SKYFchain ICO review

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SKYFchain
SKYFchain is an ethereum based blockchain platform which aims to switch the logistics industry to unmanned systems (drones/robots). It contains all vital information about the drone’s specifications, manufacturing, testing and operational results, also all financial transactions inside the blockchain will happen via the platform’s smart contract.
Currently the logistics industry runs on manual labour, which takes up 50% of the cost, if they can be replaced by drones this cost can be cut down drastically. But right now the robot industry exists only in the form of studies done by large organizations and it faces hindrance in the form of regulation, expensive insurance and more importantly there is no stable platform for it to expand on a global scale. SKYFchain attempts to solve this problem by aiming to become the first B2R (business-to-robots) blockchain platform through which all information about the unmanned systems (in air, water and ground) can be accessed.

Services Provided:

Data and information about the drones such as device ID, specifications and testing results are stored in the SKYFchain.

The end user and operators can check the payment related data, transactions, incidents and ratings for a device.

Performance of different drone models can be analyzed by comparing the ratings and recommendations given by the end users.
All financial transactions and asset details including device booking will be carried out in the SKYFchain platform.

Key milestones:

The SKYF drone, a heavy cargo drone with a load capacity of 400kg and flying range of 350 kms is already in operation. All the clients who are using it currently will automatically use the SKYF chain in the future for transactions and assessments.
Major names such as Syngenta AG, Avgust Crop Protection, and Pony Express have signed up for the test flight implementations of the SKYF drone.

How it works:

User orders a product or service on the SKYFchain platform through fiat or cryptocurrency, they are exchanged for SKYFT tokens inside the platform automatically and are sent to the smart contract. The smart contract sends the tokens to the service provider wallet after subtracting 1.5% as transaction commission, this commission is split and given in the following ways – 50% to super node holders, 25% to all token holders and the remaining 25% is sent to the community development fund for liquidity purposes.

Token sale:

SKYFT token is an ERC20 utility token, this will be the only currency used for all transactions inside the SKYFchain platform. Total token supply is 1.2 billion and the tokens available during the sale are 528 million (~44% of the total supply). The token sale is divided into 2 stages – presale and crowd sale.

The presale stage ended on March 5th just 5 days from its launch, the price of 1 SKYFT was 0.039 USD (40% bonus). A total of 51.3 million tokens was reserved for this stage and the hard cap during this stage was 2 million USD.

The crowd sale started on March 10th, the price of 1 CNC is 0.065 USD with a maximum bonus of 30% and the hard cap during this stage is 30 million USD.
All unsold tokens after the ICO stage will be burned.

Roadmap:

2014-17: Initial funding of 5 million USD was secured for the manufacturing, designing and testing of drones.

2018: Launch of the SKYFchain project, development of the platform with cooperation from robot manufactures and operators, sale of the first SKYF drone.

2019: The B2R platform is spread through the cargo market to attract more participants, licensing of third party drones are issued.

2020: Launch of campaigns and workshops targeted to address the need for unmanned systems in ground and water.

2021-22: Inclusion of third party drones into the platform.
2023-25: Ground and sea borne drones to be introduced.

Final thoughts:

Robot industry is currently in a nascent stage, one major example right now would be the use of drones by Amazon to deliver goods but this is done on a very small scale with plenty of constraints. The use of drones in various sectors – recreational, entertainment, logistics is projected to grow exponentially and with companies looking to cut costs, the need for a feasible platform will arise. SKYFchain aims to be that operating platform through which the drone industry could take off, with no solid competitor in the market, if they can achieve the points stated in the roadmap this project could change the landscape of the logistics industry.