Hello there!
An insightful AMA is all it takes to know about the brand so we did another one with Cryptotitans on NEST® Discord channel. Aman Deol from our business development team joined the conversation and talked about the brand’s achievement so far and the plans for 2023.
The AMA concluded with two segments: Conversation with the host and Twitter Q&A.
Brief about NEST®
NEST® is the abundance of technology which has been built over the last 5 years by the Founder Charles Anderson along with his team of developers. Over the time, they have stayed together and created solutions for problems that people doesn’t even know exist in web3. In a way, the team got a head start in developing secure technologies for privacy, authenticated ownership, legal exchange of digital assets, and the tokenisation of data as an asset. The problem with the web3 industry is that many projects has directly started with Step C (the creation if digital assets), without paying attention to step A (true ownership of digital assets) and step B(legal exchange of digital assets). Therefore by keeping focus on the SSDID — the first self-sovereign capacity to not only hold but also generate those verified credentials; we are all set for the future of the digital economy where legal ownership and exchange will be paramount.
Plans for 2023
For next year, the focus stays on B2B partnerships in varied verticals. At the moment, we are excited about NFT ticketing, Dynamic NFT creation/deployment for gaming studios and other major corporations, encrypted video/live streaming, KYC authentication using the SSDID, more L1 integrations, and other utility based NFT infrastructure projects.
We are planning to open up our technology modules for other people to build such as the enhanced NFT/Crypto/DID/Messaging/Data wallet, our splintered, encrypted data storage module and many more. Lastly, we are beyond thrilled to be finally finishing the development of our very own hybrid Layer 1 Blockchain utilizing a POS EVM x DAG hybrid methodology. And ofcourse a continuous focus stays on building our community in both real and digital space.
Background story and people of NEST®
NEST® stands for Naturally Encrypted Secure Technologies. The core beliefs of NEST® is private and secure ownership, legal exchange, and user-led access to digital assets/tokenized data. For each user the access to our ecosystem is personally encrypted. Everything from their private keys, to the master files, and personal information stays in their SSDID which is personally encrypted to them. By natural encryption we mean personal encryption as a starting point where users are able to confidentially control their assets, exchanges, data, and personal information.
The team comes from a diverse range of backgrounds, ranging from corporate law, traditional finance, art/fashion, luxury goods, to big tech companies. Our team is spread across Hong Kong, Singapore, India, The United Kingdom, and Portugal. Our C-suite and development team has spent time working for/with companies such as Credit Suisse, Barclays, UBS, Google, IBM, Aegis, Hearts on Fire, Brinc/Animoca, and more. All team members are driven and successful in their previous endeavours with multiple exits held between them and a range of advisory positions at other up-and-coming startups both in the Web3 space and other industries.
Thoughts about current NFT space and NEST®’s approach to NFT
At NEST®, we believe that NFT as a technology is crucial in developing the future of the data economy. The concept of data-as-an-asset which means that any type of data can be tokenized and monetized by end users, leading to the emergence of something we call micro-capitalism. Each individual will be in charge of their own consumption data, healthcare data, spending data, and so on and so forth. As such, we have prepared ways to enable to the seamless tokenization of this data, the true ownership of this data (using our SSDID), the legal exchange of this data (using real-world smart contracts — a combination of smart contracts and legal contracts), as well as providing a personally encrypted, hyper-secure environment to control all of this data. In terms of the disruption of the financial system, I think the more likely outcome is the disruption of the data economy, opening up new ways for users to personally benefit from their own information. NFTs as a technology use-case is still in its infancy, and we can’t build out every use case for them, so we are preparing the infrastructure layer for other projects to enable user-led data ownership and for end-users to confidentially and securely control their data.
Twitter Q&A
Q1: Do you think it is necessary to compete with the top tier projects offering similar products like yours? Like Functionalities , Use-cases, Marketing, etc. How will you achieve being a globally known project?
In order to compete with top tier projects you need real use-cases with real-world value to individuals. In terms of these use-cases, we are focused on practical implementation of DLT technologies across a wide-range of industries. When assessing whether or not a partnership is valuable, our priority is to seek the benefit to the end-users because providing value is our ultimate goal. In terms of functionality, no other projects are providing access to a scalable blockchain solution with the added benefit of confidential digital identity usage and real-world smart contracts (legal contracts + smart contracts). Other projects are mostly offering solutions for cross-platform transactions but not for legal ownership and exchange of assets. Even more so, we focus on every step of the process being private to the individuals. Our motto is publicly verifiable (meaning on-chain), but personally decryptable (meaning end-users can reveal the content of their assets and exchanges on their own terms). In terms of marketing, our plan is to have a presence at select conferences for brand awareness and to source projects and to conduct hackathons in conjunction with other respected technology providers. Additionally, we aim to steadily foster a growing community by providing fantastic technology, incentivizing the community through treasure hunts, running alternative marketing campaigns, and by targeting underserved regions of the world such as South East Asia, Latin America, and Africa.
Q2: Sometimes the token gets burned which increases the token’s value. Do you have any Coin Burn system/do you have that plan to increase the value of your token & attract investors to invest?
To grow token’s value, our strategy is to build true use-cases and associate with high-potential projects who would use our technologies for their projects, resulting in token utilisation. Furthermore, by allowing the Volary token to be used in a wide range of scenarios, such as during any KYC verification process, asset minting, asset transference, bridging, and so on, we believe we are setting the framework for what a true utility token should be.
In terms of burning tokens, NEST® will proceed with a buyback and liquidity provision. Instead of burning tokens, the tokens bought back are first provided as liquidity on the main AMM. Say for example a user chooses to mint 100 NFTs for $100 USD, 1/5 of this fee = $20 USD is used for the buyback/liquidity pool provision. From this $20, $10 is used to purchase our token, Volary, on a platform such as Uniswap at the market rate (lets assume 0.10 cents per token equalling 100 Volary tokens). The other $10 USD is used to purchase USDC from Uniswap. The resulting 100 Volary and 10 USDC are posted back on Uniswap thus providing more Volary for people who want to buy it and more USDC for people who want to sell it. As liquidity is added, the resulting Volary-USDC tokens are then stored in the long-term treasury which will be spent according to governance voting. This approach provides a similar benefit to the burning scheme but with increased liquidity for the token. 20% of all fees will be used for this mechanism with the remaining 80% being used to fund operations and expansion.
Q3. For NEST® Security is paramount so, how does Ecosystem demonstrate that it is secure, what mechanisms or adoptions has it taken in terms of security & in case of an attack, what measures would it take to solve the situation & avoid inconveniences to its users?
Well first, NEST® is completely non-custodial, so all private keys sit with the end users. For security purposes, we have added an extra step by actually encrypting the private key for the end-user to ensure private keys are never publicly revealed. In terms of the ecosystem, NEST® stores no consumer data, no master files, nor any personal information for end-users and we follow ISO 2700 for data security and have been audited by Solidity Finance. Everything is end-to-end encrypted. Everything is completely confidential. We mitigate chances of an attack down to the individual as every user’s journey is individually encrypted, as such, wide scale attacks against many individuals are extremely difficult.
Q4. Is the NEST® application available to download on mobile and PC? What one needs to do to start using it?
Yes, the NEST® application has just recently been pushed live on the apple and google play store. The application is still in testing mode and we are collecting feedback from the community and our partners so feel free to give us any feedback in our discord or on our twitter channels. There will be major upgrades coming to the application in the coming weeks which we are very excited about. To give you a brief summary, the application is a Web 3.0 community management application with a built-in NFT/Crypto/Messaging wallet and 2-step NFT minting feature.
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