DMme (DMME) Review: A private mobile messaging app

About

Intro

In another edition of our project reviews, we decided to have a look at DMme, an anonymous mobile messaging application.

So what is the deal with DMme? In this review, we will dig deep into this project and give you all the answers. We took an in-depth look by examining the project, its team, tokenomics, community, and technical analysis, among other metrics.

If you wish to skip to the summary to see the SWOT analysis, matrix score, and rating, please click here.

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Overview

What is DMme?

DMme initially launched in February 2019 and started as a masternode privacy coin on the Xevan algorithm. In May of the same year, DMme swapped to an ERC-20 token, with a significant coin burn during the swap process.

The project is seeking to disrupt the messaging industry, as the compromise of user data becomes more prevalent. It provides users with encrypted messaging and anonymity, with full control of their data. A subscription-based model will be utilised to generate revenues and support the project, with some of these revenues being redistributed to the community.

DMme identifies its core target market those users who care about their privacy. They aim to establish a core base of like-minded users in the blockchain industry, use positive experiences, and word of mouth to branch out to a much larger customer base. We feel that DMme, with its privacy centred messaging app, certainly has a use case wider than the blockchain sector. As such, we award a score of 2 for this section.

Score ✅✅

What unique project features are there?

The features listed above are taken from the project’s website, and the mobile app was recently launched in January 2020. We like the subscription-based element, as it means the project is able to generate revenue via the app and a portion of this will be redistributed among the DMme community.

We award two marks here for a fully working product, and to achieve full marks we would like to see DMme implement some unique feature that is presently not seen in any of its competitors.

Score ✅✅

How is development progressing according to the roadmap?

The roadmap is listed on the website, with objectives outlined and milestones listed by date. We can recommend the team list a status next to each specific milestone to advise on progress/completion. The core feature of the project, the messaging app, was launched in January of this year and is available on Android, with the iOS app scheduled for release in April 2020.

The upcoming milestone, the launch of the iOS app mentioned above, seems to be on track based on communications from the team. The summer months show an anticipated launch of an encrypted mail service and a P2P crypto payment option for the subscription option on the app.

The development is consistent, and we award a score of 2 for the milestones achieved over 12 months, along with the detailed roadmap on the website. To score an extra mark, we recommend the team update the roadmap on their website to reflect current development, list the status for each milestone and also highlight milestones to show when they are completed.

Score ✅✅

What is the adoption of the project?

As mentioned above, the app was launched for Android on the 15th of January, and we can see from the Google Play store that there have been over 500 downloads since launch, with over 100 user reviews.

Despite this not being a highly impressive number in terms of users, it does indicate some adoption of the DMme messaging app among its community. To facilitate adoption among a wider community, we suggest developing the DMme brand identity, especially among the founders’ social media base of 150k followers.

We award a score of 1 in this section, as there are very few current users of the app, however, the product is only 30 days into its launch and not currently able to reach its full audience until the launch of the iOS version of its app.

There is certainly room for improvement here, not only in terms of downloads and daily/monthly active users, but also in brand awareness. However, it must also be noted that the number of downloads may not reflect the number of active users.

It is recommended that the team start developing their brand awareness to increase adoption. The project would also benefit from targeting and informing its core target market, as it seems unclear why someone one would use this application over other anonymous messaging solutions currently available.

The dividend feature and P2P ERC-20 token payments are especially appealing for token holders and should be promoted alongside building its user base.

Score ✅

What competition is there?

There are several significant competitors in the anonymous messaging sector, such as WhatsApp, Snapchat, iMessage, Discord, and Telegram. One of the main issues with the leading providers is that they are all centralised entities, where users have no control over their data and how it is processed.

So for comparison purposes, we are going to look at competitors which either use a blockchain-based messaging solution or products that focus on ensuring users retain their data.

The current leading provider is Loki and its Session private messaging app. Session is an end-to-end encrypted messenger that removes sensitive metadata collection and is designed for people who want privacy and freedom from most forms of surveillance. Session is available on Desktop and mobile platforms, and a quick analysis shows over 5000+ downloads on the Google Play store alone.

The market cap for Loki at the time of review is hovering at all-time highs, approximately $16.9 million USD, or over 160 times that of DMme.

The DMme messenger app is in its infancy, so it is difficult for us to compare its adoption to its main competitor thirty days into the launch of its product. However, it is clear that the anonymous messaging sector is growing and there is certainly room for DMme in this, especially with such a small market cap. Our one recommendation would be for DMme to grow adoption of its messaging app to rival its competitor in terms of downloads.

We are currently going to award DMme a score of one for this section, as it’s hard to see how they could currently rival any real-world competitor such as WhatsApp. The one area of appeal for users would be the ability to send P2P payments via the app or the proposed dividends that will be paid from subscription revenues. We will revisit this in the future once these two features are implemented.

One area of recommendation from our team is for DMme to consider an airdrop/giveaway programme to entice downloads and also highlight the benefits of the potential dividend programme.

Score ✅

Tokenomics

Token info
SYMBOL DMME
GENESIS BLOCK EXPLORER
BLOCK EXPLORER EXPLORER
CONSENSUS ERC-20
CIRCULATING SUPPLY 7,684,700 DMME
MAX TOKEN SUPPLY 16,128,078 DMME
% MAX SUPPLY MINTED 47.64%

 

What is the token distribution for DMME?

The DMME token started its lifecycle as a Masternode blockchain with a fixed supply of 60 million coins. It was then swapped to an ERC-20 token, with more than 75% of the coins burnt and the final supply reduced to 16,128,078 DMME.

This is distributed as 10,000,000 DMME to the team for development and 6,128,078 DMME distributed among the public via a token swap.

We award a score of 2 for the distribution as the max supply has been reduced by over three quarters and the switch to ERC-20 has now ensured no further token emissions. The team address is also transparent with the development team posting transactions as receipts of development/community work for the project.

One area of concern was the fact that the team fund allocated post swap, represented over 60% of the DMME supply, but this is coming down as the team uses these funds for development.

For full marks, we will award another point once the distributed supply to the public reaches over 75% of the total supply.

Score ✅✅

Is there a block explorer for the project?

Being an ERC-20 token means there are several block explorers for the DMME token, all of which allow for easy tracking of transactions and analysis of the top holder list. For reference, we used Etherscan to assess the tokenomics for this review.

We award full marks here, as there are several explorers available in case any go down, the top holder lists and movements can be analysed easily, and the explorer also lists the financial values of DMME in USD and ETH, along with several other fundamental metrics.

Score ✅✅✅

What is the emissions schedule?

As mentioned earlier, DMME was swapped to an ERC-20 token in May 2019, and the main benefits of this were that the final supply is now capped at a reduced max supply and there are no more emissions to the network.

As a result, we award full marks for this section. One of the key factors for this is that there is a low total max supply in relation to its competitors.

Score ✅✅✅

Financials

All financial data was referenced from our preferred data site Nomics.

MARKET CAP $102,974
VOLUME (24HR) $1,028
PRICE $0.0134
VOL TO NETWORK 1%
AVG PRICE 30 DAY $0.0158
TRADING PAIRS BTC, ETH, TDX

Is there any utility for DMME?

The DMme team state that there will be three use cases for the DMME token, which includes:

  • P2P payment system integrated on the app.
  • DMME token will be one of the payment methods for the subscriptions on the app.
  • Token holders will get a dividend from holding DMME. Thirty-percent of the revenues generated from the subscription fees will be distributed to DMME holders, paid as a dividend in Ethereum.

We award two marks for this section, as there as several utilities proposed for the DMME token. To score full marks, we would like to see more information on the website for the proposed ETH dividend to DMME holders, including the proposed date of implementation.

Score ✅✅

How can someone obtain DMME?

DMME scores well in terms of our entry section, with the project distributing a portion of the development fund through ongoing bounties. Any user across the world is able to obtain coins with no funds or mining costs associated, so we award a score of two points.

There was also an airdrop during the swap process where DMME holders were rewarded with an additional 5% of DMME based on their DMME holdings. More recently, users who downloaded and used the app have been rewarded a bounty for leaving feedback.

This is a good example of enticing new entrants to use the app and become active members of the community, a point we highlighted earlier to spur adoption.

Score ✅✅

Team

Experience

Public

The core DMme team are listed on the website with their Twitter profiles, though it must be noted that no real names are used for any team members. The team is split into the 2 founders, CryptoMocho and CryptoJav, along with the marketing team from Gremlins Marketing. There is one core developer listed, Daywalker. The development for the mobile app is outsourced to a professional dev agency, Digital Agency, however no further information is listed about them on the site.

We can’t find any record of a registered company or foundation for DMme listed on their website. The team advised us that DMme is the property of a parent company, Cryptomaina SA.

Finally, the team state that they are not currently attending any conferences or events to promote DMme, but they plan to do so once the full features are available on the messaging app.

We feel the team could improve the transparency of the team in several ways including adding real names to team members, adding LinkedIn and Github profiles, whilst also having a public presence in the blockchain industry at conferences and events.

Score ✅

What is the experience in the team?

We are unable to give a detailed judgement for any of the team members based on the limited information on the website, and this is why recommend all teams have a LinkedIn or Github profile attached to each team member.

The founder, CryptoMocho, is a well-known crypto personality, with over 100k followers on his Twitter account. Being in the sector since 2016, CryptoMocho has a broad experience of the blockchain industry, mostly for his wide range of investments, particularly in small market cap projects.

We would like to see more public information around the remaining team members skills and experience; however, we award one marks on this section based on the founders’ presence in the blockchain sector for several years. To improve the score, we recommend that there is a link to Digital Agency’s portfolio or website so we can gauge their work and experience.

Score ✅

What is development like for the project?

As mentioned earlier, development based on the roadmap milestones is consistent since the launch of the project. The core focus of DMme has not pivoted since launch, which is refreshing to see in a blockchain project.

However, despite this, the launch of the app has taken some time, launching almost a year into the project. The team decided to bring on board a professional mobile app development company to expedite development of the messaging app, which is seen as a positive.

We award a score of 2 for this section, due to the team’s commitment to continue developing the product in unfavourable market conditions and launch their core product.

Score ✅✅

Are there any listed advisors or partnerships?

Listed advisors include Bio_Logic from the Gremlins Marketing team, however, his role and experience are not stated, so we are unable to see what he brings to the project outside of the obvious.

We could not find any listed partnerships for the project.

Score ✅

What are the financials for the project?

The DMme project is entirely self-funded by the founders for the project, Mocho and CryptoJav. Mocho has stated in previous interviews that the funding reserve for the project is from a pool of $1 million, and the team feel they have sufficient funds to develop and maintain the project until they generate revenues.

The app was recently launched in January 2020, and there are no current streams of revenue for the project through subscriptions. The planned revenue model for subscriptions is to retain 70% of the fee and using the remaining 30% to purchase Ethereum and distribute this among DMME token holders.

We can not find any formal financial reports for the project and would highly recommend the team produce these at least once a year for transparency purposes. Areas for improvement include producing a financial report and providing documentation on the website to outline the proposed subscription model including costs, dividends, projections etc.

We award a score of one for this section based on the fact that the DMme team are transparent with payments made from the development/team funds; however, there are a few small areas for improvement around the team’s financials as noted above that can easily be implemented by the team.

Score  ✅

Code

Audit

There is no current public or private audit of the messaging application and we recommend the team undertake an audit of not only the messenger app, but also the ERC-20 contract for the DMME token.

The roadmap states that a ETH dividend will be paid to token holders, so we recommend that any such dividend feature is fully audited prior to implementation.

Codebase

The team advise that the code for their messaging app is currently closed source and will remain this way until they are granted a patent. The DMME token itself is a standard ERC-20 on the Ethereum network.

Summary

As the Github/development is closed source, we are unable to analyse the remaining metrics for this section and just award the default score. We will revisit this section when the team make the messaging app code open source.

Community

Followers

Analysis of the project’s social media channels shows the following community members:

  • Discord 3347 members
  • Twitter 1495 members
  • Telegram 217 members

We did a quick summary of the Twitter account using Social Blade and we can see there is an organic following over time.

Overall, they seem to maintain a consistently growing following on social media, and there is an impressive 3000 members in the Discord channel. The founder of the project, Mocho, has an outstanding 126k followers on Twitter and he shrewdly uses this following as a platform to provide updates for DMme.

Score ✅✅✅

How does the project communicate?

Discord is the main method of communication between the team and DMme community. The Discord server is highly organised and impressive, with a wide range of announcement, FAQ, and multilingual channels.

Regular updates are posted on Medium, but we cannot find an official Medium account for the project. We recommend the launch of a YouTube channel so the team can provide video updates and communication, especially following the recent launch of its Messenger App.

Score ✅✅✅

What is the engagement like with the community?

According to RivalIQ, the average Twitter engagement total per tweet is 46.7 per tweet, which is 3.13% of its total 1495 follower audience.

At a rate of 46.7 engagement total per tweet, this is over six times higher than the average engagement rate across all industries [ref]. More impressively, at an engagement rate of 3.13% per Tweet, DMme has over 65 times more than the average engagement rate and ten times the average retweet per tweet.

Score ✅✅✅

Is there any governance mechanism?

The team state there is an informal governance mechanism currently in place, where decisions and proposals are put forward to community members or token holders in the Discord channel.

We award a basic score of 1 for this section based on the loose governance model outlined above. Areas of recommendation we make are to introduce a formal governance model, implement governance on the team funds and spending and also look for a blockchain-based governance model for transparency and record-keeping.

Score ✅

DMme Website

The website for DMme contains basic information around the project and is easy to navigate, with working links at the time of review. We would highly recommend the team add more detailed information for the project on the website such as an updated roadmap, transparent information around the team members and their experience, and finally a whitepaper or equivalent to explain the proposed features in more detail.

This is essential so users can find out concise, clear, and detailed information from one source, with the website often being the first point of contact for anyone interested in the project.

There is a valid SSL certificate listed, but the site does not follow GDPR compliance. There is also no multilingual options available, and we highly recommend the team adopt this to increase their appeal among global users.

Score ✅

DMme Messaging App

In this video, we took a look at the user experience for the DMme messaging app. We only can only award 2 marks here as the app is currently only available on Android. The project will receive full marks once the iOS version is released.

Score ✅✅

Technical analysis

Chart


Chart Analysis

For chart analysis, we are using CoinTrader and analysing the DMME/USD pair.

Price has been finding its range since its swap to an ERC-20 token and subsequent exchange listings. We can see that a low and high have been found for this range at $0.0075c and $0.03c respectively.

Currently, price is hovering at $0.014c and has retraced its previous move in January following the launch of the Mobile app.

Areas of interest to the upside would be a breakout above $0.03c and then any further breakout above the $0.045c level which lines up with the 1.618 Fibonacci extension. On the downside, there is little room for analysis as there is only one previous low for reference. Any break of this low at $0.0075c would certainly be an area of interest.

Score ✅✅

Where can users obtain price data for DMME?

Information for the DMME token is available on all major data sites including Nomics, CoinMarketCap, and CoinPaprika. We were also able to find charting data for DMME on several charting platforms.

We award a score of three for this section, as technical and fundamental data is readily available for DMME.

Score ✅✅✅

Which exchanges is DMME listed at?

DMME is currently listed at two exchanges; however, neither of these exchanges are decentralised.

To obtain a better score here, we recommend several additional exchange listings for DMME, along with a listing on a decentralised trading platform to eliminate any potential risk of delisting.

Score ✅

DMME Pairings

DMME currently has the following trading pairs across the two exchanges where it is listed. We award two marks here, but to gain full marks we would like to see a fiat or stablecoin pairing for DMME.

  • Tidex (DMME/BTC, DMME/ETH, and DMME/TDX pairs)
  • Crex24 (DMME/BTC pair)

Score ✅✅

DMME Liquidity

Liquidity for the DMME token is good despite the fact that it is only listed on two exchanges. A quick search on Etherscan shows us that 26% of the circulating supply is held at either Crex24 or Tidex, with Crex24 holding the most DMME tokens.

The average trading volume for the last thirty days is $1,321 and the average market cap over this period is $142,916, so we can see that around 1% of the total DMME market cap is traded daily.

Overall liquidity for the DMME token is sufficient without being outstanding, and we award a score of 1 here. To improve the score we would like to see more than 10% of its supply traded consistently over a 30-day basis, along with being added to exchanges with bigger liquidity.

Score ✅

Summary

Conclusion

In conclusion, we feel that Dmme is a project with potential but there are areas of improvement across the board to polish itself as a serious contender within the anonymous messaging sector.

The current issue for DMme, as with many blockchain-based projects, is the adoption of its core product, the private messaging app. Launch of the messaging app has taken time but the team have delivered a working version on Android, with the iOS version scheduled for later this year. Current adoption rates are relatively low, but this is to be expected a month after its launch.

The tokenomics and community are the main strengths, and the team is the area for the most improvement. There are areas for improvement for the project as noted throughout the report and in the SWOT analysis above, and we would like to revisit DMme once their core features such as the subscription, P2P exchange and iOS versions are launched.

In summary, we score DMme 57/100 based on our matric table, giving it a C+ rating. With several small improvements, the project will be able to raise its rating to a B- or above.

ABOUT USE CASE
✅✅
ADOPTION
COMPETITION
FEATURES
✅✅
ROADMAP
✅✅
TEAM PUBLIC
EXPERIENCE
DEVELOPMENT
✅✅
PARTNERSHIPS
FINANCES
CODE AUDIT
CODEBASE
ACTIVITY
DOCUMENTATION
ENGAGEMENT
COMMUNITY COMMUNICATION
✅✅✅
FOLLOWERS
✅✅✅
GOVERNANCE
ENGAGEMENT
✅✅✅
WEBSITE
TOKENOMICS DISTRIBUTION
✅✅
EXPLORER
✅✅✅
EMISSIONS
✅✅✅
UTILITY
✅✅
ENTRY
✅✅
PRICE EXCHANGES
LIQUIDITY
PAIRINGS
✅✅
DATA
✅✅✅
T.A
✅✅
MISC LEGAL
✅✅
HYPE
✅✅
WALLET
✅✅

 

Breakdown

Disclaimer
  • This is a sponsored review on behalf of the DMme team.
  • This review is intended for educational purposes only and SHOULD NOT be considered as financial advice. 
  • Before investing in any project we recommend you do your own research + consult a registered financial adviser.
  • All information listed is accurate at the time of publishing in February 2020.
Methodology
  • We use a combined rating score out of 100, covering all the listed metrics for project reviews.
  • Each metric is rated out of 3, which includes a potential bonus point in every metric. 
  • We also reserve the right to award a bonus point for outstanding achievement for a project.
  • Our rating and grading framework is available here.