Analysis of Devery – Secured Product Verification - Crush Crypto

Analysis of Devery – Secured Product Verification


  • Project name: Devery
  • Token symbol: EVE
  • Website:
  • White paper:
  • Hard cap: $10 million (ICO contributors own 60% of total token supply)
  • Conversion rate: Each token is $0.1667 (selling 60 million EVE tokens for $10 million)
  • Maximum market cap at ICO on a fully diluted basis: US$17 million
  • Bonus structure: 5% discount during presale
  • Presale or white list: Presale starts on December 10 with minimum of 20 Ether, $2 million will be sold in presale
  • ERC-20 Token: Yes
  • Countries excluded: US, China, Canada, Australia, New Zealand and any jurisdiction where token sales have been restricted
  • Timeline: Presale begins on December 10, 2017 / Crowdsale begins by January 21, 2018 at the latest (please refer to Devery’s website for the most up-to-date information)
  • Token distribution date: 1 week after the end of crowdsale
Video summary (video is 8:18 long):

Project Overview

What does the company/project do?

Devery aims to prevent counterfeits and ensure supply agreements are honored. It allows manufacturers, brands, retailers and other party to assign unique signatures to any products, services or digital goods sold, issued and traded online.

The Devery Protocol will enable developers to easily create verification applications without a deep knowledge of blockchain. It can be used to build application level verification services and can be integrated with existing e-commerce stores, applications or services.

Use cases:

Online product verification

The Devery Protocol enables e-commerce retailers to verify the authenticity of any products or services they sell online. Retailers can assign unique ID signatures to each product sold online with a third-party verification application built on top of the Protocol.

The retailer can then display unique one-time-use hashes generated from this ID to any potential customers that wish to verify the authenticity of a product.

Consumers then log onto the application and input the code marked on the product in order to identify its authenticity.

Digital signing

The Devery Protocol can be used to verify that digital goods and services are issued from a legitimate source. An example would be digital certificates from online courses, colleges or universities. A certificate can be assigned a unique ID signature that can be verified via an application built on top of the Devery Protocol.

The recipient of the certificate and any potential employer that wants to check its legitimacy can verify the certificate through this application. Details regarding the recipient’s results, behavior or other academic details can also be stored on the chain.

Physical signing

NFC and RFID chips, as well as barcodes and QR codes are compatible with the Devery Protocol. Unique ID signatures generated from the protocol can be stored into a physical marker and attached to a product.

As the product moves across the supply chain, each party that handles the product can verify its source via an application on the Devery Protocol and update details such as location, timing and other conditions. The consumer can scan the hardware device to verify the movement of the product along the supply chain.

Here is an introductory video of the project (video is 1:25 long):

How advanced is the project?

Below is the development roadmap of the project:

Q4 2017: Release of Devery Protocol alpha

Q1 - 2 2018: Onboard partners and trial customers

Q3 2018: Release v1.0 of the Devery Protocol.

2019+: Expand into more partnerships and assist with the development of verification applications for specific markets.

What are the tokens used for and how can token value appreciate?

EVE tokens are used to fuel the verification process. Applications will receive EVE token as payment for hosting verification applications on the Devery protocol.

Consumers using these applications will require EVE tokens to mark on the blockchain. The token is then transferred to the application host as payment for hosting the applications via the protocol.

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The team has 3 members, all of whom with little experience in the retail or product verification space.

Andrew Rasheed, Founder & Product Lead – Web developer for Macquarie University. Graduated from Macquarie University with a Bachelor’s Degree in Computer Science in 2016.

Chironjit Das, Community and Finance – Former Business Manager of Boston Management Services, Product & Marketing Manager of Tesco Stores. CPA in Australia. Current student in the Master’s program in Banking & Finance at Macquarie University.

Antoine Najjarin, Partnerships & Strategy – Legal Officer of NSW Department of Industry, former Copyright Project Officer of University of Technology Sydney. Graduated from University of Technology, Sydney with a Bachelor of Laws degree in 2016.

Advisors of the project include Bokky Poobah, a smart contract security auditor who audited many ICO projects, Dorjee Sun, COO of Santiment, Alex Trottier, CPO at Bonial, and John Shi-Nash, Director of Incubation and Entrepreneurship at Macquarie University.


  • The use cases for the project are very broad as the project is compatible with pretty much any physical and digital goods in any industry.
  • Devery is a protocol that let other applications to be built on, so it will be mentioned frequently whenever they partner with other projects that use Devery. In crypto, news flow is one of the major factors that drive price as it shows the progress of a project.


  • The roadmap is vague, which does not show the team’s thoughts on the project’s development.
  • The Devery.js tool is planned to be released closer to the crowdsale so it would not be available before the presale. 
  • White paper is short (11 pages) and is light on details, making it difficult to see whether the protocol will work as promised. Only 2.5 pages are devoted to explaining the Devery protocol, so there is not much we can analyze.
  • The team claimed that they have silent partners that they are working with but cannot name the partners. This makes it difficult to gauge whether the protocol will be well received by the real world.
  • We are not sure how much time Bokky Poobah, a respected smart contract security auditor, will spend on the project as he audits multiple ICO contracts a week. 
  • The team does not have relevant experience working in a retail company. Chironjit Das had 4 years of experience in Tesco Stores but in the financial services arm.


Overall, we are neutral about both the short- and long-term potential for this ICO. There are just very little details available for us to have confidence that the project will be successful. Our thoughts of the tokens for short term and long term are as follows:

For ​short-term holding

Neutral. As (1) the MVP will be released in January 2018 before the public crowdsale, and (2) presale participants receive only a 5% discount in exchange for having their ether locked up for over a month, we believe it is better to participate in the crowdsale even if you are interested in the project.

For long-term holding

Neutral. With the lack of relevant experience in the team, we are unsure whether the project will be able to gain traction and become successful in the long run.

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.

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