The project that is promising to offer a solution to fight counterfeiting in retail has just finished its initial coin offering pre-sale with a resounding success and is initiating its crowd sale today.
Devery is developing a blockchain ecosystem that will allow retailers in the e-commerce market and consumers to verify the authenticity and origin of its products.
The project’s team announced, on the 22nd of December, that the presale had closed within 72 hours and raised USD$1.5 million worth of Ethereum. The team decided to close the presale early due to the volatility of Ethereum’s price in the last couple of weeks and the high demand for the project’s token, EVE. At today’s prices, the 1887 ETH is worth USD$2.3 million.This announcement gives great indications for the project’s ICO, which will run from the 12th of January until the 10th of February, or until the hard cap is reached.
Set at USD$10 million, Devery is running one of the lowest hard caps in the market today, particularly if we account for the presale, which leaves only USD$7.7 million in contributions to close the crowd sale.
According to the team’s reports, the presale capital is funding marketing activities to raise awareness for the project, including self-promotion in news outlets and social media campaigns.
While media exposure is admittedly fundamental for the success of an ICO, investors are also concerned with what the project actually has to offer, particularly in the sector of product authentication, where the likes of Wabi and Walton already occupy a significant position.
Devery is addressing the multi-billion dollar problem that the import and purchase of fake products represent for retailers and customers every year. The platform will help these retailers track the origin of their products and their authenticity. It will do that by imprinting a digital signature on each product, asserting the items’ authenticity. The interesting thing about what the team is proposing is that the platform will allow the users to develop their own applications within Devery’s ecosystem. This will permit that developers build applications with customized APIs without any prior knowledge of blockchain.
Editors Pick: Devery ICO
Despite law enforcers’ best efforts, counterfeiting remains a major risk to consumers, sellers, and intermediaries alike. According to the OECD, half a trillion dollars were lost to this illegal practice worldwide in 2016. North America and Europe are targeted the most by products that mimic the original brands, but fail
This will make the use of this type of service much easier to access by a large pool of retailers. Besides that, the platform supports a number of different verification structures. In their use cases, the team explicitly refers to digital signatures for digital products, but the platform can also operate with the generation of unique labels that can be used and verified with Near-field communication technology (NFCT – used in contactless credit cards) or Radio Frequency Identification tech (RFID – used to physically track products in assembly lines, for example), which allows for the technology to be applicable to physical items as well. This means that Devery is usable by virtually any industry around the world, from clothing to software, container shipments, and food products.
This is where the lines become a bit blurry in terms of the project’s uniqueness within the blockchain ecosystem.
Wabi, a project that now boasts a market capitalization of USD$200 million, is developing its own specialized RFID anti-counterfeiting label, which will allow consumers to verify the authenticity and origin of the product they are buying. This project was purposely thought of to address the growing issue of counterfeit products in China, particularly imported powdered milk, that has caused severe health concerns in recent months. However, the label can be applicable to any product.
In fact, the WaBi labels have already been deployed to baby formula products sold by several Chinese retailers, making it one of the very few blockchain projects already offering a service to the general public.
A project called Walton (market cap at USD$430 million) is also very present in the sector. It is designing a next-generation RFID technology that will allow retailers to track their items and improve their supply chain management, as well as gather extensive amounts of data on consumer behavior, thereby improving the retailers’ ability to manage their stock.
This arguably represents strong competition for the Devery project as both traceability and authenticity issues are already being addressed by well-established projects. However, the Devery team is very confident, that with a working prototype in place, it will be able to implement its own solution with retailers very quickly.
By allowing for the development of customizable applications within its ecosystem while supporting a variety of verification systems both digital and physical, the Devery team is offering an aggregating solution for both fighting counterfeiting and managing supply chains. It also bypasses the problem that most projects have of forcing users to work with the platforms own proprietary software, rather than having a software that matches the user’s specific business and marketing needs.
Devery could, once deployed, be able to support both Wabi’s and Walton’s RFID technologies if the users so desired and if partnerships were struck. In that way, the existence of innovative projects developing product verification technology can enrich Devery’s ecosystem and offer its users new possibilities.
Further, Devery is capable of providing verification services for digital products as well, taking it a step further from the use of RFID tech on physical items. This means that an online college certificate can be imprinted with an authenticity signature that is traceable, verifiable and immutable. Digital drawings can carry a tag that assures that the author’s intellectual property is respected and guarantee to the buyer that the piece it has purchased is legitimate. In this way, the devery platform has the potential to fully unify the provenance verification landscape within one single ecosystem, all powered by its native ERC20 token Entry Verification Engine, or EVE.
Over the next month, we will be following the roll-out of Devery’s ICO attentively as the team tries to reach its USD$10 million hard cap.
Here are the details of the upcoming EVE token sale:
Token name: EVE
Token base: Ethereum (ERC-20 compliant)
Token supply: 100,000,000
Token sale duration: 18th January, 2018 – 10th February, 2018 (public token sale)
Token sale target: €10,000,000 (hard cap)
Token exchange rate: USD$0.17