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August 8 2017

ICO Alert Report: Ahoolee

ICO Alert Report: Ahoolee

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What is Ahoolee?(2)

Ahoolee is a decentralized search engine that aims to allow any person to find and compare prices on any product available for sale. Using the Ahoolee blockchain, Ahoolee allows users to compare prices for products that are sold in stores and online through a variety of marketplaces. For example, a video game may be sold in stores for $59.99, but could be found on Amazon for $52.99. Through the Ahoolee search engine, anyone will be able to compare prices on any products listed in the search engine in order to make the best purchasing decision as a consumer.

Ahoolee collects and catalogs SKU’s and price history from stores on their blockchain. Currently there are over 40,000,000 SKUs in the database. This ensures that there are no bad actors controlling what consumers can and cannot see in some marketplace, and eliminates any fees that may be passed on to the consumer.

Pre-sale Period
The Ahoolee pre-sale is now complete. The Ahoolee team raised $200,000 in 30 minutes. The team issued 10,000,000 AHT (Ahoolee token) at a token price of $0.02.

Crowdsale Period
“ICO Seed-Round” :: August 28, 2017 at 10 a.m. GMT through September 11, 2017.

ICO :: April 2, 2018 at 10 a.m. GMT through May 2, 2018 at 10 a.m. GMT.

Token Distribution Information
“ICO Seed-Round”
There are 100,000,000 total AHT in circulation. 10,000,000 AHT were sold during the pre-sale and 25,000,000 AHT will be sold during the “ICO Seed-Round” crowdsale.

There is a soft cap of $1,000,000. If this is not reached, all funds will be returned to contributors.

There is another cap set at $3,750,000 that determines the price of the Ahoolee token. If the total contribution amount ends between $1,000,000 and $3,750,000, the price per AHT will be set at $0.15.

The hard cap is set at $10,000,000. If the total contribution amount ends between $3,750,000 and $10,000,000 the token price will be set proportionally to the amount of funds raised. The price per AHT token range in this contribution is $0.15 to $0.40.

“April 2018 ICO”
There will be 30,000,000 AHT issued at a price per token of $1.66. The cap on this ICO is $50,000,000.

During each contribution period it is important to note that you may only send Ether to the smart contract address, and it is recommended by the Ahoolee team that contributors send funds from their “MyEtherWallet” on the Google Chrome browser. Tokens will be distributed as soon as the contract transaction is complete. Other web wallets that are ERC-20 compatible will also work for these contribution periods.

The smart contract address will be published by the team on their website and all contributors must declare they are not U.S. citizens in order to participate.

100,000,000 total Ahoolee tokens are being issued through the pre-sale, ICO “Seed-Round” and ICO (2018).

20,000,000 AHT will be kept by the “Reserve Fund” to pay miners and assessors. These tokens will be kept in multi-signature wallets.

10 million will be kept by the “Ahoolee Fund” for the team and partners, and in order to hire new staff and develop the project further over the next five years. These tokens will be kept in multi-signature wallets.

Use of Crowdsale Proceeds & Lockout Period
Crowdsale funds will go towards the issuing of Ahoolee tokens that are aimed at financing the marketing and advertising of the Ahoolee search engine, as well as the development of Ahoolee’s in-house blockchain, which is used for keeping prices in the system up-to-date. The team does not have access to the funds until May 2018, and there will be a vesting schedule established for each team member to ensure loyalty is financially incentivized.(1)

Funds will go towards the preparation of the public launch of the Ahoolee search engine and to marketing and preparation for the “ICO Seed-Round.”

ICO “Seed-Round”
Funds will go towards the development of the in-house blockchain that is a fork of Ethereum; to wallet development; to the launch of mining; and to product marketing. In six months, the team will increase the number of SKUs in the system to 1,000,000,000 and the number of stores in the system to 50,000. The team will develop and launch an assessor cabinet to teach machine learning matching algorithms. No less than 20% of funds will go to product marketing in a few countries.

ICO 2018
Funds will go towards global marketing, the selling of premium-accounts and contextual advertising for stores. At this point, Ahoolee will start accepting AHT as a means of payment in any stores available in the Ahoolee search engine.

Sergey Ryabov, CEO: 
Sergey has developed and launched a number of online projects, among which are a contextual advertising system, a domain name registrar, a content recommendation startup, and a web studio. After selling the online stores, Sergey focused on the Miiix project. The project received the Startup Award of the Year 2013 in Russia and continues to be developed.

Dmitry Bereznitsky, CTO: 
Dmitry is CTO and partner in the Miiix and Smallhorse projects. Since 2006, he has been developing a system of affiliated stores for attracting traffic to online marketplaces such as Amazon. Dmitry has more than 15 years of experience in commercial web development and more than 10 years of experience in e-commerce.

Vitaly Mengeshev, COO: 
Vitaly is COO and partner in the Miiix and Smallhorse projects. He is one of the instructors of the accelerator program at IdealMachine and Skolkovo. From 2002 to 2012, he established and actively developed his own clothing brand. He joined the Miiix team in 2013 and took over operational management and business development.

Aleksandr Vasilev, Data Scientist, Mathematician, Statistical Analyst: Alexander has extensive experience in developing systems for predictive analytics and data analysis in such areas as insurance, banking and e-commerce. As a member of the team, Alexander successfully deals with solving the product matching problem, which arises from collecting data from various data sources, using the latest developments in the field of machine learning.

Sergey Morozov, Backend Developer: 
Sergey has more than 7 years of experience in developing. He is a systems architect and database administrator working with various types of databases. He has taken part in the development of a large number of systems for data processing, from systems aimed at copywriters to financial accounting systems.

Evgeny Prigornitsky, Backend Developer, Mobile Developer: 
Evgeny has 10 years of experience in commercial development. He has taken part in the development of payment systems, ERP, and mobile applications (iOS, Android, Windows Phone). He has been engaged in real-time operating systems with high load. He also has extensive experience in database design.

Roman Travnikov, React/Redux Front End Developer: 
Roman has over 6 years of experience in commercial development. He has an extensive list of projects implemented, varying from corporate sites to websites of state-owned enterprises, ministries, and large banks. Over the last year and a half, he has been working on the Miiix and SmallHorse projects.

Sergey Mikheev, System Administrator and Architect: 
Sergey started working with cryptocurrencies and blockchain technology in 2016. Prior to that, he worked as a technical expert on the implementation and support of ERP and databases at large production sites.

Social Media
Facebook: https://www.facebook.com/Ahoolee-1782764428629699/
Telegram: https://t.me/ahooleecommunityeng
Twitter: https://twitter.com/Ahooleeman
Bitcointalk: https://bitcointalk.org/index.php?topic=1967844.0

All ICO information can be found on the Ahoolee website and the Ahoolee whitepaper.(2)(3)

The Ahoolee Search Engine and Token (AHT)(2)
The Ahoolee search engine platform consists of three main parts:

  1. Parsing : a decentralized parsing method based on the Ahoolee blockchain keeps prices up-to-date and provides the most detailed information about products. The accuracy of the price of each product is confirmed through smart contracts by a limited number of miners.
  2. Marching : by using machine learning algorithms, the Ahoolee search engine is able to consolidate information about one product and match it across different stores. This helps ensure that there is never incomplete information for a product listed with Ahoolee.
  3. Search : Ahoolee currently uses “ElasticSearch” and some other heuristic techniques that are designed to improve the search process. Ahoolee plans to collect user search data and use machine learning algorithms to provide the best possible search engine process.

Further, users will have access to the history of price changes for all products and their purchase history. This data will all be stored on the Ahoolee blockchain for users.

The Ahoolee tokens (AHT) are issued on the Ahoolee blockchain, which is a fork of the Ethereum blockchain. Ahoolee tokens are used to purchase any SKU from any store on the Ahoolee platform. At the time of purchase, the Ahoolee token will be converted to the store’s preferred currency. Users are further incentivized to use Ahoolee tokens because there will be additional discounts available when using AHT with certain stores. Users can purchase Ahoolee tokens through an internal exchange using Bitcoin or Ethereum, or USD/EUR/RUR.

How does the Platform work?(2)
Ahoolee lists the different components of the Ahoolee search engine platform in these steps:

  1. As new stores are added to the system, a search “spider” (data collecting bot) collects all information necessary from each product.
  2. As users select a “price card” (grouping of product and price information for one product), the last pricing update will be examined. If the price is deemed out of date, the platform will initiate a transaction to update the price. This transaction is a set of URLs used for updating the price, as well as a smart contract used for parsing.
  3. Once #2 has been initiated, miners will search for a hash that gives the right to parse information and sign the smart contract.
  4. Whichever miner finds the hash first will parse the necessary data, generate public and private keys, and then attach the public key and encrypted data to the smart contract. This is done so that the executors of the smart contract do not know about the data received by the first miner and cannot forge the information without parsing. Thus, the executors of the smart contract (from the 2nd to the Nth miners who found the hash) also parse the data by the addresses present in the transaction, encrypt them with the first miner’s public key, transfer the data to the smart contract and sign it.
  5. After receiving the needed signatures, the data from the smart contract is decrypted and checked by the first miner. Assuming all of the data parses from the other miners are the same, the smart contract will be closed and the original transaction will show an “In Process” status.
  6. The second part of this cryptographic process is the creation of blocks. The miners will collect all transactions that have the pending/in process status, create a block with them, and search for a hash in order to add the block to the blockchain.
  7. Once the block has been added to the blockchain, the miners are rewarded for completing this price update process. Ahoolee also notes that in order to avoid DDoS attacks, the complexity of the above process is adjusted as the frequency of requests increases/decreases.

Finally, Ahoolee is paying “assessors” (re: users) for the manual training of their machine learning algorithms. This is done by users who wish to verify that information for products match on the platform. Users who wish to complete this will be paid in AHT by the team.

July 2017:
The Ahoolee pre-sale campaign begins.

July — August 2017:
Preparation for public launch of the Ahoolee search engine and marketing and preparation for the Ahoolee ICO seed-round.

August 28th, 2017:
The public launch of the Ahoolee search engine and the ICO seed-round begins.

4th quarter 2017–1st quarter 2018:
Development of the in-house blockchain as an Ethereum fork to begin; launch of mining on the in-house blockchain to begin; the development of the Ahoolee wallet to begin; a goal for 1 billion SKUs available on the platform; a goal for 50,000 stores available on the platform.

The launch of the “Assessor’s Area” (users training machine learning algorithms); further marketing of the Ahoolee platform; the launch of contextual advertising for stores using the platform.

April 2018:
The final ICO launches; Ahoolee will start accepting AHT as a means of payment in any stores available in the Ahoolee search engine; the launch of premium store accounts will begin; worldwide marketing of the Ahoolee search engine will begin.

Ahoolee also plans to monetize their platform through traditional advertising techniques and a premium membership option for stores.

View the Ahoolee Website here.

View the only comprehensive list of active and upcoming ICOs here.

Disclaimer: This report is intended to provide market intelligence. This is not investment advice and does not constitute any solicitation or endorsement of any investment. Any investment you make is done at your own risk and at your full and absolute discretion. The contents of this report are the property of ICO Alert. All rights reserved.

(1) Ahoolee Team Members, Telegram, (2017) https://t.me/ahooleecommunityeng

(2) Ahoolee Whitepaper, Ahoolee, (2017) https://drive.google.com/file/d/0Bz8GOnrPq_i-SGk5a1Jxbld2TGs/view

(3) Ahoolee Website, Ahoolee, (2017) http://ahoolee.io/

Topics: Search, Blockchain, Ethereum, Ecommerce, Online Shopping