Recently, data analysis has failed to preserve your privacy, let you keep control over your data and distribute rewards to all participants.

General Information

Recently, data analysis has failed to preserve your privacy, let you keep control over your data and distribute rewards to all participants.

Moreover, the rise in violating the data base, unauthorized data usage and intensified surveillance made us realize the current way of analyzing and collecting data is not fair, unethical and can be bad for the society in the long term.

MADANA is the solution. MADANA enables you to use your data for good. It is the platform where you can take advantage of today’s data analysis potential, to live a better life and help others at the same time. You not only give your data to MADANA but also get fair reward for contributing it.

What is MADANA?

MADANA is a decentralized ecosystem preserving and processing your data, empowering everyone to participate in the data market with their own data, while simultaneously preserving their privacy. MADANA aims at increasing the privacy and uncontrollable of data storage.

Technology

Using data storage while preserving privacy

Based on the principles of asymmetric encryption, the data will only be accessible to the entity possessing the private key. The request for participation contains the public key of the Analysis Processing Entity (APE) and the Analysis Requesting Entity (ARE) for identification purpose.

Raw data only be accessed by the Data Production Entity to ensure a secured environment after DPE agrees to participate in the data retrieval.

Especially, the data will only be used to create an analysis result based on various algorithms which are uploaded to the plug-in archive and have been validated. After processing the analysis, the APE will destroy itself along with all the data. So there is no way to disclose data on the concept of the system. If the ARE wants to use the data for any purpose than stated, it had to initialize a new request and ask the data producer for approval.

Built on Lisk sidechains (Innovation and scalability)

Written in JavaScript, in contrast to traditional decentralized application platform such as Ethereum, Lisk sidechain allows for tailored blockchain architecture to satisfy a variety of developer needs.

MADANA is the blockchain application and the first ICO in the field of deploying a sidechain on the Lisk platform. Interoperability between different sidechains through the Lisk mainchain will allow other blockchain application to interact with MADANA sidechain and utilize it as a privacy backbone. It expands the MADANA ecosystem.

LISK sidechain has s track record of being secure. Many attacks have been tried on Lisk network failed. According to Max Kordex- CEO of LISK and one of the MADANA advisor, has built in security protocols into the LISK blockchain that have thwarted security attacks on the LISSK network. MADANA, at its core, believes in security and privacy. Not just in data, but in blockchain.

Complying with the GDPR

GDPR (General Data Protection Regulation) is the regulation in EU law on data protection and privacy for all individuals within the European Union and the European Economic Area. It will be applied on 25 th of August, 2018.

Data should only be used for the purpose stated and not for any other purposes.

Token distributions and allocations

Hardcap: around 45M $. Total Token: 100M. Recently, the project is in Private sale started from 1/9 to 31/10/2018. Till now, they have sold 8.5M token (~1/3 total token in presale). All the tokens are not sold will be burned.

PAX Token distribution:

55% for investors and community

15% for long term stabilization

15% for partnerships and system development

15% for team & advisors

Allocation of Funds:

65% for development & operations

20% for marketing & PR

10% for legal

5% for security bounty program

â MADANA raised a quite high hard cap compared with other platforms. Token distribution is clearly displayed but it is not rational. A technology project but they spend too much on marketing and PR leading to the doubt of investors about the realistic of the project. Moreover, they spend 10% ~ 4.5M $ for legal. 5% of bounty program will be distributed for participants and hacker in fixing errors and bugs for the system. In my opinion, this amount for bounty program is quite big in comparison with the roadmap of the project. It will take a long time to complete the platform but they still have to spend a huge amount of money on fixing errors. By that, investors may concern about the future of their project.

Roadmap

The roadmap is quite clearly displayed with specific application development stages including 3 years of development. Started from the very start of 2017 and ended in 2020. They decided to develop the platform along with the presale in third quarter of 2018.

Q3/2018: Start Presale, develop User Registration for platform and create their community

Q4/2018: Develop data security and publish Alpha version of Internal data science platform

Q1-3/2019: Pilot project with key partner, publish Beta version of Internal data science platform.

Q4/2019: Begin market rollout and develop Alpha version of External data science platform.

The roadmap is long, around 3 years. Till now, the presale is just in the beginning stage. In the roadmap, they only showed the Alpha and Beta version of the application but the Testnet is not mentioned. However, the project is new and still in the development stage.

Team

CEO- Christian Junger: graduated Bachelor’s degree of Business administration and Engineering- Special area of Material Engineering from RWTH Aachen University- the largest technical university in Germany and has over 130 years of history. He has 10 months experience in CryptoTec AG- blockchain technology startup, established in 2014.

COO & co-founder- Dieter Schule: graduated Master of Science and Bachelor of Science of Business and Mechanical Engineering from RWTH Aachen University. He has 2 years-experience in Modell Aachen GmbH about computer software, established in 2009.

CTO- J-Fabian Wenisch: has great experience in software engineering with more than 15 years working in technology company, secure transmission systems and data privacy of automatic industry.

Moreover, Julian Schiemann- head of marketing and Eugen Salkutzan- Community Manager are both sharing the same interest in blockchain technology, especially Eugen, he is the co-founder of Bitcoin Meetup Aachen. They both graduated from RWTH Aachen University majoring in technology engineering.

â Team includes 9 members, ½ of them including 2 co-founders have experience and knowledge in blockchain technology. Members in team have long term relationship with each other such as going to the same university, participating in same group and co-founder of Bitcoin Meetup. Information and Linked In of all members were published on the website.

Community

Telegram: https://t.me/madanaofficial (~1000 members)

Established in 2017, all members are quite active in contributing comments about the project. Admin team respond quickly and enthusiastically, highly receptive and critical. However, the development of the telegram community is slow.

Facebook: https://www.facebook.com/madana.io/ ( 610 likes-658 followers)

Reddit: https://www.reddit.com/r/MADANA/ (132 subcribers)

Bitcointalk: https://bitcointalk.org/index.php?topic=4796017.0

LinkedIn: https://www.linkedin.com/company/madana.io/ (324 followers)

Twitter: https://twitter.com/madana_hq ( 1766 subcribers)

Apart from that, there are many other communities that receive positive feedback. However, there are not many followers in these communities. Recently in 5th of September, they held a meet-up in Ho Chi Minh City and attracted a lot of participants.

Conclusion

Advantage

This is a highly applicable platform for many industries, built on LISK sidechain to ensure data security. In general, people’s reaction is positive. All the information about the project, team members and roadmap are published on their website and whitepaper. MADANA has great team member experienced in both business management and blockchain technology. The idea is not outstanding but they come up with great technology solution of building on LISK sidechain allowing develop team freely design application of their needs. Moreover, MADANA security principles complies with the GDPR law.

Disadvantage

Apart from the active of telegram community, other communities are quiet. Technology project takes a long period of time to complete and the result is in the future but now they are raising a high hard cap. The important point is this project will take a long time to develop the system.

There are also some projects having the same idea about data security such as Archon or Storj. They both raised a hard cap of around 40M $ and long road map. Especially like Storj after they ended ICO, ROI is not good: 0.51x ETH, 0.22x BTC và 0.58x USD.

Conclusion:

Even MADANA clearly displays their technology, has great team member, in this time of the market, raising a high hardcap of 45M $ is quite impossible. Their idea is not outstanding, FOMO level is not high, other projects with same idea don’t receive high ROI after ended ICO. To be conclude, investing in the present is a highly risky decision.

Rating from Icogens:

HYPE RISK ROI TERMS ICOGENS’ SCORE LOW HIGH LOW NOT RATE LOW



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*Note: All the information (on icogens.com) including tokens sales, “interest level”, ROI rate, hype rate, risk rate are our subjective opinion and only for informational and educational purposes. The information ICO Gens provides is not an investment advice.

HYPE: is defined as the level of concern over a project and its FOMO. This score is based on the number of people joining a project’s social channels such as Reddit, Telegram, Twitter, Facebook, Bitcointalk, Medium or Slack as well as the number of review articles produced by the third party.

RISK: the risk rate of the project. Based on this score, you can find more spam warnings of the project. More specifically, RISK is about the transparency of the project, its idea, members of the development team, roadmap and whitepaper. (RISK is rated regardless ROI rate of the project).

ROI: (Return on Investment): the rate of profit a project can bring to investors (ROI is considered separately from RISK. ROI can be rated High and RISK can be rated High as well).

TERM: this factor reveals the length of time you should hold token or coin of a project. The period of time can be Short, Medium or Long.

ICOGENS’ SCORE: this score can be decided by scores of four other scores or it will reflect the level of interest ICOGENS’ team has in the project. This score is separated from ROI score. It just shows how much Icogens core team concern the project.

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Source: Icogens.com