New Whitepaper AMA Summary 02.07.2021
SmartKey was first listed in December of 2020, but the concept for our project was made way before that. The idea of SmartKey was born out of frustration that many IoT devices and systems don’t communicate with each other. The reason for that is the lack of a universal standard. We decided to make a Blockchain-based communication standard for the Internet of Things devices. The goal is to become the Bluetooth of IoT. That’s why we have decided to make our Blockchain. It’s pretty unique, as it doesn’t charge the end-user with any additional costs. The idea here is to create a system that Smart-Cities and Corporations will use without bothering the end-user with any technicalities. We are already on the right track to realize this goal. Thanks to partners like Orange, our solution will be used in Smart-Cities around Poland and soon around the World.
Q: How is community building going in China? Is everything ready to enter this market? With which media do you want to conduct marketing activities in this country? The internet is different there.
A: (Marta): Exactly! We have already started intensive work on the Chinese market in the second quarter of this year. The Chinese market consists of other social media and other communication channels, so we have to prepare very well for it. We have already prepared materials in Chinese — we have a translated whitepaper here https://smartkeyplatform.io/white-papers/SmartKey-WP-CH-LATEST.pdf
In addition, we have also prepared materials in Chinese on the official SmartKey blog on Zhihu https://www.zhihu.com/org/smartkey-35
We also have video translations into Chinese and a Bilibili channel (which is the Chinese version of YouTube). You can see the films here:
https://www.bilibili.com/video/BV1rU4y1V7aU/
https://www.bilibili.com/video/BV1Cy4y137bV/
https://www.bilibili.com/video/BV15b4y1d7jz/
We have also prepared a database of articles on SmartKey in China and are ready to move on with communication and community building. In the current situation, we also make the official launch a bit dependent on the market situation, which we hope will quickly clarify.
The plans include press conferences and a large smart city expo in Beijing.
Q: Who are you partnering with for marketing, or planning to? What work are you doing in order to raise awareness and drive mass adoption towards Smart Key?
A: (Marta): Thanks to the cooperation and announcement with Orange, we managed to reach many new users, investors and creators. Thanks to this information, the project entered the sea and attracted the attention of large players on the market.
Thanks to this, we establish cooperation with large and significant entities on the market who will play the role of project advisor in the context of markets that are of interest to us for future development. That is the USA and Asia. As the talks are ongoing, we cannot reveal the names yet.
On the other hand, we are entering the phase of intensifying partnerships and greater involvement of our partners in communication. Therefore, implementations will soon appear, also promoted much stronger by our partners, e.g. Orange, Chainlink, or other cities where we will implement solutions.
Q: What will happen to Skey tokens in the device after deactivation, after device damage, etc?
A: (Herman): Let’s start with the fact that a cryptocurrency wallet is something like a virtual ID for a physical device. The provider is responsible for assigning the wallet address to the device’s IMEI on its IoT Platform. In the event of a physical device damage, the provider only replaces the IMEI inside the platform and the device continues to work using the same NFT tokens. NFT tokens are never kept on the device wallet. The user is responsible for them. Besides, the device wallet does not need technical SKEYs to function.
Q: Will the SmartKey wallet have the function to buy SKEY directly?
A: (Herman): In the first phase, we focus on releasing a wallet that supports the SmartKey ecosystem in the technical layer. In such a wallet I do not see the use of tokens SWAP. At a later stage, we will release a wallet that supports SmartKey ERC20 tokens in which we will implement such a mechanism.
Q: What’s the role of a wallet? Is it only for skey-based tokens or it will use multiple coins? Will it support FIAT currencies in some way? Is it only a software wallet or hardware one is planned too?
A: (Herman): A mobile app is more than a cryptocurrency wallet. In addition to the standard wallet functions — i.e. managing your account in the blockchain, it will be expanded with the possibility of using the functionality of the SmartKey ecosystem. From the application level, the user will be able to view the list of devices to which he has access and perform actions on them — such as open / close. In the next step, we will create a wallet to handle ERC 20 tokens. You will probably be able to exchange, for example, USDT / ETH for SKEY and swap them into technical tokens. We do not know yet if it will support FIAT. It will be a software wallet only.
Q: You had some active work in Dubai over the past months. Can we expect Dubai to become the first city of the future that is running on SmartKey tech?
A: (Radek): Dubai is the fastest growing city in the world, open to modern technology. We presented our solution for possible implementations, mainly in the SmartCity Area and the area in the field of Rescue and Medicine. Our product was presented, among others, at the medical fair in Dubai and was popular as a verification and identification technology for telemedical devices.
Currently, we have made a decision to open a branch of the company in Dubai at the instigation of investment funds that are interested in our project, which I will inform you in a month.
Q: When we see a fund investing in technology skey
A: (Radek): The process is already underway, we are in talks with several funds that are interested in the project. We cannot provide accurate information because we are blocked by confidentiality agreements. I can write that the advantage we have built today in Oracle and BoT technology over the competition and the entry to mobile networks is an attractive investment for large players. The entry of the fund will mean investment security for investors and will attract other medium-sized investors with the desire to have Skey in their portfolio. An example is LINK which built value and trust in this way.
Q: Do you have plans to expand and create more partnerships in the US?
A: (Szymon): Of course, the American market is our target. We are currently working with several companies to establish large partnerships. At this stage, we focus on the European market. Mostly Polish. We plan to make as many implementations as possible, firstly in Poland, to show our partners in the USA that we mean business.
Q: Have thought about entering into the agriculture space as farming equipment can be very expensive and farmers might be more eager to share that equipment with each other using skey.
A: (Szymon): At SmartKey, we mainly focus on providing an access distribution solution. In the future, there may even be access to agricultural machinery. However, we leave it to our partners. They will create their business models in the sphere of the sharing economy. Perhaps we will find a partner who will want to use our system to provide agricultural machinery. Generally, as SmartKey, we are looking for partners who already have a ready business model. We offer them implementations of our solution and support them at every step of this implementation process.
Q Are you working with any automobile company for partnership? KIA, Ford and Tesla were mentioned in test stages being powered by SmartKey tech. Do you cooperate with any of these companies?
A: (Szymon): We work with companies from the automotive industry, with exactly two of them, but I cannot reveal their names at the moment. Our technology implementation plan for this year now focuses on entire cities. Only at a later stage will we implement solutions in cars. It is important to remember that our technology connects to IoT devices and not to specific car brands. The partnerships with car brands themselves are used more for marketing purposes, and the implementation will be global. At the moment, for example, we are working on a wide-label product with Teltonika. This product will be installed in various car brands, at the moment we do not even know which ones. However, we already have inquiries for it from large car companies.
Q: What strategies do Smart Key have to make SmartKey more valuable in terms of increasing the number of users and What apps are SmartKey integrating to expand your ecosystem? What is the utility of the token in the ecosystem and tell us some benefits of holding this token for the long term?
Of the many projects I have found, among them are selling more of their own tokens for profit without thinking about users who have followed the project. Will this also happen to Smart Key? Can you describe it to us as a user in your project?
A: (Szymon): When it comes to benefits for our Holders, as of today we give our Holders certainty that SmartKey will be purchased from the market by all companies that will want to generate keys. Let me point out that the keys burn out over time. This means that any vendor who builds their solution on SmartKey will need to generate keys cyclically. For example, it will have to generate a new batch of keys every month. As a result, SmartKey ERC20 will disappear from the market and this will have an impact on the price. In the future, we also think about staking, but it will be staking in a different dimension than it is commonly understood. We are thinking about a system that will allow users to invest in partnerships, solutions, hardware and applications. In this way, they will be able to profit from the real businesses that will be created around the SmartKey ecosystem.
Q: What are your top 3 things for priorities in 2021? Could you share some plans for the upcoming year? Do you have any plan for burning $SKEY in the future to reduce the supply and increase its investment attractiveness?
What makes your project different from others and What are some of its practical use cases? What are some of the efficiencies you are facing right now?
A: (Szymon): We can already see today that the SmartKey project will last 5 or 10 years of hard, committed work. At the moment, after announcing the partnership with Orange, we have started strongly with partnerships with large cities in Poland, but also in Europe. Orange has opened the way for mass adoption of our solution. The plan by the end of this year is to show the big cities that have started using our solution. Next year, we plan to show the entire countries that will be covered by access control using SmartKey. Next year, it will also be time to expand into the automotive industry.
We will try to include SmartKey in many popular currently functioning solutions. Our goal is to make the SmartKey solution available to residents of large cities. To implement the solution in their phones and applications. Our goal is for SmartKey to be a widely used standard as Bluetooth is widely used today.
Q: I’m a developer, and I’m interested in contributing to your project alongside earning. Do you have any Bug Bounty to check for vulnerabilities ?
A: (Herman): Immediately after publishing the code on github, we will run programs for developers such as Bug Bunty etc.
Q: The idea of the Smart Key project is really unique and incredible, how did this idea come about?
A: (Szymon): I will Record video about this story. It was funny and true story about driving and sharing a Ford Mustang
Q: SkeyUSD will be like a stable coin. Every stable coin has to be backed up by something or have coverage with USD for example. What will it look like?
A: (Herman): It will have a stable price. It means that the supplier will always pay the same price for key generation.
Q: Your first whitepaper mentioned BINANCE support in Q2/Q3. Do you plan to list on binance anytime soon?
A: (Radek): The process is under preparation. We already have the legal opinion of South Korea and Singapore. Investment funds require liquidity at an appropriate level and listing on at least 2 top-5 exchanges. Answering your question — the process continues.
Q: Do you plan to launch a roadmap?
A: (Szymon): Till this time the situation was very dynamic. I think we are a stable project now. It’s a good plan to create a long term plan.
Q: Could you talk about the staking process in your ecosystem? How staking and becoming $Smart Key Validator & what are the minimum and maximum requirements? Token burning is a strategy followed by cryptocurrency projects to influence the price of a token, or coin, in the market. This is done by permanently removing some tokens from circulation. Do you plan on any token burn on your project?
A: We have a sort of burning process in creating Keys which are auto burn functions. Skey will be locked You can find more on whitepapper
Q: This question is bugging many of us since WP update Partners get Skey from the market, which is exchanged for SkeyUSD, that is used to generate Keys. After auto swap, Skey — ERC 20 are “locked”. What happens to Skey tokens after they are locked? Are they burned? Will max supply decrease if burning is the case?
A: (Szymon): Lock is equal to burn. We will explain this process more precisely.
Q: How are you going to attract retail investors?
A: (Radek): short question but good. Today, “empty value” projects dominate the market. Parties to the above-mentioned Projects that are copies of copies! However, when you look at the last bank of 2017, only technological projects that had to implement AGREEMENTS survived it. Today we have several contracts — commitments that will build value over the long term.
Our value is technology, its functionality and the direction of development of the entire market.
Q: What do you expect from the AMA and What are your goals with the community? Do you consider the community to have an important role in the project?
A: (Marta): It’s the first time we are holding an AMA on our channel. We want to make it even more often to get in touch with our english speaking community. Due to limited time we want to focus more on our community here on our own channels. We only need our community support on social media! That will be appreciated!
Thank you all that you are with us and for the large number of questions sent to us. It’s very important and invaluable for us. Please read our Whitepapper. We are trying to explain all the details clearly. We will continue to update it to give you all our knowledge. Keep your fingers crossed.
WHITEPAPER 2.0: https://smartkeyplatform.io/whi.../SmartKey-WP-EN-LATEST.pdf
