Tired of being paranoid and hearing about hacks? Rivetz might have part of the solution. Think of it as Two Factor Authentication (such as Google Authenticator) on steroids: simpler to use, safer & also usable for machine-to-machine interactions.
This is not financial advice. Do your own research (DYOR) before investing.
Overview & Opinion
Pros
Can be used for human-to-machine & machine-to-machine transactions.
Security is highly customisable.
Some good progress on the development of the different products.
A huge market & a desperate demand for more security in the crypto space.
Some traction with esteemed governmental organisations.
Lots of partnerships with relevant organisations inside & outside the blockchain space.
A very strong team made of 20 members & growing.
Very strong advisory team & board members.
A lot of media coverage.
Many positive events ahead (releases of products).
Cons
Only 35% of the tokens were planned to be distributed to contributors. And in the end, only around 12% were distributed.
No plan to implement iOS.
A proprietary approach (vs open source): licensing, patents & a very small part of the code publicly available.
Only listed on very few exchanges.
Not getting much attention in the social medias.
Lock-in: if one start to use Rivetz, there isn’t any way to switch to another service using the same technology.
Conclusion
As seen above, there are several negative points. However, there are more positive points and some of the negative points can be solved. If the platform gets the expected success, it could become the new standard for secure authentication. The Apple issue is a very strong negative point but the remaining (non-Apple) market is still very big. The many exciting releases ahead will mostly attract a lot of attention in the crypto space & drive the token price up. Note that the current (early May 2017) project market cap is very low, 40% under the ICO price; this valuation is both worrying & exciting as one could believe that the project is doomed or see this as a very strong undervaluation (hence a massive opportunity), only time will tell.
Methodology used when creating this report
Every article published using this "5min read" format is answering a very specific list of questions.
The list of questions does evolve slightly from one article to another, but stays 90% the same to allow easier read and comparison between projects.
If the answer regarding a given question isn't available on the project's publications (website, white paper, blog, etc) and isn't answered by the team when asked on its Telegram Group Chat (i.e. the team ignores the question or avoids the question asked by answering on an unrelated topic), it is communicated in this report:
some answers will be written as "not disclosed/available"
a comment may be added in the "Overall Communication" sectionregarding the team's attitude
Privacy, Security, 2FA, Crypto Wallet, Fiat Payments, Crypto Payments (human-machine & machine-machine) & more
Goals
Provide world-class security, giving you higher quality private keys storage, blockchain transactions & customer relationships.
Put the last 15 years and hundreds of millions of dollars of research to work by leveraging blockchain technology to prove the measured portions of a device have not been altered.
Competition
Summary: competes with other authenticating technologies, but is very superior
Hardware wallets such as Ledger & Trezor
Software 2FA such as Google Authenticator
SMS 2FA
Products & status
Rivetz Authenticator for Android - beta released
Rivetz Authenticator for iOS - no ETA available
Apple doesn't allow access to their TEE (or equivalent). There is an option via API though.
Developer Tools (Supports TEE) - beta released in Q1 2018
It can be built in to apps, wallets, exchanges, etc.
Secure File Transfer - alpha released in Q1 2018
From the Telegram group:
Planned:
Rivetz Authenticator (only for Android) - 1.0 in Q2 2018
Developer Tools - 1.0 in Q2 2018
Secure Messaging - beta in Q2 2018
Secure Messaging - 1.0 in Q3 2018
Wallet - beta in Q3 2018
Back up & recovery - 1.0 in Q1 2019
Secure File Transfer - release date tbc
Traction
Rivetz has been building this technical foundation for 3 years and has existing contracts with the U.S. government.
In Q1 2017 Rivetz was awarded a US Government contract
In Q2 2017 Rivetz was further awarded an SBIR contract by the Department of Homeland Security (DHS) Science and technology (S&T) directorate.
Market size
A huge market & growing rapidly.
Target markets include: IoT, Cloud Authentication and Access, Machine Automated Money with Policy, Cybersecurity Controls for Smart Contracts and Blockchain.
In 2017, over 2 billion devices with the ability to upgrade to Rivetz improved security.
Cybersecurity Ventures forecasts that global spending on cybersecurity products and services will exceed $1 trillion cumulatively over the next five years, from 2017 to 2021.
Description
Rivetz is hardware-based cybersecurity.
The Rivetz solution takes advantage of the TEE (Trusted Execution Environment), which provides Rivetz with an isolated execution environment within the main processor to execute code that cannot be observed or altered by the operating system.
The Rivetz solution also intends to provide the economic model for devices to securely request and securely pay providers or other devices for health and integrity services.
TEE (Trusted Execution Environment) capabilities have been available on both ARM and Intel architecture processors world-wide for many years.
Rivetz will deliver provable cyber-controls for the owner of the devices ranging from PCs to smartphones to “Things” (Arduino & more).
The RvT is intended to be integral to delivering automated device-to-service or device-to-device payment.
Rivetz is building a Global Attestation and Identity Network (GAIN). It will assure the identity and integrity of the end device and assures the device cannot lie about its capabilities.
Rivetz Authenticator (the app)
Intuitive authentication in a trusted environment.
Powered by the RVT token and transacted in your device’s trusted execution environment (TEE), the Rivetz Authenticator offers simple, peace-of-mind security.
Uses the trusted execution environment to store and create two-factor codes in your device's hardware.
Comes with an encrypted backup and restore feature
Rivetz uses a Trusted User Interface, it enables a PIN entry, and displays transaction details, prior to completing a transfer.
Multi-factor authentication: enable the integration of external checks such as geolocation and enterprise status to be verified before authentication is confirmed to the service. 2FA is “just” the initial service to support the RvT token capability with full attestation support.
Rivetz will enable safer crypto & fiat transactions
"Rivetz is a “first-mover” with patent pending cybersecurity services and capabilities that leverage the Trusted Execution Environment (TEE).” - however, patent only registered in the USA
The cost for using Rivetz’ products is still vague
ICO Details
Hard cap vs Raised
Hard cap: 50 million USD / 70 million RVT
Raised: around 60,000 ETH (18 million USD at the time)
For private, pre-sale, public pre-sale and ICO
Dates
Private sale: none
Pre-sale: July 10th - Aug 9th 2017
Public sale: Aug 10th - Sept 10th 2017
Price & Bonuses
Base price for the token was 0.003 ETH (0.80 USD at the time).
20-40% bonus (0.57 to 0.67 USD) - Pre-sale
20% - Public sale (for 1st 7 million sold)
10% - Public sale (for 2nd 7 million sold)
Token amounts
Pre-sale = 9,230,037
Public sale = 13,640,707
Total sold = 22,870,744
Total aimed to be sold = 70,000,000
Tokens unsold (about 47 million) were automatically locked for a year and eventually will return to the company. They are a resource and likely will be up for sale again in the future.
Total token supply = 200,000,000
Token allocation
12% Contributors (22 millions), 35% “may” be the final amount (70 million)
22 million tokens were given to contributors. Yes, only 12% of the total token supply.
23% unsold tokens
48 million tokens were not sold. They were automatically locked for a year (until Sept 2018) until they will return to the company.
30% Incentivized Distribution (60 million)
Promotional tokens used for approved marketing and incentive purposes
30 million available now
30 million locked for up to 1 year
35% Reserved for Future Use (70 million)
10 million available now
20 million locked for 12 months
20 million locked for 24 months
20 million locked for 36 months
Banned countries
None
Token trading & usage
Token trading: exchanges listing the token
HitBTC
Etherdelta
IDEX
Token usage & tokenomics
The RvT token is utility token. The team summarizes this utility of the token as “integral to delivering automated device-to-service or device-to-device payment for the consumption of the cybersecurity service”.
Core utilities of the RvT token:
provide a device with a mechanism for obtaining decentralized services
exchanging cyber control services
registering the reference “conditions of intentions” of the device
verifying the integrity of the device with a cybersecurity controller
consumption to provide a machine multisig
RvT is a utility token used by the owner of the device and service providers to assert that a transaction was sent by a measured system in a reference condition.
The RvT token is purpose designed to integrate with the data structures and methods that are required by the Trusted Computing Group and Global Platform standards to assure that devices have provable capabilities.
Enterprise/ Individual Ownership of a RvT will generate transactions:
Register owner account
Register the identity of their devices from 1 to thousands
Record reference integrity measurements
Manage policies on the device for access to and use of services
Administer access to logged compliance and encryption data
Update and remove devices
Manage and make global micropayments for service
Have access to use the Rivet Network
OEM Ownership of a RvT will generate transactions:
Record and secure a reference core root of trust for the health measurement (i.e., a device birth certificate)
Establish identity for settlement
Manage micropayments for device supply chain validation
Service Provider ownership of a RvT will generate transactions:
Route traffic to public a Cyber Checkpoint
Prepay for validations as a perk to users
Manage cloud encryption as a service
Cyber checkpoint operators will generate transactions:
Operate a Cyber Checkpoint
Collect micropayments forservice
Enable secure logging of data
Offer new services
Team
Summary: very strong team with a unique mix of experience gained in multifaceted settings such as cybersecurity, software & product development, entrepreneurship and business development; majority of team has 20+ years of experience in tech industry. Many of the team members previously worked together at Wave Systems Corp.
Special note: Rivetz is recruiting additional developers at the time of writing.
Steven Sprague - CEO, Co-Founder
Summary: strong tech & entrepreneurial background with focus on cybersecurity and trusted computing.
Note: CV incomplete on Linkedin(1990-2005 missing) but several very good recommendations
Summary: very strong profile in tech, team management, product development & entrepreneurship. 30+ years in software & web app development; involved in blockchain development projects since 2014.
Summary: strong profile in entrepreneurship and payments with 25+ years of experience in the fields of strategic planning, information technology and finance.
Note: CV gap between 2005 & 2010
Management Consultant @ Amplitude
Inventor, Entrepreneur @ P3Works
Founding Member, Partner @ Mitchell Madison Group
Financial Institutions/Services Practice Manager @ A.T. Kearney
Summary: very strong tech profile in software, product development, mobile device application security, management & entrepreneurship; 20+ years experience in software & app security.
Summary: very strong team of advisors across the fields of blockchain, business development, cybersecurity and consulting.
Matthew Roszak
Summary: exceptional profile in tech, investment and entrepreneurship with vast experience in blockchain industry; sought after thought leader on blockchain technology
Co-Founder @ Bloq (enterprise grade blockchain technology to leading companies worldwide)
Founding Partner @ Tally Capital (Blockchain venture company)
Chairman @ Chamber of Digital Commerce
Founder @ Chicago Blockchain Center
Founding Limited Partner @ Blockchain Capital LLC (The pioneer and premier venture capital firm focused exclusively on the blockchain technology sector and crypto ecosystem)
Board Member @ BitGive Foundation / TrueLook / Onramp / SolidSpace / EBOOST / Enter, Inc
Summary: Parity is an infrastructure and innovation focused company building platforms and applications. Parity's work combines cutting-edge cryptography, cellular system, peer-to-peer technology and decentralised consensus architectures.
Summary: Rivetz has over 20 partnerships! Several partnerships with rather famous organisations. And many partnerships with blockchain projects, most having rather low market cap though.
National Cybersecurity Center of Excellence (NCCoE)
Collaborating with the private sector on cybersecurity risk mitigation strategies. This partnership is a consortium to contribute expertise to create an example implementation guide that online retailers can implement to reduce fraudulent online purchases.
Strategic relationship with Trustonic, giving it access to over a billion devices already in the field.
Trustonic is a was formed in 2012 by blue chip leaders in the semiconductor (ARM) and digital security (Gemalto) industries. Its mission is to protect, enrich and simplify people's digital lives by enabling optimum security on all smart connected devices and associated services and applications.
A leading provider of a wide range of integrated communication solutions for the B2B market, manages globally the Enterprise, MNC (Multinational Corporations), Wholesale (fixed and mobile carriers, ISPs, and content providers) and Roaming businesses within the Telefonica Group. Works in more than 40 countries and has service reach in more than 170 countries.
Provides a network-assisted location & messaging platform (www.myGeoTracking.com) for business applications such as mobile workforce management, mobile fleet tracking & mobile campaign management etc.
Team is comprised of executives from Philips Electronics, Qualcomm and Novell with years of experience.
Specializing in the intersection of law, legal policies and modern technologies; founded by a team of Estonian lawyers, high-level academics, and information technology experts.
Company dedicated to providing the highest level of communication security available while protecting the user’s identity. Its business model is built on a fee-for-service that eliminates the need to resell user data, as is common with most free apps.
The mission of this consortium is to promote blockchain-based security by developing best practices and providing the tools to build solutions from the ground up.
A simple mobile platform allows you to create your own branded app. Then publish a range of content, interact with your community, monetize and grow your following.
Blockchain platform that tokenizes and makes tradable assets ranging from equity and debt to real estate and works of art. The marketplace, which was founded in 2013, processed 1,000+ deals last year with 35 banks and investors.
Developing ergonomic smart glasses and a suite of apps to power them. This blockchain platform will make it simpler to create, share and experience the AR content.
Creating a global marketplace where students, educators and professionals interested in continuing education can come together and access educational courses. Through this partnership, Rivetz will provide security solutions to ODEM users.
An award-winning interactive agency based in Dallas, TX since 2005. Specializing in custom branded, ground-breaking applications for iOS, Android and Web. Their clients include Microsoft, CNN, National Geographic or Red Bull.
Marketplace where users can connect with avatars across the globe. Avatars become that user's eyes and ears, following commands and live-streaming video directly to that person.
The team communicates well on Telegram, answering all the questions. The project has a strong media coverage but rather low hype on social medias, that’s probably why the project isn’t getting much attention on the markets.
