As a part of the move to bring Permission to China, founder and CEO Charles Silver took part in an AMA on WeChat along with RockTree LEX to answer questions from members of the crypto community. Below is a transcript of the event.
The New Consumers’ Platform Under Web 3.0
Date: July 2nd, 2 PM Beijing Time
Q: Could you please introduce yourself？Why did you join the crypto industry?
A: My name is Charlie Silver, and I’m the CEO and founder of Permission. My career has been in finance and technology, and I’ve spent decades studying the problems of fiat currency and central banking.
I was therefore deeply inspired by the early efforts of crypto entrepreneurs to create an alternative to fiat and centralized monetary systems. The principles of decentralization and individuals in control are very important ethical concepts that I believe in very strongly.
Q: Please introduce Pemission.io briefly.
A: Permission.io’s mission is dedicated to helping individuals be compensated for their time and data while engaging with the Internet. Web 2.0’s business model is driven by tech giants who harvest and profit from our data when we shop, search or consume content online.
Permission is about changing that model. We want to make sure that individuals receive value for their time and data in Web 3.0. That is why we are creating opportunities for people to earn our cryptocurrency, ASK, in e-commerce and other contexts.
Q: Permission.io has a very strong ecosystem, and must have spent a lot of efforts on technology, consensus, internet architecture etc. Could you please share more details?
A: We have spent years inventing and proving in a variety of use cases our proprietary technology called Data Algebra, for which we have nine patents. Data Algebra allows all data to be represented mathematically, which allows the combination of various data forms, e.g., clickstream data, blockchain data, relational data and graph data, to be queried from a single source.
This has powerful applications for all aspects of our business model. By eliminating data silos, we enable individuals to build a comprehensive data store composed of all their interactions across the web that they can then monetize.
On top of this, we are expanding our ecosystem and opportunities to earn ASK by building plugins for the major global ecommerce platforms, including Shopify, Magento, WooCommerce, to allow any ecommerce platform to offer and accept ASK.
Q: What are Permission.io’s strengths or advantages compared to other projects?
A: Our core strength is our technology. Data algebra’s ability to liquify data across disparate sources allows individuals to build a personal database that can then be permissioned and monetized in multiple contexts, not just while using a browser like Brave. Data algebra enables people to really own and monetize their data across the entire digital ecosystem.
We have created an independent, Permission blockchain, which enables speed and transparency of transactions. For example, BAT does not have its own blockchain, and thus lacks transparency about when earning events occur. All of our business model innovations are focused on making crypto easy to earn, use and spend.
Another distinction is our mature, well-seasoned, experienced executive team, many of whom have built companies for decades with multiple exits.
Q: The token economy design and incentive will be really important, could you please share with us how you are designing Permission.io’s token economy?
A: It starts with individual members that are attracted to our mission and platform. As individuals come on board, advertisers will seek to reach them on a permission basis. Additionally, eCommerce vendors and others who transact online will want to use ASK to drive conversions. Working with payments companies and other retailers about expanding the acceptance of ASK will fuel the economy as well.
Q: Please tell us what your roadmap looks like for the second half of 2020.
A: In the second half of 2020, we are rolling out an application that allows members to earn from their data while shopping, viewing advertisements, and interacting with content.
Also, we expect to complete in Q4 the browser extension and plugin that allows Shopify vendors to offer and accept ASK on their site. Plugins for other eCommerce platforms like Magento, WooCommerce and Volusion will follow.
Finally, in the second half of the year, we will begin actively building our developer community to support an open source project focused on eliminating data silos, a monumental problem that has plagued the software industry since its inception.
Q: Considering the current global economy environment, what are your thoughts on the crypto industry?
A: I think the crypto industry is going to accelerate. After all, crypto was created as a result of the financial crisis in 2008 when central banks around the world printed money to avoid a crisis.
Today’s crisis with Covid-19, we are seeing multiples of the level of money printing we saw in 2008, which will only enhance the interest and adoption of cryptocurrency.
About Charles Silver
Charles Silver has been building companies and creating liquidity events for shareholders for 30 years. He was an early visionary in the dot com era as founder and CEO of RealAge.com, which was amongst the first companies to use Big Data to connect individuals to advertisers on a permission basis. The company raised capital in the dot com boom, survived the crash by building a profitable business, and was sold very successfully to Hearst for over 9 figures.
As an early investor in Permission, Charles recognized the significance of Data Algebra to the entire software field and realized important use cases for the applied math. With the growth of the blockchain and digital ID industries, a powerful application for data algebra emerged. ASK and the Permission ID were born, enabling individuals all over the world to own and monetize their data.
In addition to founding Permission, Mr. Silver is co-founder of LoveStoriesTV, the leading wedding-video platform, and also co-founded Reality Shares, an SEC registered investment adviser with five publicly traded ETFs, and Blockforce Capital, a multi-strategy cryptocurrency hedge fund.
Mr. Silver is a graduate of the University of Michigan, and prior to his entrepreneurial career, Mr. Silver served for two years as a staff member for a US Congressman.