Mercury Protocol ICO Review

Mercury Protocol ICO Review by BuddhaTrader.com

The Mercury Protocol is a network agnostic decentralized messaging protocol that enables privacy and maintenance of ownership over data.

BASIC INFO

Name: Mercury Protocol
Symbol: GMT
Hard Cap: $24,000,000
Token Supply: 1,000,000. Fixed, no mining.
Token Supply at ICO: 600,000,000.
ICO Date: 25-Oct-2017 until 24-Nov-2017.
ICO Price:
1 GMT = $0.04 (if the Hard Cap is achieved).
ETH conversion rate will be shared closer to the launch.

Whitelist: Registration open as of 18-Oct-2017.
Token distribution date: Immediately after contribution with no lockup period.

Social Interest (18-Oct-2017):
Twitter: 1692
Telegram: 1714
Reddit: 229
Bitcointalk: n/a

IDEA

•The Mercury Protocol is a decentralized messaging protocol built primarily for the Dust messenger. Dust is a mobile messaging application with the focus on privacy, and including features like destroying and deleting any message sent to others.

• Mercury Protocol network is platform agnostic, and shares a user base across all integrated clients. Communication platforms that integrate the Mercury Protocol will get access to all the advantages of blockchain technology, including the ability to send messages and content to other platforms.

• The protocol will enable blockchain privacy and security, while maintaining ownership over data.

MY THOUGHTS

• There is no bonuses of any type (neither for Presale or ICO first participants), which is good to a certain degree, as it levels up the playing field for all investors.

• This biggest selling point of this ICO seems to be that Mark Cuban is backing it. Apart from that, there is not much going on for them. They are not the first movers in decentralised chat applications space, and apart from that there are a traditional messaging giants like Whatsapp, Viber, Facebook Messenger and Snapchat to compete with. Some of them are already using end-to-end encryption for voice calls, video calls and instant messaging via the Signal Protocol. Does the average user cares about these popular messaging apps collecting information about them and would he switch without his friends using the app already? I don’t think so. Future might belong to the decentralized messaging apps, but there is nothing stopping billion dollars worth centralized messaging tech companies to implement it as they see fit.

• Status (SNT) is their main competitor in the decentralized space, with the Market Cap of about $90M. Status app which is currently in its alpha version and is being heavily developed will offer dApps, payments sending and cryptocurrency storing features. Mercury Protocol offers none of these, and I have a hard time imagining it reaching the valuation of Status any time soon. The other decentralized competitor is Obsidian (ODN). ODN raised only $1.5M during its ICO, and is now trading at $8M market cap. To remind you, the Mercury Protocol is trying to raise 3 times that much.

• There is no hype at all about this project, which is a huge red flag, and even more so knowing that there is no hype despite Mark Cuban backing it. Sentiment from the chat groups and people following this project goes from questioning their token utility, to thinking that it might be a good flip despite the negatives.

CONCLUSION

• If the project has no hype, in almost all cases I will pass it. It’s one of the first and most important things I look into when I’m evaluating Initial Coin Offerings. I might look into a project with no hype if I think it’s a really good idea and the market just hasn’t recognised it yet. Unfortunately, I don’t think that is the case with the Mercury Protocol. There is no hype, no real use case for their tokens and there is a number of competitors in the field. Clear pass from my side.

• For flipping: NEGATIVE

• For long-term holding: NEGATIVE

 

Additional resources:
• Other reviews:
https://crushcrypto.com/analysis-of-mercury-protocol/
https://globalhalo.com/2017/10/10/mercury-protocol-ico-review-gmt-investment-analysis/

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