relations
  • Hugues Christophe-Remy photo
    Hugues Christophe-Remy
    Blockchain Business Development
  • Paul Littré photo
    Paul Littré
    Blockchain Partnerships
  • Romain Gilger photo
    Romain Gilger
    MOM Business Development
  • Peter Alfred-Adekeye photo
    Peter Alfred-Adekeye
    CEO & Chief Technology Architect
  • Nicolas Schobinger  photo
    Nicolas Schobinger
    Strategic Advisor
  • Victor Chow photo
    Victor Chow
    Advisor
  • Bogdan Fiedur photo
    Bogdan Fiedur
    Senior Ethereum Developer
  • Paul Scott photo
    Paul Scott
    Advisor
  • Sean Brizendine photo
    Sean Brizendine
    Advisor, Nodes-in-Orbit
  • Touaiba Houmirat photo
    Touaiba Houmirat
    Off-Chain Operations
  • Jillian Godsil photo
    Jillian Godsil
    Evangelist

Video

Real Time Updates for The Multiven Open Marketplace

Roadmap

  1. Q4 2005
    Launch of Multiven Platform
  2. Q3 2007
    First Large Customer – Lucent Technologies
  3. Q4 2008
    Multiven sues Cisco to end its Monopoly of the Internet
  4. Q3 2010
    Cisco Settles Lawsuit by providing Multiven with software and security updates
  5. Q2 2012
    Multiven files new complaint against Cisco with Swiss competition commission
  6. Q3 2014
    Swiss competition commission grants Multiven wishes making all Cisco software transferable
  7. Q4 2015
    Multiven re-locates headquarters to Netherlands
  8. Q1 2016
    First direct Sales office opens in Paris, France
  9. Q1 2017
    Marketplace Development Commences
  10. Q1 2018
    ICO Public Sale
  11. Q2 2018
    Live Monitoring & CyberDefense of Bitcoin et al Nodes Commences
  12. Q2 2018
    Nodes-in-Orbit (NiO) R&D Commences
  13. Q3 2018
    MOM QA Testing and Security Audit
  14. Q4 2018
    Launch of MOM MVP in Alpha
  15. Q1 2019
    Deployment of Stable version of MOM with ongoing QA Testing
  16. Q1 2019
    Launch of MOM Wallet
  17. Q2 2019
    Official Launch of MOM Platform and Trading
  18. Q2 2019
    Map-the-Internet Commences
  19. Q3 2022
    Launch of first 9 Bitcoin Nodes-in-Orbit (NiO)

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