Cryptoindex

The team is not bad. 139 pages WP? Perhaps the largest I have ever seen. Too long, badly structured, hard to read, lacks must have information. A lot of theory in the beginning, also too long about the project. There are many other cryptocurrency indices projects - where is the competitive analysis to start with? Business planning scenarios? Demo is not MVP.

Chiefs are great domain experts and it seems they know what they doing - development team is offshore which can be improved.
Solid whitepaper but it's too long and explains lot of unnecessary theory which make me sleep! But concept explain great way!
Product is kind of DREAM - if this is possible to achieve what they promising then it's good and bad both...good for early adopters and bad for future as more people join the platform, market manipulation can happen in cycle as everyone will take action based on Zorax output!
I can't see this can go long way unless they start charging huge fees for the platform which then won't be decentralised!!!!
...but I still liked the concept and I see it has potential for early adopters if they can deliver what they promising.

"Soft cap 3,000,000 USD
Hard cap 37,000,000 USD"

"Cryptoindex is an index of the top 100 performing coins, selected and rebalanced by our highly sophisticated neural network algorithm Zorax."

Very interesting model! However, is this project working directly with any of the top exchanges to collate data?

I believe this will be the turning point as Coinmarketcap has introduced adjusted volume to enhance the legacy reported volume to present an overall more accurate data analytics.

Will be willing to revise rating if the team responds.

All the best!

~~~~~~~~~~~
Roman
ICO team member replied on 28 Nov 2018
Hello Clemen! Thank you for your feedback about the project!

Yes, we collect the data directly via API of integrated exchanges. There are 9 exchanges right now.

Best regards, CryptoIndex.io team
~~~~~~~~~~~

Dear Roman

Thank you for your reply.

Please list down the 9 exchanges that you mentioned?

All the best!

~~~~~~~~~~~~~~

Roman
ICO team member replied on 30 Nov 2018
Hello, sure. We are connected with:

- OKex
- Binance
- Huobi
- Bitfinex
- Bittrex
- HitBTC
- Kraken
- Poloniex
- Bitstamp

You can find more information about it in our WhitePaper, pages 66, 67, 68.

Will be glad to answer any question.

Best regards, CryptoIndex team.

I don't see enough expertise from the blockchain team yet. There is a risk after the fundraising not to implement the project. Pretty big cap as competitors for less money advanced. I don't believe in artificial intelligence for predicting currency prices. It doesn't work. From an investment point of view, it is not an attractive project for investment.

They say they are 70% above the bit coin, but the basis for their market analysis is ambiguous to me. If you are an ICO walker you will notice that you should no longer consider Bitcoin as a standard. The team seems to be excellent, but I think the team is small to run such a huge project.

There is a mistake on IcoBench as their team is way bigger, as seen on LinkedIn.
Aside from this, they do have an MVP and their vision can make a difference on the market. This project seems truly promising.
Good luck!

First review on 25 Oct 2018:

C1. An interesting project with a lot of potential.

C2. The official Telegram chat group created on 4 March 2018 and real activities started on 25 June 2018, over 9,000 members (as at 25 Oct 2018): https://t.me/indexcrypto

Some questions for the team:

Q1. Who are the shareholders of Cryptoindex Limited (CL)?

Q2. Who are the directors of CL?

Q3. To double confirm that these are not related to CL
(a) https://www.prestigebinaryoptions.com/cryptoindex-limited-review/
(b) https://www.valforex.com/2017/12/cryptoindex-review-is-it-the-worst-bitcoin-scam.html

Q4. What neural networks model(s) are used in Zorax?

Q5. Would appreciate if you can provide screen snapshots or videos relating to Zorax.

Q6. Who within the team is involved in the design of Zorax?

Q7. Who within the team is involved in the coding of Zorax?

Q8: What is your smart contract address?

Q9. There are several patented quant algorithms that are using AI, wonder if the team plans to apply for any patent protection for technologies relating to Zorax?

Q10: What is the token lockup/vesting period for the team members?

Q11: What is the token lockup/vesting period for the advisors?

Q12: What is the token lockup/vesting period for the institutional investors (if any)?

Q13: Who among your team members are in your Telegram community?

Q14: Who among your advisors are in your Telegram community?

Q15: What's your Github address?

Q16. What the competing Crypto indexes related projects out there and to do a comparison with them.

I will revise my ratings after receiving further responses to above questions.

----------

First speedy reply from the team member, Roman (ICO team member replied on 26 Oct 2018):

"Thanks for your feedback, Mr. Dr. Rex Yeap!

A1.1: We are following up with our shareholders to see if they would be willing to disclose this information.

A2.1: Please, check the Executive Team Details section of our WP https://cryptoindex.io/docs/CryptoindexWP1.0.pdf

A3.1: This is not our project, please check out one more time

A4.1: This question is described in details in Zorax section of our WP https://cryptoindex.io/docs/CryptoindexWP1.0.pdf

A5.1: This information is available at the MVP of the Cryptoindex Platform. Please, check www.cryptoindex.ai.

A6.1: You can find this information in Our team section of WP https://cryptoindex.io/docs/CryptoindexWP1.0.pdf and our official site https://cryptoindex.io

A7.1: You can find this information in Our team section of WP https://cryptoindex.io/docs/CryptoindexWP1.0.pdf and our official site https://cryptoindex.io

A8.1: At the moment our smart contact has not been deployed.

A9.1: Of course, our policy is that all our rights will be fully protected.

A10.1: Bonus tokens have 3 to 6 mos lockup.

A11.1: Bonus tokens have 3 to 6 mos lockup.

A12: None

A13: team members are in Telegram chat.

A14: All advisors are in our Telegram chat.

A15: Our Github address: https://github.com/cryptoindexAI. Cryptoindex is not an open source project. But you can review the code here: https://github.com/phenom-company/smartcontract-cryptoindex

A16: Some of the competing cryptocurrency indices are reviewed in this article: https://block-chain.com/news/cryptocurrency-indices-as-an-alternative-way-of-crypto-portfolio-diversification

If you have any question, I`ll be glad to answer for you. Waiting for your response!"

----------

Part 2 - on 26 Oct 2018 and 27 Oct 2018:

As the answers are incomplete, I've created a Google docs for this Q&A follow-up, pls continue the Q&A here: https://goo.gl/brHgQ7

Q17. Regarding A13, I wasn't able to verfiy the claim, and would now like you to replace the ? with the team member's Telegram ID:
o Vijay Andrew Angelo, CEO: ?
o Lawrence D'Souza, Head of Analytics: ?
o Alex Goncharenko, Product Manager: ?
o Gemma Clapton, Client Relations: ?
o Caroline Matusso, Head of Marketing and Communications: ?
o Simon Sergeev, Head of Support: ?
o Sergey Shashev, CTO: ?
o Andre-Pier Buzdum, Project Manager: ?
o Stephan Kamentsev, Software Architect: ?
o Lana Ivina, Senior Mathematician: @lana_out_of_the_blue

Q18. Regarding A14, I wasn't able to verfiy the claim, and would now like you to replace the ? with the advisor's Telegram ID:
o Austin Kimm, Co-Founder and Chief Operational Officer at Crypterium: @AustinKimm
o James Davies, Managing Member at London Derivatives Exchange: ?
o Paddy Tan, Strategist, Asian Market: ?
o Gabriel Zanko, Blockchain Investor and Advisor. MobileyourLife, Founder: ?
o Dorothy (McKinley) Delahunt, Chief Legal and Compliance Officer and Founder Member at London Derivatives Exchange Group: ?
o Sandy Broderick, IR Advisor: ?

Q19. I read that the system has been running for a few months (at the time of the whitepaper release). Let's have the cryptocurriences dataset from 1 Jan 2017 to 1st of the current month (suppose you reply on 5 Nov 2018, then last dataset date is 1 Nov 2018), would like the team to prepare a Google sheet showing
(a) The top 100 monthly cryptocurries that the system has chosen, and it's weightage
(b) Monthly performance metrics starting from July 2017, specifically: arithmetic mean, SD, skewness, kurtosis, Jensen's alpha, beta, Sharpe ratio, Sortiono ratio, Omega, maximum drawdown, information ratio and upside potential ratio.

Due to the new issues identified in C3 and C4, am now revising the ratings from T=4 V=4 P=2 to T=2 V=4 P=2 but will re-adjust again when more clarifications are provided.

------------------

Part 3 - Updated review on 9 Nov 2018

For the past many days, I have been interacting with a group of 4 unknown individuals who are seemingly associated with Cryptoindex.

Other than two incomplete and important due diligence questions (Q8 and Q19) that I am still expecting answers to, the rest are addressed (varying degree of completeness)
Reference: https://goo.gl/brHgQ7

Ratings is now being adjusted from T=2 V=4 P=2 to T=3 V=4 P=2.5 (rounding P to 2 for now).

----------

One of the 4 unknown individuals complained to ICOBench and ICOBench wrote to me on 14 Nov 2018 and the content of the email is as follows:

From: ICObench <******@icobench.com>
Subject: A question regarding your rating
To: ********

Hello Dr. Yeap,

We have been contacted by Cryptoindex.io team who expressed their concerns about your rating for their project. The main issue is that you have shared their personal information in your review, and we will have to ask you to either remove that part or provide a link to the open source where this information can be located.


Best regards,
****** from ICObench

----------

Part 4 on 15 Nov 2018 - my reply to ICOBench

Dear ******,

At 11:20 PM 14/11/2018, ICObench wrote:
>We have been contacted by Cryptoindex.io team who expressed
>their concerns about your rating for their project.

I've been interacting with the team and have been as honest as I could. There are two remaining questions that are left unanswered.

Public Q&A with a team of unknown individuals who claimed to be part of Cryptoindex (but non appeared in the ICOBench Team/Advisor) is available here: https://goo.gl/brHgQ7
Private Q&A with the same team is available here: https://goo.gl/******

This team of 4 has requested that I keep certain information provided to me confidential and I have done that for the responses that I deemed to be confidential (you can compare the private Q&A and public Q&A accordingly).

>The main issue is that you have shared their personal information
>in your review, and we will have to ask you to either remove
>that part or provide a link to the open source where this
>information can be located.

Specifically, the person who contacted you is concerned with their Telegram ID of one of their team member (see my Q17 in their review) and their advisor (see Q18).
Q17: Lana Ivina, Senior Mathematician: @lana_out_of_the_blue
Q18: Austin Kimm, Co-Founder and Chief Operational Officer at Crypterium: @AustinKimm

Information are publicly available:
o Lana Ivina is listed within https://icobench.com/ico/cryptoindex/team
o Lana's Telegram ID can be found in the public TG group: https://t.me/indexcrypto, as of 25 Oct 2018, she posted 6 times in the group.
o Austin Kimm is listed within https://icobench.com/ico/cryptoindex/team
o Austin's Telegram ID can also be found in their public TG group: https://t.me/indexcrypto, as of 25 Oct 2018, he posted 1 time in the group.

Let me know if you would me to publish the full public discussion of "CryptoIndex.io - Official chat [@indexcrypto]" Telegram group from 04.03.2018 18:58:54 to 25.10.2018 14:35:28 (there are a total of 33,072 lines of content)

While this complaint is annoying, I will not penalise Cryptoindex by lowering their ratings because of the fact that this damage was done by one of the 4 unknown individuals (who are neither Cryptoindex core team members nor advisors) but I would suggest that these 4 unknown individuals not push their luck too far.

Cryptoindex is coming with really great idea! Instead of creating new coin, they are creating index coin like NASDAQ has on stock market! Nice! That's why I gave 5 for vision. Team is also coming with high professionals and advisors! This is another 5 score from me. Lastly, jurisdiction for ICO is Malta which is one of the best for ICO projects.

Token distribution is very beneficial for investors. 90% goes to the community. Very positive +

There is an MVP. Very positive +

Product idea is good. I think we need projects like this. Serious investors would like to invest in the first 100 cryptocurrencies like they do invest in stock index. I remember seeing other project with similar ideas but I might be wrong. Still, it’s a good idea if implemented nicely. Positive +

Both the team and advisors are experienced. Positive +

Website, promo video, and whitepaper designs are very cool. Whitepaper also includes detailed technical information. Some people think it’s not important but I think it’s an indicator of how serious the team is. Positive +

Hype is neither good nor bad. 7k on twitter and 11.5k on telegram is fine. Neutral +/-

Project has a very recently initiated roadmap. Negative -

Hard cap is $37 million. Like that is not enough, there is also another 20% overdrive option. I honestly don’t think this much would be necessary. Negative -

In overall, this would be one of the highest scores I have ever given. I advise you to decrease the hardcap to below $20 million, preferably to $15 million. If you do that, I would increase my score.

Good luck guys!

Very few words to say as Dr. Rex Yeap has questioned most of the important points.
The concept is NOT new and everyone has been putting similar projects on the side due to the fact that the regulations side of it, it's still missing!
Where do you get the data for this index? Clearly you are not owning any data so far!
Do you really need 37 mil USD to create an index?
What is the concept of Zorax? How does it work?
Looking forward to hearing from you.

This is not an original vision, but it depends on how are they planning to implement it. The amount of money they need to raise is a bit ridiculous.
They do have a working MVP, but their team needs more members.

The project looks very useful for crypto investors with the help of blockchain/AI/Neural network(if they are really integrated into the platform).

The problem will be how can you guarantee the profitablity & safety of the investment?

Also no details and future development in the milestones, no github info, community not very active.

Product vision is interesting but arguably questionably accurate (validity of what it predicts to the actual outcome is self-described as "some reliability" in the video. This is legally correct but not confident-inspiring. Good video. Team: Strong CEO and apparently strong Head of
Analytics. Weak product manager. Passing KYC is good. Ok Marketing person with consumer/retail project management experience. Largely a Russian team. Product is a logical step in exchanges/trading and offers usefulness if established as the industry standard.

WP - why do they need 37 million USD (hardcap) for an index?