ICO Insight featuring Cryptyk

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Cryptyk Transcript


 

Adam Chapnick:

For more on Cryptyk, let's go to San Francisco where we're joined by the founder and CEO, Adam Weigold. Adam, thanks for talking with us today.

Adam Weigold:

Hi Adam. Hi Amy.

Amy wan:

All right, Adam, so first, what is Cryptyk and what problem are you specifically trying to solve?

Adam Weigold:

Well, Cryptyk is a hybrid blockchain technology for enterprise security and storage. The problem we're trying to solve is the trillion dollar cybersecurity problem. Currently, for every dollar that's spent on cloud storage, at least five dollars is spent on cybersecurity to protect that storage. But what's even worse is that for every five dollars spent on cybersecurity, over $25 is still lost to the hackers.

Adam Chapnick:

Wow, that is definitely a ... I had no idea that that was the scale, the ratio of money spent. How about an ICO? That's a giant problem to tackle. Why do you think you decided an ICO is the right way to fund that?

Adam Weigold:

Well, our technology is 50% based on blockchain. Blockchain's sort of integrated into the core fundamentals of our technology. We actually need an ICO as a method of deploying our platform initially. Of course, it's also good for raising funds.

Amy wan:

Okay, so now for the specifics around your ICO. Your presale started in early February. How did that go, and how much money were you trying to raise, and who could participate?

Adam Weigold:

Well, we're only about a third way into the presale, so it's very early days. We're trying to raise a minimum of three million, up to a maximum of about eight million dollars for the presale round. The minimum investment is $25,000 for accredited investors. So far, we've had about a third of our early stage investors, being [inaudible 00:10:47] and CIOs, and cybersecurity professionals. That's great validation for our team that our customers actually want to be our investors.

Adam Chapnick:

Yeah, that's great validation. So what about the public part? When does that ... When are you going public with your ICO? When is that starting?

Adam Weigold:

The public sales starts on March 28th, and minimum investment is $1,000 for that. US investors and Canadian investors won't be allowed to participate, but people from other countries will.

Adam Chapnick:

Oh, that's interesting. So who will ... Is it accrediteds, or is it ... are you going to keep it public truly, or how is that going to look?

Adam Weigold:

Well, the public sale is for anybody, minimum investment only. The private presale that we're currently going through, that's for accredited investors only in the US and Canada; and also around the world. As I said, US investors are not allowed to participate in the public because we're just trying to play it safe with the FCC.

Adam Chapnick:

Right.

Amy wan:

So your CTK tokens are classified as utility tokens. Can you tell us more about that?

Adam Weigold:

Yeah. Well as a utility, our price valuation should really be driven by customer adoption and our revenues rather than a reflection of earnings that is driven market settlement. Over the long term, utility plays are a much better long term investment.

Adam Chapnick:

So what exactly can investors do with the tokens? What is the utility there?

Adam Weigold:

Well, of course they can hold on to it, and we hope many of them do hold on to it and realize their profits. They can also pay for cybersecurity and cloud storage services. In addition to having an enterprise class solution for large companies, we are also going to be having a professional solution for individual clients.

Amy wan:

What token platform are CTK tokens based on?

Adam Weigold:

Currently, our prototype platform, which we've been testing for the last four or five months is based on Ethereum. Our token sale is on ER20. For our final product, we're still looking at Ethereum, but we might look at other platforms like [inaudible 00:12:58]. We don't have to really make that decision until June this year.

Adam Chapnick:

Have you decided on how many tokens are created, whether there's a scarcity there?

Adam Weigold:

Yeah, as part of the token sale, only 750 million tokens will be created. That will be fixed forever.

Amy wan:

Then, how do you ensure security at Cryptyk?

Adam Weigold:

Well, our platform is basically passively immune to external threats, file threats, and operational failures. Using the blockchain as our auditing mechanism, we can actually track files being shared within and outside of the enterprise, as well as protect against surveillance threats.

Adam Chapnick:

Got it. Can you talk a little bit about what you ... You mentioned on the site and in the white paper some interesting things about why blockchain is so useful for defending against threats. Can you talk about that just a bit?

Adam Weigold:

Well, it's just a level of decentralization. We've got two levels of decentralization on our platform. So it's our platform is actually much more secure than any single blockchain platform only. We also get around the biggest problem of blockchain file storage platforms like Sia storage and Filecoin. The problem with those systems is that they have access latencies of 20, 30 seconds or more. That's good for backup of large batch file content, but it's no good for real time applications, such as live editing and network collaboration.

Our platform actually has a tested access latency less than 200 milliseconds. It's perfectly suitable for all live editing cloud storage applications.

Amy wan:

Tell us a bit more about the team at Cryptyk. Who do you have on board?

Adam Weigold:

Well, there's myself, who's ... I'm a start-up veteran for six start-ups, trained as a quantum physicist but really a serial entrepreneur. My co-founder, Raghu Kotha, he used to run security for Silicon Valley Bank and is a well-known white hat hacker and coder. There's also Dennis McMasters, our chief architect. He's basically the guy who automated the New York Stock Exchange. We've got a very experienced and talented team, we feel.

Adam Chapnick:

Yeah, you got some heavy hitters. So there's something you have called the bounty program. Can you tell us about that, what it is, and how it works?

Adam Weigold:

Well, like most ICOs, we have a bounty program. We've got about $250,000 worth of CTK tokens reserved for people who want to get involved and share us on all the social media platforms, the Facebook, LinkedIn, and Twitter.

Amy wan:

Fantastic. Can you tell us more about Cryptyk's future plans? What is in store for you guys?

Adam Weigold:

Well, we've got some big announcements coming up with some very big major partners. After the ICO, we want to get straight into transforming our prototype platform into a fully featured enterprise class product. We want to start customer trials of that in Q1 of next year.

Adam Chapnick:

Fantastic. Well Adam Weigold, founder and CEO of Cryptyk, thank you so much for taking the time to talk with us today.

Adam Weigold:

Thank you very much.

Adam Chapnick:

For more information on Cryptyk, visit Cryptyk.io.

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