On the 17th of June, Skytale was named as the winner of the Berlin Deep Tech Award in the blockchain category.
This post aims to explain our core value proposition and our next coming goals.
“Skytale’s objective is to classify digital asset transactions automatically based on selected criteria using machine learning techniques. Transactions are eventually classifiable by the customers in a manual way to train further Skytale’s algorithm”.
- Why is your deep tech solution innovative, and how does it work exactly?
Skytale’s objective is to classify digital asset transactions automatically based on selected criteria using machine learning techniques. Transactions can also be classified by customers in a manual way to train further Skytale’s algorithm.
Skytale offers a business intelligence service to detect fraudulent digital asset transactions and report them to relevant customer administrators. Customers can search historical transactions by full-text queries or fixed/dynamic filters based on their categories. The search engine is based on a chain-agnostic data source, able to query data on different blockchain networks. Categorization enables customers to allow their wallet addresses and assign them to individuals or entities.
“Skytale is able to import data from different blockchains and data sources to offer a unified view to our customers without any complexity overhead”.
Customers can easily integrate our solution into their existing enterprise application, following our technical documentation. Our RESTful API, SDK and CLI mean that Skytale offers a developer-first solution with a frictionless experience during the integration phase. In addition, Skytale can import data from different blockchains and data sources to offer a unified view to our customers without any complexity overhead.
“Companies are missing valuable insights into digital asset transactions and it’s very hard for them to consolidate them for tax or accounting purposes.”
2. What inspired you to develop this digital asset tracker as a solution?
Currently, it is hard to get transactions from blockchain explorers in a meaningful way. For example, it is impossible to extract the purpose of transactions, identify the recipient easily, show correspondent amounts in FIAT with the valid stock price, and aggregate them by any criteria. Therefore companies are missing valuable insights into digital asset transactions, and it’s tough for them to consolidate them for tax or accounting purposes.
“As a decentralized team, we minimized the pandemic impact, having as a source of truth our continuously evolving documentation”
3. What did your company learn from the pandemic? What were the challenges for your business?
Skytale was ready to work fully remote. As a decentralized team, we minimized the pandemic impact, having as a source of truth our documentation and messaging platform. In particular, we are documenting our strategic decisions in our Architecture Decision Records (ADR), documents that capture important architectural decisions made along with contexts and consequences. As a lesson learnt, since we incentivize asynchronous communication over in-person conversations, we will dedicate even more effort to make it easier to onboard any new member.
4. What other ideas among the finalists did you find exciting and why?
Domi Labs captured us, a digital passport to access the rental market, since blockchain technology can definitely help to standardize this sector, making relevant information non-tamperable, accessible and transparent to everybody.
“At Skytale, we strongly believe that programmable money should programmatically do financial operations for enterprises”.
5. What is the latest trend in the field of blockchain?
At Skytale, we strongly believe that programmable money should programmatically do financial operations for enterprises. Unfortunately, tax software solutions that take data dumps are nice but insufficient for getting the right data. That’s why Skytale is particularly interested in the evolution of Decentralized Finance in conjunction with DAOs. A new generation of autonomous and decentralized organizations is rising, managed by communities through transparent decision-making processes.
6. What advantages does your company gain by sitting in Berlin?
As the European capital of blockchain, Berlin is helping us attract new talents. It is great to be in the epicentre of the whole crypto ecosystem, supported by infrastructure companies such as Electrum, Solarisbank, Centrifuge, Lisk, Iota and more.
7. What motivated you to apply for the Deep Tech Award?
Since Skytale is very new (incorporated in late 2020), we believe our brand should be part of the vibrant tech community that has been around since day 1. We applied for The Deep Tech Award to enhance our reputation for this reason.
8. How are you going to invest the prize money of 10.000€ per category?
We will invest the prize money into Research and Development, especially into our classification engine, requiring a huge amount of blockchain data to be processed and refine our algorithms to make it more reliable.