Here is short discussion with one of our shareholders which we think will be a useful context in terms of our experience and current view of the Crypto market in October 2018
Thanks for the update; a couple of thoughts . . .
(1) Streembit P2P – There are a lot of ‘Blockchains’ targeting the ‘secure and private communications’; how do you feel that Streembit will be different?
(2) Have you considered an ICO linked to what you are doing to raise funds for R&D? Accepting 2018 hasn’t been a good environment for ICOs (and STOs are likely to become the more dominant form of fund raising in the crypto space going forwards) there is building interest in DLT and IOT (there is already at least one actor [MIOTA] focused on IoT in the crypto space) again and 2019 is predicted to be a much better year for the crypto space.
Firstly thank you for your note and suggestions for thought, which are quite timely given the work we have been busy working on in the background during 2017/2018. I’ll respond to your points 1st and then provide you with our observations on the Crypto space and ongoing developments.
Streembit P2P – In terms of differences the Streembit secure communication is already in existence and operates without the need to require a blockchain. However our USP is closely linked to some of the benefits of Blockchain technology, particularly that Streembit doesn’t require a centralized server architecture to operate, yet no identifiable user data is stored. We have a white paper on this architecture on our website. Think of it as a decentralized directory fully encrypted.
ICO – Initial Coin Offering, is something we are acutely aware of, and as you have observed been through a boom and bust cycle. All of these ICO coins rely on existing Blockchain technology, which means they inherit the same issues and challenges of scale and speed as Bitcoin or Ethereum, which means they are best suited for speculation, but face the same challenges. Of course there have been scams and ponzi schemes, as the barrier to entry to clone with an ERC20 token is really quite low.
We will be releasing our own protocol to create a Blockchain, and we have done this to build a more sustainable solution with real utility for commercial users. Once we are complete on development work, we will be publishing more material introducing the solution and will ask our current and existing investors for assistance in getting word out to their respective networks so we can all benefit.
IOTA – MIOTA – these folk have an aspiration and some tech to address the IOT space. It seems they are still working out a viable solution. Having said that, the fact they are targeting this market validates our approach, and Streembit P2P can already control IOT gateways using our own developed board running a Streembit client on a Raspberry-Pi. This will be the basis of our IOT SDK kit aimed at developers, and IOT based service providers.
The crypto space is evolving and the challenges to apply Blockchain are becoming more clear and understood. There will no doubt be more speculation and new regulations appearing as the marketplace matures.
We think this is good timing for ourselves to enter the market with a solution that works and improves on the application of this technology for business users. We also are serious about generating real revenues within this market and expect to see this happen once we have proved the architecture. We also anticipate a range of opinions on what we are proposing and the merits of our architecture, but we are certainly confident that we have a far more viable solution than the many ICO’s with large market capitalizations that are currently delivering nothing in comparison to the Streembit architecture and code.