- Project name: Bluzelle
- Token symbol: BLZ
- Website: https://bluzelle.com/
- White paper: https://bluzelle.com/wp-content/uploads/2017/10/Bluzelle-White-Paper-1.4.pdf
- Hard cap: $19.5 million between both private and public sale for 33% of total token supply
- Conversion rate: 1 BLZ = $0.12
- Maximum market cap at ICO on a fully diluted basis: $59 million
- Bonus structure: 20-30% bonus during presale. Bonus tokens will be locked for 30 days
- Presale or white list: There was a private presale / whitelist is closed on December 18
- ERC-20 Token: Yes
- Countries excluded: China, and UN sanctioned countries
- Timeline: Start date is January 18, 2018, starting at 10:00am SGT (2 AM UTC), and will run for 15 days, ending on February 2, 2018 at 1:59am UTC (please refer to Bluzelle's website for the most up-to-date information)
- Token distribution date: 30 days after crowdsale completion
Video summary (video is 9:27 long):
What does the company/project do?
Bluzelle is a decentralized database solution for decentralized applications (dApps). It is different from other file storage projects in that Bluzelle focuses on database while other projects focuses on files.
Files are relatively large, of arbitrary size, and their contents are not searchable or structured in any agnostic way. File storage services are optimized to deliver whole files, and lack the granularity required to do search and retrieval within files efficiently.
On the other hand, data fields are typically small, of fixed size, and organized in groups and collections and structures to be searchable, for quick storage and retrieval. Data fields are stored in databases to achieve the best security, performance, and scalability metrics. Databases provide fundamental functions like create, read, update, and delete (CRUD), which are absent from file storage services.
Bluzelle has indicated in their whitepaper that their intended target for marketing to start will be the early adopters and dApp developers that can take advantage of and see value in the Bluzelle network.
Bluzelle database knows exactly what is being asked for and only responds with the needed data, making accessing and changing data more efficient.
Instead of all data being accessed on a single server, or several within the same company, the data will be spread out over as many “Producers” as there are on the network.
The “Producers” are any people or entities worldwide who offer up their resources in the form of CPU, memory, hard drive storage, and network connectivity which is what will enable a swarm of providers.
A swarm is essentially a closely networked group of nodes (computers) that cooperate in providing decentralized access to the aforementioned resources. Bluzelle also plans to have swarms of swarms, with one leader being elected at a given time through which the resources are channeled. This way, should a single node (leader) go down, another one can immediately be “elected” to take its place.
The following image describes the current applications and the decentralized counterpart:
How advanced is the project?
Bluzelle was founded in 2014 by Pavel Bains and Neeraj Murarka. Below are some of the past achievements by the company:
- Launched Canadian Ripple Gateway directly connected to Canadian Banking debit network
- Raised seed financing round
- Built Ripple-based cross border payments POC for global banking platform Temenos
- Built Ethereum-based consumer mobile insurance application for global insurer AIA
- Built Ethereum-based KYC Ledger for international banks consortium consisting of OCBC, HSBC and MUFG
- Built Ethereum-based insurance platform for a large Asian insurer
- Raised $1.5 million round from international VCs Global Brains (Japan), True Global Ventures (Europe) and LUN Partners (China)
The initial release is expected to be out before the crowdsale. You can watch the demo of it here: https://primetime.bluejeans.com/a2m/events/playback/72d73b98-90c7-407c-9b27-943f831c263a?ct=t(ICYMI_213_20_2017)
Below is a current roadmap projected by the Bluzelle team for their development over the next 2 years:
Q1/2 2018 - Database storage and retrieval development.
Q3/4 2018 - Desktop, browser, and mobile apps for more interaction, and node scoring/health metrics.
Q1/2 2019 - Functionality updates, along with proof of stake requirement for producers.
Q3/4 2019 - Massive Security updates to protect against a myriad of potential attacker techniques.
What are the tokens used for and how can token value appreciate?
There are going to be two tokens that power the Bluzelle platform, BLZ and BNT. BLZ is an ERC-20 token that is going to be sold during the public sale. BNT will be used in the Bluzelle internal crypto economy that runs on its own consensus ledger as a faster, no-fee counterpart.
The creation of the two-token system is due to the speed limitations and cost of transactions on Ethereum for real-time database accounting. These two tokens will be interchangeable through smart contract, where they are transferred at a 1:1 ratio to and from the respective holders’ Bluzelle network wallet and their registered Ethereum wallet (with a 0.1% conversion fee payable in BLZ).
Token users will be developers that are storing, or retrieving various data, and thus will pay in BNT to accomplish that. Producers will be those that are paid for allowing developers to use their storage resources.
Producers will have to stake a certain amount of BNT in order to offer their services, and, in the event that a producer does not meet the Bluzelle standard, they will be penalized a certain amount of BNT which will then be awarded to the consumer.
As BNT tokens are used as the currency on the Bluzelle platform and BLZ tokens are interchangeable with BNT tokens, the more users and volume the Bluzelle platform has, the more valuable BLZ tokens should be.
The company is based in Singapore and has a development team in Vancouver, Canada. The team consists of 10 members, with a brief bio of the key team members below:
Pavel Bains - CEO: Has built experience in the financial and marketing sector since 1999, while participating an VC firms, and co-founding Panda Stories, a children's’ stories startup that had been publishing titles from media brands such as Warner Bros and DreamWorks.
Neeraj Murarka - CTO: Over 18 years’ experience in software engineering, worked at Google, IBM, Hewlett Packard, and most recently with Digital Infinity Systems Inc.
Nitin Cunha - Senior Developer: Around 12 years’ experience in program analysis, most recently with TEEMA consulting, as Talent Manager for 7 years.
Scott Burch - Senior Developer: Around 8 years’ experience with web development, and app architecturing, most recently with Credit1 Credit Union.
Leandro Bark - Head of Sales: 16 years’ experience in business operations, most recently with Nana Bianca, a VC and private equity firm.
Bluzelle also has a variety of advisors, including Prashan Malilk, Co-founder and CTO of Limeroad and 5 years’ experience at Facebook as engineering manager, Brian Fox, CTO of Orchid and creator of GNU Bash, and Gil Penchina, Former CEO of Wikia Inc., and previous VP and general manager at Ebay.
- Most dApps will utilize database to a certain extent. Bluzelle’s main competitor is BigchainDB but BigchainDB is more focused on enterprises while Bluzelle is focusing on dApps. We believe Bluzelle will be providing services to many dApps going forward, giving the project constant stream of news flow which is important in the crypto market.
- Decentralized database management is a big market and has many use cases. If Bluzelle is successful in capturing a meaningful market share, the potential is substantial.
- It is very difficult for a startup to be selected to work with blue chip financial institutions such as HSBC and AIA. This demonstrates the team’s capabilities.
- The team has strong background and has been in the blockchain space since 2014.
Overall, we like both the flipping and long-term potential for this ICO. Our thoughts on buying the tokens for flipping and investing for the long term are as follows:
Good. The hard cap is low for the problem that Bluzelle is addressing. All the main criteria, including team, idea, token metric, market awareness, and roadmap, are above average.
Due to the overwhelming demand, the whitelist was closed much earlier than anticipated and it is expected that the individual cap will be very low, causing unmet demand for the tokens.
For long-term holding
Good. The project solves a pain point encountered by many dApps and we believe the team has the capability to execute the project’s vision. We believe that a decentralized database management solution is needed in the majority of dApps, so Bluzelle has great potential if dApps become widely used.
For more information about the ICO, please visit the following links:
* The information contained in this article is for education purpose only and not financial advice. Do your own research before making any investment decisions.
This article is contributed by Victor Lai with the help of our intern John Coburn.