What is Proof?
Proof is an ambitious blockchain project that aims to help people easily create their own blockchain-based tokens. These tokens can then be traded with other users in their Marketplace. The goal is to make sure everyone has an opportunity to own and trade parts of any real asset. This is good because a lot of people would like to invest in things like real estate and art, but the high cost of entry keeps a lot of them from doing so. By tokenizing a real asset, a person only needs a fraction of the typical cost to invest in these assets.
Proof created 10 easy to use tools that use blockchain technology to help achieve this goal. For a full list of the products, check out their website here. I will go over a few of the product offerings below, but be sure to check out the others to see everything Proof has to offer.
The Proof dashboard is their flagship product. Proof currently has their dashboard in beta and you can check it out here. It’s got a clean and easy to understand interface, which you can see from the screenshot below. From the dashboard you can select featured investment opportunities, issue tokens, transfer tokens, and manage organizations. You can also get to the Marketplace from here to create, buy, and sell your blockchain-backed assets. Clicking on one of the investment opportunities opens up a page with lots of detailed information about that asset.
In February of 2018, Proof will release their AMP for Desktop, which is an evolution of the current dashboard and completely decentralized. They use Socket.io P2P so that the AMP mobile and desktop applications can communicate without a central server. This keeps it free from being blocked by government or telecom restrictions. It will have a web version, but AMP will also be available for Mac, PC, and Ubuntu as a desktop application.
AMP stands for Assurance Market Protocol and is the core of this product. It is a smart contract standard that Proof developed to help facilitate trustless transactions. Counter parties will now be able to trade ownership of physical and nonphysical assets without the need for middlemen such as brokers and financial institutions.
This one might not be as relatable as the AMP and Dashboard products, but this is a critical one. The Proof API allows developers to build out blockchain projects without running a full node or implementing blockchain libraries. Currently, they have RESTful calls for creating/managing transactions on top of the Ethereum, Proof, Bitcoin, Storj, and Hyperledger Fabric blockchains. They mention they will also be supporting additional blockchain technologies in the future.
The goal of this product is to make the developers job easier, which is crucial to adoption of any innovative technology. Ethereum has seen massive growth because of the amount of developers it has attracted early on. More developers means more applications, which means there is a greater chance of mass adoption. If you are a developer, read more about their API here.
The Proof Token (PRFT)
The Proof token was issued publicly on November 1st, 2017. Holders of the PRFT token are able to collect regular automated rewards from activities in the prediction markets that make up Proof’s AMP implementation. Crypto-fiat purchases on the platform accrue fees, which are shared to token holders as well. The token is an ERC-20 token, so you will need an Ethereum wallet to hold it. Check out my post on how to create one here if you don’t already have one.
The Proof ICO Details
As of this writing, the Proof ICO is live and can be found here. Proof is issuing 2,362,062 tokens, with 1,181,031 being offered in the public sale at a price of 0.088 ETH per PRFT token. This means 50% are being sold to the public, which is pretty standard for an ICO.
Half of the proceeds are placed in the Crypto-Euro and Crypto-USD smart contracts to facilitate the issuance of fiat-pegged tokens. To help with Ethereum blockchain scalability, Proof will allocate 15% of the funds raised to issue bounties in support of further development. The remaining 35% are being used for core operations of the Proof platform, including the full decentralization of the Proof application ecosystem.
It’s nice to see Proof allocating funding to the ecosystem it is built on. Ethereum is a great blockchain, but anyone familiar with it will know about the scaling issues. Proof knows that helping Ethereum address these issues will benefit all platforms utilizing the Ethereum blockchain. They even reference considering expanding the fund to help assist with app developers working on nascent projects with Bitcoin. Giving back to the community is always good.
Here is a chart of the token distribution:
The Proof Team
The CEO is Mike De’Shazer and he brings 12 years of software development and corporate management experience to the table. Prior to his start as CEO of Proof Suite, Inc. in January 2016, Mike founded and co-founded multiple companies. A few of these past projects include CodeCloud, Dochag, and Creator. These projects were tech companies, which lines up with his current role at Proof Suite, Inc.
The CTO is Tai Kersten, who is also one of the founding members. His experience includes being a senior developer at CodeCloud, as well as a co-founder and instructor at Python Academy Korea. His primary duties are to manage development roadmaps and lead blockchain storage initiatives.
The CIO is David Van Isacker, who is also one of the founding members. He graduated from the Ecole des Mines de Saint-Etienne with a dual master in engineering and management. After obtaining this degree, he pursued a Master’s in mechanical engineering and computational mathematics at the Seoul National University.
A few notable people from the advisory board are Ruslan Gavrilyuk, Maksym Muratov, and Dimitri Chupryna. Ruslan is the CEO of TaaS Fund, and Dimitri as well as Maksym are co-founders of the TaaS Fund. TaaS is a prominent player in the blockchain and cryptocurrency space. They invest and partner with a lot of start-ups that they deem noteworthy. In this case, TaaS contributed 884 ETH (about $260k at time of contribution) to the Proof Pre-Sale.
Blockchain technology is helping change the way we transfer value between one another and Proof fully recognizes this. They have an ambitious project with products already in place that will help with lowering the barriers to adoption. Not only do they focus on everyday users, but they are also working to help the developers out. The commitment to helping the broader ecosystem (Ethereum) shows that Proof sees the big picture and is looking to build a solid future for their platform. If you aren’t familiar with blockchains, check out my post here.
Links to Proof’s social and important information: