July AMA Recap: New Partnerships and Data Smart Contracts

From new partnerships to the nitty-gritty of mechanisms behind Quadrant Protocol new data smart contracts, the July AMA with CEO Mike Davie highlighted a range of issues that our community, customers, and stakeholders consider important.

You can watch the Ask-Me-Anything session here or read below for the key themes.

IDEX, Kyber Networks, and Data Smart Contracts

Mike kicked off the session by highlighting some of the latest Quadrant Protocol updates from July including new liquidity partners (IDEX and Kyber Networks) that will help to expand the availability of the eQuad token, as well as the launch of new data smart contracts payments module.

Addressing a question on the process for how eQuad utility tokens will be consumed in the new data smart contracts, Mike explained the purchasing mechanism for enterprises who pay in fiat. This builds on the January service credits roll out and hopes to achieve further enterprise adoption by opening up new use cases (such as transactions involving fractions of a penny).

Quadrant.io platform partnership with Quorum, future of utility tokens & Quadrant Protocols’ goals

Mike cited a case study with Quorum, an out-of-home advertising provider based in the US. You can read more on that here. He also touched on his predictions for the future of utility tokens, saying: “The main thing is that there has to be some utility.” It is still a maturing space, with new tech expected to come to market over the next years that will further support the adoption and viability of utility tokens. Ultimately, it will become easier for token swaps to be done for people who want to buy and sell different kinds of services — opening the way for adoption of utility tokens on a mass scale.

To a question on the mechanisms behind on-chain swaps with Kyber Network, Mike recommended referring to Kyber for a more comprehensive response, but did outline the basics: ERC20 tokens can be swapped thanks to a background process that executes the transaction with contracts reserves. On a separate question asking about Quadrant goals and milestones, Mike broke it down to two broad fronts. For the technology side, the focus is on the next stage of the compliance module of data smart contracts (due Q3/4 of this year), as well as compensating data contributors downstream. On the business side, the focus is on driving revenue.

Guardian nodes, how smartphone apps collect data & DEX plans

As a utility token, Quadrant Protocol has no immediate plan to burn tokens — an issue that Mike said the company must be mindful of on the regulatory front. He also touched on the fact that there are no short-term release plans for Guardian nodes at Quadrant, due to a lack of use cases in the current market, though it is in the company roadmap for the end of 2020.

Mike reassured viewers that Quadrant is in a healthy position and with enough resources to continue to grow in its path to profitability.

During the AMA, our community has raised questions in regard to the Big Data landscape and the importance of consumer data.

Why do data providers have so much information on us?

Mike explained that it’s mostly thanks to those things we carry around with us all day — our phones. The primary way user data is pulled from smartphones is through apps, from dating apps like Tinder to ride-hailing or utility apps like weather services. Their business models tend to be either a) data or b) in-app advertising. As the latter tends to be unpopular with users, many app developers include rights to data use in the terms of service. That said, the data that is available on the Quadrant.io platform is always anonymized.

Mike briefly addressed some of the issued faced by CoinBene this month and reiterated his position on not commenting on the secondary market for eQuads.

To a question regarding Binance DEX, Mike said there were a lot of positives to what Binance was doing but that Quadrant Protocol is still investigating it along with other DEXes (more on that in future updates).

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