DESCRIPTION OF BUSINESS

EXECUTIVE SUMMARY

TRIAS aims to build a product that integrates a variety of coding languages by having pre-built modules that can be ‘stitched’ together, which will include cryptocurrency for value transactions as well as its own TRIAS coin and smart-contract capabilities. The project’s aim is to facilitate the creation of blockchain applications. TRIAS is targeting the cloud computing market and therefore is competing against the current giants in the cloud space.

OBJECTIVES

To add transparency and cross-coding capabilities to this space, allowing unexperienced developers to access blockchain solutions modules that can be used in developing apps.

MISSION STATEMENT

An all-platform-supported (Server, PC, Mobile, IoT, etc.) native-application-compatible smart contract execution platform, development framework and collaborating ecosystem. TRIAS aims to define a new-generation all-platform-supported public chain system. Trustworthy and Reliable Intelligent Autonomous Systems make people trust machines.

To see TRIAS’ whitepaper, go to: https://www.trias.one/whitepaper

PROJECT RATINGS

MARKET AND PROJECT

TRIAS is looking to acquire a market share from the cloud computing market. It has great potential to seize some of this market because of its use of blockchain for transparency and cross-code capabilities. According to GARTNER, a research and advisory company, the cloud computing market’s worth is estimated to be of USD 220 billion.

Looking at this market as a whole, the research team has concluded that this product is aimed at developers with no blockchain experience to help them design blockchain apps. The team also notes that market share limitations (such as the differences between capturing students and seasoned developers) are divisive within this project.

According to reuters, a CAGR of 12.52% is expected for the HMI market during 2019-2025. However, the market tends not to be supportive for new entrants. This report considers countries with a fairly active introduction of HMI, and that market size is limited by the dynamics of blockchain applications in local markets (Korea and Japan predominantly, in the case of TRIAS)

CONCLUSION

While the HMI market may not be kind to new entrants into its space, once established, TRIAS can fair better in competing for a market share of the cloud computing market. By allowing non-blockchain developers to develop apps on the blockchain, TRIAS will potentially see their own market share grow with new adopters.

HIGHLIGHTS

TRIAS may gain market share due to its transparency and cross-code capabilities.

LOWLIGHTS

A saturated market, which might not be kind to new entrants.

SUCCESS FACTORS

TRIAS will allow general-purpose software developers to easily incorporate blockchain functionalities, using its blockchain infrastructure to do so. TRIAS can have a much wider range of use cases than their competition, as it aims to establish trust within general-purpose software platforms, not only towards ledger-related applications.

TRIAS identifies their Layer-1 enhancement for public blockchains, as well as their consensus-oriented enterprise programming trusted operating systems and application ecosystem, and trustworthy multi-party computation as being crucial to maintaining a competitive advantage.

The main idea of TRIAS is that they aim to support DSaaS (Decentralized Software-as-a-Service) smart contracts. TRIAS states that Decentralization, Security, and Scalability are the main ideas of its ecosystem. To honor this, they have built their infrastructure on 3 layers: Leviatom, Prometh and MagCarta (“administrative”, “judicial” and “legislative”).

To learn more about TRIAS, see their One-Pager at: https://www.trias.one/onepager

ROAD MAP

TRIAS is moving in line with its Road Map. In Q2 2019, the testnets of Leviatom 1.0 and Trias 1.0 Testnet are supposed to be launched. The Main Net will debut in Q4 2019.

The project was announced on a top tier exchange (Kucoin). It was listed on this exchange in May 13, with trading opened on May 14.

Notes: The language used by TRIAS for its roadmap is often confusing (using past tense for future events). English is noted to not be their first language.

The Road Map can be found on the White Paper’s “RoadMaps”: https://www.trias.one/whitepaper

TEAM

Overall, TRIAS has a strong team (with 22 scientists and engineers). The team can be seen under “Core Team” on their home page at https://www.trias.one

Core members and advisors are well-known and respected in their communities. Core team members have studied at the Oxford and Peking Universities, with experience working at leading tech companies such as Alibaba,Microsoft, DiDI and Intel.

Founding Team Members can be seen in their White Paper under the same title at: https://www.trias.one/whitepaper#1-introduction
Zhaoming Yin’s (Chief Algorithm Architect) biography can be found at https://stplaydog.github.io
Check “Team, Partners and investors” on page 18 in the following document: https://tokeninsight.com/api/upload
“Our Advisors” on the main page of https://www.trias.one

Dr. Anbang Ruan, Co-Founder and CEO at Trias, has received a Ph.D. in Computer Science at the University of Oxford. He has more than 10-years research experience in Trusted Computing, Trusted Cloud Platform, Cloud Computing Security and Virtualized Platform Security. He is also a Founder and CEO of Octa Innovations, company that develops network security applications using artificial intelligence and trusted computing technology.

Dr. Ming Wei, Co-Founder and CTO at Trias, is a former China Aerospace Software R&D Center Senior Architect, Siemens Academy Engineer. He is also a Co-Founder and CTO at Octa Innovations where he hosted and developed DASO private chain and consortium blockchain. It achieves 100,000 TPS data storage applications’ scenario requirements.

OTHER TEAM MEMBERS

Sun Jiahao, CSO at TRIAS, is a chief AI Scientist at RBC, a well-known international bank. He has founded several AI and Fintech companies in London, with investment from major capital institutions in Europe.

The rest of the team consists of solid developers with years of experience in programming and computer science.

TRIAS’ advisory board consists of four people, according to the information on the main page of https://www.trias.one/ under the section “Our Advisors”:. These four advisors are Prof. Andrew Martin, Prof. Hanqing Jin, Dr. Ning Wang, and the aforementioned Roger Lim. The first three advisors have solid managerial and academic backgrounds.

Most of the team are also employees of Octa Innovations, a well-established technology company.

CONCLUSION

TRIAS has an experienced, large team, with cross-sector experience in science and engineering. They also have experienced and reputable advisors. From an administrative point of view, their CEO and advisors have successfully managed profitable companies.

HIGHLIGHTS

Structured experienced and educated team with a strong advisory board.

LOWLIGHTS

Most of the team are employees of Octa Innovations, which might represent a conflict of interest. Researchers could not produce evidence showcasing whether the advisors are actively engaging with the project or not.

COMPANY OWNERSHIP

The company is a P.R.C. (China). Most of the team members listed on the website (https://www.trias.one) work with Octa Innovations, Ltd. P.R.C. Octa Innovations will provide
technical, research and marketing support for TRIAS. Octa Innovations LTD is also a company based in China, created by the Founder of Trias. The company is owned by founders Dr. Anbang Ruan and Dr. Ming Wei.

LOCATION

Registered in P.R.C (China), its initial focus is gaining significant user uptake from the Korean, Chinese and Japanese markets.

TRIAS registered office is located at:
Zhongguancun Soho
1001 Zhongguancun Soho, Haidian, Beijing,
P.R.C, Beijing, Beijing 100080, CN

TRIAS’ focus is not geographically limited, and to expand their operations the team has appointed Michael Li as Head of its UK marketing branch.

EXISTING CONTRACTS

TRIAS has cooperated with Jiangxi Beidou Substation Co., Ltd. and the ASEAN Marine Economy Research Institute of Fujian to promote technologies and products internally, while making some achievements in project implementation.

This can be seen on the Section “Team and Partners” of the whitepaper:
https://www.trias.one/whitepaper, as well as on page 22 in the following documents:
https://tokeninsight.com/api/upload/levelPdf/eda74214aa899f7b7f0ba0c01f0ebf74.pdf
https://www.trias.one/article/245

The early investors that TRIAS secured include NGC Fund I, Danhua Capital, Kosmos Capital, and Reflexion Capital, according to an official disclosure. The company has also received multi-million dollar investments from NGC and established a business partnership as a result.

TRIAS has some additional agreements with local governments in Japan, as can be seen at:
https://www.trias.one/article/273
https://www.trias.one/article/265

COMPETITION

There are many similar projects/solutions that have positioned themselves as smart contract executors. Many Blockchain project developers claim that TRIAS is a project similar to Cosmos, Ontology Network, and Hashgraph, which means that TRIAS will have to execute their ideas outstandingly in order to differentiate itself and be able to overcome their fierce competition.

TRIAS identifies their Layer -1 enhancement for public blockchains, as well as their consensus-oriented enterprise programming, trusted operating systems and application ecosystem, and trustworthy multi-party computation as being crucial to maintaining a competitive advantage.

KEY RISKS

Based in an analysis of geopolitical, market, and project conditions, we have identified the following risks:

  • Chinese market and political uncertainty.
  • Close association and possible conflict of interest with Octa innovations.
  • Possible lack of practical experience and potentially disengaged advisors.
  • Lack of an MVP (minimum viable product) as of the date of this report.

TECHNOLOGY

The TRIAS team’s aim is to ensure security and reliability amongst Intelligent Autonomous Systems and build a Consensus-Oriented Computation Infrastructure. As a result, blockchain technology plays a central role on this project.

Wide accessible smart contracts and other related developments also have a big impact on the trusted man-machine interface industry. They impose trust and possibilities of economic stimulation of technologies and their adoption.

TRIAS incorporates Leviatom, a network of Trusted Execution Environments (TEEs) to achieve correct executions of general-purpose software. Leviatom implements a Heterogeneous Consensus Graph (HCGraph) algorithm, which combines heterogeneous TEE technologies (TPM, TXT, Intel SGX, ARM TrustZone, etc.) and graph computing algorithms (similar to Hashgraph or DAGs). MagCarta, a consensu-soriented programming paradigm to achieve embed and self-defined consensus strategy for high order enterprise DApps.

CONCLUSION

There has been a lot written by the coremembers of the team about the consensus algorithm which TRIAS aims to use to differentiate itself from its competition.

HIGHLIGHTS

The Heterogeneous Consensus Graph (HCGraph) algorithm, which combines heterogeneous TEE technologies (TPM, TXT, Intel SGX, ARM TrustZone, etc.) and graph computing algorithms (similar to Hashgraph or DAGs). MagCarta, a consensus-oriented programming paradigm to achieve embed and a self-defined consensus strategy for high-order enterprise apps.

MINIMUM VIABLE PRODUCT

TRIAS has no Minimum Viable Product launched. For practical purposes, it’s just a scientific project on paper.

There are 3 layers to the project. Leviatom, Prometh and MagCarta (i.e. “administrative”, “judicial” and “legislative”).

The testnets of Leviatom1.0 and TRIAS 1.0 are supposed to be launched in Q2 2019.

Prometh: Prometh is designed, with a Demo produced. However, the team of TRIAS have stated that they have already implemented some small projects with local governments in China and worked on them (see https://www.trias.one/article/245).

EASE OF DEVELOPMENT

By providing non-blockchain developers a way to cross-code applications, ‘easy’ development is the core aim of TRIAS. TRIAS does this by enabling a much wider range of usage scenarios, as it intends to bring trust to general-purpose software platforms instead of only to the ledger-related applications.

Regarding Layer -1 enhancement for public blockchains, Leviatom enforces a trusted relationship among the consensus node of existing public chains. This will greatly reduce their consensus overheads and significantly increase their transactions per second.

On Consensus-Oriented Enterprise Programming, MagCarta allows DApps to implement their consensus logic and ledger format without confining to any predefined fixed strategies by the chosen public blockchain.

TRIAS eliminates malware and backdoors easily for trusted operating systems and application ecosystem, as Leviatom only allows the executions of white-listed applications and Prometh only allows the white-listed applications to implement verified behaviors.

TRIAS achieves multi-party computations by exchanging trustworthy applications instead of exchanging private data.

TECHNICAL AUDITS AND SECURITY

On the site of TRIAS there is no information about any audit. However, their code is open-source, so it can be found on GitHub. Research done has shown that there were a couple of tests, vbugs fixed, and other developments typical of open-source projects.

TRIAS’ GitHub repository can be found at: https://github.com/trias-lab?tab=repositories

LEGAL AND COMPLIANCE

Researchers were unable to find any legal compliance audits issued for TRIAS’ jurisdiction (PRC – China). Therefore, researchers could not determine the extent of compliance with the relevant jurisdiction.

The project has no legal advisors for the moment.  Advisors have been stated to be primarily from science and research backgrounds, however, since few advisors have experience with operating a successful business in Asia, this should assist them in seeking compliance.

The documents necessary by law are not included in TRIAS’ website, for example terms and conditions, privacy policy or GDPR statement for EU customers and others. .

In regards to KYC provisions, the IEO took place on KuCoin Spotlight, so it is the KYC procedure implemented by KuCoin that needs to be considered. As part of the KYC of KuCoin, corporate clients (although not only corporate clients are involved) are required to submit their corporate documents  (certificate of incorporation, registered office, directors and shareholders’ certificates,memorandum and articles of association, information and documentation on each director).

More info on the TRIAS coin (TRY) sale on KuCoin Spotlight can be found at:

https://www.kucoin.com/news/en-announcement-of-trias-try-token-sale-on-kucoin-spotlight

and

https://kucoin.zendesk.com/hc/en-us/articles/360015102254-How-to-Finish-the-KYC-Verification-Process-

CONCLUSION – No research was found to indicate jurisdictional compliance or legal advice.

HIGHLIGHTS – The Kucoin Exchange ran the initial IEO (Initial Exchange Offering) to qualify investors and launch the project on their site.

Legal Risks identified – Lack of evidence to indicate jurisdictional compliance or legal advice.

TOKENOMICS

The TRIAS coin (TRY) is a utility token, according to the White Paper;’s section “Token Economy”. The TRIAS coin provides a sole means of executing transactions and providing rewards on the network. It acts as the primary utility across the platform. More detailed info about the consensus mechanism, go to “Introduction” at https://www.trias.one/whitepaper

On the Leviatom network, Verifiers will receive tokens periodically as rewards. Executors have to pay for compute power, storage, or bandwidths from Verifiers and routers using tokens.

Also, developers or security analysts can get rewarded with mined TRIAS coins, when performing the Prometh’s program testings and automated analysis of verifications for software source codes (or intermediate binary files).

CONCLUSION

The tokenomics for the TRIAS coin are well structured. Token awards are periodically paid to verifiers, and executors have to pay on tokens for power generation, storage, etc.

HIGHLIGHTS

Well-structured tokenomics with a clear explanation of how token awards are paid.

LOWLIGHTS

No legal opinion to evidence jurisdictional acceptance of the TRIAS coin classification as a utility token

TOKEN QUANTITY ANALYSIS

The TRIAS coin (TRY) is a native currency in the TRIAS network. The TRIAS coin will be used to facilitate the transactions and as a reward mechanism for nodes. 30% of the tokens will come from Mining, the remaining 70% are pre-mined.

CIRCULATING SUPPLY:

7% of total supply

TOTAL SUPPLY:

According to Etherscan, 10,000,000,000 TRIAS coins  have been created.

INFLATION RATE:

Researchers could not identify any inflation rates.

PREMINED TOKENS:

70% of tokens are pre-mined.

CONCLUSION

70% of all TRIAS coins are pre-mined, with a balance of 30% to be made available to miners supporting the network.

OPERATING COSTS

No researchers were able to identify any operational costs for TRIAS.

A Telegram channel Administrator has confirmed that this information is confidential, as can be seen in the following conversation:

INITIAL COIN OFFERING

It is very difficult to find information about the original TRIAS coin allocation. In the White Paper there is no information about it. Researchers checked all reports on the project’s official site and Medium, and couldn’t find any information about this.

Our researchers received the following information in regards to token allocation from contacting
the administrators on Telegram, which can also be found on their IEO page:

TRIAS coin (TRY)’s ERC20 token information can be found at:
https://etherscan.io/token/0xe431a4c5db8b73c773e06cf2587da1eb53c41373

LOCK-IN PERIOD:

  • 10% for core Team members (4-year vesting)
  • 10% for early supporters (2-year vesting, for advisors, bonus, business partners etc.)
  • 20% for the Foundation (4-year vesting)
  • 8% for seed investors (Seed Sale Monthly Unlock Program: 3% of seed sale (24,000,000 TRY) unlocked before listing, and the remainder will be released over the next 9 months, on a-month-to- month basis.)

SOFT CAP: UNKNOWN

HARD CAP:

Kucoin Spotlight allocation: 400,000,000 TRY (4% of total token supply).
Public Sale allocation On ChainX.kr: 200,000,000 TRY (2% of total token supply).
Price ratio: 1 TRY = 0.004 USD
During the IEO the hard cap was set at $2,4 million.

HIGHLIGHTS

Small hard cap and clear distribution (including vesting periods).

LOWLIGHTS

TRIAS Telegram moderators had to be queried due to the difficulty of accessing this information.

CONCLUSION

Vesting periods and clear token IEO allocations are generally positive signs.

SOCIAL MEDIA / VIRALITY

  1. Twitter (1810 followers). Not too many followers, but the Twitter account of the project is relatively active. They post almost every day, but the response from the audience is not very high. Short videos are regularly uploaded to Twitter and they are very informative.
  2. Medium (116 followers). They often post articles/news about TRIAS. With an almost weekly series, called Trias Project Weekly, in which the team explains all the new developments of the project, they report on the project’s and market progress. They also utilize Medium to announce innovations about the project, conferences, meetings, etc.
  3. Reddit. They are not very active on Reddit. Usually they post links to their posts on Medium. Their Reddit engagement is very low.
  4. BiYong. A Chinese social platform. They have a strong presence in BiYong, with 10,734 members.
  5. GitHub. They have uploaded 3 documents to their account on GitHub. Those are README, TRIAS in One Page, and White Paper (CN+EN versions).
  6. Telegram (3 channels). The first one is TriasChinese (6,564 followers), a significantly active channel. The second one is Triaslab (1,0735 followers), a significantly active channel. The third one is TriasOfficial (365 members). They use this channel for announcements and news relating to the project.
  7. Youtube – while the Trias team does not use youtube, its main presence on youtube has come from influencers and others who have reviewed the company/project. Influencers such as Ivan On Tech (Youtube influencer with 201,000 subscribers) amongst others have reviewed it. We can highlight the following reviews:
    Chico Crypto (69k subscribers): https://www.youtube.com/watch?v=Ud2nV5wMYHE
    ICO EXPERT (3.54k subscribers): https://www.youtube.com/watch?v=IU9DI-lfK6Q
    ICO Gens (Q&A, 752 subscribers): https://www.youtube.com/watch?v=qv31bcn4Bvc.

HIGHLIGHTS

Mainly active on Telegram and BiYong. Youtube influencers have reviewed the project positively.

CONCLUSION

TRIAS maintains a strongly engaged social media presence with its focus being on Telegram and BiYong for direct communication with 3rd parties and investors. Good engagement from social media influencers such as Ivan On tTch assists in creating a stronger reputation and awareness for the project.

SUMMARY

Investors in TRIAS should consider that there currently is no available MVP. TRIAS has claimed to be working with certain local governments (as clients) in the Republic of China; however, aside from media announcements, nothing further has been said by these clients in regards to the trial/demo yet.

While the team is shown to be well-experienced and academically educated, its smart contract auditing, legal compliance, and technology itself (MVP) are not explained, which could be a red flag for investors

However, since the project has NEO Global Capital fund’s representation on the team’s advisors panel, this project should be re-examined when TRIAS is able to show evidence to satisfy potential investors in regards to its smart contract auditing, legal compliance, and its technology (MVP).

DISCLAIMER

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