ICO Alert Report: Lucyd
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What is Lucyd?
Lucyd is a new company focused on building next generation AR smartglasses built on advanced, patented optics technology coupled with a family of practical apps. The apps will be supported by the Lucyd Lab blockchain, which makes it easy to develop and distribute new AR-apps. The Lab is powered by the LCD token, which organically drives content creation for the first AR platform with mass appeal. In short, Lucyd is creating a new AR ecosystem, where anyone can develop, share, and experience content on our user-friendly smartglasses.
— The Lucyd Team
ICO Alert: How does the Lucyd token (LCD) function within the platform and why is it needed?
Lucyd: LCD is used to organically motivate user and developer engagement with Lucyd Lens. It accomplishes this through the Lucyd Lab blockchain, on which new AR content and apps are registered. Blocks then release LCD to developers based on user ratings of their content, and to users based on their feedback to the developer community, and participation in ads and promotions. LCD can be used to purchase AR products from Lucyd and other developers, as well as bought and sold on token exchanges.
LCD can be used to purchase AR hardware and content from Lucyd when available as illustrated below:
ICO Alert: So-called “smartglasses” have been produced before and have not been met with much commercial or critical success. What will make Lucyd different?
Lucyd: In a word “Ergonomics.” Ergonomics is the science of making products better fit their users. A key ergonomic goal is to create a transparent interface between people and the products they use. For AR smartglasses, this is both literally and figuratively the case. To fabricate ergonomically correct smartglasses, next generation optics technology is needed to reduce the bulkiness, weight, and power consumption. Additionally, Lucyd’s technology allows for prescription lenses to be incorporated in the glasses, so the 75% of the population that require corrective lens can enjoy the benefit of AR.
ICO Alert: Can you briefly touch on the patents you have been able to secure and how those will be used as Lucyd progresses into product development?
Lucyd: Lucyd has acquired the exclusive worldwide license to a portfolio of 13 optics patents from CREOL, the College of Optics and Photonics at the University of Central Florida. CREOL is one of the world’s foremost institutions for research and education in optical and photonic science and engineering. CREOL started in 1987 as the Center for Research and Education in Optics and Lasers, and became a college in 2004, the first U.S. graduate college in this area offering interdisciplinary graduate programs leading to M.S. and Ph.D. degrees in Optics and Photonics. The college includes 35 faculty members, 15 faculty with joint appointments, six emeritus professors, 60 research scientists, and 160 graduate students. The patents we have licensed are listed below.
Collectively, we believe they teach how to create smartglasses with a number of innovative features to help address the following problems with existing AR glasses:
Bulky size and nerdy design requiring custom lenses
Narrow field of views and limited spatial resolutions that cause blurriness, motion latency, and restricted vision
Light leakage and stray light effects due to mismatches between displays and light guides caused by rigid geometric designs
Unrealistic occlusion effects between real views and virtual objects, creating depth perception and visual accuracy problems.
ICO Alert: For someone with no knowledge of augmented reality, what is it exactly, and how will society benefit from its adoption?
Lucyd: Thomas Caudell coined the term augmented reality (AR) in 1990. He was a researcher at Boeing interested in developing a better system to display a plane’s specific schematics through a head-mounted display and project them onto multipurpose, reusable boards. The purpose was to facilitate the assembly of complex aircraft wire harnesses. AR has come to signify the integration or overlay of digital information with the user’s environment in real time. Vehicle heads-up displays as illustrated below on the 2017 Corvette is a current example of AR in practice.
The benefit to society is enormous. When coupled with artificial intelligence, the addition of computer generated information superimposed on what you are seeing will provide a depth of context sensitive knowledge heretofore unavailable. For education, entertainment, communication and the performance of all types of daily activities AR will, when desired, add knowledge and connectedness to all of the things we see.
ICO Alert: How large is the current and future market for Augmented Reality? What are the current issues facing AR?
Lucyd: Tim Merel at TechCrunch estimates that the AR market achieved $1.2 billion in revenue in 2016. According to Digi Capital, the AR market is forecasted to reach approximately $83 billion by 2021.
ICO Alert: What are some of the unique physical and technological features of the AR glasses you are producing?
Lucyd: The smartglasses will have a number of advanced features, such as being lightweight with thin lenses that enable the incorporation of corrective lenses. The smartglasses will be available in a normal range of eyeglass styles for men, women, and children. Some of the features are depicted in the figures above.
ICO Alert: Most of the applications that will run on the Lucyd platform will be created by third party developers. How are you going to attract these developers to ensure your users have a substantial amount of content to enjoy?
Lucyd: We are going to automatically reward successful Lucyd developers with LCD in addition to normal app revenue. Eventually, we hope to build a new AR app ecosystem from the ground up, which will be totally peer-to-peer, allowing developers to earn nearly all of the revenue generated from their content.
ICO Alert: Can you go into detail on the exclusive content a contributor will have access to when they purchase the Lucyd token during your ICO?
Lucyd: The first 500 pairs of Lucyd smartglasses are reserved for LCD holders who have given over 2.35 ETH only, giving token sale participants a chance to be among the first to wear them (you will need to return the purchased LCD to Lucyd to get them). LCD tokens may be used to purchase Lucyd hardware and native content when available. Although actual production costs may vary, Lucyd estimates 5,000 LCD will be able to be exchanged for one basic pair of Lucyd smartglasses. LCD can also be sold to token exchanges for other tokens and fungible currencies. Lucyd plans to design developer tools, productivity, and entertainment apps made natively for its smartglasses, available on the App Store/Google Play. Such apps would be eligible for purchase via the LCD token.
ICO Alert: The Ethereum network has occasionally suffered from slow transaction times. Is there any concern that this may affect the Lucyd platform?
Lucyd: We do not believe that it will because we are designing a platform that will not rely on the speed of the Ethereum network for its performance, while benefiting from the advantages of the blockchain technology.
ICO Alert: As a non-Lucyd question we like to ask for unique predictions for the ICO and cryptocurrency space in the future. Where do you see both in the next 3–5 years?
Lucyd: We believe that similar to way the Internet has democratized knowledge, information and, communication, cryptocurrencies will democratize peer to peer finance. In the mid to long term, cryptocurrencies should provide more efficient price discovery, significantly reduce transaction costs, and deliver improved security over fiat currencies.
However, there are significant issues that will need to be addressed to fully enable these benefits. These include addressing the need for enhanced mining infrastructure, workable global regulatory frameworks, Forex trading, and more.
In the mid to long term, we believe ICOs will take on an enhanced role in filling the need for early-stage financing for young enterprises that are able to leverage the blockchain. As VC investors and startup teams know well, the ability to innovate and access to early stage financing are inextricably interwoven. As a result, irrespective of the inevitable high failure rates, ICOs will facilitate the development of new companies that accelerate the introduction of innovative products and services to the marketplace. A knock-on effect of this will be increased employment, as young fast growing companies are responsible for most new job creation.
The pre-ICO is live and will end on October 31, 2017 at 8 p.m. GMT. A hard cap of 25,000,000 LCD is set for this period. A token discount of 40% is being applied to the pre-ICO. LCD Tokens will be available to all participants of the presale with a price of 1 LCD token for 0.00046875 ETH.
The LCD Token is an ERC-20 token, therefore, an ERC-20 compatible Ethereum wallet is required to store the tokens.
LCD Tokens will be available for the main ICO sale starting on October 31, 2017 at 8 p.m. GMT. The ICO will run for four weeks and end on November 30, 2017 at 8 p.m. UTC or when the entire ICO sale allocation of LCD tokens have been sold.
LCD Tokens will be available to all participants of the main ICO with a price of 1 LCD token for 0.00078125 ETH. If the minimum cap is not reached, funds will be returned to the original investor. Visit the Lucyd website for more information and the contribution address.
Token Distribution Information
Of 100,000,000 LCD, 50% will be distributed to the community in both pre-ICO and main ICO. Lucyd will retain 30% for long-term development (locked for six months from token sale end), 10% will be provided to early team members (locked for one year after token sale end), and 10% will be distributed over time to others who contribute to growing the Lucyd network, such as third party app developers.
The Lucyd token whitepaper is available for additional details regarding distribution.
50%: Token sale
10%: Founding team
10%: Development partners
Use of ICO Proceeds
45%: Lucyd Lens prototype
40%: Business development
Konrad Dabrowski, Co-founder and Finance Lead
Mr. Dabrowski is a certified public accountant (CPA) and an expert in financial regulation in both the U.S. and internationally. During his tenure with Deloitte, the top public accounting firm in the world, he managed audits of a variety of technology companies. He was also a global accounting manager with RBI (parent company of Burger King Worldwide) overseeing Europe, the Middle East, and Africa. He has extensive experience in financial reporting in U.S. GAAP, IFRS, as well as internal control environment and SEC reporting standards.
Eric Cohen, Co-founder and App Development Lead
Mr. Cohen is experienced in SEO, SEM, OSX, and iOS app development. His skills in web architecture and programming are fundamental to the Lucyd Lab AR ecosystem, as well as Lucyd’s user interface. He has developed numerous apps, including the Tekcapital IP search app, PostGame and Myjour, and has experience building web content.
Harrison Gross, Co-founder and Media Lead
Mr. Gross is the creative director of Lucyd. He oversees the words and web presence needed for the company to communicate smoothly and precisely with its milieu. He is the lead architect of the Lucyd user experience, making it intuitive and accessible for the widest possible audience. He writes TekBlog about the emerging technology space, and is a seasoned copywriter and editor. He was also lead developer on the Tekcapital IP search app.
Mike Kayat, Optics Project Lead
Dr. Kayat is a physicist and business development executive with 20 years of experience in the development and marketing of advanced optics. He has hands-on experience with deploying disruptive optics technologies. At Exta Corporation, a NASDAQ-listed physics simulation company, he was VP of sales and marketing during the startup and emerging growth phases. As sales director at SMAL Camera Technologies, Mike achieved long-term supplier contracts. Cypress Semiconductor (NASDAQ: CY) subsequently acquired SMAL. At photonics companies Ocean Optics and B&W TEK, Mike led global teams in deploying innovative optics products.
Clifford Gross, Commercialization Lead
Cliff is an executive with leadership experience in academia and commercial enterprises. He is passionate about bringing university intellectual property to the public. He is an author of four books and is a named inventor on 19 issued patents. Cliff has founded three public companies, in which he served as CEO and chairman. He also served as president and CEO of Innovacorp, a provincial venture capital fund in Nova Scotia.
Jose Enrique Hernandez, Blockchain Lead
Mr. Hernandez has extensive expertise in the cryptocurrency space, including mining servers and blockchain software. He is also an experienced information security specialist. He oversees the Lucyd Lab blockchain and LCD token.
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(1) Lucyd Website, Lucyd, (2017)
(2) Lucyd Whitepaper, Lucyd, (2017)