Faceter

Faceter
ICO date: 15.02.2018 - 30.03.2018
Description:

Faceter is the first blockchain based surveillance and face recognition system for consumer segment. Their end goal is to maximize security while preserving personal data.

How it works:

Faceter is a video surveillance system, that gives cameras enhanced face detection, object detection and analyses video in real time. The increase of quality in the security provided by the service is achieved by allowing cameras to understand the situation better and to respond to it.

 

The system can recognize objects such as guns as well as recognize faces, actions and perform behavioral analysis. It can detect a potential threat and respond to it, or notice a smiling customer and note that fact for the statistics. Since Faceter offers machine learning to the customers, the system can be taught to properly respond for a variety of situations that a particular customer deems necessary.

What allows this technology to operate with such efficiency and low cost is a decentralized network of “miners”. “Mining” FACE means providing computing capabilities for the algorithm in exchange for FACE according to a smart contract. “Mining” FACE is estimated to be twice as profitable as mining Ether on the same GPU.

The system being decentralized allows for another prominent feature of Faceter. It is its respect for privacy, as sensitive data is always protected and images cannot be recovered and traced back to the source camera. The data is either processed within the trusted environment or is anonymized when transfered to the decentralized network.

Innovation:

Faceter uses blockchain technology for building a decentralized infrastructure, fog computing, that will take care of face recognition tasks as well as to conduct payments in the system.

The computer vision algorithm for facial recognition that the team has developed shows 99,78% accuracy according to LFW benchmark and 79.46% by MegaFace which is top 6 and top 10 respectively.

The startup is also mentioned in some articles, among other things concerning the future of security.

Innovation score: High

Token value:

FACE token doesn’t act as a share, nor does it provide any additional benefit to the token holders except selling them at the exchanges. The company, however, offers a token buy-out, in which 20% of the company’s annual revenue will be used to buy a portion of FACE tokens at the market price.

The token can be “mined”. Mining in this context means providing resources to make computations needed for the face recognition algorithm in exchange for a fee in FACE according to a smart contract.

Still, judging from the fact that the project is likely to be successful, investing in FACE can turn a profit.

Token value score: Medium

White paper:

The white paper Faceter presents is of very high quality. It presents a deep market overview that outlines the problems that are yet to be solved and the company’s solution for them. It also talks about technical details at length and presents the business model with many possible sources of revenue.

White paper score: High

Roadmap:

The roadmap of the project contains many detailed milestones and is well planned. Faceter has released an alpha version for B2B in 2017, and currently they have a functioning MVP of the project. It has already been successfully tested in three places.

For 2018 the team has planned a set of development milestones like adapting Faceter to fog computing networks as well as business goals like launching a beta version of Faceter on a fog and starting sales in the mass marketing segment. Plans for 2019 include striking partnership deals with video camera vendors about Faceter preinstallation and launching a full decentralized version of the system.

Roadmap score: High

Business model:

The business model of Faceter has the following revenue streams.

The first one is fees for processing video for the consumer segment, $9.99 per month per camera. The other, larger part of revenue is long term contracts in B2B and B2G sectors. These two will be implemented if the ICO reaches its soft cap.

If the project gets more funding than the minimum amount necessary to give it a start, they will start producing and marketing  Faceter’s own hardware solutions. The other revenue stream that will be put into operation given proper funding is monetizing the surveillance cameras data for global marketing research.

Business model score: Medium

Team:

The team of Faceter seems to be strong and experienced. The CEO has held positions in Pinnacle Micro and Walletone.com and lead successful projects in the  field of e-wallets, gambling, KYC and others. The CTO has two decades of experience in software development and has been working with neural networks, computer vision and biometry algorithm development for 4 years.

The advisory board mentions only two people, but their expertise is expressive. One is an ex-executive Director at the Skolkovo Foundation, the leading Russian business incubator of hi-tech start-ups. The other one has enormous experience in Finance, Blockchain and Cyber Security.

Team score: High

Competitors:

Face recognition algorithms are a hot topic in the tech world. Dozens of startups are competing with tech giants like Facebook in this field. Still, the Faceter approach is rather innovative and solves some problems that other companies don’t.

Competitors score: High

Overall thoughts:

With their soft cap met a long time ago, and their concept solving so many problems other ICOs don’t, Faceter is very likely to reach success. It is a great opportunity for an investment.

Website: Site
Whitepaper: Whitepaper

Overall Score

High

3.9 / 5

Risk score

NA

Crowdsale


ICO

ICO start date: 15.02.2018
ICO end date: 30.03.2018
Soft cap: 3,750,000 USD
Hard cap: 22,500,000 USD

TOKEN DETAILS

Ticker: FACE
Token price in USD: 0.075 USD

Legal


ICO Platform: No
Registration Country: Seychelles