Mkt Cap $12.12 M Volume $243K
|$0.50BNT 0.36||$12.12 M||$243K TKN 486K||+21.95%|
Hey Token community, I compiled this transcript of todays AMA because Q&A in Reddit format is very messy and you cannot appreciate all of the content imo. Enjoy!
FOUNDERS Q&A with Mel and David - October 9th 2-3pm GMT
Q1: Will there be an Android app before test cards are shipped? In other words, if I'm an android user is it possible to be included in the beta card rollout?
A1: Hey, so at launch right now we are still planning on doing iOS only.. I know! that sucks! but this is why: It doubles the effort on the front end. We're evolving quickly and would need to maintain two codebases. Once we have settled on the foundation we are completely happy with, we will get the team to push it out as quickly as possible. Secure Enclave fragmentation. The SE, which stores your private key, by contrast Android devices are very fragmented when it comes to support of SE technology. Basically, on Android hardware manufacturers have proprietary standards that diverge from Google's. As a result we'd need to spend a lot of time working out all the differences. Time we don't have just yet. Secure Enclave functional differences. On Android the SE works differently from it's iOS counterpart. For example resetting your pin on android will WIPE your SE! These differences in behavior need to be thoroughly planned out as we don't want to risk a user looking their funds. To make things even more complex... some devices don't support SE at all. So it would mean we either don't support them or we leave the private key on the regular local storage like the majority of crypto wallet apps do. Scary! We'd love to see Google take this technology more seriously and enforce standardization amongst manufacturers. We're going to take a look at all of this when the time comes. Let me be clear we DO completely intend to support Android, it's the reason why we wrote most of the stack in React Native rather than full native.
Q2: You previously stated that u were focusing on IOS and it was an easy transition to go to Android. Now it seems that you are saying it’s more challenging. Did you not understand the differences in technologies previously? Or was that an incorrect statement before?
A2: It is an easy transition to Android, but it will take about two weeks away from one of our best engineers, and will basically permanently multiply his work forever after that point. Considering we're making major upgrades to the system and UI it doesn't make sense to increase the workload at this point in time. Instead we should just build the point where we end up. Resource wise it's not efficient to build it now. It does kinda mean that the Android version will in the end be a bit cleaner than the iOS version. So that's a plus.
Q3: Seems like such a short time ~90 days to the completion of FCA Sandbox Cohort 4 and appears that is too short of a time remaining to launch the 1000 card tranches... is there a deadline/cutoff for the sandbox, roll into Cohort 5?
A3: We've been pretty upfront with the FCA regarding our own timelines and progress; they're happy with where we're at. There hasn't been any chat around specific deadlines or rolling into Cohort 5.
Q4: Is TKN a security?
A4: Securities law differs per jurisdiction. We believe in upholding their common principles. Clarity will come :)
Q5: Given the additional year of development time the team has had what additional functionality can we expect at launch? I.e. fiat to crypto purchases, exchange functionality, joint accounts etc.
A5: The focus has been more on core technologies, rather than new features. We've tried to get stuff right from the get go, a lot of them reducing friction, is important. For example: No email/password needed to signup at all. Private key is stored behind device biometrics. Smart contract security, gas optimizations and version control Smart contract functionality improvements, upgradability, and future-proofing. Onboarding flows simplified as much as possible. That said.. there is one apparent feature set that will be new to everyone. There will be a contract deployment view. A world first! :)
Q6: Is there any affirmative you can give toward the ability to issue cards to other erc20 projects still being part of the grand plan?
A6: Yes! it definitely is. We believe that our product strikes closest to the hearts of true Ethereum geeks like us. Our business is to become optimized and service the growing Ethereum Economy. Our goal is to make it THRIVE. This is what we believe is our route to success. The early adopters, those who understand and are passionate for the technology are the ones we're building for. If it's good enough for them that they can live the ETH-powered lifestyle they've always dreamed about we set a new precedent for the rest world. Coming back to your questions. Yes, ERC-20 cards are coming. There are some struggles and so we won't see like hundreds of different types, but a hand few of our absolute favorite projects and friends? yes!
Q7: The recent blog post about Soon had some nice insights on remaining milestones but still we are 12+ months deep of “Soon”, so really you could be telling us 12 more months... Why should the community keep caring after so long with no idea if the white paper functions of the coin even remain when the information is so lacking compared to the competition. You can’t keep using the ‘crypto cowboys’ line about other people when clearly they are displaying Visa logo cards and have an issuer comfortable enough to display those cards. Things just don’t make sense sometimes with what we are told by Token about compliance and regs vs what the other guys are doing.
A7: No-one wants to be responsible for the risks of supporting a poorly implemented crypto program. The only reason we have been able to establish the relationships we have is because we've put compliance first. To give you guys more of a understanding of what that means - traditional card programmes operate within the sphere of traditional finance; money comes from a known source (other financial institutions) and those institutions trust each other to prevent money launderers and terrorists from leveraging the system (AML &CTF). Our product is different because we interact with this new financial paradigm (Ethereum) where the provenance of funds in uncertain but where users' are given a tangible hook into the traditional world. This can be scary for our partners because they essentially have to trust (and understand) that our compliance processes are sophisticated enough to prevent bad stuff from happening. This is why we've invested heavily in compliance - if we were building an isolated system that didn't depend on third parties then it would be a different story. And maybe things are different in Singapore and perhaps it's much simpler to launch a card programme locally there, but we're pushing for a European launch where things are definitely not trivial... however, I think we are in a very good place.
Q8: Have there been any material benefits of the fca sandbox? Comments from the other guys seem to indicate the competition is also ramping up for Europe, so if they can issue without the FCA, what is Tokens benefit for being in the FCA sandbox?
A8: Yes! There's been lots of good outcomes, I guess the relationship we've built with the FCA has been the biggest win... (combined two similar questions and responses here) 1. We're all waiting to do cards in the sandbox, that still forms the core of the relationship right now. 2. We have amazingly warm receptions by new partners because we're in the Sanbox, lot's of new doors have opened. A massive win. 3. We're able to bounce all of our crazy ideas off of the FCA if and when we need to. A unique advantage. 4. We need to stay on top of crypto regulation if and when it comes out. We're one of the biggest stakeholders of its direction in the UK and so we can have convs with them. Our perspective on this stuff helps them navigate. 5. We've hosted workshops to educate (and amaze!) them about what we're doing and tell them all the juicy potential we're cooking up.
Q9: When does the rebrand take place? Is it before launch? Will it be accompanied by some marketing efforts? Are there any new exchange listings in plan by launch in order to attract more attention towards the project and bring in new users for your products? How many downloads do you expect TokenApp will have once it goes live? Did you do some stress testing yet? When token.com official release?
A9: 1. Yes before launch. 2. Yes... at launch. 3. The app and backend are absolutely capable. We've had penetrations tests done too. The real constraint here is new user and the Ethereum network. A contract wallet deployment takes up about half a block. C'mon Vitalik/Vlad, we need you! 4. See point 1 and 2.
Q10: What's your marketing strategy to attract more users to the platform?
A10: 1 .Make something cool 2. Launch 3. ????? 4. Profit
Q11. It would be great to see a deep integration with other projects such as funfair, augur etc. by supporting dapps within the token app. I'm sure there are many projects that would also benefit from having users accessing their service who have already gone through a kyc process. Do you have a team working on integrations or partnerships along these lines?
A11: Yep totally there with you. Indeed partnering with us will negate the need for KYC in a lot of cases improving user flow. No eng. team yet. Launch first, product planning will precede a build.
Q12: If we believe that tkn is going to be more successful then tnx and mco, why not trying spread the word harder when in launch time we have 100k people lining for a card?
A12: We think if the product is good, moment will be built up like that anyway. Having too many people lined up does have it's risk. If people end up joining before you really have nailed the experience they might not be keen to retry it. Additionally this hampers your ability to improve as you are now maintaining a large customer base..Products that make it big are ones people love rather than like. We're very conscious of this. Something being new, fresh and cool has distinct upsides. A final argument is that you could examine the quality of the user base. Hypothetically it's better to have 10k wealthy core geek users over 100k less sophisticated speculators. Not saying we don't want 100k users, just that there are nuances. Thanks for the question.
Q13: Earlier it was mentioned that by the end of the year the team would be 40/50 people. I totally agree that it is better to have a high class stellar team. But I also see that given the budget token has, there should be more people added. Growing the team and onboarding takes time. What is the plan to grow the team?
A13: We are growing the team. The problem with growing your team too quickly is that you can end up with a dysfunctional and inefficient organization - and this can be lethal. This is sadly apparent with some ICOs (who in the absence of VC involvement) are literally throwing money and people at problems without building up a functional/sustainable business. Preserving a high performance culture is essential and we want to be careful to not let complacency and inefficiency creep in.
Q14: Am I right in thinking that the a lot of silence isn't necessary required by law, but more that the companies you are partnering with want to be in the shadows for now?
A14: Yes that is largely the case. Things would have to go pretty far before the regulator got involved. But not impossible. If for example retroactively the regulator decides something was a security for example and that you targeted laymen through say google ads and laymen for you crowdfund you could be in deep trouble.
Q15: Are you considering, as a separate marketing stunt, making an airdrop or maybe give like 5 TKN for free to every user that downloads and uses the TokenApp (the value can be smaller) and deploys a new wallet and goes through all the drills (configures whitelist adresses, daily send limit, etc)? A15: You are definitely thinking along the right lines! We have plans like this, some way cooler and geeky! For example we think we can drop a token into a wallet that they can then use to activate their product and allow signup.
Q16: What is your take on the current state of competition, particularly mco and pay? Since token is breaking new ground, is there any competition at all in the crypto space?
A16: Ultimately, successful propositions attract competitors (see 'Tokencard ICO' for reference). The danger is you build a product that doesn't have any defensible moats - and the reality is the simple 'pay with crypto' propositions - which are cool and do have value - (like with traditional card programs) will become commoditized very quickly. Our proposition is centered around the 'decentralized bank' - which has an inherent tech moat. The class of consumer we are initially targeting don't want to deposit their holdings outside of their control - and establishing ourselves as a proven developer of reliable decentralized financial services has massive value.
Q17: Can you comment on the delay in releasing the wallet for wider testing? It was supposed to happen almost a month ago and we get several follow ups in the community each week about people wanting to test.
A17: Yeah I know. I think it's because they want to put a smart contract out thats like basically perfect and the devs have all been working in groups of 3 the last few days to come up with efficiency improvement and find some bugs. Everyone here is super conscious that the moment they go Ropsten the code will be readable by everyone. They want it to look super good. I'm slightly annoyed too because I want testnet sooner rather than later.
Q18: You have neglected the community as a result of keeping information private
A18: Yeah. I personally do side with you on that. It is largely because our other voices in the business are strongly against this from personal experience that they aren't keen. Their arguments make sense but I still wish I could talk about everything as freely as I want. But between regulators and the stringent communication practices enforced on traditional companies and the precarious position with partners until we are live it is just safer to not spill the beans at every turn. It also helps expectation management. But still. I agree with you. I guess I'd add that we also only want to talk when we can proudly show you guys the fruits of our labor. Until then we just don't want to talk the big talk until we do. I want to feel like we distinguish ourselves from other out there by letting our product do the talking first and then we can add onto it.
We're hosting a Q&A with Mel and David next Tuesday from 2-3pm GMT here - please leave your questions here.
Mel what it is like to keep getting beat by Monaco on a monthly basis? They keep releasing products while Token can’t release a roadmap or even update its “timeline” on a timely basis.
If memory serves me right, didn’t MCO steal your white paper? And now they are rubbing it in your face.
Token team, in your reply you said launch would be “Hopefully much sooner” than year end (see below reference)
With the app still not rolled out to a wider release, let alone the main ETH test net, how is it possible that you will manage this with less than 90 days left? It would be another blow to Tokens credibility if you fail this benchmark. I might be new to the community, but I’m not seeing very positive signs from Token.
I've been lurking and following the project for a long time but came across this today and wonder how the community feels about this? It was only written last month!
Are there plans for: Peer to peer lending, Timed payments (subscriptions), Details of store names, addresses, icons where funds are spend (like monzo) Crypto to fiat exchange, Token created pegged assets (euro, dollar, pound), Insurance, Cashback etc.
What are you guys working on?
We are coming up to 18 months since the token ICO and in that time a lot has changed in terms of the Ethereum landscape, the rollercoaster of crypto markets, technical developments, competing projects, compliance and legislation.
In the absence of the promised roadmap can the team reaffirm what it is they are looking to achieve with this project?
What is Token's mission? How do they view the current state of blockchain, / ethereum /crypto and it's role within it?
We keep hearing 'we can't talk about it', 'we are waiting on compliance', 'soon', 'very soon' but in the absence of anything concrete now would be a great time to hear from the team how they view their role in this industry.
More and more wallets are coming on to the market with a focus on natively supporting Dapps.
As more usable dapps reach the market this would seem an important way to drive adoption; is this something the team are actively working on?
I have a couple of technical questions:
- I understand the Token app is in React Native so the UI is consistent and cross platform development is made easier. Are you planning on releasing an Android build before launch? There will be some nuances between the two releases and performance differences between the different platforms. This gives a better UX for Android users from release day and ensures things like the key management problem is properly covered. Happy to test this out in a private beta.
- Have you stress tested the back end infrastructure to account fot the large (hopefully!) influx of new users on launch day? There's a lot of different moving parts to get this operational and potential bottle necks for user deployment. This also contributes to UX for the initial rush - it can be fairly complicated to test but counts for a lot.
As part of our ongoing brand evolution we have been looking into improving our communications, starting with the communication between us and you - our community. As I said in my ‘State of the Community’ blogpost, our goal is to create a united community across all platforms. We realise that in the past we haven’t always done the best job at communicating, and we’re sorry for this. We want to do better going forward.
We believe having Participation Principles at the centre of this is a good starting point. The Principles details what you can expect from us, but also what principles we expect the community to uphold within itself. Now that we have a team that are more than capable of keeping you up to date, we will be striving to improve all community-facing elements, and we hope that you have seen some of those improvements already!
I have added the Participation Principles to the bottom of this post. They’re also hosted on the Community Forum; please check them out here.
I have also been working on a lot of the community development, starting with basic housekeeping. You should have seen some visual changes to the Discord server that I have been working on with the help of one of our Moderators. As this platform has become the heart of the community, I have been really happy to see the positive feedback on the changes we have made so far. I will be focusing more on the other social platforms to bring them up to standard in the next coming months. Your feedback is vital to us; we appreciate any comments you have on the Rules of Engagement, and on community updates more generally.
Welcome to the community of Tokenauts – it’s great to have you on board. We’re excited for you to dive in and meet our awesome community, before you do - here’s a brief recap of what you can expect - both from us and the community as a whole:
We want to work with you to build the future of the space. As a Tokenaut you’ll have early access to product testing – please let us know what you think and how we can improve. We believe that with your help we can create products that will truly change peoples lives. It’s a big challenge and we need your support and feedback to do so.
This industry is not a boring, black and white, linear industry. It is fun, exciting, magical, with endless possibilities to be explored. Which is why we feel it's important for us to have fun - and more importantly, YOU to have fun whilst we’re doing it! We want to hear all your ideas - no matter how outlandish and crazy. Together we’re here to debate, listen and learn.
We will always try to be as open and honest with you as we can. When we don’t share information it isn’t because we don’t want to, it’s simply that we can’t. This is often down to lots of reasons - restrictions by our partners, us not wanting to comment on rumours, not wanting to make promises and then break them. We also want to be a regulated and compliant company - which limits what we can share before it happens. Know that you’ll be the first to know once we can share information.
We’re a technology company building a suite of products to add value to people’s lives. We don’t take part in any price speculation or comment on rumours.
Your opinions are incredibly important and we believe you should have the right to free speech. We want healthy debate and feedback to flourish in our community! As we respect your right to have your own opinions, please respect other community members’ rights to their opinions, too. That means no inappropriate behavior. This includes, but is not limited to: personal attacks, threats of violence, slurs of any kind, posting people's private information.
Here is an updated list of social channels we are actively supporting right now! Be sure to check them out and follow us and sign up to our Mailing List!
Crypto's got a pretty big accessibility problem - in terms of looking like a scammy pile of pump and dumps which I imagine is offputting for many. Still around are people with visions of what crypto could grow into when legitimately applied to purpose, though. I've stuck with Token because I do believe you folks are among them.
With how perfect that domain name is, and your ambitions of eventually becoming an exchange and entry point for the token economy that is slowly taking shape - it occurs to me it could be the perfect location to build a platform where people can explore the various tokens out there, filtered and sorted by their properties, related industries etc, curated to help people find crypto that is useful to them.
If right now I wanted to find all the real estate related tokens out there, then narrow it down by a certain token utility - sifting through google I'd only find articles written months ago specifically to shill an upcoming (at the time) ico. Many of the people running projects and ICOs might not entirely realise that the general market audience of crypto has not yet grown beyond "people looking to spin the altcoin wheel in the big crypto casino", while the "people looking to invest in an asset/use a product that can happen to run on crypto on some level" have very little chance of exposure to what they're working on.
I think the problem is rooted in the way projects and tokens are seen - as three letter ticker symbols attached to a marketcap on the grand CMC leaderboard and a bitcointalk thread full of eyeroll inducing moonkid spam. All hype and no purpose. A coin for dentists, seriously?
Coinmarketcap sucks because for being the first used reference for tokens, it's really worthless with helping people discover and understand them. It's a big leaderboard of who is doing the best pumps with a few links to official sites full of vapid catchphrases. One would say DYOR and that's fair, but the issue is how everything that isn't on the top 50 global marketcap list is tossed in a big nondistinct pile of pointless ancient bitcoin forks, your general rando masternode pump and dumps, ICO tokens that may or may not do anything.
It's not a welcoming scene for anyone who isn't already attuned to the law of this land - and even those who are, most likely aren't bothering with sifting through the junk anyway - especially not in a bear market like this.
Having a chokepoint on organic discovery like this leaves projects (good and bad) starved for attention and competing with each other in embarassingly desperate ways. Most likely very few have viable business models.
The fact is - there's a million genuine, purposeful ideas for tokenizing something that would never go above a "marketcap" of a couple m usd - and just as many that would have no "marketcap" at all but still offer a use to a group of people, somewhere (think free/discount beer tokens at a pub chain that on essence of being erc20 could still have interactions/exchanges with other tokens). But the way the crypto scene works right now - none of them would be seen by regular people or the get rich quick kids idling in the trollboxes of poloniex.
Valve with their Steam gaming platform have gone through a ton of work on how to present and categorise a marketplace where anyone can list anything (resulting in a tide of low effort junk), yet still be meaningfully curated and offer reliable quality to specific end users. I'd like to imagine token.com could become something like that, but for crypto one day.
just some thoughts and ideas
i was bored