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SKYFchain ICO Review

18 march 2018, 11:48

General Idea

SKYFchain wants to contribute to the current logistics and cargo revolution, which drones and autonomous cargo vehicles bring. For some people, it may seem like some technology of the future, however it is estimated that unmanned logistics will eliminate labor costs and save up to 50% only by 2020. That's why the industry, as well as the users need one common language with autonomous cargo vehicles. SKYFchain would therefore be the first blockchain based B2R (Business-to-Robots) Operating Platform.

Current Problems

As the drone market is relatively young, there are no universal laws nor operating systems yet. Many countries do not have any regulations about this topic or they are too strict to be business friendly. Commercial flights in most countries have to be performed by certified pilots. There are more specific restrictions regarding their use, especially in populated areas. In majority of the countries, drone operators have to obtain special licenses and permissions.

It would be very convenient for the customers to be able to check the technical condition of the drones or maybe even track them. While all of the technical information, as well as the cargo data could be stored within one neat and transparent database.

Moreover, there is a huge issue when it comes to the insurance of drones, because there are many different parties responsible for the drone like the manufacturer, the shipping company, the pilot or even the customer. Therefore, it is not always clear who is responsible in cases of disaster. If all of the relevant data is stored transparently on a blockchain, it can be provided to an insurance company, so that they can assess the risks quicker based on facts. This could lower the total insurance costs.

Drones and unmanned trucks

The first and primary focus is the development of air-borne cargo robots and drones. SKYFchain is a spin-off of SKYF project, which has focused on drones and already been successful with it. The deployment time is very short, as it can be fully prepared and take off in under 10 minutes, while the load can reach up to 400kg (882lbs). 

After successfully developing and launching the drones, SKYFChain wants to connect other cargo robots as well, like unmanned trucks, ships and cars. According to Abhimanyu Raheja, an analyst at BIS Research, "the overall number of automated vehicles is expected to reach more than 110 million by the end of 2026."

Reduced costs

SKYFchain has already been in talks with different companies from various industries. The first feedback from their customers in oil and gas industry confirmed that if they switch from helicopters to cargo drones, they will be able to supply their on-shore rigs even ten times cheaper.

When it comes to cooperation with different companies, it's worth noting that SKYF has already some prospective clients, who will contribute significantly in the early stages by providing key data to improve the unmanned business processes.

Blockchain Usage

SKYFchain system is based on their private blockchain customized for the use in this particular industry, alongside Ethereum ERC-20 tokens and smart contracts system. It's interesting, as they want to stay independent, therefore they don't want to rely fully on the public network, like Ethereum and worry about future issues like scalability for example. Currently, the tokens are issued at public Ethereum network, however they are also fully used at SKYFchain.

Different use cases

SKYFchain wants to focus on the development of the drones and unmanned robots, while providing the blockchain-based platform to communicate with them. However, the sole development of such robots can then benefit various sectors and doesn't have to be limited to the cargo and logistics.

They notice that such drones could be used in agriculture to provide aerial application of pesticides and fertilizers, or for the fast planting of the seeds on huge areas. Drones equipped with meteorological radars can be used in precipitation management and weather predictions. Equipped with radars, drones could diagnose problems in crumbling infrastructure such as cracks on tarmac roads, bridges or building facades, while with the development of 3D printing technology maybe also automatically fixing them, as they are spotted. Data collected by drones can also be used to create Digital Terrain Models.

The Token

SKYFT Token will be used as the main payment method within the platform, but also for the sole communication between robots and users. The number of transactions will raise exponentially, as the project will expand its services and include more drones and robots. Moreover, 25% of transaction fees goes to all token holders. It's also worth noting that SKYFT is compliant with USA's SEC.

ICO Phase

During the pre-sale, SKYFchain managed to raise $2,000,000 just in five days. The main token sale started at the 10th of March. There are various bonuses and discounts available for the early buyers. The final price at the end of ICO phase is set at $0.065 per 1 SKYFT.

The Team

As an advantage acts the fact that team behind SKYFchain project is very wide and consists of many experienced people. It's good that they focus on the development of the platform and the technology itself, as there are more than 30 engineers and developers currently working. Apart from the technical aspect, there are also project managers, who have attracted investments for a number of international high-tech projects. When it comes to the advisory board, there are people related to Qiwi Blockchain Technologies, or a founder of CoinAgenda, who helped successfully launch projects like Augur, Bancor, Ethereum or Lisk just to mention a few.

Final Thoughts

SKYFchain seems to be prepared very well to successfully deliver both the system and the robots themselves. The information provided on the site and in the documentations and whitepapers are very detailed and transparently explain all of the project aspects. They are in talks with few companies, which could adapt the drones almost instantly after the development. And as the industry and need for such technologies is only growing, they can expect a huge interest for their robots in the near future. The project looks very promising.

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