Update on Pledges

Previous Updates
Secured
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ORIGINAL PLEDGES START
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-DEVELOPMENT

--Develop Price Arbitrage Platform

--Develop Fund Management Market Place

--Develop Enterprise Crypto Wallet

--Develop Asset Tokenization platform

--Build an EC marketplace on top of the previously mentioned platforms


-MARKETING

--Focus on regulatory guidance to lay the groundwork needed to bring various industries onboard

--Demonstrate to the financial industries that adopting Factom protocol can reduce their overhead and improve compliance

--Advocate the use of the Factom Protocol in notarizing crypto financial products/services

--Commit to use Factom in financial sectors
----Equity
----Options
----Futures trading
----Wealth management
----Real estate title commitments
----Tokenizing real estate assets


-TESTNET

--Two Testnet nodes

-OTHER

--Pledge $100,000 to ensure two + years of runway

--Pledge 25% of FCT rewards towards legal counsel and other community interests

--Retain all awarded FCT for staking for the first year

--Clarify legal liabilities and share knowledge with the community

- PLEDGED EFFICIENCY

2 nodes: 25% first six months then 50%
1 node: 25% first six months then 50%
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ORIGINAL PLEDGES END
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Relevant links:
- Forum Q+A
- Aggregated pledges
- Application
- Supporting documents
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Current Update: Update on Pledges
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ORIGINAL PLEDGES START
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- DEVELOPMENT
The Price Arbitrage Platform is progressing well. LayerTech created MVP and is currently wrapping up alpha version of the platform in preparation for production testing. A new developer based in Paris was on-boarded during third quarter of 2018 as well as two support staff based in London and Osaka. Once the alpha version is release, LayerTech will reevaluate our timeline based on general market condition and priority of our other projects.

Both Fund Management Market Place and Enterprise Crypto Wallet projects are on hold due to resource constraint. Our Asset Tokenization Platform was not meant to be developed until at least two years into the future. But there has been some leads that might push up that timeline significantly. We hope to share an update during 4th quarter, if not sooner. Lastly, DeFacto has developed an open source EC marketplace. Instead of duplicating efforts, LayerTech plans to integrate their version into our platforms.


- MARKETING
Much of the work here will be disclosed in full detail as part of our Asset Tokenization Platform project once the NDA has been lifted. However, below is a small taste of efforts LayerTech has made in laying the groundwork for adoption of Factom Protocol in the financial industries.

  • International Blockchain Congress 2018
  • 34th Annual Futures and Options Expo
  • FinTank Blockchain Summit 2018
  • Princeton Fintech & Quant Conference Fall 2018
  • CFCT Fintech Forward Conference 2018
  • British Consulate-General Technology Trade Mission
  • FinTex Roundtable on OCC Charter

Not a full list, but contacts made at these events have already bare fruits and will become more apparent at Q4 and beyond.


- TESTNET
To be honest, LayerTech dropped the ball on the Testnet nodes. After being onboarded, we wanted to seek clarity on minimum specs for testnet nodes due to cost consideration and forgot to follow up. At current FCT price, that concern is even more relevant since it will double our infrastructure cost. We will ask the Guides and Core-Tech committee for clarity this coming week and will spin up two testnet nodes based on the feedback.

- OTHER
Most of the items on the list are in progress and LayerTech is still fully committed in fulfilling them.

- PLEDGED EFFICIENCY
In progress and still fully committed.

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Due the scope of LayerTech's goals in the original pledge list, it will take a while for the community to see our positive impact on the ecosystem. Because of that realization, we consciously took on more responsibilities until our longer term commitments bear fruit. Below is a complied list of LayerTech's short and medium term non-pledged contributions to the ecosystem, demonstrating our immediate value while we continue to chip away at some of the bigger projects. (not a full list of our non-pledged contributions)

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NON-PLEDGED CONTRIBUTIONS START
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Governance

- Initiated the push for current committee structure to better coordinate community efforts
- Participated in every ANO and Guides Meetings (save one guide meeting due to mistake in scheduling)
- Active in Governance & Legal Working Group, Contributions Committee, and Exchange Committee
- In the future, will be active in Marketing Committee
- Help organize the upcoming ANO Retreat

Outreach

- Attended both Factom Inc's Austin and Chicago Hackathons
- Organized Developer Relations Committee to explore better outreach efforts
- Plan to integrate Developer Relations Committee with Marketing Committee to start community organized hackathons
- Will create local meetup to build local Factom community
- Will create framework for educational workshops as part of local meetups and community hackathons

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