DUO Network (DUO) Blockchain Service - ICO Review, Rating and Details of DUO Network ICO (Token Sale) - Rating: All In

DUO Network is a decentralized platform which enables issuance, trading, and settlement of tokenized derivatives. It mainly consists of Collateralized Autonomous Tokens (or CAT in short), Price Oracle, DUO DEX. The platform aims to reduce risks and barriers in traditional derivative transactions, through collateralized smart contracts and self-governed reference rates, thereby creating a transparent and autonomous derivative marketplace.

Token Allocation

"Public Sale","Private Sale","Team Incentive","Advisors & Compliance","Community & Ecosystem","Operation Reserve" {"name": "Public Sale","value": 10},{"name": "Private Sale","value": 12},{"name": "Team Incentive","value": 20},{"name": "Advisors & Compliance","value": 5},{"name": "Community & Ecosystem","value": 28},{"name": "Operation Reserve","value": 25}

Token Release Schedule

"Apr 2019","May 2019","Jun 2019","Jul 2019","Aug 2019","Sep 2019","Oct 2019","Nov 2019","Dec 2019","Jan 2020","Feb 2020","Mar 2020","Apr 2020","May 2020","Jun 2020","Jul 2020","Aug 2020","Sep 2020","Oct 2020","Nov 2020","Dec 2020","Jan 2021","Feb 2021","Mar 2021","Apr 2021","May 2021" {"name": "Public Sale", "icon": "roundRect"},{"name": "Private Sale", "icon": "roundRect"},{"name": "Team Incentive", "icon": "roundRect"},{"name": "Advisors & Compliance", "icon": "roundRect"},{"name": "Community & Ecosystem", "icon": "roundRect"},{"name": "Operation Reserve", "icon": "roundRect"} {"data": [10.00, 10.00, 10.00, 10.00, 10.00, 10.00, 10.00, 10.00, 10.00, 10.00, 10.00, 10.00, 10.00, 10.00, 10.00, 10.00, 10.00, 10.00, 10.00, 10.00, 10.00, 10.00, 10.00, 10.00, 10.00, 10.00],"name": "Public Sale", "symbol": "circle", "type": "line", "stack": "Save", "areaStyle": {}},{"data": [0.36, 0.72, 1.08, 2.40, 3.60, 4.80, 6.00, 7.20, 8.40, 9.60, 10.80, 12.00, 12.00, 12.00, 12.00, 12.00, 12.00, 12.00, 12.00, 12.00, 12.00, 12.00, 12.00, 12.00, 12.00, 12.00],"name": "Private Sale", "symbol": "circle", "type": "line", "stack": "Save", "areaStyle": {}},{"data": [0.00, 0.00, 0.00, 0.00, 0.00, 0.00, 5.00, 5.79, 6.58, 7.37, 8.16, 8.95, 9.74, 10.53, 11.32, 12.11, 12.90, 13.69, 14.48, 15.27, 16.06, 16.85, 17.64, 18.43, 19.22, 20.00],"name": "Team Incentive", "symbol": "circle", "type": "line", "stack": "Save", "areaStyle": {}},{"data": [0.00, 0.00, 0.00, 0.00, 0.00, 0.00, 1.25, 1.45, 1.65, 1.85, 2.05, 2.25, 2.45, 2.65, 2.85, 3.05, 3.25, 3.45, 3.65, 3.85, 4.05, 4.25, 4.45, 4.65, 4.85, 5.00],"name": "Advisors & Compliance", "symbol": "circle", "type": "line", "stack": "Save", "areaStyle": {}},{"data": [0.00, 1.20, 2.40, 3.60, 4.80, 6.00, 7.20, 8.40, 9.60, 10.80, 12.00, 13.20, 14.40, 15.60, 16.80, 18.00, 19.20, 20.40, 21.60, 22.80, 24.00, 25.20, 26.40, 27.60, 28.80, 30.00],"name": "Community & Ecosystem", "symbol": "circle", "type": "line", "stack": "Save", "areaStyle": {}},{"data": [0.00, 0.00, 0.00, 0.00, 0.00, 0.00, 0.00, 0.00, 0.00, 0.00, 0.00, 0.00, 25.00, 25.00, 25.00, 25.00, 25.00, 25.00, 25.00, 25.00, 25.00, 25.00, 25.00, 25.00, 25.00, 25.00],"name": "Operation Reserve", "symbol": "circle", "type": "line", "stack": "Save", "areaStyle": {}}

Token Allocation & Release Note

  • Public Sale: 10% of total supply.
  • Private Sale: 12% of total supply.
  • Team Incentive: 20% of total supply.
  • Advisers & Compliance: 5% of total supply.
  • Community & Ecosystem: 28% of total supply.
  • Operation Reserve: 25% of total supply.
  • Private Sale: 3% before initial trading platform listing, 3% 1 month after listing, 3% 2 months after listing, 11% 3 months after listing, 10% each month from the 4th month after listing.
  • Team Incentive: 2-year vesting with first 25% release 6-month after listing.
  • Advisers & Compliance: 2-year vesting with first 25% release 6-month after listing.
  • Community & Ecosystem: 2-year gradual release.
  • Operation Reserve: long-term reserve, 100% lock-up for the 12-month, gradual release when Phase-2 development concludes.

Token Utility & Use Cases

  • Price Oracle Node: Network participants can lock their DUO Tokens as stack to become a node in our Price Oracle. Penalties and rewards are distributed in DUO Tokens based on difference between each node’s price feed and theaccepted price.

  • DUO Protocol Node: Network participants can also lock their DUO Tokens as stack to become a super node and be able to propose new custodian specifications.

  • Governance: We aim to create a community-based governance model. Any DUO Token holders can vote proportionally on protocol decisions and development based on DUO Token balance.

  • Conversion Fee: All custodian contracts in DUO Network charge a small percent of fees on CAT conversions. Users can choose to pay fees in ETH or DUO. Early stage payments in DUO will be discounted to encourage token adoption. Conversion proceeds in ETH will be primarily used to maintain the daily operation of the Network, such as pricing feeds, oracles, gas fuels, and personnel expenses. Excess proceeds serve as operation and community reserves for the Network.

  • Price Service Fee: External users can use our Price Oracle as a pricing service, charged in form of DUO Token.

  • Community Rewards: The Network provides its participants with an incentive scheme similar to mining on blockchains. Instead of recording transactions on blockchain, the Network recognizes conversion arbitraging, which helps stabilizing the token prices, as the mining operation. In addition to arbitrage profits, the Network rewards participating users with DUO Tokens. The detailed reward scheme will be released at a later stage.

Roadmap & Updates

  • March 2018
    • Project kick-start
  • April 2018
    • Release first version of whitepaper
  • May 2018
    • Seed round token sale conclude
  • July 2018
    • Release technical paper
  • September 2018
    • Release second version of whitepaper
  • February 2019
    • Phase-1 development conclude
  • April 2019
    • Initial token distribution & listing
  • H1 2019
    • Launch product testing on Ethereum mainnet
  • H2 2019
    • Refine product experience; test on DUO staking economy model
  • H1 2020
    • Launch DUO staking operation; release Phase-2 infrastructure and PoC on new public chain platforms.

Team Members

  • Crypto Markets team is headed by Ting Gao. Ting worked as an options trader at Citigroup for 6 years, where he ran a global options portfolio with focus on EM Asia interest rates & FX. Ting brings a proven track record in trading volatility as an asset class and managing complex risks under dynamic market conditions and periods of illiquidity. Ting obtained his Master’s degree in Financial Engineering (MFE) from UC Berkeley and held an undergraduate degree from NUS specializing in statistics. The team has over 10 years of cumulative trading and financial engineering experiences in global financial institutions, including Citigroup, IHS Markit and HSBC.

  • Tech Enginnering team is directly led by CTO, Yizhou Cao. Yizhou worked at Nomura Securities for forex proprietary trading and at Credit Suisse for fixed income technology. He is experienced in trading and large-scale system development. Yizhou graduated from NUS with Highest Distinction in Quantitative Finance and Statistics. His thesis formulated a comprehensive model in stochastic control framework for strategic transmission of costly information problem in a continuous time setting. The team is comprised of experienced developers proficient in cloud solution architect, information security, machine learning, smart contract developments, and website design. Their backgrounds include Accenture, Deloitte, Fuji Xerox, Huawei and PIMCO.

  • Business & Operations Team is led by CEO, Jerry Li with the support of Lino Wang, Head of Marketing and Yang Xu, Head of Operations. Jerry graduated from National University of Singapore (NUS) with Highest Distinction in Quantitative Finance. He worked at Citigroup and SS&C on hedge fund valuation, where he built the regional quantitative team, and advised multiple billion-dollar hedge funds in valuation policy and derivatives strategies. Before joining Citigroup, Jerry was a sales & trading analyst at UBS Investment Bank. The team comes from diverse backgrounds with extensive experiences in marketing, business development and operations. They have worked in Zhen Fund, OFO, IOST and more.

  • Advisors:
    • Steven KOU - Questrom Professor in Management at Boston University - Professor Kou is the Director of Risk Management Institute and the Class of 62 Chair Professor at the National University of Singapore (NUS). Before joining NUS, Professor Kou worked at Columbia University, University of Michigan, and Rutgers University. He is a world-renowned expert in Financial Engineering and Applied Probability. He has published in numerous journals including Management Science, Operations Research, Mathematical Finance, and received the Erlang Prize by the Applied Probability Society of INFORMS. In terms of financial engineering, Professor Kou is well-known for his research on the double exponential jump diffusion model and models for growth stocks, which have been widely used on Wall Street. He is currently the Co-Area Editor in Financial Engineering Area of Operations Research and Associate Editor of MatBUhematical Finance, Mathematics of Operations Research, Journal of Business and Economic Statistics, Statistica Sinica, etc.
    • Min DAI - Professor at National University of Singapore & Director of Center of Quantitative Finance - Professor Dai is the Director of Center of Quantitative Finance and Deputy Director of Risk Management Institute at the National University of Singapore (NUS). Before joining NUS, Professor Dai taught at Peking University. He has in-depth research in portfolio selection, trading strategies and derivatives pricing. He has published in numerous journals including Journal of Economic Dynamics & Control, Journal of Economic Theory, Management Science, Mathematical Finance, Mathematics of Operations Research, Review of Financial Studies, SIAM Journals. He is currently Associate Editor of SIAM Journal on Financial Mathematics, Journal of Economic Dynamics & Control, Mathematics and Financial Economics etc.
    • Xi LI - Head of LD Capital Singapore - Li Xi holds a master degree from National University of Singapore in Computer Engineering. Prior to LD Capital, Mr. Li worked as a senior software engineer at Visa. He is highly experienced in value-driven blockchain investment.

Partnership Overview

  • ZhenFund is a seed stage focused venture fund with over $1 billion under management since founded in 2011 by Bob Xu and Victor Wang, in collaboration with Sequoia Capital China. Bob and Victor previously co-founded New Oriental (NYSE: EDU), one of the world's largest education conglomerates. Three of Bob's seed investments have IPOed in NYC: Shiji Jiayuan (Nasdaq: DATE), LightInTheBox (Nasdaq: LITB), and Jumei (NYSE: JMEI). Bob was named to the Midas List four years in a row (2016-2019) and was last ranked at #11. ZhenFund currently dominates China’s early stage venture capital scene, and is rapidly expanding its U.S. practice based in Palo Alto, CA. Its portfolio has over 750 high-growth companies, including 17zuoye, OFO, VIPKID, RED, Hero Entertainment, and Urwork. ZhenFund’s mission is to support, educate, and inspire the next generation of global entrepreneurs.

  • LD Capital is one of Asia's earliest organizations focusing on value investing in blockchain field. Owing to industrial resource advantages and professional investment research teams, LD Capital has successively discovered and invested in projects such as Qtum, Vechain and Eos which all achieved over 100 times return. LD Capital focuses on blockchain innovation projects within finance, games, content publishing, Internet of Things and other circuits, and we have been propelling broad layout of blockchain technology and infrastructure construction to facilitate the comprehensive development of the global blockchain ecosystem.

  • Node Capital is a venture capital company focusing on blockchain industry. It is also one of the world’s earliest professional investment institutions of blockchain industry layouts. Node Capital aims to connection every node of blockchain industry by project investment and cooperation, thus building industry ecosystem, and promote healthy and stable development of blockchain industry. So far, Node Capital has invested many projects of blockchain industry, such as news information, digital asset transactions, storage, technology development and application. Including enterprises such as Huobi, Coldlar, Bocheninc, fengwo, Jinse Finance , Lianshang Technology, Yulian, Qukuai Leida.

  • Bitrise Capital, leading venture capital in blockchain investment, has advantages in resources and research. Adhering to three characteristics in investments: globalized, key track, and infrastructure, BRC arranges a deep deployment on a global scale.

  • Continue Capital: Founded in 2016, Continue Capital focuses on investing in global blockchain technology, early-stage technology startup and providing Quant-Trading service. We are built to incubate and partner with those ambitious enterprises that promote technological innovation and advance business model revolution.

  • Bibox is the first A.I.-enhanced encrypted digital asset exchange which has been widely lauded by traders, blockchain heavyweights and its users since its launch in November 2017. Now the quality digital asset exchange platform operates in Europe, America, and Asia with a steady top-10 ranking and an average daily trading volume of US$200million. Bibox's founding team is formed by top-tier Chinese blockchain giants. The team includes early bitcoin enthusiasts, adopters of blockchain, established serial entrepreneurs, professional securities traders, VCs, high-tech angel investors and one of the best AI experts in the industry.

  • UniValues Associates is an early-stage crypto fund investing in companies harnessing the blockchain technologies and token economy. The firm focuses its investments in public blockchain technologies, decentralized protocols and applications, blockchain social media, crypto exchanges, and crypto asset management firms.

  • Lemniscap is an investment and advisory firm specializing in investments in emerging crypto assets and advising early stage blockchain startups. They believe blockchain technology will upend traditional business models, resulting in profound changes in the world economy. Our singular goal is to drive this change through our services. Their team consists of talented people with backgrounds in financial markets, PE/VC, technology and entrepreneurship. They have been involved in the space since 2014 as both investors and advisors and can leverage deep relationships with other participants in the ecosystem.

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