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ICOrating

AURORA (IDEX) Rating Review (https://auroradao.com/)

ICO dates (11.12.2017 – 11.01.2018)

Web: icorating.com

Email: info@icorating.com

Twitter: @IcoRating

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The project

Name: AURORA (IDEX)

Ticker symbol: DVIP

Project type: Financial Services

Extended company description: Decentralized crypto bank and financial platform

Company: Aurora Labs S.A.

Website: https://auroradao.com/

White paper: https://auroradao.com/assets/Aurora-Labs-Whitepaper-V0.9.4.pdf

ICO details

Public ICO start date: 11.12.2017

Public ICO end date: 11.01.2018

Token sale duration (weeks): 4.428571428571429

Token type: ERC-20

Token emission: 2000

Tokens available (Pre-Sale + Public ICO): 1600

Investment goal:

- 70% - development (IDEX, Snowglobe protocol, and the Boreal and Aurora

network), launch of Aurora;

- 15% - operating expenses;

- 8% - marketing;

- 7% - legal expenses.

Price of 1 DVIP: 3000.000000 USD

Accepted payment: ETH

Token role: functional

Team

Team (number of people) 5

Advisors and partners (number of people) N/A

GitHub: https://github.com/AuroraDAO

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Social media

Twitter: Postings: 160, Subscribers: 2016

Telegram: Subscribers: 1745

Reddit: Subscribers: 41

Medium: Postings: 10, Subscribers: 91

LinkedIn: Subscribers: 22

Project description

The Aurora team implies a financial network that includes several components:

- IDEX – a crypto asset exchange.

- Decentralized Capital – a bank that provides loans in a price-stable cryptocurrency.

- Snowglobe – a protocol that allows decentralized exchanges to share one

orderbook.

- Boreal – the network’s own price-stable decentralized cryptocurrency, built on

Ethereum.

Aurora is planning to provide an advanced, open and stable financial network based

on its own Boreal currency, accessible to anyone regardless of geographic location

or status.

Aurora will provide several services such as:

- trade in crypto assets (IDEX exchange) - already functioning;

- provision of loans in Boreal (Decentralized Capital) - cryptocurrency.

Project advisors:

N/A

Project partners:

- Wings - Onboarding Wings ICOs to IDEX (http://www.globenewswire.com/news-

release/2017/12/30/1276771/0/en/WINGS-Foundation-Announces-Strategic-

Engagement-with-Aurora-Labs-to-Bring-Qualified-ICOs-to-its-Decentralized-

Exchange.html)

Attracted investments:

N/A

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Conclusion

The project is based on a crypto bank (Decentralized Capital) and a trading platform

(IDEX). Attention for the project is increasing. Currently there is the opportunity to

test the MVP of the trading platform.

Strengths of the project:

- the need for loans is constantly increasing, allowing the project to occupy a niche in

the market.

- the system will be able to support itself due to two independent sources of income.

- there is a working MVP trading platform.

Weaknesses of the project:

- there are risks associated with the lack of a marketing strategy which may result in

an insufficient number of users.

- the roadmap does not provide information on when the crypto bank will be ready for

operation, but it is a key component of the project according to the white paper.

- a lack of focus on a particular business model, which can lead to insolvency for the

project.

- the project indicates the presence of two tokens (Aura and DVIP).

Market and industry

According to a Morgan Stanley report, the lending market will reach $290 billion by

2020 with a CAGR of 51%, but this growth can basically be explained by the growing

interest in P2P lending. As can be seen from the report, the pace of bank lending will

slow down and peer lending will grow.

Regarding crypto operations, according to Juniper Research, the volume of daily

crypto transactions exceeds $2 billion; by the end of 2017 the volume of crypto

transactions may exceed 1 trillion. This is 15 times more than last year.

[https://bebeez.it/wp-

content/blogs.dir/5825/files/2015/06/GlobalMarketplaceLending.pdf],

[https://www.juniperresearch.com/researchstore/fintech-payments/blockchain]

Comments: The team does not have a marketing strategy. However, it should be

noted that the currently working IDEX exchange is gradually gaining popularity (+120

000 people for the last month). [https://www.similarweb.com/website/idex.market]

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Competitors

In the course of our research, we have identified the following competitors in the field

of stablecoins:

- Maker (makerdao.com) – A price-stable cryptocurrency, DAI, backed by

overcollateralized cryptocurrency deposits.

- Basecoin (http://www.getbasecoin.com/) - A price stable cryptocurrency backed by

central banking practices.

The following competitors can be identified among crypto exchanges:

- Etherdelta (https://etherdelta.com/) - A decentralized trading platform that allows

trading tokens based on Ethereum directly with other users.

- 0x (https://www.0xproject.com/) - An open conflict-free protocol that enables selling

ERC20 tokens on the Ethereum blockchain;

- Oasis (https://oasisdex.com/) - An online market for all kinds of token assets.

Summary: The main difference from competitors in the field of banking is the

presence of an additional source of income - IDEX, as well as the use of Boreal

currency.

As for crypto exchanges, the main advantage is the ability to make several

transactions simultaneously, as well as the ability to cancel an order without

Gas.

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Engineering features of the platform

The main components of Aurora are:

- A crypto bank (Decentralized Capital - bank that provides loans to customers in the

form of a new own stable coin Boreal);

- A financial exchange for crypto assets (IDEX exchange).

The platform allows issuing loans in a cryptocurrency (Boreal):

- To receive a loan, it will be necessary to apply to Decentralized Capital which

carries out checks for creditworthiness.

- Furthermore it is possible to use the received means for purchase of products and

services, or to sell them in the open market with the purpose of crypto conversion.

- The IDEX exchange, will be used as an additional source of income for the bank

(except for the exchange of crypto assets).

Later the team is planning to add the Snowglobe protocol, which will allow all

exchanges in the network to share liquidity in one book of orders while maintaining

their high-performance characteristics.

Snowglobe is a protocol for high-performance EVM-compatible decentralized

exchange chains. Snowglobe consists of two POS blocks. The upper is the parent,

which has the balance of each exchange stored in different smart contracts. The

lower consists of subsidiary chains used to manage assets and transactions of

individual exchange.

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Technical description

Aurora operates over a distributed computer network and uses a EVM-compatible

subsidiary chain to process transactions, decentralize the entire system and ensure

its autonomous operation.

Most of the infrastructure of Decentralized Capital will remain in the distributed

computer network; Aurora will use one of many options for this such as Golem, IEX,

Maidsafe or even its own separate network.

To determine credit ratings it will utilise Bloom, uPort, and RepSys as well as the

credit history of the borrower.

IDEX consists of a centralized trading mechanism and decentralized Ethereum smart

contracts. [https://bitnovosti.com/2017/04/06/17-blockchain-preditcions-for-2017/]

Comments: IDEX is already functioning. The team did not respond to a question

about when the crypto bank will be launched. [https://idex.market/eth/eos]

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Technical roadmap

In the future, with the development of technology and amount of data it is planned to

implement the following:

- October 2017 - IDEX launch on the mainnet. The semi-decentralized architecture

consists of Ethereum smart contracts plus a central trading engine and transaction

arbiter.

- October 2017 - API integration. Opening the platform via API access will enable the

development of trading bots, increasing the liquidity and improving te market

efficiency.

- Q2 2018 - Boreal goes live, with market making to stabilize the price.

- Q3 2018 – Deployment of Snowglobe subsidiary chain architecture, allowing IDEX

to increase transaction throughput.

- Q4 2018 - Decentralization of the orderbook and transaction arbiter. This completes

the transition of the current IDEX product to a decentralized subsidiary chain

exchange.

- Q1 2019 - Margin trading support. Including this functionality in the protocol will put

the UX on a par with the existing centralized exchanges.

- TBD – Launch of the Snowglobe MVP, allowing other exchanges to build on the

protocol. This is dependent on the development of scaling solutions such as

sharding.

- TBD – A fully decentralized Aurora MVP with Decentralized Capital Boreal loans

Comments: According to the roadmap, Only IDEX has plans for development

included; clear timings are not defined for the crypto bank and Snowglobe protocol.

The description of the technical aspect of Aurora is extensive, but there are doubts

about whether the experience of the existing technical experts is enough for the

implementation of such a diverse project.

The following active modules are available in open repository:

- idex-api-docs;

- idex;

- dcasset.

Repository screenshot:

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Comments:

- idex-api-docs: this module contains instructions on how to use IDEX API;

- idex - the module is dedicated to the interface;

- dcasset - the module contains the latest version of DCAsset contract system.

The repository belongs to the Aurora team. There is no activity being observed in the

modules, the latest updates are made about a month ago.

The contract can be found at the link below:

https://etherscan.io/address/0x2a0c0dbecc7e4d658f48e01e3fa353f44050c208#code

Summary: the project has many technical components; each of the

components has different technological directions. As a result, there are

doubts whether it is possible to implement this project in full.

Documentation

We have analyzed the AURORA website and documentation (IDEX) for sufficiency

and consistency for making an investment decision.

The documentation contains the white paper, Terms of Service and Privacy Policy.

The documentation is presented in English. In the white paper, all aspects of the

project as a whole are described in detail, but they are not connected to one system

so there are difficulties with the perception of information.

The website also provides information about the project, staging a public ICO,

describing the components of the system, frequently asked questions and the team.

The website is available in English. An additional advantage of the website is

detailed description of the project components.

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Summary: The documentation allows forming a comprehensive view of the

project. However, the relationship between the platform components is not

detailed, this gives an impression of a fragmented system.

ICO

Tokens available for sale, % N/A

Public ICO start date: December 11, 2017

Token type: ERC20

Accepted payment: ETH

1 DVIP price: 3000.000000 USD

Crowdsale duration: 4 weeks, until 11 January 2018

DVIP ownership entitles a participant to free trading on IDEX until 2021, as well as

50,000 AURA. AURA holders will earn a transaction reward for their role in securing

the network.

Token limitation: 2000

Advantages for token holders: Tokens offer opportunities to receive remuneration

and the right to free trades and/or higher market creating rewards on IDEX.

Dividends: No

Additional token emission: No

Escrow: No

Max goal: $4,800,000

Min goal: N/A

Bonus: No

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Token and capital distribution

Tokens and capital are distributed according to the following scheme:

Summary: Tokens do not affect the distribution of shares in the company.

Development plans

Roadmap of the project

Q2 2018 - stabilization of Boreal price.

Q3 2018 - deployment of the subsidiary architecture, which allows IDEX to increase

the bandwidth of transactions.

Q4 2018 - decentralization of the order and arbitration of transactions.

Q1 2019 - support of trade margin.

In the future, date TBA: launch of Snowglobe MVP.

Summary: There are no plans for scaling or market entry strategies.

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The team

The team consists of 5 people. Information about the main team members based on

LinkedIn is given below:

- Alex Wearn (https://www.linkedin.com/in/alexwearn/) - CEO. Worked at Amazon as

a senior product manager and at IBM as a senior PM, senior managing consultant,

and analyst for a long time.

- Phil Wearn (https://www.linkedin.com/in/philwearn/) - COO. Co-founder and

operational director at EtherEx for a year.

- Raymond Pulver (https://www.linkedin.com/in/raymond-pulver-iv-9504038a) -

Technical director. Previously, worked as a developer at the University of

Connecticut (1 year).

The team includes 2 other people.

Summary: In addition to the above-mentioned employees, the team also has a

marketing specialist and a developer (previously worked as a senior software

engineer at Jawbone).

However, we should note that the experience of the management team

presented in LinkedIn is limited, especially the technical and operational

directors.

Marketing

Information about the project is available on various popular media such as Twitter,

Telegram, Reddit, Medium, Linkedin, Github and Bitcointalk. The project has a

bounty program.

The project is active on social media. Twitter and Medium regularly have news

updated. The team communicates with its audience via Telegram.

The format of articles about the project shows that they are written mainly to the

project's order.

Comments: Interest in the project is gradually growing. The marketing campaign is

mainly being staged via Twitter.

Traffic analysis of the AURORA (IDEX) website based on Similarweb.com data

showed the following -

Traffic source:

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[https://www.similarweb.com/website/auroradao.com]

Comments: 52.46% - direct link, 41.34% - referrals, 3.22% - search.

Search traffic: 3.22%, 100%of which is "organic".

Referral links: 0.4143.

Traffic analysis of the AURORA (IDEX) website based on analysis data showed the

following:

- Traffic source: https://a.pr-cy.ru/auroradao.com [https://a.pr-cy.ru/auroradao.com]

- Site rating: 0.73.

- Attendance: visitors: 6 186, views: 24 750.

Summary: Based on the available data, it can be concluded that the project

has gained interest. The team is conducting an advertising campaign on social

media (Twitter, Medium) and communicates with users via Telegram.

Contacts

The developers may be contacted using the links below:

Website: https://auroradao.com/

Twitter: https://twitter.com/aurora_dao

Telegram: https://t.me/joinchat/FT1IVA8AWHiyUkU3adehxA

Medium: https://www.reddit.com/r/auroradao/

Slack: https://medium.com/aurora-dao

Linkedin: https://www.linkedin.com/company/15090327/

Github: https://github.com/AuroraDAO

Bitcointalk: https://bitcointalk.org/index.php?topic=2215360.0

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The information contained in the document is for informational purposes only. The views

expressed in this document are solely personal stance of the ICOrating Team, based on

data from open access and information that developers provided to the team through Skype,

email or other means of communication.

Our goal is to increase the transparency and reliability of the young ICO market and to

minimize the risk of fraud.

We appreciate feedback with constructive comments, suggestions and ideas on how to

make the analysis more comprehensive and informative.