KYD (Know Your Developer) Review – A Guideline To Your Conscious Choice
Successful investment in any asset class requires deep understanding of the matrix, which drives the value of any asset; an even deeper understanding is required when talking about digital currency investments. Cryptocurrencies have been driving a lot of attention across the globe over the past decade because of the phenomenal ROI it has delivered, when compared to traditional banking products or stock market returns. While the underlying principles remain similar, the pace at which this market moves is much faster than what we have ever witnessed in the past.
Having said this, there is a reverse side to it. With many projects already launched and new ones coming along the way daily, it becomes difficult to be up to date with all the good options. Low entry barriers are also allowing many frauds to get into the system. They are creating coins/tokens with the sole intention of scamming people at some point in time, while escaping with investor’s funds. Lack of regulation in this domain makes it all the more difficult for you to recover your funds once lost.
There is one project which has been able to create a solution for this flip side of the market and by the virtue of creating a platform which can help investors safeguard their hard-earned money. By helping investors identify safer opportunities, this project seems to be creating a niche for itself. Nevertheless, is it worth investing in this project?
In this article, we use a simple 10-point strategy to evaluate today’s project – KYD (Know Your Developer).
What Is KYD (Know Your Developer) And What Do They Do
KYD acts as a bridge between the developer/team and the community/investors. Its endeavor is to provide a safe investment environment by ensuring verification of a team / developer which enhances the credibility of a project thus reducing risk of investors getting scammed. This process eventually helps in enhancing the trust and confidence of investors/community for a particular project/coin/team.
PRODUCT: This is the heart of any business. Positive score goes to the project which has a working or planned product, a well defined use-case. Also you need to evaluate if using blockchain actually makes it viable and useful.
- KYD product works on 3 simultaneous strategies:
- A – Verifying the credibility of the developer/team.
- B – Offering a platform on which developers can be hired easily.
- C – Coin listing on KYD portal
KYD team is achieving this by conducting in-house verification processes executed, which include private, public, skype, documents, past projects verification, etc. When the KYD team marks a team verified/not-verified and gives ratings for developers that helps an end user in the hiring process decision making.
The investor decision-making process is simplified by using these rating mechanisms and it is relatively safe for them to invest in coins/projects that are KYD approved. The projects that have KYD approved developers immensely gain in building credibility. The team so far has successfully conducted over 100 coins/team reviews already.
KYD Coin – Technical Specs and Reward Structure
KYD does not use any external blockchain like ERC20, TRC20 protocol but have built their own blockchain to process fast and transparent transactions.
MASTERNODE AND POS: KYD coin is a Proof of Stake (POS) coin and can be minted by setting up your own Masternode or by using a KYD coin-staking wallet. The reward structure is based on the blocks generated by the participants on the network. You can check both the blocks generated, as well as transactions can be checked live any time here.
The reward is generated in form of KYD coins and the ratio of Masternode: POS stands at 4:1, the current ROI for masternode stands at an amazing approx 440% while for POS on wallet is approx 110%. This is obviously expected to come lower as the spread increases and block minting difficulty increases, which will make the system more stable in days to come. Early adopters and investors surely end up gaining more. Currently there are 279 active masternodes and the average time to generate a block is less than a minute.
KYD blockchain follows a similar halving protocol like Bitcoin where the block reward becomes half of previous block range at a pre-defined block number. The chart below is how the reward output will be allocated:
KYD Coin Block Reward Structure
Currently the system is operating in the third row (current block in the 80000 range) with a reward of 10 coins for MN and 2.5 coins for POS for every block.
Masternode set-up requires a collateral of 10000 KYD, to set up POS, the coins need to be stored in wallet. The wallets are available for windows, Linux, Mac OS X and can be downloaded from wallet tab of KYD website.
Along with this, KYD is also partnered with Stakecube, MNCN, NodeCheck, MASTERNODE, StakeOfStake, SatoshiCoin, which you can use to earn staking rewards without having to go through the work of setting up your own masternode or wallet.
USER INTERFACE: The UI will have 2 sections – Team reviews and Find Developer. The team review section is already live and running, so any coin/team wanting to get themselves verified can visit Team Review section on the website. The find developer section is expected to go live by end of January 2019. This is expected to give the KYD project a further boost in their progress.
The project scores very well on the product aspect with sound technology, robust backend, fast and stable explorer and user-friendly UI.
KYD Project Strong Points
TEAM: This is again one of the most important aspects to assess a project. A credible and transparent team goes a long way in establishing trust and builds confidence for long term investments.
KYD team consists of a bunch of notable personalities some of them having 15+ years of domain experience. KYD scores high on transparency here with the team’s profile and LinkedIn links being available on the website. Few noteworthy names to lookout include Dason Pillay, Pablo Carrau, Bob Thomas, Daniel Van Drunen, Eric Soto, Austin Lambe.
MARKETS AND PRICING: This is a very good indicator to access the intent of the project. This differentiates the professionals from the inexperienced.
KYD entered the market during the bear cycle and as a lot of analyst predict the bear cycle to be almost over, a bull cycle may coincide with team KYD going live with all their offering. KYD is currently trading at a price point of $0.044 and is available on exchanges like Cryptobridge, and Amsterdex. Through the community support, they have also won future listings on exchanges like Midas, Shardax with a few more in the pipeline. As per CoinGecko data KYD is ranked 1209 out of 3792 coins listed there. There is enough space for the team to grow here, provided they continue delivering their commitment and increase the marketing effort to ensure the awareness about their offering is spread far out.
WHITE PAPER AND WEBSITE: These are the first impression of the project and again will easily differentiate between professionals and new kids from the block.
KYD whitepaper covers the basics and is detailed enough to share relevant information. The website as of now covers the basic aspects of the project. Design, API routing & schemes are in place and base architecture is ready. However, this needs to be expanded further to cover more detailed information about the project, usage, detailed guides etc. (which is expected to be covered in beta launch).
SOCIAL MEDIA: In the digital space, social media is one of the strongest tools available to create a huge global customer base. A legit team will strongly invest a lot of time and energy to build up their social media presence.
KYD is mainly focusing on Discord (approx. 3k members), Twitter (with 1350 followers) and Bitcointalk. The engagement levels on the social platform are quite interactive and are exhibiting positive growth trends. You can check-out the platforms via Discord and Twitter.As we approach the end of January, when the project goes live, we expect team KYD to expand their social media spread and also leverage other platforms like Telegram, Facebook, Reddit,Medium etc.
COMMUNICATION OF TEAM: The communication by the community managers and teams are a good indicator of accessing the true intent of the top bosses.
The team has a good bunch of community managers who are quite knowledgeable with the core product as well as troubleshooting and FAQs. This goes on to indicate that the core team has done some good work in knowledge sharing and team building activities and thus develops credibility that they are here for the long run.
SUPPLY and Premine: A legit project will always have a clear defined roadmap for coin release and distribution.
KYD scores well here as well. The total supply of KYD coin stands at 21 million (same as what Bitcoin has), the current supply in the market is 4.9 million. The distribution ratio is as per the pre-defined grid shared earlier. Only 1% of the overall supply was pre-mined for initial set-up process. The team developer budget is capped at 10% (break-up: 70% for marketing & development, 30% for team) which has been set aside in a super-block. This adds onto the credibility of the project as 89% of the supply is up for community to mine and leverage the growth.
MARKET SIZE and POTENTIAL: A long term viable project is one which has identified a niche market and is leveraging blockchain to create a global customer base. The digital verification management market size is approx 20 billion, with 90 million of this already being processed using blockchain technology.
KYD revenue model includes fee for coin validation and listing, premium user subscription (approx 1000 KYD) for developer contact and add-on services, Developer verification (1000 KYD) giving greater access to greater audience. With the growth of crypto industry, the number of developers moving to blockchain is going to increase exponentially. If KYD is able to garner 200k user developer use case interactions at even a nominal fee of approx $50 we can witness KYD valuation crossing $2 per coin, additional volume through coin listing services can help it hit 2.5-3$ valuation as well. With a niche domain and only handful of competitors that is the potential in the short term that team KYD can target.
COMMUNITY: Communicating with the community can give you many indications about the project. A good project is where the community is loyal and knowledgeable, they vouch for the product and the team, discussions in the group is constructive and project-centric.
Team KYD is making organic growth in this domain and gradually building up a loyal follower base. The Masternode and POS wallet download increment on an organic basis is a healthy indicator. It is a continuous process though and a lot of further effort needs to be put in this direction.
COMMITMENT: A good project is one that values commitments and delivers on time – be it a product release, partnerships, merchant on boarding, events, commitments to investors etc. Vice-a-versa for teams that frequently backs out from their own words.
Team KYD seems to deliver on or before time on most of their commitment as per the white paper. The developer database system, escrow payments on KYD Blockchain, final platform release are a few of the interesting future commitments we need to look forward to.
KYD Hiring Platform
Recent weeks have found the team working restlessly on the development of their KYD Hiring Platform, which will be released by the end of Q1 2019. KYD Hiring Platform will be a safe way to find and work with developers, who will assist project owners in their needs. KYD will ensure that each developer or project owner is verified thoroughly to ensure a safe environment for their network. The platform will work in a simple fashion:
- Project Owners – will register using this option to look for developers to work on their project.
- Job Seekers – will use this option if they are developers to work on various projects. In both cases, however, KYD staff will be creating their profiles to highlight their skills and experience only after they have been verified.
In my opinion, this is a huge step forward towards achieving their goals and vision, and the release of their product will likely be embraced by the KYD community. Furthermore, KYD Hiring Platform will increase their KYD coin use-case as it will be used as a form of payment on the network.
Overall, the project scores well on the technical aspects, reward outputs and identifying a niche opportunity by launching a good product. Now it is time for them to get aggressive to acquire more users for their offering and blockchain platform that eventually will enhance the overall value proposition.
Very few things in the world are perfect, but we need to aspire towards perfection on a daily basis. After evaluating a project on above parameters, if a project scores 8-10, it could be considered safe. Any score below five should definitely be skipped for the time being, till the team displays it has shown improvements.
Due diligence and a little time, investment can go a long way in not only safeguarding your money but also to give you phenomenally high ROI in the end. It is just a hunt to avoid garbage and fill your bags with gold.
Hope all of you create massive wealth in years to come. Happy Investing!