Blockstack scores an 80% for its fundamentals and 94.5% for its technology.

There are many exciting aspects of this project. It has a huge idea to become the decentralized internet. They have 170 dApps built on top of the platform, and it is the first SEC qualified token sale in history. The grand plan is to realize a full-stack for decentralized computing, focusing on enabling secure, private applications where the blockchain layer handles minimal state and logic. Blockstack has no opaque databases, so users download applications then plug into their private databases. Blockstack also does not utilize servers; each user brings their computer and storage capacity to the network. For governance, it uses proof of work.

The company was founded in 2013 in Princeton, and they spent four years refining the technology before launching a whitepaper. The early round investment came from venture capitalists like Union Square Investors, Y-Combinator, and Naval Ravakant. One of the most innovative aspects of Blockstack is the developer incentive program that rewards early developers for adding value with cash prizes. This is how they have so many dApps built on top of the platform.

The hard cap is $85,500,000 and they are selling 57.14% of 1,320,000,000 tokens at $0.12 for voucher holders and $.30 for the general public. They raised $5.1M in Series A convertible preferred stock from venture capitalists in late 2016, and $47.5M in the 2017 Reg D token offering at $0.12 a token. They are currently raising up to another $28M in the Reg A+ and $10M in a Reg S offering that they are selling overseas to large institutions in Asia. The mainnet comes out in Q4 2019. They have a large team of around 30 members with six all-star team members in our opinion.

We are concerned about several things. An article we found stated Blockstack in its offering said that they had gathered 115,000 user accounts, but only 9,550 were verified with a working social proof. Additionally, of the 172 dApps, less than 10 have over 1,000 downloads, and they have not spent much effort gaining active users who will drive the token usage. From a financial standpoint, some of the previous seeds were conditional and based on meeting milestones like 1,000,000 verified users by 2020. Also, the CEO is a student without real-world experience. Lastly, we are concerned about the very low token price given to equity investors and the fact the company will have the ability to dilute future investors by raising funds through future token sales.

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