This AMA was conducted on the 11th of September 2018 in the ICO DOG discord channel. It can be that certain claims in this post will be outdated by the time that you read this.
Could you give us a quick review of what Devv is could you tell us a bit about the vision of devv and how you came to blockchain and crypto?
Briefly, I am an experienced entrepreneur. In my last company, a robotics company, I raised over $34 million, took the company public, created the world’s first consumer 3D Touch robotic controller, got national retail distribution, and licensed on the order of $100 million of software that we sold with our hardware. Ultimately we sold our IP to Facebook. My partner in growing Devvio is Ray Quintana, previously a general partner at Cottonwood Ventures, one of the top performing early stage VCs in the US over the past 8 years (according to Preqin). Ray’s expertise lies largely in corporate development, which is a large part of the success in his fund, having co-invested with 30 of the global 500 and partnered with 60 of the global 500. Ray has described Devvio as the best deal he has seen in his career and recently left his lucrative VC work to join Devvio full time as our President.
At Devvio, we have created a protocol that has solved all of the blockchain’s biggest challenges – scalability at 8 million transactions per second, a stability solution, fraud/theft/loss protections, privacy that will work within government regulation, inexpensive smart coins etc – we are the only blockchain that has solved all of these problems in a single solution. I came to blockchain because I’ve been interested in digital currencies (having come out of the game industry) since the mid-2000’s – one other note I’ll mention before we get started with the first question on the 8m transactions… I’ve really liked the ICO DOG community and its philosophy. For reference, I created a website in 2007 with my last company that had leveling and interactions similar to ICO DOG’s. Also, we are implementing that same concept with Devvio now too, so not just blowing smoke that I really like the ICO DOG community. The community has always been important to me, and the similarities of how we’re growing the community is great.
Could you give is us a brief summary of how devv managed to achieve 8 million TPS and how you are planning to prove this claim?
Also, we have external development teams who want to build their business on our platform working with our team. One of them initially said they didn’t want to be exclusive to us, then spent a month with the code and came back and asked if we could be exclusive to them haha
Is Devvio’s approach to scalability similar to Sparkster? Proof of validation similar to Gochain?
We did do another seed round with another pool, which was a great experience. I love getting involved with individuals as we have been doing. Who really is going to support you? a pool of enthusiastic supporters who believe in what you’re doing or a fund that takes a massive discount just playing the crypto game, and can demand such a discount because of their name recognition. I already turned down money in that situation – I ilke this much better. Terms are the same for everyone of course – fairness is very important.
How much have you raised so far? How much are you raising in the seed round in total? How much do you plan to raise in total in seed round/private sales/ICO (will there be an ICO?)?
Just out of curiosity, what is the block propagation time out to the network since that is the other side of tps? And confirmation time?
Transactions validated in a shard have guaranteed settlement. We can validate a transaction in less than a second. We do not have uncle blocks like Bitcoin, for example, so once a block is one deep it won’t change (is fully immutable) It only takes a few seconds (i.e. 4 seconds) for a transaction to propogate to settlement too. we’re very efficient.
Thanks – as my day job I am a venture capital director at the worlds largest semiconductor company. I know they are doing huge work directly with large companies looking for blockchain solutions. This company and others like it have huge budgets, the reputation and trust they have built through many years of serving the tech sector and huge R&D teams. Obviously, this is a more centralised approach to the market as they are publicly trading companies, but do you think you can compete against such companies? Or do you view it that you are in a different market?
Nice, thanks for this question. I don’t think there is any major company that doesn’t have a new blockchain initiative, and someone in charge who doesn’t know how to proceed right now What you’re describing is indicative of our value and opportunity – Everyone we’re talking to needs a real world and cost effective solution that they can depend on. We have spoken to the heads of blockchain at most of the BaaS companies, most Telco’s, a large number of fortune 500 manufacturers, service providers. The opportunity right now is absolutely enormous. Those companies are not our competitors – they are our potential customers as we have a real world solution that can scale, but which, most importantly, is inexpensive. Again – 1/100,000th the cost of Ethereum. Our blockchain is global, our sharding lets us focus on geographic as well as application (i.e. IoT, etc) areas, and I think when our testnet goes live, we can start putting initial relationships in place.
Thanks for the AMA. I was wondering how you ensure the value of your network is captured by your token?
This is a great question that we didn’t get on the last AMA (go figure, as it is one of the most important questions). Our token is Devv. Devv is the currency we will use to pay for our BaaS business. If we truly do become THE Enterprise Blockchain, and one realizes the scale of transactions that enterprise will create in the blockchain, you can imagine the use and value of a cryptocurrency driving that type of platform.
This does sound very promising and thank you for taking the time to speak to us. Do you have a timeframe in mind for testnet, mainnet and where we will start to see real value in the token above?
The testnet should be out this month. I envision 6 months of thorough QA and security testing (security is the main driver for testing before releasing the V1 full release). I envision we will have partners lining up in parallel to that, and hopefully will have some strong announcements along the way. One other thing to keep in mind is that we are selling an ERC-20 token that will be exchangeable for our native token in the future as well.
I’m a big fan of MakerDAO – how will your stability solution compare to Maker CDPs and other stability solutions currently available (algorithmic, asset backed, etc)?
@tomdevv it was a honor to have you in here. I still have a lot to ask but I think we can do that at a later time. We will publish a blog with everything and the follow ups.
Thanks for having me, and glad to continue to provide more information anywhere along the way!
Thanks again everyone, and let me know any other questions you have – we’ll answer anything else anyone wants to know