MEMBRANA


SUMMARY

Membrana is a decentralised platform for the trading of cryptocurrency assets and for the trust management of cryptocurrency funds. The platform utilizes smart contracts on the Ethereum network and allows investors and traders to facilitate a mutually beneficial, secure and reliable method of asset management within the cryptocurrency sector.

The projects mission is to create a safe, transparent trading and investment experience for its users whilst also looking at new business opportunities.

As noted in the review, there are several competitors in the same space as Membrana, who have tried to address the issues that surround the trust of asset management and we look at how Membrana differs from its competition.

The concept for the project came in Q1 2017 [1] during the huge growth of the cryptocurrency asset class and the Membrana team came across several issues that they noticed were not being addressed or resolved elsewhere in the market. Development started during the same year and a public beta platform was launched to the public in the summer of 2018.

The project is now in the process of raising funds via an IEO, developing the platform and also growing their brand awareness to develop their user base.

We tested the platform for the purposes of our review whilst also reviewing the fundamentals for the project and graded the project 72 out of 100 based on our review metrics rating.

Applicant Kirill Romanov
Job Title Chief Marketing Officer
Residency Russia
Verified Review Yes
Project Name MEMBRANA
Symbol MBN
Type TOKEN
Sector TRUST ASSET MANAGEMENT
Launch IEO
Marketcap N/A
Total Supply 1,000,000,000
Website Website URL
WhitePaper WhitePaper URL
Github Github URL
Review Score (100) 72

ABOUT

Market

The core aim of the Membrana project is intended to bring investors and traders together for concluding mutually beneficial blockchain-protected contracts for the trust management of cryptocurrency assets. Membrana provides investors and traders with a transparent, decentralized and secure system, which controls the process of concluding and executing a contract up to the point of revenue gained by both parties.

Utilising the power of smart contracts whilst also introducing a level of transparency for all parties involved, the platform aims to change the way trust management funds operate in the cryptocurrency industry.

To avoid risks for both the investor and trader, and to make trust management transactions more profitable and safe, Membrana has developed a unique algorithm to solve the following problems [2] with its unique contract-type trust management solutions.

During this review of the project we will look at the opportunity provided by the Membrana platform, the case for adoption and also the utility of the Membrana token in the platforms ecosystem.

Another of the main issues faced by users in the cryptocurrency space is around the trading of assets on multiple platforms. Users often have several exchange accounts and all the associated management that comes along with this, such as entering different user names and passwords, 2FA codes when logging in, different interfaces on each exchange, and the result is often a tedious experience for the average cryptocurrency user. 

Membrana aims to solve this by providing a decentralised trading platform which allows users to enter the API key for an exchange onto the platform and giving them access to trading at several exchanges on one platform. The current exchanges supported on the platform are Binance, Bittrex and Huobi giving users the option to trade over 1200 pairs [3], and the team plans to add more exchanges over time, eventually aiming to facilitate trading on every major exchange from its platform.

Users are also provided with tools on the platform for efficient trading which include Advanced UI/UX, conditional orders, Analyzer, algo-trading and algo builder, crowd predictions, messenger notifications and other features planned.

The aim of the platform is to allow any user who trades cryptocurrencies on any exchange in the space to use their platform for trading or investing.

Opportunity

The markets for cryptocurrency have grown exponentially over the last decade and the main driver in this growth is the trading and transfer of various crypto assets. As a result, the growth in exchanges and trading platforms is huge, combined with the desire of investors to seek passive forms of income.

By introducing a trust management platform that addresses the problems normally seen in this sector, Membrana provides a good opportunity for emerging traders to build up a transparent rating based on their trading. It also gives freedom and flexibility for investors to use the platform and choose the trader to manage their portfolio.

Currently the project is in its early stages of development with the Beta platform launched 12 months ago and the team currently in the stages of fund raising whilst also working on development for the final launch of the platform with all features in Q4 2019.

An analysis of the market for asset management shows that there is significant room for growth for users on the platform, either as a trader or as an investor. 

Some of the opportunities identified on the Membrana platform for traders are [4]:

The markets for cryptocurrency have grown exponentially over the last decade and the main driver in this growth is the trading and transfer of various crypto assets. As a result, the growth in exchanges and trading platforms is huge, combined with the desire of investors to seek passive forms of income.

By introducing a trust management platform that addresses the problems normally seen in this sector, Membrana provides a good opportunity for emerging traders to build up a transparent rating based on their trading. It also gives freedom and flexibility for investors to use the platform and choose the trader to manage their portfolio. Currently the project is in its early stages of development with the Beta platform launched 12 months ago. Meanwhile the team is currently in the stages of fund raising whilst also working on development for the final launch of the platform with all features in Q4 2019. An analysis of the market for asset management shows that there is significant room for growth for users on the platform, either as a trader or as an investor.

A quick internal survey amongst our team showed that we are on average holding more than 5 cryptocurrency assets at any one time and trading on a minimum of 2 different exchanges. A scope of the different types of trust management services in crypto show that there is a huge demand for users to have someone trade on their behalf either managing their funds or directly telling them what to trade.

For example, retail users often scour the trades of larger traders on twitter and try to copy them or they will join paid groups in the hope that they can be told what to buy with the paid group leader in effect managing their funds whether directly or indirectly. Based on the growth of the trust management sector in cryptocurrencies we feel that there is room for growth in the sector and that the opportunities presented by Membrana offer value for users of its platform.

The opportunities for investors using the Membrana platform are:

Based on the growth of the trust management sector in cryptocurrencies we feel that there is room for growth in the sector and that the opportunities presented by Membrana offer value for users of its platform.

 

Features

  • Smart Contract system for trust management
  • Risk management tools with advanced maxloss mechanics
  • Trading on multiple exchanges from single terminal
  • Desktop and Mobile versions
  • External API for trading bots or trading software
  • Trustlog and blockchain verification of past activity

Technology

The smart contract is analysed in more detail in the code review. Overall the project utilises a wide range of technologies [5] to support the platform and its features. There are several technologies implemented into the Membrana platform which include:

Safe transfer of funds in trust management

For the purpose of transfer of an investor’s exchange account to a trader in trust management, an API key provided by the exchange is used. The API key is not transferred to the trader, but stored on Membrana’s platform in a secure database. The trader trades on an exchange via the Membrana single trading terminal. Consequently, the trader does not have access to the investor’s assets. All investors’ funds remain on their exchange account, and are not transferred to the trader. Membrana also maintains the restrictions set at the contracting stage: stop loss, time period for trading by the API key, etc.

Contract between Investors and traders 

To conclude the transaction between investors and traders an Ethereum Smart Contract is used. Traders’ consideration is reserved in a Smart Contract, in advance, and it is automatically paid upon reaching the target profit set in a percent of the amount transferred in trust management, or upon expiration of the Smart Contract term.

Confirmation of past trader’s profitability using blockchain

All contracts concluded by traders via the Membrana platform will be saved to the database. This information is further used to calculate traders’ success using indicators, such as ROI, rating, etc. These indicators will be provided to investors, giving them a greater ability to select suitable traders. The Membrana platform uses blockchain to validate traders’ details. To do this, the hash sum of traders’ transactions for the day is saved in the blockchain Ethereum Smart Contract. The block, where the hash sum is saved, is dated and cannot be counterfeited; therefore, the validity of all data on traders’ transactions of exchange is confirmed by their hash sum in the blockchain—in the block dated with the respective date of transaction. Thus, it is impossible to save only profitable transactions in the database and their hash sum externally as far as at the moment of saving, because it is not known which transactions are profitable.

Distribution of investor’s assets among several independent traders

The Membrana platform allows the investor to transfer, to trader, only part of his funds in the exchange account, as is stated in the contract terms. The remaining funds remain under the investor’s full control and can be used for independent trading, transfer of these funds to another trader, or withdrawal from an exchange account.

Trade in cryptocurrencies is actually carried out from one exchange account by different traders or by the investor himself. In spite of this, the Membrana platform provides isolated and independent trading within the amounts transferred to trust management for each trader and the investor himself. At the time of the conclusion of the contract, the investor determines the amount transferred from trust management in the accounting currency to be used.

Some of the technologies used by Membrana to achieve the above are:

Smart Contracts

To conclude a transaction for trust management between investors and traders, the Ethereum Smart Contract is used.

A Smart Contract contains all of the details of the agreement. On the Smart Contract account, an investor reserves a trader’s consideration in advance, in the amount to be paid upon reaching the target profit. 

The consideration is automatically paid to the trader upon the expiration of contract term and the receipt of income by the trader. The contract may be terminated ahead of time, if the target profit is received by the trader, or if the investor undertakes a prohibited action.

Examples of a prohibited action include an investor withdrawing money from the exchange account, or carrying out a transaction on this account without express permission. To get information on the current state of the exchange account, Smart Contract uses oracles as described below.

Oracles

An oracle is a software component providing data to Ethereum from the external world and this data can be further used by Smart Contracts.

On the Membrana platform, oracles are used by the backend system to obtain and record information in blockchain, data on the currency balance in the exchange account, transactions of certain exchange accounts, cryptocurrency exchange rates, and transactions of certain traders.

Exchange API

The Membrana platform provides traders with the single trading terminal to carry out transactions on any supported exchange. Membrana translates each transaction 16 Technologies Used via the exchange API using API keys owned by the trader, or transferred to traders in trust management. API keys are stored in a protected database within the Membrana platform.

Protection of investor’s API Keys

Security of original API keys is ensured by a backend system. The backend system manages the functionality of the personal account and trading terminal, and does not allow access to the server that directly interacts with the exchange. The trading system is in an isolated environment, and access to transactions via this system is possible only by a signature authorization session, using the ECDSA algorithm.

Mobile and Web browsers

To allow for the ease of use for its web users, Membrana uses Metamask. MetaMask is a plug-in for web browsers (currently supported by Chrome and Firefox), enabling users to carry out blockchain transactions in Ethereum via a JavaScript web3 object without a private key.  The Membrana platform uses web3 to work with the Smart Contract.

The Membrana website is also adapted for mobile devices and uses mobile browsers such as Cipher and Toshi which allow for Ethereum authorisation. 


Adoption

Membrana’s focus is on growing their user base and brand awareness of their platform, whilst also developing the platform and the utility for the MBN token. By utilising the token in the platforms ecosystem and providing users with unique features, the project has the potential to increase its userbase both in terms of traders and investors to the platform.

The main issue the project will face is gaining users on its platform and one of the aims of the team is to highlight the advantages of using their platform [6]:

Barrier of Entry

Users have very little difficulty in accessing the platform. Web users are able to load the Membrana platform and then access via the Metamask plugin. Once users are logged in, they are able to add an additional layer of security via 2FA and then start adding the API keys for the exchanges that they wish to connect for trading on the Membrana platform.

Users who use the platform to trade via the interface on their API connected exchanges are not charged a fee for using the platform. Users who use the platform as an investor are charged a sliding scale fee of the contract agreement made with a trader, which is usually around 0.5% of the contract agreement.

Mobile users are also able to use the platform by connecting on the Cipher or Toshi browsers and can start trading on Membrana from their mobile.

We feel that there is a high chance of adoption for the platform if the team are able to deliver on the project. The reasons for this mainly revolve around the transparency and functionality of the trust management contracts in the platform. Users have the possibility of now seeing a traders results performance and negotiate an investment contract with a high level of transparency. There are also mechanisms in place to ensure that the investor can manage their risk per contract, something not available in Membrana’s competition.

Token Utility

The team seem to have carefully considered the use case for the token and identify the different utilities of the token between user to platform and user to user which are outlined below [7]:

User-to-platform utility

Paying commission fees 

Commission fees on the platform are charged in MBN tokens.

Payment for advanced features

On Membrana platform we have various of additional advanced features which are available on a monthly subscription basis. Payment can be done with MBN tokens or other cryptocurrencies, which are automatically converted into MBN.

Stacking rewards

To receive rewards from stacking - user shall commit his tokens on Membrana platform in Stacking menu. There are 2 levels of stacking: 1st - provide token rewards for holding certain amount of MBN tokens and 2nd - provide full access and governance rights for COF and rewards in tokens and BTC.

User-to-user utility

To fully understand user-to-user utility of the Membrana token, the concept of the “Community operated fund” (COF) should be introduced.

The community operated fund (COF) is a pool of digital assets, which is capitalized from Membrana Ltd, community members and external investors. The purpose of COF is to provide traders with assets for management and to create multiple business opportunities for Membrana customers. Absolutely anyone can take part in COF, performing as an investor or as an executor.

Access to margin contracts

Users can receive an access to bigger amount of trading assets with the help of COF. Users set up margin amount and send MBN tokens for the platform smart-contract.

Those tokens act as a collateral for the contract, while he receives a margin contract for management. With successful trades, user receives the profit, if he fails with his trading, the collateral is taken to compensate COF losses.

Participation in ICO/IEO pools

On the basis of COF, custom invest pools can be created. Users can join it with MBN token to receive additional bonuses provided by the projects.

Rewards and PoS governance of community operated fund

Users can stack MBN tokens on platform to receive second level of stacking and superuser status. This level allows him to freely obtain COF funds for management and to perform governance of COF choosing traders to trust money for management. Additionally it allows users to create their own Fund, using Membrana software. And finally - users receive not only tokens as a stacking reward, but also BTC rewards which comes from IEO and COF operations.

We feel that the team have taken careful consideration when introducing the utlitity uses for the token and by offering a range of incentives for platform users to hold the token. An example of a successful use case for a utility token the is Binance token (BNB) for the Binance exchange. The utility of the token has been a key part in the growth of the brand and userbase of its customers. By introducing a use case for users to hold the token, the BNB token has been able to grow and avoid the issue that many other tokens face which is their lack of utlity.

 

 

Competitors

 

The identified competitors are in the socialised trading and tokenized funds markets, and the main competitors in these sectors are Iconomi ($26M Marketcap), Genesis Vision ($15M Marketcap),  Melonport ($7M Marketcap), Caspian ($6M Marketcap), Covesting ($4.2M Marketcap) and Blockport ($390,000) [8].

Based on the combined marketcap of these projects the market size is around $60M. This figure represents 0.0002% of the total marketcap of the whole cryptocurrency asset class.

There is no public data available as to the current combined size of the assets managed by these trust management and socialised trading funds, however research in the summer of 2018 indicates a market size of $94M USD with an annual expected growth rate of 17.1%, indicating that by 2023 we could see $207M USD of cryptocurrencies under the management of trust funds [9].

The team at Membrana have a more positive outlook on the size of the cryptocurrency asset, stating that they believe the size of the asset management market in crypto could be upto $50 billion.

Competitve Advantage

The team say that they have looked at the competition in the market, identified the differences in their approach and how they feel the project offer more value than the current projects in the same sector [10]

              

As you can see from above, Membrana state that they are the only platform that offers a contract system which allows for a secure and transparent trust management of assets. The differ from their competition in several ways as a result.

Currently their competitors have no risk management option or portfolio management option for the investor. Membrana addresses this allowing the investor to set an identified stop loss for their portfolio, as a value percentage of the initial amount the investor placed in the smart contract. Traders also indicate the maximum loss per trade adding another level of risk management.

The platform also allows for the investor to choose which trader they require to manage their portfolio based on the transparent trader rating system which utilises smart contracts to track and display a traders history, with the transparency of the information confirmed by the hash sum (sha 256) stored in the Ethereum block [11]. By allowing the investor to track traders performance it allows a freedom of choice and flexibility for the investor to choose their portfolio manager, whilst also allowing for traders to transparently display their terms, returns and gain recognition based on performance.

By utilising this smart contract method, Membrana offers a transparent, secure and flexible trust management service for both investors and traders on its platform giving it an edge over its current competitors.


Competitors

The identified competitors are in the socialised trading and tokenized funds markets, and the main competitors in these sectors are Iconomi ($26M Marketcap), Genesis Vision ($15M Marketcap),  Melonport ($7M Marketcap), Caspian ($6M Marketcap), Covesting ($4.2M Marketcap) and Blockport ($390,000) [8].

Based on the combined marketcap of these projects the market size is around $60M. This figure represents 0.0002% of the total marketcap of the whole cryptocurrency asset class.

There is no public data available as to the current combined size of the assets managed by these trust management and socialised trading funds, however research in the summer of 2018 indicates a market size of $94M USD with an annual expected growth rate of 17.1%, indicating that by 2023 we could see $207M USD of cryptocurrencies under the management of trust funds [9].

The team at Membrana have a more positive outlook on the size of the cryptocurrency asset, stating that they believe the size of the asset management market in crypto could be upto $50 billion.

Competitve Advantage

The team say that they have looked at the competition in the market, identified the differences in their approach and how they feel the project offer more value than the current projects in the same sector [10]

              

As you can see from above, Membrana state that they are the only platform that offers a contract system which allows for a secure and transparent trust management of assets. The differ from their competition in several ways as a result.

Currently their competitors have no risk management option or portfolio management option for the investor. Membrana addresses this allowing the investor to set an identified stop loss for their portfolio, as a value percentage of the initial amount the investor placed in the smart contract. Traders also indicate the maximum loss per trade adding another level of risk management.

The platform also allows for the investor to choose which trader they require to manage their portfolio based on the transparent trader rating system which utilises smart contracts to track and display a traders history, with the transparency of the information confirmed by the hash sum (sha 256) stored in the Ethereum block [11]. By allowing the investor to track traders performance it allows a freedom of choice and flexibility for the investor to choose their portfolio manager, whilst also allowing for traders to transparently display their terms, returns and gain recognition based on performance.

By utilising this smart contract method, Membrana offers a transparent, secure and flexible trust management service for both investors and traders on its platform giving it an edge over its current competitors.

 


COIN METRICS

Symbol MBN
Algorithm ERC-20 TOKEN
Consensus ERC-20 TOKEN
Presale PRIVATE SALE AND IEO
Circulating Supply 100,000,000 MBN
Max Coin Supply 1,000,000,000 MBN
% Supply Minted 100%

Token Distribution

The distribution of the token [12] is similar to many other IEO and ICO models in the sector with the team and advisors reserving 20% of the tokens, 20% allocated towards the Community Operated Fund and 8% of the tokens distributed in community events to raise brand awareness.

A total of 52% of the total supply has been reserved for sale with 12% allocated for private investors and the remaining 40% available for public sale during several phases.

          

Vesting

There is a vesting period of the following [13]:

              

We believe that the vesting of the token for both the team and investors is a positive as it gives time for the market to develop before any immediate transfer of coins takes place.

Stacking

There is a stacking mechanism in place to reward users with MBN tokens [14], which are defined into 2 levels and are dependent on a user’s balance of MBN. More details on the utility of the stacking feature are described in the review above, and the rewards provided are shown below:

             

Analysis of the distribution [15] of the MBN token was looked at from the token page on Etherscan, however this is prior to the conclusion of the token sale so the distribution chart is similar to the initial distribution model shown above. This will be worth reviewing again after the IEO and vesting periods end to build a clearer picture of token distribution.


Annual Supply Emission (Coin) 0
Annual Supply Emission (BTC) 0
Annual Inflation Rate % 0
Circulating Supply in 365 days 100,000,000 MBN
Address Count 177
Supply Held by TOP 10 Addresses 98.97
Supply Held by TOP 20 Addresses 99.31
Supply Held by TOP 100 Addresses 99.99

FINANCIALS

Funding

The Membrana network has a fixed supply of 1,000,000,000 tokens which are issued as ERC-20 tokens on the Ethereum network. 52% or 520,000,000 tokens will be made available for sale over time, with 12% of the tokens sold to early investors, and another further 40% are being made for public sale.

The project is holding an IEO in June 2019 on ABCC Exchange for 2 waves of sales for 40,000,000 MBN in total [16].

The project has several venture funds listed including Coinbar and First Block Ventures, however it is not clear what their holdings are and there is also no information available on the sale of the 12% of token supply to early investors.

The token sale price varies between 0.014c and 0.02c USD depending on which stage of the sale a participant got involved. There is also a bonus token programme for the project which fluctuated between 5% and 100% depending on the stage of token sale. 

The team state the total hardcap for the project was reduced from $8,000,000 to $3,000,000 due to cancellation of public ICO and changing of the market conditions The overall development and marketing costs have been amended from the point of initial calculation.

This can only been seen as both a negative that the team has less funds to develop but can also been seen as a positive as it reduces the market cap for the project and gives more opportunity for growth.

Legal

As with all projects in the cryptocurrency sector, the liabilities and legal conjectures remain unclear as the industry develops in its early infancy. The initial legal concerns that arise from the project revolve around the role Membrana plays in the trading process and their liabilities based on the services that they provide.

The team position is that Membrana is a technology solution and therefore Membrana is not an exchange. As such, the team state that they are not under the same regulations that exchanges in the cryptocurrency are bound to. They are also not custodians of user funds and as such have no liability around the storage of any funds that belong to their users.

The other issue to address is the one of asset management that is facilitated by the platform which essentially allows for 2 parties, the investor and trader to agree an investment contract, allow the trading and management of the investors funds by the trader and then shares any potential profits that arise from the trading activities of the trader between the investor, trader and Membrana.

Membrana currently charge a fee (~0.5% contract amount) to the investor for the conclusion of a trust management contract. Membrana are not party to any rewards from the profits of its traders or investors and charge their fee for facilitating this process.

The initial issue that would be a concern with the trust management is the identification of the traders who are managing investors funds. Jurisdictions across the globe have a varying degree of stringent regulations and laws around the trust management of investors assets, combined with Know Your Customer (KYC) and Anti Money Laundering (AML) legislation around the source of investors’ funds.

When discussed with the team, this was something recognized as a potential issue in the future. Currently the project is based in the Cayman Islands and is considered by the team to be a technology solution rather than an exchange or a trust management fund.

As the project develops, the team state that they plan to look at new avenues for growth which include plans for a community operated fund (COF) which will be managed by the Membrana project. The team are aware of the stringent regulations for trust management in countries like the United States and discuss how they plan to address this by acquiring a fund license in the US. They state this will then allow US based traders the opportunity to join and become accredited fund traders/managers under Membrana’s license.

Revenues, Expenditure and Growth

The team have forecasted their expenditure and growth over the next 5 years [17] which are shown below. They have also looked at areas of growth per customer, the customer acquisition cost and their lifecycle in terms of revenue that can be generated for the platform.

Projected revenue streams for the project are:

  1. Affiliate program: Membrana will encourage new users to create accounts on different exchanges, where they have affiliate partnership agreement. Depending on the exchange, Membrana, as an affiliate partner will receive up to 40% of the commission, generated by the user. The exchange commission is 0,25% of the order size. Affiliate program is matching with the customer engagement events and provides a long term revenue stream from users, even if they are not directly using the platform services.
  1. commission fees: Revenue is gained by commission fee, paid by investor for concluding a contract for trust management. The contract can be concluded between an investor and trader, or between investor and portfolio manager, who is managing all the work with traders. Also, considering big amount of successful trading bots, contracts can be concluded with them. The fee is a sliding scale depending on contract amount and duration of it. Generally it is 0,5% of contract amount. If the user is holding certain amount of Membrana tokens, we significantly reduce the commision fee.
  1. Paid features: For traders and investors we offer additional features, which are available to use on Membrana platform. To unlock them, user need to either have a certain amount of Membrana tokens on his wallet, or to defray a monthly payment. Those additional features will include advanced trading tools, united API, news feed and alarm systems, analytic tables, consolidated market depth, signals feed-reader, etc The general cost for such features will varies depending on the payment method.
  1. Joint operation with non-proprietary software We are creating a strong ecosystem on our platform, inviting partners to join with their services. The services we are adding: fiat/crypto conversion, crypto lending, OTC trading pool, algorithm workshop, market forecasting and more others. For all additional services provided, we are receiving a part from revenue gained by our partner.
  1. Monthly subscription payment for Enterprise solution: All payments are done with fiat or crypto, and then converted to Membrana token by back-end system. Revenue is gained by monthly subscription payments, charged for using our software product. Payments are paid by fund, using the technology. Monthly payment is starting from $10000 + 1% of revenue and depends on complexity of the software. This revenue is not included into business planning until it is fully calculated

The expenditure and revenue for Membrana for the next 5 years of growth is projected by the team as the following:

As you can see from the financial projections from the team, they expect to start generating a profit after year 1 of operation. Due to the nature of the fluctuating crypto markets projections are subject to change and the team provided a more detailed financial Finmodel for the purposes of the revenue.

After analysis of the Finmodel, the team have conservatively estimated the earnings to be around 50% less than the figures projected above. The transparency of the project for their recognition of the changing market conditions is seen as a positive.

Exchange Listings

Exchange Listings ABCC IEO
Price (BTC) N/A
Price (USD) 0.014-0.02C USD IEO PRICE
Exchange Volume (USD) N/A
Network Value (BTC) N/A
Network Value (USD) N/A
Network Value at Max Supply N/A
Exchange Volume to Network Value % N/A
Average Price (30-day) N/A
Average Volume (30-day) N/A
Average Network Value (30-day) N/A
Average Volume to Average Network Value % N/A
Volatility (30-day) N/A

TEAM

The team behind Membrana is listed on the website [18] alongside the company information. Membrana LTD is a registered company since 6th July 2018 in the Cayman Islands and can be verified by the company details provided on their website. The project also has a LinkedIn profile[19].

The project has a large team of developers, financial advisors, business and development officers, researchers and promoters. All of the team have transparent identities, linked-in pages, and many of them interacting frequently with the community through update videos, medium articles, community events etc.

12 out of the 13 team members listed on the website have their Linkedin profiles listed and of these 11 out of 13 indicate their role at Membrana. 3 of the team members are no longer listing Membrana as their current employer, however, this can be common for people who maybe working on several projects at once or work as contractors.

The team is headed by Yuriy Gerasimov CEO and Co-Founder of Membrana.  Yuriy has over 5 years’ experience in running companies starting several projects in Russia since 2014.

Vyacheslav Mychkin is the CTO for the project and is one of the most active developers in terms of commits in Membrana’s Github. Kirill Romanov is the CMO for the project and highly active in promoting the brand awareness for Membrane and engaging with its community in their social media channels.

Other notable team members include Michael Creadon who is the CEO of 4Rev and has worked for over 20 years as a trader and CEO of an NYC based prop firm.


Yuriy Gerasimov

Chief Executive Officer

Vyacheslav Mychkin

Chief Technical Officer

Kirill Romanov

Chief Marketing Officer

Eugene Buev

Chief Operating Officer

Michael Creadon

Chief Business Development Officer

Maxim Khuhro

Lead Architect

Shahboz Urinbaev

Business Development

Ilya Miroshnichenko

Frontend Developer

Igor Knyazev

Backend and Solidity Developer

Alex Badmashkaev

Full stack developer

valuSonder S. Lime

Regional Brand Manager Asia

Adam Joseph

Regional Brand Manager India

Williams Kyei

Regional Brand Manager Korea

Advisors

There are 11 listed advisors for the project [20], and they include technical, financial and legal advisors all with transparent identities and linked-in pages. A search of the advisory team shows that 9 of the 11 advisors have their LinkedIn profile listed and of these only 1 advisor lists their role at Membrana.

The most notable advisors for the project are Maria-Noel Nsana who was the Vice President of Citibank for their AML Compliance division. As mentioned earlier in the review, compliance and regulation was one of the legal issues that may arise for the project in the future. Sam Kushed is the founder of Salus MBN and the chairman of the Coinbar crypto fund which is an early private investor into Membrana.

There are also several advisors who have extensive experience in advising ICO, IEO and STO projects, including Timo Trippier and Hans Choi.


Paresh Masani

Technical Advisor

Abunassar Anthony

Financial Advisor

Denis Druzhkov

Technical Advisor

Sam Kushed

Technical Advisor

Petr Myachin

Financial Advisor

Marie-Noel Nsana

Financial Advisor

Alexander Noxon

Technical Advisor

Anton Mogilevskiy

Legal Advisor

Hans Choi

Technical Advisor

Yan Stolyar

Legal Advisor

Timo Trippler

Financial advisor

Partnerships

There are 8 listed partners for the project alongside the 2 venture funds, Coinbar and First Block Ventures [21].

Among the listed partners for infrastructure are Cipher, Trust and Toshi, which are mobile browsers allowing Ethereum authorisation, allowing users to access platforms such as Membrana.

Membrana is also partnered with Hacken, a leading security project in the cryptocurrency sector and the projects smart contract was reviewed in December 2018, with no vulnerabilities discovered. Hacken is a tokenized ecosystem which provides a wide range of security services for companies of different types and sizes like ICO startups, well-established IT and blockchain companies, as well as governmental organizations. The variety of services includes Vulnerability Assessment, Smart Contracts Audit, Anti-Phishing, and Bug Bounty. 

Other notable partnerships include Zeus, Herdius and Credits who are working in a similar trust asset and contract management sector as Membrana.


ROADMAP

There is clear and detailed roadmap [22] for the project with project milestones clearly labelled along with regular updates when milestones are achieved, and objectives are met. A review of the roadmap indicates the team are meeting stated objectives on time whilst also working towards new objectives.

The most notable upcoming milestone is the launch of the funding for the project with the IEO in June 2019 and the updates coming for the platform in Q3 and Q4 2019.


DATE MILESTONE STATUS
Q4 2018 PUBLIC PRESALE ACHIEVED
Q1 2019 CONDITIONAL ORDERS AND UI UPDATE ACHIEVED
Q2 2019 IEO IN PROGRESS
Q3 2019 ADVANCE PLATFORM FEATURES IN PROGRESS
Q4 2019 PLATFORM FINAL RELEASE IN PROGRESS
Q2 2020 ADDITIONAL PLATFORM FEATURES IN PROGRESS
Q1 2021 STOCK MARKET EXPANSION IN PROGRESS

CODE REVIEW

During the development of the project, Membrana recognized the need for an external audit of its platform and smart contract [23]. In Decemeber 2018 Hacken [24] published their security audit of the Membrana token smart contract and 0 vulnerabilities were discovered.

For time purposes we were not able to conduct an independent testing of the smart contracts and code for the Membrana project.

Details on the projects Github activity [25] is listed below


GitHub Commit Activity

295 Github Commits in the last 12 months [26], with most the activity coming around the launch of the Beta platform in the summer of 2018 and prior to the first public presale in Dec 2018.


Team Member contributions

The most active team member in terms of contribution is the user Romanist with 737 contributions in the last 12 months [27].


Social Media

This social media review has been conducted as of 31/05/2019

Users

According to the website [28] there are currently 3000 users on the platform, with more than 1000 users actively using the platform for trading and investing. The transparency of the platform is highlighted with the hash log which displays each trade taken on the platform.

A quick search indicates that 109 trades were placed in the last 24 hours and 620 in the last 7 days. The trader leaderboard also displays the trading activities of each person listed for up to 231 traders, with the activities, trades and profit results of each trader displayed transparently.

The project states that they aim to grow the user base through several methods which included a $100 free deposit competition on Binance in 2018 for users to register and start using the platform and a global traders competition.

The team have a clear plan on how to develop their user base, promotional methods to increase brand awareness, user acquisition and unit costs, and the lifecycle of a user.

Community Support

The community for Membrana is most active in its Telegram group [29] which has 82,000 members and alongside Medium and Twitter, is the projects most active channel of communication. The Twitter account [30] has over 11k followers and the Medium account [31] with 294 followers. There is also a YouTube Channel for the project which provides value for users as there are videos to assist with how to get setup and guides for using the platform.

Engagement

The team post content and project updates across all channels such as Medium, Twitter and Reddit around every 2 weeks. Content published revolves around updates to the platform, updates for the token sale, exchange listings, new partnerships etc.

The engagement with the community tends to be mainly In the Telegram channel. The growth of the Telegram channel was around October and November 2018 from 3000 users to 90,000, which was prior to the 1st public sale for the project in Dec 2018. It can be seen as a positive that the Telegram channel has retained so many users since the first token sale and going into its IEO sale.

A quick search of cashtags on Twitter relating to #Membrana and #MBN show very few results relating to the Membrana project.

Website and Platform

The website is clean, easy to navigate and provides a plethora of information relating to the project. The website is also provided in several languages alongside including Korean, Japanese, Russian and Mandarin making it easier to navigate for non English users. There is a detailed list of resources available on the website for users to find more information.

Users can access the platform [32] via the website and login on desktop browsers using their Ethereum account on Metamask. For mobile users they can access the platform by user either Cipher or Toshi mobile browsers. There doesn’t seem to be a multilingual option on the platform.

Users can add a 2FA option to Membrana account, giving them a further layer of security using the platform.


DEV PITCH

The following is taken from the projects About page on their LinkedIn profile [33]:

"Membrana.io is a blockchain platform for concluding mutually beneficial and secure contracts, between investors and traders for trust management of cryptocurrency assets. Membrana.io provides investors and traders with a transparent, decentralized and secure system, which controls the process of concluding and executing a contract up to the point of revenue gained by both parties.

Membrana.io platform is based on contract system algorithm. All parameters of a deal is written in smart-contract. which is operated automatically. Trader receive access to trading by operating through investors’ exchange API key.

Membrana platform offers investors:

• Transferring own funds to the trust management by traders without transferring these funds directly to them. Membrana.io platform allows an investor to give traders an opportunity to manage funds, but not possessing the funds. Traders get the opportunity to trade with the investors’ exchange accounts but they do not own these funds. Also, investors do not transfer their funds to Membrana platform

• Choosing suitable traders based on complete and definitive information of traders who offer their services on trust management.

• Getting reliable data on past profitability of traders’ commercial activities confirmed by a hash sum of transactions saved in blockchain.

Membrana.io platform offers traders:

• Conclusion of contracts for trust management of cryptocurrency assets with investors.

• Trading on different cryptocurrency exchanges through a single interface.

• Fixing the terms of concluded contracts with Ethereum Smart Contract technology to guarantee the completion of these conditions."


REFERENCES

[1] https://membrana.io/roadmap/

[2] p10 https://membrana.io/static/pdf/membrana_business_overview.pdf

[3] https://beta.membrana.io/terminal/

[4] p10, p11 https://membrana.io/static/pdf/membrana_whitepaper_eng.pdf

[5] p12 https://membrana.io/static/pdf/membrana_whitepaper_eng.pdf

[6] p14 https://membrana.io/static/pdf/membrana_whitepaper_eng.pdf

[7] p20 https://membrana.io/static/pdf/membrana_business_overview.pdf

[8] https://coinmarketcap.com/

[9] https://www.institutionalassetmanager.co.uk/2018/11/06/270250/crypto-asset-management-market-grow-usd207m-2023-says-new-report

[10] p31 https://membrana.io/static/pdf/membrana_business_overview.pdf

[11] p20 https://membrana.io/static/pdf/membrana_whitepaper_eng.pdf

[12] p7 https://www.proofofreview.com/wp-content/uploads/2019/06/Tokenomics-2-4.pdf

[13] p8 https://www.proofofreview.com/wp-content/uploads/2019/06/Tokenomics-2-4.pdf

[14] p11 https://www.proofofreview.com/wp-content/uploads/2019/06/Tokenomics-2-4.pdf

[15] https://etherscan.io/token/0x4eeea7b48b9c3ac8f70a9c932a8b1e8a5cb624c7?a=0x25d2ee76b46d3f3b4b5108b6de40789bf2dc118a

[16] p7 https://www.proofofreview.com/wp-content/uploads/2019/06/Tokenomics-2-4.pdf

[17] p27-29 https://membrana.io/static/pdf/membrana_business_overview.pdf

[18] https://membrana.io/team/

[19] https://membrana.io/team/

[20] https://membrana.io/team/

[21] https://membrana.io

[22] p13,14 https://membrana.io/static/pdf/membrana_business_overview.pdf

[23] https://medium.com/@membrana/the-partnership-between-membrana-and-hacken-exploring-new-opportunities-of-trust-management-655d07b61f1d

[24] https://www.proofofreview.com/wp-content/uploads/2019/06/Membrana_SC_Audit_Report_Token.pdf

[25] https://github.com/membrana-io/

[26] https://github.com/membrana-io/MembranaLanding/graphs/commit-activity

[27] https://github.com/membrana-io/MembranaLanding/graphs/contributors

[28] https://membrana.io

[29] https://t.me/membranaplatform

[30] https://twitter.com/membrana_io

[31] https://medium.com/@membrana

[32] https://membrana.io

[33] https://www.linkedin.com/company/membrana-io/about/


Disclaimer

This review is intended for educational purposes and should not be considered as financial advice. Before investing into any project we recommend you do your own research and consult a registered financial advisor.