Mkt Cap $16.41 M Volume $457K
|$0.114฿ 0.00001788||$16.41 M||$457K AMB 4.02 M||-8.17%|
Many of you are realizing the importance of marketing. I'm shocked how no one realizes that in crypto marketing is the most important thing. It's all metcalfe's law where the value of a network is based on the number of users who use/trade it. Bitcoin and every other cryptocurrency are the same way. To say in 2018 that one doesn't realize that marketing is THE most important thing in crypto for building interest, then there are major red flags.
Yes, good tech matters – but look at bitcoin there are 100 other projects that are better, and more advanced, but bitcoin has firstcomer advantage, even though the tech is old, slow, and outdated and most importantly it has major consumer interest.
Thus: to Angel Versetti – we know you are waiting to announce news for end of year bull run on BTC in October 2018, but you really need to be announcing things gradually from September to build hype. You need to tap into SharkCIA network + any other major marketing groups as well so that cryptotraders/investors can pay attention to it.
The bottom line is the more you wait – the more you risk this project going off of the face of the earth EVEN if there's good partnership if the cryptomarket overall has written off the project. Do NOT be surprised that if you announce major partnerships too late that the price doesn't significantly appreciate. Please realize also that since you know there will be a bull run in mid Fall 2018 most likely due to ETFs being used as an excuse to pump that you **MUST** time partnerships announcements to coincide with when the market is pumping the most **while also building up interest with posting teaser partnerships pre bull run.** If/once you can get the market cap to $400-500 million+ and social interest is there the same way VEN/WTC did, you can join the $1billion club and sustain trading interest for a lot longer period of time AND also garner more interest from more partnerships.
I wonder how this project has so little hype and underwhelming attention.
It's one of my favourite projects hands down and I checkout many (MANY) other projects.
It baffles me that marketing has this much impact. Other projects generate more hype with fake partnerships and empty promises without having achieved anything!
Anyways I'm pretty confident, that a competent team like theirs will perform eventually.
EPF Lausanne and ETH Zürich are pretty much the best academic institutes on the European Continent and at least there Ambrosus seems to be quite prominent.
So enjoy the very cheap Atlas nodes, buckle down, be patient and enjoy.
Oh wait, also pray that Angel doesn't get a burnout lol
Did I forget something?
Hi, I have been reading the AMBernomics model and recent AMA's. I want to make sure i understand how data storage and challenges work for Atlas nodes because i might be a bit confused. It seems to me that when a bundle is created, the request to store that data goes out to nodes. The node who responds fastest will shelter the data and receive the AMB reward to do so. At the same time, a challenge is also initiated which sends a request to 7 other nodes to verify data integrity. So again the 7 fastest nodes that respond to the request will perform the challenge and verify data (on another node) is intact, thereby providing the data security function. The nodes that perform a challenge will receive a reward in AMB. Can anyone confirm this is correct?
PS - The AMA questions by Vlad and Angel were very thorough with regard to understanding how this all works. i very much appreciate the time they spent responding to the community inquiries
Okay so hi everyone, we are about to start out live AMA as we promised. We will spread the questions between Angel and Vlad. Vlad will start.
Question 1: We start with a Masternode Question. To store private data, companies will need to purchase a Hermes node with 150,000 tokens. But how are we going to grow and have new big partners if the total supply of tokens is limited and most of the tokens will be locked for the masternodes?
Vlad: Sure, so the most important thing is to first quickly understand what are the different nodes on the network. So I will just begin with the Apollo Masternodes – they are the ones running the Ambrosus blockchain. So they are essentially validators in the interim sense. Then we have Hermes nodes, those nodes essentially provide an API for all sorts of applications for anyone wanting to write data. These applications sends the information to Hermes nodes and then Hermes nodes take that data and package it up into a bundle and put that bundle onto the blockchain. Then of course you have Atlas nodes, who are going to be storing those bundles.
What is really important is that the amount of Hermes nodes, and the real value of someone running a Hermes node is that they can build new applications, they can extend the source code of the Hermes node which is open source, they can add a lot of new functionalities and then build new services that they can resell to other companies as well. So if someone is very specialized in one industry they can create a customized Hermes node and then resell it.
So this means that it is not an issue whatsoever with how many Hermes nodes are on the network. The real, most important metric which we are interested in, is how many bundles are going to be created. So it is more interesting to have a few Hermes Nodes that create a lot of bundles rather than having a lot of Hermes nodes that create very few bundles. So the real metric is how many bundles are created daily. And we are also exploring how developers – how easy it is for someone to start sending data and to start using Hermes Nodes. And we will have our own Hermes nodes and we can provide access to any developers without the need for them to have their own Hermes node. If a big company or someone is using Ambrosus a lot, then it becomes a lot more interesting to set up your own Hermes node.
Question 2: Okay, and speaking of the Atlas nodes which you also mentioned, are they also responsible for challenging other Atlas nodes and thus copying the data? So how does it work beyond the initial 5 challenges, and the reward that will come with them?
Vlad: Sure, so I think as you may have noticed from the last post, we have increased the number from 5 to 7. So every time you create a bundle, which costs $12 USD, 7 dollars will be used to go to 7 Atlas Masternodes, to store a copy of that bundle. What is really important here is what a challenge means. First to do a challenge you have to pay $1 USD equivalent. So anytime someone wants to challenge any Atlas node because he may not have the data, you pay $1 USD and you can challenge that node. Then someone else might say, yes I have got the data from that Apollo node – so that data is available there. And then they will be responsible for sheltering a copy of that data as well.
So every time another Atlas node answers to a challenge, he will automatically be a copy holder for a new bundle. So for every new challenge on a specific Atlas, there will be one more copy. And don’t forget that every time someone creates a challenge, it costs 1 dollar, and that dollar will go to the new Atlas node in question.
Question 3: And are there limitations on copying the data? Can it only be copied five times? And sheltered by only 5 nodes.
Vlad: There is no upper limit, and that is very interesting because technically anyone can look at the data which is out there, and anyone can copy the data they want, but you need to be challenged and you need to respond to a challenge to earn some Amber tokens and be rewarded. So that is a very important point, there is no upper limit whatsoever.
Question 4: Okay so will network speed and location have an impact on rewards for Apollo and Atlas Nodes? Or will there be something like a queue for nodes to capture something like block validation and bundle rewards?
Vlad: Sure, so for Apollo nodes, there will be no influence on the connectivity and the type of servers. Apollo nodes, because it is a POA network (Proof of Authority) every node will have its turn in order to create. So in the longer term over time, every Apollo node will be rewarded at the same time, and every Apollo node will have the option to mine a block every turn, so there is no difference.
On the Atlas side, the most important thing is about the speed. Because when someone creates a bundle out there, the seven fastest Atlas nodes that see the challenge, and respond to it, will then be rewarded. But remember there will be a cap on how many bundles an Atlas node can hold. So the main difference is not going to be big. There won’t be two Atlas nodes taking all of the data. There will be enough bundles, especially in the long term to make an equivalence of sharing opportunities.
Question 5: Okay Vlad, you also said on Reddit that nodes benefiting from a faster connection will get rewards faster than nodes with a slower connection. So what is the most optimal connection speed, to get the most rewards?
Vlad: I don’t think it is so much about which speed connection. You need to have a very decent server and the most important thing is that your Atlas node will need, technically speaking, to be able to detect when new bundles are being created on the network.
So that means the real proximity is how close you are too many Apollo nodes, because they are the main nodes on the network. So geographically, as long as we have nodes distributed, it won’t be better to have a node in South America or in Asia, because that will be distributed enough. And the probability will be more and more equal as the network grows in size.
Question 6: So are we right to assume that 250k locked in an Apollo node will always get more returns than 250k locked in an Omega Node?
Vlad: It is an interesting question. What is important is that Atlas nodes to have a limit on how many bundles they can store, so once you have reached that limit you will have to wait until some of those bundles have expired, but you will always have a cap. That cap we are discussing of course, and there are a few questions about that. That cap is still being finalized. We try to find a tradeoff between network scalability and everyone being able to access the network. So to answer that question there is no such limit on the number of Apollo nodes, and the number of Apollo nodes will be smaller than the number of Atlas nodes. And that means as usage of the network grows, there will be no such cap for Apollo nodes.
Question 7: But how many Zeta nodes will be needed on the network?
Vlad: That is a good question. But it is hard to give a number answer like that. That number will essentially depend on the traffic of the network. So the more bundles that will be created, the more nodes will be opened and imported. Obviously we are trying to find the perfect balance between everyone wanting to run a node – to have the ability to do so in the near future. And obviously the more nodes that there will be the less the rewards can be earned by nodes. So we need to find a very good balance between scalability and providing the service that Ambrosus needs to provide to our customers, and at the same time ensuring that the nodes of everyone participating have a good incentive to do so.
Switch to Questions for Angel
Question 8: so we can start with KYC. Which KYC will be more rigorous? The KYC for an individual or the KYC for a single member company?
Angel: So in general the role that the KYC process normally accompanies is that it usually needs to verify the ultimate beneficiary of the company – so who is ultimately getting the profits. So in this case if it is a sole tradership or another kind of legal entity with a sole owner, or manager – then I don’t imagine that the process for such a company will be more complicated in terms of KYC than for an individual. So from that perspective it doesn’t really matter too much.
As long as the person in question is not under some embargo, or blacklisted, or under some sanctions, it should not be a problem and there should not be a difference between the two.
Question 9: Does the place that a company is based, or annual sales or date of establishment, affect the possibility of the company passing or not passing through the KYC?
Angel: If the company is operating from somewhere with an embargo or any other legal irregularities that will require a close examination. Otherwise the jurisdiction or date of company are not that relevant. Of course for Apollo nodes, we are going to give the preference to some established companies that already have some credibility, because they are going to be the key stakeholders to ensure the integrity of the network. But otherwise we will obviously take care of the needs of the community and we will make sure that it is not only preference for legal entities as opposed to individuals.
Question 10: Now let’s talk a little bit about Partnerships. A few months ago in March, Ambrosus announced a partnership with the Swiss Coffee Alliance. The community would like an update on what is going on with this partnership?
Angel: Yes so the Swiss Coffee Alliance has opened various networks to us that have permitted us to start various negotiations with companies. So we have started developing various use cases, PoC’s (Proof of Concepts) as well as developed a proper app for specifically the Coffee Industry. I think that we shared some of the screen shots in one of the blog posts, but there is a basic app that we are now testing in terms of how it could be used for the coffee industry and how it could help consumers make a better informed choice on what Coffee they buy. So basically how we can better engage consumers. So we are now tweaking the product and iterating on this to make sure that it can feed the needs of the company, as well as responsibly taking care of the interests of the consumers. So we specifically are going to release a blog entry about the coffee app update with a walkthrough, and some actual screen shots of the app, towards the end of August.
Question 11: there are people who have said that Ambrosus has released too few partnerships. What is your comment on that?
Angel: So, in general, on the partnerships it is true that there have been few partnerships that have been made public so far. Corporations are usually quite sensitive to the crypto-sector in general. So there is a lot of red tape and internal things to navigate with these companies. In terms of the technology they are obviously excited to explore it and to see how it works, and they see a lot of benefit in terms of improving their operations as well as providing new streams of revenue and ways to engage the consumers.
In terms of getting this public however, we need to go through quite a few legal and regulatory aspects that depend on the corporates. So basically the ball is on their side. We are on track with a few companies, and we are making plans to release partnerships in the foreseeable future – so the partnerships will begin in September actually. So we are finalizing some. And one of the main ones will be linked to the documentary.
Question 12: So does Ambrosus have plans or goals to increase the number of companies in its pipeline in the near or mid-term future? If so, can you speak about this?
Angel: Yes that is definitely the goal. And with the expansion to Dublin with the opening of the Irish office that will focus on business development in particular, and engaging the corporates will focus on that part. So the goal is obviously to accelerate the corporate adoption, and to make sure that all of the parties that we have demonstrated the value of AMB-NET in the form of PoC’s or dApps, that we can actually transform those into long term partnerships where such client companies would really adopt the system and integrate them into their supply chains.
Question 13: So will new partnerships be unveiled with upcoming Proof of Concepts and the unveiling of the mini-documentary?
Angel: Yes, so the upcoming documentary movie is going to be not only an overview of what we did, but it is also going to unveil a partnership with one of the companies in the sector. So it will be a real example of the adoption of Ambrosus technology.
Question 14: With regards to the numerous NDA’s you spoke about months ago...Are these companies still collaborating with Ambrosus?
Angel: Yes, so as previously mentioned we have not had a breakdown in negotiations with any of the companies so far. So we are currently iterating on the commercial aspects, as well as defining the product that they wish to use, or that they wish to build on top of AMB-NET. Questions are still ongoing, and none of the companies have dropped out. Currently we are working on how we can deepen this relationship, and how we can communicate this externally. Of course, as has been said, we are working with these large pharmaceutical or food companies, and obviously there is a lot of secrecy involved and it takes a lot of red tape to go through before they are ready to go public with it.
But from that perspective, in terms of those companies that we started engaging with – none of them have actually dropped out – none of them have actually said – hey guys we are not interested. So we are still talking to a lot of them, and we are still iterating the product and building the PoC’s. Importantly, the goal of the new project managers, like people like Philippi Bellintani and other project managers – their specific focus is to drive those collaborations towards public partnerships.
Question 15: How many companies have indicated that they are going to use the AMB-NET in the long term?
Angel: Yes, so quite a lot of them expressed interest, so this is why it is so important that we demonstrate to them how our system works and how our team works. Because importantly, quite a few companies said, you know there are a lot of companies offering blockchain solutions also for the supply chain, and they like the fact on our side that we combine an expertise in IoT (Internet of Things) and the blockchain. As well as the fact that seeing as a lot of people can talk about it – but very few people can execute on this. So the goal on our side, is for the product team and the solutions team to consistently demonstrate that they can deliver the PoC’s and dApps for the companies, and this will encourage them to adopt it long term on the commercial basis. So in that aspect, many of them want to see how we work in practice, and then they will agree to a public partnership and the long term adoption of AMB-NET. But in general they said that the technology itself is highly interesting to them.
Question 16: How many of these companies have dApps built specifically for them?
Angel: Yeah we have built quite a few dApps for these collaborations with companies. Some of those have been unveiled for the community. I think some people in the community have an idea of what dApps we have done. But nonetheless, we are planning in the coming months to make a few blog posts to release more information about the different dApps we have built, and the different use-cases each one has. And the plan is also to open source some of these dApps so people – perhaps someone from the community – has the opportunity to find new potential applications for these applications.
Question 17: So do you still stand by your predication of 1 million bundles per day?
Angel: So in terms of the prediction for 1 million bundles per day, that was in the context of my discussion of long term adoption of AMB-NET. So obviously once we do have the proper adoption of the AMB-NET I don’t see that as an unrealistic result. So yeah in the long term, that is pretty realistic.
Question 18: so what is the duration of the NDA’s? How long will they be valid for?
Angel: The NDA’s themselves, usually the standard ones are for 5 years. Some of them are indefinitely. The point is that the NDA can only be lifted if the company or counterparty agrees to it. So in this case if the company is ready to go public then they will be able to say, okay we are ready to go public and break the collaboration.
Question 19: someone asked Angel, what is your favorite holiday destination?
Angel: Well I haven’t had holiday for a few years so I wouldn’t know how to answer that question.
Vlad Starts to Answer Questions Again
Question 20: Vlad we know you are still running solutions, and there are many determinants to consider for making AMB-NET running as efficiently as possible is in all of our interests. But as node holders, naturally the community is very interested in terms of the limitations of the nodes. So even if the numbers are not finalized, what is the ballpark estimate of the number of bundle quotas for each Atlas node?
Vlad: It is clearly one of the numbers that I mentioned before that we are still evaluating. We do have a certain sweet spot that we think we have identified, we just want to run the necessary tests, and especially as we have just soft launched main-net, literally a few days ago, in practice. We start now onboarding private node holders. From August onwards, we will start onboarding more and more community nodes as well. The community will be able to run some nodes, and for that we mentioned in the last post, that we will be sending an application form through our newsletter. And that exact number we are still waiting to have all of the data and simulations necessary.
In short, maybe larger than you think. Which in short this means that the more data you are storing, the more Amber you will be rewarded. So it is not necessarily a bad thing that his number is bigger than you think. That is all I can say for that.
Question 21: How Many Atlas and Apollo Nodes will be added when AMB-NET 1.1 is launched? Will there be an auction system for Apollo Nodes as well?
Vlad: Again, I think that that will first and foremost depend on how many bundles are created on the network. And that will depend on how quickly we are able to progress on those large customer projects. The most important thing around that is that we have been exploring and discussing the notion of Apollo nodes, and one thing which we have recently evaluated is the ability for a quota – and I see some questions about the max cap.
We are investigating how that quota can be increased over time. So that means that the best Atlas nodes out there, who are doing a really good job, who are really always online and provide an excellent performance to the network, they will also be rewarded over time with the maximum amount of bundles they can hold.
Equally for this auction system, that will not be the only way to get a node. That will be one mechanism from which we will be taking and onboarding new nodes. And as we also mentioned other factors will be equally important: how long you have been supporting the community for, what is your technical experience, and also one of the most important factors will be running a node on the test-net. So for the test-net we will be more easily and more rapidly onboarding the nodes so you can get a hand and see what is working with literally no risk on your side. And based on your performance on test-net and how that goes, then we will be onboarding more and more.
Question 22: Can an Apollo Node be run by a company even if it is controlled by an individual who is already running an Apollo Node?
Vlad: So that is a very important question, our policy on that so far has been to make sure that there is only one Apollo node to the same entity. Now if someone has one node privately, and wants to apply as a business for a second Apollo node, we will look into that but it is unlikely that this would be allowed, especially in the first stages, as we are really, really keen to keep our network as decentralized as possible. That is a long term strategy to ensure that we have an equal quantity of nodes that are owned by our partners – the customers and companies working with us and ourselves, and equally with the community. And it is important that we keep those three in balance to ensure that the interests of the AMB-NET is shared among these various stakeholders.
Question 23: How does a company actually buy the Apollo node? Do they buy the Apollo node through the team or which way?
Vlad: So it is not really buying again – for an Apollo node, it is a deposit. The efficient way to be able to do that is that as soon as we announce through our Newsletter, then there will be an application form. Everyone who is interested in running a node – determines whether they wish to run an Atlas, or an Apollo and must submit an application. The faster you can do this the better, as this will provide us with information and we will rapidly have a better understanding of the desire of the community. To run and participate into that. That will play a role in the selection of those nodes. Not necessarily the most important criteria, but you need to fill in this form first – this application. Once we understand how this works, we will be opening more and more slots. So it will get easier to onboard new nodes.
And all of the details and all of the technicalities of how that is done – essentially once you apply we on our side will try to elaborate and allow you to get a spot for those nodes over time. And as soon as we have a spot for you, we will notify you over email and say, now you have the ability to run a node, and you will then have a certain period of time – a certain time window – during which you will have to deposit that amount into a smart contract.
As soon as you would deposit that amount into a smart contract, your spot would essentially be held there. And that would be a necessary requirement for you to be able to run an Apollo or an Atlas node. And it is until the time you want to retire and stop operating a node – that deposit will be there. It will only ever be used in case you are misbehaving with the network. Or if there are any other malicious activities that we can detect. Otherwise it will be returned as soon as you want to stop running a masternode, and your spot will go to someone else. So it is really important for you to try to understand this process. We will try to have as many community members running a node as quickly as possible. And we are trying to make the best model possible, to make sure that everyone is essentially satisfied.
Question 24: And exactly how many Masternodes will be activated at Launch and each time from then on?
Vlad: Again, same question as before – I think that will really depend on how many bundles are on the network and how well nodes are performing on the test network. That will allow us to do a lot more simulations. Then with our learnings and simulations from the test net we will be able to know how many more spots we can open up on the Main-net, as well as when is the right time to do so. And as I said, the performance and work that you will be doing on the test-net will be a factor of how quickly you can earn a spot on the main-net.
Question 25: So what is the priority of acquiring a masternode spot? There are two people: a person who participated in TGE and then traded their AMB around, or a person who participated in the TGE but never traded. Which one will get priority?
Vlad: differs to Angel.
Angel: Yeah I think that was the same question as one I got. So in general there was a question where somebody who has held tokens for a longer time with a smaller amount is going to be less prioritized than someone with a higher amount held over a shorter period of time. In general, for the first part we thought that no matter how small the holding is, as long as it qualifies for a Zeta – those who have held it longer will get a priority over those who have a bigger amount – who got or held their AMB for a shorter period of time. Second, in terms of whether it has been traded or not, we consider it as an uninterrupted storage of Amber. So basically AMB-NET users will have to stake their tokens into the masternode to provide the integrity of the network, and for that to serve as a kind of mechanism to ensure their own behavior. Thus to mirror this behavior we will also look at if Amber has been in the same wallet or not. So we will look at those who have held Amber the longest, without moving it around.
Question 26: So is there a limit on the number of Apollo nodes that can exist?
Vlad: So of course there is, in theory a limit, what is important for us, is to ensure the growth of our system. So a lot of the research we will be doing over the next two months – a lot of that research will go towards seeing how we can increase the number of Apollo nodes, without affecting the performance of the nodes already in the network – their operations and how they work. So we are really looking into that, and the ability to scale. Technically, there is no upper limit of course, and the priority is to make sure that the network works as behaved and as required. And that the performance that our corporate customer needs is there – that the reliability, the security is there. And as soon as we get those tests passing and that develop, then of course we will be opening more and more new slots. So we definitely don’t want to put a hard line in the sand and say yeah that is the maximum amount of tokens – other networks might try to use those techniques. We are not interested in that – we are much more interested in ensuring growth of our network for the community and of course for companies who are using it.
Question 27: Why is the team not implementing daily rewards, instead of every 28 days?
Vlad: So the first answer is performance. If we were to do daily rewards to a lot of masternodes that means a lot of transactions, and a lot of transactions means much less bandwidth to do more important non-reward based transfers. So performance is the first answer. And second, why 28? Because it is 4 weeks, and a month is four weeks, and we like good numbers, and that is the most interesting aspect. We just found that, you know, 28 days is a fair number...maybe there is another question afterwards coming to that as well.
Questions Switch back to Angel
Question 28: A few of us have voiced our concerns about no email responses after signing up for the newsletter. Is the newsletter working properly?
Angel: Yeah, so to my knowledge we have fixed that part, so it should be working well, maybe, actually I don’t know Vlad if people will get the confirmation when they sign up.
Vlad: Yeah that is an important point, and something we need to check. There should be a way for community to verify that. I know that there was a bug being reported, so the sign up was working, and we did get a lot of new signups in the last few days. But there was a bug on the actual library we are using on WordPress, and that didn’t remove the spinner of those subscriptions. So if you had subscribed in the last few days we would have got those subscriptions. So I think the confirmation is an important point, and the ability as well just for anyone to check – that is something we can write down and put in place – as I think that is valuable. But in short, if you are not sure, just sign up once more and give another address if you have any doubts. Then when you are applying for a node, just use the comments box (as there will be a comments box) and say hey, I have signed up already, this is the email address that I used for the TGE.
The more information you provide us, the easier it will be for us to do a fair and balanced selection of those nodes.
Question 29: Angel, you previously mentioned this mini-documentary about the pilot project. Will it be available on YouTube?
Angel: Yes it will definitely be on our channel and we are planning to release it in the first week of September.
Question 30: Previously it has been mentioned that for now Ambrosus already has a number of proof of concepts (PoC’s) and companies in their pipelines. And so they are not so focused at the moment in researching out new clients. Can you comment some more on why this is the case?
Angel: Yes, so in terms of getting new people on board the point is that the new clients – the first few meetings with companies – that is the easy part. When you actually introduce the technology, you verify with them that they are interested in this, and you are looking for solutions with them to digitalize their supply chain or to improve their processes.
Many companies are interested in this, so getting kind of a new client in this sense of the first outreach – that is the easy part. However, it is when we actually bring it down, as a commercial partnership, this is when it becomes a more challenging issue, and where more workforce is needed.
So from that perspective when I mentioned in the AMA that we are going to focus on closing those deals, it means that we are putting more effort and more manpower on securing partnerships with companies, with who we have already started working with, and with who we are already running PoC’s with or who we are running a pilot with. And then of course, also in parallel, we are going to onboard new clients, whenever possible.
Question 31: How long will it take enterprise to integrate to AMB-NET if they choose it? Is it time consuming and needs a step by step adoption, or can they migrate all of their products onto AMB-NET if they deem the PoC successful?
Angel: So this depends on the level of integration that they want. Either they can sync and run our network and run our nodes and products – so we obviously put them out there – they are open source. So the companies can technically use their own IT teams to launch them. Or they can also use, kind of our – we call it – blockchain as a service, whereby we can actually run a Hermes node for them, delivering services and recording transactions, and then they simply just make use of those services. And in that case, they don’t need any time to migrate to AMB-NET so to say – they simply integrate it into their existing solutions and that means that the rest of the job is taken care of by AMB-NET.
So another aspect that I would say is important is that using another system is not only a technical question but it is also a question of training the employees of the companies. So it is also important for us, also, to make our tools easy to use, and the UI that is intuitive for people. And this we hope has been evident in the products we have released and also in the screen shots of some of the dashboards that we have released and so on for the supply chain. That it intends to be simple to use and elegant. So this is the point that we want this option to be as seamless as possible.
Question 32: I live in a heartland of forestry and logging, and tracking timber is costly and full of paperwork – both from a harvesting and distribution point of view. I think that Ambrosus could be used to track timber, but also from curbing illegal logging globally. Is it possible that Ambrosus can expand to this area?
Angel: So in general, digitalization of supply chains, and track and trace, and validating where the product has originated from and what has happened to it, is a valuable application. And then it has got promise in a range of markets. That also includes, obviously the timber industry. So I would say that we obviously welcome, any such suggestions.
And especially the person – you mentioned that the community member actually lives in the area and maybe there are businesses around it. We always appreciate these leads or the development of use-cases on top of AMB-NET. Obviously our team cannot handle all of the possible use-cases out there. At the same time if anybody comes with particular proposals and can offer some use-cases we will be happy to provide a reward, and also to provide the tools necessary for this company to use AMB-NET.
So we are building our tools, to be used universally. So we have selected for ourselves food, pharmaceuticals, and commodities, to focus on. But in general if the community finds new applications for AMB-NET, we are more than happy for them to explore it. And for them, whenever possible we will also support them on that.
Question 33: Outside of the food and pharmaceutical industries, are there any other industries that can benefit greatly from the use of AMB-NET and its sensors?
Angel: So we have been developing quite a few Proof of Concepts in the ‘Commodities Sector’. So it is obviously a huge area and a huge market. And as mentioned in the previous comment a lot of the applications we build for food and pharmaceuticals, can easily be applied there. So we are talking about where the materials came from, also what happened to them on the way – quality assurance, ownership and traceability. So from that perspective we can simply make use of the same technology we have built for food and pharmaceutical products and apply them in the commodities sector. And we are already talking to some companies on that front – and these are big markets.
Some other use cases that we have been developing are for luxury goods as well as for kind of electronic equipment and spare parts. Again it all comes down to the verdict of traceability. Just finding where the product comes from, and having that as a trusted record on the platform. So from that perspective we are trying to create tools that can be versatile and that can be applied to a wide variety of markets, and that many companies could perhaps discover it, and make use of them, and we will just be building additional tools.
The important thing is that we want all of these tools to help grow the usage of AMB-NET. And based on that, if many industries start using it of course we will be very happy.
Question 34: What do you currently project the conversion rate to be from presentation to proof of concept and from proof of concept to onboarding of AMB-NET? How effective are these proof of concepts?
Angel: Yes so, from that perspective its related to what I started mentioning about kind of the initial outreach versus the kind of what turns into the proof of concept, and then ultimately into an account. So in general companies are of course interested. But then converting them to – well first there are multiple risks of course for the company.
The first one is that blockchain itself is a new technology. And they want to see to what extent can they actually put their operations onto supply chains, which for the companies we are dealing with that is the livelihood of their business – they cannot afford for these supply chains to just be disrupted, they cannot afford for the data to be corrupted because they can potentially lose billions of dollars in value, they can have some fines, and so on. So from that perspective they have to rigorously test out this solution before they can take a decision to ultimately adopt it or integrate it into the supply chains.
And if they do actually find value for that – perhaps in one particular use case – or a product, then we use that to actually have a proper kind of large scale pilot project, to prove to them that the technology is valuable for them. And then they can see how it works – they can calculate the risks, and then they can educate their employees, and from then on, they can expand.
So I would say that the funnel is actually converging quite fast. So perhaps a lot of companies would be interested, but very few of them would move to the next stage. But we will go with those that are interested in making their supply chains more transparent. Or those that do want to prove the quality of their products – and that is becoming an increasingly important aspect in this competitive industry.
Questions Switch Back to Vlad
Question 35: Would Ambrosus ever consider in the future lowering the Atlas Masternodes requirement to less than 10,000 AMB?
Vlad: So I will say that it is quite unlikely that we will do that. I think we are – and this is why we are fine tuning these numbers – attempting to ensure that there is no reason to reduce that number. What would be very interesting is by making members of the community or those members who will be running those nodes – they might want to explore the option of pooling different smaller token holders together to run a node together. If someone wants to do that – we definitely won’t prevent them from making that happen. I think there are many, many opportunities like this one to be discussed, that we haven’t found ourselves. So if someone in the community wants to expose us to this kind of stuff further, we would be very interested to discuss. You can always reach out, and we can always discuss that option more specifically.
Question 36: If someone used a Ledger to store their ERC20 tokens, are they still able to onboard just as fast to stake for a node? Or will they have to wait until ledger support arrives?
Vlad: I don’t think that is really an issue. So for the moment, and I think we mentioned this as well in our last update, we will keep both ERC20 tokens and the native tokens in parallel for a while. The reasons for that are obvious – first on the one hand there is a lot of ERC20 support on exchanges, in the ledger, on those hardware wallets for example. That is one thing we want to leverage and profit from. And at the same time have the benefits of the native currency. There will of course be a one-on-one mapping. I do not think there will be a major difference in that – because the onboarding will happen when there will be a slot assigned to you, after you have applied – and you will have a certain time window to do that transfer.
Question 37: So will rewards be awarded after each challenge and just have it distributed by the smart contract every four weeks? Or will rewards be awarded once every 4 weeks?
Vlad: No, so the way it will work is that every time an Atlas node accepts a challenge – he will get to store a bundle for a specific period of time. Every bundle will have a duration which is a number of years. So for example someone who owns a Hermes Node – this Hermes Node run by a big German company doing something in whatever industry – they will be the ones to upload that bundle right? And they will be paying $12 USD for that bundle to be stored for the duration they select. If they want to hold it for 5 years that is going to be $60 USD for that bundle. So what happens is whoever gets the response to that challenge – they would be holding that bundle for five years. And so the total fraction which will be 1 dollar per year times 5 years would be five dollars.
The way it would work is that Atlas node would essentially be rewarded with those five dollars over five years. And how it works is that those five dollars will be cut in factors of 28 days and up to 65%. That means during the entire five years, you will get up to the 65% and only when you have completed the entire storage duration, your part of the deal as an Atlas node holder, then you will get the last 35% paid in the last reward component.
This is an important reminder for this unique chance to meet an important chunk of the Ambrosus team!
Never before did anyone have the chance to meet the CEO, CPO and many devs. Be there on the 14th and make sure you bring your fellow crypto enthusiasts with you! Grab a drink, an Ambrosus t-shirt and sit back and enjoy.
More details are provided in the link.
So I have a pretty solid understanding of the economics of how AMB-NET works and how the bundle fees are distributed through out all the different masternodes. But what I still don't understand is how Ambrosus the company itself makes money. What is their business revenue model? As far as I can tell, all of the bundle fees are accounted for in the operation of the network. What am I missing. Can anyone shed any light on this?