Dayta project is nothing innovative or benefiting of any IP. The company incorporation is fresh and made for the purpose of their ICO, the project is a startup with nothing in place: no recorded trades, no software infrastructure other than a basic App prototype. The Team does not showcase a specific background in the industry their project is intended for, and nor records of previously successful ventures.
We are very concerned when examining ICOs which have no supervision of funds, and no exit scam proofing.
Dayta’s project is a risky investment. It has not been audited and no Fund Supervision Scheme has been set up.
An expert review of Dayta's upcoming ICO
DAYTA SERVICES LTD was established in December 2018, making this a very young company. It was created purely for the purpose of this ICO and has no financial information published, only an incorporation document with Companies House that states the company was founded with a funded capital of just 1 GBP:
This project is a fundraising scheme, with the whitepaper confirming that 50% of proceeds raised will go to “engineering” of the platform.
The team has no record of successful ventures and does not hold the industry expertise required.
https://www.linkedin.com/in/zumar/ Founder and CEO:
Linked to BitRiser project, with a non-responsive website and empty social media. Companies House lists this company as dormant with no capital: https://beta.companieshouse.gov.uk/company/10936980/filing-history. His LinkedIn shows him as currently working at Sainsburys, in a role that sounds full-time.
There is no sign of any shareholders or investors in this project.
Dayta is just another project that should seek funding through the regulated forms of fundraising.
The idea of a token to be used as a method of payment for non-existing services and products is fundamentally faulty when applied to such a risky venture as DAYTA. The issuance of their coin only exists to cut regulatory corners.
The company and their team remain unaudited, as does their ICO. There is no third party regulating the raising of funds for this ICO and as Dayta complete their ICO, any funds raised will be unsupervised and there is no promise yet of transparency. These points establish that any investment in this project will be accompanied by a high-risk level.
Investors should be aware that Dayta is a startup with nothing backing their business plan – the company was created for the sole purpose of this project.
They have released a prototype to app stores, but this is extremely basic and not representative of any real working product.
On using this prototype, I was able to log in with a username and password of “test” and was presented with a blank, non-working app. No work has been successfully completed, and the team haven’t partnered with any specific clients or agencies.
They have made several references to an “ecosystem” being in development, but have offered no evidence to this other than the prototype application.
With the limited development made and the short-term road map provided, the team has failed to set up any exit scam proofing protocol.
Dayta is entirely relying on investors funds to develop their project and there are no other contributions from other investors or from funding outside the ICO, this raises a clear red flag on the project.
They have listed a soft cap of 800k USD and a hard cap of 11m USD. Rudimentary research shows that the complete development of a cryptocurrency wallet application can cost anywhere from $7000 to $300,000.
With 30% of the tokens offered at the pre-sale ICO, at a significant discount, there is a possibility of a pump and dump scheme.
The token itself is a method of payment for a service that doesn’t exist, this brings a high risk to investors who may never see the platform trading as promised, and yet in case of success, the 40% of tokens still in the hands of the team hints to a very little return for ICO buyers.
Dayta has a very small team listed, with three of the eight staff listed on various ICO platforms being advisory. Those that hold technical positions are predominately freelancers, or ex-freelancers, and appear to be working remotely.
The sole founder of this venture is Zumar Ahmed (his LinkedIn can be found above). There is very little in the way of management within the company structure.
https://www.linkedin.com/in/vitallymarinchenko/ Web Developer:
Linked to Typerium and RealTract projects and is currently ‘present’ at four different companies on LinkedIn.
https://www.linkedin.com/in/mohsin-laeeque/ Software Engineer:
Listed on LinkedIn as ‘present’ with three companies, two of which are in Lahore. One is ArhamSoft.
Also from Lahore, and works as the Head of Business Developments in ArhamSoft.
Coincidentally, Laura Feeley is also listed as currently working for Sainsburys, the same company as founder Zumar Ahmed.
https://www.linkedin.com/in/daniel-spyralatos/ Community and Marketing:
Daniel Spyralatos has no connection with Dayta on LinkedIn, but is present with five other companies. He has connections with a list of ICOs, the majority of which are underperforming or have ended with no result, such as VooGlue, Nimbus Token, Phenomenal Network and Aitheon.
Two further members of staff have no ties to Dayta online:
https://www.linkedin.com/in/bret-calvey-45192510/ Bret Calvey, Senior Software Consultant
Stefan Beyer, Blockchain Architect. His LinkedIn profile links him with nine other companies at present. He has also has history as a team member of Thorchain, a project with a cancelled ICO.
While Dayta has a strong social media presence, a well-created website and a populated whitepaper, there are red flags strewn throughout their inception and company structure.
It’s unlikely that they will be able to realise this project, owing to the level of competition and the complexity of the idea. If this is the case, then the token they’re selling in their ICO will ultimately be worthless.
ICA is committed to warning investors against ICOs which have no third party safeguarding the allocation of the funds derived from ICOs, no Funds Supervision Scheme deployed, and no exit scam proofing.
Founder: Mr. Zumar Ahmed Advisors: Mr. Kenn Palm Mr. Boyan Josic Mr. Ruslan Kosarenko Ms. Inna Semeniuk Mr. Michael Latsukha
ICO begins: 12-07-2019 ICO ends: 09-08-2019 Token Name: DAYTA Soft Cap: 1m USD Hard Cap: 11m USD
– Unaudited ICO – No IFSS – No innovation – New company – Doubtful Team
The issuers of this ICO have not commented on this review. If you represent Dayta, please contact us to request auditing and subscription to IFSS.