Discussion for NX Capital Application
What medium would you utilize for sharing such expertise? Would you charge a fee? If so, how much? What entities within the Factom ecosystem would be able to utilize such a service?We can share our expertise on legal matters related to taxation, money licensing, and other regulatory hurdles. We will continue to invest in clarifying these legal liabilities and share our knowledge with the community.
As EC can't be transferred without actually transferring the private key, could you elaborate on your vision for this?B. We plan to build this EC marketplace on top of our Project Parity and Project Stasis. Since the infrastructure will be there, might as well use it to buy and sell Entry Credits for Factom community. I didn't talk about it in the application, but I believe EC can serve as a reserve currency (stable coin) for the crypto community. So part of the internal grant money will be used to explore how EC can be utilized as stable coin in our arbitrary market place and tokenization of assets. Lots of unknowns that attorneys need to answer even before we build out the technical framework (money transmitter license and SEC rules).
B2: My vision is to have a repository of EC exist on our cold wallet. It will back our internal stablecoin that can be called EC or some other names (like fiat backed by gold). Since it exists within our platform, it won't be transferred in and out... it'll be used more as internal accounting. Second part of this depends on the legal guidance by security experts. Our corporate entity will allow all of our users to essentially established their own subsidiary within our corporate entity. So each account would be backed by real world corporate entity. This means they will have full control over their trading/investment accounts so full control over private keys associated with those accounts. This opens up a lot of possibilities which is why in our application, I mentioned that we can pass the tax savings to other authority nodes and our clients since they'll get that tax saving by being part of our corporate entity. (With strict legal agreement so everyone is protected and not being taken advantages of even though there's a parent/subsidiary relationship) Does this answer your concern? Let me know if I need to bring our developer in who can better answer the technical side of using EC.As EC can't be transferred without actually transferring the private key, could you elaborate on your vision for this?
Can you clarify how you would help Factom break into the financial industry beyond mortgage products? ThanksIn return, our involvement as part of the Authority Nodes benefits Factom community in multiple ways: Reducing factoid supply hitting the market (increase factoid price); break into financial industry beyond mortgage products (stock exchanges are worth couple trillion dollar with billion+ daily trade that needs to be notarized in U.S. alone);
Forums are public, so don't share anything sensitiveP.S. Are these answer available to the public and other guides? (The instruction said it'll be made public but the forum still shows it as Private so I'm confused) Some of the future answers might go into our business "secrets" and I don't feel comfortable sharing everything on a public forum. And will I need to repeat these answer to other guides?
Could you elaborate on what you will be monitoring (external and internal)?We will use Datadog as external monitoring of nodes (supposing that internal monitoring tools can fail), such that all team members are notified by phone, email, discord, etc.