Pillar ICO Overview
The brainchild of David Siegel, the Pillar project is about building an ecosystem with a primary focus on a personal data locker. It was initiated by a Swiss based blockchain company called Twenty Thirty. The main idea behind the Pillar project is to improve the digital experience of people by providing automatic ownership of accounts and replacing the need for multiple apps to perform digital tasks. By doing away with the need to open multiple accounts and transact through a single wallet, individuals will have greater control over how their personal data can be distributed or used. By creating an ecosystem which incorporates these two key changes in how personal data can be used, the Pillar personal data locker will let you decide how you manage your digital life.
Pillar ICO Value Proposition
The Pillar project started as an idea in 1997 as based on the concept of the Open Web. Over the years, the idea transformed and crystallized into the Pillar project in its current state. The project consisted of 3 phases:
- Phase 1:
Building a multichain wallet which could be integrated with other systems. The aim was to get companies to adopt Pillar open source wallet.
- Phase 2:
Building integrations with other systems such as browsers, messaging systems, ecommerce platforms and exchanges.
- Phase 3:
Provision of services that distinguished the Pillar wallet from other wallets as well as transitioning to automatic ownership
The Pillar ecosystem will be powered by its own native token called “meta token”. It will be used to pay for goods and services within the ecosystem. The Pillar ICO was held on July 15th 2017 over a period of 60 hours. 800 million tokens were issued of which 560 million tokens were offered for sale. 6 million tokens were offered as presale tokens while 528 million were offered as the main sale. The token sale was successful in helping the Pillar project to raise 113,674 Ether valued at more than $21 million. There were 13,446 transactions which meant the average transaction was 8.45 Ether. Of the remaining tokens that were not offered for sale, they were allocated in the following manner:
- 2% (16 million tokens) to cover the cost of the token sale (These tokens were locked up for 9 months in a smart contract)
- 1% (8 million tokens) used to pay for marketing relating to the ICO
- 10% (80 million tokens) allocated to the Twenty Thirty AG company. (locked for 3 years in a smart contract)
- 15% (120 million tokens) reserved for liquidity and later sale (locked for 3 years).
Pillar Project Timeline
Although the company has announced that it will not publish a road map, it did publish regular project updates to give investors an idea of the project progress. As all the different phases of the project will run concurrently, the updates are not in any specific order. Nevertheless the project timeline below will give you a good overview of how far the Pillar project has come and where it will head to.
- 1997: Concept of open web born
- 2005: 1st Personal data locker white paper published
- 2008 to 2014: Book and concept promotion
- 2015: Proposal to use blockchain to power the project
- 2017: Formation of team, publishing of gray paper and token sale
- 2018: Launching of Pillar wallet, integrations, test cases
- 2019: Services launching
- 2020: Pillar powered phone launching
Pillar ICO Team
The key members of the Pillar project team comprises of several individuals, David Siegel (Co-Founder and CEO), Tomer Sofinzon, MBA (Co-Founder and CRO), Vitor Py (Co-Founder and Architect) and Yogesh Gaikwad (Co-Founder and Investors Relation). Nevertheless, it should be noted that the main driving force behind this project is David Siegel.
Pillar ICO Strengths and Opportunities
The key strengths of this project is the fact that it offers the following benefits:
- Available as a desktop application or as a mobile app
- Control of your personal data
- It is not tied to any particular exchange
- It is open source hence allowing third parties to build their systems upon it
- Multichain – This mean the wallet is able to accommodate different tokens or coins
- Not tied to any particular browser
Pillar ICO Weaknesses and Threats
The main weakness of this project is the fact it is still under development. While a lot of the ideas and concepts are feasible, the success of this project still hinges on the wide scale adoption by the key players in the ecosystem.
The Pillar ICO Review: The Verdict
Overall, the Pillar project is a noble project. It has tremendous potential to revolutionize the way we deal with the digital world. How we access services, identify ourselves and manage our wealth can be affected by this project. Nevertheless, there is still a long way to go before we can see the fruits of the Pillar project and by how much it can achieve all the goals laid out in David Siegel’s gray paper. The fact that the Pillar project had managed to raise $21 million from its ICO goes to show that many have faith in this project.