Founded in 2013, Loyakk (based in London with a presence in Palo Alto, California) is not just another blockchain startup. Loyakk is an established provider of enterprise relationship & data management solutions designed specifically for blue chip corporates and Fortune 500-type clients.
They’ve made big strides the last few years, and are getting closer to launching Vega, the world’s first blockchain-enabled enterprise relationship management solution for decentralized business networks. In short, they’re preparing to transition to the decentralized future. Loyakk is taking an end-on approach to the fact that public blockchains are not “enterprise-ready” and may not be for quite a while.
Loyakk has a well-crafted series of whitepapers (business, solution, and tokenomic-focused), a rockstar team, a functioning business, VC funding, an impressive book of clients, and quite a bit of momentum. In the following, we’ll pull the curtain back and take a closer look at all things Loyakk.
Broadly speaking, Loyakk’s mission is to improve the manner in which big businesses create, deliver and exchange value. They’re leveraging blockchain technology to build a globally distributed network that streamlines how companies collaborate and share data with partners, channels, distributors, and vendors.
In the motivation section of the Loyakk business overview whitepaper, you’ll find the key to understanding the company’s vision:
The economic benefit derived by a business depends on its ability to collaborate with others in a value chain and the overall size of the market.
The chains being referred to here are not linear and they’re not neatly organized – it’s this critical friction within systems that Loyakk is tackling.
In today’s globalized economy, large enterprises have extremely complex business systems in place. These systems are, to use Loyakk’s phrasing, “unsecure, chaotic and centralized.” This leads to data breaches, IP theft, privacy issues, and contract disputes, as well as limited governance. Loyakk is aiming to solve these issues currently plaguing many big companies.
Loyakk is transforming the status quo by introducing a platform that, to quote them:
Enables secure, permissioned sharing of data & value movement through smart contracts with business rules & security policies.
The company is positioning itself as a solution for large-scale enterprises that want to leverage the power of blockchain but don’t want to sacrifice control or participate in an unproven experiment.
Most blockchain projects you come across claim to have stacked teams and big name advisors. In the case of Loyakk, this is largely indisputable.
Loyakk was founded by CEO Salim Ali and CTO Jitu Telang. Ali is a frequent speaker on blockchain and its impact on enterprises, and comes from a background that spans blockchain, enterprise applications, and big data platforms. Teland, on the other hand, is a seasoned technical expert whose experience includes engineering, development, and analyst roles (most recently involving large-scale, realtime response, and data mining platforms).
When you review the full team, you quickly see the yin and yang of the founders trending through the rest of the organization. The Loyakk team is a unique marriage of blockchain, big data, and enterprise software expertise. The people working with Loyakk are unanimously top-tier, and the leadership team has led marketing efforts for multibillion-dollar solutions at SAP, Oracle-Siebel, and VMware (to name a few).
Loyakk has industry advisors from the likes of Nissan, McAfee, SAP, and the world of professional sports. Here are a few key advisors:
The company’s site also boasts testimonials from executives at Uber, Time Inc., and Intel. The bottom line here is that the people surrounding Loyakk are of a caliber that many blockchain projects and ICOs could only dream of.
Technology: The Vega Enterprise Relationship Platform
Loyakk started development of its Vega platform on the premise that public blockchains are not “enterprise-ready” and need to be “adapted” to handle the complexities of relationship structures within enterprise business networks.
Loyakk has had a leg up on many competitors because they existed long before the blockchain hype train really kicked into gear. Their star-studded list of clients have all been using Loyakk V1 (a non-blockchain system), and Loyakk has been able to work with these clients to develop a blockchain-based iteration of the product.
These clients include:
The result is Vega, a blockchain-enabled decentralized business network platform that addresses the security and efficiency issues mentioned above.
The platform will use (patent-pending) nested blockchain architecture and a proprietary consensus mechanism (full technical description here) to share and/or move data and value between business network participants based on identity, relationship, and business rules. This will give enterprises a better way to store and utilize critical data within a unified business ecosystem, all while enjoying the verifiable, auditable, immutable, and secure benefits of blockchain.
This is a B2B and intra-business solution of the highest order. The platform is described as having 6 primary benefits, which are:
- It ensures secure data exchange.
- It enables (permissioned) visibility and access.
- It allows for accurate and timely movement of digital assets.
- It creates one standardized record.
- It helps accelerate complex deals and transactions.
- It offers the potential to improve organizational governance.
For an additional example of how Loyakk’s technology is solving tangible problems, check out the Medium article on how the Vega platform will rein in commercial contract disputes.
Loyakk is not alone in their pursuit of building private blockchain systems for businesses. This angle of approaching business use cases is extremely valuable because of its multi-billion dollar target market.
Some platform vendors like Microsoft, IBM, JM Morgan, and R3 are focused on building generic platforms; Loyakk stands out as the first one that is building an enterprise-grade application for businesses to leverage blockchain for specific use cases. Loyakk’s enterprise relationship management application has the potential to become the de facto enterprise blockchain application that can help bring blockchain to the mainstream and address real business pain points.
The Loyakk (LYK) Token
The Vega platform will be powered by its own native token, LYK. Anyone wishing to interact with the Loyakk-powered business network will need LYK.
LYK is a purpose-built token that is described as a “utility+++ token.” In essence, this means that the LYK will offer more functionality than the average utility token. To quote the Medium article above:
The LYK token materially furthers the concept of utility that goes well beyond just providing businesses with access to the Loyakk Vega Platform and applications.
It does this in 3 primary ways:
- The LYK token helps control “appropriate” visibility with internal permissioning rules.
- The LYK token specifies the format, interface, and rules for data exchange, thus paving the way for interoperability.
- The LYK token can propagate security policies, rules, and identity controls across the network. This can help ensure and enforce governance measures.
Loyakk is about to launch a public token sale, which could prove an appealing opportunity for investors who believe in the disruptive vision of the company.
The Loyakk token sale commences on June 15, 2018. The minimum investment amount is 200 LYK, and BTC/ETH will both be accepted. More information can be found in the graphic below, or by visiting the Loyakk token sale website.