AMA session with our CEO Alex Momot (Part 2)
Recently we have shared the first part of the AMA session answers. As there was a time limit for the online session, not all the questions appeared on air. We couldn’t leave them as they are and prepared answers for the rest of the questions. Enjoy!
7) “If a company opts to build a private blockchain and implement REMME. What kind of fees will they be charged? Also, will the charges be distributed to public Masternodes?”
Fees for snapshoting (anchoring) to public blockchain using masternodes. Yes, charges will be distributed to public Masternodes. Details will be announced later.
8) “In 4.1 of the use cases in the white paper it references a crypto currency exchange. Would it be possible to implement some kind of cross blockchain transaction so that the company can pay in any crypto currency and atomic swap it for REMME to be transferred to the master node holder?”
Actually, within REMME protocol, we have worked on Inter-blockchain migration mechanism (named REMGate). This mechanism will provide the two-way cross-chain migration of the tokens between the Ethereum and REMChain blockchain.
9) “Within the monetization section, it mentions the company can prepay. Could they also pay as they go? For example, payment is made upon the successful sign up of a new user?”
We’re currently testing different monetization models, but at the start, prepayment is only available option for public blockchain. It is possible that payments upon the successful sign up of a new user will be available for sidechains.
10) “How long will SSL certificates be valid for before expiring?”
Certificates are valid for one year within default option.
11) “Will the REMME protocol issue an expiration warning and offer the company to prepay for a new certificate to be issued and automatically replace the old upon expiry?”
Notifications functionality is already in our development plan, thus the clients will be able to monitor an expiration date of the certificate. From a security point of view, the best option is to issue a new certificate after the expiration of the old one following the same procedure as for a new one.
12) “In the UK GDPR is going to be enforced on the 25th of May 2018. Will REMME be looking to capitalize on this and use it to market the product?”
As our solution is an access management solution and does not cover identification of the person we do not interact with personal data and do not collect or process it. Either we cannot be considered as a controller of personal data. However, we will make our internal procedures compliant with GDPR when put up the product for sale for EU companies.
13) “My guess is that SSL certificates would be tied to each individual device. If that’s the case, in an office would each individual be restricted to using specific devices with their allocated SSL certificates or would any user be able to login to any device and access any Remme protected software but with their own user credentials?”
REMME protocol will enable flexible policies for certificates and devices management. One of the use cases is generating certificate based on fingerprint device which means certificates will be tied up to devices.
14) “How many masternodes will there initially be and what will the process be for determining which applicants get a masternode, given that there will be more applicants than masternodes available?”
250 nodes will be available at the start and 50 more using auction mechanism. Yes, a number of applicants could be higher than masternodes total available. We will decide who will have priority using principle “buy and hold” — both old and new holders will have priority before sellers and “weak hands”.
15) “So ICO holders have preferences with setting up masternodes? Does that mean when you bought 250k on ICO? Or for example I got 20k on ico. Can I buy 230k and Still get preference for masternode?”
Yes, we will decide who will have priority using principle “buy and hold” — both old and new holders will have priority before sellers and “weak hands”
16) “Also, for the not so savvy guys, will there be an extended guide/video with a step by step of how to set up a node?”
We will introduce the whole procedure and further details later on.
17) “Is anyone looking into using Remme as a means to address custody problems within the crypto space? i.e. Would it be possible to use Remme as a kind of password manager for all your private keys? It would be awesome if you could use Remme to authenticate your identity and give you permissions to send transactions on various blockchains. Private key anxiety seems to be the biggest barrier to entry for non-coiners.”
A password manager is a piece of software that stores your passwords/keys in an encrypted storage. On the contrary, we do not store any private data on the blockchain or any other kind of storage on our side.
18) Yeah, and please expand on when and if are you going to open offices in 3 continents as stated in the WP. I’d like to hear Remme’s marketing plan and how they plan to market to large companies and later on, individuals.
We are working according to the Roadmap, everything is going as planned and no changes made so far. Our marketing efforts go in line with the development of the product. As it was said above, when it’s ready our integrators will become brand advocates through their successful integrations of the product. We are developing the protocol that would easily enable building customized solutions and external applications. Those applications could be released and sold on our joint REMME marketplace.
When the applications are ready, we will launch the marketing strategy that will be adjusted for each region. We are working globally and planning to be present on all world markets.
19) “Please provide more information regarding the token burn process.”
We don’t have the token burn process. REM token is the superpower boosting the whole ecosystem, operating like a license or digital key and granting its holders access to REMME PKI and DApps. Token holders will be able to use the REM token in a variety of ways: certificate generation, revocation, node creation, developing DApps, fees covering conversion of fiat payments, etc.
20) “Could you please expand on the IOT side of REMME. Any update? I was kind of disappointed when it wasn’t mentioned in the business doc by one of the big4”
After the completion of the development process on a stable version of the REMME protocol and REMChain, we’ll plan to adapt the protocol within IoT-solution requirements and develop tools for embedded systems. We are aware of the great disrupted potential and business opportunities that might be open-up for our product within the IoT/M2M directions.
Thank you for being with us! Stay tuned and hodl!