VAIOT AMA Series Recap pt.2
For those, who missed out our AMA videos on YouTube or want to recap what they have already learned about VAIOT from short videos, we have prepared a summary of the second part of the VAIOT’s AMA Series.
Below you can find the transcript of four videos where we share with you plans for future listings, we talk about security measures, Testnet and recap projects VAIOT conducted over last years.
Are there any plans for future listings?
Short-term, there are no plans for further listings. It is subject of course to the changing markets’ conditions. We’re already listed on two top ten centralized exchanges.
Each exchange listing, especially the big ones, is associated with significant costs. We feel that this money, in the current situation can be spent better meaning more advanced marketing strategies and more manpower in development of our products.
Better market conditions any changes in market environment, would be the point from which we could consider any new listings. Especially — which was part of our previous pre-bear market plan — going towards the Asian market and exchanges with higher Asian userbase.
How secure is VAIOT from hackers?
For those who don’t know, VAIOT, due to the VFA regulation in Malta, must undergo a set of security related audits. First, we have an obligatory code audit to review all the code of our smart contracts governing assets governing the token itself. Then we have annual security audits that are based on MDIA security standard and framework for auditors. We have an independent audit company which is hired to perform the annual audits and which is an authorized entity by MFSA (Malta Financial Service Authority).
All of the above is not always sufficient, it definitely helps to set up the security framework and foundation for everyday operations. But we also take into account lessons learned that we obtained from the last couple of years that we have been in operation. This helped us to upgrade our security policies, systems and procedures which are carefully by our security partners. We treat with special care the potential social engineering aspect. That’s why we put emphasis on employees’ trainings conducted by our CISO. In addition, we implement special systems for vulnerability scanning. All of this to increase the level of security and to prevent any potential hack attacks.
What about Testnet?
Our plans are to run the Testnet campaign until the end Q1 2023. This is when the Mainnet will be introduced and implemented. We still have the short-terms rewards distribution, and we will also have main prize distribution at the end of Testnet for the best testers who were with us from the very beginning of our Testnet campaign.
The reason why we are still running the Testnet campaign and why it has to run until Q1 2023 is that we still have a lot of functionalities that we need to integrate with the Testnet ahead of pushing them to the Mainnet, to the production network. First, we have to implement your development suggestions which is the most important. Then we obviously need to implement Easy Contracts blockchain functions, so the application we are currently working on. Then intelligent contracts and metagreements. These functions have to be integrated with the Testnet first. Then escrow functions which are related to the contracts on thee blockchain, all on-chain data mechanics and the oracle mechanism as well. To add to that, we also need to conduct vulnerability testing of the network and network security testing to make sure that the Mainnet will be secured.
You also asked about the potential of the implementation of the B2B agreements until the end of this year. As discussed, we are currently working on a couple of deals, however realistically speaking we don’t perceive any implementations to happened until end of 2022. We have a metagrament implementation in the development and integration pipeline with one of our partners that we haven’t yet announced.
At which stage is the project?
To properly explain at which stage VAIOT project currently is, for those who have recently joined us, let’s do a quick recap of the project from the very beginning.
So when VAIOT was founded and some basic assumptions and technological ideas were established, the first thing we did, we started the joint Proof of Concept project with IBM. We combined our development teams and started developing the PoC (Proof of Concept) version of our AI Assistant based on Watson.
After that we entered the regulatory process in Malta. The company was established in Malta in order to utilize Virtual Financial Assets Act (VFA Act) framework which was the new Maltese regulation for cryptocurrencies and digital assets. We partnered with Grant Thornton, that became our VFA Agent, and this allowed us to smoothly go through the regulatory process and obtain the first ever status of a regulated project in Malta. We obtained a registration of our Whitepaper with Malta Financial Services Authority and proceeded with the preparation for our private sale — Initial Coin Offering (ICO). We decided to execute our public sale in cooperation with well-known fundraising platform DAO Maker. The so-called rSHO (Regulated Strong Holders Offering) was executed in February 2021 and was followed by DEX listing on Uniswap.
One month after that we listed on both KuCoin and Gate.io. shortly after that we have signed Proof of Concept deal with a client — SupraBazar, which is a Belgium network of retail stores, for the implementation of our AI Assistant for the purpose of supporting sales and customers’ service.
Next step on our roadmap was the launch of our first business line — the AI Sales Assistant which was done through a beta testing campaign with our community members.
The next point on our roadmap was the second business line — the AI Broker and Aggregator. This software was launched in September 2021 as part of our beta testing campaign for the community.
The conclusion of our first two business lines allowed us to move into the discussions and proposals with our first potential clients. We talked with clients representing different sectors including medical sector, public administration, crypto exchanges, or insurance sectors.
In the meantime, we have been continuing the development of our development roadmap and the agenda. That means we have started the development process of the Easy Contracts application which is the first iteration of our third business line — AI Legal Assistant. We also create Testnet based on Cosmos SDK, and we engaged our Community into testing. To sum up, we are moving towards the new development cycle of our AI Legal Assistant application, we are continuing the work on the Mainnet and we are constantly pitching new clients.