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Heliocentrix - Memo

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Heliocentrix Brief.pdf
75.2 kB
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Mitev_Achievements.pdf
85.1 kB
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Heliocentrix Experience.pdf
33.2 kB
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Product
A protocol that allows users to generate verifiable decentralized randomness in a significantly cheaper way than existing solutions (e.g. Chainlink’s VRF) using Dynamic User Entropy (DUE) and Proof of Result (PoR).
The flagship product will be Backroom DAO, the world’s first decentralized casino. Moving forward, Randomness-as-a-service is also a key pivot point. The culmination lies in the implementation of technology in a Layer 1 blockchain for gaming.
Team
José Betancourt
José is a business starter and owner. He began a logistics company in the greater Boston area, owns and manages property in New Haven, and manages his own portfolio. He is currently studying Economics at Yale University (class of 25).
Nikolay Mitev
Nikolay is a Math and Computer Science student at Yale University. He is an international Math and Physics Olympian as well as an engineering patent holder. He has experience in front end development as well. He is currently studying Computer Science and Math at Yale University (class of 25)
Boris Radulov
Boris is an Engineering Masters Student at the University of Leeds in computer science. He has experience contracting for the Bulgarian government helping update their applications, websites, and associated security. He is a national medalist in computer science and helped optimize pricing algorithms for large Americans realtors
Pros
Team chemistry is decent, worked on several side projects together before. 3 Founders have strong background respectively and skills combine well. Founders are also young but hustle enough.
On-chain randomness is difficult due to information transparency. Existing randomness protocols are either pseudo-random or centralized; oracle solutions are expensive, which is a pain point for clients such as casino and games. This presents an imaginable addressable market for Heliocentrix
They are the first in this segment, and are dedicated. Jose and Nikolay said they are ready to drop out

Cons
The team seems to be very passionate about the decentralized casino idea, but both Terry and I think it is better to just pivot to Randomness as a service, or directly building a L1 for games.
All three founders are in the apex range, but not the absolute best in their class of people - business acumen or technical.
The crypto market is bearish currently, and might not recover soon (in the next 2 quarters)

Competitive Landscape
The blockchain randomness service market (taking the form of protocol) is currently dominated by Chainlink’s VRF oracle, followed by the VRF provided by Algorand. Alternative L1s like Cardano and Polkadot also has randomness built into their design, but they aren’t strictly directly competitor.
It is estimated that Heliocentrix’s solution can be 800x cheaper than Chainlink’s service. For this, a few casinos have also reached out to Heliocentrix.
Term
Raising equity. Company share is 1:1:1 amongst 3 founders. Looking at 10% at $30M pre-val.
They need capital and connection to veteran founders in the space and connection to the valley/crypto world.
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Note from initial contact
José Betancourt
RNG. Will do a casino as a flagship, then randomness as a service. Possibly a L1 for games.
Randomness: homomorphic encryption.
Nicoli and Jose met in Yale. Boris and Nicoli are friends in Bulgaria. They worked on several ideas before this, and they share vision in web3.
In 5-6 months they built an idea of how decentralized randomness can be achieved.
Team: Boris experience in backend development for governed and large retail in US. Nicoli CS & Physics olympiad medalist. Nicoli is business in Boston, on logistics. 20 years.
Equity: 1/3 each person. Go with equity, raising for 10% at 30M pre-val. They need capital and also connection.
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