A review of the PhotoChain website, white paper (WP) and encompassing information was conducted by the team from (CC). This process is going to speed up the process of the ICO by becoming officially certified by the CC team, with our stamp of approval.

By being ICO certified, potential investors will have the confidence they need to know that the ICO information has been studied, and a thorough investigation into the ICO was conducted. By showing the stamp of ICO certified, it will give extra credibility to the team, and entice investors to trust the team.

The investigation was conducted with utmost care, and is understood to be above what the average investor would conduct during a due-diligence investigation. All information from the website, WP, and provided information is taken as true and factual.

Under no circumstances should this report be used as investment advice or solicitation. This report is for educational purposes only and does not replace the readers own due diligence research. Investing in crypto currencies is extremely risky and can lead to loss of all investment funds. By continuing to read this document the reader understands the risks and acknowledges this is for educational purposes only and has no bearing on whether to invest in the discussed ICO or not.


Photochain is creating a decentralized photo purchasing and selling marketplace. They are leveraging the power of the Ethereum virtual machine and smart contracts to increase the fairness and transparency of the digital media purchasing space. Currently stock images are being sold and controlled by a few major companies. These companies can impose unfair fees and long wait times for artists to be paid. Thanks to the EVM artists will be able to employ smart contracts to make sure they are paid almost instantly in a secure way.

Some of the other technologies that Photochain is bringing to stock media, is the ability detect duplicate or copyright infringing data. Once an artist is confirmed and links an image to them, nobody else will be able to take that image and claim it as their own. Thanks to transaction hashing and the blockchain all images will be able to be secured by their owners, and all rights and royalties paid to them. Their aim is to revolutionize the stock image world and make it easier, safe, and more convenient for artists to get paid for their work.

White Paper Review

The WP reviewed was PhotoChain: Whitepaper version 0.9.

No information or consideration will be given concerning grammar or spelling, unless it is extreme.

Photochain’s WP is a well put together document. It starts off with explaining some of the current trends and difficulties that stock image artists have with the current system, how the current system operates, and then moves into how the Photochain will help to disrupt the industry. It gives good information about the current market size, and some research into the facts and figures behind the stock image marketplace.

It also provides some more detailed information about how the different processes and technologies will operate within the system. This is great to show that the team has been thinking of the different areas and how the entire system will work. Having many examples of how the system will handle X problem gives confidence that the team is prepared for any issues that may arise.

One of the most important aspects of the WP is the token sale information because people will want to know any and all information regarding fund raising. Photochain has done a good job of lining out exactly how much will be sold, how much bonus is, total funds to be raised, and how the funds will be used. The planned distribution of the funds makes sense, and there are no issues with how the funds will be dispersed. A vast majority of the tokens will be sold to the community, in order to assure wide use and decentralization. A portion that was not clear is what happens to unsold tokens after the ICO. A common practice is to burn unsold token in order to create artificial scarcity.

The team section of the WP could use some work. It just shows the team members name, position and a picture. It is recommended to provide a small summary of their past experience and expertise in order to help people feel confident in their ability. Also, providing a hyperlink to their public LinkedIn profile is standard practice. This information is also available on the website, but the WP should be a one stop shop for the ICO project. The team should also be considering redoing this portion because it looks like the website was copied using the Snipping Tool and then dropped into the document.

The estimated revenue generation for the project is a nice touch to have in the WP because it shows that the team is planning on growing and generating more revenue as the platform grows. Obviously, since the project is a fee structure revenue stream, the more users and more volume the more money the project will be able to make. With sufficient funding they should be able to survive until the platform develops enough cashflow.

Overall, the WP for the Photochain project is well written and covers most of the important sections that investors will look into. There are no glaring mistakes or red flags after the review. It is obvious the team has put time and effort into writing the document. With a few small improvements and revisions, the document could be produced as a final V1.0 instead of 0.9.

Business Key Products

Since the project is fairly simple this section will not be extremely long and will just cover some of the main points of the platform.

One of the main attractions of the Photochain platform is its use of Ethereum smart contracts. By using the smart contracts people who pay for pictures will know they will always receive the image, and the artists who have the images for sale will always get paid for their work. Since the smart contracts are self-driving, nothing outside of the contract can ever happen.

Along with the advantage of instant payments, the platform will introduce hash-based copyright for artists. This will offer great protection for artists as they will be able to claim images and make sure that other do not steal their work. The platform will have advanced AI scanning and will be able to detect any image that is the same as other images. If an image is detected that is similar (or a copy) it can easily check the blockchain to see if it already copyrighted by another user.

The image scanning technology will also make sure that the platform does not have illegal, offensive, or obscene pictures posted. As was stated in their WP they are able to detect offensive images (porn as example) with a success rate of 9,999 out of 10,000 times. In the unlikely event that a picture does make it past the automated safeguard, admins and moderators will be reviewing new content and can manually delete the inappropriate image.

A final example of safeguards the platform will utilize is community-based voting and moderation. In the event that a dispute arises (for whatever reason) community members who have achieved a certain rank in the system (selling items or solving disputes) will be chosen to manually review the dispute. Since all transaction will be in the ledger, an exact timeline can be created and then a decision made as to the outcome. The members who are chosen will be compensated tokens for their time. With these sorts of resolutions in place, the community will be self-moderating.

For further information regarding specific technical aspects of the project please refer to the Whitepaper.

Team Review

After reading the WP, the next place that potential investors will closely scrutinize is the project team. It is imperative that the team information is accurate, up to date, and all information is readily available.

The team for Photochain consists of 11 people and 5 advisors. This is about the amount of people that would be expected for this project. They have everything from CEO to blockchain enthusiast, to blockchain developer, and software architect. For their advisors they have practicing lawyers, owners of ad agencies, an electrical engineer teacher at Ohio University, and others.

Based on the LinkedIn profiles for the team they appear to be competent and experienced in what they do. Some summaries are listed down below and taken to be factual and true. More research has been conducted on select team members to verify their identity and they were able to be verified. Based on the research and information found the team all appear to be legitimate and actual people who are working on the project.

One area of concern that was found was the companies incorporation address which pointed to a house in the woods, which appeared to be a private residence. After discussing with Stanislav, who is the CEO, he confirmed with me a separate office address which will be updated when the website revision is pushed through. The team was also very open and helpful in answering questions during the research into this project.

Executive team:

Stanislav Stolberg: Stanislav is the CEO of the Photochain project. He holds a MS in Physics from Bonn University. He is a self-proclaimed blockchain and information security expert. According to LinkedIn he is currently still a IT security consultant for best-practice innovations GMBH, and an Information Technology Specialist for a retail bank in Germany.

Arthur Ishmetev: Arthur is a Software Architect and a self-proclaimed Ethereum Smart Contract expert. He is currently the Chief Technology Officer at He holds a MS from ITMO University in Computer Science and Physics. He previously worked as a software architect for ebf gmbh in Germany and was the founder of Smart Traffic Solutions, which was based in St. Petersburg Russia.


Sven Moeller: Sven is an Advisor for the Photochain project. He is based in Zug Switzerland and is Head of Initial Coin Offering for Swisscom Blockchain. He holds a degree in Business from Reutlingen University. Before Swisscom he was a Manager at Ernst and Young for a number of years.

Paulo Renato Dallagnol: Paulo is a lawyer and the Vice Consul at the Consulate General of Brazil in Germany. He holds a MS in Law for Intellectual Property from Universidad Carlos III de Madrid.

Website and Social Media Review

The website for the Photochain project website was visited and inspected on February 8, 2018.

Having a clean and professional website is absolutely critical to impressing potential investors who are investigation your project. The website is the visual, and written representation of the company as a whole, if the website is not up to par, potential investors will leave without a second look back.

Photochain has a nice website that is easy on the eyes and attracts people. A simple but very effective way to capture peoples email addresses is to simply have a newsletter signup at the top of the page, which is what they are doing. Many times, people will check a website, and forget about it, so being able to remind them of a project via email is great for audience retention.

They also highlight their demo very well. Having a working demo will certainly set Photocoin apart from other projects who only first start to develop a project after they have raised funds. With a working platform it shows the team is serious and gives confidence that investor funds will help to improve and finalize an ongoing project.

The use of graphs and figures helps to get the point across for the project. People will lose interest with a wall of text and having a quick and easy way to see main differences with Photochain vs other projects will help people pick out the big points.

The project already has a good-sized community, with Telegram at almost 6,000 members, Twitter over 1,000 and an active Medium account. They also have a Bitcointalk thread however it is not super active with only 5 pages. It is recommended to really increase the Bitcointalk presence as that is the main website for all things crypto.

It is also recommended to partner with a Community Management firm. While the project already has a dedicated community manager (Haris Rana) it is highly advised to bring in outside help that can offer 24-hour coverage. The team can easily be overwhelmed by the sheer amount of time that is needed to cover Telegram and Bitcointalk specifically. Many projects have outsourced this portion of the work and leave the internal community manager to focus on more crucial parts of the “bigger picture” for the community.

Overall the project has a good presence and has partnered with a good advertising and marketing firm. With a successful pre-sale and a growing community, they should be well positioned to achieve the funding they desire.

Economic Evaluation

An economic evaluation is the most difficult part of an ICO. There are so many factors that go into how the markets will react to a coin that it is almost impossible to define. Sometimes great projects with solid teams achieve little in terms of price appreciation, and somebody worse projects get pumped.

For this section only, established market caps for the current industry will be used and compared.

From research it appears there is another project that is similar called KodakCoin. It will also offer a platform that is like how Photochain is building. However, since they are not out of ICO stage, no comparison can be drawn for growth potential.

For “real world” platforms one of the biggest names is Shutterstock. They offer stock images that can be purchased and allow artists to sell their photos. They do not employ blockchain technologies.

Shutterstock has a 2016 yearly revenue of almost $500 million. It currently trades in the NYSE for roughly $50 per share.

Another large platform is Getty Images. It has a yearly revenue of approximately $26 million, according to one report. It is not listed on a stock exchange that could be found.

Based on these two numbers, and the teams own internal forecasting and research, the stock photo/image market is not small. It is also ripe for disruption with blockchain technologies such as Photochain. While no financial advice or predictions can be made, based on the size of the market they are entering and the changes the platform offers it is likely that the project will be able to generate revenues and drive token value.

SWOT Analysis


Team has a well-rounded crew for all things related to the ICO. They have achieved a full pre-sale and will be ready for the public sale in due course. They have a demo for their platform which will is exciting. They have a large community and good communication. The team has a well put together WP and website, and they are open and honest with information.


There are no other projects like this, so they are entering uncharted territory when it comes to comparing against other projects. They have a fairly small Bitcointalk presence, which should be remedied.


One of the biggest opportunities for the project is that it may have first mover advantage (or be among the first movers) for this sort of industry disruption. The market they are entering is growing and image copyright and protection is a big business. If they are able to achieve even a small market penetration, then it may be quite successful. With the easier payment methods and higher rate of returns for artists, it could attract a large number of users.


One of the biggest threats to the project will be the disruption itself. Since most people just want to use a CC to purchase images, using PHT tokens may be strange and or scary for users. However, as the WP says, they will be implementing a Fiat-to-Token may easy this burden.


The Photochain project is quite unique in its approach. Based on other search, there are only three projects that have an internet presence that are attempting to enter the stock image marketplace with blockchain technologies.

The WP is well put together, the team appears talented and strong, and they have a growing community. These are all plusses for the project and will increase confidence in potential investors.

Thanks to the blockchain and open ledger smart contracts they could attract a large number of artists who wish to receive higher payouts for the selling of their images. Thanks to the EVM, the entire process will be automated and create a trustless relationship.

One of the biggest pros for the project is that it already has a working demo. The team should focus on the working demo and make sure that people are made aware that they are not starting from scratch.

Based on the market research, the Stock Image marketplace is very large and continues to grow. Should they gain a foothold in this space it could be quite profitable for the project.
Overall this project is well thought out and does a good job presenting its information. There were no red flags or major concerns, just some suggestions on how to improve it. Based on the information in this report and research conducted this project is ICO certified and will be published on the website.

Disclaimer: This is not an investment advice. It is of paramount importance that everyone should do his or her own due diligence before investing in any product, platform, tokens etc. does not endorse any content or product published on this page. Our aim is to simply provide all the readers with the latest information in the field of cryptocurrency / blockchain industry that might be of interest to our readers.