AMA with Max Breus from IDledgers.com (Full script)
On Jan 23rd we’ve had a very informative AMA with Max Breus (CEO of IDledgers.com)
Below please find the chat script in chronological order:
#1
Q: How can you describe IDledger’s idea in a single sentence?
A: IDL is our attempt to generalize blockchain technology. In addition, this is an attempt to resolve legal issues when embedding a blockchain in real business processes. We also pay a lot of attention to interfaces, so this is also a social business network.
All three aspects are important here. The hardest part is the protocol. Formally, this is a DAG consisting of blocks that are created by various blockchains that are part of a single network — the synthesis of blockchain and DAG.
#2
Q: Could you please talk about the Ubikiri’s (IDL’s social network) integration with Binance, the partnership with Binance, and if this all means a listing with Binance within a year or so? Thanks.
A: I would not speculate, especially since we are in negotiations. We use their API for one of our partnership projects, now only the first part is implemented — the competition of traders, but this is only the visible part of the iceberg.
#3
Q: Could you please share the most important use case of your project?
A: The most important thing is the ability to integrate business processes. That is, the ability to use blockchain to ordinary companies. Users can create blockchains with various types of consensus — including private or open ones, while still having all the registries fully integrated among themselves (common address space, mempool, transactions, smart contracts, etc).
#4
Q: I was under the impression that this coin could be used in the formation of contracts, agreements, payments, mergers, etc. Is there a way coins are minted to reflect ownership of said items/entities?
A: Yes, you’re right, you can use it in this way. We have a lot of info in our tech documentation, briefly — this is a very flexible mechanism, you can create your blockchain suitable for your business and local regulations, f.e. in China you can use it without cryptocurrencies at al
#5
Q: How long does it take to launch my own blockchain on Idledger?
A: About how to write and deploy a smart-contract in Ethereum. A slightly similar mechanism — code with transaction processing logic is deploying to the genesis block of the new blockchain.
#6
Q: What technology/architecture and consensus algorithm are you using?
A: The consensus logic of a DAG is divided into two layers — an application layer that allows users to create their own distributed ledgers to solve specific problems, and a network layer that provides network integrity.
#7
Q: Which blockchains are your closest competitors and how are you different?
A: Actually we have several competitors, but all of them are developing a corporate solution — f.e. Hyperledger. Our main feature — we are creating a single p2p network with a common ecosystem.
#8
Q: On the user profiles of your website there are a lot of large corporations like Microsoft with company profiles, is IDL attractive for business?
A: Sure, our goal is to make blockchain technology useful for real business. In the last two years we have been in talks with governments (Russia & 19 African countries), even gave a speech in the Parliament of Russia, multinationals (an airline, gold mine, post office, etc.) and banks (the biggest bank of Eastern Europe). This is all in the pipeline, but because of the size, this takes time (and our product isn’t fully finished yet, so clients and partners are waiting on that). Our strategy is to attract partners who will add a lot of ppl in our community. Currently one of the projects in our ecosystem, Crypto Tribunal, partnered up with a law association of 6000+ lawyers. We recently completed development, finished basic tests, now it is time for implementation.
#9
Q: How many users and business partners do you have right now? What is your total turnover presently and what promotions and marketing are you doing now for adoption?
A: We have long-term partnerships (not just paid actions) with several resources to promote our project. F.e. master nodes.online, Alfatradingzone, etc. We are creating common side-projects on IDL so this is a win-win strategy — interesting for both sides.
#10
Q: What are the biggest partnerships you have and how many users or revenue could those potentially translate into?
A: Well, I would not talk about trillion volumes. We try to be conservative. Now it’s more important for us to debug the technology and focus on several promising areas. Now, these are private investments and subscriptions to trading strategies, providing micropayments and attracting performers for GIG-projects and fighting the scam with the involvement of lawyers and using Agile and microfinancing of investigation rounds.
#11
Q: What will happen to $SNTR in the future?
A: SNTR is becoming part of the ecosystem. We run a notarial consilium and integrate interfaces (silent notary apps & ubikiri)
#12
Q: SNTR has a really unique use-case of offering notarization and copyrighting services. But how do the court systems view it? Could it be admissable as evidence in a trial or other legal hearing?
A: In fact, SN has led to the development of our own platform. We faced the fundamental problem of using Ethereum in court, and so, after 2 years of development, IDL appeared. We are migrating to IDL atm, so SN apps are using both platforms to notarize evidence — IDL and Ethereum
#13
Q: Legal aspects are often subject to interpretation. Is the system able to integrate corrections/reviews and handle exception processes, or processes that need to be reviewed after a judgment made?
A: In legal systems, there is no way to fix something in the past. There is always a new legal relationship that changes or terminates the previous one. It turns out the structure described by DAG, with inputs and outputs — transactions. This is very convenient for legal tech.
#14
Q: Wow, you guys are talking with Russia and African governments?? How will they be using IDL??
A: We have a very interesting proposal to develop a civil registry using IDL and Ubikiri. Extremely interesting to make it almost for free just in several weeks.
#15
Q: Who leads Cryptotribunal project? It’s part of IDL ecosystem?
A: We are trying to hold a focus on development and always attracting partners. Our part — is backend (blockchains, data structures, smart contracts, etc.) In this project, we have partnered with a lawyer company and association. It gives good opportunities. For example, when investors from MiracleTele contacted us, in a week we found partners in the Czech Republic and agreed on the first steps of the investigation.
#16
Q: What is the status of the previous project “Clash of Clans” and the status of users actively participating in “Traders battle”? (Alfatradingzone partnership)
A: Competitions continue in accordance with the rules, the prize fund is growing)). Now we have received the first feedback and are preparing a large update of this micro-application. For example, we will use a light wallet to sign transactions. You will not have to remember passwords or look for keystore file every time!
#17
Q: Who are partners who have made an announcement (with the project being nearly almost complete) who are outside of IDL ecosystem and not headed by advisors from IDL?
A: During the past two years we met with the Russian government, 19 African governments, one airline, one goldmine, the Russian postal office, the Russian import & export, the European Union, Sber Bank, the ministry of digitalization, a big construction company, a IoT company that specializes in wifi locks and a lot other companies. Once our product is finished we can sign contracts.
About current partners. CryptoTribunal isn’t a partner, but the law association of 6000+ lawyers is.
#18
Q: In November 2019 team announced financial hardships that would make or break the future of the project. Since then has IDL aquired stable income since that announcement that will divert from the same situation occurring again?
A: Yes, we had difficult times, we even had to sell our tokens to save the team and to pay salaries. But now it’s all over, we are not experiencing difficulties and have a good supply for several months in advance.
#19
Q: Is that true that for each transaction some SNTR will be burned. If yes how this gonna work? What %?
A: Yes, that’s right, in full accordance with SN whitepaper. Nothing has changed in the concept, only there was a migration to IDLs and it became possible to stack SNTR tokens in a notarial consilium (PoS blockchain running on IDL)
#20
Q: Is it safe to say outside of presale and IEO a stable source of income hasn’t been found since the crisis of November 2019?
A: Well, actually it’s not easy to develop a product for 2 years and keep a fairly large team of highly paid specialists. We had a problem in November when, due to development delays, we went beyond the budget. It was a difficult moment — the system is already working, tests are underway, bugs are being fixed, and we are looking for investments … But everything is behind, the system is working, you can use everything. Of course, we still plan to do a lot, but this is not so important for the entire project.
#21
Q: On your website is stated that the pre-sale will end at any moment. I saw a screenshot of Sept 2019 with the same text. When will the pre-sale end? Or with a given %?
A: In any case, we will close it before the start of trading on the first of the exchanges. It all depends on the speed of listing and technical integration.
#22
Q: During the financial turbulence experienced the status of the lockup came to question when the team sent those tokens to Kucoin.
What happened with the lockup of those tokens? Were they ever locked as promised, or was the premise of a lockup never implemented as stated on that supply of tokens?
A: We have SNTR tokens frozen on a smart contract (here is it: https://etherscan.io/address/0x7...), which can be used by those who suddenly decide to make a reverse exchange. We also have holders of SNTR tokens, ready to exchange them for any amount to get LAW.
#23
Q: What marketing strategies are currently deployed, excluding marketing avenues that are being explored but have not been implemented so far?
A: We have tested almost all the existing marketing channels and already have a knowledge of what is working and what isn’t.
If to say precisely about most recent successes:
1. Media coverage via our partners TheBitcoinNews, Masternodes Online, AplhaTradingZone, and FoundICO. If to say about figures, we got media services equal to 30,000 USD.
2. Media coverage in Forbes, NY Times, Huffington Post and/or some big crypto media is around the corner. We expect some big PR articles in the nearest time.
3. We have achieved quite low PPC in Google/FB ads — about 0,03–0,04 USD per click. If needed, I can provide some screenshots without problems.
#24
Q: What is Ubikiri? How it’s connected to IDL?
A: Ubikiri is a super application. An interface. Our online wallet. A social business network that will be used by companies to make payments, sign (legally binding) contracts and it will host our applications. Ubikiri will be the center of all that we are creating.
It can’t be compared with traditional platforms like LinkedIn or Facebook.
Ubikiri is a platform for legally binding agreements, including contracts, license agreements, payments, and important legal information. None of these legal aspects are offered by LinkedIn or Facebook.
By the use of Ubikiri a business can do a full background check on the contractor with just a few clicks and according to the result decide to proceed with the deal/transaction or not.
The platform is DLT-based and completely decentralized. Every transaction is timestamped and immutable.
The end goal is to have a versatile online tool to facilitate all sorts of legal interactions between private individuals, businesses, and governments.
With Ubikiri someone can’t hide in disguise as a scammer or use a botnet on our platform as in both cases the offending party will be unable to get through the identification procedure.
#25
Q: You say the product is 90% ready. How long does it take to finish the last 10%?
A: Actually the IDL network and Various components are up and running. SilentNotary is integrated with IDL, We have IOS apps for SilentNotary and Ubikiri. The remaining 10% is implement sharding tech to increase transaction speed. Also, we want to implement the Android version of the IOS apps for Silentnotary and Ubkiri.
#26
Q: Why do you need Sharding tech, doesn’t DAG allow lots of transactions per second, much more than Bitcoin, so Sharding tech would only be important once you have 10x more transactions than Bitcoin?
A: We initially assumed sharding, and architecture makes this quite easy. We need it not so much for speed, but more to optimize the volume of the full node. Our goal is to organize the storage of internal transactions only on those nodes that support the corresponding blockchain. This is very important for applications like IoT — with large dataflows.
I’d like to thank Max and IDL team, once again for contributing your time to answer all of our community questions.
Also many thanks to both Quora Inner Circle and IDL communities for participating and asking interesting questions.
If you still have questions left, do not hesitate to ask Max directly at IDL telegram group!
