1. What is your role at ReMoneta?
My role within ReMoneta is to identify, document and adapt the best technology applicable to defined business goals. It is something inbetween technical architecture and business architecture. With experience in blockchain research and together with the ReMoneta team I explored the pros and cons of existing ledgers, their adaptation, redesign and their applicability to the ReMoneta business case. It is like system analysis during a development project, where I need to match business requirements with the possibilities of blockchain technology, considering its robustness and limitations.
2. Can you tell us a little bit about the Hyperledger technology ReMoneta uses?
HyperLedger is a very solid blockchain development framework that applies well-known consensus protocols to a distributed ledger under rules similar to public blockchains like Bitcoin or Ethereum. This consensus, Practical Byzantine Fault Tolerance, is highly scalable in terms of transaction processing speed, and HyperLedger by itself allows the use of fundamental programming to create a smart contract, called a Chaincode, without having to dependend on the inrastucture of public blockchains. Since HyperLedger was created by reputable IT giants like IBM and Intel, it is solid and trustworthy as a base.
3. How does the ReMoneta hyperledger work?
The ReMoneta deployment allows the ReMoneta currency to be used as a payment mechanism for the purchase of goods within a platform empowered by an adapted HyperLedger solution. For example, from the point of view of cryptocurrencies, instant verification in the ReMoneta deployment works a little bit like lightning network, but where HyperLedger protects transactions instead of trust between parties in lightning channels and can have multiple input and output channels. With in-platform verification access, it allows the application of efficient AML procedures and tracking of transaction roots with respect to party privacy protected by cryptography.
4. What are the most innovative aspects of ReMoneta?
There are many innovative features, however, one technical innovation of ReMoneta is in the development of a payment channel that allows tokens to be protected from volatility on the permissioned HyperLedger network. Then there are zero transaction costs within the network and community mining using zero energy, zero computing power and based on earning from real world actions promoting shared values and ReMoneta. The ReMoneta deployment is quite innovative in many ways.
5. What experience do you have in the crypto/blockchain industry? How did you get into it?
I have almost 5 years of experience with blockchains. My first introduction was at PwC where I supported the Microsoft Blockchain Intensive event. During this event with numerous teams, I supported them in the development of the business logic behind Ethereum Smart contracts within a consortium chain for various industries cases. From that point, I was involved in several activities and projects related to blockchain. As for crypto, it is a side activity. Blockchain is an event-driven system which requires data tokens, and in public chain configurations it requires a value which leads to the idea of crypto. Therefore crypto in itself, separate from blockchain was never the core activity for me.
6. How would you describe the current market for blockchain technology? How has it changed in the last few years?
The blockchain is really underutilized right now. A major reason for that is due to ICOs and crypto. The general public does not distinguish between crypto and blockchain as separate elements. The phenomena of ICOs have brought a lot of unrealized projects to the market and despite the similarity of ICOs to a Venture Capital (VC) market, blockchain based companies are being carefully monitored as normal projects and any failure creates more skepticism, while this failure is normal for VC market. This skepticism is a core limitation for the spreading of this technology. Issues like scalability and speed of transactions are now solved in the ReMoneta deployment, so in the next several years, we will see a huge improvement of technology — it will become more solid and several cross-blockchain acquisitions could take place. But, I don’t believe that the concept of an ICO will change dramatically as the general public needs to first improve its knowledge of said technology.
7. What is one thing buyers/investors should know or understand about crypto?
Cryptocurrency and tokens are different things. Cryptocurrency is a universal equivalent of value enforced by the technological consensus behind it, so it is more about belief in how you trust the blockchain behind it. A token requires a combination of technological and economic consensus, since tokens have dedicated value behind them. When investing in cryptocurrency, you must consider that most currencies and ICOs are a new value proposition with a highly speculative nature. When investing in a token, always assess the technology utilization project by project and the business reason behind its economic consensus. Try to limit your emotion and apply cold logic because, again, it is similar to VC investments — many projects are high risk and depend on the skill and ability of the team to realize them.
ReMoneta is a strongly capitalised ReFinTech company based in the EU which combines Real Estate (RE), Finance (Fin) and Technology (Tech). Visit ReMoneta.com for more information.
