ICO Analysis: Magnachain | Hacked: Hacking Finance
According to recent studies, in the USA alone, over $35 billion a year is spent on addiction treatment services, and about $80 billion is spent on incarceration. Despite this spending, 77% of released offenders recidivate within 5 years. Luckily, with the recognition of the United Nations, The team at Virtual Rehab is coming out with new technology to fight this epidemic.
Virtual Rehab leverages virtual reality, artificial intelligence, and blockchain technology for the prevention of substance use disorders. It also provides correctional services training and rehabilitation to officers and offenders.
“Virtual Rehab believes that putting a kid in the corner does not teach them how to be a better person but rather teaches them not to get caught. Therefore, we are in it for the social good and to help address the needs of the most vulnerable populations out there.”
Four key components make up Virtual Rehab’s platform.
- Virtual Reality: Real-life scenarios using cognitive behavior and exposure therapy to train users how to respond appropriately in the face of triggers.
- Artificial Intelligence: Collects data from the VR environment and physiological data, and applies machine learning to identify areas of risk, make treatment recommendations, and predict post-therapy behavior.
- Blockchain: A secure network to ensure privacy and decentralization of all data and all information relevant to vulnerable populations.
- VRH Token: Used to purchase different services/programs. Also used to reward users who seek help through Virtual Rehab’s online portal.
Virtual Rehab’s services extend to hospitals, rehab centers, correctional officers, inmates and other verticals. Rehab for sex offenses, family violence, alcoholism, and many other offenses will also be supported. It can also be used to treat mental illness, emotional disorders, intermittent explosive disorder, and many others.
Virtual Rehab can overcome distance barriers, allowing rehab services to anyone, anywhere, because the technology can be implemented in a telemedicine context.
Here’s an example of what it might look like when a user is immersed in Virtual Rehab.
“And indeed, we capture the actions and reactions, decision making, and capture the biometrics (heart rate, blood pressure, and biodermal activity) along with keeping track of the eye movement using eye-tracking.”
The AI solution will aim to do three things:
- Identify areas of risk
- Make treatment recommendation along with existing medication prescribed
- Predict the behavior post-therapy
The HMD can include sensors that measure the physiological responses of a user as they interact in VR, such as heart rate or eye movement. This information is inputted in a sort of machine learning metadatabase to be used to assess whether the user’s selected responses are inconsistent with their physical activity. This helps determine if the user is attempting to deceive the system.
VRH is a utility token built on Ethereum. It will be used to place an order and to download several different therapy programs (pain management, addiction prevention, cognitive behavior, etc). It will also be used to receive further analysis of the executed programs conducted through Virtual Rehab’s AI solution.
In addition, VRH will be an incentive to reward users for seeking help/counseling. Certain conditions will apply along with proof that users have sought therapy and counseling. Rewards will be claimable using the Virtual Rehab Portal.
- 60% token sale
- 15% Founders and Advisors
- 10% Future Development Fund
- 10% Partnerships
- 5% Marketing
Use of funds>
- 30% Marketing
- 50% Future Development
- 20% Partnerships
Dr. Raji Wahidy – Founder and CEO. Spent 9 years in different leadership roles at telecommunications giant, Vodafone Enterprise. He spent 4.5 years manager at Ericsson Canada. Founded and successfully exited Amalana in 2012. Registered UN and UNICEF volunteer, and has received 16 global enterprise achievement awards.
Amal Azzeh – Co-Founder and CFO. 40+ years of experience in finance. She co-founded My Recruiting Team in 2016, a platform better known for its first-to-market Recruitment Helpdesk Support Services. No other work history is available on LinkedIn.
Jean Speville – Chief Mind Technologist. Four years as Senior Service Engineer at ASUS. Founded Vessla Development in 2015. Vessla recently created a completely cordless IoT screen with built-in WiFi. It consumes 99% less energy than LCD & LED screens. He’s a member of The Verizon Innovation Program in San Francisco, an Alumni of the Microsoft Accelerator Bootcamp Program, and a member of Sting Accelerate (Swedish #1 incubator for tech startups
They also list three consultants, including Pankaj Jain, who has worked for Nokia, AerNow, and Tivo inc
There are ten advisors. Instead of listing them all, we’ve highlighted some of the companies they have previously held high positions at: MEDNAX, HHS, SAMHSA, Microsoft, Kaiser Permanente, AIG, J.P. Morgan-Chase, MixERP, Ammeris
“Virtual Rehab’s evidence-based solution leverages the advancements in virtual reality, artificial intelligence, and blockchain technologies for pain management, prevention of substance use disorders, and rehabilitation of repeat offenders.” And that’s just the tip of the iceberg. They will be getting into formal education as well as vocational training videos. Auto Mechanic, plumbing, how to properly putt a golfball… the possibilities are endless. On a recent Building The Future podcast, CEO Dr Raji talked about how he has had conversations with the Canadian Space Agency, who have been thinking of using VR for astronauts.
- The ability to fully provide privacy, security and scaling is not there yet on the Ethereum blockchain. -2
- The $20 million hardcap is rather high. This could cause a selloff early when this hits exchanges if demand isn’t there yet. -1
They are giving out $150,000 worth of VTR tokens during their ico bounty marketing campaign. Their telegram has 18,500 members, 15,000 of them are either human or bot, there only for the bounty, not for the love. -1
- The roadmap makes bold, unrealistic, claims, such as VTH will be listed on a top 10 exchange in Q1, and another top 10 exchange in Q2, and yet another top 10 exchange Q3. -2
- The team has connections to the UN, UNICEF, and 3 big accelerator/incubator programs. +2
- First mover advantage (Addiction and Corrections). +1
- Existing partnerships with Causalius, Chains International, Command Sourcing, Innovative Prison Systems, NETE, and Netswitch Technology Management. +2
- Virtual Rehab will charge users for hardware, software licenses, programming required, and any support required. According to CEO, the total bill is still about 15% of the cost institutions pay now. +2
- Unlimited expansion opportunities. PTSD, anxiety, autism, formal education, vocational training…+2
- Dr Wahidy (Founder/CEO) just got awarded “Expert” status by the United Nations Global SCP program. This will open a ton of doors around the world. +4
- Not much competition yet.+1
Definitely keep this one on your radar, huge potential. 7/10
All unsold tokens will be burned. Tokens allocated to Virtual Rehab Team vest for 12 months.
The minimum contribution is $1,000 during presale and $100 during the main sale.
Featured image courtesy of Shutterstock.
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