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September 30 2017

ICO Alert Report: DigiPulse

ICO Alert Report: DigiPulse

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What is DigiPulse?

DigiPulse is creating a service for users of cryptocurrencies that allows them to encrypt and automatically pass on sensitive information and data by utilizing blockchain technology. With the increasing usage and value of cryptocurrencies, the issue of securing and passing your assets on to inheritors is also gaining in importance. Most online services do not consider this as a legitimate problem for their users, since the age of full digitalization is still at an early stage. The goal of the proposed project is to ensure that digital assets stored in crypto wallets are passed on/made available to the rightful inheritors, in case of the owner’s death.
The solution — DigiPulse will provide the interface to operate with a smart contract that will hold the hash of the encryption key for the data that is encrypted and stored on our blockchain.
— Normunds Kvilis, Founder and CEO

Crowdsale Information
The crowdsale begins on October 1, 2017 and ends on October 31, 2017. The DigiPulse token (DGPT) is priced at 0.004 Ether per token. There is a minimum purchase amount of 0.5 Ether and a maximum purchase amount of 2,000,000 DGPT tokens.

The below bonus schedule is designed to reward early contributors. The rounds are broken up by amount of tokens sold, not by time, so each round will begin when the previous round has sold its allocated tokens.

There is a soft cap of 500 Ether, and only Ether is accepted during the crowdsale. If the soft cap is not reached, contributors will have 30 days to retrieve their tokens. Details on how to participate will be found on the website when the sale begins.

Token Distribution information
There are 12,700,000 of a total 20,483,871 tokens being sold during the crowdsale. Any of the tokens allocated to the crowdsale that are not sold will be frozen for a six month period. After the six month freeze is over, the DigiPulse team will look to boost liquidity on exchanges by distributing tokens to the exchanges.

When contributors send Ether to the contribution address, they will immediately receive DGPT tokens at the same contribution address. In order to receive tokens, contributions should be sent from an ERC-20 compatible wallet, not from an exchange address.

Allocation
5.8%: Original contributors and presale round
56.1%: Crowdsale 
10%: Founding team members
25%: Company shares
3%: Bounty programs

Use of Crowdsale Proceeds
DigiPulse states the following in their whitepaper:

“Because DigiPulse, first and foremost, is a startup, we feel obligated to use the best practices that are in place which are transparency of the team, the raised fund distribution and the overall plan and state of the project. DigiPulse is going to release quarterly statements on the fund usage and the progress of the project. This will ensure the transparency of operations and the secure custody of the funds. DigiPulse has already acquired the attention of investors as a startup, but our team came to the conclusion that before we take on venture capital and similar investments, we want to bring this idea to the community who will be the real users of this service.”

Team
Normunds Kivils, Founder and CEO
Linkedin
Normunds has a background in financial market analysis and investment opportunities. Before DigiPulse, he was a fund analyst at Nordea Bank AB in Latvia. He has also served as a project manager and has his master’s degree in economics.

Dmitry Dementyev-Dedelis, Co-Founder and CTO
Linkedin
Dmitry has a strong understanding of all things IT, fundraising, and psychology. Before DigiPulse, he was CTO of Funderful, a software based fundraising company. He has also held various programming and developer roles.

Maija Anna Ludbarza, Community and Communications
Linkedin
Maija is fascinated by the dynamically changing startup environments that are often fertile grounds for creative problem solving. Maija’s strength lies in communications, public relations, and copywriting. Before DigiPulse, she worked in various communications roles and as a campaign creative manager at Funderful.

Janis Zaltans, Project Manager
Linkedin
Janis has coordinated mentorship programs and marketing campaigns for the business incubator within the University of Latvia. He is currently sharing his expertise and passion for startups by managing DigiPulse projects. Before DigiPulse, he was the CCO for Finch.io, a computer software company focused on website design tools.

Social Media
Facebook: https://www.facebook.com/digipulse.io/
Twitter: http://twitter.com/DigiPulseIO

The DigiPulse website has sign up forms for a slack invite and newsletter.

Q&A

ICO Alert: How does the Digipulse token (DGPT) function within the platform and why is it needed?

Normunds Kivils, Founder and CEO: DigiPulse will use a subscription model per single transaction. The way the user pays for the service will be with DigiPulse tokens (DGPT) that will be available during the token sale and afterwards, listed on cryptocurrency exchanges. The payment in DGPT is only made when the “send-out switch” for the smart contract is reset.
We are also granting the community involvement in our project by letting people become storage space providers needed to maintain our blockchain. These participants will receive a portion of the DGPT that will be paid to reset the asset release timestamp on entries in the smart contract.

ICO Alert: Why should users use the DigiPulse service versus simply giving the security information to their loved ones? Is DigiPulse a centralized body managing the security of assets, or just the one providing the on-ramp and off-ramp to the smart contract?

DigiPulse: Anyone can store their wallet addresses and passphrases on a paper wallet or physical storage devices, but these methods are prone to deterioration and they can get lost or forgotten about. People can also change their wallet addresses, and each time this is done, you have to go to the process of writing everything down again. In addition, there is always an option to hand such information to a lawyer or notary, but there is always a risk that this information might be obtainable by someone with bad intentions. The added value of our service is that the smart contract is the sole operator and can be modified/edited by the original holder. Additionally, it is automated and can be used anonymously.
DigiPulse is not a centralized body (this was the key takeaway from the community’s feedback), since we have created our own blockchain and this negates the issue of storing information in a centralized manner. DigiPulse only provides the interaction with the smart contract for the user.

ICO Alert: If DigiPulse is attacked by bad actors, is there any risk for users’ security details to end up in the wrong hands?

DigiPulse: The centralized part of DigiPulse does not hold any valuable information for attackers, since everything of value is stored on the network. Access to the encryption keys exist only in the hands of the vault creator and inheritor because the encryption happens by providing correct answers to the control questions.

ICO Alert: Imagine I am someone inheriting cryptocurrency from DigiPulse and have no knowledge of cryptocurrency. Does DigiPulse provide any information on how to store, sell, etc. that inherited cryptocurrency?

DigiPulse: Yes, we will help the inheritors! At the beginning this process will be manual (as we progress, we will create a detailed step-by-step guide) and we will show people how to access, trade, sell, and deal with cryptocurrencies. Otherwise, the crypto assets are as useless as if they were gone.

ICO Alert: Can you give a little more information on how the smart contract functions, and with the use of the DGPT tokens?

DigiPulse: The user has to sign up for the service by at least providing the public wallet address and the contact email. The information the user wishes to pass on will be encrypted with the help of an AES-256 high strength security implementation and stored on the DigiPulse blockchain. The user will use the DigiPulse platform to put the information on the blockchain. DigiPulse will utilize Ethereum smart contracts that act as the mechanism for the information hand out to the inheritors. The smart contract will have the “inactivity period” and inheritor contact information embedded into it. In addition, a smart contract will hold DGPT that allows the resetting of the “inactivity period” that triggers the data send out to take place. The resetting is the process that requires the payment from the user. The “inactivity period” is a time frame that is set up by the user.

ICO Alert: DigiPulse is rewarding the community for participating in two ways:

1. Providing rewards for those willing to provide storage space.
2. Working on profit sharing capabilities for those with over 10,000 DGPT.

How important is the storage space to the platform’s success, and how much is needed? Will team members with over 10,000 DGPT be taking place in the profit sharing?

DigiPulse: The storage providers are the cornerstones of our model — they will be the ones who hold the blockchain for people to store their information. Hence, we are granting the rewards in DGPT tokens, so they can use the service themselves or sell the tokens on exchanges. In the beginning, DigiPulse will provide the initial blockchain resources, but once at least 10 storage providers have joined the blockchain, DigiPulse will leave the process to the storage providers.
Regarding the profit sharing aspect, we do not categorize DGPT holders in terms of team members or not. Anyone who has amassed more than 10,000 DGPT will be eligible to receive profit sharing. The team members are not excluded from this process — this is a reward for the creation of the idea and the project.

ICO Alert: The DigiPulse website boasts double encryption over protected files. For those who are not technologically oriented, how does this work?

DigiPulse: The best way to describe this would be by using a treasure chest analogy — you have a key to a treasure chest (the key in the smart contract) and the treasure chest itself (smart vault on the DigiPulse blockchain). So the key is created when creating the smart contract and is encrypted during the process by utilising the security questions — in order to get the key, you have to solve the “puzzle.” On the other hand, the treasure chest itself is encrypted on the blockchain by what is known as “cipher block chaining” and stored across the blockchain in small pieces. In order to access what is in the “treasure chest,” you first have to deal with obtaining the key.

ICO Alert: How far along is the project today? When can users/contributors expect to use the service and what does the roadmap look like for the rest of the year, and for 2018?

DigiPulse: The release of the alpha project will be available for people the first week of October. The beta is planned to be launched by the 15th of November and the first official release is planned for the beginning of 2018.
But these aren’t the only tasks that we have to deal with. In addition to the technical part of the project, first of all we have to spread awareness of the service beyond our ICO’s scope, because we truly believe that DigiPulse will be useful to a lot of people. This requires an extensive marketing campaign by sharing our presence online and spreading awareness. Also, we are planning to attend multiple conferences across the globe in order to reach people in person who are well versed in the crypto space. Second, because we still come from the “startup scene,” we still wish to see our initial project of helping people with other digital assets (besides crypto) to be launched, this pivot is planned during the summer of 2018, once the DigiPulse project has been stabilized. All of this will require additional team members in multiple segments of the company (marketing, sales, customer support etc.).
Besides this, we are always looking for barriers that can be torn down in order for innovative ideas to take place, so we might even branch out to other financial sectors in the future and help great ideas flourish.

ICO Alert: As a non-DigiPulse question, we like to ask for unique predictions on the cryptocurrency/ICO space in the near future. Where do you see the industry in 3–5 years?

DigiPulse: I think that cryptocurrencies will not die because of the unique problem they are addressing — that people all over the world are able to make payments instantly, and not only that, as the blockchain itself is a great way to distribute and store information.
As for ICOs, I think that they will still be around, but due to the incoming regulations, it most likely will be very similar to existing IPOs or crowdfunding campaigns and it will lose the “initial charm.” But from an investor’s point of view, this might actually be a good thing, because it will clear out the space from scams and people will not lose their assets.
The biggest clash of interests will be between the governments and the users. I have heard that some countries (the technically progressive ones) are looking into applying the blockchain technology to government related issues and it could work, but not everyone in the world is that open-minded. The biggest issue here is that people can’t be tied to their respective wallets (for now) and this is something that a lot of users do not want to happen. So either there will be cooperation and we will experience a truly magnificent leap in the evolution in the human society (I am not afraid to use such a loud term), or the opposite will happen and the cryptocurrencies will operate under the radar.
I believe that the next two years will be the ones in which the course and the future of cryptocurrencies is shaped. I hope that it will be for the best!

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View the DigiPulse Website here.

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References
(1) DigiPulse Website, DigiPulse, (2017)
https://www.digipulse.io/

(2) DigiPulse Whitepaper, DigiPulse, (2017)
https://www.digipulse.io/whitepaper.pdf

Topics: Blockchain, ICO, Cryptocurrency, Finance, Retirement