AMA Recap — ORE Network
The session of AMA ( Ask Me Anything ) with ORE Network was conducted on 10th October 2021 at 5:30 PM IST (12 PM UTC) and lasted for 1 hour.
ADMIN ROUND
I welcome you on behalf of Crypto players India team, hope you will enjoy today’s AMA session.
Very excited to have you with us.😊
Jonty|Host
Please tell us about yourself and the team working on Ore Network?
Marc
I’m the co-founder and CEO at AIKON and a core contributor to the ORE Blockchain. AIKON makes it easier for companies to launch products on public blockchains and ORE is best known for their identity service called ORE ID that connects non-technical people to blockchain apps using Web 2.0 identities and ORE Vault which helps teams manage token treasuries. I ran my first company at 28 years old, a social network called Mobileplay (which he sold to Good Technology) and became Creative Director at Context Optional which sold to Efficient Frontier for $50M. At Efficient Frontier, I set up the social business in EMEA before the company was acquired by Adobe for $400M. And after that I founded Emmerge, which unfortunately was my first failed startup! (They say you learn more from failures than successes and I totally agree!) Since then, I spent the last four years working on Blockchain technology with AIKON and ORE. We have a fully remote team of 17, working on ORE from around the world. We have developers in Turkey, Brazil, the US, India, and the Netherlands, but most of the original team was from the US, so we still have our strongest roots there. You can see the individual contributors and our amazing advisors on our website here: https://ore.network/about/
Jonty|Host
What is Ore Network? Please provide a detailed introduction.
Marc
The Open Rights Exchange (ORE) is a blockchain is built for decentralized identities, assets and rights. ORE works cross-chain with Ethereum, Algorand, EOS, WAX, and TELOS already (more chains coming soon!). It connects Web 2.0 identities to Web 3.0 — allowing everyone, everywhere to easily use blockchain technology. Ultimately, ORE is the bridge to mass blockchain adoption — Mass adoption should be the number one focus of everyone who believes in blockchain and owns cryptocurrency. When mass adoption happens — everything that all of us early adopters believed in and worked to create will find the success we all envision. ORE facilitates mass adoption faster. Provides easy log-in for blockchain companies to get more users, so they can grow faster and allows non-blockchain companies to start using blockchain and crypto without having to do the heavy lifting. The ORE Chain is designed to do one thing really well — IDs, assets, access rights, that’s it. so it can be more efficient and then plug into layer 1 blockchains where the Dapps are. We’re putting a lot of energy into supporting new blockchains — Polygon, Cardano, Polkadot, BSC are all coming soon. And we’re happy to provide developer grants for teams that want to help us integrate new blockchains to our open-source ChainJS standard: https://github.com/Open-Rights-Exchange/chain-js
Jonty|Host
ORE Network announced their IDO on 12th October which would be happening on 3 platforms. Please share all the details with our community.
Marc
We’re working with three different launchpads to highlight our cross-chain vision. They’ll all happen on October 12 and people can participate on Poolz, Occam.fi or Scaleswap. They’re connected to BSC, Cardano and Polygon. the listing on Uniswap and Quickswap will happen the next day — Oct. 13. all the details are here:
https://medium.com/@ORE_Network/how-to-participate-in-the-ore-token-initial-dex-offering-d972b15f7a41
TWITTER ROUND
Almost 4/5 of investors are focused purely on the price of token in short term instead of understanding the real value and health of the project. Could you tell us on motivations and benefits for investors to hold your token in long term?
Marc
The ORE token is a utility token, not an investment. The core value of the ORE token is being able to store accounts and assets on the ORE blockchain — the more companies adopt ORE the more value the chain has. We’ve been working on this project for four years now — since 2017. so it’s a very long term play technically, and we have a number of companies building on ORE already. We’re supporting everything from tokenized gold — meld.gold tokenized equity — Republic.co, and DeFi — AllianceBlock.io to NFT games — RedFox Labs and Liquid. In general, we seem to get the most interest from finance companies, but there’s been a ton of excitement around NFT projects recently as well. So we’re expecting a lot of growth over the next couple of years. nd the team all have multi-year vesting on tokens too so we’re in this together with the community.
DeFi, Staking and Yield Farming are hot topics right now in our Crypto Space, My question is, did you make this project only for the short term because of these hot topics? Do you have a long term plan for this project?
Marc
As I said before, this is a long term project. Identity is the core infrastructure for the blockchain — and cross-chain identity is badly needed! There are ~5 billion internet users in the world. but probably like 50M blockchain users so there’s 100x growth still to come. in the industry and we want to help make that possible. some of the new use cases like yield farming are super creative and great to give back to communities / help people make money. but since 2017 we’ve seen a lot of trends come and go. a lot of bull and bear months in the market. the important thing is helping to create truly decentralized tools and protocols to make the global financial system fairer. more transparent and more inclusive. that’s the great thing about blockchains they work the same in any country, any time, no matter who you are.
As Education for crypto currency is necessary nowadays , what’s your plan to to attract those people who don’t know about cryptocurrency?
Marc
we’re always trying to attract mass-market consumers through a couple of unique pieces of ORE. 1) Ease of use — connecting social logins like Google, Apple ID, Facebook, etc. so people can log in with systems they’re used to.
2) Cross-chain — letting users have one account on ORE that owns multiple public / private key pairs across different chains.
3) embedded into existing apps — ORE ID is built to integrate to existing app s- anything from finance to games, which means the businesses that adopt ORE ID, bring their users to the ORE blockchain, our strategy is to maximize business adoption and then grow the community through those partnerships. we want to help educate people too — that’s why we do so many AMAs, youtube videos, blog posts, etc. We want to help make blockchain easier and ALSO close the knowledge gap.
ORE works cross-chain with Ethereum, Algorand, EOS & more to connect Web 2.0 identities to Web 3.0. why and what advantages will the Web3 bring us? Are you global project? Can anybody use your platfrom anywhere?How do you plans to grow & gain more real-adoption?
Marc
I talked about the plans for adoption in the last question. but I should also say, our product works around the globe. and our team is all over the world. I think we speak 10 different languages internally. but we still only have the website in English, so that’s going to be a big focus for next year — getting content out in different languages to make it easy for everyone.
There are a lot of rug pulls and exit scams going on these days. How can users trust your project, and what sets you apart from the competition?
Marc
I think we’ve been really different from other projects since we started. We started the project in 2017 during the ICO craze, but we decided to build first rather than raise huge amounts of money on an idea. We wanted something real. So we did it the hard way, and when the crypto winter hit we had to be really careful. We also lost one of our original co-founders who passed away from cancer and it looked very bleak for a while, but we truly believed in our vision and just kept working. today we’re up to 17 people and it just feels amazing!! I’m so glad to be able to meet everyone here and help make the blockchain dream a reality. We want to write code that people will use. Tray (my other co-founder) always says he wants to build something that people are still using 50 years from now. I hope the years of work make us trustworthy and the fact that we have a real blockchain with real businesses building on it already too. there’s a lot at stake here already, and we want to make sure we protect the community too. the best thing we can do is just keep working hard.
While you build your project, do you take into account community feedbacks and demands?
Marc
that’s a huge part of why we built first before releasing the tokens. we’ve had to change many things based on feedback from real users. eventually, we want to let token holders vote on big decisions as well. right now the block producers (nodes running the network) control things. but we’d like to have some proposals where the community gets to vote and control some things too. so that’s going to be a big step coming next year. also, I should say the chain is open — any developers can go to https://ore.network/developers.
COMMUNITY ROUND
Anita
I want to invest to your project.
•Where can I buy it? Is it available on any exchange??
•also all the links to all your social media platforms if possible ?
Marc
thanks for the support — here’s a blog post detailing our launchpads: https://medium.com/@ORE_Network/how-to-participate-in-the-ore-token-initial-dex-offering-d972b15f7a41 the listing on Uniswap and Quickswap will happen the next day — Oct. 13.
Lokman Hosen
Has your project been audited? how about the system, is your project safe from hacker and cheater?
Marc
great question — first of all, we only store public keys in the on-chain registry. No personal data is ever stored on-chain. Each public key has a private key that goes with it. These keys are stored off-chain in an encrypted database. In order to sign a transaction on another blockchain, the ORE ID service asks the user for their password and then sends the encrypted key and the hashed password to a server called the “Trustless signing service” this service runs on Google confidential computing — which has machine-level encryption, so we can’t see the private keys even in memory. that code is open source if anyone wants to review it: https://github.com/Open-Rights-Exchange/crypto-service Beyond that we’re HUGE believers in open standards. we used eosio code for the blockchain — battle-tested with billions of $$ in transactions. The network is working on our bridge — battle-tested with billions in transactions and hundreds of millions locked open zeppelin token contract — the most popular contract on ethereum Google confidential compute as I said above — tried and true even P had a hack where some money was lost — so no audit is perfect, no system is flawless against hackers, but you want to minimize the risk. I love that P Network refunded the users who lost money — just like CZ at Binance. it’s about managing risk, using great partners and protecting the community.
Pemburu Ama
Can You State Why Your Project Is Different From Other Competitors?
Can you tell us a little about your team’s progress during the Covid-19 pandemic?
Marc
That’s a great question — we actually had some huge companies looking at using ORE before the pandemic hit and we lost a lot of momentum in March and April 2020. That summer we partner with Algorand on their first public grants program grant. bringing ORE ID to Algorand, That was huge for us — since then there’s been way more adoption, way more growth, hiring, etc. it was scary for a while, but we’re stronger than ever now. There are other competitors who are trying to make blockchain easier to use — but none that I know of that have a decentralized ID at the core of it, with it’s own token. the token is a key element of the long term vision because there won’t be any monopoly controlling the system. anyone can buy the tokens and use the chain directly, which is the right answer for the long run (even though it’s harder to build.
সুখ তারা
Currently, Binance smart Chain blockchain trending topic and It’s having high transaction speed and cheap gas fees, Are you planning to Moved other blockchain or launch your mainet in the future?
Marc
our mainnet has been live for 2 years now (with 0 downtimes) but we’re definitely going to integrate BSC. We really believe multiple blockchains will matter for the long run and we’re trying to integrate as many as possible.
Lylibelle
Which one of these aspects is important for you?
1-Increasing Token Price & Value
2-Empowering Platform Development
3-Building Community Trust
4-Expanding Partnership Globally
Marc
I’d say:
1 — empowering platform development. The chain doesn’t matte runless it’s being used by real projects for real people.
2 — global. We already have projects building on ORE that are in US, Guatemala, Australia, Singapore, Switzerland, and Red Fox Labs which is in multiple countries throughout Asia. Blockchains are global — so ORE is global.
3. Community — decentralization is all about putting power in the hands of normal people wherever they live, we want the company to get value from ORE and give back value in return with feedback and advice.
The token price comes from those other three — the only tokens that have real value for the long run and tokens that have real usage. The value of a utility token like ORE comes from the utility of the chain, not the other way around.
Be Hong
Do you have a whitepaper if yes please share it with us and secondly do you have plans for pre-sale? Where can we join it?
Marc
YES, I can’t believe I didn’t share this earlier! the presale will be on Occam.fi, Scaleswap, and Poolz October 12. The listing will be on October 13 on Uniswap and Quickswap.
Cuties
Since NFT is popular nowadays, is there a plan for NFT integration?
Marc
Yes! our platform already manages NFTs in the back end — we have two NFT projects building on ORE already. however, we don’t have a front-end user interface for NFTs. That should be coming out at the end of this month, and we’ll have a whole roadmap of NFT features after that!
The AMA recorded many great questions from the Crypto Players India community, as well as meticulous answers from our guest Marc from ORE Network. AMA Concluded at 6:30 pm IST.
