Charles Silver and Omer Ozden participated in an AMA hosted by Guower Finance where they discussed the advantages that Permission has, the roadmap, and much more. Below is a transcript of the event.
Date: September 2nd, 8 PM Beijing Time
Q 1: Please make an introduction of yourself and how you joined the crypto industry.
Charles: 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.
Omer: Hello everyone. I’m founder & CEO of RockTree Capital, a boutique merchant bank at the forefront of pioneering transactions between China and North America, with expertise in Technology, Blockchain and Ecommerce projects, and RockTree LEX, a blockchain professional services platform specializing in providing international legal compliance, transaction execution, overseas financing solutions and global expansion for top tier blockchain projects.
I’m also an International Partner of ZhenFund, and we specialize in investing into early stage high growth projects. I was on the team that invented the VIE Structure that opened China’s internet industry to foreign investment, and has worked at the early stages of such projects as Baidu, Alibaba, New Oriental, NetEase, and Facebook.
We are in Beijing and New York so we can have access to the top projects in the US and China at their earliest stages, and we help Chinese projects access international markets.
Currently RockTree Capital is in strategic partnership with Permission.io to assist Permission.io’s growth plans into Asia.
Q 2: Could you please introduce Permission.io briefly, and why you build up this company?
Charles: Permission.io’s mission is dedicated to helping individuals be compensated for their time and data while engaging in eCommerce. 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 time and data in Web 3.0. That is why we are creating opportunities for people to earn our cryptocurrency, ASK, while engaging in eCommerce.
Q 3: Permission.io has a very strong ecosystem, and must have spent a lot of efforts on technology, consensus, internet architecture, etc. Could you please introduce more details?
Charles: 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.
Right now, your data lives in silos and applications. Baidu has your search data and Alibaba has your shopping data. Our tech makes it possible for people to grant permission and monetize all of their personal data no matter where it is located.
This also provides enormous benefits to advertisers because it enables us to have visibility over 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 and integrate personal data 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.
Advertisers can thus target the richest data resource possible, leading to significantly better ad campaigns and increased return on advertising dollars.
In order to expand our ecosystem and provide more opportunities to earn ASK, we are building plugins for the major global ecommerce platforms, including Shopify, Magento, WooCommerce, to allow any retailer on such ecommerce platforms to offer and accept ASK.
Q 4: What are Permission.io’s strength or advantages compared to other projects?
Charles: Our value proposition to both consumers and advertisers.
Our proprietary data algebra technology.
Our community, which is getting stronger every day.
Our mature, well-seasoned, experienced executive team, many of whom have built companies for decades with multiple exits.
Q 5: The token economy design and incentive will be really important, could you please share with us how you design Permission.io’s token economy?
Charles: 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 6: Please tell us the roadmap for the second half year of 2020
Charles: We have just launched Version 1.0 of an application that allows members to earn from their data while shopping, viewing videos, clicking on advertisements, and interacting with retailers.
By the end of Q4, we will release a browser extension and the plugins for eCommerce 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.
Q 7: After questions for Mr. Silver, we would like to invite Dr. Omer Ozden to share why RockTree takes Permission as strategic partner and what do you think about the project?
Omer: For RockTree, we always think the team is the most important factor for our investments. Permission.io has a team that has produced a lot of successful companies in the past. And made a lot of money for their shareholders. This is a good indication of ability in the future. Charlie Silver knows how to build companies. He has built a similar company to Permission for the internet that he took to 60,000,000 users and then sold for a successful exit and he has also developed multiple ETFs and a cryptofund. Meanwhile, Hunter Jensen, the CTO, has developed teams with hundreds of developers and also successfully exited companies. Together, they can scale up Permission’s users and technology.
We also think that for utility tokens, ASK is very simple to understand and use. Users get tokens for their data and time. It’s a real use case. We saw the main money behind the internet business of Web 1.0 and Web 2.0 is advertising dollars. Advertisers will pay money if you can deliver results. The ASK token allows advertisers and eCommerce platforms to better target and convert their customers. For Web 3.0, ASK is leading the way for advertising and eCommerce. There is a very large budget in the advertising world to drive the price of ASK tokens because it has real utility for users.
We really like BAT – and think this is a good model for blockchain. It is a real use case. But so far, it is very inflexible and limited how big it can get because BAT token is limited to ONE browser – Brave Browser. Meanwhile, ASK can be used across all platforms, all browsers, and ecosystems. Why? Because of Permission.io’s Big Data technology, called Data Algebra which allows Permission.io to collect and read and use data from different databases – even when they are based on different computer languages and structures. This technology has 9 patents and has been used by major governments.
We see the ASK token growing very fast because the technology of Permission is so good and it can scale very fast to something Advertisers will pay for. Advertisers have a massive budget for this and are moving away from Web 2.0 Facebook and Amazon style marketing. And users are seeking to be compensated for their time and data. The trends are all in favor of Permission.io.
Q 8: DeFi is really hot currently, is there any connection between Permission and DeFi?
Charles: Yes. Our plans are to have an ERC-20 wrapper so people can yield farm with ASK.
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.