Swash x Satoshi Club AMA Recap from 24th of August
Hello, Satoshi clubbers! Another AMA took place in Satoshi Club and we would like to introduce to you the AMA session with our friends from Swash and our guests was @chloe_diamond. The AMA took place on 24 August.
The AMA session was divided into 3 parts with a total crypto reward pool of 500$
In this AMA Recap, we will try to summarise the most interesting points for you.
Part 1 — introduction and questions from the Telegram community
Gold Rocket | Satoshi Club: Hello, dear Satoshi Club community! We are pleased to announce AMA with Swash .
Today our guest is @chloe_diamond
Chloë | will never PM you first: Hi everyone
Happy to be here
Andrés M. | Satoshi Club: Hello Chloë, is a pleasure to have you here
Gold Rocket | Satoshi Club: Nice to e-meet you
Chloë | will never PM you first: Likewise
Gold Rocket | Satoshi Club: Thanks for joining guys!
Chloë | will never PM you first: Ready when you are!
Gold Rocket | Satoshi Club: Introduce yourself please. How did you get to be involved in crypto & Swash?
Tell us please about your position in Swash?
Chloë | will never PM you first: Sure. My name’s Chloe and I’ve been working in the crypto space since 2017, but interested in it since 2014. My background is in marketing and communications and that’s my role at Swash too. I joined last year to grow the community and to tell the world about what we’re doing at Swash
Gold Rocket | Satoshi Club: Wow! you are an early bird
What is the essence of Swash?
Chloë | will never PM you first: I guess so!
The essence of Swash is to create a fair data economy by redistributing value back to people. We’re planning to scale Swash into an ecosystem of tools and services that enable people, businesses, and developers to unlock the latent value of data by pooling, securely sharing, and monetising its value.
People are incentivised to share their data so that they can earn while retaining their privacy. Businesses can access high-quality, zero-party data that was previously inaccessible in a sustainable and compliant way. Developers can easily set up and build systems within a collaborative development framework.
Gold Rocket | Satoshi Club: This is very timely in my opinion.
How long does it take to develop a project? What plans do you have for the future? And what can we expect from Swash?
Andrés M. | Satoshi Club: Very interesting idea, we are in the age of data.
Chloë | will never PM you first: Swash has been around for 2 years already, launching in late 2019 (https://medium.com/swashapp/weve-open-sourced-swash-to-make-data-unions-a-reality-7049e92c364b?source=collection_home—6——2———————–) and building in public ever since. We’ve grown to over 60K+ users who believe in the mission and now we’re evolving Swash into a universal data ecosystem. Our roadmap spans until 2024, which you can read more about on our website (https://swashapp.io/token ) and whitepaper (https://swashapp.io/static/files/paper/whitepaper-v1-july-2021.pdf)
Gold Rocket | Satoshi Club: Also we would like to know more about your team. Who is on the project team core?
Chloë | will never PM you first: Definitely! A lot of trends are pushing us in this direction: the end of third-party cookies, increasing regulation like GDPR and CCPA, increasing demands for data rights…
Gold Rocket | Satoshi Club; This is an incredible result.
Andrés M. | Satoshi Club: How did you choose the name of the project?
Chloë | will never PM you first: I’m proud to be working with one of the most skilled and diverse teams in the blockchain space, all with strong backgrounds in software dev, cybersecurity, and blockchain. The team have been working together for over a decade across various industries including enterprise, research, application security, media & advertising, to name a few. We’re lucky to count our advisors as part of the team too. We work closely with them and many of them are founders in the space already so they know what works. Others are coming more from a data privacy and even a data buyer perspective, so we’ve got all angles covered
Great question! You can read more about the concept of Swash here (https://swashapp.io/brand-assets). Swash is the name for water as it washes up on the shore. We see Swash as a first step into new lands, exploring uncharted waters while recognising the power of people working together — one drop
may not seem like much but noone can deny the force of the entire ocean
Gold Rocket | Satoshi Club: Is your team anonymous?
Andrés M. | Satoshi Club: Amazing, I love the concept of the brand and the logo, very creative
Chloë | will never PM you first: No, you can see the team here: https://swashapp.io/token
Gold Rocket | Satoshi Club: Thanks for sharing
Chloë | will never PM you first: Thanks! I guess you’re a fan of sci-fi
Andrés M. | Satoshi Club: Absolutely
Gold Rocket | Satoshi Club: Thanks for great introduction, we will have several questions selected for the Part 1. Ready to start?
Chloë | will never PM you first: Sure thing, shoot
Andrés M. | Satoshi Club: I’m happy to know you are a public team, that generates confidence
Q1 from Telegram User @iam12312
Swash’s slogan is “YOUR DATA, YOUR INCOME,
I see majority of the Companies provide these platform for free to users as It does benefits Projects in many ways
If I talk about Traditional world then Google , Yahoo ,Twitter, these all companies have Different Revenue system & In 2020, Google generated around 81% of the revenue through Advertising, I wonder how Swash is going to make money from the platform?
What are the other ways that Swash makes money?
Chloë | will never PM you first: Sure, so Swash receives 30% of profits made from data sales, the rest is distributed to members. Each solution provides added value streams and some, such as sApps (applications built on Swash) offer new opt-in methods for people to make even more from their contributions. An advertising solution, called sAd, will use Swash data to create a fair, transparent, and efficient advertising platform. That’s just one of many, but I feel it relates closest to your question. More details on that can be found in the whitepaper.
Andrés M. | Satoshi Club: Who received the data you sell? Who are your partnerships right now?
Chloë | will never PM you first: When we sell the data, the types of businesses who will purchase include market and analytics companies, AI/ML startups, hedge funds, advertisers and brands, and researchers, to name a few.
Our partnerships include Chainlink, Streamr, Ocean Protocol, Outlier Ventures, Boson Protocol, Amasa, 1 World Online, Tapmydata, Crunch Digital Media, and the DPPA. The world of decentralised data is an incredible, collaborative space to be!
Andrés M. | Satoshi Club: Big names there, congratulations
Gold Rocket | Satoshi Club: Indeed
Chloë | will never PM you first: For sure, they’re great teams to work alongside
Andrés M. | Satoshi Club: Well, would you like to add something before the next question?
Chloë | will never PM you first: All good, go for it
Q2 from Telegram User @Jmagsss
Swash’s native token, $SWASH, has a lot of use-cases and utilities within Swash’s platform and ecosystem. From incentives, computations and governance, $SWASH will be used accordingly and transparently. I was curious about your token cross-chain support. It says on your whitepaper that Swash’s token would be built for both BEP-20 and ERC-677. It is rare to see tokens that has ERC-677 support because others mostly use the standard ERC-20. Why did Swash opted deploy its Ethereum network support under the ERC-677 interface? What could be its advantages against the commonly used ERC-20?
Chloë | will never PM you first: Great question!
SWASH will originally be minted on Ethereum then bridged to other networks like BSC, xDai, and Polygon.
The reason we chose ERC677 instead of the ERC20 is because the ERC20 standard isn’t well designed for cases where a contract wants to execute actions after receiving an ERC20 token. For the ERC-20 tokens, they should first allow the contracts to transfer their tokens, then the contract can transfer tokens from their wallet using the transferFrom function of the ERC20 contract. This basically means that two transactions should be executed (e.g. when swapping tokens in Uniswap).
ERC-677 is a solution for this, providing a transferAndCall function which allows users to send tokens to contracts and for the receiving contract to receive the tokens all in one transaction.
ERC677 has all the benefits of ERC20 while addressing its limitations. It is more advanced and allows for more functionality which is why its used by the likes of Chainlink also. It’s fully compatible with all the ERC20 and mainnet infrastructure and tools while offering a better UX experience and lower costs!
Gold Rocket | Satoshi Club: It’s really make a sense
Andrés M. | Satoshi Club: Interesting decision. Btw, what are the main usecases of $SWASH and which benefits it provides for long term holders?
Gold Rocket | Satoshi Club: and please share your tokenomics with Satoshi Clubbers
Chloë | will never PM you first:The main use cases for $SWASH are:
– Incentivise: As an incentive system, ecosystem actors will be rewarded with Swash tokens in return for their participation.
– Transact: All data transactions across all marketplaces, platforms, and applications will be distributed in SWASH. This includes value generated within the business intelligence and analytics platform (sIntelligence), the data computation environment (sCompute), and solutions developed utilising Swash technology (sApps).
– Govern: Swash token holders can vote for projects they wish to see receive funding from the Swash DAO fund, decide on new roadmap developments or modifications, and to take part in token-related decisions.
– Multiply: People can individually and collectively contribute the value of their data to social development causes and use it for value exchange both within and outside the Swash universe, such as redeeming earnings for products or staking liquidity.
For long term holders, the value of Swash will increase with adoption and growth of the ecosystem. As more people join, not only does the value of data become more valuable but adoption of the $SWASH token will increase also, so there’s plenty of incentive to get in early.
Plus, as demand for $SWASH will increase alongside network adoption, generated value may be used to balance the token supply, likely through periodical token ‘burning’
Tokenomics will be released soon — best to join the Swash Tg channel or subscribe to our newsletter to be the first to know!
Andrés M. | Satoshi Club: Wow you have created a big ecosystem with an strong token
Thank you so much for the detailed answer, now is time to proceed with our 3rd question.
Q3 from Telegram User @Rotoxy
SWASH will operate a trusted Governance DAO and From your tokenomics, 14% of SWASH is allocated for ecosystem and DAO growth. I read that your DAO system will operate as a semi-decentralised structure that will combine centralised and decentralized governance structure. Can you explain how your governance model will strike a balance between a non-democratic central governance and a democratic community oriented DAO? How are proposals made and how will you achieve optimum governance by incentivising stakeholders in a bid to ensure accelerated decisions making process? How will the SWASH allocated for DAO growth be shared or distributed?
Chloë | will never PM you first: Decisions relating to the technology roadmap are made by the team, so that’s the centralised part, but decisions related to network parameters (like the network fee) and decisions around funding projects that integrate their solution with Swash will be made by the DAO. The distribution mechanism of the DAO pool will be announced during the project development.
Andrés M. | Satoshi Club: Please share us the roadmap to know what else is coming for swash
Chloë | will never PM you first: Sure, check out section 9 of the whitepaper (https://swashapp.io/static/files/paper/whitepaper-v1-july-2021.pdf )
Andrés M. | Satoshi Club: Thanks for share it, ready to proceed with the next question?
Chloë | will never PM you first: We have:
Rise (Q3 2020 — Q1 2021) — Swash application growth
Surf (Q3 2021- Q4 2021) — sIntelligence platform development
Flow (Q4 2021 — Q3 2022) — sCompute and sChannel launch
Surge (Q2 2022 — Q4 2022) — First sApp releases
Onshore (Q1 2023 — Q3 2023) — sApp development and upgrades
Swash (Q4 2023 — Q2 2024) — Swash smart contracts
Chloë | will never PM you first: Sure thing
Q4 from Telegram User @yellowchamp
Does Swash App available through mobile application? If not,do you have plan to launch your own mobile application? When can we expect Swash app to be available both IOS and Android for easy access of your users? What will be its innovative features while it is being upgraded with mobile version? Thank you
Chloë | will never PM you first: Swash is currently available on Android for Kiwi and Yandex, although a mobile version of Swash for all browsers is in the works. It’s a priority for us to expand Swash to mobile to cater to wider audiences and it will be one of the developments alongside our First Wave Solutions — all of which seek to bridge the gap and provide even more value to the community
Andrés M. | Satoshi Club: Great, that helps with mass adoption
Chloë | will never PM you first: Yep!
Andrés M. | Satoshi Club: Btw, is any kind of KYC needed to join your platforms?
Chloë | will never PM you first: To use Swash?
Andrés M. | Satoshi Club: Yes
Chloë | will never PM you first: No, there’s a very short onboarding process (it takes just a few minutes). The setup process creates a wallet for you and asks for some basic demographic details (nothing that can be used to personally identify you) to create a less-fragmented dataset
Andrés M. | Satoshi Club: Great job, privacy is very important, that’s what I want to ask about audit? Have you done any audit process?
Can users be sure that their info will not be stolen?
Chloë | will never PM you first: Yes, audited by Certik. We will be sharing details along with more info on token itself over the coming weeks
Gold Rocket | Satoshi Club: Safety first
Thanks for your answers
Andrés M. | Satoshi Club: Don’t forget to share it with our community in the future
Chloë | will never PM you first: Unfortunately, peoples’ data is being stolen in the existing model which is exactly why Swash was born! People can be certain that their data won’t be stolen — we have measures in place to ensure that the data is stored properly, and it’s anonymised and end-to-end encrypted for added security.
Chloë | will never PM you first: Yessss
Q5 from Telegram User @Right_clicK1
There is no argument that when its get to a certain stage of browser usage, it slow down effectively because it uses too much CPU and RAM. Adding plugin on such a browser now will add more to its problem. Can you briefly tell us about the technology used to build Swash plugin, how heavy is it going to be in a browser? And going through your whitepaper, I could identify up to 15 Swash elements with less details about them, can you enlighten us how each of them works in this project?
Chloë | will never PM you first: Definitely!
Even though our whitepaper is pretty huge, we actually reduced a lot of technical descriptions relating to the architecture to simplify it and make it easier to read. If you have specific questions, feel free to message the team in the Swash official channel.
Andrés M. | Satoshi Club: Thank you Chloë, that’s an important Technical topic.
Now, before proceed with 6th question could you tell us how to buy $SWASH? It looks like a good opportunity to be an early investor
Gold Rocket | Satoshi Club: Thanks for your great answer
Chloë | will never PM you first: Details of the public sale will be announced shortly
for private investment inquiries you can connect to us through the Swash Telegram
And don’t forget to subscribe to our newsletter for those updates too!
Q6 from Telegram User @JesusFre1tes
Environmental causes, children’s charities and COVID support are just a few of the many social good organizations you can contribute to through Swash. This is truly amazing and noble. My question is, why have you decided to earmark part of your profits for redistribution in this way? What are the charities that the Swash team is currently focusing on? What percentage of profits has been earmarked for this noble purpose and what impact will this noble cause have on the development of your project?
Chloë | will never PM you first: Oh this is one of my favourite topics!
There are several reasons why we will be bringing a donation feature to Swash:
1. Following the Ecosia model (they have 16 million users!), people are motivated by being able to do good without needing to change their habits
2. Attracting larger, more diverse audiences through social goods orgs and promotion to their own communities will increase the value of Swash data (more data + more diversity = more value for everyone)
3. At least to start with, the amount people can earn through Swash might not be very much to make a big difference to their lives. But to know that they can automatically donate it and make a difference to someone else is huge
4. If Swash can make it easier for people to make a positive difference, then why not make it possible?!
The charities we are focusing on are those who already accept cryptocurrencies as donations. If you know of any, please share and we can consider adding them too
The percentage of profits donated is up to the individual.
In terms of the impact this will have on Swash, it’s important to remember that data is unique in the sense that the more of it there is, the more valuable it becomes. Connecting to new audiences not only grows the number of people in the Swash community, but it also means bringing in more diverse audiences.
Swash is designed in a way where people don’t necessarily need to understand crypto, blockchain, or the world of data to be able to start earning, so even less tech-savvy people can get involved and, if they like, automatically donate to their chosen social goods org. Increased size and improved diversity within Swash data makes it more valuable, returning even more value back to Swash members!
Gold Rocket | Satoshi Club: absolute mass adoption
Andrés M. | Satoshi Club: It is always good to give to those in need, part of what has been given to us. congratulations on that noble policy
Gold Rocket | Satoshi Club: By combining charity and business, you make this world a better place.
Chloë | will never PM you first: Great, looking forward to it
Gold Rocket | Satoshi Club: Now get ready for the most impressive part of our AMA. Live questions.
Chloë | will never PM you first: Thank you both!
Part 2 — live questions from the Telegram community
Q1 from telegram username @xperia3
What are the plans of Swash to create an awareness in the community about the importance the personal data? How will you educate people?
Chloë | will never PM you first: I love this question — it’s so urgent! Of course, alongside the materials we share about the data economy in general, Swash actually allows people to put their data rights into practice. By showing people exactly what data is captured and then giving them the option to choose whether to share that particular data point or not allows them to practice having control and ownership over their data while learning what data is actually considered valuable
Q2 from telegram username @meml97
It caught my attention that Swash claims that: “Swash operates on a better-than-free model”. But if I’m honest with you, this is the first time I see such thing, so, can you tell us more about this and what does it mean to have a “better-than-free model”? What advantages this model provides to your platform and how is it a better option for it than any other available model? Most importantly, what kind of benefits does this “Better-than-free model” allows you to provide to your users as an all-inclusive data ecosystem that puts people first? @chloe_diamond
Chloë | will never PM you first: Happy to! Many of us know how web 2 operates with free services (such as Facebook or Google). Unfortunately, those services are free because they rely on extractive systems that don’t bring any value back to the users on the platform. Better-than-free means that, not only is Swash’s service free to individuals, it actually pays them!
Q3 from telegram username @surendra040
How can I do my research about your project? Do you have any whitepaer released and can you provide me all the social media links and blogs?
Chloë | will never PM you first: Sure, here are some useful links:
The genesis blog (https://medium.com/swashapp/the-dawn-of-a-new-age-of-data-eff0d8b2f0a4)
Q4 from telegram username @cryptofollower
After adding Swash browser extension, how will my wallet fill with tokens and how can I get paid for my data? Do I have to stake any tokens for this?
Chloë | will never PM you first: Once installed, you don’t have to do anything! You just leave it on and it works for you in the background. You can stake tokens to earn more though
Q5 from telegram username @Lucybabu1
How important is the community to you? and How can we collaborate or help you for the development of the project ??
Chloë | will never PM you first: Swash is a community-first project. It’s entire ethos and model is built on the power of redistributing value back to everyone involved. Swash works because all ecosystem stakeholders — people, businesses, and developers, are incentivised to participate.
The best way to support is to spread the word! The bigger the community, the more value everyone gets in return
Q6 from telegram username @Shaa93
The first wave solutions to be built on top of Swash core technology include Data Union, sIntelligence, sApps, and sCompute. Can you introduce these 4 core technologies?
Chloë | will never PM you first: Happy to.
– Data Union: Optimising individual agency as a collective force by rewarding union members for the value of their data
– sIntelligence: Bringing unique insights to businesses across all industries through a customisable, comprehensive web-based platform
– sApps: Expanding the Swash ecosystem with the tools, community, and culture for building the next era of data solutions
– sCompute: Uniting innovation with access by making on-site data computation capabilities a reality
Check out this blog (https://medium.com/swashapp/the-dawn-of-a-new-age-of-data-eff0d8b2f0a4 ) or whitepaper (https://swashapp.io/static/files/paper/whitepaper-v1-july-2021.pdf ) for extra details!
Q7 from telegram username @cindy_crypto
What kind of partnerships do you have with Chainlink and Ocean protocol?
Chloë | will never PM you first:
With Chainlink (https://swashapp.io/blog/swash-integrating-with-chainlink/ ), we’re working with them to make proportional revenue distributions a reality. With Ocean Protocol, we were their Day 1 Ocean Market Data Launch Partners (https://blog.oceanprotocol.com/announcing-ocean-market-data-launch-partners-3b531601e63a ), we received a grant from Ocean Shipyard, and Bruce Pon (Founder) is one of our advisors.
Q8 from telegram username @nguyenben
Swash, the world’s first and most successful Data Union, is expanding into an all-inclusive data ecosystem. What is Data Union?
Chloë | will never PM you first: A Data Union is an organised structure that works to manage and protect the interests of its members. As a result, those members have greater power and control over how their data is collected, accessed, and used while receiving a portion of the profits generated.
By rewarding people for the value of their data, people can earn for activities they already do online — like surfing the web — enabling individuals to practice their data rights while celebrating their role as essential value providers in a thriving network.
Q9 from telegram username @ItsMelissa3
If we use Swash, data we already give away for free is captured while we surf. As I read Swash pools our data together with the other Swash members to create a Data Union, when data buyers purchase the data from that Data Union, its members receive their share of the profits generated. How is the data value calculated? Is our sensitive data exposed? How are profits divided? What percentage of the profits does the owner of the data receive?
Chloë | will never PM you first: The price of data is difficult to answer, as the industry is notoriously shady. As Swash grows, we hope to shine light on that. Regarding what people can expect to earn, there has been research on it: Some estimate $5–10 per month, others estimate $200, some say $2000, and another says up to $24K per year! The data industry is vast and the EU Commission pegs it at around $3 trillion dollars.
Profits are currently divided equally but we’re working on proportional distribution. No, your sensitive data isn’t captured in the first place.
Q10 from telegram username @NAZMP2
How does swash works? Can yous share us how can we profit from it?
Chloë | will never PM you first: Simply put, Swash captures, pools, and sells your data on your behalf. When the data is purchased, those profits are automatically redistributed back out to the people who contributed their data.
Here’s how it affects each ecosystem stakeholder:
– Regain ownership and receive passive income as they surf the web
– Collectively invest value of data into social development
– Exchange data value for alternative ecosystem benefits
– Access high-quality, zero-party data at scale
– Save time and money by eliminating intermediaries and reducing ad fraud and bots
– Improve the reputation and sustainability of business practices
– Accelerate innovation due to improved access to diverse data
– Be part of a new generation of data solutions
– User acquisition through incentivisation mechanics and communication
Part 3 — Quiz Results
As usual, for the third part, Satoshi Club Team asked the chat 4 questions about the crypto project. A link to a Quiz form was sent into the chat.
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