Q2 2018 - Proof Update
As we begin the second quarter of 2018, we are happy to welcome two new developers to our team (bringing us to 6 full-time devs in Seoul, with quite a few others freelancing as part-time remote developers). Our two new additions to the development team are focusing primarily on infrastructure, redundancies, blockchain data aggregation, and data reliability. Furthermore, over the past few months we have secured partnerships with over fifty of the largest cryptocurrency asset managers globally, spanning from Asia and Europe to North and South America.
One of the key elements that ensures that we can deliver trustless fiat-pegged cryptocurrencies to a market desperately in need of Tether alternatives, as well as proper staked, risk-signaling among real-world asset marketplaces, is through the liquidity and analysis resources brought from active asset managers around the world.
Granted, from Day One of our decentralized exchange — AMP’s — launch (as institutional scale solutions take time), these partner firms will probably not yet be utilizing our decentralized exchange, as the exchange moves through the public beta testing-phase over the next year. However, these asset management partners are working with Proof through a terminal we have developed geared towards institutional needs, with OTC trade capabilities and “Bloomberg”-esque feature-sets geared toward cryptocurrency. The core focus on this side of the equation towards more widespread adoption of blockchain technology is bridging the gap between the other side of the equation (retail use cases on the decentralized exchange side) and the institutional use cases. We have made a lot of progress in both of these areas.
Regarding the retail side of the equation towards bringing institutional parties and the mass market together , we are working to get the beta version of the Assurance Market Protocol (or “AMP”) ready for public testing. We are currently performing internal tests of our crypto-fiat smart contract (USD and Euro), that provide “stable-coin” capabilities to core feature of AMP, such as the insurance markets, prediction markets and other decentralized transitionary mechanisms. One of our biggest challenges has been solving the customer support conundrum: fully decentralized platforms put the user in full control, meaning there is no central authority (including us, where the front-end is hosted) that can come and “save” users when things go awry. This is part of the reason why we have to keep regulated institutions on one side of the equation, usually dealing in millions of dollars during each transaction, while our testbed occurs over the next year or two seperately, before bringing of the gaps can occur, creating more value for the cryptocurrency ecosystems, in general.
We are excited about this new frontier. As of late, there have been many new kinds of announcements around decentralized exchanges developments around the world. IDEX is grabbing more of a following. There have been other stable coins emerging, such as MakerDAO fiat-pegged stable coins, which uses a similar model as ours. We are currently looking at ways to integrate with these kinds of decentralized solutions, as well as analyzing how some of them can be improved as we observe them in the wild, as the blockchain industry evolves on a pretty-much daily basis (even hourly, it feels sometimes). We are excited to see this progress. We have become more bullish than ever on the Ethereum platform with some of the latest dApp releases, as well as developer communities that are emerging/growing, ushering in the next generation of blockchain-based innovations.
Personally, I have been traveling quite a bit over the last few months meeting with our partners, from software developers to the asset managers aforementioned, across mostly Asia, but touching quite a bit of Europe. While our business development team has had a focus on the Western Hemisphere. Meanwhile, as CEO, I have had the privilege to oversea the phenomenal progress in the development and testing stages leading up to our new product launches.
As always, we appreciate your support, your feedback, and soon, beta testing capabilities. May the Proof be with you.