SKYFchain
The SKYFchain Operating Platform will provide a disruptive solution for switching global logistics industries to unmanned systems. As an independent blockchain-based Operating Platform open to all industry participants it will contain critical information for each stage of lifecycle of a cargo robot. The operations and access to clients of SKYF drone will be used to develop and test the SKYFchain. We aim to set the standards for the new industry in robotic delivery in areas such as financing, manufacturing, operations, maintenance, insurance, and authorization of drones and robots in the air, on the ground and at the sea.
CERTAIN RISK FACTORS RELATED TO PURCHASING, SALE, AND USE OF TOKENS
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The tokens offered in connection with the token sale under this White Paper are available for purchase to only “Accredited Investors.” Generally, interested persons must have a net worth of over $1 million (exclusive of residence) or an income in excess of $200,000 individually or $300,000 jointly with a spouse. The tokens sold in connection with this token sale are secured under the U.S. Securities Act of 1933 (“Securities Act”); these tokens have not been and will not be registered under the Securities Act. The tokens are exempted from the amended registration requirements of the Securities Act of 1933, and the process of selling the tokens does not have to comply with specific disclosure requirements that apply to registration under the Securities Act.
EXECUTIVE SUMMARY
Unmanned cargo robots in the air, on the ground and at the sea can dramatically reduce cost of logistics worldwide and increase efficiency for industrial users and end customers. While PwC have estimated addressable market size for airborne drones alone to be $127 bn.1 , the current industry limitations including lack of stable credit, costly insurance and near-prohibitive regulations in some countries do not allow it to realize its full potential. Currently, this industry exists in form of feasibility studies carried out by large corporations or startups. Universal operating platform for the cargo robots does not exist. SKYFchain Operating Platform (hereinafter SKYFchain OP) is the first B2R (business-to-robots) blockchain based operating platform applicable globally in all sectors of a developing cargo robotics industry. It will be initially developed and tested by using the first industrial cargo airborne robot – SKYF drone – which will also give SKYFchain instant access to its client base for development of unmanned business processes. Later all other unmanned cargo systems: in the air, on the ground and at the sea will be connected to SKYFchain.
During ICO we will issue 1 200 000 000 SKYFT tokens, which will be used in SKYFchain to facilitate all internal transactions. We expect that value of SKYFT may increase over time because of two main drivers: 1. More and more companies, clients, financial institutions will be connected to SKYFchain which will drive the growth of transactions in SKYFchain and demand on SKYFT. 2. For every SKYFchain transaction whether it’s getting loan to buy unmanned vehicle, client payment or something else SKYFchain will charge some commission. 25% of commissions will go to SKYFT holders.
We understand that your backing of SKYFchain may be associated with risk and we have taken several measures to mitigate those risks: ➢ SKYFchain legal entity - Skyfdrones Services OU - is registered in Estonia which has one of most favorable regulations in the world for blockchain related companies. ➢ SKYFT tokens are compliant with SEC of USA and available for US investors. ➢ Hundreds of SKYF drones will use SKYFchain as an operating platform. SKYFchain developers will have direct access to all SKYF drone clients to test and polish SKYFchain system before inviting other producers of drones to use the system. ➢ SKYFchain is a spin-off of SKYF drone development project, which in addition to granting SKYFchain access to clients shall use 20% of revenues from sales of SKYF drones to purchase the SKYFT tokens from the market. We estimate that this may amount to $50M during the next 3-5 years after the ICO. And the SKYF drone is designed with full range of IP protection measures including patens and know-how. This shall protect SKYFchain uniqueness for the time of its initial development. ➢ SKYFchain has very experienced and trusted team of engineers and business leaders with proven results – they have attracted $5M of VC money into the SKYF drone project.
YOU CAN BUY SKYFT TOKENS RIGHT NOW VISIT : http://www.skyfchain.io/
whitepaper: https://fpivc.box.com/v/SKYFchainWhitePaper
1. SKYFchain OP business model
Logistics business processes today are designed with a human being in mind, either as a customer or a controller etc. Autopilots for cargo robots, AI and the developing field of IOT hints that one day, robots may work without being directly controlled by an individual.
The main purpose of the SKYFchain OP is to integrate information for all market participants and organize the execution of smart-contracts for transactions. Transactions may vary in value and frequency. The platform will collect commissions from each transaction. All transactions will be paid in USD or other fiat currency but executed in system using the SKYFT tokens. SKYFT token will be the internal currency of the platform. Only 1.2 bn tokens will be issued at ICO in form of Ethereum ERC20 tokens. This is fixed amount for all system.
SKYFT tokens will be traded at least at four or five crypto exchanges. This would create liquidity needed for the platform operations.
2. 20% of the revenue from sales of the first 1000 SKYF drones will be reserved by a license agreement with the SKYF drone producers to purchase back SKYFT tokens from the market. We expect this to take place during the first three to five years after ICO (this revenue is equivalent to $50-60mln). Tokens bought under this condition will be put into a Community Development Fund and used to reward partners and developers of the SKYFchain. 3. Mission planning, verification and operations support of SKYF drones (and later other drones) will be run through SKYFchain – a unique private blockchain: • SKYFchain super node holders will receive 50% of transaction fees. • SKYF drones will be marketed together with a franchise of a drone logistics operator and a license for the third-party drone producers of drones and spare parts. By 2021, more than 1100 SKYF drones projected to be operating worldwide, and other drone manufacturers and owners will also be able to join the SKYFchain Operating Platform therefore increasing the number of transactions in the system.
Several big clients have signed up for test flights or pilot implementations of SKYF drones in their business operations. Our most prominent partners are: • Syngenta AG (annual revenue – $12.8bn), a global Swiss agribusiness that produces agrochemicals and seeds • Avgust Crop Protection (annual revenue - $263.3mln), the largest crop protection chemicals producer and service provider in CIS; • Pony Express (annual revenue - $86.7mln), the number one multi-modal logistics operator and delivery company in the CIS territories. The second step in developing sales of SKYF drone will be to create a franchise model in AsiaPac in associate with a local partner. Hence, we are not looking at the US market as a priority because of its intense regulations. Nonetheless, we have noted that the demand in other markets is huge for the next 5 – 10 years.
The demand for SKYFT tokens is expected to multiply with each new connected drone, an autonomous truck or ship. Increasing global reach of SKYFchain will lead to an exponential increase in the number of cargo robots and other stakeholders in the system :
Project roadmap
2014 – 2017 : ✓ securing $5 mln of VC funding; ✓ design and manufacturing of SKYF cargo drones; ✓ successful aerodynamic tests; ✓ fully autonomous flights Q4 2017.
2018 : ✓ SKYFchain project spin-off from the SKYF project; • research into the most suitable technology and development of a private block chain network; • Development of logic and data of the SKYFchain OP in tight cooperation with all cargo robotics market stakeholders (hardware producers, operators/clients, authorities, banks/leasing companies); • creation of the international legal structure; • sale of the first assembled SKYF drones and expansion of the partner network in the regions without strict regulations on drone flights (CIS, Asia, and Africa).
2019 : • dissemination of the private block chain network nodes among market participants; • launch of the with a franchise of a drone logistics operator and a license for third-party drone producers.
2020 : • rapid growth in SKYF drone sales, as a consequence of expansion of the franchise of a drone logistics operator and growth of number of licensed drone producers around the world; • start of educational campaign and workshops for producers of other types of drones.
2021-2022 : • inclusion of third-party airborne drones into the SKYFchain; • lobbying for new regulations in developed markets through industry associations and roundtables.
2023-2025 : • inclusion of ground and sea-borne cargo robots into the system.
The market for air-borne cargo robots (drones)
$127bn – that’s how much PWC estimated the total addressable value of drone powered solutions to be in all applicable industries. Exponential investments growth into the sector has already began. $100bn – is the service market size for SKYF drone in agriculture, logistics, and infrastructure (see Annex 4 for details). During the first three years it is expected that SKYFchain would service clients of SKYF drones in these industries.
SKYF received letters of intent from several big oil & gas companies (NGK Slavneft, PAO SIBUR Holding) and agricultural industry (Syngenta AG, Avgust Crop Protection, Rusagro Group, Prodimex), willing to use the SKYF drone services.
Unmanned trucks, ships and cars After the launch of air-borne drones, SKYFchain will invite other cargo robots, unmanned trucks, unmanned ships, and later unmanned passenger vehicles. We are planning to invite air-borne drones from 2020 onwards, and sea-borne and ground-borne robots starting from 2022 onwards. According to Abhimanyu Raheja, an analyst at BIS Research, "the overall number of automated vehicles is expected to reach more than 110 million by the end of 2026." 1 Exane BNP Paribas is giving lower, but also promising projections of 40 millions automated vehicles of all types in 2026.
Proponents of automated trucks are talking about several useful features. They say that such trucks will be more efficient because they would not waste fuel by accelerating and braking as frequently as trucks driven manually by a human driver. Similarly, developers have plans to use truck platooning to save on fuel. Other benefits may include: increased safety and less stress for drivers during long-haul monotonous drives.
According to the press release of a Consumer Technology Association (CTA),™ most drivers (93 percent) use existing driver-assist features such as adaptive cruise control, parking assist, and collision avoidance. They then appreciate the usefulness of these driving technology innovations.1 “Clearly, drivers are getting more and more excited about everything that driver-less cars will offer us – 90 percent fewer U.S. traffic accidents, 40 percent lower insurance costs, the end of drunk driving accidents and new-found freedom for seniors and people with disabilities,” said Gary Shapiro, president and CEO of CTA.
Rolls-Royce expects a remotely operated local vessel being in operation by 2020
Autonomous shipping is being proactively explored by the maritime industry. Discussions within the industry have identified both direct cost-reducing benefits and other indirect benefits. Direct benefits are often listed at the vessel level: • Better use of space in ship design • Better use of the crew and their skills • Better use of fuel. Indirect benefits occur at company and network levels along the shipping sector. Remote and autonomous shipping allows for improved optimization of operations and processes. For example, optimizing processes or operations based on real-time data enables economies of scale at fleet and company levels as well as reduces the likelihood of human errors, contributing to both safety and service quality. In the shipping sector, autonomous shipping will recast the roles and reorganize the division of work.
The region in which an autonomous vessel should operate and whether it should be remote-controlled or autonomous will have a significant impact on the rules applied to it. We plan to operate along the same logic at SKYFchain during mission planning, approval and verification.
Embedding smart ship equipment into an existing vessel is the first step on the Rolls-Royce roadmap to a fully autonomous and intelligent ship. The company envisages a remotely operated local vessel being in operation by 2020. By 2025, the company hopes to have a remotely operated autonomous vessel on international waters.
AAWA (Advanced Autonomous Waterborne Applications) partners may all be invited to test and join SKYFchain in the next 3 to 5 years.
According to the CBInsights report “The State of Drone Technology”1 VC funds have recognized an opportunity in UC; the total disclosed VC capital raised for unmanned systems (drones) in the year 2016 increased by 123% to over $1,3bn.
The broad adoption of drones has become a mainstream in this decade. Q1’2016 investments include: Airware ($30mln), Skydio ($25mln), and Delair-Tech ($14.5mln). DJI was one of the first drone companies with confirmed a Mcap of $10bn. The investors’ spectrum is diverse and includes leading global business companies.
The most active investors in drone VC from 2012-2017
Problems in the drone market and unmanned logistics
Universal operating systems for the drone market still do not exist. There is no system where customers can check the technical condition of drones and their safety itineraries. This is one of the reasons why public authorities limit drone flight range. This problem is not only present in the aviation industry. All the cargo robotics markets do not have reliable certified operational platforms. The organizational problems of the unmanned drone industry include costly insurance and nearprohibitive regulations in some countries.
Flights by drones, called ‘drone operations’, are governed by manned and unmanned aviation laws that determine the ground rules for operating drones in airspace. Most countries’ regulations distinguish between recreational and commercial flights; however, a fully developed regulatory framework takes into account the drone’s weight, flight area, time of day and altitude. Mostly, the areas where flying drones is prohibited are very similar worldwide. Permission is always required to fly near and over airports, military infrastructure, key public infrastructure (e.g. government offices), densely-populated areas or other restricted areas. Some countries require drone registration prior to use.
Have you ever wondered why there are dozens of toy-drones in the market, yet the airports still have large manned helicopters? Unfortunately, the multi-copter’s size scalability problem does not have a solution yet at the moment. The higher the take-off mass, the larger the propeller has to be, which, in turn, increases the momentum. This is how the aircraft rapidly reaches the controlable threshold. Good rotor dynamics require an electric engine. However, the increase in scale of the drone comes with a second problem – accumulator batteries become ineffective. The internal combustion engine can solve this issue. However, its implementation in drones remains problematic because of its high weight. On the other hand, the hybrid engine’s cost is usually too high.
The SKYF drone new aerodynamic design solves the problem of multi-copter scalability. The SKYF drone is the world's first unmanned air cargo platform (unmanned aerial carrier, the drone) with vertical take-off and landing (VTOL) based on patented aerodynamics, which allow for the development of unmanned aerial vehicles with different modifications that can carry out a wide variety of challenging tasks. The SKYF drone is easy to operate and less expensive when compared to other existing solutions, and it allows for scaling in order to increase payload and flight range, as well as to configure other characteristics.
Model: SKYF P2-1. The SKYF Unmanned Aerial Carrier was designed and built at ARDN Technology Limited (UK), whose R&D HQ is now located in Kazan, Russia. Areas of the system’s applications include: crop spraying and long distance delivery of goods. The SKYF device is a vertical take-off and landing device drone with two 2.8 m main rotors that synchronously rotate towards each other. The main rotors, which generate lift to ensure the drone is air-borne, are driven by a gasoline engine. The engine transmits torque through the gearbox and the belt drive to the main rotors. The vehicle’s housing has a truss structure assembled from a square aluminum profile through riveting. The vehicle's horizontal movement is achieved through tilting using eight controlling electric motors on different modes located on the spark shafts, on four outrigger rods. The yaw rotation of the SKYF is achieved by turning the control plates under the main rotors in opposite directions. An electric generator connected to a gasoline engine and buffer batteries are mounted on a vehicle to ensure the operation of the electrical equipment.
SKYF drone technical characteristics. The SKYF drone’s maximum useful load is 400 kg. The drone flight range can reach up to 350 km, while the flight time is 8 hours (with 50 kg of cargo onboard).
SKYF drone mobility. The SKYF drone transportation container can hold two vehicles. A container allows for customization for various purposes and SKYF drone modifications.
SKYF CARGO. The average payload is 150 kg with a maximum flight range of 350 km. This SKYF drone version is the best solution for oil & gas logistics and for delivery in hard-to-reach areas. These services are in great demand in Russia, Africa, Canada, Asia, Australia, South America, CIS countries and the mountainous regions in Europe. SKYF drones can deliver goods (food, spare parts, measuring equipment, emergency supply) from the logistics centers to designated residential areas.
SKYF MARINE. This modification has reinforced construction by adding corrosion protection. This SKYF drone can work during emergencies in most regions of the world due to its increased reliability. It will be able to deliver food, rescue equipment and medicine to natural disaster locations as well as evacuate the injured and distressed at sea. Furthermore, this vehicle could serve in marine logistics centers and intensive shipping regions to deliver medium-sized cargo (spare parts, mail, etc.) to ships at sea or on the move, which will significantly reduce their service time and fuel consumption.
Blockchain concept for the SKYFchain OP
SKYFchain architecture is based on two building blocks: 1. SKYFchain blockchain itself - private permissioned blockchain customized for the most effective usage in the industry; 2. Ethereum ERC-20 SKYFT tokens-based perimeter of public blockchain for processing and settling SKYFT tokens transactions and communicating them back and forth with SKYFchain.
Private (permissioned) blockchain is required to simplify the development and support and give an opportunity to choose solution most appropriate for each particular task. Moreover we want to be independent of the performance of public networks (e.g. scalability issues with Ethereum) and not wait for transactions to be committed in public network. At the moment we are considering three different approaches for the SKYFchain: creating our own Ethereum fork, SKYF-specific custom platform, built on top of either Exonum libraries or instance of R3 Corda blockchain.
Payment channels are part of a special middleware over blockchain database. They form a payment network and allow two or more parties to make funds transfers from one to another. In our case we create payment channel from public Ethereum network to the SKYFchain.
Payment channels work in the following way. First a connection between the SKYFchain and public Ethereum network is established by execution of a special transaction in public Ethereum network. This transaction reserves certain amount of SKYFT tokens for this connection - payment channel. When SKYFT tokens are required for any operation at SKYFchain then they are used from the payment channel funds.
Proposed data structure of SKYFchain OP
SKYFchain gets together all the participants of unmanned vehicle market. Each participant will store and request data from SKYFchain.
Developers and Producers • Can get financing, insurance and customers through SKYFchain • Store data on SKYFchain: device ID data digital specification of each device flight tests and tests of acceptance reports certificates and documentation for each country/authority Licensees • Can get customers from SKYFchain and unique drone blueprints from developers and producers • Store data on SKYFchain: licenses for assembly licenses for software licenses for operations device ID data digital specification of each device flight tests and tests of acceptance reports Technical services • Can provide services to participants of SKYFchain • Store data on SKYFchain: device’s technical maintenance data device’s incidents data repair and units’ replacement reports software versions and software update data Operators and End-users • Conclude and execute smart contracts to use unmanned drones • Store data on SKYFchain: development and approval of missions / itineraries development and approval of logistic smart-contracts missions / smart-contracts reports charter contracts (temporarily) orders data payments data incident reports ratings (for devices, for operators, for end-users)
Authorities • Authorize and control the available itineraries for drones on their territory • Store data on SKYFchain: device certification safety control missions approval mission reports control fast routes blocking, if required no-flight areas regulation Analysts • Analyze performance of different drone models and of market participants, provide scoring and recommendations • Store data on SKYFchain: robo-assets analysis ratings / scoring for fintech recommendations for market players Financial markets • Provide financing to international market participants on SKYFchain network, based on scoring from analysts and using remote block function in case of disruption of payment for a drone or related service • Store data on SKYFchain: asset information for each device records of transactions and encumbrances device booking for a financial deal blocking of a specific device (or a group) in case of convenience (for authorized users) All these transactions will be supported by SKYFchain OP and will technically be executed using smart-contracts and SKYFT tokens.
SKYFchain OP will use the SKYFT - a utility token issued through ICO. SKYFT properties include: • Internal currency of the SKYFchain OP required for any transaction, • Fixed amount of 1 200 000 000 tokens, • The ICO-end price will be ~0,065 USD per 1 SKYFT, • SKYFT are compliant with USA’s SEC and available for US accredited investors • The blockchain super-node holders harvests 50% of transaction fees, • 25% of transaction fees goes to all token holders, • 25% of transaction fees goes to the Community Development Fund to sustain constant system development and expansion.
In a softcap success scenario - if we manage to collect only the softcap of $5 mln, then the development of the project will be delayed but the goals will remain. Furthermore, we shall focus on developing an MVP of the blockchain to present it to the market participants to attract additional funding. Meanwhile the 20% of the revenues from sale of SKYF drones would sustain the price of SKYFT token. In medium case scenario - if we manage to collect $15 mln - then after developing an MVP of the blockchain we are going to extend the network of partners among the market participants. We shall organize workshops and educational events about using functionality of the SKYFchain. New participants should bring in new transactions which should generate demand for SKYFT tokens.
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