Lucyd ICO Review by The CryptoJam

in cryptocurrency •  8 months ago

Quick Intro

This is the first ICO review for my new Crypto Analysis and Opinion site - The CryptoJam.

The ICO space is where new disruptive businesses and ecosystems are being born all the time - but not all disruptive enterprises are born equal.

I want to add some objective analysis and opinion to selected projects and generate discussion around what I see as the future of the global economy.

Because this is our first review - any feedback on the presentation or content would be much appreciated!


 **REMEMBER** This document represents independent analysis and opinion only.  It is not intended to constitute financial advice of any form and should not be used that way! - The CryptoJam 


Lucyd aims to raise about 10m and take about 1 year to produce a prototype (alpha) version of augmented reality glasses that look and feel like real glasses and in the process take on industry behemoths such as Google, Microsoft and Apple. Promises of superior product and performance are based on a suite of licensed patents. The Lucyd token (LCD) will become the primary currency of a proposed Lucyd Asnppp Store.

Jam Rating

In a nutshell

Nothing here looks too much like a scam. But there is a lot that looks oversold and underdone. Except for price speculation, there isn’t any obvious incentive to the buy the Lucyd Token, apart from the remote possibility of getting first access to a likely buggy set of prototype glasses for an undetermined price. Why wouldn’t I just wait and get the finished product? Expecting this team to produce a headset that can compete successfully with industry giants, as well as stand up an independent app store that attracts significant 3rd party attention and resources, seems like a long shot.

Token Sale and Allocation

Presale Start Presale End
Oct. 17, 2017 8:00 A.M. GMT October 31, 2017 8:00 P.M. GMT
Crowdsale Start Crowdsale End
October 31, 2017 8:00 P.M. GMT February 28, 2018 8:00 P.M. GMT
Bonus Schedule Token Allocation Breakdown Total Supply 100,000,000 1 LCD = .15 USD
Bonus (40%) in presale Token Sale (50%) 50,000,000 7,500,000 USD
Long term development including blockchain (locked 6 mths) (30%) 30,000,000 4,500,000 USD
Early Team Members (locked 1yr) (10%) 10,000,000 1,500,000 USD
Vendors and Crowdsale Supporters (10%) 10,000,000 1,500,000 USD
Total 100,000,000 15,000,000 USD

Token Sale Notes

  1. ERC20 based smart contract that will become a separate token - Lucyd claims that the LCD coin will be a modified proof of stake blockchain based on developer ranks through their app store. But they provide almost no detail on how these ranks or blockchain will actually be technically implemented, other than an example of what different ranks will correspond to.
  2. The monies raised in the token event are only intended to fund the production of a prototype set of glasses.
  3. A plan is to preserve the first 500 lucyd lens for holders of LCD only. They’ll cost 5000 LCD - therefore we don’t really know what they’ll cost in fiat, but at least the token holders have dibs on the first ones released.

The Business

The primary objective of the Lucyd project is to design, engineer and manufacture an advanced set of Augmented Reality (AR) glasses. The LCD token itself will be the vehicle for raising the money to produce an initial device and then serve as a proof-of-stake currency that can be used in a proposed Lucyd app store. The primary takeaway is that investors are essentially trusting that Lucyd is capable of designing, engineering and manufacturing the Lucyd Lens, and that secondly there will be a large enough adoption of the lens to generate significant traffic and purchases through its app store. On first impressions the whitepaper is pretty comprehensive - at least until you actually read it, and then you realize there is more sizzle than sausage. The frequently repeated key advantage that Lucyd holds are the 13 patents they have licensed from university sourced research, as well as a team of optics experts (listed primarily as advisors) behind the enterprise. In Lucyd’s own words, these patents and expertise ‘will allow for the development of a uniquely powerful pair of smart-glasses’. At this stage Lucyd hasn't developed anything, and all diagrams and models in the whitepaper seem to be purely speculative. According to Lucyd these glasses will be a lightweight, ergonomic, wire-free, corrective lens-accommodating pair of AR glasses that resemble normal eye-wear. Supporting iOS and Android apps to boot. Importantly, perusing the telegram channel revealed that the device will rely on smartphone integration. How will the Lucyd pull this off? According to the scientific analysis provided on the website (by a project advisor and a staff member), with the aid of licensed patents covering a range technologies and features related to:
  • advanced eye tracking,
  • enhanced field of view,
  • prescription lens compatibility,
  • low profile form factor and a
  • customizable control scheme
Lucyd Lens also claim they will make in-lens app purchases possible. I think this means being able to buy stuff with your eyes only - presumably with some advanced eye-tracking/control system that lets you enter a credit card or a bitcoin address by blinking in morse-code. Kidding. Let’s face it, I’m not an expert on visual recognition and I never even bothered to buy a set of Google glasses. I have no idea what is or isn’t advanced tech in this space. Either way, detailing the patents and letting people do the research themselves does lend this project some credibility (they are outlined with links in the whitepaper). One thing that did strike me though was that many of the patents were pretty old - like 10-15 years old. But I’m no patent expert either so I could be missing something - but I’m curious about how the technology must have progressed during the past decade while Microsoft and Google have been playing in this space with their respective Glasses and Hololens projects. Lucyd’s own description of the glasses includes some detailed features like;
  • circuitry contained within the frames,
  • the ability to be outfitted with prescription lens,
  • integrated stereoscopic LCD micro-displays for long battery life,
  • bluetooth,
  • integrated microphone with bone-conducting speakers,
  • an integrated HD front camera, and
  • hands-free navigation with custom controls including finger tracking input options.
So yeah they sound pretty cool. Of course if my wife asked me what makes a great pair of AR glasses (she would never ask that) I could probably provide a bunch of features similar to those above and that’s not to say that if they ever actually got released I wouldn’t buy a pair. The point is that nothing in the whitepaper, reviews and other material I looked at gave me any real confidence they will be produced as described. One of the core technical concepts around the Lucyd Lens that I picked up from the Telegram channel is that the glasses will be pushing out applications from the owners smartphone - removing the need for in-device processing etc. It makes the glasses a smartphone attachment rather than a device in its own right, and is probably a good way to circumvent many of the issues that those major tech companies have to overcome to do with bulky design, battery usage etc. But it raises the question of how the Lucyd App store then integrates - will those apps be on your phone as well? I didn't see detailed explanations for any of this anywhere. Of course Lucyd will be competing with some majors that are either already playing in this space, or are planning to, you know, minnows like I mentioned before, Google, Apple and Microsoft. Probably Sony too. An example of where these guys are already doing can be found here and here.

Roadmap

Not much to mention to be honest. Lacks any real detail. The primary goals are to develop the lens prototype (Initial development by Sep 2018 and launch by Q1 2019), some initial apps and a bunch of business related stuff. Of course, there is no way to really assess Lucyd’s ability to achieve significant goals because they haven’t really produced anything yet, except purchasing the patent licenses.

Key Team Members

No immediate red flags. Clifford Gross, the CEO has a strong background in commercialization of university research - specifically through his management of Tekcapital. He has a Phd - in philosophy, biomechanic and ergonomics. A quick look at social media checks out and some of the related companies looks legit - in fact the Lucyd effort is included in the Tekcapital (Clifford is CEO) portfolio - which seems to have invested in a range of high tech, scientific based commercial enterprises. Can’t comment on whether any of them have proven successful, most seem to be quite new. But there does seem to be some expertise there in getting these types of projects off the ground. Other key personnel generally seems to checkout through social media. A few key staff also connected with Tekcapital, and the usual sample of marketing, business development personnel with a couple of Devs and Blockchain enthusiasts. There are ample scientific and technical staff involved either as advisors or directly with the team. There is also a mention of provision of some funds for securing the services of some of the scientific based advisors - so the plan is to probably bring on some them following the ICO.

Summary

The Positive The Negative
  • Licensed Patents potentially provide unique technical advantages.
  • Experience in commercialisation of University technologies in senior leadership.
  • Nothing produced as of yet - impossible to evaluate ability to deliver.
  • Competition is the largest tech stocks in the world who have already have existing products as well as established ecosystems that Lucyd may have to rely on.
  • Vague roadmap that doesn't cover the full set of required tasks in order to achieve the objectives.
  • No significant advantages or benefits derived from holding onto the token - other than the possibility of speculative price gains.
  • Many confusing and unexplained elements to the project, such as whether apps run off the smartphone, or glasses, and therefore how the app store will fit into the picture.
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Great review coldpie. Been looking for thorough analysis of ICO and you have hit the mark. Looking for further reviews in the near future

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Thank you lucylou - just our first one and hope to do a lot more, hope you get some value from them