MustangChain (MUST) ICO Review – ICO Token News
MustangChain’s main objective is to advance the multi-billion-dollar equine industry by implementing smart technologies, generating unbiased data, optimizing fraud proof authentication and traceability, and removing global boundaries. This whitepaper entails our current approach which has been developed in close consultation with our stakeholders and technical experts and might be further improved based on future research.
MustangChain aims to set a global standard to counter fraud in the equine industry by introducing tamper-proof passport authentication, equine identification, and a swiftly accessible and decentralized data platform, thereby establishing trust among all participants within the ecosystem. Horses will have a NFC chip integrated passport that grants access to a horse’s data record on the blockchain, registering items such as ownership, studbook, medical records, breeding history, and other important variables necessary for informed trading, breeding, and handling. The emergence of ‘big data’ will be accessible for analysis and advancement of scientific and entrepreneurial endeavours.
MustangChain data collection approach will provide the basis to build a global community platform that will function as a portal where all stakeholders can unite to learn, exchange, and trade. Long-term success of the MustangChain platform depends on widespread industry adoption, which can only be achieved by actively involving the community in the development of our ecosystem.
Mission and Vision
- Globalization of fraud proof authentication and ensure instant accessibility to equine data
- Defragment the industry by aligning the equine community via a shared ecosystem, currency, and technology.
- Creating a properly regulated global standard to validate, authenticate, and manage equine identity, historical data, and transaction through the MustangChain Platform and the fraud- proof Sealed Verification System (SVS).
- A one-stop online platform where all stakeholders can unite, interact, and easily transact equine merchandise, services, data, and expertise.
The core solution: Sealed Verification System (SVS)
The data collected on MustangChain will provide undisputable and fraud proof traceability of past and current ownership, identity, breeding characteristics, and medical history via the Sealed Verification System (SVS). The SVS includes two major and inseparable components which together function to create a sealed fraud-proof verification system, hence the name. Component 1 includes a NFC chip integrated passport, which, upon scanning, links the user directly to a data record on the blockchain where all data on the horse will be collected. Component 2 will record the Unique Identification Number (UIN) of implanted microchips, or generated by scanning the iris, to the data record on the blockchain in order to irrefutably couple the passport to the corresponding horse. MustangChain will further explore whether iris scan identification is superior to microchipping in terms of reliability, equine safety, and feasibility. Finally, MustangChain will employ a network of both internal and external auditors to safeguard the integrity of the data recorded on the MustangChain platform.
The Need for a New Solution
Issuing passports is an entire industry on its own, with so many agencies that it is difficult to control all possible points of corruption or fraud. For example, even a small country like the Netherlands has 33+ official equine passport issuing agencies . To minimize and prevent fraudulent practices with equine verification and their passports, a new standard is developed in conjunction with key stakeholders that work directly with the MustangChain platform.
This is one step towards enforcing and monitoring fraud prevention. MustangChain will actively engage in auditing and verifying the information that is stored in the data record through signed and dated source documents. MustangChain has developed the SVS, a system of two interlocking components into one overarching fraud proof authentication system, boosting swift accessibility to high integrity equine data.
MustangChain and VeChai
A collaborative effort MustangChain will launch on VeChain technology. VeChain is an industry leader when it comes to creating and implementing tracking solutions. We have confidence in the ability of VeChain to deliver superior IoT and blockchain solutions matching the needs of MustangChain. MustangChain has established a collaborative partnership with VeChain. Weekly status and development meetings guarantee we can swiftly deploy new solutions which have been rigorously tested.
- Decentralized – Blockchain transfers the power from a centralized corporation to the community. MustangChain registrations are available to third parties without consent by design. Downtime is mitigated on this unstoppable machinery.
- Incorruptible data – The integrity of data in blockchain technology is guaranteed with digital signatures and distributed validation. A tamper proof history fits nicely with the MustangChain use cases.
- Secure and immutable – All participants in the ecosystem have a stake in the overall network and thus ensures the quality control and maintenance of the MustangChain Platform; that is, the risk for tampering with the system or dismantling its structure by any single party, is made impossible by its distributed nature.
Value Drivers and Utility of The Token
A token will only generate long-term value for society and its users when it is being used. Therefore, the value of the token increases by its utility and the number of people using it. Our distributed protocol must create sufficient utility for stakeholders that they willingly obtain its ICO tokens for different use cases. We created an overall economic model which lays out different roles for our token, each of them building value within the MustangChain ecosystem.
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- Danny van de GriendChief Executive Officer
- Onur YildirimChief Operating Officer
- Shaif BasierChief Financial Officer
- Pascal de KloeChief Technical Officer
- Robert van AertChief Legal Officer
- David de VriesereDirector of Public Affairs
- Dmitry TryndykIT Director
- Frank van Leeuwen –Advisor
- Bart BrandsAdvisor
- Bert Schelfhout –Advisor
- Pieter VerstraeteAdvisor
1. Research for whitepaper commences; field research, investigation of current issues in the equine
industry, and examination of technical feasibilities.
2. Primary industry difficulties identified and reviewed by the core team.
- 2Q1 2018
1. The Foundation opens its office in Nijmegen.
2. The Foundation team forms; developers, equine experts and professionals, government policy
advisors, equestrian federation liaisons, marketing and sales experts, lawyers, auditors, and governance agents.
3. The Foundation presents key stakeholders with the technical and business solutions.
4. The Foundation presents key stakeholders the Sealed Verification System (SVS); NFC-to-
blockchain, microchip, and iris scan solution.
5. Strategic partnership working in collaboration with the VeChain Foundation begins.
- 3Q2 2018
1. MustangChain agrees on business and technical proposals with the VeChain Foundation.
2. VeChain Foundation announces MustangChain to the public.
3. The Foundation publishes the whitepaper.
4. Core team expands adding IT and development leads, project managers, and advisory board members.
- 4Q3 2018
1. Publication of the technical documentation.
2. The public Token Manifestation Event launches on the VeChain Thor platform.
- 5Q4 2018
1. The Foundation receives final industry feedback on the application PoC (Proof of Concept).
2. First official MustangChain meetup on a to be announced location.
3. Opening a second office in a to be announced country.
- 6Q1 2019
1. The Foundation releases the application for key stakeholders that are authorized to
write to the MustangChain.
- 7Q2 2019
1. The Foundation releases the official app for Android and iOS with the ‘Authentication and Verification’ feature.
2. The Foundation releases the feature in which users can identify themselves and make a
horse registration request.
- 8Q3 2019
1. The Foundation adds MustangChain token wallet functionality to the applications.
2. Publication for third party participation including technical guidelines and a developer kit.
3. Exploration of the validity of NB-IoT chip solution with equine leaders begins.
- 9Q4 2019
1. The first pilot using an NB-IOT chip solution concludes, the data collected is analyzed and
- 10Q1 2020
1. The Foundation will initiate the development of community driven Dapps on the platform.
2. The Foundation releases the Auction Hall and X-Ray Dapp on the platform
- 11Q2 2020
1. The first pilot using an NB-IOT chip solution concludes the data collected is analyzed and
2. The Foundation releases the Data Analytics Dapp on the platform