Neblio (NEBL) | Coin Review |
The Neblio team has developed its own Blockchain which will be used to offer enterprise solutions. According to their whitepaper, the Neblio Blockchain is a secure and distributed platform upon which businesses can develop their own applications. It aims to simplify and accelerate the development and deployment of dApps for everyone involved in its ecosystem, regardless of them being users, customers, or developers. Neblio is joining a long list of other projects that are working on similar enterprise blockchain development networks. In this review we will take a look at how Nebilo will compete, it’s technology, use cases, and ongoing development.
What problem does Neblio solve?
One of the areas in which blockchain technology is most disruptive is the enterprise space. Enterprise applications can utilize a range of different technological advantages, that distributed ledger technology has over traditional database architecture. More and more companies realize that using blockchain technology makes things a lot simpler, more secure, transparent, and stable. However, they often lack the knowledge, skills, and experience to utilize the advantages of blockchain technology. Neblio will provide a solution to this problem by developing a range of different open source tools, APIs, and services that will accelerate the development process used to create decentralized applications.
“Neblio was born out of the need for simple and intuitive tools and solutions to drive the adoption of blockchain technology in the enterprise space. We are working on tools, services, and APIs that will simplify and revolutionize the way that businesses deploy next-generation applications on the Neblio Blockchain Platform.”
Product and Vision
On top of that Neblio offers blockchain consulting, node deployment and hosting, as well as private blockchain development, to further simplify the process of developing and deploying blockchain applications.
The network is secured and maintained via a Proof-of-Stake (PoS) mechanism, where holders are rewarded for staking their coins, there is no minimum amount of NEBL required for staking. The PoS used by Neblio is based on the Peercoin staking mechanism with slight modifications to circumvent the staking manipulation and gaming prevalent in Peercoin. Other than the fact that there is no minimum amount required to stack the coins, the amount of time a group of coins must be held within a wallet before they can stake was modified to 24-hours, and the stake payout was increased to 10% yearly stake rewards.
Neblio was developed in “stealth mode”, according to Eddy Smith, the lead developer and one of the two co-founders of Neblio. The team worked in silence, modifying the code, developing technical and marketing strategies, and preparing documentation in preparation for the mainnet.
Trifid was developed as a payment token on the Neblio blockchain. The reasoning is that because of the strong staking rewards with the NEBL token users wouldn’t be likely to spend it, in turn, this has rendered NEBL as a less than ideal currency due to its low trading volume. Trifid fills that gap. With TRIF tokens in existence, users have a transactional currency that allows them to hold and stake their NEBL.
The team has developed a new token protocol and has already issued the first mainnet token, the NIBBL. Their very own, unique protocol is called the Neblio Token Protocol-1 (NTP1). NTP1 allows for the creation of non-fungible tokens, which is just a fancy name for unique tokens, similar to Ethereum’s ERC-721 tokens which are the foundation for Cryptokitties. Non-fungible tokens allow for metadata storage and unique-attribute tokens of the same type which provide all of the functions of fungible tokens, as well as ownership information, uniquely encoded datasets, and smart contract functionality. This is definitely one of the more impressive aspects of this project, as it shows the team’s dedication to building something that is not just a copy of someone else’s work but their own innovation. Fees for transferring NTP1 tokens are distributed to Neblio stakers which increases the incentive for users to stake their NEBL. NTP1 allows on a protocol level the batching of multiple NTP1 transactions into a single block transaction, which is also a unique function for scalability available to Neblio
The Neblio team consists of members who have experience in software development, blockchain and business. The co-founder and lead developer is Edward Smith. He has over 7 years in software development for companies including Capital one and Cisco. The second co-founder is Ann Jackson. Prior to founding Neblio she worked at Hewlett Packard for 6 years in a number of operations and marketing roles. Joining them is Yuval Amar who is the marketing advisor. Furthermore, Neblio also has two lead developers, namely: Riley Stockton and Samer Afach. For a project with the scope of Neblio, the size of the core team seems a bit small, they are going to need more talent to tackle their goals. This may change as we head into 2019 as it looks like Neblio is actively looking for development and operations talent to join the team.
Tokenomics: What is the NEBL Token?
NEBL tokens are used on the blockchain to reward and incentivize users to secure and operate the network by running nodes. The token is also useful when it comes to calculating and charging fees whenever you use the platform services. Moreover, NPT-1 tokens, which some dApps on the Neblio blockchain can use, can be exchanged only if NEBL is used as the default GAS.
Neblio took a unique approach to their ICO as well, offering all 125 million NEBL tokens for sale, and requiring even the founders and core developers to purchase tokens during the ICO. There were only 12 million tokens sold during the ICO for $0.2032 each, and most of the remaining tokens were burned. Currently, the total supply of NEBL is just over 14.6 million. Very unique metrics here.
Growth potential and Roadmap
In their white paper, the Neblio team provides some use cases in which the Neblio blockchain offers unique advantages. Secure records management processes are able to benefit from the architecture of the Neblio blockchain, as can regulatory compliance and audit trails in which security and immutability are essential. One of the most exciting applications of the Neblio blockchain, however, is the functionality it offers in acting as a medium of communication between internet of things devices. IoT devices can use the Neblio blockchain to communicate and authenticate securely. According to their website, these are the three use cases, Neblio will focus on, which is shows a realistic approach to the market, of course, there are a nearly infinite number of potential use cases but to market the platform more efficiently, it is important to focus.
To get an idea of how much actual work is being done a project, one of the best ways is to take a look at their GitHub activity. By observing the number of repository commits can get a rough idea of much code is actually being produced. If we head on over to the Neblio GitHub repository, we can see that they still seem to be relatively active. The Team managed to launch their platform, and it seems to be constantly growing but on their roadmap for 2019 they have only stated that 2019 is the year for “Iterative Innovation & Industry-Wide Adoption”, without details on further developments or how to scale their business. This might be due to the fact, that they are operating in a highly competitive market but for investors, this is not very convincing. However, Neblio has an official blog where they have laid out some of their development updates.
When it comes to partnerships, there are three companies we should talk about at this point: Cred, Acre and Potion Owl. Neblio’s partnership in financial markets began with Cred and recently evolved to include Acre. Cred now offers easy access to credit through their LBA token, while Acre lets anyone get started in crypto investing for as little as $10. With both financial markets seeing explosive growth, these platforms give great long-term growth potential for Neblio. Potion Owl is an existing healthcare services company, founded in 2014, that is now shifting its operations onto the Neblio blockchain. Potion Owl has a focus on the consumer-facing aspect of the healthcare industry, connecting healthcare providers, insurance agencies, and consumers.
Despite the relatively small size of the team, Neblio was able to meet their development milestones over the course of 2018. If they are able to fill the positions that they have got open, they could be well positioned to go into 2019. They have beat every deadline without compromising on quality. From the beginning, they have developed their product with an end-goal in mind; simplicity for enterprise adoption. The biggest concerns I have at the moment are team size, we already addressed this.
Another thing is scalability, as anybody can create their own token/application which could bloat the network. Scalability will no doubt be resolved in the future as well. Competition is intense but we are still early in a potentially huge market, so I don’t see a real threat at this point. So far, the marketing strategy and community building of the project wasn’t really a high priority. The Neblio blockchain was developed and launched with little fanfare, and has not been very active in promoting itself.
With development continuing at a rapid pace, and a product that is already proven to work, Neblio could be ready for a break-out year in 2019. Apparently, the overall bearishness in crypto has held the price back, but if that changes it is possible there could be a renewed interest in NEBL.
NEBL scored 55 out of 76 Points in our evaluation program.