ICO Analysis: Mobius

Mobius Network has a really broad scope! The individual segments of the project can themselves be different blockchain based companies. The core premise of Mobius is to bridge the gap between internet and blockchain, which will facilitate the mainstream adoption of blockchain.

Mobius is closing the gap between the internet and the blockchain world through a multifaceted solution creating easy developer tools, a consumer DApp Store, and a Smart Market to allow hyper-efficient transactions of processed real world data between autonomous agents

Primitive developer tools and protocols is the first problem identified by Mobius towards the mainstream adoption of blockchain. Current blockchain developer APIs and frameworks are very hard to use. Mobius plans to convert millions of traditional app developers into blockchain developers through simple and standardized protocols.

Now that any developer can easily create blockchain based dApps, the next logical step is to create a marketplace for these dApps. Mobius is creating a dApp store which is similar to Google Play Store and Apple App Store. The dApp store will facilitate easy discovery and adoption of distributed applications. This provision where any developer can deploy an application on blockchain without being an expert in the underlying technology is similar to what EOS aims to offer.

The Mobius dApp store is actually live with a few dApps, you can check it out here.

The Mobius tokens will be the default payment option on the dApp store, however by using Mobius APIs, developers can accept payments in other cryptocurrencies like Ether, ZCash. A comparable example would be Stripe, which enables a vendor to accept payments from different networks like Visa, Mastercard via single interface. This will provide a broad audience base to the dApp developers. Projects facilitating inter-blockchain communication are based on similar premise.

Sounds good, right? But decentralized apps based on smart contracts cannot be used for every usecase unless real world data is fed into the smart contracts. Mobius is creating Oracles which are specialized applications that provide access to external data, essentially feeding the blockchain with information. Readers familiar with ChainLink will easily understand the concept. For example, data coming in from IOT devices, or bloomberg price feeds can be fed into the smart contracts using Mobius oracles. These Oracles will be based on proof of stake validation system to ensure data accuracy.

The final aspect of the Mobius Network is creation of smart market protocol which will facilitate buying and selling of services and data between multiple parties in an auction like system. One of the usecases of the smart market protocol is automated bidding and selling data feeds coming in from IOT devices via smart contracts. The IOT devices usecase is comparable (not entirely) to IOTA, although the implementation is completely different.

The Token

Mobius is based on the Stellar platform. Stellar can support around 1000 transactions per second, along with microtransactions making it an ideal platform for Mobius.The MOBI tokens will be used for transactions within the platform. However developers can also receive payments in their own tokens. Network effects will incentivize developers to use MOBI tokens. To promote the platform, users and developers will be rewarded with MOBI in the initial stages of use.

The public sale will begin on 8th November, preceded by a Pre-Fund public sale starting on the 6th. The presale was open only to accredited investors with an investment floor of $50k.

Token distribution:

  • Total number of MOBI tokens = 888,000,000.
  • 5.0% of MOBI will be sold in a pre-sale at a discounted rate to the token sale.
  • 30.0% of MOBI will be sold in the token sale.
  • 32.5% of MOBI will be reserved for the community to grow the network and reward contributors.
  • 32.5% of MOBI will be reserved by the company for growth and R&D.

There is a hardcap of $39 million for the raise. The 266,400,000 MOBI will be divided into nine chunks of size 29,600,000 each. Each chunk has a unique price and there is a 2.0% difference between each pair of chunks. Please refer this blog post for more clarity on the raise structure. The price of the initial chunk will be based on the presale.
The tokens will be immediately available post the crowdsale, exchangeable on the Stellar decentralized exchange.

The Team

There are only 3 members in the team(mentioned in whitepaper) along with 3 advisers. There are plans to hire more blockchain engineers as the project moves ahead. The 3 cofounders are Stanford University alumni and have some experience in creating blockchain based projects. Jed McCaleb( cofounder of Stellar.org and Ripple) and Jackson Palmer(Creator of Dogecoin) are advisers. Having these 2 as advisers is positive, but considering the scale of the project we feel there should have been a larger, more experienced team working on it. However the size of the core team is not that relevant, ChainLink had only 2 members in the core team during their successful crowdraise.

Verdict

As discussed in the introduction, Mobius Network is aiming to accomplish a lot of things. The concept and the usecases are well thought and nicely presented in the Whitepaper. The idea of creating a decentralized app store is quite interesting and is creating a lot of buzz for the project. The scope of the project covers 3 to 4 domains where independent well funded companies are already working. Aion, Ark, QChain are working on inter-blockchain communication, ChainLink on data Oracles, IOTA on IOT marketplace, EOS on ease of blockchain deployment. On top of this, Mobius’s roadmap aims to complete all the implementation by Q2 2018. It is a matter of concern whether this young team will be able to effectively implement the project and that too within the specified timeframe. The decentralized dApp store and the smart market (patent pending) are very original and interesting ideas. We give the team full credit for these two.

Risks

  • As discussed above, we are concerned about the scope of the project being too broad for the team to handle. The development should not be done hastily considering the Q2FY18 deadline. -3
  • Can multiple offerings of Mobius compete in terms of quality with niche companies with focused products? -2
  • As mentioned in the Whitepaper, adoption of the marketplace is a classic egg and chicken problem. Quality developers are needed to attract users and vice versa. The team has statistically tried to prove mass adoption scenarios of the dApp store, it is debatable whether users and developers will find value in a marketplace other than Google’s or Apple’s. We feel the marketplace might remain constricted to b2b blockchain based services.+2

Growth Potential

  • The project has very strong network effects. Mobius might create a monopoly for decentralized applications similar to what Apple and Google have for web based applications. +4.2
  • There is a reason why the project is aiming to create so many things. If implemented successfully, Mobius will create a integrated development environment for developers which will provide them with everything from users, development tools, data access to payment solutions. +5

Disposition

We give additional +2 points to the project’s concept and many usecases, arriving at a score of +5.2 out of 10. A project like this always has a huge potential, but we have to reduce some pointers over implementation level concerns.

Investment Details

If planning to buy less than $20,000 in the crowdsale, you need to submit KYC here, which will add you to the whitelist.


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