Recap of AMA #1: Ask Matjaž Anything

Authtrail CEO Matjaž Sobočan engaged with the Authtrail community through a series of the most wanted Q&A.

On Wednesday, December 16th, Authtrail hosted its first AMA on the official Authtrail YouTube channel, moderated by Patrik Kogoj, Product Marketing Specialist at Authtrail.

 

Matjaž Sobočan, CEO and co-founder of Authtrail, addressed the topics our community was most interested in – below you can read through the snippets of his answers or you can check the direct links that lead to the video with full answers.

Yesterday you announced the closing of the first funding round, can you tell me a bit more about that?

Matjaž: For the past couple of months, we have been rebranding the Authtrail platform, restaffing, and setting out the vision of what we are trying to achieve. Our great marketing team started preparing all the materials, we started reaching out to the VCs, etc. We were finally able to close the Strategic round of funding which will give us a great solid foundation for the next year to kick start the operations. Most of the funds will go towards hiring new sales staff, business development managers, and finding a proper office. Even though the pandemic taught us that we can all work remotely, in a stage of a startup this early it makes sense for people to work and grow together. I’m happy that we got the right partners on board and we can start achieving what we have set as our goal.

Listen to the full answer here.

Why did you choose Moonbeam for your project? Is there any plan to add more blockchains in the future?

Matjaž: Originally, the idea of Authtrail was based on Ethereum, which was obvious at that time. However, we soon saw that the rising gas prices are just not feasible. If you want to build a real solid enterprise business, you cannot have an unpredictable, unreliable network.

 

In 2015 I heard about the Polkadot for the first time and I was immediately hooked because I saw that there is an enterprise-focused project being built, with high security, high governance, high decentralization and it was a no-brainer to start building something on top of that. Given the fact that our source code was built on Ethereum, we were just waiting for a project to create a bridge from Ethereum to Polkadot. But we are not dependent on Moonbeam only, we want to be a blockchain-agnostic project so if customers ask to be on any other blockchain, we have the possibility to adapt the code and have different back-end blockchains working together with Authtrail.

Listen to the full answer here.

How is Authtrail different from other similar projects in the crypto space? How does the AUT token utility and model create value for contributors?

Matjaž: I think having competition is healthy, it shows that we are on the right path – we are not building something the market doesn’t really need. The majority of the competition does similar things, but they are very vertical-specific whereas we fit into broader aspects. The difference is also that we are building on a public blockchain – from what we’ve seen so far, our competitors are using either proprietary or in-house-built blockchains and not leveraging the public blockchain at all. We want to make it as decentralized as possible and as fast as possible.

 

On one side, we have the enterprise customers who will most likely never get in touch with AUT token itself because they are using our so-called anchor credits, whereas on the back-end those anchor credits are linked to the AUT tokens and give exposure to the crypto community. Those anchoring points that we create are basically linked or locked away for retention of data that the customer decides on – if they want to anchor their data for a period of three to five or seven years, this is the period for how long those AUT tokens are going to be locked away and then – from the contributor’s perspective – creating some scarcity in our market and driving the price hopefully up.

Listen to the full answer here.

Can you specifically explain the burning mechanism of $AUT and what effect it has on the whole tokenomics of Authtrail?

Matjaž: As already mentioned, the AUT token will be used to purchase the anchor credits on the platform – once the customers anchor their data away for a specific period of time, the 50% of AUT tokens will get locked away, 25% will be burned by being sent to a digital address where they are locked and remain permanently inaccessible and 25% of AUT tokens are sent as a payment to our platform owners. We have to live of something so this is the payment we are receiving to fuel the platform and to continue the development to an improved Authtrail platform.

Listen to the full answer here.

What are Authrail short-term/long-term goals?

Matjaž: The ultimate goal is to become the bridge between the global enterprise and Web 3.0. With Authtrail, the onboarding into blockchain is very seamless and easy. It doesn’t require the customer to have good blockchain knowledge and they don’t need additional staffing – it’s really just an additional security layer, a so-called trust layer, on top of the data without displacing any incumbent products inside their organizations.

 

Regarding our long-term business goals – right now our software works with integration of API so we connect to different enterprise-class applications like Oracle, SAP, Office 365, Salesforce.com, Shopify – basically every application that generates data can be hooked onto the Authtrail platform. The plan is to have a solid development to create self-installable self-manageable agents that can be downloaded and customers worldwide can just download the package and be hooked onto our platform.

 

Additionally, we plan to create a so-called Authtrail LaunchHub – if you talk about data integrity as a service it doesn’t sound as sexy but we do see there’s a big potential of creating user-facing applications on top of it. We will be launching the Authtrail LaunchHub where third-party developers will use our APIs and connections to leverage the technology and intelligence of our platform to build their own applications on top of it.

 

For more information about Authtrail starting as a spin-off and how the idea for the data integrity solution came about, listen to the full answer here.

Can you share some details about your achievements done by your project? What are the future roadmap & targets of your project?

Matjaž: Kalmia has been developing Authtrail as a separate project for the past three years now and they already have solid customers: IBO from Germany, AVL – an Austrian automotive company, and Iskratel in Slovenia (part of the S&T group) – different verticals, different use cases. The beauty here is that there is a very broad spectrum of how Authtrail can be leveraged. The market terminology is to create a so-called digital product passport – what we’re trying to achieve is to really issue a digital passport for every data set that’s inside organizations and therefore make it unique.

 

Right now we will be focusing on the Slovenian market first. We have a very good business network here – it’s a small country with 1.9 million citizens so it’s relatively easy to create marketing campaigns, have workshops and customer visits, and test the product to an extent that it’s ready for going global with the adoption. We will be finalizing the implementation, funding, and everything else in the upcoming months of 2022.

Listen to the full answer here.

Are you planning to launch in CeX dot auctions?

Matjaž: Not right now. We are building on Moonbeam and we will be building on Moonbeam for the foreseeable future. But we are not opposed to it – if we see that it will bring greater good or that there could be more potential to it, why not.

Listen to the full answer here.

What are your plans for global building and developing or getting customers?

Matjaž: Right now we are building both the sales team and the business development team who will be running around and gathering information. What I’ve learned from the past employments is that the customers are the ones who help build a product – our sales guys and business development guys are going to be out there asking questions, and based on the feedback, we’re going to tweak, adapt and build the platform to an extent that will be ready for a global market.

 

Every niche, every vertical has different demands – they have different integrations, they have different service level agreements, etc., and we want to capture as much as possible because data is being generated on a daily basis and we cannot sleep on that.

 

That’s also the reason why we’re building it in Slovenia first – we can quickly get the right connections and come to the right meetings. Once we’re ready to go abroad with it we’re going to start expanding into the DACH regions followed by the UK and from there the sky’s the limit.

Listen to the full answer here.

The most asked question by the community: When will you announce the details about a special round for early supporters?

Matjaž: Really hot topic! I know that the community has been eagerly awaiting when will we finally do it. The second round which is currently open – the seed round – is about focusing on and securing the funding for the next four or five years. However, we’re not forgetting our community and early supporters – so as soon as we close the seed round, we will be opening up special rounds for the early supporters – meaning everyone in our Telegram channels, Twitter, Reddit, subscribers on our whitelist, etc. We will be doing extensive testing of the product and once we are ready, then we are anticipating having a token generation event in late Q2, beginning of Q3 next year on one of the Tier 1 exchanges.

 

To sum it up – the best thing you can do is to subscribe to our email list, to follow our channels Twitter, Telegram and you’ll be the first to get all the information. Once we announce the community round – this should be early Q1 – we will do a snapshot of all our community members and they will all get early access to the very special community round before we go to the public sale.

 

For more information about previous funding rounds, Moonbeam’s onboarding to Polkadot, and how it involves Authtrail, listen to the full answer here.

Would you like to add anything, Matjaž?

Matjaž: I really appreciate all the support! I’m trying to follow as much as possible on Telegram and Twitter and we should not leave the AMAs just for the special events – if you have any questions shoot them out, tag me on telegram – I’m happy to answer any technical or business-related questions.

 

We’ll make sure to keep you posted with the latest news, latest updates, latest development. And yes, I’m really happy to have such a great community already on board and looking forward to a great next year when we really kickstart the operations! Big thank you for watching our first AMA, there are many more to come. See you soon and take care!

 

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