Cyber security is becoming more essential for our daily lives. But encrypted products are usually too complex and involved for the ordinary user. That is why FortKnoxter offers a single app with an ecosystem of potential encryption services.
While most products already have built-in forms of encryption, FortKnoxter aims for something extra, with a view on securing the inbox, video conferences, and chats.
The FortKnoxter ICO has started token distribution, but special conditions apply. Currently, pre-ICO backers have already received an airdrop of bonus tokens, which would remain locked for four months. However, participating in the ICO will grant the FKX tokens, which would be unlocked a week after the sale has ended.
What is FortKnoxter?
- FortKnoxter White Paper
- Country of origin: Gibraltar
- Ticker: FKX
- ICO Dates: 19 February – 18 March
- Hard Cap: $15 million
- Funds raised: Unknown
- Industry: Cyber security
- Funds accepted: Ethereum
- My Rating: 4/5
FortKnoxter Social Media
The proposed product of FortKnoxter is proprietary encryption for:
- encrypted inbox
- decentralized storage
- video conferencing
- voice messages.
All of those would be handled by a single desktop and mobile app. The other offers from FortKnoxter are a smart contract to automatize the process of encryption, as well as a system for encrypted, distributed storage. The services would connect with the Ethereum network, but it is unclear whether any of the Ethereum encryption would play any part in the app.
FortKnoxter is not entirely an open source project. Its GitHub page only features the groundwork for the ICO – smart contracts for token distribution and lockdown. The rest of the code and frontend work remain to be released in the future. But at least the tokens are ready to be launched.
In recent months, ICO teams are becoming more aware of dumping post-ICO tokens as soon as they become movable and tradable. Usually, the team's tokens are on lockdown, and the users' tokens are released early. Now, more ICOs, including FortKnoxter, are lengthening the lockdown period before the tokens can be moved.
The FortKnoxter Team
Despite the fact that the ICO is registered in Gibraltar, because of the liberal regulations, the team is actually made up of encryption experts from Denmark. The founder, Rasmus Birger Christiansen, has a long-term experience with telecoms and privacy technologies. The co-founder, Mickey Joe Nathan Johnnysson, is an experienced full-stack developer, and the team has an expert CFO, René Krainert. Additionally, the team is ready with developers poised to release the actual app.
About FortKnoxter FKX Token
The FKX token is an ERC-20 digital asset, which would be sold for Ethereum. Nearly 60% of the tokens, out of a total 135 million, would be distributed in the token sale, with the rest reserved for the team, as well as for incentives and bounties.
Curiously, the FortKnoxter team has also created another type of token, used for airdrops. It is unknown what function this digital asset would serve, beyond sending “freebies” which may have value one day. The bonus tokens would be locked for months after the ICO, to prevent dumping before some progress is made on the product. This is a recent practice, and may not appeal to all investors who would not want to have funds locked.
The team will put its tokens in lockdown for 12 months after the ICO, but for the public, the distribution may start almost immediately, from February 18 onward, and the tokens would be movable a week after the ICO has ended.
The FKX token would also be used as a reward for referrals, loyalty, as well as renting out hard drive space for the distributed storage ecosystem.
Investing in FortKnoxter: The Pros
FortKnoxter has received mostly positive reviews for the time being, and the team has been responsive and actively communicating the milestones. There is a very clear idea, and with a team of experts, it is possible that the encryption services may find their market.
FortKnoxter ICO has been put up for voting on the Sangus platform, and in about a month and a half, its rating rose from 77% to 83%. The product may come just in time, as applied encryption is becoming the norm in a world of heightened cyber security. Investing in this ICO may also mean the token would be viable within the ecosystem.
The team has also set up a reasonable hard cap of $15 million, which is a sum deemed sufficient to launch a beta product. A hard cap of $15 million is on par with a very comfortable level of venture capital backing, according to experts in funding startups. With Ethereum prices fluctuating, as well as the token commanding a market price, the team may be well-funded.
The Risk of FortKnoxter
FortKnoxter has all things going right. But no one can be sure what would happen when the FKX token hits exchanges. Unfortunately, even solid products have seen failures and a depressed price right after the ICO.
So if users are ready to lock down their ETH and miss on any price gains, FortKnoxter may disappoint. Some token prices rise more on hype than fundamentals, and others, belonging to good projects, take years to see more active trading.
Final Thoughts on FortKnoxter
FortKnoxter has been open to selling tokens for months now, with a previous round ending in December 2017. It seems the tokens may be going a bit slowly for an otherwise solid-looking project.
On the other hand, the team also seeks new additions, being open to proposals through an email link. While this may mean expansion, it may also mean a shortage of people. At this point, the ICO is a bit shy on promotion compared to other projects, but this may be a positive sign.
The FortKnoxter team has stated in the white paper that the decision to make an encryption app came after the Edward Snowden leaks. Afterwards, the team was inspired to create an unbreakable encryption for many forms of communication.
Because the team started work back in 2013, it already has a viable product, which was updated. The official launch of the renewed product with connections to the Ethereum blockchain is expected in 2018. This is a very short-term for an ICO to release an official version – not an alpha or beta. So we are giving the FortKnoxter ICO a rating of 4/5, for a low risk and a viable use case.