2Key AMA Recap
CryptoDiffer team
Hello everyone!
We are glad to meet here
Erez Ben Kiki (@erezbk) Founder and CEO at 2key
eiTan LaVi (@eiTanLaVi) Founder and CTO at 2key
CryptoDiffer team
Can you introduce yourself to the community? What is your background and how did you join 2key Network?
Erez Ben Kiki
CEO
Hey, I’ve been working in Finance for almost a decade, and in the last 6 years been doing online products and online marketing. my passion is mostly on building stuff that creates value for users in a new way
eiTan LaVi
CTO
Hi everyone, I’ve been building core-technologies for distruptive global startups for a while now, 2key is the fourth project I’m spearheading in full time capacity. Kiki and I started 2key.network 2 years ago together.
CryptoDiffer team
Can you briefly describe what is 2key Network in 3-5 sentences? What technology stands behind 2key Network and why it’s better than the existing one?
eiTan LaVi
CTO
2key Network is both a new type of protocol and a new type of product.
the 2key Protocol is the first 2nd layer solution to allow regular web browsers to form decentralised offchain state networks that are able to play out smart contracts offchain, yet in a decentralised scalable manner.
The 2key Network is a platform empowering “Social Sourcing” – A social economic network which pays users with money and reputation for selective link sharing online. The network allows anyone to incentivise the formation of ad-hoc social networks for target audience discovery and driving business results.
The novelty of the protocol – allowing novel accessibility and scalability for smart contracts – as it embeds smart contracts in to HTTP – thereby fusing together the web of information (web2.0 – HTTP) and the web of value (web3.0 – Smart Contracts)
This allows us to embed economic models into link sharing, which in turn allows us to give forth a new type of network effect – one in economic value – i.e. to build a social economic network to empower online users financially and socially, seamlessly integrated into their current web browsers (HTTP clients), and existing online usage (link sharing)
Erez Ben Kiki
CEO
2key network is a decentralized referral network that helps people, businesses and organizations reach their ideal customers and spark action.It works by giving people the opportunity to directly exchange actionable links with campaigns for products, services or events that they recommend. When a campaign they shared generates results, the link automatically goes back and rewards every person who shared it.
This works thanks to the the 2key protocol we created, a layer 2 that re-invents HTTP links and turns them into smart links that track and cryptography record all the people engage with the link by their exact order.
Cryptodiffer Community
Q1 Twitter: You have recently reduced your Net Total Supply From 1B 2key Tokens to 600M 2Key Tokens. Why you took this big step & what inspired you to do so? What will be the impact of this massive step on the token holders?
eiTan LaVi
CTO
In short – this step will make the early adopters more meaningful in the network. There’s an entire article on this, you’re welcome to review it, Erez Ben Kiki will post the link here
Erez Ben Kiki
CEO
As we near the 2key main-net launch and token distribution, we have received an incredible volume of feedback and suggestions from both community members and industry veterans, about not just our product, but also the design of the token, its distribution, and in particular the long-term pool that is meant to fuel continued growth.
After working on the math, and executing incredible foresight, we have reassessed the future pool and cut by 76% (!) We’ve also made other changes to the token metrics without changing the token price or lockups, which resulted in a cut to the total amount of tokens by 40%!
We believe this act will make the 2KEY token be much more valuable over time due to its limited total supply, and for us the team, as our compensation is given in 2KEYs at most, it’s a big factor as well.
Read more on the blog post we published last week-
https://medium.com/2key/announcing-2key-tokens-final-distribution-mechanism-a-huge-update-for-the-2key-total-supply-44b1cd7555ef
Cryptodiffer Community
Q2 Twitter: Do you have any plans to attract non-crypto investors to 2Key chain , and how? What are the actions to increase awareness around 2Key Network in non-crypto space?
eiTan LaVi
CTO
First, 2key is not a chain, it’s a dynamic blockchain sharding mechanism allowing to form off-chain “Shards” per contractual context. It’s a 2nd layer mechanism, and while we will eventually introduce POS mining for browsers helping maintain the 2key Multi-Party-State-Networks, 2key is not a chain per-se.
Second, we don’t have investors, but participants. 2KEY is a utility token and you may purchase it to beocme part of the network, and have a stake in the economy. Our goal is to fuel a participate-in economy, which produces a network effect in economic value, and this is why we aim that as the participation grows, the market cap of the economy will grow. We are building many bridges, as well as on-boarding and off-boarding bridges from fiat and to fiat, which will enable to participate with fiat as well, seamlessly.
As the fiat onramps and offramps mature, our bizdev efforts will expand to non-crypto companies, solopreneurs, SMBs, SMEs. We also are working on B2B offerings e.g. SDKs, share widgets, which will be easy to integrate by enterprises, not necessarily in the crypto space.
Erez Ben Kiki
CEO
We want 2key to be one of the biggest platforms to help bring mass adoption to the small crypto space that’s why we built 2key in a way that anyone can use it without having a crypto wallet until he earned a reward! we creating an address for users on our nodes, and they can have a regular web 2.0 experience until they need to withdraw their rewards.
We are also creating on-ramp off-ramp and bridges to Fiat credit card use with Simplex, Carbon. money, and other solutions, to have non-crypto users taking part in the network capabilities.
Cryptodiffer Community
Q3 Twitter: Why are 2key’s Smart Links, which enable a project’s supporters to directly share in the rewards of a marketing or fundraising goal, a superior and more cost effective method than traditional advertising or promotion?
eiTan LaVi
CTO
At the most basic level, Smart Links allow an integration-free, code-free, multi-step referral and conversion tracking mechanism, as well as economic compensation models mechanism, embedded directly into the links themselves.
The links people use today on the web generate the value to the link owners and publishers (traffic sources), while 2key links generating value to the people engaging with them and sharing them. It’s a new world where we take the P2P connection to the value layer. Re-distribution of wealth.
Erez Ben Kiki
CEO
Current referral solutions are non-transparent, require the business to have a website/app, pay hundreds of dollars a month, have code integration skills, software maintenance skills, and even then they only serve for 1 step referrals, whereas SMBs often start out with a very small supporter base and need the network effect of multi-step referral to make referrals work for them. Also, SMBs would rather not integrate code, they sometimes don’t even have a website/app, and with smart links – the flow of payments for referrals is strictly result driven and transparent, so as a referrer or converter, you don’t need to trust the business that you are paid as you should..
Cryptodiffer Community
Q4 Twitter: Don’t need to have a web 3.0 address or cryptocurrencies in advanced, anyone that receives a 2key link can engage and participate, even with a credit card. Can you tell more about that , how does it work? That’s amazing!
Erez Ben Kiki
CEO
The nice thing is that its already working on 2key test-net ! at test.2key.io try it!
Here is 1 link from a campaign anyone can start with:
https://test.2key.io/QmVJv4vb2WwHiHEPvTcwPMcjshvSJz7x3moRkdtXtovjjk
eiTan LaVi
CTO
Basically, that’s part of the patents we have, and the 2key protocol at work. When you get a Smart Link, someone shares with you on that link a special secret called the State Hash – which triangulates you into a special position in the state machine of the underlying smart contract of that campaign. the smart link also includes a code hash, which the browser uses to download and validate the 2key protocol code. With the protocol, the browser can immediately become a node in the MPSN of the campaign, and then validate the state hash and create a new state hash, all this is done utilizing pure cryptography, so no servers are required for managing this state. It’s quite amazing, and we have a technical demo video to explain this in detail, welcome to watch it here:
Cryptodiffer Community
Q5 Twitter: I’m doing online marketing, so I’m very interested in referral links and I like the problems 2KEY will solve. But what will you do to make 2KEY popular? Project challenges to be addressed in the near future?
eiTan LaVi
CTO
There’s also a drill down on how the cryptography works for the referral part of the Multi-Party-State-Channels, from our talk at Ethereal Summit 2019:
Well popularity will come if we are able to offer a new utility for end users, one that genuinely empowers participants financially and socially. We’ve put a lot of work for setting up a new distribution and conversion-driving solution which can be used for a host of conversion types, with zero risk, transparency, set-your-price, pay only per-result, and a 1 sum game all around – win win for everyone.
We believe this will empower any business that CAN use it. So our main goal is to make sure every business CAN use it easily, which is also our main challenge – both the product market fit, to understand which verticals, geographies, use-cases and cultures will show traction, and making the product as seamless to use for those users
Erez Ben Kiki
CEO
We have few ways how to make 2key scale and get adopted by online advertisers and marketers, 2 of them are:
– 2key will have starting of Q2 2020 an ongoing 2key campaign where anyone can invite people to the network, as users or contractors, and gin 2KEYs as rewards, so we will always have a 2key for 2key campaigns.
– second is, when using 2key, we are not forcing any of the players on the platform to have 2KEY Tokens in advance or even to claim rewards in 2KEY. we just incentivizing them to do so, but they can choose to withdraw rewards with DAI for example.
We think this 2 (along with many other methods we are building) will create an easier, faster adoption and usage for the network.
Cryptodiffer Community
Q6 Twitter: Will the changing price of 2 KEY be a barrier for campaign creators and advertisement sharers when joining 2 KEY’s network? How can 2KEY solve this problem?
eiTan LaVi
CTO
We’ve actually worked hard to design an internal circulation mechanism and hedging mechanism, which allows participants to enjoy stability against downards fall in 2KEY. When you participate as contractor or converter, as long as you purchase the referral budget with ETH, or make monetary conversions (purchases/ donations etc..) with ETH, the value of 2KEY at that time is auto-hedged for you, so you are guarded aginst instability. You don’t have to withdraw your payments as DAI, but it will then be an option you can always opt for, if you want.
Erez Ben Kiki
CEO
as I mentioned, when using 2key, we are not forcing any of the players on the platform to have 2KEY Tokens in advance or even to claim rewards in 2KEY. a contractor for example can create a campaign with ETH or DAI and soon even BTC. we just incentivizing users to take part in the network value by keeping 2KEYs , and we also creating many demand methods for the token.
we are also exploring a way to peg 2KEYs id users choose too.
Cryptodiffer Community
1 – What’s major drawback 2Key team faces while developing the product? What’s your competitive advantages over others?
2 – What’s your partnership with DAO!? What’s the technical enforcement of 2Key in DAO ecosystem?
eiTan LaVi
CTO
DAO is a general term.. are you referring to DAO maker? they power our social mining platform, in terms of drawbacks – we have many frictions as we’re developing both the protocol and the product, in an ecosystem during genesis, everything is extermely wonderful and challenging, and we’re breaking barriers, and inventing solutions everywhere we go
Cryptodiffer Community
Upbit hacking recently startle the world of crypto and scare the investors specially in their KYC information.
What are your securities to avoid these hacking?
eiTan LaVi
CTO
We are constantly working to enforce security. I would say that for every day we work to advance the funcitonality of the product, we work 2 days to make it more secure, and 0.5 day to make it look nicer. There are no 100% guarantees, but the more battle tested the platform, the better it will become.
Cryptodiffer Community
What vision of 2key?
What are the 2key obstacles in achieving the vision and mission? And has it been solved?
Erez Ben Kiki
CEO
Our vision is to expand human potential by empowering people to connect directly, collaborate freely and share in the success they helped create. By combining our technology with blockchain and smart contracts, we aim to build a technology that fairly rewards collaboration, transparency and honesty.
We aim to unleash the potential of human networks to achieve great things by working together. We’re building the technology to give small players who do great things the power to build on their reputation to grow and become more successful. We want to give everyone the opportunity to use the power of online referrals, by giving back some of the immense benefits of online sharing back to the people who share.
I believe we just made the first step towrds this vision 🙂
Cryptodiffer Community
What types of ROLES can participants play in 2key Network and how can they earn REPUTATION? Also is it possible to buy it?
Erez Ben Kiki
CEO
There are 4 types of players on the network:
Cryptodiffer Community
Why does 2KEY think referral networks need to be decentralized?
What role does 2KEY play in the 2KEY Network?
eiTan LaVi
CTO
There is no referral network.. That’s the main reason we think it should be decentralised.. There are only referral B2B SDKs. When you refer a new client for Uber, you will maybe get a free ride, but beyond that, there is no network effect, you get no reputation, and there is no network. You will never know the name of the company that sold the referral software to Uber, and as a referrer, you will get a fraction of what you are worth. The entire point in building a Global Referral Network – is to create a social economic network that creates a new kind of network effect – in economic value and social power powered by a common interest of every individual participant in seeing the market cap of the economy rise.
The human brain is actually a global referral network – each brain cell receives 10K signals of information a second, and has to choose, very selectively when to relay them (refer them) onwards, and to which cells in its network. When you get this type of closed network of multi-step referrals you get the mind. We’re aiming to promote a similar network effect, but on the human network level.
2key as the legal entity conforming to the current world centralised regulations, acts as a default integrator in the network, which is open for other integrators to join.
Cryptodiffer Community
What motivated u guys to start this project? Do you have a word of encouragement for we the community?
eiTan LaVi
CTO
The times are changing. When the old web was built, we didn’t have enough computation power at each person’s finger tips, so an architecture of master slave was chosen for the human web. The time of masters and slaves is drawing to a close. We now have enough computation power at the hands of the people, to form a new kind of web, one that dissolves and disrupts the two types of centralised powers dictating our lives – central banks, and central servers. This revolution is real, and it’s happening. Forget about the USD price, that’s like asking for the price of digital photography measured in Kodak shares in the 1970’s. Web3.0 is designed to disrupt central banks, so don’t imagine it will be a smooth ride measuring it in the value of the most centralised pyramid scheme fiat currenty existing – the USD. Instead – look at the actions of enterprises, companies, countries, this is a new world, and as everyone, every one of us, starts to participate, and once the networks empowering people start rising, you will see more and more a return of financial power and social power to the people.
Cryptodiffer Community
Currently, most of the competitors are looking to solve same problems can you describe in such traffic it’s hard to survive? What’s your view of it also how you will provide your best in this market?
Erez Ben Kiki
CEO
2key is very different from most crypto company, and has a very new and unique solution based on a patented protocol we have been building for almost 2 years now.
we haven’t seen anyone doing the same things as us. also, the online advertising market is huge but very much centralized by the duopoly of Google/ facebook, therefor, there is much room for disruption in there, and 2key alone will not be enough on our mission to re-distribute some of the wealth.
Cryptodiffer Community
What is meaning & difference between Upgradable proxy Contracts, Non-Upgradable regular Contracts & Non-upgradable proxy contracts ?
eiTan LaVi
CTO
better start here:
Cryptodiffer Community
What technology is used to protect users’ data from hacking ? Have you ever been exposed to a hacking? I think the security is the most important thing what about you?( What is the most important thing you are focus on ?
eiTan LaVi
CTO
Depends on the data, there are multiple mechanism in play, and we’ll continue to make them better as we become more battle tested in production. We employ a lot of cryptography and try to adopt best practices wherever possible. Some of our solutions are novel cryptographically, as the Multi-Party-State-Network solutions, which you can look into on the ethereal summit video I shared, others are more centralised servers for caching and centralised services like KYC, which we try to employ best practices from. We agree that this is paramount, and we will continue to invest resources to make our platform as secure as possible.
Cryptodiffer Community
In such a big competition, what strength of 2key to provide the best in the market?
What’s your take on the large number of platforms coming into the space. Does this worry you or is your opinion that its a large space and many competitors can coexist?
eiTan LaVi
CTO
Competition breads excellence, and we welcome it.
Cryptodiffer Community
What’s your take on the large number of platforms coming into the space. Does this worry you or is your opinion that its a large space and many competitors can coexist?
Erez Ben Kiki
CEO
Crypto space should lead the web of today – web2.0 into the web of tomorrow – web 3.0, a more fair, free, open and decentralized internet, and there is room for many projects in this revolution. that’s why you see so many collaborations in the space, that help each other grows. So, we are pro-innovation! and pro-competition, and pro better quality in anything.
also- eventually, we will give the 2key protocol as an SDK for others to build products with our technology, so we want as many players to come to the field.
Cryptodiffer Community
What critical problems do you see occurring in the blockchain industry nowadays? How does 2key aim to solve these problems?
eiTan LaVi
CTO
The most criticla problem is that the underlying infrastructure itself is being developed, the ground is moving under our feet. We guard against that by developing our own infra, and making sure we are ready to roll regardless of the other moving pieces. Whenever we see a mature enough technology that can be integrated we do so, but in general, our de-risking is to make sure we don’t just have a product, but the infra to run it, and not just have a protocol, but a product so that users and value can stream in
Cryptodiffer Community
2key is currently running on the Ethereum blockchain. How do you deal with the problem of scalability and are you going to create your own blockchain and switch to it in the future?
Erez Ben Kiki
CEO
2key is a layer 2 to ethereum so we don’t have any scale problems, the opposite, we are solving scalability issues to ourselves, and later we want to solve for others as well.
we are not planning on building a new layer 1 blockchain, but we do explore launching 2key protocol on more blockchains as 2key protocol is agnostic.
Cryptodiffer Community
My question is from developer side … Which programming/coding languages are supported by 2Key smart contracts ?
Erez Ben Kiki
CEO
2key smart contracts are written in Solidity, and they are all open on our Github for review.
please check our smart contract page :
https://www.2key.network/smart-contracts
Cryptodiffer Community
What is the development plan of $2Key in the next 1 to 2 years?
Erez Ben Kiki
CEO
We have a super detailed road map, being updated frequently. pease check it out here:
https://www.2key.network/about-us
eiTan LaVi
CTO
That’s all the time we have for today. Thanks everyone for joining, keep on asking, keep on questioning and challenging, Time of dreams, hype, fud and speculation must come to an end. Time for delivery, results and execution for a new human web – by the people, for the people, truly.
Cryptodiffer TEAM
Thank you for your answers and time! Really informative AMA. Wish you all the best!
