ICO Peer Mountain

Website: https://www.peermountain.com
Token Type: ERC 20 issued, cross chain compatible
Ticker: PMTN
Token Supply: 333,000,000 PMTN
Soft Cap: 50,000 ETH
Hard Cap: To be determined by Smartcap algorithm
Whitepaper: 33 pages

Token Distribution:

Project Summary:

• Decentralized identity chain with focus on KYC and compliance

• Entities

  • Consumer

    • End-user of system

    • Submits certificates to consume services

  • Service provider

    • Pays attestation engine for verification of consumer

  • Attestation engine

    • Verifies consumer

    • Gets paid when consumer is verified

• Token Ecosystem

  • Cross chain capable

  • Transaction costs decrease as token velocity increases

  • Product costs will be pegged to fiat

• SmartCap Token Sale Logic

  • Bigger orders get priority in each round

  • Excess orders get pushed to next round

  • Number of tokens allocated for sale increases each round

  • Token price increases each round

  • Sale ends when it doesn't sell out in pre-determined round time
    limit, on order tokens sold at previous round price

  • Number of rounds is determined by demand (Whether previous round
    sells out)

Pros/Cons:

• Pros

  • Project has a strong use case and idea is sound

  • Project team looks strong

  • No presale

• Cons

  • Long ICO with round time limit of 30 days (ICO will last for at
    least 30 days)

  • Partnerships are not explicitly mentioned

    • Only "Major Swiss Financial Services Firm" and "Major German
      Corporation" mentioned

  • More details needed on how consensus mechanism will handle possible attacks due to full visibility between nodes not required

General Thoughts:

Many identity and KYC based projects have come and gone since Vinny's
Civic in 2017. In general, identity protocols have very strong use cases
of blockchain technology but struggle to gain traction and adoption.

In my opinion, partnerships play an extremely important role in identity
projects as they help raise awareness to different groups of people.
Peer mountain's token ecosystem also seems to bank on institutional
level adoption by major MNC's for its success which amplifies the need
for partnerships.

I do not agree with Peer Mountains' approach of not requiring consensus
across all nodes as this looks like a weakness that can be exploited in
due time. Nodes might risk penalization of their reputation attesting
for consumers who might have misbehaved in a separate cluster that they
are not connected to. A deeper look into the implementation of this
feature is definitely needed when available.

An interesting point I noted was the ability for PMT's to exist across
the different chains. Arbitrage opportunities might exist from the
prices of the underlying chain. Such opportunities are healthy for
keeping the PMT price stable.

The team has also created a new form of ICO structure which is
interesting due to it's dynamic nature. The downside of this will be its
complicated explanation of the different variables which the average
investor might not understand. To dumb things down, SmartCap ICO
prioritizes bigger contributions and one should just contribute with as
big an amount as possible (possibly pooling contribution) during the
start of the ICO and wait for your contribution to be filled.

Ideally, I would like to see PMT run their own chain or partner with a
notary service to standardize the data collected. This will allow
visibility of all nodes to ensure a single point of reference. Something
to watch out for will be the reveal of the partnerships Peer Mountain
forges during the ICO and post ICO as this looks to be the major
catalyst for the project.

Rating: 7.3/10

Disclaimer: This is not investing advice and simply my personal
thoughts
and opinions. I am not liable for any decisions made from this post. I
am also not affiliated with any investment or advisory firms and do not
engage in activity with such entities.

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