Duality Project Analysis

About

Overview

The Duality project is in development with the aim to be a viable replacement for existing data management practices within the healthcare sector. 

The team have identified the current problems faced by healthcare providers concerning how they secure, manage and verify patient data while also protecting individuals identities. Their solution integrates the use of blockchain technology to provide these solutions.

Use case

The primary use case for the Duality project is intended to solve the issue of managing, securing and verifying patient data within the healthcare sector. They aim to do this by integrating innovative technology solutions utilising the Dynamic and Sequence blockchains.

Duality’s data storage and management products are supported by the primary blockchains of Dynamic and Sequence. Dynamic is a Proof of Work consensus, while Sequence is a Proof of Stake consensus. Both blockchains provide the ability to store and verify data automatically via a secure, shared ledger. 

The Duality team developed them specifically to help organizations reduce resourcing requirements and directory maintenance costs. They also aim to eliminate the need to employ trusted third parties for hosting and managing data.

To implement their solutions, the Duality team have developed the following infrastructure to build their products.

Adoption

The scope of adoption for Duality is potentially a large one, as the services and products they offer can be utilised globally in a wide range of sectors aside from the healthcare sector that Duality is initially targeting. 

The proposed solutions offered by Duality such as BaaS would mean that current infrastructures for businesses and organisations would be changed and new ones implemented so it is likely to be a long term adoption curve for the project. The development of the core products is also a long term one with pConsult development due to start in late 2019 and NoID due to start development in 2020.

The team have identified the healthcare sector as the first sector to penetrate with their solutions. 

Currently, there is no minimum working product aside from the pShare Beta, so there is no current adoption amongst users for the proposed Duality products. 

The proposition model for Duality products are business to business and we can gauge adoption by the partnerships that Duality is building with healthcare providers and institutions.

Competition

There are a number of projects which aim to implement a blockchain solution within the healthcare sector, however many of these aim to utilise the blockchain for the storage of health information.

An example of this is MedicalChain ($2m USD mcap) who aim to use blockchain technology to securely store health records and maintain a single version of the truth. 

Other blockchain projects in the healthcare sector such as Lympo ($7.5m USD mcap) or Patientory ($640k mcap) aim to monetise health data it can gather from users.

Duality differs itself from its competitors as it aims to provide blockchain solutions to healthcare providers such as NoID and pConsult. These products can be licensed and can not only be used in the healthcare sector but are also viable solutions for a range of other industries including legal, commercial, military and government.

Products/Features

The Duality project is packed full of products, including their Blockchain As A Service (Baas) which will allow organisations to implement the products offered by Duality without the technical or financial issues associated with developing blockchain services. 

  • Blockchain As A Service (Active)
  • BDAP Software Development Kit (SDK) (In Development)
  • NoID (Development starts 2020)
  • pConsult (In Development)
  • pShare (Active Beta)
About Summary
✅ POSITIVE ⛔ WEAKNESS 📝 IMPROVEMENT
Aiming to utilise new blockchain solutions for existing industries Adoption will take time Increase brand awareness
Healthcare sector is a huge industry Difficult market to penetrate Develop more partnerships for adoption
Innovative technology solutions with use cases such as NoID, pShare and VGP
Products offered by Duality can be extended to other industries such as Legal

Tokenomics

Token info
SYMBOL DYN
GENESIS BLOCK DEC 2017
BLOCK EXPLORER EXPLORER
CONSENSUS POW/MN
CIRCULATING SUPPLY 19,719,851 DYN
MAX TOKEN SUPPLY 9,223,372,036,854,775,806 DYN
% MAX SUPPLY MINTED 0.001%

 

Financials
MARKET CAP $2,634,690 USD
VOLUME (24HR) $246,875 USD
PRICE $0.13
VOL TO NETWORK 9.1%
AVG PRICE 30 DAY $0.11
TRADING PAIRS BTC, ETH, USD
Token distribution
  • 4,000,000 DYN were premined at the launch of the chain.
  • 1,626,599 were sold during the private sale
Circulating supply
Token utility
  • Securing the network by locking the coins in a Masternode (Dynode).
  • Both coloured and non-coloured DYN can be utilised with BDAP dApps.
  • BDAP Software Development Kit (in development).
Token Summary
✅ POSITIVE ⛔ WEAKNESS 📝 IMPROVEMENT
High max supply High max supply
Emissions will take a long time to reach max supply Low distribution vs max supply

Team

Experience

Duality has the core team listed on the website, along with LinkedIn profiles for all team members. The team members listed bring a wide range of skills and experience to the project and cover all elements of roles required, such as development, finance, legal, marketing, management.

All team members listed are full-time staff members of Duality Blockchain Solutions LLC. 

Notable development team members are Spencer Lievens, who has been around the cryptocurrency sector since 2010. Over that time he has developed a range of experience whilst working on various projects, including working with the Royal Mint from 2016-2018 as a consultant on a blockchain project.

The CTO, Amir Abrams has over two decades of experience in the health care sector, most recently working at HarmonIQ as their Chief Software Architect. Amir is able to utilise his experience developed in the healthcare sector to understand the current practices, business models, and how Duality can improve these.

Duality was founded by Spencer Lievens, Chief Development Operations Officer in 2014, and formalized into an operating company in 2017 by the Chief Business Development Officer, Clayton Saliba and the Chief Financial Officer Michael King.

Duality Blockchain Solutions LLC is a registered company in the USA, and the office HQ is based in San Antonio, Texas, with the team operating globally. 

The project was funded via a private sale of Dynamic coins from the premine, and the team raised around $1m at the time of sale. 

These funds have been used for the funding and development of the project since the launch.

Advisors partnerships

Duality is working with an external contractor, Hiddenfield for development on pConsult, pShare and VGP. 

Duality has a previous two-year relationship with HarmonIQ, which started with their collaborative submission of the blockchain patient identity solution ‘NoID’ to the CHIME National Patient ID Challenge [ref].

The team are actively building their advisory board, recognising the need for a healthcare professional such as an MD or clinical physician to help develop and market their products.

Notable advisors on the team include their general legal counsel, Alex Perez from Sanudo Perez PLLC who has supported Duality in their compliance and company registration, Mark Schroder who is currently the Director of Application Development for Louisiana State University Health Care Services Division, President of Ubiquitous Solutions LLC, and President of the Louisiana Chapter of the Health Information Management Systems Society (HIMSS), and Dave Mann who previously worked for companies and institutions such as the Advanced BioTechnical Consortium & Advanced BioTelecommunications and BioInformatics Center of USC, McDonnell Douglas, and Louisiana State University (LSU)

Development

Looking at the roadmap for the project gives us an insight into the development taking place and milestones achieved. 

The roadmap listed on the project website gives a highly detailed outline for the upcoming milestones for the project, Milestones are listed with dates for completion alongside progression completed so far on each milestone.

Notable developments since launch in March 2017 are the development of Very Good Privacy (VGP) and the public launch of the pShare beta.

Anticipated upcoming developments include the development and launch of the software development kit in 2019, pConsult in 2020, and NoID in 2021.

Updates on the developments for each milestone are published regularly by the team in the social media channels.

Team Summary
✅ POSITIVE ⛔ WEAKNESS 📝 IMPROVEMENT
Registered company Develop more working partnerships
Public and transparent team
Wide range of skills and experience

Code

Code Summary
✅ POSITIVE ⛔ WEAKNESS 📝 IMPROVEMENT
Regular commit activity External audit recommended

Community

Followers

There are over 5000 followers on Twitter, however less than 1000 members in both the Telegram and Discord groups.

Engagement

The majority of the Duality community involvement and engagement takes place on Telegram and Discord which is healthy as it allows for 2-way conversations between the team and community.  The discord server is also highly organised

Both platforms have daily activity in the chat and admin/team members are engaged with any questions from the community replying in a timely manner, often replying immediately. 

There are numerous international channels within the discord which is seen a positive as it allows users to engage who don’t use English as a first language.

Analysis of the Twitter channel shows a rating of 16.1 engagement per tweet which is 0.28% of its 5688 follower audience. According to RivalIq rating, at a rate of 16.1 engagement, this is 2.09 times higher than the benchmark average [ref]

Governance

There is no formal governance model as it stands today, however, the team is actively working on building an advisory committee, which includes individuals from the United States Healthcare sector.

The company currently has 4 confirmed commitments for its advisory board. In the interim, Duality states that they actively engage with the community on development and business issues and encourage ideas and feedback.

Community Summary
✅ POSITIVE ⛔ WEAKNESS 📝 IMPROVEMENT
Regular updates in social media channels Less than 1000 members in Discord/Telegram channels Increase brand awareness

Technical analysis

Chart


Chart Analysis

Dynamic was delisted from Bittrex in early July as highlighted by the spike in volume and breakdown in price.

Price has since consolidated from 100-200 satoshi and now returned back to previous levels prior to the Bittrex delisting.

Areas of interest would include a breakout above the 2000 satoshi region.

Price Summary
✅ POSITIVE ⛔ WEAKNESS 📝 IMPROVEMENT
Several base pairs Low liquidity
Listed on several exchanges Emissions have an effect on price
Delisted from largest exchange

Summary

Conclusion

In summary the Duality project scored 60/100 based on our scoring matrix and we rate the project at a B-

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

 

Breakdown

Disclaimer
  • This is a sponsored review.
  • 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 October 2019.

 

Methodology
  • We use a combined rating score out of 100, covering all the listed metrics for project reviews.
  • Each metric is rated out of 2 including a potential bonus point in every metric. 
  • We also reserve the right to award a bonus point for outstanding achievement for a project