Analysis of ICO Ideal Data Memory (IDM)
Ideal Data Memory (IDM) is a platform providing a secure data storage and exchange service. One of the unique features of the project is that data security is guaranteed by post-quantum cryptography. IDM service is utilizing the patented technology called SIZE. The SIZE algorithm which has being developed as part of the project is stronger than AES 256 by power of 147 (!!!). It should be noted that SIZE is the unique standalone technology.
SIZE technology has four main features (Safety, Security, Scalability and Data governance), appearing simultaneously and making this technology unique. Thanks to this new technology, users can stop worrying about unauthorized access to their data. Anyone can be a miner and rent a spare memory on his or her device (smartphone, computer, gaming console, NAS etc.) and get paid for it. With SIZE technology the service is capable of utilizing up to 100% of any storage media.
The product should be in a high demand against the background of ongoing scandals about data leakage, mail servers hacking, surveillance of citizens. It is important to note that SIZE technology has been created, patented and implemented in a product called BoobookBox. IDM service is raising funds for further development of this unique product.
The business plan of the IDM project is very clear. SIZE technology has already been developed and patented. IDM platform will be based on this technology.
ICO is raising funds to invest in the project. Hard cap is 27 000 000 USD and soft cap is 3 000 000 USD.
Tokens will be distributed in the following way:
- Team 13%
- Reserve Fund 20%
- Developers 5%
- Bounty 2%
- For sale 60%.
IDM token is a utility token to be used within the platform.
The business plan is simple, clear and adequate.
The founders of the project decided to use the strategy of macro-segmentation and sequential capture of market segments.
Market capture in 2018-2019 will begin with the corporate segment of the target audience as most interested in this product.
The main marketing goal is to contact 10% of the target audience.
Sales revenue in 2020 should reach $ 36 million.
The founders of the project focus on a development of customer service, high product quality, loyalty program, reinvestment of profits in the aggressive advertising of the product.
The White Paper describes in detail marketing tools for promotion of the product: educational webinars, affiliate programs, retailing, advertising, direct sales, etc.
Communication channels for the corporate segment are described in detail.
We can say that the project has a full and detailed marketing strategy (plan) for the next two years.
The project team includes two inventors of the algorithm, two patent lawyers and the development team from UK and Switzerland. The project team has many years of experience in the development of this technology and should make this project successful technically and commercially.
The Vision of the Market
The White Paper provides statistics on most striking negative precedents regarding data security over the past 5 years, including a detailed statistic on cloud storage services, rating of the most popular services, analysis of problems concerning the use of cloud services. The basic tendencies of the data storage market and the review of decentralized data storage market are also provided. The user base growth and revenue forecast for 2019 – 2021 are given. The IDM team has very a good understanding of the market for their product.
Understanding of the Target Audience
The target audience of the service are customers around the world with concerns about the safe data storage and exchange. The product will be mostly in demand among the companies and public institutions. It can be clinics, banks, government agencies and any company processing personal data. The product is also available to private consumers. It must be noted that this level of data protection previously was not available to private customers. The White Paper describes in detail two main segments of the target audience: users and miners with their socio-demographic portrait and motivation to use the product. We can say that the founders of the project have good understanding of the target audience.
The IDM service offers the highest level of data security vastly exceeding not only similar services but also US government standards.
The service has $ 25,000 compensation for data breach.
There is a generous reward for miners: 4-5 dollars for every 50 GB of rented memory.
The project has several striking advantages distinguishing it from competition and typical ICO projects:
- absolute data protection (“one-time pad” principle);
- clear business model and marketing strategy;
- experienced team;
- implemented and patented technology.
Disadvantages of the project: difficulty in understanding data storage technology, encryption algorithms
may prevent from appreciating unique advantages provided by the IDM service.