Richard Ells, CEO and Founder Electroneum, held a 40 minute AMA session with Mike Almiroudis, Electroneum Reddit Senior Moderator. And here is the summary of this enthusiastic conversation where Richard answered some long-pending community questions.
Electroneum is dreaming big. And it enjoys the support of its robust community. Make sure to read these takeaways.
Q: What is the status of AnyTask?
A: AnyTask moved to beta testing on 18th Nov. And the good news is that till 19th testers had not reported anything major. There were quite a few user flow suggestions and the patches for the same were deployed overnight.
The App has massively exceeded the expectations and is on track for the Q1 2020 launch. However, no specific date has been marked for the launch as it still has to go through multiple stages of beta testing.
Q: Why is there a service fee associated with AnyTask but no option to pay in Electroneum?
A: AnyTask will charge a nominal service fee for usage so that the product does not cost to the company.
The payments can be made using credit cards and that part is live right now. Electroneum payments are not integrated on purpose. And that is to avoid crypto complications. To state a few:
- Crypto has turned into a regulatory nightmare. Supporting payments in Electroneum means offering task buyer/seller anonymity. This way, the buyers would avoid KYC and unlawful buyers might try to buy tasks. By not using Electroneum, effectively users are being protected.
- Electroneum needs new money to flow in. This is a must to support the project and it will help buy more Electroneum.
Q: How is does the end of the year look for Electroneum?
A: Most likely providing mobile top-up services across 20 countries. It will happen before the ball drops. To date, it has worked very well and Brazil has paid substantial dividends. And now Nigeria is also responding.
Mass adoption being the target, it is important to address the real problem. And for that to happen the infrastructure must be in place, which takes time. Also, it takes time to negotiate with the NGOs that is why no specific dates marking is there.
Q: What is the status of the Instant Payment System? What is left now?
A: To enter the league of Google Pay and Apple Pay, it is necessary to make sure that the transfer of value is near-instant for even the street vendor. And this requires a fairly large change.
IPS must offer 99.999% instant speed and that makes it quite a heavy project. And Developers Chris Harrison and Andre Patta are working aggressively to scale it up.
Q: What about the Mass Marketing plans?
A: Offering API integrations, advertising, attending blockchain conferences, building relations with exchanges and finding utilities is already happening. Close to $150K has been spent on Digital Marketing. And sufficient statistical analysis to establish what marketing technique works for Electroneum has been done.
To create a sustainable ecosystem, it is important to get 90-150 million users to the products and that is the target. Every aspect of marketing like Facebook, YouTube, press releases and blockchain conferences have been researched well. And by Q1 of 2020, a full blow marketing campaign will be out.
Q: How about the ledger support? When will that roll out?
A: Ledger integration is quite complicated stuff. It requires to handle low-level mathematical stuff. Electroneum is one of the most complex blockchains that makes it an even more challenging task.
Monero is supporting ledger integration but right now both the blockchains have turned out to be quite different. What works for Monero does not work for Electroneum.
Q: How are the mobile top-ups performing?
A: Since mobile top-ups entered Brazil, they have secured as much as $28,000. It may sound very sort of impressive to some. However, it definitely indicates adoption. The whole thing just needs some more time. In the last 1 month, the number of top-ups happening went up by 21%.
Q: Are there are monster deals coming up?
A: There are lots of things on the table right now. But the only deterrent is that institutions and organizations are not ready to take a risk. Talks are going on with the national bank of a country and some NGOs.
2020 is going to be a big year. Once one project goes out and proves its value, there will be a domino effect and then Electroneum will have a long list to pick and choose associations.
Q: Are there any exchange listings on the way?
A: AnyTask interests a lot of exchanges. Binance was about to list Electroneum and the community votes were doing pretty well. But they lost twice because someone thought the votes were being faked.
Electroneum even tried the DEX route to get listed on Binance but that’s a little more challenging. It is easy to list an ERC20 token as compared to a completely new blockchain. And it seems Binance is doing the right work as it is only listing good projects.
Once Electroneum will have proof points with its products, it will turn unstoppable. In fact, any project with an aim to make crypto usable will succeed and one of such projects is Dash. Team Electroneum might drop a “Secret Santa” gift for the community prior to Christmas 2019.
Q: When will Electroneum moon?
A: Team has been never been so confident about the project’s success in the last two years as it is now. And at a current pace, Electroneum is destined to be massively successful and not dribble.