GAINS Associates
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GAINS Associates

Integritee — Telegram AMA — October 25

On Monday, October 25, we had the pleasure to welcome to our Telegram chat:

Waldemar Scherer, Co-founder and CEO

We asked him questions about the development of Integritee.

Some sentences have been slightly edited for readability but the meaning has been conserved.

Summary

Integritee is the most scalable public blockchain solution for securely processing sensitive business or personal data. Harness the speed and confidentiality of trusted execution environments, combined with the trust of a decentralized network, with Integritee. Integritee provides a highly secure and scalable system with which firms and developers can build broader, fairer, and more secure data-driven products and services that unchain the value of sensitive data without compromising on privacy

Integritee enables individual developers or firms to create platforms that reap the benefits of consumer data, without compromising on privacy or running the risk of harmful data leaks.Integritee allows enterprises with overlapping interests to selectively collaborate on data, without ceding control of sensitive business information. Integritee provides third-party developers with highly scalable, Polkadot sidechains that are interoperable with any web2 or web3 system and can securely process sensitive data.

Integritee can be applied in a wide array of circumstances. The combination of confidentiality and public auditability provides unique advantages to businesses in many sectors. From healthcare and decentralized finance to supply chain management, processing sensitive data is sometimes simply unavoidable. In any situation where multiple parties need to process potentially sensitive data, whether that is a B2B or B2C interaction, Integritee provides a trusted technical foundation.

Existing centralized approaches to data-driven services tend to be fast and convenient, but involve big compromises in terms of user privacy and data security. Many blockchain solutions deliver increased trust and security, but involve unacceptable trade-offs in performance.
By combining the security of Polkadot, the scalability of second-layer technology, and the speed of enterprise-grade trusted execution hardware, we provide the smartest and safest way to build data-driven dApps and services. By separating attestation from computation, we let blockchain do what it does best, and modern hardware handle the rest. In this way, our solution combines the security and trust of blockchain with the speed and power of enterprise hardware

Introduction

Q — Ayeley from GAINS: Please introduce yourself. What did you do before crypto and did you have any other previous venture in crypto?

A — Waldemar from Integritee: Hi — I am Waldemar Scherer CEO and Co-Founder of Integritee. I am a seasoned executive and entrepreneur, with a background in business informatics, I have managed global programs and digital transformation projects in the financial services sector. I was also an integral part of the team to establish EY’s Blockchain footprint in Switzerland.

As a co-founder and former Head of Enterprise Blockchain at Swisscom, I built blockchain solutions and services for internationally renowned companies in the finance, insurance, and pharma industries.

About

Q — Ayeley from GAINS: What is the Integritee project about in a few simple sentences? What was the inspiration behind it and what sets it apart from the competition?

A — Waldemar from Integritee: Just to explain our project in a few simple sentences and what sets us apart: The Integritee network enables firms and dApps to process their users’ data in a privacy-preserving manner that aids compliance with GDPR and other privacy regulations. Moreover, Integritee enables firms and dApps using its service to prove that all privacy-related requirements have been respected.

Integritee is a system that enables developers and firms to unlock the value of sensitive data. By combining the trust of Polkadot, the scalability of second-layer sidechains, and the confidentiality of Trusted Execution Environment (TEE) hardware. Integritee solves the 3 main issues of Blockchain as of today. Its Scalability, Interoperability and Confidentiality at the same time without downsides.

In addition to that, Integritee aims to power a new generation of data-driven dApps and services. There has been a backlash, and rightly so — against companies who do not take or are unable to take the necessary steps to protect sensitive user data. In the past years we have seen an exponential increase in successful hacks which lead to the leaking of consumer data. This is something we want to change and create a new ecosystem of apps that are using privacy preserving technology like ours natively.

Q — Telegram user Am4 SF: Would you share with us the reason behind naming it Integritee? What is the main purpose, is there a feature as representation of the name?

A — Waldemar from Integritee: The name is a combination of two words, the first is Integrity, that is a necessary part of the blockchain, and the second is TEE, the abbreviation of Trusted Execution Environments.

Q — Ayeley from GAINS:With respect to your roadmap, what should we expect in the next weeks and months?

A — Waldemar from Integritee: Well as I mentioned our current focus is on the Kusama Parachain Slot auctions and our ongoing crowdloan campaign to win a slot. Once we are successful with that we will also be looking to gain a Polkadot Parachain slot and then we will build and release a bridge between Kusama and Polkadot.

We will also be listing on centralized and decentralized exchanges and platforms once our crowdloan has been concluded. If you want to stay up to date with our latest developments then please follow us on Twitter and TG.

Q — Twitter user @nguyenhuynach12: With the development of blockchain technology, an infinite number of blockchain projects have appeared on the market. But people prefer/ will accept projects having real use cases. Can you tell us about real-world use of Integritee or solutions that contribute to this?

A — Waldemar from Integritee: Integritee provides a trusted technical foundation. There are far too many potential applications to list but they affect every industry and you personally too! Some examples include:

— Financial dapps. — Medicine, wearables. An Integritee sidechain can be used to share medical data with a medical dapp. — Oracles.
— AI networks that process input data in private mode.
— Data storage.
— Bridges to other blockchains.
— Private messengers.
— Decentralized identities.
— Data analytics.

Q — Twitter user @antonio50221026: Data has surpassed the value of all other assets and, as a result, has become increasingly attractive for cybercriminals to abuse. So, can you explain how the Integritee platform is able to protect users’ data and sensitive information?

A — Waldemar from Integritee: Companies use a wide range of technologies to run their business processes, secure their systems, and protect sensitive data. Technologies such as cloud computing, blockchain, and software-based privacy technologies like zero-knowledge proof are becoming increasingly popular, but their requirements put an increased workload on staff. In the context of privacy-preserving technologies, four specific technologies have emerged, which are tailored to cover different use cases and have different strengths and weaknesses:

1.Secure Multiparty Computation (MPC):

2.Homomorphic Encryption (HE):

3.Differential Privacy (DP): The one we are using it the 4th one:

4. Trusted Execution Environments (TEEs): The best of the mix, TEEs provide a simple and currently unrivaled way to securely and confidentially process sensitive data. A TEE is an isolated environment that uses both special-purpose hardware and software to protect data. In general, TEEs provide a “trusted environment” inside which computations and analysis can run while remaining invisible to any other process on the processor, the operating system, or any other privileged access.

Unlike HE, computations inside the TEE are performed on the decrypted cleartext data with comparatively good performance. These clear advantages drove Integritee’s decision to leverage TEE technology.

Q — Telegram user Amina Peter: Your project runs on Kusama and Polkadot. Can you tell me the reasons for this decision? How will that contribute to the growth of your ecosystem? .

A — Waldemar from Integritee: For Integritee, the Polkadot and Kusama Relaychains will provide public auditability and interoperability possibilities. We are planning to launch our mainnet soon no matter what the outcome is of the parachain slot auction round. We can launch and then migrate to a parachain as soon as we win a slot — which we will very soon! We also plan to obtain a Polkadot parachain slot once the Polkadot parachain auctions start!

Q — Telegram user »›★Mauricio 🇻🇪 Rangel★‹«: Current blockchain solutions cannot provide confidentiality, and scaling up is a big problem as it generally slows down transactions. So how does Integritee protect user data and build consumer trust without compromising confidentiality?

A — Waldemar from Integritee: We are using our special hardware technology called TEE to provide a privacy processing unit without downsides on the performance. Combined with the sidechain concept, that allows projects to scale independently from each other by adding more hardware, that is a super powerful combination

Token

Q — Ayeley from GAINS: What role does the token play in the Integritee ecosystem?

A — Waldemar from Integritee: We have a hard cap of 10m tokens and only a single native token, the TEER, that can freely float among multiple parachains and ecosystems. A portion is allocated for our early contributor, for the slot auctions to secure parachain slots, the further development of the network and ecosystem, and long term the treasury, which will be governed by one chain and decentralized by token holders in the future.

This means that every token holder will have the power to drive the future development of the platform and the future of privacy-preserving apps and ecosystems.

Thus, governance — which relies on coin voting — should also be unified. Therefore, a single council will be elected and all acts involving coin voting will be aggregated across all parachains/parathreads. The value of the TEER token is driven by demand for our technology.

As demand continues to grow the value of the token will increase in the long term. By definition, the TEER token has an intrinsic value: users need it to pay for operating in the Integritee network. To ensure that costs are stable and predictable for Integritee users, the usage will be denominated in fiat. A burning function burns a fraction of each fee paid to the treasury.

This implies that the overall TEER token supply is deflationary. In a nutshell: Each time a user pays for Integritee’s service with TEER tokens, a fraction of the TEER token transaction is burned.

Funding

Q — Ayeley from GAINS: Did you raise funds so far? If so, how did you handle them? Are you planning to do any future raises?

A — Waldemar from Integritee: Yes we have raised funds in an initial Seed Round where we raised $2M and we just closed our private sale round recently. We always looked for strategic investors that could support us in adding value to our project through partnerships, promotion, and resources to build long-term relationships with our investors to ensure (together with strict vesting conditions) that they stick with us for the long run.

We are currently participating in the Kusama Parachain slot auctions — which is in itself a type of raise where people can commit their KSM to support our bid for a parachain slot and receive generous amounts of our $TEER token in return. After the end of the parachain lease period of 48weeks the KSM is returned and it’s a win-win — so grab the chance and contribute today: more info on our crowdloan page.

Business Development

Q — Telegram user Nayeem 0.76: If the community would like to participate and support your project, how can they do so?💥

A — Waldemar from Integritee: The community can join our social channels and spread the word about our fantastic technology, or actively engage and support us in different areas. Last but not least everyone can support us in our crowdloan campaign to obtain a parachain slot.

Waldemar, thanks for coming into our community, and taking the time to answer our questions. Any final words? Where can we follow you to stay updated? — Ayeley from GAINS

We have tons of information publicly available that are either targeting developers and techies like our Github or Web documentation. For everyone else who is interested in the project and wants to be part of our lively community, they can join one of our social media channels like Twitter, Medium, Telegram or Discord where they can connect with like minded folks and get the latest news and updates about our project.

To all who have been attending this AMA, join our channels and join the movement to secure everyone’s private sensitive data in the future web3. It was a pleasure being part of this AMA and many greetings to all of you .Wish you a wonderful Monday.

Here are some links to the ressources:

Github | Web Documentation | Telegram | Twitter | Medium — Waldemar from Integritee

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