Blockchain Innovation Foundation

Niels Klomp

BI Foundation
Core Committee
Governance Working Group
Disclaimer. Every response from me in this thread is from an applicant role!

Our application has been submitted. My colleagues did a good job, with me dedicating most of my time to guide job. I would have liked to have some more time for the technical parts though ;)
 
Last edited:

Matt Osborne

Go Immutable
Exchange Working Group
Legal Working Group
We do however already have clients that will go live in the next few months (with Factom).
While I realize client names are most likely confidential, can you please elaborate on the sales process (how did you approach them, what was the pitch, what were the concerns, how did you overcome them, etc.)?
 

Tor Paulsen

The Factoid Authority
TH #1
3.2 Provisions fund
To be prepared for an extremely low FCT/USD price, we will build up a Provision Fund, which will be partly held in FCT and partly held in fiat money.
Why will the part crypto-part of the Provision fund be held in FCT?
 

Niels Klomp

BI Foundation
Core Committee
Governance Working Group
What do your clients need to see happen before they can go live?
They are still in a process where things like workflows & audit trails are being changed. These processes take time, before going live. Furthermore they are waiting on an additional component that will be released shortly.
 

Niels Klomp

BI Foundation
Core Committee
Governance Working Group
While I realize client names are most likely confidential, can you please elaborate on the sales process (how did you approach them, what was the pitch, what were the concerns, how did you overcome them, etc.)?
Client names are confidential currently. We have a good network we leverage in the Dutch Government, Public Services, Education & Healthcare markets. We also have partnerships and relations with a lot of Blockchain companies.

Sphereon mostly leverages these networks and partners to do the sales. We provide infra and Sphereon provides software and integrations. Since Sphereon has a lot of integrations with DMS systems and case based systems, we already are a step ahead. Concerns are mostly about privacy issues, given the GDPR. They are simply overcome by explaining how the product works and that only hashes/fingerprints of documents are stored. We always start these types of clients with a POC, to engage all relevant stakeholders in the process. They start of with a one day workshop to learn about blockchain in general and audit usages specifically. Then we create one or more processes where audit or signing could play a role. We setup these integrations with them and then they go into an internal testing phase. In this period we gather feedback and adjust the process where needed.
After this they decide whether they will go live or not in the future. We are currently in that last process with some, others are still earlier in the process
 
Last edited:

Niels Klomp

BI Foundation
Core Committee
Governance Working Group
TH #1

Why will the part crypto-part of the Provision fund be held in FCT?
Because we do not want too much selling pressure on FCT with it's liquidity. Of course things like OTC trading would help, but in the end OTC also influences market prices, as you can only have so much OTC trading. Our administrative aid keeps track of all FCT received. Please note that being a non-profit means we have to constantly look at profit and capital gains, so we have to be really careful with any crypto we would hold.
 

Tor Paulsen

The Factoid Authority
Because we do not want too much selling pressure on FCT with it's liquidity. Of course things like OTC trading would help, but in the end OTC also influences market prices, as you can only have so much OTC trading. Our administrative aid keeps track of all FCT received. Please note that being a non-profit means we have to constantly look at profit and capital gains, so we have to be really careful with any crypto we would hold.
Ok. I find it rather strange that you hedge against "an extremely low FCT/USD price" by holding FCT. A fund specifically designed to hedge against a low price in one token should not hold half of its its value in that token. Thoughts?
 

Niels Klomp

BI Foundation
Core Committee
Governance Working Group
As mentioned it will be closely monitored. Don't know how you came to the conclusion we would hold half in FCT. As you can see in our financials we always make sure to hold certain amounts in the funds in fiat.
 
Top