TITANIUM BLOCKCHAIN's ICO review

Today, we'll have a look at Titanium Blockchain project. Let's start with consolidated rating for this project. After searching on the internet, I've found out that Titanium has been rated only at two rating providers. As usual, we've got ratings from ICOBench and TrackICO.

What is Titanium Blockchain?

Titanium Blockchain (TBIS) has declared their mission as a following: “Leveraging power of the immutable blockchain to provide virtual infrastructure services for businesses and individuals, creating a Titanium clad guarantee of reliability which had previously been wholly impossible.” Their primary goal is “Creation and propagation of a shockproof distributed network infrastructure capable of replacing the bloated and inefficient hardware foundation upon which the internet of today is based. In essence: to build a better internet that cannot be controlled or destroyed by anyone and is open for all.”

TBIS aims to make it possible for any existing network devices (from simple routers to cryptocurrency miners) to be virtualized and operate in a completely cloud- and blockchain- based space, providing users with an ability to set up enterprise level infrastructure from the comfort of their own homes, with no need to install any rack servers, routers, load balancers, or other network components beyond what is needed to access the network. Basicall Titanium Blockchain is the distributed, blockchain-based equivalent of Google Cloud Platform / AWS / Azure.

To this end, TBIS has devised a system made up of the following core components:

• Infrastructure as a Service (IaaS): This is planned to include virtualization software that enables the creation of network components (such as servers, routers, switches, etc.) in a distributed environment, a platform for creating and maintaining distributed enterprise IT environments, website hosting via a virtual server system, and management software with “autonomous healing” and security functions for all monitored elements and network components.
• Desktop as a Service (DaaS): This will make it possible to host personal encrypted computing environments on the Titanium cloud, accessed by users from any terminal or device via a custom, ultra-light operating system. TBIS appears to be extremely confident in its ability to handle any and all security and privacy issues with its “Titanium Hydra Fault Tolerance Suite” and “SHAKE256 Titanium Sponge Cryptographic Techniques”, but neither is explained much further.
• Company as a Service (CaaS): This will be an automated wizard that allows users to start new businesses, facilitated by smart contracts that handle business activity such as registering licenses, creating bank accounts, filing trademarks and patents, incorporating, leasing of office space or equipment, employment, securing advertising space, domain registration and host acquisition, etc.
• CryptoEscrow: This will allow users to pay for online purchases with any supported cryptocurrency via an Ethereum based escrow service that makes sure payments are released only upon verification of delivery to the correct recipient. These smart contracts will be comprised of a SHA256 hash split between the buyer and the seller, where both parts of the hash are required to release the funds. This service will be accessible via a very simple smartphone interface, making it “so easy, your grandmother could do it.”
• Bring Your Own Cloud (BYOC): This service will provide users with a secure computing environment for cryptocurrency mining or server operation, for which, in return, they will contribute hashpower to the network. The service will be based on “a PoW ERC20 token which generates an ever-changing hash for communications encryption.” According to the whitepaper, the service will rely on microcomputers (to be acquired from TBIS), which will completely automate the process of setting up miners and servers.
• DEXchange: The “TBIS Titanium Exchange” will provide initial support for the top ten fiat currencies used worldwide, and allow for exchange trading with the top one-hundred cryptocurrencies as per https://www.coinmarketcap.com in an entirely decentralized fashion.
• Instant ICO Incubator (III): This will provide end-to-end token launch services. A “Titanium Clad Accreditation will be created and granted to ICOs that have undergone a deep-dive due diligence by Titanium personnel.” Titanium will require such ICOs to have both a Better Business Bureau (BBB) and Duns & Bradstreet accreditation.

TBIS says its system will monitor network health, shift loads to redundant nodes in case of failure, and limit the impact of DDoS attacks, all by virtue of the equipment existing only virtually and residing on the decentralized Ethereum blockchain: “Even if several thousand nodes experienced a system failure, there would still be zero outage time, and perhaps, only a performance degradation of the TBIS services being delivered.”

While the thought and planning that have gone into this scheme are mildly impressive, it still comes off as a pipe dream. The company presents no concrete schematics or development plans (not to mention an MVP), and admits no limitations to its proposal (such as those associated with transaction costs and strain on the network). It just doesn’t seem feasible.

Nevertheless, TBIS is launching its BAR token. The BAR will not be the only means of paying for products and services in the TBIS ecosystem; Bitcoin (BTC), Ethereum (ETH), Monero (XMR), Verge (XVG), and maybe others later on, will also be accepted. It’s notable that Verge is one of the platform’s accepted coins, seeing as TBIS’ President and CEO Michael Stollaire appears to be involved in it as well. The BAR will, however, grant users a 5% discount on purchases.

TBIS says there is a pre-determined minimum fundraising goal based on what is required to complete and release the platform, and that all contributions will be refunded if it is not reached by the end of the crowdsale, but fails to mention what this goal amount is, exactly. The company also says it is “implementing a completion-based release model”, whereby the team will open a vote for every milestone, giving active platform users and/or BAR owners an opportunity to vote on whether the milestone is complete or not. The whitepaper windingly describes a process whereby 1% of the total supply of BAR tokens will be allocated to a reserve pool tied to two launch milestones for which votes will be opened. Release of funds from the reserve pool will occur if the milestone is deemed complete (by majority vote) or at the team’s discretion, if it is deemed incomplete in three consecutive votes. The whitepaper also states that “the TBIS team will lock 30% and 10% of the token sale proceeds until the completion of the first and second noted milestones, respectively. The specific amounts locked may change according to the results of the token sale and the TBIS team’s needs.” In other words, there are no actual restrictions on the team’s use of the raised funds and the tokens remaining in its possession.