I’d like to preface this by stating that this is in no means financial advice, nor is it meant to criticize the decentralized application in discussion. The following article is a collection of objective observations, in regards to the Accumulator Neurons SNS Voting Criteria, which can be found in the resources below. Unlike previous articles, this due diligence has not been formally reviewed by the foundation in discussion - as such, if any inaccuracies are presented, they are to be corrected upon notification.
Resources
Accumulator Neuron SNS Voting Criteria
SNS Proposal Discussion
Protocol Documentation Relevant to Analysis
Protocol Abstract
Querio aims to provide a multi-chain search engine, enabling the seamless discovery of dApp solutions.
Analysis
Main Net dApp
Is the dApp live and operational? Has the development team demonstrated technical competence specifically regarding the Internet Computer Protocol?
Yes the Querio dApp is live & operational and can be referenced below:
As such, yes I believe it is reasonable to say that the team has demonstrated technical competency in relation to the Internet Computer.
With this being said, the Querio application does not currently fulfill its full scope, with the whitepaper listing the following plans:
-Extended Cross-Chain Support
-Content Mining
-dApp Promotion
-Promotion Auction Mechanism
-Querio AI
-Querio Drive
-NFT Browsing
-Querio Shopping (NFT Market)
Is the dApp fully on-chain, meaning both the front end and back end of the protocol are hosted in Canister smart contracts?
Yes, Querio is completely operational within Canister Smart Contracts on the Internet Computer.
The canisters to be decentralized can be found below;
Querio Frontend
krcmj-3iaaa-aaaan-qdpoq-cai
Querio Search Engine
qewgk-faaaa-aaaan-qenoa-cai
Does the dApp rely on third-party dependencies, such as off-chain providers, fee-gated APIs, or other mechanisms that rely on intermediaries? If so, is there a plan to transfer these dependencies to Canisters and the SNS? Additionally, is there a plan to fund these mechanisms independently, without solely relying on the SNS Treasury?
There seemingly are no disclosed third party dependencies within the Querio dApp.
Can the dApp, in its current form, be considered a complete product that fulfills its intended purpose? If the development team were to suddenly stop building, would the dApp still be able to function and achieve its objectives?
While Querio does not currently fulfill the entirety of its roadmap scope, yes, I believe it is reasonable to say that it fulfills its intended purpose & objective as a decentralized search engine.
Protocol Overview
Is the protocol open source?
Yes the Querio Protocol is open source, with the source code found below:
Has the team provided a clear white paper that details the protocol comprehensively? Additionally, is there technical documentation available that explains the underlying mechanisms, functionalities, and concepts of the protocol?
Yes, the team has provided a clear & concise whitepaper & roadmap depicting the future direction of the project, of which can be found below:
With this being said, the technical side of Querio’s documentation has room for improvement to ease the on-boarding of alternative contributors.
Is there an insightful overview of the tokenomics provided? Is token allocation responsible & proportionate?
Yes, detailed insight into tokenomics is provided within Querio’s Whitepaper.
The token allocation is layed out as follows:
Protocol: 53.8%
Treasury - 53.8%
Community: 31.2%
Decentralization Sale - 25%
Presale Participants - 4.1%
Airdrop - 2.1%
Insiders: 15%
Querio Dev Organization - 15%
As such, I can not agree that this is a fair token distribution, given the Querio Development Organization intends to reserve 48% of the supply in proportion to what is sold to the community.
Has the team articulated why the SNS is the ideal decentralization solution for their application at this time?
The Querio team has articulated their reasoning for pursuing an SNS Decentralization Sale;
“By embracing the SNS framework, Querio empowers users with complete control over the platform, enabling us to prioritize community-driven development.”
Although this does not depict sound reasoning regarding the necessity of an immediate Decentralization sale.
Is the team publicly known within the ecosystem? Do they have a visible presence in the crypto community or relevant industry events?
While the Querio Foundation is not publicly visible within the ecosystem, it is reasonable to say that Querio has established a presence for themselves within the Internet Computer Ecosystem, as depicted below:
https://x.com/querio_io?s=21&t=p9K9YrK2DF2OD_cPX2QYTA
Is the team’s dynamic transparent? Do team members openly communicate and collaborate with the community?
No, the inner workings of the teams dynamic are not transparent. It is unclear as to the overall size of the Querio Foundation, or which members fulfill which roles. With this being said, the Querio Twitter account has a history of engaging with the community.
What is the team’s track record and experience in the relevant field? Has the team made notable contributions to the ecosystem or relevant projects?
While it’s referenced that Querio was conceptualized at CrossChain Labs, it is unclear as to whether CrossChain actively pursued development as an entity. With this being said, of Querio’s Team, two founding members are publicly disclosed; Andreea & George, each bolstering impressive experiences within blockchain ecosystems.
Andreea Stefan
A seasoned architect and the co-founder of Crosschain Labs, Andreea has increased her blockchain experience by working with ConsenSys, NEAR Protocols and Filecoin among others. Now, she is taking the management responsibility to increase the CrossChain Labs contribution to the crypto world.
https://www.linkedin.com/in/andreea-stefan-66740b20/
George Robert
Flexible and open-minded, George is the co-founder of CrossChain Labs and an experienced fullstack developer with a tremendous history of coding. Previously at ConsenSys, George continuously follows his passions for new technologies and programming.
https://www.linkedin.com/in/andreea-stefan-66740b20/
The remainder of the Cross Chain labs team can be found below, although are not directly included due to uncertainty of affiliation.
Proof of Valuation
Has the team provided transparency regarding the valuation? Is the valuation method disclosed, and is the math behind it available for review?
No, the Querio foundation has not disclosed the valuation method of the dApp, as such, there is no available data to back the valuation.
Has the team shown comparable raises within the industry sector? Does the valuation accurately address the current and potential market shares?
No, the Querio Foundation has not shown comparable raises within the industry, therefor, it is not possible to gauge whether the valuation accurately addresses the current or potential market share of the application.
Security Audit
Is a security audit necessary for the application? Has the code received at least some degree of review? Is there transparency and disclosure regarding the security measures taken?
Based off public information, no, it does not appear as though Querio has undergone a formal security audit. However, given Querio currently only acts as an aggregator of information & websites, no, I do not think it is completely necessary they undergo a formal security audit before launching. With this being said, the Querio Foundation should be taking security steps & reviews to ensure they are not serving malicious websites, such as phishing links.
Neuron Fund Allocation
Is the Neuron Fund utilized? If so, what percentage of the sale is the Neuron Fund?
Yes, there is a requested allocation from the Neuron Fund, being 250,00 ICP, out of a maximum contribution of 1,000,000 ICP, representing 25% of the same under the new matched funding mechanism.
Conclusion
In summary, the due diligence analysis of Querio, aligning with the Accumulator Neuron SNS voting criteria, reveals the following:
Querio’s operational DApp demonstrates technical prowess in implementing the Internet Computer Protocol, operating fully on-chain for decentralized functionality. The open-source protocol and transparent tokenomics, detailed in the whitepaper, reflect a commitment to collaboration. Querio has also established a presence in the Internet Computer Ecosystem.
However, challenges arise as the current DApp falls short of the outlined roadmap, prompting concerns about feature completion timelines. Token allocation, especially the sizable reservation for the Querio Development Organization, may raise fairness questions. The rationale for an immediate SNS sale lacks clarity, and team dynamics, technical documentation, and valuation transparency require improvement. The absence of a formal security audit raises concerns about potential vulnerabilities.
In conclusion, Querio demonstrates positive attributes in terms of technical implementation, open source collaboration, and certain elements of transparency, alongside showcasing a brilliant use-case of the ICP blockchain. However, concerns exist regarding the completeness of the DApps roadmap, token allocation, and the necessity for an immediate SNS sale. Further, the team’s transparency, technical documentation, and security measures should have room for improvement. As a result, the Accumulator Neuron will vote to “reject to postpone”, while potential adjustments are made for a more robust and secure deployment.