Prometeus Network AMA with theblockcircle transcript
AMA

Prometeus Network AMA Transcript

AMA (Ask Me Anything ) was conducted with Prometeus on 24 January 2020 at 3:30 PM UTC live on our telegram group .

AMA was a bit shorter as the Prometeus Team had very packed schedule resulting in lack of time but still they managed to participate for 40 minutes.

Participating team members from Prometeus and their introduction :

Anthony Klemins

Sure. I’m marketing director of Prometeus, previously I used to work in such marketing giants as red olive, maxburst, blue foundation etc. And now doing my best for prom 🙂

Vladislav Semjonovs

My name is Vladislav. I am CBDO of Prometeus. Doing various kind of business dev activities, trying to make this work. I have a legal and financial background. Have a big experience in business development for pharma. I have been in crypto for a long time(actually traded bitcoins from 2011) and more seriously vested from 2017. I like where the blockchain is headed and glad to be a part of this movement.

About Prometeus Network

Prometeus Network is a secure and decentralized protocol that allows fully trustless and anonymous p2p data exchange through the use of PROM token. Thus one can say that PROM is like Bitcoin for data. This opens a new set of opportunities in the data exchange as well as enriching the transactional side of public blockchain application.

Community Questions :

Q. PROM Public Sale: 1 PROM = 1 USD
24 Hour Low: 0.44 USD
24 Hour High: 1.02 USD

Isn’t its price so volatile today?
Why should those who buy in public sale keep it for a long time? Because I couldn’t see a profit.

As we told yesterday. We are against any kind of price related discussions, we are going to release token utility article soon, so may be it’s gonna be easier to understand.

Q. PROMETEUS is a decentralized data storage and tha mean our data is not stored in any of the server. Than how do you store the data and what if in the blockchain 51% attack takes place.

Data is still stored on servers – nodes, but files are encrypted sharded across various networks nodes. We are protected against 51% attack as transaction valdiating part and data storage network are two seperate blockchains linked into one.

Q. What is the PROMETEUS business revenue system ?
Can you explain whats the token metrics of PROMETEUS ?

We are non profit organization, open sourced decentralized data protocol.

Q. Data that I upload on Prometeus platform for selling is lived forever ? could I delete my data in some cases after uploading?

sure. there is an option for data deltion. data hashtag will remain in the ledger, but nodes will delete your data.

Q. What criteria should data to be sold on Prometeus meet before approval? Or you are open to all kinds of data weather explicit or immoral?

We don’t have any criteria, you basically can sell whatever you want.No censorship and requirements.

Q. Project’s Technical development may not always be reflected on the price of it’s token. What is Prometeus doing specifically to increase price of its token?

I think we are having balance between development, marketing and token liquidity, which is reflected in the price. https://coinmarketcap.com/currencies/prometeus/

Q. Can you explain about UTILITY and PROM use cases?

We are going to release updated article regarding token utility. But you can find basics here –https://medium.com/prometeus-network/prometeus-network-token-economy-in-detail-513c13b6f541

Q. You recently announced partnership with ANKR, what aspects of your project appealed to ANKR and how does this partnership enhance prom ecosystem

No one achieve anything of value on its own, please can you share about your present and future partnerships that will drive you to success in this highly congested crypto space.

I don’t know about crypto space. We are just focusing on delivering way for trustless file/info sharing.

Q. Do we have a awesome future for prom and it’s holder? What is going on Batman?

Guess so 🙂 we are currently investing bitmax case, will update you ASAP.

Q. We see that adoption is a hard challenge, it make headache many blockchain projects, especially at this time in market market. Many projects died, so what are Prometeus’s strategy and vision to solve this matter and attract many users?

We are a privacy trustless data exchange framework. So if you need any type of data you want to share for a price, you can try to put your data ‘bid” on the framework.

Q. I see PROM listed on Coinmarketcap on AUG 2019,
it’s really a long time for alive, so may you tell me how you are available in the bull-bear market and which difficulties you faced and overcame in that time?

Easy. Dont hold contributions in crypto and plan budget.

Q. How do you evaluate the support from community ? What is your stragety to marketing and for Mass Adoption ? What message do you want to send to community through AMA to day ?

Good question. We are bulding a retail product. But you can imagine how BTC was viewed in early days ? Our product for data exchange. To allow you person to transfer any type of data privately and without reliance on intermediaries or be afraid of censorship for centralized entities. We have a working tokeneconomics, reasonable metrics and utility of token will grow in time and be reflected on on chain perfomance and price.

Q. What are the advantages of $prom to compete with competitors of the same model?

Cooperate, Innovate, Adapt.

Q. I like the way prom is reaching out to other communities more so crypto communities, we all know that the bigger hurdle is non-blockchain community. So how is prom marketing itself and reaching out to them?

That is secret for now, we do have a plan, but let’s wait until product release, i guess it’s goin to happen very soon.

Q. Scalability, Security and Data Privacy are the three important things. How does Prometeus plan to overcome these issues?

We already did. Scalability – Plasma. Privacy – encryption and privacy sidechains. Security- ecnryption and decentralised storage.

Q. Can you tell us some of the goals you’re looking forward to accomplishing the most WITH PROMETEUS ? What biggest challenges do you faced after starting this project?

We just want to provide framework with utility for users to interact. Hardest part is dealing with trading markets and exchanges, try to deliver value to supporters and stay in budget.

Q. Can you explain about UTILITY and PROM use cases?

Let’s take a look at a basic use case.

Alice is an independent market analyst and she has performed research of yogurt consumption in New Zealand. She would like to sell or transfer it worldwide in secure, private and decentralised way.

In Prometeus she has a Data Owner role.

At this point she has two options, either to run PROM node and put her data directly into Prometeus protocol or she can go to Carol, who runs a Prometeus Data Validator Node and provides service for data upload (similar to myetherwallet)

Either way, Alice gets her personally created PROM wallet, adds metadata that identifies her research, encrypts the data and sends it to Dave.

Dave runs a Service Node. He receives the data and immediately charges Data Validator for the term, which the doc will be stored within Prometeus ecosystem. That payment includes Dave’s service fee.

As Prometeus Network utilises FileCoin and IPFS for decentralised data storage, part of PROM tokens will be exchanged to FileCoin tokens using internal atomic swap and passed to Filecoin as the storage fee. Encrypted research doc will be saved in Filecoin decentralized storage system.

Meanwhile, Alice’s research doc metainfo spreads all over Prometeus ecosystem.

Over time, Bob is looking for an info about yogurt market in New Zealand. While browsing metainfo through a PROM Explorer, he discovers Alice’s doc metainfo. He found it interesting so he decides to buy it.

PROM Explorer is a part of Data Mart Node (basically a service that categorises and screens data on related topics. So Bob usually runs that node (or he just may be a client of the node’s owner). Anyway, Bob necessary sum of PROM tokens to Dave and he distributes them among Carol and Alice (after deducting her own service fee). Bob also sends him a public key.

When Carol gets the payment, she supplies Dave with decryption key for Bob. But due to our zero trust policy, she encrypts that key with Bob’s public key (so Dave will not be able to lay her hands on Alice’s doc). Dave will pass that key to Bob together with the doc, which she just retrieved from Filecoin/SIA/DDS storage. When Bob gets that stuff, he decrypts that key with his own private key. So he gets actual decryption key that he uses to gain original Alice’s research doc.

Secure and decentralized data transfer transaction is accomplished. (of course every part on the transaction is governed by the smart contract)

Now Bob knows everything about yogurt eaters in New Zealand and Alice has got a reward for her research work.

This is a basic example of data exchange transactions. You can switch different parties. Like instead of Alice, we can have 23andMe that sells Genomic Research Data and instead of Bob, we can have Johnson & Jonson that buys data for medical research. Or Deutsche Post provides company details data and Ebay buys for digital marketing.

Q. While many smart solutions can be implemented with the existing central systems, why should countries turn to blockchain-based solutions while they have technological infrastructure in data brokerage?

No really contry related. I mean probably it is the same question as with btc. maybe some countries have censorship for particular information flows or dont allow to particpiate in the data exchange directly.

Q. I saw on the PROMETEUS website partnering with (SNOWFOX, BLOCK ROCK and NGC)

Q. Can you explain what this partnership is for and what the benefits of this partnership are for both parties?

Those are supporters. NGC is a VC.

Nothing. We are just research organization. We don have network oversight.

Q. I see that Prometeus Labs announced cooperation with MultiVAC, so could you tell me why Prometeus choose MultiVAC and what advantages it brings to both of you such as technology, business development, products, community…?

Our framework is blockchain aghostic. We integrate into variuous public blockchains and decentralised storage and have internal token swaps.

Q. After the seller has already put it out for sale, Can data be changed,replaced or edited.

Yes. It is possible. Data update and deletion is possible. We are currently testing with several DDS like Filecoin and Sia.

Q. What’s your plan for global expansion ?

we will have a public release in April. Then we will work on bigger liquidity platforms and use variuous marketing channels to atrract users.

Q. Which programming languages are supported by PROMETEUS NETWORK for Creating DApps?
Also, Can you tell some reasons that Why any Developers should create Dapp on PROMETEUS NETWORK instead of any other Blockchain? Give some competetive advantages of PROMETEUS NETWORK?

We just a framework, not blockchain. Currently solidity as the basis. PROM is a nice niche use case like zcash.

Q. What is the reason you are implementing the project and who are the investors and the majority of investors in the project, what are the reasons for them to believe in investing in the project?

hard to tell. Our token sale was 6 months ago. So tokens have exchanged hands quite a bit.

Telegram Ids of AMA winners are mentioned below and they are requested to contact @anthonyklm on telegram to give their wallet address .

@Maksyrn

@harrypumper

@Yong_Tyc

@antimo21

@phopira

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230 cr
230 Cr has been interested in the cryptocurrency since 2017 when his friend introduced him to bitcoin .Interested by the bitcoin technology and suffering from centralised banking system he then decided to pursue his career in this space .

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