In this AMA Livestream, Tim Bos walks through the BSN partnership, company updates, additions to the team and more!
Today, we’re going to go through quite a few things. The first thing I will be going through is the BSN opportunity or partnership that we’ve recently made. Then after that, I’ll be talking a little bit about our updates to the team.
There’s been quite a lot of updates since we last did a Livestream. I’m going to talk a little bit about our opportunities, then I’m going to be sharing a presentation that we generally share with customers.
A lot of people might be new to ShareRing, they might not have seen us before so it’ll be good to actually show that presentation and then we might do a bit of a sneak preview of some new app screens that we’ve been working on.
BSN Partnership Walkthrough
Thanks for joining everyone, looks like we got quite a lot of people today, which is great. First of all, I think a lot of you would have seen the recent news about us joining the Blockchain Services Network (BSN).
Effectively it was started with sponsorship from the Chinese government in China to start with and then the main company that’s been working on it, Redshift technologies worked with the government to create an international version and a mainland China version.
We joined the international version of it and we are the seventh partner to join. What does that mean for ShareRing? It means a few things, one is it means it gives us a lot of access to potential partners that we didn’t have access to before.
It effectively opens the door for us for a lot of partners such as some banking partners, infrastructure partners, you name it. I mean if you go on their website the list of partners that they’re working with, in terms of commercial partners is huge.
The other thing it does is it gives us access to a larger number of developers or people to work on the ShareRing platform. In terms of building the community and building the development community, you’ll see over the next 6 to 12 months that’s going to be huge.
Another thing it gives us is a very secure, and low-cost way to effectively host a lot of nodes for ShareLedger itself. We’ve already built out a few nodes with BSN so they are running right now on the BSN network, this isn’t something that’s happening in a week or a month or a year, this is happening now.
I think more importantly, and this is what a lot of people want to hear, is it gives a lot of companies, project developers and communities access to the ShareLedger platform to build products on top of our platform and build products utilizing our API that we’ve already recently published.
They’ll have direct access to ShareLedger to build their protocols on top of it and the net result of that is a lot more transactions on our network. That’s a great thing about it, they’ll also have access to things like ShareRing ID, they’ll have access to a lot of our rental protocols and all of the things that we’ve spent a lot of time building on our platform. So super excited about that.
Additions to the ShareRing Team
In terms of an update to our team, there’s been a huge number of things happening to our team over the last six months. We’ve doubled the size of our development team, we announced a few months ago that we opened a development center in China.
We’ve got eight full-time developers working for us there now, that’s a mixture of back-end staff, front-end user interface staff and some blockchain developers as well. It’s very, very exciting what’s happening there.
Our Vietnam team has also been growing, we’ve got a number of people there as well. We opened an office in Thailand, we’ve got three staff working for us in Thailand as well now, they’re mainly focused on the ShareRing Shop project and some sales-related things.
In Melbourne, we’ve also hired another person and also our new sales director, Jonathan, he’s based out of United Arab Emirates and he’s in Moscow at the moment. We’ve got Faris and Chelsea working with us, who are working specifically on the Open World Passport, ShareRing ID, and related projects as well.
I mean it’s now quite a large team. I think we’re about 30 plus people in the team and we are still actively hiring. Elvin in marketing has brought on three or four more people to help with marketing and communications too. Everything’s very, very good on that front.
Opportunities and Things We’re Working On
In terms of opportunities and things we’re working on, I know we’ve been quite evasive or secretive about a number of our partners, and one of the things is with partnerships part of our approach is we want to make sure that we tick all the boxes and dot the I’s and cross the T’s and have everything in place properly before we can announce any type of partnership.
That includes things like any announcements will go through legal to make sure that they’re approved, we’re not saying stuff we can’t. Most of the partnership announcements we work with the partner to drive that announcement.
We work with our partners to make sure that they are part of the announcement. We don’t simply say, “Hey, we’re a partner with this company.” We need to make sure that they’re helping to drive that announcement, that the PR is approved from them, and more often than not they write the PR with us.
That’s why sometimes we might say, “Hey, we’ve got a new partner coming up” and we don’t announce it for a few weeks afterward. We do have a backlog of announcements that we’re working on that should be coming out soon. Hopefully, we’ll be able to announce some of those in the very, very near future.
In terms of opportunities that we’ve been working on, there are a huge number of opportunities that we’re working on. For example, we’re talking directly to a couple of governments at the moment and they’re in relation to our projects that are either related to COVID passport, related to Visa on arrival, or they may also be related to things like national digital identity and things like that, it’s quite extensive in terms of those opportunities.
We are also talking to a number of companies in terms of hotels, resorts, airlines as well as financial institutions, you name it. There’s a huge number of companies that have approached us or we’ve approached them and we’re in some good, strong discussions with them. We’re very, very excited to see what’s coming through in those there.
Pitch Deck for Customers
What I’m going to do is show you a presentation that shows you what we show our customers. A lot of people come to us and ask me what are we demonstrating to customers? What’s our value proposition? What are we showing them?
All right, so this presentation here that I’m showing talks about some of the main parts of the ShareRing ecosystem. This is a brief presentation, when we present to our clients and partners it’s about a 20-minute presentation and then 10 minutes for questions. Overwhelmingly it’s very positive, most clients come back and give us very positive responses.
Our tagline has been updated to the first global sharing ecosystem that makes services and goods more accessible for everyone. That’s quite broad, we look at the Sharing ecosystem as not just say the sharing economy where I’m renting something to someone else or things like that.
We look at the sharing ecosystem as very inclusive of things like the travel industry obviously, and the sharing of services, the sharing of certain technologies, but then also the circular economy and distributed commerce or dCommerce.
This is a bit of a founder overview so the six people you see on the screen here are our original founders. They’re all still heavily involved in the organization. All very seasoned business executives with a lot of experience either running businesses or working in finance or accounting.
We also welcomed a new director to our team, he’s an ex-lawyer and also an ex-director of Hutch Communications. So a very, very welcome addition to the team.
In terms of where we are and who we’ve got basically at the moment we’re up to about 21 developers, and with the majority of those developers based in Vietnam and also China. On top of that, we’ve got about 15 different associates. The associates are mixed between marketing, sales, operations, legal, and finance.
Every role that we hire for we look at that role and we say, “how does that grow our business? How does that help our business?” We don’t just hire to expand the team so we can say that we’ve got a big team. It’s very, very important that we look at each role on its own merits and how it helps the team itself.
In terms of the technologies that we have on offer, these four items are the main sort of technologies that underpin what we’re building, including ShareRing ID, our self-sovereign identity platform.
The idea behind ShareRing ID is it’s a digital ID that you control completely, once you sign up for it we take a digital fingerprint of things like your passport, your name, and other information. We store that digital fingerprint on the ShareLedger blockchain.
Then you can store that identity on either your phone or a cloud drive. What you then do is you use that ShareRing ID to sign up for other services that are supported by ShareRing ID. It might be hotels, it might be a number of other things.
ShareRing Pay, which is our payment system. ShareRing Pay is used for payments of any services, the transfer of payments to other users in the system.
What we do is in our system we accept both Crypto and Fiat,
when someone pays in Fiat we effectively tokenize that Fiat into something called SharePay and that tokenized Fiat can be transferred when you pay for a merchant and they can transfer it to their own Fiat currency.
We have very, very low FX fees, probably one of the lowest in the industry. We also accept different crypto as well for payment of most of the services. You can dynamically look at the process in different crypto and different Fiat currencies when you use a product.
Then dCommerce, which is a distributed commerce platform, that’s the ShareRing Shop platform. That’s currently in very, very late-stage testing in Thailand at the moment and also Melbourne Australia.
We’ve learned a huge amount through this process, and I think a lot of things around the logistics side, we’ve got a very, very strong logistics partner that’s been working with us on that there. But I think the important thing that everyone should know is that we are not a logistics company, we’re not doing the feet on the ground, we’re not doing the deliveries and all of that.
We did a little bit in Melbourne so we could learn the process and we could learn the mistakes that are made, but first and foremost we are a technology company, so we develop the platform and then we partner with companies that utilize our apps and our payment system to roll out their own systems.
For us in the end our focus is how do we get more transactions on the platform? How do we get more users on the platform? How do we get more people to be a part of this whole larger ecosystem? And then obviously everything is underpinned by the blockchain technology.
In terms of the products that are built on top of that technology, there are hotel bookings with express check-in. That means you can sign up, book a hotel, and then your ShareRing ID or the important portions of the ShareRing ID are sent directly to the hotel, meaning they can check you in ahead of time.
Then when you get up to the hotel you can either go straight to your room or go to the front desk get the card and go straight up to your room. So super fast, seamless access. The idea of everything that we’re building is how can we make the customer’s experience better than what they’ve got today?
I think our flight bookings are a very similar process, experiences and tours also, except we creating that trust between you as a customer and the provider of that experience as well.
Car sharing, if you look on our YouTube channel you’ll see an old video that we made where we scanned a QR code on the windscreen of the car, and immediately my ID was sent to the car rental company and I could unlock the vehicle and take it away.
Electronic Visa on arrival, so similar process using certain parts of ShareRing ID plus the ability to scan things like your flight booking, your hotel booking, other information, and then send that off to the government for a very, very quick approval.
Then our COVID-19 Pass, which utilizes ShareRing ID and then it adds some additional COVID related things like have you had a test in the last 24 hours and things like that. Then distributed commerce platform.
In terms of ShareRing ID, the experience is quite straightforward. Basically what we do is they take photos of ID, they do a liveness detection, which is moving your head up and down, and then we do a digital fingerprint of that and store that on the blockchain. I’ve explained that a little bit, and I’ve got some other screens that I can show you as well.
Some of the benefits are it’s a very simple solution, catered towards travelers but also things like sign-ups to financial institutions, insurance and things like that.
It takes less than two minutes to go from the start to the finish of that whole process, you do it once and then you don’t really need to do it again. It can also be used to store other documents that need to be immutable, so stuff that shouldn’t change.
It could be things like your graduation certificates, insurance policies, banking information, or other things that you need to have secured but also ready and available in case you need to share that information with someone else.
Some coverage that we’ve had recently, obviously the Forbes article is quite a big one. There’s been a huge number of other press releases and things like that as well. That’s pretty much what we show to any potential partners and clients when we go into meetings with them. I do get a lot of questions all the time about what do we show those sorts of things. So it’s pretty cool to share that with you.
New ShareRing ID UI Sneak Peak
What I’m also going to share with you now is because of during the testing and things like that that we’ve been doing with ShareRing Shop we’ve taken advantage of some of that extra testing time to work on and build a new sort of user interface for the ShareRing App and the identity sign up.
What I’m going to do is share that with you so you guys can have a bit of a sneak preview. No one outside of ShareRing has seen this so far, I’m not going to show you all the screens, I’ll just show you a few of the screens. I guess the important thing for this is it gives a solid example of how easy it is to take that underlying technology we’ve developed and white label that.
This is very much targeted to the consumer market, whereas if we’re dealing with something like a bank or insurance company we would take a very different approach and look at a less fun look and feel.
Let me switch over to that. This is the login screen, the first step would be to set up your ID or log in if you already have one. Then you get started to set up your ID, upload your government document, things like that. Agree to some legals. Do your security, which is your recovery phrase.
Don’t bother with that QR because it doesn’t do anything, so don’t worry about that. Scan your government ID which is this one. Select the country, Australia. Have your proof of identity photo, so scan your passport. And then say cheese by recording a selfie. Then you review the information.
This is a bit of a sneak preview of that, I’ve done quite a few videos before which show what the app looks like. That app has always been considered to be a bit of a draft in terms of what the look and feel is. We’ve been working on releasing a much more polished and modern look and feel and we’re very excited to get that out the door very soon.
I’ve gone through a huge amount of things, what I might do is jump to the community and see if any questions are popping up.
Someone saw the bloody river, mate. Haha yeah, our designer’s got a bit of a sense of humor, we’re looking at maybe having some custom messaging for each country that you choose.
Question about flowbacks. As a lot of you know we were holding the transactions or the ShareToken from a lot of the testing that we did. We do have a huge number of transactions that went through and a huge number of ShareToken that’s in an escrow account. That will start flowing back to the node holders now that the ShareLedger is up and running and most of the validators are registered.
We did a hard fork of ShareLedger a few weeks ago and almost all of the node holders have updated. I think there’s about 38 or 39 of the 50 validators that are running, then there is a large number of nodes that are running on our infrastructure and then also of course BSN.
I would expect the flowbacks to start coming through in the next week, they’ll start being distributed out to the node holders.
How did the presentation to the CIO of a very exciting partner go today?” That went extremely well. In fact, the presentation that I showed you was a cut-down version of what we actually demonstrated to that prospective partner. We’re just looking forward to follow-ups with them and doing some demos with them and talking about how we integrate.
I think another thing that I didn’t mention is when we talk to some of these prospective partners we don’t go in there hoping to sell development and make money off of development and consulting. As I mentioned before our focus is on how do we drive transactions on the platform.
We go in there and say, “how can we integrate this or implement this for either the lowest cost possible or in some cases free, with that strategic view of driving a lot of transactions on the platform?”
Have I talked about BSN? I have, happy to mention it quickly again. In terms of BSN the main benefits that we see out of it, number one it gives us access to a very large network of corporate partners and infrastructure partners.
Number two, it gives a very low cost and very secure way to grow the ShareLedger network in terms of more nodes and more access points onto it.
Number three, it gives us access to a very large community and growing community of developers who will build additional products and leverage things like ShareRing ID and our other protocols for their own projects.
Then finally and most importantly, is that it will drive a very, very large number of transactions into ShareLedger as more and more people will leverage some of these protocols and products that we’ve got and their API to grow that out.
In terms of benefits for us, they’re huge. BSN is the single largest infrastructure project that’s focused purely on blockchain globally and to be one of the first seven or eight companies part of it is a huge privilege for us. Kudos to our team for making it happen and working with the BSN team to get everything running so quickly.
Can you give a possible estimate on the number of transactions in a year’s time? I was hoping what I would be able to do is look at our partners and the opportunities and see if we can add up the potential number of transactions but if we looked at the potential number of transactions it’s huge.
I’m not in a position to give that information because we don’t want to make promises that either we can’t keep or that we could fall short of them or we could blow them away and increases them etc.
Hopefully over the next few weeks as we announce some of these newer partners you’ll understand the size and scale of what we’re doing.
When do you expect new exchanges? We’ve signed a couple of contracts for new exchanges, we are going through a new legal opinion review for one of them and as soon as that’s done, hopefully over the next week, we’ll be able to go through the listing process. Best case I would say two and a half to three weeks.
When are you going to release the app? We’re going into user acceptance testing for the app and we’ve penciled in the date of the second week of October at the moment for the app.
Does ShareRing already have partners in China and can you say how many and which sector? Yes, we do. Unfortunately, I can’t give you information about how many and which sectors.
Is Europe a future market? Yes, Europe is definitely a future market. Our market is global so as we grow we’re keeping a tight reign on which opportunities we go for and which integrations we do first. However, as we scale we open up the platform more so our companies can effectively integrate themselves, and we’ll have SDKs out and be able to very much scale and take on many, many projects at the same time.
Are you thinking of expanding up Latin America in the future? Yeah, as I mentioned we’re a global company. We’ve had inquiries from all over the world.
We had an inquiry from the Caribbean a couple of days ago, we had an inquiry from Argentina last week, we’ve had interest from even places as far as Afghanistan. You name it, there are opportunities for our product everywhere.
Is the Bangkok ShareRing shop testing still ongoing? Yeah, effectively we have come to the end of the first stage of operational testing. Operational testing with our partner was really about making sure that we could do the deliveries and the milk runs on time, do the drop-offs on time, and all of that.
The process now is to integrate with their API more closely to push the delivery schedules through so the drivers know where to pick up. Then we’ve also got two other apps that we’re releasing as part of Shop, one of them is a merchant app.
Let’s have a look. The merchant app is this here, that’s a running app where the customer can go in here, it’s very difficult to see on this screen, but they can add products in the system, take photos of the products, and things like that.
Then the other app that we’ve got is one called the sort and deliver app, the sort and deliver app is this app here, which you can’t see very well again. On this app here it allows for the drivers to see where they’re picking products up from, once they pick the products up they then sort it, and then they know which customers the products are going to as well. All of that is integrated with the ShareLedger ecosystem and the blockchain.
What will users have to do when their passport expires? Within the app what you can do is if your passport expires or you need to add a new identity, you can simply go in the app itself and there’s a plus button over here that allows me to simply add different types of ID.
It means that if my passport expires I just add a new passport. If my driver’s license expires I just add a new driver’s license and so on.
Can everyone benefit from flowbacks? Yes, I mean, I guess that some of the benefits from flow backs are number one, is it creates scarcity for the token.
Number two, it creates volume for the token on things like the exchanges and it effectively manages a very good velocity for the token as well. The other one is the ability to stake with the existing node holders, you’ll be able to stake with them and share in some of the benefits of that there.
Do you see any challenge given the recent political situation and trade war with China? Listen, we try to be as agnostic as possible with those things, we do have our eye on what’s happening and we do have some plans around that if things become out of control. It’s definitely something that we’re thinking about.
What made you think of the name ShareRing, is there a reason behind the name? We had a workshop in San Diego at the start of 2017 where we came up with the name and we kept going around in circles about it.
I thought of this idea of okay, we are called ShareRing, it’s all about the sharing economy and what we do. Then we thought of this concept of a ring, where it’s a ring of people sharing amongst each other, then it’s not just people, it’s communities and things like that.
Even this logo here, if you look at it carefully the logo is two hands holding each other. Everything is around that whole circular economy, working together, sharing, and things like that.
When will staking go live? As soon as the app is released, staking is going to be part of that. Technically speaking with the validators running you can stake with those, so we could look at a way for us to allow some staking with that in the meantime.
What can you tell us about the tier-one exchange? Not much beyond the fact that it’s a tier-one exchange or maybe two tier-one exchanges.
When can you release billion-dollar company partnerships? I mentioned before a lot of that information is really up to our partners and their PR teams and what we’re working on. I did receive a draft PR from them that I reviewed and sent back this morning.
How many governments are you in discussions with about Open World COVID Passport? I’m not sure how many governments we’re in discussions with, I’ll have to check with our sales guys. It’s a small number.
Are there plans for further integration with the logistics partner beyond just the shopping? Yeah, we’ve been talking to them about other opportunities for ShareRing ID, both within the company and their customers as well.
Any updates on live chain block explorer? Yes, so actually just yesterday we allocated a developer full time to do an update to the block explorer. It’s been through lack of developers, we’ve got a lot of developers but they’ve all been focused on either integrating with the existing partners, doing some updates to ShareLedger, getting the app finished and so on.
We found some bandwidth earlier this week to allocate one of our developers directly to that so he’s working on that as we speak.
Where do you see ShareRing as an organization in five years from now? It’s a good question, we’re doing an all-staff call this Friday where we’re sharing a lot of information to get everyone connected and in sync, because we’re quite a distributed organization we don’t get a lot of opportunities to all to be on a call at the same time.
One of the slides on that call is about ShareRing in one year, ShareRing in two years, and ShareRing in five years. Where we see ShareRing in five years is very much a self-sustaining organization where we are effectively the custodians of this technology. Whereas the community, our partners, and other companies that we work, build our technology out and growing that whole ecosystem.
Right now we’re planting the seed and we’re nurturing it, and we’re helping that tree grow, but after that point in time, we see ourselves as just helping to water that tree while the community and our partners sort of work to grow that. It’s a little bit of a distributor to an autonomous organization and then a little bit of a centralized sort of management organization as well. So we’re looking forward to seeing that growth.
Do you have any plans to offer a Visa ShareRing card for commerce? It’s something that we have discussed and considered, if we do you’ll hear about it soon.
Was the BSN partnership to the 2500x partnership? No, so the BSN partnership was one that we hadn’t mentioned over the last few weeks. That was something that came through a lot faster than we expected.
Is the exchange coming in three weeks? Tier one, yes it is.
In terms of what percent annual return can stakers expect? It’s impossible to say, it’ll be variable based on two things, the number of transactions that go through the system as well the actual token price at that point in time, because of the way that we do the flow backs.
We are the fertilizer. Yeah, that’s good… The community is the fertilizer for the overall project.
What types of thoughts or process patents does ShareRing have in place? No, we don’t have patents and we don’t have a plan to create any patents. Where we can we try to open source stuff as quickly as possible and we believe in creating an open ecosystem that people can build on top of and not having closed off for everyone.
What prevents large players, such as Amazon or Wal-Mart, from duplicating your efforts? They’re more than welcome to duplicate our efforts. If they start to do that, that means we’re doing the right thing.
A great community like you and the partners and the companies that we’re working with will ensure that we can still scale and grow, and there’s always room for more than one in certain industries.
Are there any efforts to ensure that staff efforts are well aligned with the company? Yes definitely, we are working on something now and I hope to share that with the staff Friday as well.
Where can I buy ShareRing merchandise like the shirt you have on? We made a heap for the multi-blockchain conference that we did about 20 months ago, and this is a leftover one.
We had a heap leftover in my cupboard, so there is somebody that’s looking at making some ShareRing merchandise. I’m not sure what the URL is but if you’re in our telegram community you might be able to see some available.
What is the biggest enemy of ShareRing? The biggest enemy of ShareRing… I don’t know, I mean I wouldn’t say there’s any companies or people or anything that are enemies of ShareRing.
The biggest enemy of ShareRing at the moment is time, I mean there’s a huge list of things that I want to do and not enough time to do it all.
Can you clarify how much circulating supply there is for ShareRing? Yeah, in terms of circulating supply, the total supply is something like 4.3 billion. The actual circulating supply, I know CoinGecko and CoinMarketCap have different values, and one of the reasons why is because they both have slightly different ways that they calculate it.
For example, CoinMarketCap takes the total supply across both chains then they’ll subtract all of the team tokens, they’ll subtract the tokens that the company is holding but they also subtract the tokens that any of our large investors and funds are holding as well.
This is why they reach the number of about 1.8 billion tokens, whereas CoinGecko doesn’t subtract some of the team tokens and they don’t subtract the large fund tokens which is why they see it at 2.4 billion.
I’m not sure which one is right, I would probably set it at 2.4 billion if you ask me because we don’t have any control over what the funds do with their tokens but we do have an element of control over the team and the company tokens.
Do you have any future presentations scheduled? Yeah, we’re always doing presentations. The next one’s for our staff on Friday, but next week we’ve got quite a few other partner presentations that we’re doing as well.
If you were an audience member like us, what question would you want us to ask you? You know what, you’ve already asked me all the questions that I would ask myself. I think it’s a good question when you say, “If you were an audience member what question would you like to ask you?”
That’s what’s driven the first half of this live stream so I started off thinking, “What does everyone want to ask us?” And they want to ask where are we at with the company? What’s our staff hiring? How’s our growth going? What are our opportunities? Who are our partners? and general updates like that. Hopefully, I’ve answered most of those questions.
The current amounts of tokens purchased by flowbacks are about 24 million, does it mean you’re going to distribute these 24 million tokens to node holders first before starting new flow back transactions? No, it doesn’t. The new flowback transactions will happen in parallel to us distributing the 24 million to the node holders, or the validators.
Is there any news that I can share that would make a boom in the crypto space? You know what? I’m hoping that the BSN news this morning is enough to say that we’re making a boom in the crypto space.
Look at the list of the companies that are part of the BSN now and that’ll sort of help you understand and appreciate how deep that is in terms of an opportunity, not just for ShareRing but our whole community and the number of transactions that we’ll probably see on the network as a result of that. I can’t understate how big that opportunity is.
The new website is going live, so we’re working on that at the moment in terms of our new website. That’s basically what I showed you in that slide deck before, it’s going to reflect a lot of what’s going into that new website.
As a leader what was the biggest challenge that you have to deal with given that this black swan event came out of nowhere? We went through a pretty hard time in late 2018, early 2019. We had a couple of good revenue-generating opportunities that just fell apart while we were working on them.
We had some major delays in our development schedule, funding, and funds that were not going too well because of the downturn in the crypto markets, or the crypto winter that went for a lot longer than anyone expected.
Through a very strong and dedicated team, a board of directors that’s been very supportive and the funds that stuck with us, we’ve managed to push through that. Even with COVID, that’s happened over the last six months, we’ve come out very strong.
We’ve got a lot of money in the bank, we’ve got a very strong runway, extremely strong partners. I’m extremely happy with the team, and also the community. Honestly, we couldn’t have done any of this without this strong community to help keep pushing us forward and giving us ongoing suggestions and feedback as well.
What is happening with GainsAssociate’s discussion? I actually did the interview today with Alexandre from Gains and he’s going to be editing that and pushing that out on the YouTube channel over the next few days, so look forward to that.
He asked some really good questions so it was a nice in-depth interview.
Are you shipping with drone delivery companies with your partnership with DJI Drone? I’d love to do drone delivery but at the moment we’re not there in terms of high-density cities and the ability just to deliver in places like Bangkok by drone. It would be really cool if we could do that though.
When will you be providing more details on masternodes and will there be the ability for more to host a node to support the network? Masternodes and adding more is going to be a result of the number of transactions that we’ve got, the size of the network, and whether or not everyone gets value from having more nodes.
I’m all for adding more nodes because it makes the network stronger. As a lot of people know with proof of stake you need to have effectively 60% of the nodes running to keep a healthy network, so if we get more nodes then there’s less chance to have less than 60% of the network running.
I’m all for that we just need to make sure that we have the right transaction volume to make sure that these node holders receive payments that are reflective of what you’d expect from the effort that they put into keeping the nodes running.
Thank you everyone for the fantastic questions! I hope you’ve found a lot of benefits in the presentation that I gave earlier, the screens that I showed and the information about things like the BSN partnership. Let’s keep the discussion going through the communities and thanks very much for all your feedback so far. Bye-bye.