Lethean (LTHN) Project Analysis

About

Overview

Lethean combines Blockchain and VPN services into a powerful decentralized privacy solution.

Utilising a privacy based blockchain to provide a VPN sharing marketplace, Lethean allows users to sell their unused bandwidth to earn passive income. This marketplace also allows users to shield their browsing habits from prying eyes by connecting to another user’s bandwidth with peer-to-peer VPN technology.

The payment method used to purchase VPN services is Lethean (LTHN), the projects native cryptocurrency, giving users the option of payment for VPN services with an untraceable payment method.

Use case

The Lethean coin wallet functions as a decentralized marketplace with inbuilt features for peer-to-peer virtual private network connections in two supported modes, which are the full VPN service and the Browser Extension Proxy service.

In short, a Lethean wallet user acts as a client node while a complementary server side exit node provides VPN or proxy services.

Users of the network can either decide to purchase VPN services to surf the internet or to become an exit node, allowing their internet connection to act as a proxy/VPN for other Lethean users.

An exit node is a person that is selling their bandwidth to another user, and acting as the end point for the VPN services. Exit nodes are paid with Lethean in return for allowing another to use their bandwidth, and location as the end point in the VPN system.

Users are able to decide on participating in the Lethean network as a VPN exit-node or client node as it is completely voluntary.

Adoption

Lethean aims to reach mass adoption with the growth of its VPN services and marketplace. They aim to infiltrate the VPN sector by offering a private alternative to the current VPN providers whilst also offering a more user oriented approach in the VPN services they offer.

The project currently delivers its VPN service and marketplace via its wallet. To allow for ease of use, the team have developed a browser extension for all major browsers including Chrome, Firefox, Opera and Brave.

Current user numbers for the VPN are not provided by the team due to privacy restrictions, however we can analyse the number of Exit Nodes, visitors to the website and wallet downloads as a guide for adoption among the public.

The current number of exit nodes listed on the wallet at the time of review is 22.

The number of wallet downloads is

Competition

The VPN sector as a whole has been growing for the last few years with the size of the market valued at $23.6 billion in 2019, up from $15.6 in 2016.

As more internet users become conscious around their browsing habits along with government restrictions, VPN user numbers are expected in increase, with the VPN market estimated to be worth $35.7 billion in 2022.

Current competitors in the real world include established providers such as:

  • NordVPN (5,600+ Servers / 60 Countries)
  • CyberGhost VPN (4,800+ Servers / 60 Countries)
  • Private Internet Access (3,335+ Servers / 33 Countries)
  • ExpressVPN (3,000+ Servers / 94 Countries)

 

Current competitors in the cryptocurrency sector include:

  • Mysterium ($1,398,709 USD Market cap)
  • Privatix ($327,203 USD Market cap)
  • Veles ($220,423 USD Market cap)

Lethean states its main difference and advantage over its competition in the cryptocurrency sector is that the competitors are ERC-20 tokens and as a result they can not offer the same level of privacy to its users when making payments as Lethean, with its Cryptonote privacy blockchain.

Products/Features

The main product offered by the Lethean project is their VPN service and marketplace.

The features within the project include:

VPN server (Active)

Exit Node (Active)

About Summary
✅ POSITIVE ⛔ WEAKNESS 📝 IMPROVEMENT
Working product in real world sector Limited adoption by both users using the VPN and those providing Exit Nodes Increased adoption of VPN and growth of brand awareness
Offers a unique hourly VPN subscription  Fierce competition among established real world providers Develop partnerships with existing providers
Offers unprecedented privacy for users compared to other VPN services

Tokenomics

Token info
SYMBOL LTHN
GENESIS BLOCK SEP 2017
BLOCK EXPLORER EXPLORER
CONSENSUS POW
CIRCULATING SUPPLY 726,649,454  LTHN
MAX TOKEN SUPPLY 1,000,000,000 LTHN
% MAX SUPPLY MINTED 72.6%

 

Financials
MARKET CAP (AVG 30 DAY) $230,594 USD
VOLUME (AVG 30 DAY) $338 USD
PRICE $0.000273
VOL TO NETWORK 0.146%
AVG PRICE 30 DAY $0.00031 USD
TRADING PAIRS BTC
Token distribution
Total Emissions 73%
Emissions

Lethean has been continuously mined since September 2017 at a rate of 1 block every 120 seconds, with the current block height at 546,788. 

Initial emissions started at 1900 LTHN per block and slowly decrease over time until 2024 when the final POW block will be mined at a block reward of 24 LTHN.

Current LTHN block reward is around 672 LTHN per block or a total of 483,840 LTHN per day.

Emissions currently indicate 74% of the max Lethean supply as minted.

Circulating supply

Due to the private nature of the Lethean blockchain and no rich list on the block explorer, we are unable to analyse the circulating supply

 

Token utility

Lethean is currently used as a form of payment for the VPN services and to Exit Node providers

Token Summary
✅ POSITIVE ⛔ WEAKNESS 📝 IMPROVEMENT
More than 75% of supply is distributed to the public Network security post POW phase Raise more awareness of token utility
New users to project are given coins via airdrop Cryptonote blockchain means unable to track rich list due to privacy features Raise more awareness of airdrops
Mining requires no specialist hardware Project funding is provided via Premine in LTHN coins Develop more than 1 block explorer
Nearly 3/4 of the total supply has been minted

Team

Vladimir Jirasek CEO
Valiant Founder and Lead Developer
Joseph Steinberg Cyber Security
Experience

 The team behind the Lethean project are listed on the website alongside their LinkedIn profiles, which is refreshing for a privacy based project.

Notable team members include Vladimir Jirasek who is the CEO and has over 20 years experience in the Information Security sector. He is the founder of Foresight Cyber LTD, a UK based Cyber Security firm launched in 2009.

Advisors partnerships

Notable advisers for the project include Joseph Steinberg. Steinberg has led businesses and divisions within the information-security industry for nearly two decades, has been calculated to be one of the top 3 cyber-security influencers worldwide, and has written the official study guide from which many CISOs study for their certification exams. He is also one of only 28 people worldwide to hold the suite of advanced information security certifications, CISSP, ISSAP, ISSMP, and CSSLP, indicating that he possesses a rare, robust knowledge of information security that is both broad and deep; his information-security-related inventions are cited in over 100 US patent filings.

There are several partners listed including:

 

Development

The development milestones are listed on the projects roadmap, with dates attached to each milestone until Q4 2019.

Team Summary
✅ POSITIVE ⛔ WEAKNESS 📝 IMPROVEMENT
Public team and registered company Brand awareness needs exposure Develop more partnerships amongst current VPN providers
Experience among team of launching startup No current source of generating new revenue Develop alternative revenue streams for project funding
All star advisor
Development milestones being achieved
Funding source allows for another year of runway

Code

Audit

There has been no external code audit

Code Summary
✅ POSITIVE ⛔ WEAKNESS 📝 IMPROVEMENT
Code open source No code audit External code audit

Community

Followers

There are just over 5000 followers on both Twitter and Discord

Engagement

There are several channels for communication, including a Telegram and Discord, however Discord seems to the main channel of communication as it allows for the organisation of numerous channels/rooms.

Regular project updates are provided both on Discord, Twitter and in the form of monthly Medium articles

There is daily activity in the Discord chat and admin/mods are engaged with any questions from the community replying in a timely manner, often replying immediately.

According to RivalIQ, the average Twitter engagement is 36 per tweet, which is 0.73% of its total 5033 follower audience.

At a rate of 36 engagement per tweet, this is just over 5.5 times higher than the average engagement rate across all industries [ref].

Governance

The team are keen to consult the community in making decisions, however there is no formal governance/voting model in place for community members to vote

Community Summary
✅ POSITIVE ⛔ WEAKNESS 📝 IMPROVEMENT
Strong community following Website not multilingual Increase brand awareness
Regular updates provided to community No formal governance model

Technical analysis

Chart


Chart Analysis

Price is currently sitting around all time lows, with price consolidating in the 3-5 satoshi range for the last few weeks.

Areas of interest would include a break of the previous low to 1 satoshi or a clean breakout above 15 satoshi.

Liquidity

Liquidity is relatively low, with around 5.5% of the circulating supply available for trading on exchanges

Price Summary
✅ POSITIVE ⛔ WEAKNESS 📝 IMPROVEMENT
Listed on several exchanges Low liquidity Raise awareness of LTHN utility to increase liquidity
Low risk of delisting

Summary

Conclusion

In summary the Lethean project scored 64/100 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 EXTERNAL AUDIT CODEBASE
ACTIVITY
✅✅
DOCUMENTATION
✅✅
POR AUDIT
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 community voted 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 3 including a potential bonus point in every metric. 
  • We also reserve the right to award a bonus point for outstanding achievement for a project