The session lasted for 45 minutes and featured a number of wide ranging topics related to V-ID, their #VIDTdays week of news and future plans for the project.
Below is the full transcript of the AMA:
The VIDT trading competition on KuCoin showed a chilling reality that bots are able to control, manipulate and monopolise. With the disappointing end to the competition followed by the expected dump from major parties involved what will VID do to learn, combat and evolve from this experience to ensure such an outcome does not happen again in the future?
Marnix: Great first question, yes this was a disappointment for us too as you can imagine. Though most of the outcome we blame on the current market. Nevertheless we are indeed not a fan anymore of these competitions and will avoid them when we can in the future.
You recently had a great week full of announcements, the VIDTdays! Firstly, congrats on the Kucoin listing and delivering on your Q3 goal to list on a top exchange! But there were tons of other announcements like your V-ID platform, B2C app, as well as a plethora of new clients, collaborations and partnerships! Can you elaborate a bit on what have been the most significant announcements in your opinion, and what it eventually means to the VIDT holder?
Pim: I would say VIDT Platform, because it enables anyone to build their own business model based on data integrity. The use of VIDT is with resellers no longer limited to just our customers and partners, so it is exciting to see what it will do
Hi Vidt. My question is more around adopting. If you get identity management right, it will be a watershed moment not only for crypto but the wider market at a whole. Are you in conversation with established business and developing in tandem with them?
Joshua: Hi! Definitely, identity management is a great use case and could lead to amazing possibilities. We are currently working with Digibyte (https://twitter.com/rudybouwman/status/1141374063044104193?s=21) on setting up this ecosystem. That is of course more on the blockchain side, we are also in talks with companies on how they would adopt this ecosystem. Fintech, KYC, etc. great sectors that this ecosystem would be an added value.
I have a few questions about the IOE project!
- How will the validation of the results (obtained by the sensors on top of the buildings) work? Will these sensors validate one batch of results once a day, or will they validate multiple times a day with a frequency interval?
- Who is going to finance the cost of the validation proces for these sensors?
- How many vallidations do you guys estimate when the IOE is fully rolled out?
- When do you guys expect these sensors to be placed and to be fully active?
- Multiple times a day
- Corporates and local governments
- We will start small but the Finedust sky is the limit
- The first one is active and more will follow soon…
Pim: Just to add, we are also seeing 2 different types of participants: large organisations using professional sensors and smaller groups or individuals with home made sensor kits. We have already successfully tested a simple kit that costs about 10 Euros.
It seems very interesting that you guys are so excited about your NY tour! Can you give some hints on what kind of appointments are scheduled here?
Pim: While we have some very promising meetings planned, I do not want to say anything about it until we have some actual results. But it looks very good and we are very excited!
How does the VIDT software get around human fraud which is the largest cause of errors on payables and invoices? An employee has to verify the files with VIDT so if they’re the one committing fraud how can VIDT help? As long as the one doing the uploading isn’t trusted then why would the validation process be trusted by the end user?
Joshua: Good question, systems like these usually perform with a garbage in = garbage out process, like you mention. However we make sure to KYC and verify everyone before they are able to use the V-ID service in order to minize the garbage in side. If it were to get to a point that somebody is validating fraudulent info, it can always be pointed to them. Feel free to read more on this matter: https://medium.com/@pim_vee/v-ids-file-validation-process-explained-fc592782e14a
What is V-ID’s biggest goal to be reached in the next 6 months?
Marnix: Scaling, Resellers in US and Asian market and B2C!
Are there any plans to propose V-ID as a solution to fight against fraud related to so called deep fakes? It seems like a vector that will be very important in the not so distant future.
Joshua: It is definitely a cause we are looking at to solving. Digibyte Veritas (previously mentioned) is already a great start to solving it. However we have to keep in mind that “solving it” is quite a broad term and it will definitely be an ongoing problem so at V-ID we would like to help fight deep-fakes as much as possible since it’s our mission to fight fraud.
Yesterday, you tweeted about IOE , can we have more informations about the number of data/tx validated monthly?
Marnix: No we cannot predict that but as you can imagine we want to scale this up bigtime. This is were the IBM team will assist us.
Can you talk us through the next ongoing development phase and what are the potential companies you’re going to Collaborate with?
Pim: More features in the API, things like a check for the validator/publisher to see if somebody has verified the file or not. Potential growing sectors, I would say inspection companies and financial organisations
How are you planning to target the Asian market?
With KuCoin we have grown our network in Asia significantly, we will do events together in Berlin and The Netherlands and furthermore we work together with Bloktide & Morpheus, who also have a large network in Korea and China.
Do you have enough funds to like last another two or three years and is your company making profits?
Pim: Hehe, we have enough runway for 2 to 3 years, expecting to be in the blacks this year or early 2020, while maintaining our current R&D investments.
I’d be also interested in further details about the strengthened Trust Wallet partnership?
Marnix: We will be working with them on validating MOUs agreements etc.. more on that in a few weeks.
You have 5 different blockchain if I can remember correctly.. Why do vidt need 5 different blockchains when one could have been enough?
Marnix: We just want to offer our customers the choice, every blockchain has a pro and a con. (Security, Price, Speed) furthermore new blockchains always offer new opportunities and partnerships: adoption.
You addressed the general disappointment with the price action relative to the trading competition, but I’m sure many are wondering if you guys have made or are making plans for future events that might bring even more attention to VIDT?
Pim: Of course we will continue to do things that bring us more exposure and better availability. The focus will be more on actual results as a business, connecting with new partners and doing tours with keynotes.
You guys tweeted not very long ago that you anchored a file on Binance Chain for first time along LTO, is there any more info coming about it in the near term? Is Binance Chain another Blockchain you want to offer to your clients? You also said about interoperability… are you working with any middleware or interoperability project that will help you reach that level or how does it work? Sorry I am not good in the tech side… just a discussion we had with the community the other day. Thanks and Keep up the great work guys!
Joshua: Bringing more adoption and awareness to the business is always on top of our minds. Using strategic partnerships like with BinanceChain and LTO are great ways for us to achieve this. Time will tell, we are always focussing on scaling!
Do you have any plans of accelerating your expanding progress with taking any debt or are you going to stay as a debt-free company?
Are you looking at other blockchain as well, the likes of Tomochain, which is making huge strides in east Asia. It could be a good entry to Vietnamese market as well.
Pim: We look for practical uses that other blockchains do not have, but exposure is also a factor, so yes, we would be open to consider them.
Hi Guys, I have been following the project for a while now and have be very impressed so far. Could V-ID be used to tackle fake news, if so could you explain exactly how this might be done?
Joshua: Definitely! We already have this use case with one of our customers: HJ media. They validate all their articles to prove they are the rightful owners. We could for example start expanding on creating a value mark for any news vendor so that any trustworthy vendor can show, and prove, they are working on transparent info. Perhaps even have a scientific team fact-checking and validating their findings!
A huge thank you to Marnix, Pim and Joshua for taking the time to do this Telegram AMA.
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