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WeTrust AMA #6 - November 17 (recap)

Hey everyone,
here's the transcript of the latest AMA. We've had George and Tom from WeTrust answering questions that were collected using sli.do and some were asked live.
Below you can find links to the previous AMA's:
AMA #5 - November 3
AMA #4 - October 20
AMA #3 - October 6
AMA #2 - September 22
AMA #1 - September 1
George.WeTrust hey everybody!
TomD.WeTrust happy Friday, everyone!
CowMooFlage Hey hey
sdl Welcome back!
George.WeTrust hey hey, great to see everyone!
TomD.WeTrust shall we get this started? I think we’re going to be taking questions from the sli.do board first as usual
George.WeTrust let's get started with this week's
TomD.WeTrust some great questions coming in this week :)
George.WeTrust Tom do you want to take the first one?
TomD.WeTrust sure thing
Q Wut is bum bum fun?
TomD.WeTrust So…I’m not sure how to answer this; I have ideas, though (this community is awesome…I nearly cried laughing when I saw this had reached the top :D). Always keeping us on our toes ;-)
Ajcarmon Lol Hi guys
Q Do we expect to see token on larger exchanges like Binance, Polo etc? Currently token listed only on few exchanges (Bittrex -99% volume)
George.WeTrust We’re currently focused on building the Trusted Lending Circles product and ramping up visibility regarding the product. We have been recently covered by media in China, for example: http://industry.caijing.com.cn/20171113/4359189.shtml and https://www.toutiao.com/i6488048074718446094/ and expect more to come after we release the product. We do not have any more information to share regarding exchanges at this moment, but we absolutely understand the importance of improving accessibility to the TRST token.
Q When will your 2018/2019 roadmap be finalised and published?
TomD.WeTrust We’re currently focused on the release of Trusted Lending Circles and are planning the next six month sprint around improvements to the main flow as well as other integrations. At a high level, we’ve mapped out general product direction and identified holes we need to fill for the next year-plus. More concretely, we’re in the initial stages of user testing our 2nd standalone dApp at present. That said, we want to be able to respond to user sentiment and be agile when it comes to Trusted Lending Circles. I’d expect to be able to share more concrete information about our 2018 roadmap soon, though 2019 might be a stretch. We want to remain adaptable.
Q What's your opinion about other crypto lending platforms like Salt and ETHLend and how does WeTrust stand out from the competitors?
George.WeTrust First, we're not experts in these two products. Based on what we've seen, AFAIK SALT uses crypto as collateral which can be used to secure loans. This may appeal to users who have crypto but don’t want to sell. ETHLend appears to be p2p lending which may encounter similar challenges that BTCJam faced -- the difficulty lies in risk assessment and lack of carrot/stick approach to incentivize the desired behavior. Trusted Lending Circles are between individuals who know each other in real life, so there is social capital at stake. In addition, our product attempts to use this data to bootstrap additional insights, and create credit identities / reputations -- which can then later enable interactions between strangers, as users now have a reputation they want to retain. We may build out this credit score/ identity ourselves, or work with other partners if we see that as more appropriate and efficient.
Q When will you start a marketing campaign? We have a very small market cap in comparison with other tokens. All analysts blame you for the lack of promotion!
TomD.WeTrust We’ve kicked off our marketing plan for Trusted Lending Circles. Expect to see more coming out for us very shortly. Again, we want to remain cautious here; we’re committed to delivering a solid, useful dApp that can grow in users over time rather than make a big splash in the market and seeing retention rates fall immediately following. You’ll be seeing more of the team at events as well.
Q Can you provide us any more information about the WeTrust software development kit (SDK)? Could trustcoins be paid by developers to use the SDK?
George.WeTrust This idea is still in its early stages. We think we could charge developers for special features and/or increasing the ratelimiteresources quota. Unfortunately we don’t have much more to share on this topic yet. The platform services itself will be informed by the demand we see from the initial TLC product, and the customizations that are requested from users/ developers.
Q Are you worried about the lack of visibility of your project compared to others in the crypto world? What are your short-term plans to improve it?
TomD.WeTrust We don’t have strong concerns. Again, in terms of marketing or visibility, we’re trying to form a userbase of people who find utility in participating in a virtual/blockchain ROSCA; increasing visibilty about the project by itself is less targeted than say, specific outreach into receptive groups, etc. You’ll be seeing more public information in the coming weeks. On that note...I do get a sense of restlessness from the community about promotion plans :). Please know that we’re grinding behind the scenes to make this launch as smooth and as impactful as possible.
Q What happened with Ron Merom? What's going on with him? We have asked this question several times before and we don't get a straight answer.
George.WeTrust Regarding Ron, due to differing professional points of view between some of the WeTrust founders, we are working on reassigning the responsibilities of some of them. Unfortunately, we can't share more at this moment, as we are working thru that process.
However as far as engineering leadership, I want to emphasize that Hoang has been an ongoing tour de force, continuing with excellent leadership and driving our software development efforts forward. We're not standing still on recruiting though. We have just signed up one software engineer based in Vietnam (originally from France) who just started last Monday, and a software engineer based in SF Bay Area who is very familiar with Trusted Lending Circles and a veteran in the tech industry -- he be joining on November 27! We’ll be creating blog posts talking about each of their bios/ backgrounds soon, as I think they are both exceptionally strong additions to our team!
mk I asked the question about Rom last time but not this one — by “reassign” does it mean he is still working full-time for WeTrust?
George.WeTrust I can't say more on this topic at this point, we hope to have an update soon for you, @mk.
[Merged comments into one post] Agentx What is vitalik's use case in the success of trst
The team cares less about investors than real case users. So mean . We understand you guys have funding. But you cannot get real actual users without proper marketing and solid followers as you progress. This is crypto for chrissake.
Ajcarmon I’m agree, the more ppl holding trst, more use of TLC,plus its free mkt
Agentx Holders will be the first users. You don't expect normies who have never even heard much about Bitcoin to loop into rosca. Get a solid marketing team if you have enough funding. Devs can never and will never be marketers Nobody wants an overnight pump as an investor. But gradual growth in code and cash is healthy.
George.WeTrust @Agentx your point is well taken regarding marketing. we are working on that right now, and acknowledge that's an area we must improve on.
Damo.WeTrust I’m not so sure about holders being the first users, though, beyond some initial toying around with the fruits of their support. Far more likely that people already familiar with ROSCAs will be the first solid and growing user community. The overlap between those familiar with ROSCA and crypto enthusiasts certainly exists, but I’d be curious about how much overlap exists between TRST holders and the ROSCA-familiar. This is why we’re considering how best to do targeted outreach to market the TLC dApp rather than mostly broadcast marketing.
Correct me if I’m wrong @george.wetrust @tomd
Agentx Solid @damo but then at the end of the day you can never and will never predict/ choose/discriminate any of your users. We're decentralized remember Thanks @george.wetrust
TomD.WeTrust I’d say this is fairly accurate - again, we believe the maturity and infrastructure in UX for mass adaptability isn’t quite there in the crypto space right now…but it’s rapidly converging. we need to find groups that promote and seed TLC organically as well as through our own targeted campaigns.
Agentx That will have to cost new money for the team. Crypto had a solid community to kick start your campaign. You're focussing too far. To the best of my knowledge tlc are perfect on ground but my point is crypto is a good starting point to test its success that's why it needs to get promoted as we progress
TomD.WeTrust thanks for the feedback, @Agentx - really.
Q What do you plan to do after the release of TLC? Show us a roadmap
TomD.WeTrust In addition to what’s already been said - we have two product tracks; 1) TLC iteration and 2) 2nd dApp development. In terms of what’s going into the 2nd dApp, we’ve started market research and want to optimize for maximum reach and utility. TLC is a great product; it may require a familiarity with ROSCAs to use, and we want to lower barriers for entry even further with our next financial dApp.
Q I heard you would like to make it so new users can exchange fiat for Crypto very easily, on your platform? Could another project like OMG fulfill that purpose?
TomD.WeTrust Fiat <-> Crypto on/offramping is one of the key challenges we’re trying to overcome for mass adoption. I’ve said this before, but it bears repeating - we’re in a nascent industry with a large amount of attention being paid to it as a result of its potential to disrupt the current state of financial systems (as well as others!). We’re chatting with many different companies at present and trying to establish mutually beneficial relationships that may lead to partnerships in the future; fiat/crypto exchange is definitely one of those areas we’re pursuing.
Agentx I wouldn't want to sound rude but i now come to understand why I have to shift some of my trst bags to district0x. I love voting rights there. Any product that lacks a solid community in crypto will scare away long term investors. There's no need for AMA' s if at the end of it all no community suggestions will be taken into consideration. You can as well opt to update FAQ every week.
George.WeTrust Thank you for your feedback @Agentx , rest assured that your constructive feedback is very valuable and we're taking that into account. Hope to have you re-join our community in the future!
Tibonacci :wave:
Agentx Lol. Sarcastic
Q There is a lot of attention around Trusted Lending Circles which I love, can you also give a little insight into other apps that may be built on the platform?
TomD.WeTrust You guys sure are interested in what’s next :). The little insight I can give is that we’re still focusing on saving and lending crypto as a utility for the unbanked and underbanked. We’ve got some prototype dApp ideas that we’re currently market-testing for viability and reach.
Q When will you recruit a team of marketers? Promotion is sack
TomD.WeTrust I’m sensing a theme here with the questions :). Thanks for the honest feedback. In addition to what’s been said before by @george.wetrust and myself, we’re not ruling out the idea of adding a dedicated growth/user acquisition person to the team currently. We’re also exploring alternative marketing methods (from traditional online ones) and agencies, from firms big to small. The key is striking the right balance and tone.
Q You have received quite small investment for such global project. Aren't you afraid to face the problem of lack of cash Will you attract additional investment?
George.WeTrust We try our best and must continue to be careful stewards of the crowdsale funds, and plan to operate in such a way that we have sufficient runway towards financial sustainability. Regarding future investments, we need to demonstrate traction in our product in order to attract partners/ investors who want to continue supporting development. That is what we're working towards.
Q Have you been approached to partner by other ventures?
George.WeTrust There are many opportunities to partner with projects in the crypto space and outside as well. However, first we need to demonstrate a working product. Second, we want to work with serious projects that are focused on building working products (or already have), and most importantly, have the will to persevere and overcome both technical and adoption challenges that we all face in the blockchain space. We are open to these partnerships, and will build them when there is a good opportunity.
Q I don’t mind delays. It is completely normal and can happen. But can you be honest and give us information about beta and product release?
TomD.WeTrust We want to be upfront about our progress with you guys. We’ve received our SmartContract audit back from our auditing firm, and we’ve made some of (their few) recommendations. We’ve been testing the app team-wide at a regular schedule, and the engineering team has been killing it in terms of resolving bugs...at the rate of dozens a day. The UX is looking more polished with each build...we’re hoping to push it into Beta soon after Thanksgiving, with a rollout after that (plus iterative versions with new features being flight in in Q1). Slippage has been minimal so far.
Q Websites should be constantly improved or planning improvement. What is the next step you have planned for improving the website?
TomD.WeTrust We revamped tlc.wetrust.io about a month ago...and post-release the whole team’s really been heads down focused on the actual TLC UX and code. I expect you’ll see some changes soon as we make the product more available generally, including FAQs and/or a Help Center & self-help forum. We’re still architecting these components currently.
Q What is 'Coinpool' and when it will be released?
George.WeTrust Great question. The concept of Coinpool was conceived as a way to utilize the smart contract logic that we already created, and solve a problem that token crowdsale participants sometimes face when trying to participate in new crowdsales. In a nutshell, it is a re-packaged and slightly altered form of the TLC concept, but geared for crypto folks. The Coinpool allows private groups of users that already exist, to contribute/ pool cryptos more easily, which are then sent to contribution address and makes it easier for participants to manage this financial collaboration. Note that this project is currently on hold, as we focus on the TLC.
Q Is there any referral commissions in TLC product?
George.WeTrust In the future, we may design a referral system where users can get some token amount of TRST when they first join, similar to how Paypal did this when they first started.
TomD.WeTrust Alright, guys - it’s been a pleasure. Thanks again for the great questions and feedback - I’ve got to get back to helping make all the things we talked about happen on time :). Really - it’s awesome to be part of such an engaged group of folks
CowMooFlage Thanks @tomd and @george.wetrust I'll get to collecting all the answers v soon. AMA should be on Reddit soon (TM).
George.WeTrust That is all folks for now. Tom and I will try to pop in here occasionally in between AMAs. Thank you for the feedback again, and we'll continue to work hard on building and now developing the marketing so people can see what we've built. thank you for your support!
jodaw123 Great AMA guys. Tom killing it!!!!
Ajcarmon thanks a lot guys
jodaw123 Great work
sdl This was awesome :blush:
ruttocks Thanks both. Will read through the ama later
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Yahoo Japan To Build Its Own Crypto-Asset Exchange

This is the best tl;dr I could make, original reduced by 45%. (I'm a bot)
According to Nikkei Asian Review, Yahoo will buy a 40% share of the Tokyo based crypto-asset exchange - BitARG. Yahoo Japan is aiming to fully launch the exchange by April 2019, after a year of development.
Yahoo's exchange will use BitARG's system but the exchange itself will be custom built according to Nikkei Asian Review.
Work on developing the new exchange begins next month and Yahoo Japan will hire engineers and executives with the aim of deploying the exchange in under 1 year.
BitARG is registered with Japans FSA, something that Binance exchange has been struggling to do.
Recently, payments company Circle bought Poloniex exchange and Yahoo's purchase appears to be continuing the trend of exchange consolidation.
Experts in the industry expect the number of exchanges to reduce but trading volumes on the winning exchanges to increase in the coming years.
Summary Source | FAQ | Feedback | Top keywords: exchange#1 Yahoo#2 Japan#3 Binance#4 FSA#5
Post found in /Bitcoin, /BitcoinAll and /CryptoMarkets.
NOTICE: This thread is for discussing the submission topic. Please do not discuss the concept of the autotldr bot here.
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Die Expansion von Binance - Gefährliche Zentralisierung? Konsequenzen des Coinmarketcap Kaufs

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