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 It can be that certain claims in this post will be outdated by the time that you read this.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.


 

How do you plan to compete on the marketing front with companies like Hedera that have demonstrated slick marketing campaigns and have a $100m watchest? 8m transactions per second is great if people are using it?

 

I think one of our best strengths is in the enterprise space. I think we could become THE Enterprise Blockchain. No other solution out there solves all of the problems that we solve. I think Hashgraph is a great example as I do think they are doing a lot of things right, and I see them as one of our competitor’s long term. We have technical advantages over them (our solution is a true blockchain, which is easier to audit), but really it will come down to execution. We have already been talking with a number of corporate partners, and if you haven’t looked, you can have a look at our President Ray Quintana’s experience. He is very experienced in developing corporate partnerships, and enterprise use are where I think most growth will happen in the upcoming years in the blockchain.
 
 
 
We have IP competitive advantages against competitors like Hashgraph, EOS, Ripple. The single biggest driver for corporate use is cost, and we are on the order of 1/100,000th the cost of Ethereum for example.
One other thing to keep in mind is that the entire space is in its infancy. I think blockchain is going to be as important to the world as the internet was (i.e., in general, the idea of “trustless computing” will change dozens of billion-dollar industries), and everyone is early.

 


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?

 

it dates back to our beginnings in the crypto space. I was looking at growing a company using blockchain, and I saw that there were many problems in the space. There were no solutions for all of the challenges out there. Therefore we designed our own protocol to address all of those issues – scalability, cost, privacy, fraud/theft/loss, etc
one of the first things we looked at was scalability, so we designed our own consensus algorithm and then focused on solving the sharding problem – we did it! we came up with a really clever sharding solution that scales to millions of transactions on-chain on a global public network.
 
 
 
 
Each shard is an independent network and produces an independent blockchain. one shard can handle 3500 tps. 10 can, therefore, handle 35,000, and 1000 can handle 3.5m tps. we scale horizontally. Then, how can you have cross-shard transactions… we have two aspects that I think of like our secret sauce.
we have a wallet designation where each wallet is assigned a shard, and we separate payment and settlement. With that philosophy, we have one single shard that collects all of the blocks from all of the other shards. reorders them in an efficient way, and then all of the shards handle receipts/settlement of transactions through that single shard. It’s a pretty clever system and approach I think. We are going to release our Testnet this month, and people will be able to see how it works. We will have a nice easy to use app, that makes it easy to see it working without having to be a programmer. We are also working on getting code reviews and external benchmarking.
 
 
 
 
For reference, we worked on this for a year before we announced it – we could have announced over 1m tps (in theory) a year ago, but we proved internally that it would work before announcing it. Our team is experienced, and we wouldn’t put our names to something that has doubt. We’ve moved from software research to software engineering.
 
 

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 :smiley:


Is Devvio’s approach to scalability similar to Sparkster?  Proof of validation similar to Gochain?

 

I have heard of them, but haven’t looked into them much. one sec on a quick look not sure – would take some more detailed analysis, but I will describe how we do our consensus. It is similar in nature to Ripple’s consensus imagine a room of people (validators). one person in the room says “I want to add a block”. Who’s in favor. Everyone who likes the block raises their hand (sends a signed validation transaction) and if 51% like it, then the block is added. Then everyone takes turns proposing blocks with that process.

Each shard has its own set of validators, and the T1 network (that coordinates cross-shard transactions) works through the same consensus algorithm
 
 
 
“How do you plan to compete on the marketing front…” – that is a good question. I think one of our best strengths is in the enterprise space. I think we could become THE Enterprise Blockchain. No other solution out there solves all of the problems that we solve. I think Hashgraph is a great example as I do think they are doing a lot of things right, and I see them as one of our competitor’s long term. We have technical advantages over them (our solution is a true blockchain, which is easier to audit), but really it will come down to execution. We have already been talking with a number of corporate partners, and if you haven’t looked, you can have a look at our President Ray Quintana’s experience. He is very experienced in developing corporate partnerships, and enterprise use is where I think most growth will happen in the upcoming years in the blockchain.
 
We have IP competitive advantages against competitors like Hashgraph, EOS, Ripple. The single biggest driver for corporate use is cost, and we are on the order of 1/100,000th the cost of Ethereum for example. Each shard has its own set of validators, and the T1 network (that coordinates cross-shard transactions) works through the same consensus algorithm
 
 

Hashgraph has already made a lot of progress on the enterprise front building out the Hedera council and also onboarding clients for both their private solution and public chain (a consortium of building societies, etc). Do you have similar partnerships/clients agreed/in the pipeline?

 

Compared to what it is going to become, the market being in its infancy really is the right way to think about it. The race is starting now, and we will be in it. I think the blockchain space is like the internet inmid-1990’s – time will tell who really emerges. Google wasn’t even a name the first few years that people started using search. It fast-movingoving space, and pretty much all of the land is still up for grabs. We have started discussions with dozens of fortune 500 companies. Our testnet coming out will be a big milestone for moving discussions ahead, which is why I think we could tip.

What would be your IP competitive advantages? Do you have parents in place? How will this work in a decentralized system?

 

Also, you mentioned projects building on your chain – any names we can look up or concepts you can share? Obviously, Satori was a big one with Hedera but that blew up thanks to the Gabe situation. Would be good if you had some interesting projects building on there (as things like Intiva and MingoCoin have really failed to excite me with Hashgraph).

 

For reference, we spent 9 months only working on patents before we whispered anything about what we’re doing. IP is a strength for us, and will be significant with corporate partnerships. Some of our concepts like fraud/theft/loss protections and privacy that works within government regulation could be blocking and truly needed for enterprise use.
 
We submitted hundreds and hundreds of pages of blockchain patents before I even hired any of our programmers. My background has a lot of IP expertise. We sold my original patents in my first company to Facebook for millions of dollars. I learned a lot about IP in that company from a competitor, whose strategies I’m using now because they were so effective haha. I submitted a patent that I won’t go into details on, but could be one of the most valuable patents in US history. I think we will have a very strong IP.
 

How will users of the public chain benefit from the patent protection? Could this not be a threat in the future if you sold the patent or decided to revoke a license? How would this be protected against?

 

In terms of other competitive advantages, when you compare us against nearly all others, I think enterprise users will want to see not just some of their problems solved before committing, but all of them. Our consensus is something that corporate users will be comfortable with. We can provably scale to levels they need to see before committing. We work within government regulations and have fraud/theft/loss protections that no one else has. We have privacy that provides true privacy, but also works within KYC and AML regulations. I’m confident right now that we can go head to head with any other solution out there right now and win. Also, perhaps more importantly, we have a team who knows how to execute. Our team has put together partnerships and deals with 70+ fortune 500 companies.


Have you done a seed round to help you get started, and if so, what is the price difference between that and what will be on offer through icodog please?

 

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?)?

 

We have raised a couple thousand ETH so far. I exited the first round to fiat right away for $500k. I have some purchasers that might come in and close the seed round or might not come in – bringing in funds is kissing a lot of frogs haha – I’ve been through this many times before, and even with the bad markets, I’ve raised money in much worse situations. I feel very good about where we are right now and already turned down $2m that I didn’t like the terms on. We are raising $2m in total on the seed and it has a 100% bonus. The rest of the ICO will be fairly traditional – I expect on the order of 20% ish discount after we get past the seed. The seed round is valuable to me as it lets me get all of my team members on full time, so we can better hit milestones.
 

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 :wink: 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)?

 

Our stability solution is a stable coin, that is asset backed (keeping in mind that our stable coins are different than Devv itself, and the point of our system is to contain any kind of asset – representations of digital assets, physical assets, and even human endeavor). One DevvDollar will be backed by a USD held in escrow. Many groups are doing this, but there are a couple things that I think are particularly powerful with our approach – one is that, like Devv, any of our asset backed coins will have our fraud/theft/loss solution and privacy solution, scalability, etc. Second is our Dallocation concept (described in our blue paper), which I think is very powerful. It creates a realistic way to grow a business around a stable coin approach – I think that will be a huge competitive advantage over all of the other stable coin approaches out there
Otherwise, I would say we can conclude this
 
 

@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.

 
Yes, these were excellent questions. I thought it was a nice extension to our last AMA and other information we’ve been putting out, so this was great from my point of view. For reference, I always appreciate tough questions – I have always found that those who are initially the most critical can become the most supportive when you honestly and fairly address their concerns. It’s tough to answer everything while typing live, so if I missed some nuances or flat out missed a question that was posed happy to answer later.

Thanks for having me, and glad to continue to provide more information anywhere along the way!

Here is a link to some of the longer term vision. What we’re doing is much more than about just money – we feel we are going to change the world. Everyone on our team now has had the vast majority of their value in stock and Devv… https://medium.com/@tomlucient/a-future-vision-of-blockchain-and-the-road-to-one-million-transactions-per-second-dffe78fb3c98
 
One final note… community is very important to me, similar in spirit with ICO DOG. We are starting a new community that is just like what ICO DOG is doing (including ranking up, earning points, etc). We’ll have badges, and a task system where you can earn points that can ultimately be redeemed for Devv – the whole thing should be a lot of fun, and we’ll be getting it going very soon.
 
You can check out our telegram and other channels to learn about it as we get it going :smiley:

Thanks again everyone, and let me know any other questions you have – we’ll answer anything else anyone wants to know

 
 
Thanks all for joining another ICO DOG AMA. The quality of the questions proves again that ICO DOG has one of the best communities in crypto. If you want to read more about devv.io you can check out our overview review at: