TEAMTALKS #4: TWIST | Personal ID’s For Your Transactions
TEAMTALKS PROVIDES A SOAP BOX FOR THE CRYPTO TEAMS, THROUGH SIMPLE & UNEDITED Q&A — THIS TIME I MET WITH THE TEAM FROM TWIST
Update:
Please be advised that stocks.exchange has been acting strangely recently — if u buy $TWIST there, you should download the desktop wallet and withdraw ur coins from the exchange to the wallet - nothing to do with the project, just the exchange that’s acting weird - stay safe!
Start of interview.
Participants:
Questions: Flashy Gordy — Freelance Journalist & Crypto Degen
Answers: Nemo — Project Coordinator & Part-time Developer
INTRODUCTION:
Who are you and what is your role on TWIST?
My current role at TWIST is project coordinator and part-time developer.
My job involves ensuring we release our roadmap deliverables on time, whilst communicating strategic decisions and potential opportunities with the team, as well as overseeing the social side of the project.
My background is in Cyber Security Consulting exclusively within the Financial Services Industry for a FTSE 500 company. Being aligned to the Financial Services Industry results in the majority of my clients falling under the following divisions: Wealth & Asset Management, Banking & Capital Markets, and Insurance. This has led to me developing a skill-set and building connections which can be capitalised upon in TWIST’s foreseeable future.
The FTSE NASDAQ 500 includes the 500 largest NASDAQ companies by market capitalization with an emphasis on technology stocks.
BASICS:
What are TWIST’s key features?
The TWIST coin itself is fork of Stratis, with 30 second block-times and a network operating via a Proof-Of-Stake consensus.
The features that make TWIST special are the applications and tools that we are creating for the TWIST platform.
Namely, our TWIST ID feature (already released) which allows users to register a short alphanumeric name to their TWIST address, allowing transactions to be created with user IDs rather than using the lengthy, complex crypto addresses that may intimidate less tech-savvy users.
Another key feature of TWIST will be TWIST DATA (to be released within a month or two), which will provide a very easy to use interface for writing and reading data to and from the TWIST blockchain.
These are the first two of many planned features which will make up the TWIST platform and ecosystem.
Another key feature of TWIST is the fact that we’re not funded by any ICOs or venture capitalists, 85% of TWIST’s supply was distributed via an airdrop to the BitcoinTalk community: we’re a development driven project for the community, by the community!
Why do we need TWIST / What is TWIST’s role in crypto?
With TWIST our intention is to build a platform that provides everyday users, programmers, and companies with an easy interface to access and utilise the blockchain, and we want to offer a range of services and tools (e.g. TWIST ID/DATA/API) to achieve this goal.
A year from now we aim to have a full range of these services up and running and we envision that because our applications and interfaces are built to be intuitive and easy-to-use, we will be the platform of choice for anyone wishing to utilise the blockchain (for simple crypto payments, secure data storage, peer-to-peer information transfer, etc…) in an easy and straightforward way.
Who are TWIST’s competitors & Why is TWIST superior or different?
There have been a few names thrown around where competitors supposedly have some similar functionality, however I have not seen anything similar to TWIST’s end goals or vision.
We believe blockchain technology is the future and adoption of blockchain technology will continue to rise over the next few years. However we’ve also seen that with many competitors in the market right now, their services are geared towards users who are already very technically savvy and have a considerable understanding of crypto and blockchain tech.
This is where TWIST will really shine, we want to make it incredibly easy for programmers and users who are new to blockchain and have little knowledge to utilise our services.
As you can see from the Toolbox, we aim to provide clean and clear interfaces with attractive, no-nonsense designs that experienced and novice users alike find very appealing and easy to use.
THE EXPERIENCE:
How will the man on the street experience or use TWIST?
TWIST owners will be able to easily send and receive TWIST by making use of the desktop and web-based wallets.
The TWIST ID feature which will be seamlessly integrated into the web-wallet will facilitate easy payments between TWIST users.
Likewise, TWIST owners may decide to make use of TWIST DATA to store small pieces of information (i.e. passwords) securely on the blockchain.
How will ordinary shop owners?
TWIST could feasibly be accepted as a payment option by shop owners.
Shop owners may decide to register their shop name as a TWIST ID, allowing consumers to easily pay for their purchases.
How will the government/private institutions?
Our intention with TWIST API and TWIST DATA is to provide an intuitive yet robust way for individuals and companies to securely store data to, and retrieve it from, the TWIST blockchain.
With blockchain technology and distributed computing continuing to boom in popularity, we expect that an increasing number of companies will seek to adopt blockchain tech and utilise decentralised and distributed computer networks.
Given our interfaces will be very intuitive and easy to use, we can conceivably expect to see private institutions and hobbyist programmers utilising the TWIST blockchain in their applications to store and retrieve information, safe in the knowledge that their information is secure on a completely decentralised distributed ledger with no central point of failure.
How will the crypto investor?
Investors may choose to speculate on TWIST in hopes of making a positive return financially as the project blossoms and establishes itself more firmly into the crypto-sphere.
Investors may also purchase TWIST coins to take advantage of TWIST’s aggressive staking model (10% per annum) by staking their coins and earning consistent rewards.
A DEEPER DIVE:
Why are ID’s so important?
TWIST IDs are intended to make crypto transactions less abstract and more familiar and friendly for users; for someone who may be new to crypto, sending a payment to ‘DaveSmith86’ is a lot more clear and comprehensible than sending a payment to‘1KJvkuYm5k7aMRKyXmSADabXXWA4RpUW1W’.
Aside from simplifying transactions, an often overlooked component of TWIST IDs is the fact that each ID also contains a public and private key-pair which can be used for secure peer-to-peer encrypted information transfer. Currently, TWIST ID transactions can include messages, allowing a user to specify the reason for the payment (e.g. ‘Thanks for the drinks last night’). By using industry standard encryption techniques, these messages are only able to be decrypted by the participants in the transaction.
In future the TWIST platform will include a fully end-to-end encrypted instant messaging and data transfer service utilising TWIST IDs.
Why do you use Proof of Stake?
With Proof of Work, a small minority of people with powerful mining rigs are able to obtain a majority of the rewards.
As such, using Proof of Work for TWIST would defeat our vision of a decentralised ecosystem and defeat the purpose of our fair initial distribution.
Proof of Stake is more accessible to most users since it does not require significant computing power at all to stake coins. It also makes us less vulnerable to 51% attacks: if an attacker would like to buy 51% of the total number of coins, the market reacts with a rapid appreciation of price.
How secure is Twist?
The TWIST network is just as secure as other major crypto currencies (e.g. Bitcoin, Stratis) since it is forked from an established and tried and tested codebase. Our flagship features are all designed and developed with complete security as a focal point.
We use advanced Elliptic Curve Cryptography to facilitate peer to peer encrypted data transfer, and AES 256-bit industry standard encryption on all data being transferred over or written to the blockchain.
EVOLUTION:
How far ahead are Twist in development and what can be expected in the near future regarding:
Product development
Through a macro-lens, TWIST is still in its early stages; however as a fresh project we’ve already accomplished a fair deal:
1) We’ve already released a technical whitepaper outlining in detail the TWIST ID and TWIST Data protocols
2) We’ve released a desktop Toolbox application sporting a fully functional TWIST ID registration and transaction construction suite.
3) We recently released a custom made data explorer for TWIST, which allows the user to browse the TWIST blockchain for special data (i.e. ID registrations and transactions).
Our next big release is a web-wallet with integrated Toolbox functionality. Development of the wallet is already well underway and we’re aiming for a release around the end of June.
Plenty of more releases are also expected for TWIST this year, including TWIST DATA/API and nodes!
Listings
As stated previously the project is development driven and once we feel that we have accumulated a strong user-base and solid trading volume, essentially outgrowing our current exchange, then we will begin looking at being listed on Tier 2 exchanges (e.g. Cryptopia etc).
If the opportunity arises to be listed on another exchange and we feel it would benefit the project and the community we are very open to the idea.
Marketing
So far TWIST has hosted two successful bounty campaigns paying out a total of 750k TWIST from the 10 million TWIST bounty/community fund. We certainly haven’t gone full swing yet on the marketing side, since we wanted to first get some major releases under our belt to establish our legitimacy.
Now that we have some real substance (our desktop TWIST Toolbox, our whitepaper, and our custom data explorer), we will be expanding our marketing efforts, with a joint Reddit and Telegram bounty campaign scheduled to start around the end of June.
We also have some informative and accessible promotional materials planned, which should really help our marketing outreach.
THE FUTURE:
What is the next big thing for Twist?
The next milestone release we consider possibly our most important yet — the TWIST Web-Wallet and integrated Toolbox.
This application will enable users who don’t have access to a desktop wallet, the ability to send and receive TWIST, meaning mobile users will now also be able to create transactions from their mobile devices.
Furthermore, the web-wallet is designed to integrate seamlessly with Toolbox functionality, meaning users will be able to send and receive TWIST ID transactions without needing to run an instance of the desktop wallet and the Toolbox application.
We expect this release to really boost the appeal of TWIST.
Where do you see Twist in 1 year?
One year from now we want TWIST to boast a full range of features which help to provide easy accessibility to the blockchain.
We also intend to have a expansive and reliable network of nodes maintaining and running TWIST operations both on-chain and off-chain.
We’d also like to expand our core development and marketing team and also capitalise on opportunities to create strategic partnerships.
Where do you see Twist in 10 years?
10 years is a long time from now so it would be presumptuous to suggest where TWIST could end up in 10 years time, especially in such a rapidly evolving technological landscape.
There’s a lot we’re aiming to accomplish and with the motivation and ambition of the TWIST team we have no doubt TWIST make its mark as an innovative and influential blockchain based platform, and will be here to stay from years to come.
End of interview.
THANKS TO NEMO AND TWIST FOR WANTING TO PARTICIPATE & PROVIDING SUCH DETAILED ANSWERS!
MUCH OBLIGED, FLASHY GORDY
TWIST LINKS:
HOMEPAGE: https://twist.network
WHITEPAPER: https://twist.network/files/whitepaper.pdf
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The purpose of ALTCOIN MAGAZINE is to educate the world on crypto and ultimately to bring it to the hands and the minds of the masses. Brought to you by the best writers in the world. This review was written and composed by Flashy Gordy on Altcoin Magazine.
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