July 16 Community Update Recap
Industry News
Token Utility
Exchange Update
Development Update
Good things coming down pike despite market chaos
INDUSTRY NEWS
1. We have the attention of US government in what’s happening in the cryptocurrency space due to the president weighing in and providing his opinion and what he thinks about the crypto industry and the opportunity it provides. Secretary Mnuchin held news conference re crypto and it falls in line with what the legal team has talked about all along.
2. Identities can’t be hidden, shadow warriors running these digital currencies can’t stay hidden in the shadows
3. Compliance taking a major front seat now to a lot of things that are happening in the industry. Don’t be surprised if a lot of people get regulated out of business
5. Today was the hearing on Facebook Libra. Previously, Mnuchin said it was not right for Facebook to establish their own currency. Also Germany expressed concerns. They’re going to take one for the team. It will be a long, arduous battle and bring a lot of attention to the space and provide an opportunity to establish what it is that we are doing and what we have to offer. AERYUS is not dependent upon any one type of currency but is platform that supports any of them.
The markets are in an uncertain state. A lot of people are panic selling and others are buying. Digital currencies are a path for other economies to thrive. We’re going to see a lot of people adopting digital currency globally.
This is a major turning point for the industry, all eyes are on us now. We’ve been flying under the radar for two to two and half years now and it’s getting mainstream and there’s no turning back. Now it’s preparation, preparation, preparation and making sure you fall on the right side of history using digital currency.
Fortunately, we are building upon that mode: compliance, compliance, compliance. Making sure we don’t put the cart before the horse, making sure that we’re not rushing into the market, adopting a bunch of users that eventually we’re going to have to kick off the platform because we didn’t comply in one way, shape or form.
TOKEN UTILITY
I want to dive in tonight as our token utility has become an important factor as we have been negotiating with the exchanges and them getting a feel for what it is that we’re doing within our project.
We’ve been working a lot on the language as it relates to our token utility and trying to explain that to other people. Hector and I have done a really good job of trying to create a good utility model and multiple utility models for the token. I had our Mastermind group query us on this the other day asking “what is it exactly is AER as far as a token?” And I had to explain the utility of it. Essentially we are structuring AER is as an encapsulation protocol first and foremost. We host main nets for blockchains. This means we have to actually build out each individual blockchain, we host that blockchain’s infrastructure and we actually interact with that blockchain’s infrastructure via a suite of APIs that we built to facilitate things like transfers, encapsulation of transactions, producing the non-fungible token asset and things like that as well. So these are really important parts of the what AER is. And diving into the utility was even more important. As we started to develop a token economy around the protocol, we started to see a lot more of a need to create a utilitarian environment for the token itself.
Hector gets the credit for this for coming up with models such as this (Nic shared model of Hector’s diagram drawing.) These models actually show what the utility of the token is on a network like ChainPayments. Essentially, the way a lot of people might be familiar with the way B & B works on the Binance exchange is you can use it to pay for the fees that you transact in. So part of the redesign of our app is taking into account the utility by which we can actually use AER to pay for the fees, all of the users can use it as well to pay for the fees with a significant discount. It’s looking like we can utilize up to 50% discount on all the services paid using AER
So they keep AER inside one of their wallets and we use that to pay for the transactions that occur across the network. Or even if it’s not in a wallet, we can provide an instant conversion and make sure we are utilizing AER to save users on their fees.
We are also going to use AER to perform functions like validations for KYC. So when non fungible token assets are created, a small portion of AER is burned in order to generate that non fungible asset. In addition, we are also going to use AER to perform functions like validations for KYC, meaning that AER will be used to generate a validated KYC profile.
Example: say I have a digital collectible that is encapsulated on the Aeryus network and I want to transfer to Alan, I can essentially transfer that to Alan but it will cost me “X”amount of AER to make that transfer.
So these are a couple of examples of creating a utility on the AER network and really defining the scope of who will take and have the use of and benefit from the token itself.
This is something that we are asked when talking to exchanges for listing left right and center.
We actually have a really popular exchange here in the US that is Bitrex for example and we have been working through the application process with them and it‘s’ all about the utility of the AER token. We’re gonna make sure that once our MainNet launches we’re looking at targeting exchanges like Bitrex, Poloniex and Kraken with AER as a true utility. We’ve already gotten our determination of our utility out of Malta. We’re working with our legal team at Greenspoon and Marder who should be giving us our opinion letter in a week on the utility of the token here in the U.S. As you guys know, these are critical pieces in order to start getting listed on these larger exchanges, and we need to get into the larger exchanges.
We did pick an exchange, arrangements finalize in about 10 days for token integration and we will make an announcement in 48–72 hours. By Friday we will drop the announcement of the exchange. This is a top 50 exchange and at one point was a top 25. This will allow us to apply for our CMC listing…which you know is critical to be listed on CMC. Expect this to happen in 10 days after token integration and we will then apply for CMC.
Things we are working on:
Our Education Initiative is alive and well. Creative team has finished our intro course to blockchain and hitting the hands of students in 4 universities in Ghana, Abdulrauf and I have structured this and this is basically an entry point for us to allow college kids and people that are enrolled to have a blockchain course.
We have several professos that were part of our Aeryus Awards as recipient’s a few months ago that will be teaching the course. It was created by Alan, Cindi and Rob and our tech guys to help reach 1 million people on the African continent and teach them about blockchain.
There is a very big deal in terms of a sponsorship that might occur with this, with a top 5 blockchain project that Alan and I have been working with since about January of this year. And if I get their endorsement in the next couple of days, I will be able to announce them to be a part of our education initiative in Africa.
We are going to translate the course into as many languages as possible and make it an e-book. It’s a simple and easy to use method in order to teach everyone about blockchain from a non technical perspective.
I can’t think of better teachers then Alan, Rob and Cindi who all came into this industry with no prior knowledge in digital currency, no prior knowledge of development. They don’t have a tech background and for them to curate such a very well written, very relatable book and turn it into a 6 week course, I would like to give them the public recognition that they deserve for pulling something off that is absolutely phenomenal.
These are the major updates inside the four walls of Aeryus.
DEVELOPMENT UPDATE
Great strides. ChainPayments on track. It has turned into a great exercise for us as a team, our development work flow is great rhythm. Version 1 doesn’t hold a candle to what we have coming. I can’t wait to share it with you and give you guys a chance to promote this and see where we can take it. The response and the anticipation is great.
Thank you so much for supporting this effort from day one and supporting the team and showing up for events and joining in on our calls from the start. You guys are great and thank you.
There were no questions.
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