Coinfirm AMLT review ($AMLT) - 5min read

in cryptocurrency •  2 years ago  (edited)

Coinfirm AMLT ICO overview ($AMLT) for your busy life: a few points helping you get a feeling for the project and its potential.

This is not financial advice, do your due diligence before investing. And mind the scammers: they are particularly active in the field of ICOs.

  • Official ICO website
  • Official website of organization behind ICO
  • Docs
  • Organisation
    • Coinfirm Ltd
    • Locations
      • Headquaters in London, UK
      • Brains in Warsaw, Poland
      • Services worldwide with many offices around the globe
    • Since
      • early 2016
  • Goal
    • A kind of worldwide whitelisting
    • Built to create the Global Standard for the whole crypto industry
    • Streamline KYC/AML processes for their clients
    • Provide streamlined access to reports and data for AML/CTF compliance purposes for cryptocurrencies
    • Build the transparent and democratized financial system by collecting and sharing data in an anonymous way
  • Description
    • Coinfirm has launched the AMLT network to help companies address their KYC, AML and Counter Terrorist Financing (CTF) requirements
    • Coinfirm wants to build a network of companies, of members, who believe in the idea of a transparent and secure crypto currency market
    • "Coinfirm estimates that RegTech can reduce compliance costs for financial services companies by as much as 50 percent” http://www.nasdaq.com/article/regtech-for-fintech-may-be-the-next-big-thing-in-the-bitcoin-and-blockchain-space-cm781301
    • Solution for Bitcoin, Dash, Ethereum, ERC20 and ERC223 tokens - more to come
    • Uses proprietary algorithms and big data analysis to provide actionable data that increases efficiency, reduces costs and streamlines compliance to near automation
    • Serves as a bridge to accommodating new business models and adopting Blockchain and virtual currencies in a safe and compliant way.
    • AMLT users will help define good actors and bad ones with precision beyond the reach of the current financial system - without unfairly excluding individuals in sanctioned countries.
    • Improve and automate processes within the Coinfirm AML/CTF Platform and deliver benefits and rewards for its participants
    • Every business participating in the AMLT Network helps expose money from illegal sources, protect the ecosystem from the risks connected with it, and can provide their information to the network to rate others.
    • Give users an important and active part in building the transparent new era of finance and a foundation for the mass adoption of blockchain and cryptocurrencies
  • Pros
    • Strong team
    • Proven product
    • Existing renown clients
    • Already a profitable company
    • The competitors have not done any ICO
    • The competitors do not seem to gain as much traction/attention
    • Timing is perfect: ICOs have recently brought millions of new crypto enthusiasts, many of these new actors (and coming ones) hope more stability and legitimacy for the ecosystem.
    • Blend of blockchain experience, domain expertise and business prowess.
  • Positive reviews
  • Competitors
    • Elliptic
      • Bitcoin analysis market only?
      • No streamlined AML/CTF related services?
    • Chainanalysis
      • Bitcoin analysis market only?
      • No automated, structured AML/CTF risk reports?
    • Scorechain
      • Bitcoin analysis market only?
  • Market
  • Achieved milestones
    • Pre AMLT - The Coinfirm AML/CTF Platform already provides secure solution for the cryptocurrency ecosystem such as exchanges, payment processors, ICOs, etc.
      • Coinfirm AML/CTF Platform already provides AML/CTF solutions for the virtual currency ecosystem with global clients and partners ranging from some of the largest virtual currencies to major business intelligence companies and financial institutions. The system can be accessed online or via API. The easily adoptable and user friendly Platform allows users to complete their AML/CTF compliance model with transaction monitoring. The Coinfirm AML/CTF is blockchain agnostic and currently provides services for Bitcoin, Dash, and Ethereum
  • Roadmap for future
    • 1.0 AMLT - AMLT can be exchanged for AML Risk Reports with a substantial discount
      • AMLT becomes the fully transparent access token of the Coinfirm AML/CTF Platform and network where in order to fully use the Platform, buy a report or access the API at discounted rates and access the Knowledge Pool with exclusive webinars, trainings, articles, draft policies, procedures, risk matrix’s on AML/CTF, AMLT and the status of Qualified User or Network Member is required.
    • 2.0 AMLT - AMLT Wallet integrated with the Platform. Users who went through the identification and verification, agreed to Terms and Conditions and hold 50,000 AMLT are deemed network members and are able to exchange information and participate in AMLT monthly distribution.
      • AMLT Wallet integrated with the Coinfirm AML/CTF Platform. Network Members that went through the identification and verification process on the Coinfirm AML/CTF Platform, obtained approval for a white label address and hold the minimum of amount of AMLT required are able to provide information to the Platform about virtual currency addresses (their own and others) in exchange for participation in the Monthly Distribution of AMLT generated by the smart contract. The contributions will be valued, and transactions will be calculated based on the value of the reported information. This will allow for full user privacy as well as a decentralized audit trail for users to ensure they received the correct payments for their input into the AMLT network.
  • Product
    • Uses over 200 proprietary algorithms and big data analysis to provide actionable data that increases efficiency, reduces costs and streamlines compliance to near automation
    • 100 reports per second
    • Data set
      • 3 TB of SQL tables
      • 500 GB of graph data
      • 250GB of raw blockchain
    • Number of Assessment Scenarios
      • 186
    • Average Time to Generate Report
      • 10s
  • Partners
  • Token usage
    • access to prepaid products and access rights within the network.
    • Members of the network will:
      • receive AMLT tokens for providing ratings and information on specific addresses (hence, the “democratic” element embedded into the system).
    • AMLT users receive:
      • discounts to access the AML/CTF platform and associated reports.
      • exclusive access to exclusive content
    • Users can not only spend tokens on verification services, they can receive AMLT for participating in the rating and verification process (not just for network members??).
  • ICO
    • Turning down a lot of investors
    • Bonuses
      • Biggest is 30%
    • Pre-sale dates
      • 7 Nov - 10 Dec
    • Dates
      • Dec. 12 - Jan. 30, 2018
    • Hard cap
      • 16 million USD
    • Token distributed on
      • 28 Feb 2018
    • total token supply
      • 400 million
    • Investors token supply
      • 210 million - 52.5%
    • Rewards pool supply for network members
      • 120 million - 30%
    • Founding team
      • 10% - vesting period
    • Dev Team & bonuses
      • 4% - vesting period
    • Advisors
      • 2%
    • Rewards for referral
      • 1%
    • Charity
      • 0.5%
  • Team
    • 40+ people specifically recruited from the blockchain industry and with domain experience in AML, compliance and anti-fraud management
    • acquiring another company??
  • Tech Stack
    • Machine learning
    • Big data
  • Community
  • Medias
    • Main stream
      • Came up in some pretty big media outlets
    • Niche
      • All over the internet in niche media
  • Transparency and quality
    • White paper audit
      • "Drafted by the Coinfirm team and reviewed by external experts, the whitepaper is also externally audited.” c.f. the light paper
      • audited by who??
    • token audited
      • "Audited ERC223 Token - The smart contract and token will be audited and tested.”
      • audited by who??
  • Sources

Thank you for reading. This article was written by Adrien Berthou, founder of ICO Points Analysis.

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kuskowskipawel Pawel Kuskowski tweeted @ 22 Jan 2018 - 11:16 UTC

I tell you - this is really interesting to run full AML/KYC/Sanctions compliant ICO - certainly we turned down a fe… twitter.com/i/web/status/9…

kuskowskipawel Pawel Kuskowski tweeted @ 26 Jan 2018 - 22:04 UTC

It was great and very successful week in Japan with @Coinfirm_io Coinfirm - some big announcements due. Coinfirm Ja… twitter.com/i/web/status/9…

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