Sentinel Chain ICO Review – Tokenization of Livestock - Crush Crypto

Sentinel Chain ICO Review – Tokenization of Livestock

Summary

  • Project name: Sentinel Chain​​​​
  • Token symbol: SENC
  • Website: https://sentinel-chain.org/
  • White paper: https://sentinel-chain.org/Sentinel.Chain.Whitepaper.v0_31_1.pdf
  • Hard cap: $14.4 million ($6.4 million raised in presale, ICO participants receive 40% total token supply)
  • Conversion rate: TBA
  • Maximum market cap at ICO on a fully diluted basis: $36 million
  • Bonus structure: 25% bonus for presale / 25% of presale tokens will be released at same time as ICO, remaining is released in equal 25% portions over the next 3 months
  • Presale or white list: Presale concluded in January. Whitelist registration opens from February 5, 2018 and runs until February 26, 2018.
  • ERC-20 Token: Yes
  • Countries excluded: United States, China
  • Timeline: Proof-of-care style whitelist registration to begin on February 5, 2018 (Please refer to Sentinel Chain’s website for the most up to date information)
  • Token distribution date: 3 days before they are listed on exchanges
Video summary (video is 8:53 long):

Project Overview

What does the company/project do?

Sentinel Chain aims to empower unbanked farmers and business owners in developing countries to seize country of previously “dead capital” into fungible assets.

Assets such as livestock can be tokenized using the Sentinel Chain platform, and users will be able to track and verify their ownership of these assets.

With the tokenization of livestock, Sentinel Chain opens up ways for users to utilize their livestock assets for insurance, loans, collateral and more, which are traditionally unavailable financial services to farmers and the like in these countries.

This video explains the Sentinel Chain platform in a nutshell (video is 2:34 long):

These are the core components of the Sentinel Chain platform:

  • Livestock Identification Tag: A single-use, tamper-proof RFID tag that is affixed to livestock. This tag stores geolocation as well as timestamp information. It cannot be removed without both destroying the tag as well as the information residing on the tag.
  • CrossPay Blockchain and Mobile App: The CrossPay blockchain works in synergy with the overall Sentinel Chain platform as well as the mobile application. CrossPay exists as different locales will have varying native currencies, and CrossPay will utilize a cryptocurrency token called “Local CrossPay Token” or (LCT) which will be pegged to the value of the user’s native currency. Each country will have its own LCT token, and it cannot be minted on its own. The mobile application serves as a mobile wallet that allows transactions with other users and merchants.
  • Sentinel Chain: Sentinel Chain serves as a B2B marketplace for financial inclusion services with livestock as collateral. It will have its own private blockchain while being connected to multiple CrossPay blockchains in different countries. This infrastructure allows users of Sentinel Chain access an international network of financial providers. SENC will be the only currency utilized on the marketplace. SENC will only exist on the Ethereum blockchain.
How advanced is the project?

Sentinel Chain is working with VeChain, Maybank, Malaysia’s largest bank, and CloudWell.

The team has developed a mobile app on Android for asset tracking. Below is a demo of the livestock RFID tag with CrossPay (video is 1:32 long): 

Here is a summary of their roadmap:

Q2 2018

  • Sentinel Chain beta testing

Q4 2018

  • CrossPay launches in the first unbanked market

Q1 2019

  • Sentinel Chain code review and audit
  • Sentinel Chain v1.0 release
  • Onboarding of the first financial service provider

Q2 2019

  • Integration of Sentinel Chain to CrossPay
  • Integration of financial service provider to Sentinel Chain
What are the tokens used for and how can token value appreciate?

In order to access the Sentinel Chain platform, users will have to use SENC tokens. SENC tokens are primarily used as a medium of exchange for LCT, which is then used to make payments for services or participate in projects.

No other cryptocurrencies will be utilized on the marketplace, so as the platform grows in popularity, so should the demand for the token.

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Team

The Sentinel Chain team consists of 14 members. The bios of key team members are listed below:

Roy Lai, CEO and Co-Founder – 20+ years in industries spanning investment banking, inter-bank payments, and blockchain. Research Fellow at Singapore University of Social Sciences.

Chia Hock Lai, Council Member – 20 years of experience in finance, President of Singapore FinTech Association.

Sentinel Chain’s advisors include: Bo Shen, Founding Partner of Blockasset and Fenbushi, David LEE Kuo Chuen, Co-Founder at Blockasset, LeftCoast and Professor at Singapore University of Social Sciences, Roland Schwinn, Executive Director at Eurex and Shareholder Director at Bombay Stock Exchange, as well as many more.

The project has received funding from several venture capital firms including Fenbushi Capital and iGlobe Partners.


Opportunities

  • Tokenization of livestock is a unique idea. The project can potentially open up access to credit and other financial services for the unbanked farmers. If successful, the project has great potential because it is tapping into a new territory. 
  • The team has secured partnerships with different established companies, which increase the likelihood of success for the project.
  • The project is backed by reputable venture capital firms, meaning that the team has passed the scrutiny of those institutional investors.

Concerns

  • While the team has a strong background in finance and technology, they don’t really have experience in the agricultural industry. Without someone with a strong agricultural background, the team may not understand intimately the needs of the farmers when designing the platform.
  • Sentinel Chain is a B2B market place, meaning that the users of SENC tokens will be businesses. The adoption of the platform and SENC tokens may take a while because the target audience is not cryptocurrency user. The vast majority of the ICO participants will not be users of the platform.
  • The development schedule pretty far out, with Sentinel Chain v1.0 not released until 2019 Q1, or a full year after the end of ICO.

Conclusion

Overall, we like the short-term potential of this ICO but are neutral about its long-term potential. Our thoughts of the tokens for short term and long term are as follows:

For ​short-term holding

Good. The project has a small cap with whale-proof mechanism. The idea is related to supply chain, which is desirable from the market right now. We believe the project should be able to fill the hard cap with unmet demand.

For long-term holding

Neutral. We like the idea of the tokenization of livestock which opens up a lot of possibilities for utilizing such assets. This is a good example of how blockchain technology can benefit the unbanked.

The project has very little competition, therefore, if the project succeeds, it would have a first mover advantage in a huge industry.

On the other hand, while the team has a strong background in finance, they have little experience in the agricultural industry. We are unsure whether the project will gain the traction needed to be successful.


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 Richard Wang.

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