Thanks to RocktreeLEX for making possible Permission CEO, Charles Silver’s, recent AMA with members of the Lianan Blockchain Financial Media Community to discuss Permission’s innovative tech and advertising model for eCommerce. Below is a transcript of the event.
Date: August 12th, 8 PM Beijing Time
Welcome Charles Silver, CEO & Founder of Permission. Could you please give us a brief introduction of yourself?
Hello Everyone. My name is Charlie Silver, CEO and founder of Permission. I am glad to be here and share our project with you. My career has been in finance and technology. I’m also the co-founder of Reality Shares, an SEC registered investment adviser with five NASDAQ and NYSE-traded ETFs. Prior to founding Permission, I’ve had two very successful exits and have a deep understanding of how to build a winning team. My last company had over 60 million users, and I sold it for over 9 figures.
Many people have noticed Permission recently. Can you give us a brief introduction on Permission?
Permission.io is dedicated to helping individuals be compensated for their data while engaging in e-Commerce. Web 2.0’s business model is driven by tech giants who harvest and profit from our data when we shop or search for products online.
Permission is about changing that model. We want to make sure that individuals receive value for their data in Web 3.0. That is why we are creating opportunities for people to share their data and earn our cryptocurrency, ASK, while engaging in eCommerce.
Can you introduce the core team of Permission and the investment institutions behind it?
We have an incredible team of serial entrepreneurs, PhDs, mathematicians and engineers from Fortune 500 companies, including engineers who built e-Estonia, one of the most advanced blockchain countries in the world.
To date, the company has been supported by professional blockchain investors, including Richard Li of Certus.One and Alphablock Investments and a number of whales.
Permission aims to return the ownership of time and data to individuals. Why does Permission enter the e-commerce market?
eCommerce advertising amounts to roughly 40% of all digital advertising spend, and is rapidly increasing with Covid-19. With so much competition for consumers’ data, retailers that engage customers on their own terms differentiate themselves and see increased loyalty and ROI.
Our simple-to-use coin helps retailers ask permission to engage buyers. We make it easy for buyers to grant permission and for advertisers to offer rewards for buyers’ data while viewing advertisements, product videos and other branded content.
How does Permission solve the trust problem between users and enterprises?
Data is now the backbone of the digital economy and consumer trust is fundamental to customer relationships. Regulations like Europe’s GDPR and the CCPA (California Consumer Privacy Act) are just two examples of protections aimed at safeguarding user data.
We have created the best solution by enabling the asking and granting of permission for the use of data. We believe establishing trust with the consumer requires making it clear how data will be utilized, compensating them for that data with a trusted currency, and then respecting those agreements.
Where is Permission’s subversive and innovative in blockchain technology?
Our innovation is in database technology, not just blockchain. We have invented deep technology with 9 issued patents that enables us to access and have visibility over personal data that is currently trapped in silos and applications.
The vast majority of shoppers have a complex, non-linear shopping journey. If you’re an advertiser with siloed tracking, you aren’t getting the full picture.
Our ability to connect personal data that is currently in silos allows us to influence and engage with users as they research, compare, and consider different options available to them. Retailers have access to a robust and permissioned data set that allows them to pick up on real-time signals of intent.
What are the application scenarios of Permission now?
Permission.io is about to announce its core application in just a few short weeks. Users can sign up to become Permission members and begin earning ASK for watching product videos and engaging with branded content while shopping 10,000+ products.
Users also earn for providing profile data and for referring friends. The application will demonstrate how eCommerce retailers can drive conversions by rewarding consumers with ASK for the ongoing sharing of data along the buying journey.
Shortly after launch, we will release plugins for e-commerce platforms, including Shopify, Magento, WooCommerce, Big Commerce, and Volusion. This enables the over 5M independent operators on these platforms to gain new customers and increase their sales by rewarding consumers for data and incentivizing behavior with ASK.
Permission has signed a deal with Coinpayments making ASK available to be used by over 4000 merchants. In addition, Permission can also accept payment by Bitcoin & ETH.
How does Permission achieve profitability?
Permission achieves profitability by creating superior datasets and large audiences that advertisers in eCommerce will want to reach in a highly targeted way.
As advertisers, agents, content providers and individuals, how can they make profits under the economic model of Permission?
Individuals profit from sharing data and by engaging with advertisements throughout the shopping experience.
Advertisers profit and increase ROI by targeting precisely and transparently, building long-term customer loyalty and trust.
Content providers profit from targeting users who volunteer to receive their ads.
We can see that Permission is playing a big game. What’s the future plan of Permission?
Permission’s vision is to make ASK a primary advertising option for eCommerce retailers. Retailers that deploy our plugin and use ASK to engage customers will drive conversions and increase sales.
The plugin distribution will create a network effect of attracting both advertisers and users via a novel channel that will push awareness and adoption of ASK to become a global crypto rewards program working and thriving outside of the Permission Platform.
The statements made here represent a high-level plan based on assumptions and estimates and is subject to change, without prior written notice or explanation. It contains forward-looking statements, which, by their nature, are subject to significant risks and uncertainties.