Youtube AMA Recap with CEO Justin Park and CTO Jeffrey Song
Here is a short summary of the biggest announcements, insights, and updates on Metadium.
Last Thursday, our CEO Justin Park and CTO Jeffrey Song sat down to update the community about the current development of the project and shared plans for upcoming months. Here is a detailed break down of the YouTube Live AMA that we hosted on August 29, 2019.
Q: Could you please give a brief summary of Q1 and Q2 of 2019?
Justin: It’s been a busy year for us. In Q1 we launched our mainnet, went through the token swap process, released the first version of the Keepin App. During Q2 we spend a lot of time in R&D and business development to create more use cases. Next version of the Keepin with Meta ID was released. Listings are taking more time than we expected but it is on the way as well.
Q: Could you please update us on the status of Korea Post project, and other government projects?
Justin: Before the update, I would like to clarify that Metadium is a technical partner of Coinplug. The government projects are directly engaged with Coinplug, and Metadium, as a technical partner, is a DID solution and public chain provider. To give a short summary, Korea Post project is leveraging blockchain for local payment, and Seoul Metro is using the blockchain for house sharing.
Q: There was also a partnership with Unity Asset Store earlier this year. Is the development of SDK going according to the schedule?
Jeffrey: I can expect that a lot of people are waiting for the SDK to be released on Unity Asset Store. All the development has been done, and now it is in the evaluation process. Unity has a rigorous review process that takes some time. I believe it will be available in a week or two.
Justin: I would like to add that our partnership with Unity is a strategic move to create an actual use case. Unity Asset Store has around 6 million developers, who might help us to increase the use cases of blockchain solutions. This is an opportunity to educate developers before the end users and we are very excited about this partnership.
Q: How about the next version of Keepin? When can we expect it?
Jeffrey: As you might know, this is going to be a fourth release of the Keepin. Right now we are in the last stage of the integration test, after that we will go through quality assurance tests and around mid September Keepin should be available on the App Store and Google Play.
Q: Can you share with us some of the features that we can expect in the new version of Keepin?
Jeffrey: Yes, as was announced we are fully compatible with w3c DID spec. We have registered our DID method to w3c DID Method Registry and have become the member of Decentralized Identity Foundation. There are two major features that will be added to next Keepin version. One is for the end point agent that is Keepin side and the other is a cloud agent that is Identity Hub. Basically all data management functions have been included into Keepin v1.3. Keepin also can encrypt the data and store it into the repository that is called Identity Hub for backup or to share the data with other service providers.
Q: What is Identity Hub?
Jeffrey: Identity Hub is a data repository. User can write data in the data repository, user encrypts it before storing in the Identity Hub and also can give a specific user access to the data. Even the Identity Hub operator can’t look at the data. Your data is fully protected. The reason to use Identity Hub is to connect the service provider and the user, giving a secure means of access that is GDPR compliant and prone to any interruptions.
Justin: One use case of Identity Hub could be a decentralized social network. Let’s say there is a social network service like Facebook but decentralized. And there are all sorts of posts and data that belong to the user. Identity Hub is a database where users can store that data. And users can give permission to specific users and services to access that data.
Q: How do you plan to deploy DID through the industry? Any companies confirmed to use it?
Justin: I would say that this is the most difficult part, the go-to-market strategy, not only for DID but also the blockchain. As a result, we’ve been repositioning from B2C to B2B company and working on how to package the services to the organizations or service providers. Because the DID itself was not perceived as a service yet, we’re having a hard time educating and explaining it to different service providers. There will be some announcements later this quarter or early next quarter about the enterprise solutions.
Q: Any events that you are planning to participate in? Any community focused events that you are planning for us?
Justin: We all know that the blockchain projects all start with the community. Our marketing team is considering better ways to engage with the community. In the past, we’ve been heavily involved in events and organizing meetups, but it proved to be less effective. So we’re rethinking our strategy to build a healthy and supportive communication with the community. This type of AMA is one way to improve our communication. We’re planning to engage in more events and exhibitions as speakers. Jeffrey is going to be a moderator at the Digital Asset Exchange Expo in Busan next week, I’m going to be a speaker during Blockchain Week in September. We are taking various opportunities to showcase Metadium.
Q: What is your plan for listings on exchanges?
Justin: Surely, a lot of community members are curious about the listings. It is understandable and there are a couple of things I want to mention. First of all, we are considering only global tier-1 exchanges for listing, even if it takes some time. Hopefully that will happen during this year. And the second goal is to list KRW pair which is important for providing more room for liquidity of META coin.
Q: What the Metadium team will be working on the next couple of months?
Justin: As I mentioned earlier, we have slightly adjusted our positioning towards enterprise solutions. In Q3 and Q4, we are pushing hard on packaging our solutions for enterprises. It involved a lot of effort on R&D and business development sides.
Q: Any plans with on-boarding new Block Producers?
Justin: At the moment we are receiving a lot of inquiries to become a block producer for us, but we are intentionally not choosing anyone yet. We want to choose Block Producers who can actually contribute to our network and be a representative of Metadium as a Block Producer. This year we are not planning on on-boarding new block producers, some time next year possibly.
Jeffrey: We’ve released our token economic paper. You can review how we are going to distribute the block rewards to BPs. It is based on government system and it is evenly distributed. If you go to our block explorer, you can see that the mining node is getting the reward periodically.
Q: Are there any projects of Coinplug actually using Metadium Mainnet?
Jeffrey: Metadium Mainnet is a public blockchain. It has the same technology that is used in the private sector. So for Coinplug side, we are preparing some wallet services that will be ready to operate on top of the Metadium blockchain using Keepin. We intend to make full use of public blockchain and Coinplug is supporting. And as you might know, there are six government projects with Coinplug and all of them are using Metadium blockchain, with different configurations — public and private.
Q: Why is the name of the project Metadium?
Justin: Community members ask that a lot as well as how to pronounce Metadium. “Meta” means data of the data, “dium” comes from stadium. We get “data of the data stadium”.
Q: What can I do with META coins at the moment?
Jeffrey: META is a fuel, gas of our network. We are also providing a tokenization platform. As Justin mentioned, we are pivoting to enterprise solutions and positioning it as an identity as a service — IDaaS.
Q: Could you provide more details regarding the latest news about Busan Regulation-Free Blockchain Special Zone?
Justin: Yes, I’m very happy to announce that Coinplug was chosen to be a part of Busan Regulation-Free Blockchain Special Zone and work on public safety. And together with Coinplug, Metadium has a chance to work with Korean government in this special zone. It is a great opportunity to deploy Metadium DID in the district.
Video Recap of the AMA