RECAP AMA IDCRYPTO X MadNetwork
Speaker: Adam Helfgott (Founder & Project Lead)
Date: Thursday December 10th, 2020
There are 3 session in AMA:
2. Forward Best Question From Twitter
3. Free Asking
SESSION 1 INTRODUCTION
We have 3 sessions of the AMA, where each of your sessions will have questions to answer, and when you are done explaining, please say "done"
Let's start to the first session.
For first session : GUEST AND PROJECT INTRODUCTION
Can you please introduce yourself and your background to us first?
And can you introduce MadNetwork to the IDCRYPTO community?
Hi, I'm Adam Helfgott. Project Lead at MadNetwork and CEO of MadHive. We are headquartered in New York City with a multi-national team all over the world now. I’m excited to share more about our project and answer all of your questions. Before I started MadNetwork, I built and sold a few internet companies in the USA since 1999. I started off as CTO/Co founder in the past and love merging new technologies with existing business models.
MadNetwork is a custom blockchain purpose-built for enterprise applications. We originally launched in 2018 with a vision to help clean up the digital advertising supply chain.
Our plan was to build on Ethereum, but as we started to build, we ran into a lot of the same problems that many other projects have had: issues with scale, storage, and cost. We realized that there was a missing piece we needed to build in order to accomplish anything else: authentication. We needed a cost-effective, scalable way to authenticate anything on the internet - whether it be people, assets, or organizations - so we built it.
We’ve had early adoption in the advertising technology space, with partnerships with organizations like Adledger aimed at reshaping relationships between consumers and advertisers. But given what we’ve built we believe that many industries, not just advertising and digital media, can benefit from MadNetwork’s tools!
For example, just recently we have partnered with Verizon and are implementing a blockchain-verified record of changes to its news releases. The initiative is called “The Full Transparency” and was built with open-source blockchain technology powered by MadNetwork. This initiative seeks to transform how the Verizon Corporate Newsroom publishes news releases by providing an authoritative record of changes to public communications. The Project is already live, you can check out how it works over at the Verizon website: https://www.verizon.com/about/news/transparency-technology
Let’s maybe have a look at the technical side of MadNetwork:
MadNetwork is a layer two technology that works as a sidechain to the Ethereum Network. The core protocol is built on top of a hybrid consensus algorithm that uses elements of the Tendermint consensus algorithm as well as the concept of the Pacemaker from the HotStuff consensus algorithm.
In order to accomplish the secure formation of this system, a Proof of Stake mechanism is employed that is controlled through smart contracts. These smart contracts also allow for the secure negotiation of a threshold key that the miners use to sign blocks. Full details are included in our publicly available Whitepaper (https://github.com/mad-network/madnet/blob/main/MadNetwork_Whitepaper_8.19.20.pdf).
The application that has been built on top of this consensus algorithm is an economically secured verifiable map. The features we offer are account abstraction ( more than one cryptographic elliptic curve may be used for signing ), data expiration (garbage collection to minimize chain size ), compact proofs of inclusion and exclusion for data stored in the system, first class support of pairing based cryptography for use in operations such as ZKPs, and many other features. Honestly I invite you to look at the whitepaper i just mentioned, for a more detailed look because trying to fit it all here is very difficult 😎
sidenote: Verizon is the largest telephone/cellphone company in the USA and also owns yahoo.com
SESSION 2 FORWARD BEST QUESTION FROM TWITTER
First question from second session
1. from @Doraemo55723313
On this time so many project and also their Token. and almost all nothing unique. Can you explain the $MAD usercase ? and beside for trade what other function of $MAD ? i want to invest unique Token so please explain on simple what unique about $MAD ?
$MAD provides a method and infrastructure for companies and organizations to authenticate and transmit information. It is already being used commercially by various groups and corporations. It is a fundamental layer in modern networked software and one that will be critical for a Web3 connected world.
We also have a unique way for holders of MAD to get involved by producing utility for the network and trading that utility for more MAD. It has defi like mechanics and will be released in the first quarter of 2021.
2. From @ateliernowis
As we know all the trader is going to make price $BTC up and down. and for a investor it was a bad situation because it will make their asset is going burn. i want to know what MadNetwork plan to survive on this situation and can keep your $MAD best investment
Our team does not think or look at daily MAD prices. MAD creates the ability to use the network. The network will grow over time. The time preference for MAD is adoption over time. One thing I like to add is, that price usually follows the progress a company makes with a delay. The only thing we are concerned with is building heads down and making progress, the rest will follow.
We will never stop building and innovating - and have a strong faith and experience in building long standing businesses and tech.
3. From @AndinverSari
How do you audit or authenticate fake data or false data that comes to madnetwork? and what kind of business do you support?
Great question. While we cannot automatically detect a lie, MAD is used by orgs to prove that information an org puts out is their information. We support all kinds of businesses, however we really like focussing on the media industry as a first use case to get our technology out there.
You can already see one way of how this can work in practice, by checking out the “Full Transparency initiative” we just announced with Verizon here
Bryan | MadNetwork:
Full details are included in our publicly available Whitepaper ()
4. From @AhmetSalihDuma1
Can you tell us how do you plan on getting MadNetwork adoption increase and how do you generate revenue from your technology platform?
By working with industry consortiums like AdLedger as well as directly with companies like MadHive, the value of MAD in product development will grow. Companies will need to integrate public ledger tech into their workflows in order to increase trust. Revenue comes from software sales that utilize MAD.
5. From @hikigayahacciii
I was new on crypto and want to start invest so i wNt to look all project so clearly and detail. can you explain abou benefit from your patnership with Verizon and ADledger ? can it help your project more bigger on community or something else
The partnership is a great proof point of the work that is going on. It is the first of many and we are super excited. Crypto is also early and figuring out how to mature. We think of ourselves as the next stage of mature crypto networks.
You are very excited in the second session, sir, thank you for answering the questions in detail.
I hope the community can understand your explanation.
SESSION 3 FREE ASKING
" FILECOIN " and " BAT " seems to be like a good competitors of MAD NETWORK can you explain the leading points of MAD NETWORK over these competitors ?
Filecoin is a project that is a form of incentivized storage for sharded data. The Filecoin project is very similiar to a decentralized hash map. These systems are great for storing larger chunks of data but have concerns over data availability. MadNetwork operates more like a traditional blockchain than a hash map and as such we do not share these same concerns. MadNetwork was also built based upon a set of research stemming from a project called Google Trillian ( from Certificate Transparency ). This design allows all content stored in the chain to be proven in a compact and concise manner. These deltas reflect a different fundamental use case: Filecoin is for storing lots of data in a sharded way so that the owner of that data can always find it. MadNetwork is designed to store the smallest amount of data needed to secure some operation or communication such that everyone can prove the origination and authenticity.
I noticed that Mad Network has 2 tokens - $MAD and $Madbyte, so can you please explain what are the differences between both tokens?
We are excited to release our tokenomics model! In a nutshell, MadBytes will be used to reserve on-chain storage space. MadTokens themselves (once we finish and audit the smart contracts) are staked into the network in various ways to generate MadBytes. Those MadBytes are then held in a ‘marketplace’ of sorts that applications using MadNet purchase from. (At a high level) This is a significant step forward in our project’s evolution. While the first wave of crypto highs a few years ago were mostly speculative, we believe that this wave will be backed by real use cases in the enterprise world. This is a huge opportunity for us (and others!) to build applications that help authenticate entities and facilitate communication in the digital networked world, forming the basis for trustless transactions at enterprise scale.
The "anonymous" data will always have less validity. This is not good for client that need a valid data for their business. How mad ensure the validity of data given by respondent?
Correct - I totally agree. In the business world consortiums that are independent will validate and authenticate network participants. This is was AdLedger is doing now. We forsee governance models of these consortiums where a consensus of sorts aligns around authenticating things
Where we can get all the latest news about your project? Do you have Twitter/Telegram community? If yes can you share the link here because there is a lot of fake telegram/twitter groups?
Bryan | MadNetwork:
Hey TsumaniX, glad that you ask :) First and foremost, you can follow us here on Telegram by joining our group @getmadnetwork.
But we are also on Twitter and Facebook if you prefer those:
Too many projects promise magic but never release any working product or prove any revenue, Within a short/long time of release. Is your project also like this? If not can u tell us, What makes your project different from other projects?
We already are releasing and partnering with some of the largest companies in the world! Our team is full of people who have worked on internet technologies for decades now and are excited to work on the future together.
MadNetwork is mainly focused for enterprise area and companys. But how can we, the common people, gets benefit from this great project?
There are many ideas for applications to be built that will involve the end user. We wanted to bolster up the b2b market - which is different than many crypto projects - first. One of the first applications is a panel software to tell businesses what kind of people are watching and consuming different kinds of content. Users will be paid when the data they provide gets utilized in machine learning to help advertisers better target ads. There are many more in development, and a venture studio is starting to build these applications built on $MAD
Thanks you for your answer 🥳
We are very happy to hear all of your answers, let's end this AMA sir
Before we officially close the event, is there anything you want to tell us ?
Big thank you from all of us at MadNetwork to the ID Crypto Community for welcoming us with open arms. We appreciate all the questions you came up with today, and hope to hear more from each of you soon. If you have any follow up questions or just want to chat, make sure you join us over at our Telegram group (t.me/getmadnetwork).
You can also follow us across Social Media:
perfect. 🥳🥳🥳 Thanks you for spending time with us sir.
So let's end this AMA
We declare AMA's Series IDCrypto with MadNetwork is Done. 🥳🥳🥳🥳
Thanks to MadNetwork team
who gave us the time to share this knowledge, I hope we will understand more about MadNetwork.
Thank you to the participants who have attended this event to the end.
the winners will be announced soon🥳🥳🥳