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MDT Thursday AMA - Aug 13, 2020

Text summary of our Thursday AMA from last week, interesting results from the user survey, MDT’s latest progress and FAQs answered!

Host: Hello everyone, my name is Stephanie, an MDT ambassador. I will host the AMA today and congratulations on joining our Thursday AMA!

This week, we will have our marketing direector Charlie Sheng to share some of the updates of the project. The whole AMA session will last around 30 mins.

Charlie: Hello chat! Thanks everyone again for joining the AMA today. We are trying to make this a routine for the community. The Thursday AMA won’t be a super long one, we will try to update a specific topic bi-weekly or monthly. If you have any questions please go ahead and ask in the chat today!

In the future, we are going to invite som other team members to share as well. Topic can vary from the project progress, industry trends to the technology behind. I hope you will like it!

Host: Ok. Let’s start, shall we?

Charlie: Yes. Let’s go

Host: The 1st question is about MDT of course. What are the team up to lately and how is everything?

Charlie: First of all, a quick introduction of te project for people who are new here.

Measurable Data Token (MDT) is a blockchain-built, decentralized data exchange economy that empowers users to monetize and control their own data, while providing data buyers a more efficient trading model. https://mdt

Video Link: https://www.youtube.com/watch?v=Wi35_2wP0ok

As of today, the MDT ecosystem has launched two products:

MyMDT Data Wallet, a user-oriented data wallet dapp for individual users to get rewards for sharing anonymous data, a Top 5 Dapp on Ethereum.

Measurable AI, a business-oriented alternative data provider that turns anonymous transactional data into consumer insights serving financial institutions and corporates.

Host: Can you elaborate more on the data wallet? I’ve seen users asking about it in te community a lot. How exactly does it work? And How can they get rewarded?

Charlie:

What users need to do at MyMDT data wallet is actually very simple. Three steps: 1, Download the App , 2, Sign in and 3, Wait for the rewards.

Many users have been asking us why sometimes they get te rewards and sometimes they don’t. I’d like to explain the mechanism behind data rewards.

When a user opts-in MDT data sharing via data ecosystem services, for example, the MailTime app, users’ anonymously aggregated inbox data will be parsed, collected and shared with MDT’s data platform’s pipeline.

Once a user receives an eligible e-receipt (for example, purchase something online), MDT will measure the value of the e-receipt data point and register the MDT data rewards through smart contract. Users will be able to claim their data rewards via MyMDT Dapp once a week on Thursday.

About why 0 rewards:

It’s true that if a user makes no purchases at all with the account and has no e-receipts data in their inbox, they will not get any rewards during that period. This explaines why some users trying to get rewards by signing in a brand new email address which has zero history in it. This actually won’t work. The system will automatically exclude those accounts and if it happens a lot the user might be marked as a fraud account. Please be noted.

Currently the ecosystem rewards specific data type of transactional email receipts as follows: In-App Purchase receipts from both Apple and Google Play , Email trip receipts from Uber, Grab, Lyft, Gojek, and food delivery services as Foodpanda, Deliveroo, etc. The team are also working on integrating with more types of receipts in the future.

Host: I think that clarifies a lot. Thanks Charlie.

Charlie: Back to the updates of MDT. About 2 months ago, we updated the latest roadmap on our website, in which we planned to launch the new independent app officialy in Q4!

In the past 2 months, we have been mostly working on the new app. As of today, an internal beta version is finished with basic functions as sign up/ login, choose reward merchant, conenct email account or credit card/debit card account, reward management.

We are still adding more features into the new app along the way. After the recent user survey, we found out some more possible features that might help users who are into cashback rewards.

Host: Tell us more about the user survey. Any interesting findings?

Charlie: We are very exicited that in total around 5000 respondents participated in the survey.

In this survey, we basically tried to understand users’ perspective on cashback rewards in digital life, their reward preferences and the acceptance of cryptocurrency.

First of all, most of the users have used or tried cashback or reward products before. The average rating for the frequency of using a reward app is around 7.5, which is pretty frequent.

We also collected category information for users’ online shopping, and the top categories are Entertainment (34%), Online Services (33%) and Electronics & Gadgets (31%, and the least selected category of shopping online is Apparel (22%).

It is interesting that when asked about the preferred payment method online, even though around 90% of the repondents chose Payment App (Paypal, Google, Alipay, etc) as their first choice, a whopping 40% also chose cryptocurrency. Regular methods as credit card and debit cards make up to around 65%.

Host: It seems that most users are still relying on traditional payment methods when shopping online, but definitely more are considering paying in cryptos.

Charlie: Yes.

Host: How about the reward and cashback thing? I’m curious how users think of these programs?

Charlie: In the survey, we tried to start with traditional loyalty programs. Among the major successful loyalty programs, Amazon loyalty program(20%) and Starbucks Rewards(17%) own the most loyal users. The following ones are mostly airliner’s mileage programs, such as Asia Miles (15%), Skymiles(15%), and then followed by hotel chain programs Marriott Loyalty program (11%) and Hilton Loyalty program (11%).

Host: I know that many traditional loyalty programs are also looking to use blockchain to enhance their user points system. Any exmaples? What do you think about that?

Charlie: Yes, actually AsiaMiles already applied blockchain technology to build the infrustructure of the points system. For example, for AsiaMiles the points today they are talking about are more than just miles users can redeem for air tickers, but points that can be used in many different merchants and scenarios, sometimes from external parties. So the company utilizes distributed ledger technology to process data for both external and internal partner, and to realize a more powerful loyalty program. I think it’s a great use case.

Host: Back to the survey, how do people think of the cashback or reward apps?

Charlie: We asked participants about their knowledge of the cashback apps on the market, and the results showed that no specific cashback app is outstandingly popular. Users downloaded many of them, and have been trying out from time to time. 43% of the participants said they would check their reward app once or few times a week, 29% once or few times a month.

The app MyPoints and Crypto.com (the crypto reward app) got the most clicks, but overall users are not particularly loyal to a specific cashback app yet.

Host: That’s very interesting. I guess when it comes to specific behaviour on using a reward app, it could vary a lot among different people. To me personally, I tend to cling to only one reward app, and make the best use of it. But I guess to others, they want to try as many as possible.

Charlie: Yes, 41% of the respondents also chose the option that they would only redeem when they saved up enough points for the most valuable reward. But 31% said they wanted to redeem whenver they have any.

OK. So next one is one of the most important questions in this survey:

What’s your favourite form of cashback rewards? Can you guess who is the winner?

Host: Let me guess? crypto??

Chharlie: No. cryoto ranks as the 3rd. The winner is Gift Cards (28%), and the runnerup is Mileage (26%).

Host: Will we get rewarded with gift cards or crypto in the new independent app of MDT?

Charlie: I can’t say that now. But I’m sure we will try to make everyone happy.

Host: Alright!!That’s enough for the survey! Let’s wrap it up for today

Charlie: I will be publising thhe whole report for the user survey later on our medium blog. Also, we will be sedning everyone who participated in the survey a gift code via email this week! Remember to check your inbox for the reward!

Host: Now before we end our Thursday AMA, I’d like to ask for the chat. Everyone’s been waiting for the news, the next?

Charlie: Apart from what’s included in the roadmap, we will be accelerating our development to on-board more data partners into the MDT ecosystem, and to realize Decentralized data storage solution to data points from our current data analytics branch.

Latest news will definitely be announced first in our telegram group. Stay tuned!

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