A CryptoStandard Score of 4.2 and a Negative outlook are assigned to DeepWater Treasure Recovery (ICO starts on 2 April 2018).
DeepWater Treasure Recovery would like to cause disruptive changes in the deep-water exploration industry with the application of blockchain technology. However, our team is not convinced that they have made good use of blockchain technology, which causes a major concern for investors. Whether the company will have enough capital to be listed on exchanges and continue their development is also questionable. Besides, our team could not identify their edges over current deep sea mining or exploration companies. All in all, we believe it will be difficult for DeepWater Treasure Recovery to successfully carry out the project as planned.
DeepWater Treasure Recovery works on two different aspects of deep-water exploration - discovering shipwrecks and sunken treasures, and conducting deep-sea mining.
The analysis is based on our rigorous CryptoStandard Score model which is supported by over 80 parameters. The distribution of the score and the explanation are shown below:
Idea
The idea of undergoing deep-sea mining or discovery is hardly innovative, since most companies have more than five years of experience in this field. DeepWater Treasure Recovery also fails to specify how blockchain technology can create significant values for such activities.
Competitiveness
There are a large number of existing competitors, most of which have more than five years of experience in this field and have their own production line. Our team believes DeepWater Treasure Recovery does not have enough competitive edges over the existing companies to capture a substantial market share.
ICO
With the capital-intensive of the deep sea business, our team believes that the soft cap of $34m and hard cap of $282m are reasonable to fund their operation and development. However, the DWT tokens issued by the company do not have any utility related to the deep sea exploration or mining activities. The unclear nature of the token might result in a greater legal risk for investors.
Team
We find it plausible for the team to be mostly composed of system and software engineers due to the technical requirements of the business. However, the absence of advisors may undermine the likelihood of a successful ICO, especially when only one founding member has serious business experience.
Community
To a company that has already gone through the pre-sale and is very close to the public sale, the community on Telegram is rather weak with fewer than 1000 members. This has in fact prompted some doubts from potential investors have doubt about the ICO as to the amount of capital that can be raised.
Marketing
DeepWater Treasure Recovery makes use of Facebook, Twitter, their website etc. for promoting their business idea and attracting potential investors. However, the company has a serious lack of media coverage, which may be one of the reasons accounting for their small number of community members.
Documentation
The documents are generally consistent. However, the company has noticeably missed out the risks associated with the project, which is particularly worrying given the high uncertainty in the deep sea operations.
Financials
DeepWater Treasure Recovery does not provide any kind of financials.
Reliability
The company has already launched and produced a small number of gliders which have been tested under water. However, the company has not detailed how the gliders would work with the back-end system. Nor has the company provide d a detailed execution plan apart from the roadmap, which hinders investors’ understanding of the future development.
Feasibility
Our team believes that the largest hurdles for the company would be to develop edges over their competitors, especially through the application of blockchain technology. The current plan which involves minimal use of the blockchain means a low likelihood of it outperforming traditional competitors.
See their profile: https://cryptostandard.io/ico/deepwater-treasure-recovery/
@DeepWater @TreasureRecovery
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