Uncloak ICO Review | Blockchain Powered Cyber Security Platform

Name: Uncloak ICO Review
Item: Uncloak ICO Review | Blockchain Powered Cyber Security Platform
Rating: 7.7
Author: Coindrift Team

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Coindrift Team

May 24, 2018

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Key Information

Total Supply: 4,200,000,000
Available in Sale: 50%
Hard Cap: $21,000,000
Market Cap: $42,000,000
Token Type: ERC-20 initially before launch of UCC on EOS.
Ticker: UNC, then ECC after platform launch on EOS
Pre-Sale: 25th May – 25th June, $100 min investment and $100,000 max
Whitelist: https://uncloak.io/whitelist
Public Sale Live: 26th June
Weekly Bonuses: n/a
Volume Bonuses: Up to 30% in pre-sale, up to 10% in public sale. See calculator in Uncloak Dashboard
Token Distribution Date: TBA
Website: https://uncloak.io/

7.7 Total Score

Uncloak ICO Review

Cyber crime damages are forecast to cost $6 trillion per year by 2021. Uncloak are aiming to alleviate this problem by building a decentralized cyber security platform and ecosystem to find vulnerabilities before they can be exploited by hackers. The system first scans clients computing infrastructure to look for vulnerabilities. These are then passed on to Hunters - cyber security experts who assess potential vulnerabilities anonymously, and Validators - randomly chosen to check Hunters submitted vulnerabilities and vote to accept or decline. If accepted, both parties are paid in UCC tokens. The system will also employ AI technology to crawl the internet and look for new threats to add to the database. Validators and Hunters must both be verified by Uncloak team to join the network, which will prevent malicious actors from manipulating the system.

Market Size

Team

7.5

Token Utility

Product Development

Social Signals

PROS

Currently, there is limited knowledge sharing between cyber security firms. Uncloak has a significant advantage over the centralized alternative because many security experts can work together to build a unified database.
Businesseses and organisations stand to gain significantly through using Uncloak, should it prove to be successful, as they can prevent costly data breaches and hacks before they actually cause damages.
Some solid partnerships providing cyber security for blockchain projects including SelfKey, as well as non-blockchain products such as Adecco - the worlds largest human resource firm.
Product development is going well with a working demo available to try out on the site at: https://demo.uncloak.io. The interface is sleek, intuitive and well designed, with full public platform release scheduled for Q4 2018.
The extensive team and advisors have a great deal of experience in cyber security and software development fields, but also business management.
Differs from a lot of other crypto projects in that Uncloak generates revenue through subscriptions for security services. This will help to fund future development.

CONS

Success of Uncloak is almost entirely dependant on adoption by security professionals, who essentially work for the platform, as they add value by successfully preventing malicious attacks on clients computing systems. This may prove challenging for Uncloak depending on whether security experts and ethical hackers see significant opportunity working with the platform over alternatives.
The decentralized cyber intelligence and threat market is already quite competitive, with projects like Polyswarm and Sentinel Protocol building similar platforms. However, as CEO Tayo Dada points out, Sentinel is focused on preventing hacks and scams in the crypto scene and Polyswarm on building a decentralized anti-virus platform. However, Uncloak is a full ecosystem and security infrastructure for assessing entire business systems. As such, it is not in direct competition.
There is only one dedicated blockchain developer listed on the website. Whilst there are numerous other software developers with a lot of experience, it would be good to see at least one more specialized blockchain developer.
Adoption could be slow by big businesses due to the tech still being unproven. However, we do not see this as a long term issue as long as Uncloak deliver.

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