Review of Bither ICO project
Despite the fact that the prices of basic cryptocurrency are on the bottom (if it is reached), and most cryptoenthusiasts say about the unprofitability of mining, but there are still people for whom life without cryptocurrency mining is impossible. Using new, non-standard approaches and algorithms, they try to postpone the decline of this type of business. This time in the field of our view there is the project Bither, working in this area.
So let's take a look at the estimations that were given to it by the most popular rating agencies. The project team received the highest number of maximum estimations. Foundico and ICOmarks gave 10 out of 10, TrackICO gave a maximum of 4 points, and only ICObench gave 4 points out of 5. ICO Profile is close to the maximal estimation. Thus, ICOmarks gave 9.6 points out of 10, ICObench – 4.6 out of 5, and TrackICO again gave the maximum of 14 points. The product that Bither creates was given the worst estimations from the agencies. Foundico gave only 6.6 points out of 10 for it, ICObench-3 out of 5. And this is when the qualitative demanded product is one of the main components of success of any company. Well, let's take a closer look at what solutions Bither offers.
The project is aimed at creating a blockchain platform, which would be able to redistribute a part of computing power to the solution of production and scientific tasks by optimizing the software resources use. One of the distinctive features of the platform is its "layering". Part of the operations is processed on the second and third layers, freeing up the main network capacity. As an example, in Bither, users can add a third layer to their network located in the second layer. Such a feature makes them able to define multiple tokens and make their project better structured. Another Bither’s features is the merged mining, this is a powerful incentive to draw more miners to Bither’s network. Miners would be able to mine all customized tokens located on the second layer, not just the main coin (BTR). And, of course, the Bither protocol will apply smart contracts. Such a large-scale project cannot be implemented without experienced personnel. Let's see if Bither can boast with his team.
The Bither Team is quite numerous and consists of 13 people. However, it is difficult to distinguish someone specifically, because there are no noticeable achievements or places of work of the team members. The CEO of the project is Alex Z.Kouchal, for example, does not indicate any previous jobs, so his experience cannot be evaluated. CTO Bither – Ali Ghasemirad – has been working in the sphere of Web-technologies for more than 6 years, but mostly everywhere, he was engaged in web-development, web-design and SEO-promotion. We do not know what the criteria for selection of the technical director in Bither, but he would not have passed to this position in our company. But Shayan Shirazi before coming to the startup was just CTO in the Iranian IT-company, serving payments of more than 84000 sites, but in Bither he somehow works as R&D Manager. Interestingly, the project has a head of security (CSO) and part-time head of Operations department-Reza Abbasgholiha. Few of the ICO companies can boast of the presence of such employee in the state. The team seems to be very careful to the security of its system. And that's right.
The team seems to have worked hard at writing a white paper. At least we have not met anywhere such a detailed description of what the blockchain is. 20 of the 54 pages of the document are dedicated to explaining the blockchain principles, what the tokens are for, how to check transactions, etc. All of this is, of course, very important and necessary, but we believe that if the investor is interested in ICO, he already has minimal knowledge, so it is not necessary to explain the basics in detail.
On the other hand, the detailed description of the work of the Bither platform and its advantages is very appropriate, as it helps investors thoroughly learn the peculiarities of the product developed by the team. The lack of the team description looks unusual in a white paper. This is usually one of the few items that are in the documents of all projects. There is also no market assessment and forecasts for the coming years. Most projects still point out this data.
Despite the fact that the sale of tokens to a wide number of investors will begin only on March 23rd, Bither marketers have already prepared and created an impressive community around the project. Twitter account has collected most subscribers -almost 8700 people. The second place is Telegram with 2500 subscribers. And Facebook Bither has the most modest audience-only 200 people, although the posts are posted regularly. The same people as in other social networks. Most likely, the miners don’t use Facebook.
As you can see, the task for the team is ambitious. Despite the very high ratings of the team, it seems to us that it lacks professional, experienced blockchain developers, capable of realizing all the plans. Although, judging by the technical side of the white paper, the startup has people who really understand the technology very well. We would like to believe that they have enough strength and knowledge to implement such a large-scale project.