Tolar ICO Review – Scalable Blockchain Leveraging DLT - Crush Crypto

Tolar ICO Review – Scalable Blockchain Leveraging DLT


  • Project name: Tolar
  • Token symbol: TOL
  • Website:
  • White paper:
  • Hard cap: 45,000 ETH (token sale contributors will own 35% of the total token supply)
  • Conversion rate: ICO price and presale price for 1-9 ETH = 0,000145055 ETH per TOL
  • Maximum market cap at ICO on a fully diluted basis: $54 million based on current ether price of $420
  • Bonus structure: For presale, contributions of > 50 ETH = 20% bonus; between 10-49 ETH = 10% bonus. 3-month lock up for bonus tokens.
  • Private sale / white list: Presale in progress until the end of August 2018. Presale and whitelist registrations are currently open at
  • ERC20 token: Yes (will be switched to native tokens when the mainnet is launched)
  • Countries excluded: USA, China
  • Timeline: Currently planned for September 15-20, 2018 (14:00 GMT). The ICO may end earlier if hard cap is reached (please visit Tolar’s official website and join their Telegram channel for the most up-to-date information on their upcoming token sale)
  • Token distribution date: Q3 2018
Video summary (video is 6:46 long):

Project Overview

What does the company/project do?

Tolar is a work-in-progress blockchain solution based on its own HashNET protocol that aims to resolve the issues facing current blockchain technology including cost, slow transaction speed, and scalability.

HashNET consensus uses “redundancy reduced gossip” and “virtual voting” protocol, which aims to provide a fair and fast byzantine fault tolerant consensus algorithm. As no mining is required, less computing resources and therefore, electrical power, is used.

Using Proof-of-Stake (PoS) and masternodes to reach distributed consensus, the platform aims to achieve 200,000 transactions per second (TPS), making it faster than many of the incumbent blockchains.

Features of HashNET include transparency of funds, speed, mobile compatible, ability to grow, and decentralization.

A prototype released by the team in June 2018 has demonstrated 130,000 TPS during the live demo and, according to the team, reached up to 150,000 TPS during their own test runs.

According to the team, Tolar is designed to become a global payment network from the start. Eventually, the platform will be able to host new ICO projects and decentralized applications.

How advanced is the project?

The project was established in Q2 2017. On June 28, 2018, Tolar HashNET demonstrated its prototype with a speed of up to 150,000 TPS on multiple nodes(video is 5:22 long). 

The project’s future development is as follows:

Q3 2018

  • Developer demonstration of HashNET

Q4 2018

  • Chain explorer
  • Mobile wallets

Q2 2019

  • Public release of HashNET Chain
  • Switch mainnet to HashNET protocol
  • SDK released

Future Development

  • Smart contracts
  • New ICO projects to be launched on top of Tolar HashNET
  • Quantum-resistant cryptography

For a code review of the project, please refer to this article by Andre Cronje:

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

The TOL token is the network’s native token and is used to incentivize various users of the platform:

  • Masternode owners: Help secure the HashNET network. Masternode owners are required to meet minimum server requirements and must stake 500,000 TOL tokens as collateral to prevent malicious activity. They are rewarded with transaction fees from all transactions that they validate correctly and with incentives from Tolar’s monetary fund in the form of TOL tokens. For more information and to apply to become a masternode owner, please see:
  • Regular nodes: Regular nodes are tasked with propagating events and verifying correctness and are rewarded with tokens. They are able to do staking as well but have a lower reward percentage compared to masternodes.

TOL tokens should appreciate in value as more participants join and use the network which is in turn driven by factors such as attractiveness of node rewards, processing speed, security, network transaction fees, etc.

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The Tolar team is currently comprised of at least 24 people: 8 people on the Foundation Board, 8 people on the HashNET Tech team, and 8 people on the HashNET Bizz team. The biographies of the key team members are summarized below:

Josip Maricevic, Co-founder and CTO – 2 years of experience in blockchain and related consensus algorithms, atomic cross-chain swaps and off-chain settlement protocols. Previously the owner and developer of Moon Code, a mobile app development agency that also offers various blockchain-related services. He has also worked at various companies based in Switzerland such as Qnective AG, ShoutEm and Five Minutes as an iOS developer for more than 7 years.

Drazen Kapusta, Co-founder and Principal – 30 years of working experience. He has been a principal at COTRUGLI Business School for more than 21 years and helped develop the school’s Blockchain MBA program and Certified Blockchain Developers Program. He is also the President of Blockchain Adria, a blockchain conference and association in Europe.

Mario Vojvoda, CIO – Over 15 years of experience in the telecom industry and in international business development. He is currently the CEO of Axenture and was recently a board member of Combis, an informatics company based in Croatia. He previously served as IT Director of T-Mobile Croatia for 2 years and was the CTO of Iskon Internet for more than 5 years.

Bojan Hadzisejdic, Business Development Manager – Over 15 years of experience in the IT industry. He is currently the Director of Nephos, an IT company based in Croatia. He was previously a Business Development Manager at Microsoft for more than 7 years and worked in other sales and product management roles at Microsoft for more than 5 years. He obtained his Master’s degree from the University of Zagreb in 2003 and his Executive MBA from COTRUGLI Business School in 2012.

There are currently at least 15 advisors supporting the project, including Manuel Alonso Coto, a visiting professor at COTRUGLI Business School; Peter Merc, co-founder of Lemur Legal; Petko Karamotchev, co-founder of; Lester Lim, ICO advisor; Nicholas Ang, co-founder of ANGFUND; Gabor Kiss, co-founder & COO of BitTraffic and others.

Partners and investors of the project include blockoxfund, BlockGround Capital, Wandarin, Pod Capital,, Carnaby Capital, GC Capital, Crypt Calibur, Diddy Carter, 08 Capital, BlackCastle Capital and ANGFUND.


  • The project already has a prototype with a demonstrated speed of 130,000 TPS during a live demo and reaching up to 150,000 during private test runs. This is already quite close to the project’s goal of achieving 200,000 TPS. However, it was with only 11 masternodes. The performance is expected to decline when more nodes join the network.
  • Supported by their strategic partner, COTRUGLI Business School, a business school in SE Europe with more than 2,000 MBA alumni and over 20,000 clients. However, it is unclear how the business school is going to support the project.


  • The team doesn’t appear to be particularly strong technically as compared with other similar blockchain projects that we have come across.
  • The CTO is said to have 2 years of blockchain experience but we can only see he has been a blockchain developer for Blocknet for 6 months. There’s no information on Moon Code, the mobile app company he owned/developed and claims to provide some blockchain services; it doesn’t seem to have any employees per LinkedIn and the website is a dead link.
  • The team’s business development strategy is to collaborate with the largest ICT companies in the fields of IoT, logistics, healthcare and government. However, they have not built any partnerships yet and it is uncertain if they can do this. 
  • There are many blockchain projects looking to solve the issues of blockchain scalability and transaction speed. HashNET doesn’t seem to have any significant differentiating features.


​Our thoughts of the tokens for short term and long term are as follows:

For short-term holding: C

The project has been fundraising for a few months (presale started since May and is still ongoing) and the team gave presale access to many pools. The momentum for the project has stalled.

We believe there isn’t enough demand to reach hard cap. In this market, we believe one can purchase tokens at a lower price after they are listed.

For long-term holding: B

The TPS number is looking good, but there are more and more projects with similar claims. Blockchain protocol projects need to ensure adoption and one way is to secure partnerships (which Tolar doesn’t seem to have much). Therefore, we are neutral about the long-term viability of the project.

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.

Our rating system is based on 5 tiers: S/A/B/C/D, with S being the highest and D being the lowest rating.

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