Question(s):

Welcome @gverdian for our Fortnightly AMA. How are you and the team doing ?

Answer(s):


Let's start with the questions! We've had quite a busy week with the announcements you've seen already

Question(s):

So what have the team been doing the previeus two weeks, and what is on the schedule for the upcoming two weeks.

Answer(s):

We're preparing with Consensus in NY in May. We have a packed schedule with events and meetings as we're sponsors

Question(s):

For those of us unfamiliar with the details of Consensus, can you give us a rundown on what you will be up to while you are there? Is it a chance to showcase your product to potential clients - will the US partner be involved in the showcasing?

Answer(s):

We have several meetings with banks and clients set up already for Consensus. We're holding multiple sessions each day for new clients to come and learn about how Overledger benefits their company and solves the use cases they need interoperability.

Question(s):

That sounds fantastic, make sure to share some photos with us all! Can you give us an update on the Bounty0x situation? Can the participants expect the distribution soon, will you provide an official update on this for those of the community not in Telegram?

Answer(s):

We hired Bounty0x last year to run the bounty program. This all owned and managed by the bount0x team. The tokens are locked for 12 months in which we can then provide bounty0x the tokens to distribute to the rightful owners. We had set aside a large amount of tokens for the bounty but the allocation was nowhere near filled.

Answer(s):

There are no extra tokens, only what was minted and in circulation. Only the successful bounty winners will receive their allocation. The remainder was burned in the token burn we did last year.

Question(s):

Congratulations to Colin and the team for the recent Hyperledger Quilt news! Can you give us any more insight into this integration? Do you foresee Quilt being a large aspect of your future traffic/usage?

Answer(s):

Overledger is going to enable universal interoperability for Quilt. The past approach to interoperability was quite limited to ILP between RIpple and BTC and was a very specific use case. We're integrating Overledger's API and SDK to be the front gateways for Quilt to allow for Enterprise and Developers to be able to use different blockchains, protocols, taxonomies with ease to bring mass adoption and universal interoperability. This allows Overledger to widely support all the different use cases demanded by clients, enterprise and developers and bring mass usage of Overledger and Quilt to a broader market.

Question(s):

Gilbert Verdian
Overledger is going to enable universal interoperability for Quilt. The past approach to interoperability was quite limited to ILP between RIpple and BTC and was a very specific use case. We're integrating Overledger's API and SDK to be the front gateways for Quilt to allow for Enterprise and Developers to be able to use different blockchains, protocols, taxonomies with ease to bring mass adoption and universal interoperability. This allows Overledger to widely support all the different use cases demanded by clients, enterprise and developers and bring mass usage of Overledger and Quilt to a broader market.
Wow! This is awesome stuff. Congratulations again. The release of Atlas was very exciting, how has it been received? Can you say anything about the joint submission you did with Data61? Where do you see Atlas in a few years?

Answer(s):

Luke
Wow! This is awesome stuff. Congratulations again. The release of Atlas was very exciting, how has it been received? Can you say anything about the joint submission you did with Data61? Where do you see Atlas in a few years?
We have Atlas as a separate product powered by Overledger. We're talking with banks who are interested in benefiting from cross-border open banking and will be onboarding them as they adopt the product for their clients.

Question(s):

With Pay.UK, PSR and Bank of England looking to the adoption and implementation of ISO 20022 in RTGS and NPA. Do you see ISO TC 307 being a part of this in any way?

Answer(s):

If you read the literature from the Bank of England, blockchain is part of the roadmap of the financial system. They have been quite active as a central bank and included blockchain compatibility in the new RTGS requirements. Of course Standards play a big role in the financial system. Right now everyone is moving to ISO20022 as a common messaging format. What happens next with blockchain is up to the Bank and we are waiting to see.

Question(s):

As part of the treasury have you considered introducing token mechanisms to incentivise enterprise clients to invest in the longevity of the platform? E.g. different level of service for longer licenses, staking models, buying credits for volume in advance?

Answer(s):

Yes we are exploring how to continuously evolve and provide solutions that our clients need.

Question(s):

Thanks Gilbert. For Zero Knowledge Proof with TrustTag are you also planning to use this as part of the identity as a service? Where say if someone needs to validate a user is over 18 but doesn't actually provide any sensitive data just confirms yes / no via comparing hash value or sort of thing similar to the likes of Sovrin etc? Or would you be looking to partner with those identity solutions instead?

Answer(s):

We've had that capability very early on. Allowing for identity roaming across networks with the benefit of zero-knowledge proof using TrustTag. We can easily provide identity transferability with Sovrin and other identity solutions. Atlas uses this approach.

Question(s):

In your latest blog post you mentioned that Quant is solving security challenges using blockchain and ‘next generation tokenisation’. This is incredibly exciting, please can you expand on how you are using ‘next generation tokenisation’ for this purpose?

Answer(s):

This is tied to allow for privacy, zero-knowledge proof, and our tokenisation technology to solve security challenges such as fraud, identity, impersonation and deception fraud. We're using the different technologies in a new way to help solve compelling security challenges

Question(s):

Sounds very exciting, thanks Gilbert. With the treasury for Enterprise now live, are you able to go into any further details about the treasury - what is the difference between the Enterprise and Community Version? What happens to the tokens after the lock up period?

Answer(s):

We're building everything with an enterprise first approach. Releasing products and solutions for enterprise clients to adopt with their large client base and market size then opening it up for developers in the community model. The Treasury - Enterprise is live with several banks using it already and the process and onboarding was handled by us. The Treasury - Community automates the process with smart contracts so developers can automatically get licenses, allocations and their tokens are locked up for the entire license period (12 months). If they choose to, they can renew at the end of 12 months which the tokens maintain to be locked and out of circulation or their license expires and the tokens get sent back to the Treasury to then be allocated to other new license requests and enterprise clients.

One thing I would like to add is that now that Treasury - Enterprise is live, we are continusouly after tokens for clients as we are signing up new clients and developers. We have set up OTC and exchange processes to be able to buy from the market as needed which depends on the size of the client and their users, customers etc. We're looking at the optimal approach to be able to do this from exchanges and not be limited by the market and liquidity. We think the large exchanges which can also support OTC that we're listed on initially is the right model to start with rather than solely focus on decentralised exchanges

Gilbert Verdian
One thing I would like to add is that now that Treasury - Enterprise is live, we are continusouly after tokens for clients as we are signing up new clients and developers. We have set up OTC and exchange processes to be able to buy from the market as needed which depends on the size of the client and their users, customers etc. We're looking at the optimal approach to be able to do this from exchanges and not be limited by the market and liquidity. We think the large exchanges which can also support OTC that we're listed on initially is the right model to start with rather than solely focus on decentralised exchanges
Also want to add, the company reserve has been open since 30 April 2018 and available to use as stated in the business paper. What has been locked in line with regulatory compliance is a minority percentage made up of the founder tokens, staff and suppliers (including the bounty). Staff are not assigned tokens immediately, they are part of their annual review and if they qualify and have performed well for the year they may be assigned some tokens.

Question(s):

Are there plans to expand the team more over the coming months, we understand there has been some marketing team expansions, do you foresee the team being much bigger as the ecosystem grows? Any update on the possibility of a US Office?

Answer(s):

Yes actually. Today we moved into our new offices in London which can cater for 36 people with the option to expand to the whole floor. We're growing fast and excited about the future. We're also looking to set up a similar size team in the US to meet client demand

Question(s):

Awesome! That is very exciting, congratulations on the expansion. How has your work with ISO TC-307 been progressing? Are you still seeing a strong rate of collaboration between large Organisations and Nations on the ISO standard?

Answer(s):

Luke
Awesome! That is very exciting, congratulations on the expansion. How has your work with ISO TC-307 been progressing? Are you still seeing a strong rate of collaboration between large Organisations and Nations on the ISO standard?
ISO TC307 is progressing very well. The next meeting is in Dublin in May which we're heading over and I'm the Head of Delegation for the UK. All the updates are published on the ISO site.

Question(s):

Any updates from the public clients/partners who are developing using Overledger - Crowdz, Atlantic Power Exchange, AllianceBlock, Accord Project, etc.?

Answer(s):

The Eye of QNT never pm 4 funds
Any updates from the public clients/partners who are developing using Overledger - Crowdz, Atlantic Power Exchange, AllianceBlock, Accord Project, etc.?
Updates are provided and announced publicly. Keep a look out for more in our corporate channels

Question(s):

Does Quant host nodes for each of the blockchains for the Public version / enterprise version or do you connect to existing nodes? Also how does Overledger connect to Permissioned blockchains? Do Enterprises provide you access to their nodes to read / write or do they run the infrastructure themselves?

Answer(s):

Luke
Does Quant host nodes for each of the blockchains for the Public version / enterprise version or do you connect to existing nodes? Also how does Overledger connect to Permissioned blockchains? Do Enterprises provide you access to their nodes to read / write or do they run the infrastructure themselves?
Overledger can spin up nodes for enterprises or connect to existing ones or to public permissionless nodes. It's up to the app developers to decide what they need for their use cases.

Question(s):

In the unlikely event that Quant was classified as a security by the SEC whilst been seen as a utility token everywhere else, as the US company is paying in FIAT and the treasury is purchasing the crypto asset on behalf of the client (which the treasury located and abiding by regulations of FINMA) would that mean that regardless of what the SEC rules, this won't be an issue for US clients?

Answer(s):

The Eye of QNT never pm 4 funds
In the unlikely event that Quant was classified as a security by the SEC whilst been seen as a utility token everywhere else, as the US company is paying in FIAT and the treasury is purchasing the crypto asset on behalf of the client (which the treasury located and abiding by regulations of FINMA) would that mean that regardless of what the SEC rules, this won't be an issue for US clients?
I'm not going to comment as I'm not a lawyer in US and Swiss law. What we have done is in compliance with FINMA regulation supported by KPMG and that's appropriate for what we are doing. We're not a security token.

Question(s):

Thanks for the in-depth responses Gilbert, appreciate it. With other projects and companies likely introducing token models, would you consider white-labelling a "Treasury as a service" for other crypto projects?

Answer(s):

We can offer that as a service. We need to get it right firstly for us and then take it to market as a separate product/service.

Question(s):

How has the relationship with Techstars been developing? Has their recent hackathon (on interoperability) shown any fruit for Overledger? Are there any Techstar blockchain projects other than Crowdz integrating into Overledger?

Answer(s):

The Eye of QNT never pm 4 funds
How has the relationship with Techstars been developing? Has their recent hackathon (on interoperability) shown any fruit for Overledger? Are there any Techstar blockchain projects other than Crowdz integrating into Overledger?
The hackathon was specific to Ion by clearmatics around a particular use case. Techstars provided the venue and facilities which is what they do for companies. We've spoken to also host Quant hackathons at Techstars venues globally plus we have new facilities in our new offices. We have 212 registered organisations using Overledger right now they could be techstars companies

Question(s):

There was a public poll about different DLTs on quant twitter account back in march any insight on that

Answer(s):

Sammy| WILL NEVER PM FIRST
There was a public poll about different DLTs on quant twitter account back in march any insight on that
We went with CORDA. It has the most Enterprise adoption and market

Question(s):

No doubt the demand for a solution like Overledger must be overwhelming. Can you share some recent use-cases you have been surprised by?

Answer(s):

We have an editorial calendar and plan to publish new use cases that are cross-sector and sector specific.

Gilbert Verdian
Overledger is going to enable universal interoperability for Quilt. The past approach to interoperability was quite limited to ILP between RIpple and BTC and was a very specific use case. We're integrating Overledger's API and SDK to be the front gateways for Quilt to allow for Enterprise and Developers to be able to use different blockchains, protocols, taxonomies with ease to bring mass adoption and universal interoperability. This allows Overledger to widely support all the different use cases demanded by clients, enterprise and developers and bring mass usage of Overledger and Quilt to a broader market.
This is all part of the Quilt reboot where we are working to bring universal interoperability that covers wider use cases and still see the need to keep ILP as it covers a specific interoperabiltiy use cases but also allow for a wider approach.

Question(s):

Currently, there are the Enterprise “5” that you reference, do you think there will be more big competitors come into this space and if so, what additional features do you see becoming advantageous for future Enterprise DLTs?

Answer(s):

We have great feedback from the market and clients who have been looking to solve interoperability. Keep in mind, that by not having interoperability, the industry has been limited due to having vendor, technology lock-in, feature limitations etc. We are confident in our technology and approach and work with clients to implement it for their use case. They are free to compare all technologies to use the one that is fit for purpose for their use case. Sometimes that's not going to be Overledger and we are ok with that.

Question(s):

Do you think we should do AMA monthly as suggested by fellow members in the past ?

Answer(s):

Good point. We're going to change the approach to community engagement that we've had to date. We are time limited and don't the real benefit of have a fortnightly AMA. This was not set up as a true AMA, it was a check-in into the community which somehow evolved into an AMA. We're reviewing what would work best moving forward and will communicate the new format shortly.

Question(s):

Thanks a lot for this AMA Gilbert. Just thought we'd give you the chance to update / share anything you would like with the community, before you sign off and we open up the chat?

Answer(s):

Thanks Luke in the lead up to the Consensus meeting, there will be a lot of activity and hopefully some media attention, continue to monitor our blog posts, twitter and LinkedIn. These are our official modes of communication given the growing base of enterpise clients we are attracting. This is the best place to get updates on what the team have been up to.

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