Metadium AMA Session (Script)
Hello friends of Metadium!
Last Saturday, we had our first AMA session on Telegram with Justin (CEO), Jeffrey (CTO), Natalie (Finance Specialist), Jessica (Product Manager) and Veronique (PR/Marketing Manager). We had some great questions come in, and would like to share the answers with you. :)
Let’s get started right away!
- How do you pronounce Metadium?
Metadium is pronounced [mé;tədiəm]. “Meta” comes from metadata and “-dium” comes from stadium.
2. What significance do you think online users are missing to comprehend about identity sovereignty nowadays? / What would happen if one doesn’t pay enough attention to identity sovereignty?
What online users are missing is the ability to question the “trade-off”. In the traditional identity management structure, there is always a trade-off.
The first trade-off is a trade-off to use a service. In order to use a service, you need to provide service providers with unnecessary personal information. For example, service providers often need information such as our birthday, gender and age for e-commerce services. However, such unnecessary information could be utilized by service providers for marketing or monetizing purposes such as selling the data.
The second trade-off is between number of services and the level of data vulnerability. An increase in the number of online services one uses correlates to a higher chance of one’s data being leaked. This happens because we need to sign-up for every service we want to use by providing all the information requested. However, we do not know how secure each service provider’s database is, or how they manage consumer data.
From personal domains to major social media companies, we provide unnecessary personal information in order to use the service. But, we do now know how our data is handled. We have seen from the past that the current structure scatters our personal data in the online world. Having seen the consequences, we need to learn and act to change the current system through identity sovereignty, which is having ownership of our own data.
3. What is the current status on personal identity management? What are the problems you are aiming to solve here?
Current status on personal identity management, more specifically Consumer Identity Access and Management (CIAM) is under uncertainty.
First, as mentioned above, we do not know how our data are utilized. Whether for marketing purposes, data analysis, or for being sold to other services, we do not know what happens with the data that we provide.
The second uncertainty comes from the social login. Social login is a convenient way to use a service as one major service allows us to login to many different online services (ex. Google or Facebook). However, we don’t know which data are provided to the services that we use through social login.
Metadium aims to solve this by giving ownership of the data back to the users. Since we are the source and the creators of our identity, it must be us, the individuals, that are managing and utilizing the data. We should be the ones to agree or disagree on provididing our personal data to use the service. We believe this is possible with the concept of identity sovereignty and blockchain technology.
4. We can see your project have almost like an “all star” investor list, can they talk about what they think about this project, and the direction, what are the philosophy making them back up the project? Also can you introduce potential cooperation areas with your consultant team?
They agree with us that blockchain technology can really make a difference in the identity sector.
One of our advisors are Smith and Crown, the world’s leading blockchain research organization studying the breadth of the public blockchain space with a focus on global trends, industry intelligence and cryptoeconomic system. They are cooperating with us in token economics. Metadium team and Smith and Crown are working our best to deliver the most pleasing token economy to all the actors in our ecosystem.
The philosophy that supports our investors’ will to back up our project is first, the notion that we are the root and creator of our identity, and therefore we should have the ownership. The second is the technology and experience that Coinplug, our technology partner, made in the blockchain industry.
5. How/why do you think your project is more special than others?
The team has a lot of potential. For example, our parent company provided a new way to replace government certified certificate system. Also, they introduced the blockchain technology to various financial and non-financial institutions.
As a result, the greatest strength of this team is that they make a viable plan to realize even the smallest steps for achieving the big blueprints.
Questions about Technology
1. How can blockchain technology solve the problem of identity？Can you please introduce more about metadium technology features?
Regarding ownership, blockchain records claim transaction. If a user claims that he or she owns a specific digital identity, and if the attestation agency approves that he or she is the owner, only thing that’s stored in the blockchain is claim and approve. All the actual identity data are not stored on blockchain.
No verifiable credentials related to individual’s Digital Identities are written on public ledger. Encrypted verifiable credentials will only be shared between actors, between users and service providers, and between users and attestation agencies.
2. What is Meta Consensus?
PoA with RAFT is the basic consensus algorithm used by Metadium. The Proof of Authority is a consensus algorithm in which nodes that have been validated through a consensus take turns to generate blocks (not just round-robin, but it can be shuffled with leader selection algorithm).
In PoA, validated (i.e., authorized) nodes gather transactions and produce blocks that will provide service to network participants. Block producers can take the block commissions. In PoA, you can decide whether to accept or exclude other block producers via a voting procedure between the nodes.
3. How do I mine META?
As our consensus algorithm is PoA, only those with authority can produce blocks and mine META. To participate as an authority, people will need to meet minimum requirements of computing power and hold certain amount of META for staking. Once you are voted in by existing authorities, you can operate a node to mine META.
4. What are PKI and dPKI? How do you plan to decentralize the PKI?
Public Key Infrastructure (PKI) refers to all configurations that utilize digital certificates commonly used in websites and apps. The current PKI is supported by a belief in a Trusted Third Party (TTP), such as a Certificate Authority (CA). The CA issues the certificate to network participants, and the network participants confirm the identity of each other based on this certificate. Under the current PKI structure, if the TTP is attacked or contaminated, the whole network may be at risk.
The decentralized PKI (dPKI) is a concept devised to solve the problems of the existing PKI. In dPKI, an attack or contamination of a single party will not disrupt the entire network. A good example of a dPKI is the blockchain such as Bitcoin, which does not have a specified CA or TTP. So even when a particular node fails, the network itself will not be affected.
Since Metadium is a blockchain, it has the dPKI structure without a TTP. The decision to execute an action is carried out by a consensus of multiple nodes. The Metadium network will thus operate perfectly fine even when a certain node is contaminated.
5. How can metadium create trust for online users when they use or provide their identity info?
Because personal data are not stored on blockchain. What is stored is user’s claim that they possess a specific DID, and attestation agency approving or denying the claim. In the blockchain, users do not ‘state’ that they are someone. Only after claim and approve from attestation agency, user will be able to use different services in the ecosystem.
Once users create and start using their online identity and begin to feel that the service we provide represents who they are in the digital realm, users will input more and more static data, data that they value more. As they input more static data and begins to think that blockchain identity can be used not only in the online sector but in the offline world, people will start inputting mundane identity in our protocol.
We do not believe that the world will change with a snap of a finger. But we want our protocol to be a part of our user’s lives, slowly changing the future of the identity sector.
6. Could you briefly introduce the IPs of Coinplug?
Coinplug is a technology partner of Metadium, and it holds many blockchain technology IPs. These IPs are about providing certificate service based on multiple signatures. From a service perspective, different approaches in accessing certificate must be possible depending on the service.
Currently, the authorized certificate distinguishes only the conditions under which ‘a specific user’ can use the authorized certificate. Therefore, the system does not support the use of multiple signature-based certificates, where use of certificate can be possible when two or more parties authorize the use of certificate with the pre-registered public key through a consensus.
This can really remove scams or frauds in the financial sector. For example, if elders need their own and their children’s or bank’s signature, a multi-signature, to make a transfer. Then, it will be easier to catch frauds and minimize risks.
7. Do you have enough TPS and the technology for scalability?
Metadium is a high-performance ID blockchain (not general purpose blockchain), which is hundreds times faster than the public Ethereum blockchain in controlled environments. Our performance target is to provide a steady tps in terms of writing operations in uncontrolled public settings. We are planning to deploy our public testnet at the end of Sept 2018. During the last quarter of this year, we will be more focusing on the performance testing and tuning in the Metadium testnet. We look forward to hearing from many developers.
Questions about Operation
- Is Metadium on progress to meet its roadmap?
Metadium’s development progress is in accordance with the roadmap. The alpha test has been completed since the present initiative, and we are in the process of developing an open beta service. The Metadium team is constantly trying to solve the identity problems we experience in the current blockchain world.
2. Your roadmap says there should be a MVP by Q3, is that still on target?
According to an open roadmap, Metadium’s public testnet will be available at the end of Q3. The Meta faucet and testnet block explorer will be released at the same time as well. In terms of MVP, prototypes have been created inside the team and are under testing. We are on schedule to meet our targets.
3. We understand that you are doing public sales soon, can you introduce more about the public sales plan? Date, KYC process, price etc.?
It will occur on the Coinsuper exchange from Sept 18th (00:00:00) until Sept 22nd (23:59:59) China Standard Time. Price of one Meta is USD 0.0425. KYC will also take place on Coinsuper exchange, and it takes about 7 days so you all might want to get ready if you are interested in participating in Metadium protocol. You can invest with ETH only, and for more information, please visit our website.
4. Will centralized identity management get in your way？
No, we don’t think centralized identity management system will get in our way. What matters more is the education of the general public. We all need to know the importance and how identity sovereignty will change how we interact with the service providers, but more importantly, the fact that we are the roots and the creators of our very own identity.
Metadium is the identity blockchain referring to a system in which all operations and the use of IDs are controlled by ID owners, and all actions related to IDs are stored in the form of transactions in the blockchain. It is fully decentralized.
- What initiatives do you guys have in place to acquire developer interest?
We are preparing a special program to build a healthy ecosystem. Some people might liken this for a bounty program but we are doing our best to differentiate ours and get our community members to actively engage with Metadium. It was planned as a kind of supporters system for a long-term. This one is intended for developers, designers, writers and business developers etc.
This is more decentralized approach to encourage people to join our ecosystem and hopefully we can help them shine as who they are. Help them develop their real identity.
On the other hand, we also have formed some meaningful partnerships that make it easier for more people to use Metadium platform. This partnership will be announced when we can make some fruitful outcome.
And also, we did mention that the testnet launch is on its way and we are actively looking for developers who wants to try out our blockchain! You can be the first to try it and give us feedbacks and be part of our journey.
2. What made you think that raising 50% private and 2.5 public was ever a good idea?
It’s not easy to answer, as to there aren’t any right answers for the ICO in general. Our additional crowdsale (2.5%) was not based on a fundraising purpose, but it was rather a marketing initiative. We believed it would help to build a more concrete and sincere community of supporters compared to an airdrop event. With the new funds, we will execute more active ways of interacting with communities.
These were the answers to the questions at AMA!
We appreciate your interest and support for Metadium, and see you in our next story!