Quadrant Protocol (eQuad) AMA with Wolf Crypto
We held an AMA with Quadrant Protocol (eQuad) in our public Telegram channel on May 31st.
Quadrant is a blockchain based protocol that enables the access, creation, and distribution of data products and services with authenticity and provenance at its core. The data economy is similar to space; unmapped and chaotic. Quadrant serves as the blueprint that provides an organized system for the utilization of decentralized data.
The Quadrant Protocol public sale is expected to start sometime in June/July. You can check out their whitepaper here.
You can also visit the Quadrant Protocol Telegram channel for further details.
Here’s what Quadrant Protocol CEO Mike Davie and EU Community Manager Nikos Kostopoulos had to say in the AMA.*
*This AMA has been edited for clarity.
WC (Wolf Crypto Telegram Member)
Welcome to another edition of Wolf Crypto AMA, this time with Quadrant Protocol.
Quadrant’s CEO Mike Davie has been kind enough to join us this evening for a chat. Welcome @Mike_Davie!
MD
Thanks for the introduction! Happy to be here for the community
TEAM & TEAM GOALS
WC
Great to have you here @Mike_Davie! Thanks for your time.
Mike, if i could kick things off. Could give us a little bit of background about yourself and what lead you to founding Quadrant Protocol?
MD
Four years ago, I set off to change the world, and build the data economy in SE Asia. I wanted to make it easier for companies to transact high volume data feeds so that those who needed access to data to solve problems could.
That is why we built DataStreamX.
In 2017, after generating success and transaction on the platform, we uncovered an issue. We dealing with large volumes of high velocity data feeds, that generate sustain revenue for the providers, authenticity and provenance became an issue. Providers of data would try to mask where the data came from and who the true owners were. This created a big problem for companies who utilize data. (1) They need to know where data comes from to use it (2) If data is false, either intentionally or unintentionally, no matter how great to algorithm… if the data was bad, the algorithm will break and give bad results.
And this is when we started building the solution.
NK
Hi everybody! Let me jump in and help Mike as soon he is typing his answers 🙂 Between my name is Nikos and I am working as EU community manager for Quadrant protocol!
Today we have released an article presenting three of our blockchain engineers!
MD
Our team is based in Singapore and Greece. I have had the pleasure of working with Barkha since 2014. I coded the alpha of our first platform and brought her and her team on to commercialize it (Team was based in Rajkot India).
Navas joined us in 2014 in Singapore, and Sharique who was in NUS doing his Masters joined in 2015. Originally Barkha was based in India, but when the National Research Foundation of Singapore invested in DataStreamX, Barkha moved to join us in Singapore. Roger came on board while doing his Masters, also in Singapore. Marlina is also based here.
Lastly, Nikos joined us when we were looking for a Community Manager in Europe. He is still based their supporting our community and will continue to. Look out for him at the events.
THE QUADRANT PROTOCOL
WC
What exactly is the Quadrant Protocol and what is the solution you’re referring to?
MD
When looking at the stakeholders of Quadrant, or a data transaction, you have two main participants; the data consumer and the data provider.
For the Data Consumer; they need data that is 1) authentic and true to the source and (2) the need to know where it comes from. This sounds very simply but in reality, these are huge issue. For the first one, the world is moving toward automated systems and AI drive decision making. If the input, the data, which is driving the decision is false. This will cause huge problems. If you train a model with 100,000 pictures of pigs and say they are a cat, then well, next time it sees a pig it will label it a cat.
If you are creating a smart contract, that uses Oracles. And the data isn’t true to the source. We can see where this ends up.
Secondly, with all the press on data privacy and data rights, companies are getting more and more pressure to be clean and answer the question “where does your data come from”. Most have no idea. The data supply chain is becoming more and more important as months pass here.
On the flip side, Data Providers, who are good actors, want to understand where their data goes and be rightfully compensated. By creating a transparent ecosystem, they win too.
WC
So how does one specifically track said data?
MD
The process starts with stamping of the data. When data is produced, the DNA (hash and metadata) are stored on chain. This stamp can be verified by the consumer 5 minutes or 5 years later. They always can revert back, by checking the stamp, to see if they are using the original state of the data when it was produced (this part of our tech is already up and running).
Next, Pioneers, who can build data contracts that point to these stamping feeds. When a consumer wants to use the data, they enter into the contract, and can verify the stamps. Resulting in both sides understanding what data is in the contract and where did it come from.
WC
Since you’ve mentioned Pioneers, can you explain the idea behind Pioneers, Nurseries and Elons? I’m having a hard time getting my head around it.
MD
In short, Nurseries are the ‘things’ that create data. This could be a serve log, transaction log, IoT device, mobile device etc. These are the things pumping out the data. Pioneers, are the companies / organization that package it into a usable package to be made available. Elons are those creating value from that raw data. Either consuming it, or building products and services from the insights the underlying data brings.
WC
How do you determine if the data is authentic or fraud/copycat/fragmented from original source/tampered with, before DNA stamping them into the network?
MD
Great question. This is part of the initiative that was announced in the IMDA post. We will be building an AI and microservice layer on top of the protocol. This will enable 3rd parties to build services that can be used for fraud detection, duplicate data detection, quality assessment, aggregating data, etc. We will support the growth of these services by supporting the Elons who create these.
TOKEN UTILITY
WC
Can you give an example of a data consumer? In what way would they use the QUAD token?
MD
Example: I am a hedge fund wanting to understand the count of people who visit Disney Land parks. My models counts the up and down movements of the attendees but factors in other things like weather etc. With this model, I will predict the stock price and earnings. I purchase anonymized data feeds from the network to count the number of people each day.
Because these feeds are in the TB’s (terabyes) per month, it is difficult to ensure I got all the data. So everyday when the data comes in, I verify the stamp to ensure nothing was missed (missed data can screw up the model and incorrectly pick stock pricing)…. this goes on for months… one day the regulator comes knocking on my door, asking if I have personal data and where did it come from.
Because I am using the protocol, I can show that the data was received with no personal data, and exactly who I purchased it from. Regulators don’t like inside trading nor improper buying of personal data. They have clear public proof, they are compliant.
WC
Any clues on how many tokens are required for a Guardian masternode and what sort of yearly ROI?
MD
When the Guardians become fully distributed I’ll revisit the ROI question. Too early to discuss now.
WC
What’s the difference between the QUAD and EQUAD tokens?
MD
eQUAD is the ERC20 token that can be purchased in the sale then converted at a 1:1 ratio into QUAD to be used in the network.
WC
What is our planned date for the mainnet?
MD
We will be out this quarter. Timing along with our Public Sale.
WC
Very rare to have the mainnet timed with sale. Congratulations.
MD
Yes, we have always been product first, TGE second. As mentioned before, it’s the legals and ensuring everything is compliant that slows things down.
THE QUADRANT PROTOCOL & EXISTING BUSINESSES
WC
Can you tell us a bit more about DataStreamX?
MD
DataSteamX was formed in 2014 and currently transacts 20+ billion data records a month between organizations. Through our experience in the data industry, learning both the good and bad, has inspired, or rather driven us toward Quadrant Protocol. To help further solve the issues in the data economy
WC
Are there any non-blockchain business like Quadrant that already exist?
MD
There are many data businesses out there, as well as data marketplaces. The key thing to note, Quadrant Protocol itself isn’t a data marketplace. It the protocol that powers data transactions and contracts. It can be used by marketplaces (like DataStreamX who will be using it), but even companies transacting directly will benefit from the tech.
WC
How many ‘real life’ businesses who will be using Quadrant come mainnet launch?
MD
We will start layering in the DataStreamX location clients from the start. I can’t state a hard number today on everyone’s timeline but each client stamps between 1 to 144 stamps per day, all depending on the velocity of the feed.
As for overall adoption, for the last 6+ months we have been working with the Singapore Government strategizing the commercialization plan for the protocol. Here they too have noticed the importance of authenticity of data for commercial AI applications.
Together we will drive the commercial use cases. The Minister of Communication and Information introduced the plan last week.
For us, we are firm believers in the commercial adoption of tech (my background is in the commercializing of new technologies).
We will work first on the use cases that drive commercial usage.
WC
Who do you see as the main users of the platform? Businesses, data analysts, developers, or end consumers whose data is being used?
MD
We are mainly a B2B play. On one side it is data providers (Data Pioneers), on the other is analytic & AI companies / divisions (Elons) who need access to raw, authentic, compliant, data.
COMPETITORS
WC
I saw someone in your Telegram group saying there are no true competitors to Quadrant. Is this true? If so why?
MD
Hmm there is always competitors. It all depends what part of competitions. The funny thing about the data economy, your competitor can also be your partner. This is very common. For example, Thomson Reuters and Bloomberg are competitors. But I can bet you can find Thomson Reuters news in the Bloomberg Terminal.
So a data supply or data marketplace, may sell data directly, not on the protocol, but also can provide via the protocol.
So any project that says “Data Marketplace” could also be a supplier and user of the protocol. The closet competitor in the space would be Ocean. Our philosophies and approaches are different though.
PARTNERSHIPS & EXCHANGES
WC
Mike, you have a section on your website referring to “Supporters / Partners”. What’s the difference between the two?
MD
Oh none really. Just semantics. Put both words so even though Bluzelle “Supports” us, they aren’t a VC / Investor, so we included “Partners”.
WC
Can you tell us a bit more how you are working with Bluzelle?
MD
Data Pioneers, when building the product will need to select their storage mechanism. Most people use AWS these days, but we see use cases where distribute storage solutions will make sense. This is where Bluzelle comes in.
WC
Regarding partners, is the Draper in Draper Investment Network this guy?
MD
Oh Tim, yes. Our VC, Wavemaker Partners is part of the Draper Venture Network. We have our annual CEO / LP summit in the fall in San Mateo.
WC
I see from your Telegram you’ve been very active in attending various blockchain events around the world. Do you have any recent partnerships to note?
MD
We have a bunch in the waiting. We will continue to make public announcements when ready.
WC
Has to be asked….when exchange Mike?
MD
No comment :)
WC
Haha, winky face next time 😉
MD
😉 Got it!
ICO & TOKEN SUPPLY
WC
I’m trying to find a date for the token sale. I can’t seem to find it. When does it actually start?
MD
We will announce that shortly.
WC
How much of the ICO is being sold in presale? And what percentage of tokens will be available for the public sale?
MD
WC
Your website says the softcap is $3 million and the hardcap is $20 million. That’s quite a difference. If you think you can deliver the project for $3 million, what’s the other $17 million for?
MD
For this, we (humbly) see ourselves as disciplined developers and know how to layer on development with revenue so we had a lower small cap. But having the full amount ensures the longterm stability of deployment as well the ability to tackle multiple data segments in parallel.
For adoption in the data space, it is all about network effects and building strong ecosystems. Our $20M hardcap enables this and lowers the risk for all participants.
LOOKING FORWARD, LOOKING BACK
WC
What would you say is the biggest hurdle the Quadrant team have encountered since starting the project?
MD
Honestly, vague regulation and legals. We are an established team, who have built solid tech before, with a legitimate business that solves a real problem.
With the ICO and tokenisation of services, we love building the tech but need to do so in a way that we can ensure the long term success of our work.
WC
Where do you see Quadrant Protocol in the next 2 to 3 years?
MD
We’d like to see it across data segments. Ultimately driving IoT and medical data advancements as those industry mature.
CLOSING THOUGHTS
WC
Thank you to the entire Quadrant Protocol team for taking the time to answer these questions regarding your project. I am looking forward to see it unfold and wish Quadrant Protocol a successful ICO.
MD
Thanks for having us. And thanks everyone for the questions. Much appreciated and look forward to many more of these in the future.
NK
Thanks everybody for taking part in this AMA! We invite you to join our social media channels and stay active within our community and our social media networks.
Website: https://www.quadrantprotocol.com/
Twitter: https://twitter.com/explorequadrant
Telegram: https://t.me/quadrantprotocol
Medium: https://medium.com/quadrantprotocol
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