We are following this project closely for a while now and their presale is coming December 21. That’s almost now! Let’s take a look at BCDiploma, a brilliant project which aims to make certifications easy, transparent and secure. We also tell you what kind of opportunity it is and even how you can invest. Let’s go!
[January 15, 2018 UPDATE: BCDiploma lowered its hard cap to 1 800 ETH, which is less than 3m $USD. This is a great news for investors and for this reason we raise the FLIP rating from 7 to 7.5]
Table of Contents
What is BCDiploma
BCDiploma concept is very simple: digitalizing and decentralizing certifications. They primarily designed their platform for the academic domain (schools, universities, research, …), but the whole thing is aimed to be adaptable to any type of certification: « The ultimate goal of BCDiploma is to certify diplomas in the simplest, most secure, and sustainable way possible, by associating Ethereum technology with a high level of cryptography ».
EvidenZ is the framework that will allow certification, diplomas being the first use case. So, it is a certification network which provides digital tools to allow any entity to issue certified documents. Actually… not « any entity»: BCDiploma relies on a peers system represented by « validators ». In the long term, it is planned that schools and related institutions will do the validation job that ensures correctness of information. However, BCDiploma assured that they will do it as long as it is necessary for the project to be on rails.
How it works
BCDiploma claim is that they will operate directly on the Ethereum Network to ensure that all the certifications published by the smart contracts are irreversible. However, BCDiploma smart contracts should allow any emitter to void documents by encrypting them. But the whole network doesn’t rely solely on the Ethereum blockchain, it is actually composed of 3 main elements :
- On-Chain: smart contracts – SmartValidation, SmartIdentification, SmartPublication;
- On Web: DApps – Crypto App and Reader App, with secured web access;
- Off-Chain: keystore.
EvidenZ, the core application of BCDiploma, will be running on the Ethereum network (rules + transactions + data) while open-source front-end apps will be used to access BCDiploma’s resources. Keystores are like secure boxes under emitters control and contain the private keys to their certifications. Note that EvidenZ should comply with international laws on data privacy (GDPR), allowing data to be made indecipherable as a replacement for deletion.
|Presale start||December 21, 2017|
|Crowdsale start||Sometime in January 2018|
|Total supply||150 000 000 BCDT or 1.5* BCDT sold|
|Conversion rate||1 ETH = 8 000 BCDT|
|Hard cap||1 800 ETH (2.5 M$ USD)|
|Distribution||67% investors – 20% reserve – 10% bounties – 3% team.|
|Use of funds||35% development – 30% marketing – 15% incentive – 10% reserve – 5% ITS expense – 5% general expense.|
|Tokens Release||12 days after the end of the ICO.|
The ICO, or what they call ITS (Initial Token Sale), will include 3 rounds of sale. The first one is the presale starting on December 21, 2017. The presale will offer a 20% bonus to buyers and will be limited to the soft cap (1.5 M$ USD). It will end on January 18, or when the soft cap will be filled. The crowdsale dates are not announced yet, but we know that it will occur during the month of January 2018 and that there will be two rounds. The first round will be limited to 1.5 M$ USD (1* the soft cap) and give 10% bonus while the second round will be limited to the hard cap (6 M$ USD overall total) with no bonus.
Note that the soft cap is a real one: if the ICO isn’t able to reach it, all investors will be refunded. The ICO will end when it will reach the ending date of the second round of the crowdsale or if all the tokens (100 000 000 BCDT) are sold. When the ending date of the ICO is reached and the hard cap is not reached but the soft cap is, all the unsold tokens will be burned. Also, the tokens allocated to the team will be frozen during one year and no new token will be emitted after the ICO.
The use of funds is pretty common and will be spread over 3 years. It is with the incentive funds (15%) that BCDiploma will work on partnerships with major entities in the educational and research fields. Most of the funds (65%) will be used to develop and promote the technology (mainly EvidenZ).
The founding team is composed of two highly skilled individuals. Luc Jarry-Lacombe (CEO) is an associate professor of mathematics and Vincent Langard (CTO) is a back-end developer in the open source domain who already worked with high school information systems in the past. Lacombe and Langard are helped by a few advisors in the legal, financial and cryptographic fields, but it seems that they lack some partners in the educational field.
Interview with Vincent Langard (CTO)
Can you explain how BCDiploma will challenge MIT on the diploma certification and why you think it could be a better solution?
First, BCDiploma will challenge the MIT by providing schools a better software product: more scalable (ethereum vs bitcoin blockchain), easier to deploy and use, and natively compliant with data rights and data regulation. Then, through innovation! Thanks to the EvidenZ framework, which stores the encrypted diploma’s data directly on the blockchain and certifies the school’s identity on Ethereum, the “MIT like” complex solutions based on document fingerprint are a thing of the past. Finally, because schools are facing increasing global competition, BCDiploma will be an independent standard, unrelated to a competing school.
Besides the financial aspect and incentive, how do you plan to convince schools to adopt BCDiploma?
First, by a software solution perfectly adapted to their needs, innovative, compliant regulation and open source. This last aspect is important because schools seek sustainability and independence. Secondly, the incentive program will be combined with a major marketing campaign aimed at job boards and alumni: BCDiploma will become known as “THE” standard, easy to deploy. Founders have 10+ years of experience in the education software market and know exactly what schools are expecting and how to meet their requirements.
EvidenZ is promising, but do you have any plan to develop it in other sectors and if yes, which ones and do you have a timeline?
Of course, our ambition is to make EvidenZ the standard for data certification in the wider sphere. Our partnership with Managexam (using BCDiploma for certified MOOCs) is a good starting point. The potential is real and we are already being approached by developers and students who want to use the framework for purposes other than academic data. All this is perfectly in line with our roadmap: professional data in 2019 and administrative data in 2020. Competencies, Certifications, Accreditations, Regulated occupations, Civil status, Insurance certificates, Rent receipts … the fields of application are countless!
The current situation of cryptocurrencies still feels unstable as top 10 crypto assets continue their bull run and many alts have high volatility. It’s hard to predict if BCDiploma can outperform Ethereum or Bitcoin or if the token will attract enough investors to bring it to the moon in the early stages of the project development. However, BCDiploma looks like a solid mid-long term investment. With almost no competition and a clear vision of the certification industry, the equation is quite simple: getting schools on board will result in easy profits for HODLERS.
We have been in contact with the Co-founders and it seemed clear that the team is ready to take this challenge very seriously. It is understandable for such small-scale project that it is not an easy task to get schools involved pre-ICO, but when the framework will be ready and the ICO behind, BCDiploma will be in a good position to convince schools to get involved in this meaningful project.
Under the hood
EvidenZ is another advantage of this project. If BCDiploma takes off, their framework can be extended easily to other sectors. In the business and legal fields, BCDiploma may find juicy partnerships with some companies looking for an efficient and transparent certification system.
The characteristics of the ICO are reasonable and economically well thoughts. If BCDiploma rises not a lot more than the soft cap, the burn of unsold tokens will create the conditions favorable to a surge in price short-mid term post-ICO. Of course, the visibility that this FLIPPING opportunity offers to BCDiploma would create a buzz rather than building a strong image for the venture. If the ICO funding reaches the realms of the hard cap, then it will be a nice HODL opportunity. A successful ICO shows intelligence and confidence, primordial qualities when it comes to sealing outstanding deals with relevant partners.