GAINS Associates
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GAINS Associates

Interlock — Telegram AMA — April 1

On Friday, April 1, we had the pleasure to welcome to our Telegram chat:

Rick Deacon

We asked him questions about the development of Interlock.

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

Introduction

Q — Ayeley from GAINS: Please introduce yourselves. Tell us what you did before crypto. And did you have any other previous venture in crypto?

A — Rick from InterLock: Hi all! I’m Rick Deacon, co-founder, and CEO of Interlock. Prior to starting Interlock, I was and continue to run a web2 cybersecurity startup that’s been around since 2013. Before I was building that, I was a penetration tester/red team/hacker :). I’ve been in cybersecurity for over 15 years, and it’s always been a passion of mine. Most notable hack since someone always asks

- I talked at DEFCON about hacking MySpace in 2007/2008 and I hacked a hospital from the parking lot once(legally, of course)

Outside of that, I recently sold a startup in an entirely different space, have been an advisor for many other startups, and am a YCombinator graduate.

As far as crypto projects go, I’ve only traded on platforms prior, but have spent tons of time in communities helping other projects grow.

Also, Andrew will be here for backup and to help out with questions but I’m going to be answering the questions, he’s my silent advisor

Q — Ayeley from GAINS: Can you please tell us just a little more about the team and some of their backgrounds? I have personally seen many projects launch with inexperienced teams?

A — Rick from InterLock: Sure thing! I’m really proud of our team, one of the best in the industry if you ask me.

We currently have 10 team members. My co-founder and I have been in cybersecurity since 2013, building products together. Our principal engineer and third Interlock founder(Nick) is a data and cloud expert, ex-Joyent. Our CMO has over 15 years of experience in startup growth. Our amazing engineering team has tons of experience with open-source, blockchain, and cybersecurity. John, one of our recent engineering hires, has a browser with 1.2M users! Last but not least, our design lead is one of the best in the world, you’ve seen his 3d art in video games, commercials, and NFTs.

On the advisor and investor side, we’re also partnering with only the best! Ajeet Khurana, an early MATIC advisor is on board and our investor list is full of funds and individuals who have been extremely helpful.

About Interlock

Q — Ayeley from GAINS: Tell us about the Interlock project. What is it about in a few simple sentences?

A — Rick from InterLock: Interlock is Decentralized Security, incentivized for everyone. We provide protection from DeFi attacks, phishing, and malware while rewarding you with tokens. We sell anonymous security data that YOU choose to share with Interlock, to cybersecurity companies who buy and stake the $INTR token to get discounts.

We think the future of web3 requires cybersecurity to evolve and we also believe the only way cybersecurity will continue to improve is by utilizing blockchain.

We are unique in cybersecurity and the first to market in the Web3 space. We focus on including individuals in the security ecosystem, a paradigm that changes the way cybersecurity is done. By integrating with blockchain, we innovate in the cybersecurity space that has been severely lacking.

In the future, we will be the first DeSec(Decentralized Security) platform and as web2 security firms move to web3, they will build on top of our toolset and join the ecosystem as a whole, improving security for everyone.

Q — Ayeley from GAINS: Taking a scenario like the Ronin network hack recently, how could we use Interlock to prevent it?

A — Rick from InterLock: Good question! We’re constantly coming up with new products that focus on the latest vectors of attack. We did have an idea for the Ronin attack, which involved our product being able to detect that sort of breach earlier and more often. The issue with the Ronin attack wasn’t just improperly done security, it was also that no one detected the problem for a week!

With our threat intel, we can create an incident response and detection that would find problems like that with networks and interactions with malicious wallets.

The short answer is, for now, there’s still work to be done!

I believe when our ecosystem is fully fleshed out, we will be providing solutions to all sorts of problems — whether with code, wallets, contracts, or breaches.

Allowing many projects to utilize our toolset and rely on the Interlock network and everyone within.

Q — Telegram user Patrick: I understand that your ideal clients for your products are forward-looking companies. So, could you tell us if you currently have companies that are interested in your services? If so, would these companies belong to the DeFi or CeFi space?

A — Rick from InterLock: Yep, we have 8 SMEs (Small medium enterprises) that are customers. One is a top 5 crypto exchange. One other creates one of the largest online RPGs in the world. We cannot contractually name the companies.

Q — Telegram user TRUST: From a historical point of view, the cybersecurity field has not included users but I know that Interlock intends to change the current paradigm. So could you tell me how users can bring real value to your platform? How can we help grow your entire ecosystem?

A — Rick from InterLock: Interlock’s network and platform include people throughout the entire journey. Cybersecurity has historically not included individuals which is exactly what Interlock aims to change.

Interlockers who use the product and hold the token are not only contributing to making security better for themselves and everyone else, they’re also earning tokens that can be used within the network for staking and our “grey area entity” staking, which you can read about in our whitepaper here. Grey area staking allows token holders to put up tokens to vouch for the quality of certain pages and earn more tokens.

Because of how Interlock works, the community is particularly crucial for us. While users get free protection and earn our token they also contribute to the security of everyone, everywhere.

Specifically, everyone contributes by adding security data to the ecosystem — improving your own security, the security of the network, and the security of companies you use every day, web3 or otherwise.

Q — Telegram user Space Dan: What is the difference between Interlock and MSFT ION?

A — Rick from InterLock: MSFT ION is an identity platform focusing on providing information for authentication whereas we stop attacks that occur in the browser. That said, our future tools may also assist in identity. I don’t personally trust Microsoft to do it well. Opinion only.

Q — Telegram user Memo: You say that the demand for $INTR increases as threat information is integrated into the applications that protect the protocols, does that mean that we will need to buy your token to acquire this information? If so, what will be the cost of it?

A — Rick from InterLock: So the threat data is sold to companies who need it. Individual users will not need to buy the data, it will be included in our ever-improving ecosystem.

Q — Telegram user Juan: Why do you think cybersecurity will improve just through Blockchain?

A — Rick from InterLock: I don’t! We believe cybersecurity improves by integrating parts of blockchain into cybersecurity. For example, without a token, our incentive mechanisms don’t allow us to have people contribute to security day-to-day.

Token

Q — Ayeley from GAINS: How would a prospective customer interact with the Interlock platform? I believe the token would be needed. Also, what are some other use cases of the token in the Interlock ecosystem?

A — Rick from InterLock: Our first product installs as a browser extension, blocks malicious websites, and stops attacks like phishing which attack your DeFi wallets or have you sign malicious smart contracts. When you encounter a new version of those attacks, you are rewarded for discovering those new attacks with our INTR token.

Individuals using the extension can stake INTR for yield, or help the network with “grey area staking”, as well as join the bounty hunter group. Our Visual AI is world-class and developed in-house — INTR powers each transaction as well.

The data that’s sent back to Interlock around the attacks found is stripped of any personal or identifying data, packaged, and sold to companies who need it now and in the future. Revenue from that is used to buy back the token.

Q — Ayeley from GAINS: Let’s talk about the token now. What role does it play in the Interlock ecosystem?

A — Rick from InterLock: Our token, INTR, powers the entire Interlock network, starting with our browser extension, and everything we build in the future. INTR is used by our enterprise customers to receive discounts on data and products when they stake the token. Individuals earn the token for using our browser extension, then have the ability to do yield staking to earn rewards, as well as our “grey area” staking mentioned prior. INTR is also used to power our visual AI detection model — more information coming on that soon.

We’re also excited about our secret “bounty hunters” — a unique, invite-only group that is tasked with seeking out the nasty attacks online and earning more rewards for finding them.

Combine bounty hunters with our grey area staking and you will find these are one-of-a-kind mechanisms that can only happen at Interlock, meaning everyone is part of the security process, making it safer and rewarding everyone for being a part of the journey.

There’s a lot of work going into our token model to ensure our growth, so keep up with us on TG and Discord to ask more about it.

Q — Telegram user Chaise NewWeLL: It is Mentioned that the ERC-20 utility token fuels our ecosystem of the community. May I know why you selected the ERC-20 and will Interlock be launched in more chains?

A — Rick from InterLock: We will actually be launching INTR on Solana with a bridge to ERC-20. And we plan to be chain agnostic and launch on many in the future!

Funding

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

Also, as a Y Combinator graduate, how do you assess the crypto approach to raising funds?

A — Rick from InterLock: Yes! We have currently raised our first token presale round and are currently raising our second token presale round. We will also have a third-round, combined with a community sale, followed up with our public launch in Q2 of this year.

Our three presale rounds focus on bringing in key opinion leaders, top-tier VC funds, and blockchain experts who, to date, have helped us grow immensely. This includes GAINS!

To be added to the whitelist for our future sale, sign up here.

Being in YC, we learned a lot about raising equity in the Web2 space. I’ve personally fundraised 4 different times in my career- all successfully. Raising in crypto is SO MUCH BETTER. The people who have access to capital understand the problems, want to be part of the solution, and really focus on growth. The investors we have and have met have been really helpful and down to earth. Web3 > Web2 any day

Business Development

Q — Ayeley from GAINS: How far along are you with your roadmap and what should we expect in the next weeks and months?

A — Rick from InterLock: Here is our roadmap, to follow along

In the next few months, we are very excited to announce that our consumer product beta will be launched, allowing everyone to start using Interlock.

We also will be growing our community in preparation for our public sale coming in Q2.

Combined with that, we’ll finish up our token pre-sale fundraisers and begin to partner with blockchain companies for mutually beneficial growth!

The next few weeks will be extremely exciting and I hope you can all join us on the journey. To do so, feel free to join us, and sign up to get whitelist access

Q — Telegram user Tahani SG 👠: Does Interlock plan at any stage of the project to implement NFTs within its ecosystem? If so, what exactly are the plans, and what use cases would you provide?

A — Rick from InterLock: We may mint NFTs for people who use the product first, which will act as a whitelist token.

Rick, thanks for coming into our community, and taking the time to answer our questions — Ayeley from GAINS

Thank you for having us! — Rick from InterLock

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