WEOWN (CHX) -CRYPTOVERSE AMA RECAP
12TH October 2019
Guest : Rowan — WeOwn Brand Evangelist
Ray — WeOwn Brand Evangelist
Q — What is the benefit of making a company’s assets symbolic to raise capital compared to the conventional method? What are the advantages that Own offers to businesses?
A — That depends on what you’d like to point out as the ‘conventional method’. In our case the most conventional method is an IPO or Initial public offering. These are very lengthy and costly. Aston Martins’ latest raise was a great example of the great costs that can come with an IPO (£136m IPO costs). Another issue with IPOs is the cost and complexity of the servicing afterwards. Custody, shareholder management, voting, dividend distribution, the average investor costs multiple dollars in paperwork alone to manage. WeOwn has digitised the entire initial offering, and by using the blockchain for proof of identity, enforcement and data management we can make initial offerings possible within a 3 month timeframe for a fraction of the costs of an IPO. All servicing aftercare can be streamlined digitally as well, saving a lot of hassle and costs. It even makes shareholder engagement intuitive, direct and fun! Other ‘conventional methods’ such as fundraising, ICOs, and IEOs don’t offer security investments to their investors, so their investors don’t have the same legal rights and protection as with an security offering.
Q — What parameters can the project set when launching their proposals? to optimize the arrival of investors. With which countries Weown complies with the regulations for projects, in other words, is your project available to all countries? and which ones do you focus on?
A- Technically almost anything is possible, the parameters are more limited by the legal restrictions of the issuers jurisdiction(s). WeOwn can facilitate issuances for businesses anywhere worldwide, as long as they sort out the compliance for their issuance in their respective jurisdictions. Within Europe WeOwn can offer specific guidance through this process with its extensive partnership network/STO alliance. The European market is the first focus.
Q — There are many risks affecting a project, especially cryptocurrency projects. Currently, what are risks affecting the WEOWN? In order to develop this project in long term and attract users, which method do you use to manage, minimize the negative impact of risks?
A — Traditional parties and regulators worldwide are still catching up to this new technology. Just because going fully digital, utilising the blockchain, is a better solution for security management does not mean it can be directly implemented like that. In many countries a paper proof of ownership is still a legal requirement! So in my opinion the biggest risk lies in misunderstanding and slow development of the regulatory climate worldwide. Security tokens are the future and it is up to all serious parties involved to raise understanding, awareness and adoption, and push for fitting, progressive laws. Fortunately WeOwn has a very strong partnership network and very good ties to governments to do so (especially in Liechtenstein where the recent Blockchain Act passed in parliament introduced tokens as a new legal element in Liechtenstein law)
Q — The Own team is very focused on the business side trying to educate and attract companies to use/interact with the Own services. My question is: Is the team concerned at all about a possible lack of demand in investing on the Own STOs?
A — Indeed the challenges on the demand side (investors) are definitely not something to underestimate. It will require big effort to increase awareness of this new type of investment ( security tokens in early company scale-ups). Concerned is a bit of a heavy word, but we are definitely aware and focussed. Amongst other things we’ve published many educational articles, done many interviews and we’ve even launched a free to play investment/business simulation game for iOS/Google play called Sillycoin Valley! Once traction is far enough an extra marketing push amongst the right retail investor population will definitely be invaluable. For the time being I do belief we have well over one thousand KYC’d investors registered on our platform.
Q — If I am a business and want #WeOwn services what PREREQUISITES should I take care of first?
A- -Before an issuance can take place the business structure and regulatory approval needs to be ready. Documentation (e.g. prospectus) needs to be provided. An issuer can choose to arrange these things by themselves, but we’d advice for them to use our services and partnership network when setting up for issuance.
Q — Security, scalability, and data privacy are three aspects that are very important at enterprize level, how WEOWN team handle these issues?
A — We comply with GDPR and have one of the fastest blockchains out there. You can find more on the topic at https://www.weown.com/blog
WeOwn uses a delegated proof of stake blockchain that is based on a Byzantine Fault-Tolerant (BFT) consensus protocol. At up to ~650 transactions per second (TPS) and up to ~24,000 transfers per second, on a planet-wide distributed network, Own blockchain has higher sustained peak throughput than Stellar and EOS. Which is more than sufficient for our use case. WeOwn manages all investor/business data securely on the private part of the dual blockchain.
Q — Now days there is fear of Hacks and all How one is secure on your platform?
A — All crucial data such as investor KYC and business information is managed on the private chain and can’t be hacked into via public channels.
Q — Some projects have a 10% dev share to finance their project in the long run, how does WeOwn create revenue/profits? What makes you worthy of usage by users over your competitors?!
A — We currently have most usage of our decentralised share register (dsr.weown.com). Which is a freemium service (free to start, but becomes subsription based when really using it). It is the worlds first share register that registers on the blockchain and with that enables direct voting and shareholder interaction in ways never before. There is very little keeping businesses from stepping over to our DSR.
Another way of revenue for WeOwn is the servicing for issuers, Project Crowd is the first issuer on our platform. We provide a way more alternative for them compared to traditional means of financing.
Q — How are you planning to implement CHX in Mass Adoption? Do you have plans on Educating people about how it works, and why do we need the project?
A — We have banks implementing our tech stack
Q — WeOwn itself is a full end to end servicing platform for securities so why CHX is ultility token not security token or security token issuance platforms?
A — Since its for the network… It would be very weird to use company shares to validate transactions.
Q — What is it like or different from an IEO? Advantages and disadvantages?
A — IEO’s don’t stand for equity, just a utility token. As an investor you don’t have any rights. With STO’S investors are protected by the law.
Q — Obviously we all want to see successful STO’s on the platform. What quality assurances are going to be in place to ensure the maximum amounts are raised?
A — We have checks, not every company will hit their funding goal… That’s just how open markets work.
Q — What is the purpose and a business case for hybrid blockchain tech WeOwn decided to implement? What goes to public part and what remains private exactly?
A- The purpose is to manage all data related to securities correctly. The private chain holds the sensitive date (investor/business data), the public chain processes transactional data. By doing so we can have the blockchain automatically enforce trade restrictions imposed by jurisdictions. Public blockchain is borderless, but securities are not!
Q — What data DSR manages? Who can add and request the information?
A — The DSR can manage all shareholder data and data related to legally binding votes, interactions and divident payments. Shareholders can access their holdings through their investor.weown.com accounts, and businesses can see all their shareholder data through their dsr.weown.com .
Q — I’ve seen your list of partners and it’s quite impressive, What kind of role do they play in the ecosystem of WeOwn? What makes WeOwn the platform that everyone should use, ex how can you convince an investor like me and others to use ur platform?
A — We have some Hong Kong stock exchange folks in our office this week, they help us build our stock exchange.
Nagele (legal) shaped a new law in Liechtenstein. We focus on real partners, not website fluff.
Q — With the combination of public chain and private chain(Hybrid Blockchain), WeOwn economy will be more security and privacy. However, to response the requirements of government about financial transparency when u are on Enterprise level and to resolve the problem on regulation and law-related, how will WeOwn team solutions be?
A — Our online product suite makes it easier than ever for businesses to keep track of and manage their shareholder data. All required data can be exported and shared with the local regulators. We’ve recently entered into a partnership with CryptoTax. Which makes it possible for businesses to get automatic tax reports relating to all their asset transactions, dramatically reducing the time and effort it takes to gather tax-related information.
Q — How is CHX team thinking of reaching to thousand of developers in this tough competitive market?
A — We aren’t. Our blockchain is open source though so in the future anyone who sees our technology fitting can choose to build on it/implement it. Our primary focus is business development now.
Q — Can you share about the niche market, and target markets and the broader market that WEOWN aims to?
A — SME’s looking to expand. E.g. Airplane part manufacturers who want to start a new production line or marketing firms who want to broaden their scope
Q — Which types of investment a normal invertor can invest on we own platform? Currently which types of investment services available for normal investors?
A — Debt, equity… Investing can be done with crypto or fiat.
Q — There are many good platform for STO now or future, so which the special points could OWN attract companies use Own’s blockchain for STO via Own Market ?
A-We have DPos with byzantine fault tolerance. Someone would need 66/100 Validators and over 60% of total supply to even
Q — What is it like or different from an IEO? Advantages and disadvantages?
A — An IEO is an initial coin offering managed by a crypto exchange. They are not able to host or trade securities. So they can only issue utility tokens or otherwise. These do not represent legally binding ownership or shares in the business. With IEOs you are buying ‘digital vouchers’ with STOs you are buying ‘digital shares’. With digital shares you have rights and legal protection.
Q -What is the main use cases of Own (CHX) token?
A — Have a look at our tokenomics blog on https://www.weown.com/blog
Q — There are so many investing platform How CHX is best choice for investment ? What are the future planing for growth and development of CHX ?
A — While technically it is very much doable to issue a token that would represent a security (equity, debt or fund), the space is still very young and potential issuers are still hesitant due to uncertainty. WeOwn is not only an issuance platform, as WeOwn beliefs businesses need much more guidance both before and after their issuance to be able to manage an issuance correctly and feel secure throughout the process. Being a one stop shop for setting up, issuing and aftercare management sets WeOwn apart from many others. That + being the only one with its own purpose build dual blockchain.
In terms of product development the decentralised stock exchange is the final piece of the puzzle coming.
Q — Obviously we all want to see successful STO’s on the platform. What quality assurances are going to be in place to ensure the maximum amounts are raised?
A — WeOwn offers guidance and network to the issuers on its platform, but ultimately the responsibility for attracting the right investors is that of the issuer. There are no certainties in equity raising. In case a minimum amount is not raised all participants will automatically receive their investments back.
Q — how CHX network is going to be used, on potential partnerships or any kind of plan to put the network to real world use?
A — Mason Privatbank is implementing our tech stack. Fi-Tek will also start offering it to their clients.
Q — Can you tell us more about Project X? What’s the benefits of it?
A — Project X has been announced to be the decentralised stock exchange (DSX) that is currently under development. It will be the first of its kind and make security tokens tradable after issuance! Peer to peer trading is scheduled to go live end this year, the full exchange is planned to go live during the coming year.
Q — I’ve seen your list of partners and it’s quite impressive, What kind of role do they play in the ecosystem of WeOwn? What makes WeOwn the platform that everyone should use, ex how can you convince an investor like me and others to use ur platform?
A — Feel free to register on investor.weown.com and convince yourself! The legal security and rights you’ll have over your investments might be very refreshing compared to what we’re used to in the crypto space :)
Q — How #WeOwn take care of it’s investor money? As there are a lot big investor, how they rely on your project?
A — WeOwn does not take care of anyone else’s money. WeOwn does not hold custody of funds. We have a banking partnership to help with managing funds etc https://weown.com/blog/own-to-partner-with-mason-privatbank-liechtenstein
Q — what will you do if you fail according to your roadmap and to correct it ?
A — We have already achieved everything on our roadmap. As we are a business and not a project we will be continuing development nonetheless
Q — Please mention 3 killer features of CHX, which makes it ahead of it’s peers ?
A — Servicing, legal and a full blown Decentralised stock exchange.
Q — how CHX network is going to be used, on potential partnerships or any kind of plan to put the network to real world use?
A — Already doing so. Fi-Tek and Mason bank will offer our products to their customers.
Q — Which standards for STO on Own platform ? and how could you distinguish a good project or bad/scam project STO on your platform?
A — All projects have gone through legal review and need to get approved by their jurisdictions. So there is definitely a base level of safety in all of them.
Join WeOwn links below:
Website: https://weown.com/
Twitter: https://twitter.com/OwnMarket
Telegram Group: https://t.me/OwnMarket
Facebook: https://www.facebook.com/OwnMarket/
LinkedIn: https://www.linkedin.com/company/ownmarket/
YouTube: https://www.youtube.com/c/OwnMarket/
Join Cryptoverse links below:
Youtube: Cryptoverse
Twitter: Cryptoverse
Telegram: Cryptoverse
