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Ratings Atonomi

The Secure Ledger of Things

Atonomi provides a new security protocol and infrastructure to enable billions of IoT devices to have trusted interoperability for both data and commerce. The key innovation of Atonomi is to root the identity and reputation of devices on a blockchain-based immutable ledger. We accomplish this by building and incentivizing an ecosystem of participants to maintain decentralized consensus for device transactions on the Atonomi Network.

2.2
4 3 expert ratings
Benchy 1.8
KYC
Experts
2.9
2.9
2.4
Review: coming soon PRO
Unknown
Type
Platform
Country
USA
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Ratings

All ratings published on ICObench serve informational purposes only. ICObench does not provide investment forecast, recommendations or any consulting for that matter. Thus, neither ICObench, nor the experts can be hold responsible for the visitors’ investment decisions. Read more
Dr. Rex Yeap
IP Blockchain inventor | Serial ICT inventor | Angel Investor | Quant | Educator | Meditator
Rated on Jan 2, 2020
Modified on Jan 16, 2020
1
1
1
21%

C1. Atonomi ICO Class Action is in the making. As of today, there are 103 class members.

C2. The various allegations against Atonomi are outlined in
https://ico-class-action.org/class-actions/atonomi

C3. I would like to invite the team to respond to the allegations here by 7 Jan 2020.

C4. I may revise my ratings after hearing from the team.

Below is an extract from the ico-class-action website on Atonomi:

----------- start

1. Project accomplishment allegations
It is alleged that the white paper – stacked high with vague marketing and management spiel – made a lot of bold claims and promises that have been left entirely unrealised. Amongst those was the claim to be building an entire network that would provide secure device-to-device transactions and a completely safe and regulated exchange of data.
It is alleged that the white paper itself was poorly constructed, with very little mention of financials, hypothesised performance targets, or projections and instead contained pages of irrelevant text. Furthermore, it is alleged that the little graphing or imagery available could have been made in two minutes on any entry-level tool.

2. Allegations on the token utility
As per Atonomi’s white paper, the token would be used as follows:
o Integrated into the network for device registration, activation and reputation management
o Commerce transactions
o Operate smart-contracts
They confirmed that the token would be imperative and stated more than once that the network would rely heavily on the token to function.
However, it is alleged that the reality faced by investors is no functioning network and no value in the token.
Investors may have had reason to believe it was futile to retain the coin from as early as Day One and allegedly actively participated in the pump and dump scheme that was present. The graphs below indicate enormous blockchain transactions were made, showing dumps of four million tokens by key, private investors:
Investors have reason to believe that there’s no plan in place to rescue the floundering coin and no solid updates have been provided since mid-2018. Reports indicate that the company does not currently employ any staff with experience in cryptocurrency or blockchain technology and their social media channels are filled with generic spam and retweets. It has even been reported that there is a Telegram chat named “Atonomi Scam” with over 300 members present.
To summarise: it is alleged that the token was made to support the network, but the network was never created. Therefore, this token has no utility.

3. Allegations on the use and allocation of funds
It is alleged that there was no mention in the white paper of Atonomi’s planned distribution of funds, or of their financial roadmap. Reports indicate that they never highlighted how the money would be spent. It has been recently reported that one of Robert Strickland’s companies hosted an enormous and lavish “conference” in Barcelona complete with yacht parties and huge buffets. It’s alleged that the money raised from the ICO for Atonomi funded this.
Further to this, it’s a well-documented allegation that Strickland used the funds raised in the ICO to a) hire his own family members into Centri, b) pay Centri salaries and c) rescue Centri from a low-performing trough.
Thanks to the expotentially decreasing value of ATMI, investors have reason to believe they are extremely unlikely to ever gain back the millions of dollars they invested in this project:

4. Does this project require blockchain implementation?
Atonomi stated that the platform “leverages the power of blockchain technology to validate immutable device identity” and would feature “blockchain-based tokenization of identity and reputation services”, but we remain unconvinced this was the case. While this may have been their goal, there is reason to believe it couldn’t ever be realised. Blockchain technology is required when the decentralised system in question is adding value: using the technology to merely validate a device’s identity is nonsensical.

5. Allegations on the token technology
It is alleged that this is just a standard ERC20 token.

Other Allegations
The way Atonomi and Centri have allegedly treated their investors is despicable. They have allegedly conned them out of twenty five million dollars and have absolutely nothing to show for the value. Reports indicate firstly that the coin has nothing in terms of value and secondly that the company have nothing in place to boost the token’s performance. Their products allegedly remain lost and undeveloped, painting a clear picture of the level of deceit attained by Atonomi and Centri. Investors have reason to believe they were duped to drive hype and gain an image of popularity and prosperity, then the project was allowed to fall to pieces.

----------- end

Updated on 16 Jan 2020

C5. Atonomi is currently featured in https://cryptocheaters.com/report/31
cache: https://archive.md/mtiZw

C6. Due to a lack of response from the team, I now revised my ratings for Atonomi from 121 to 111.

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Scott Brown
Senior Technology Executive, ICO Advisor, CryptoCurrency Enthusiast, Investor
Rated on Jun 7, 2018
4
4
3
15%

Team:
- Executive management team has experience running companies

Facets to explore:
- !! NO KYC for this company yet here on ICO Bench. Have contacted the CEO about this.
- No info yet on ICO raise etc.
- No CFO present to manage funds

Product / Vision:
- Great market to navigate in IOT / Identity / Reputation

- Launching as part of an existing business Centri (IOT) ++

- Could be a nice set up for acquisition if the execution and time to market hit right

Facets to explore:
- Not clear how gas fees with Ethereum will commercially facilitate these device-to-device autonomous transactions. Like to see more information simply related to the economics here.

Notice: I do not provide investment advice. Please see my profile for important disclosures.

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Cem Goksel Ozargun, MA, PMP, CSM, PSPO
Blockchain Advisor, Blockchain Expert, ICO Investor, Product Manager, Project Manager, Business Analyst, Trader, Lecturer, Jack of All Trades
Rated on Aug 2, 2018
5
5
4
11%

Security protocol for IoT... It's sad to see that this project has only one expert review.

In my opinion, team is great, vision is great, the product is good as well. IoT is getting more and more attention everyday and in 2020, it is estimated that 50 billion devices will be connected with the internet. The numbers are amazing. And we will definitely need secure communication between these devices or else our automated cars can be hijacked, our door locks can be opened, our homes could be cut off from grids by malicious people, or even things.

I wish the team the best in their future journey!

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Benchy
ICO analyzer bot
1.8
53%

Experts are independently and voluntarily contributing to the community. If no expert has rated the ICO, only ICO analyzer's results are used. Always research before investing as these ratings should not be taken as an investing guide of any kind.

Ratings and ICO analyzer results are being updated (re-calculated) every few hours.

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