In this Telegram AMA recap, you’ll find insights about the Fractal project. In an event hosted by Iris from MEXC, you will meet Julian, Co-Founder & CEO of Fractal Token (FCL).
IntroducingMEXC AMA member form Fractal Token Project:
Julian: I am the co-founder and CEO of Fractal. We founded the company in 2017 and have since been catering to the crypto space to bring identity and personal data to the space without the need to sacrifice privacy.
I have been a founder since 2012 and was fortunate to be educated by Bruce Pon about crypto sometime around 2015/2016. It is a pleasure being here. Curious to interact with the MEXC community!
Questions about the Fractal Token project:
Iris: What is Fractal? Can you share with us more in detail?
Julian: Yes, let me get into more detail, but before we do, let’s take a quick detour.
Julian: Do you remember this old but famous cartoon in NYC about the internet from way back? With a layer of anonymity and that was amazing.
Iris: Yeah, def!
Julian: But it also meant that you basically didn’t have rights online. You could be anyone for all anyone cared. And that meant that slowly, we turned from being people online to being products.
Our data is the commodity and we are the ones producing it… for free. Fractal is an open-source zero margin protocol designed to give users back control over their data and exchange it in a fair and open way. What this means is that with the Fractal Protocol Mainnet, you as a user, are in charge of more than just the data you create. You control who can access this data, how that data can be used, and most importantly, be rewarded with FCL tokens for sharing it.
This data can be about your identity but it can be as trivial as your favourite ice cream.
Iris: What triggers you to launch Fractal and Fractal Token? What are some of the real-world problems/ pain points that Fractal aims to solve?
Julian: We launched FCL because we saw that companies have built monopolies around our user data. This data is the key to controlling large parts of what is our internet today … what we call Web2 is a walled garden that doesn’t resemble the initial idea.
As a matter of fact, the founder of the internet himself saw this problem and is working on making sure this data is liberated again.
The problem in the space is that you as a user have zero control over who uses your data, you don’t even know who has it and leave alone being able to participate in this economy (aka getting paid for your data)
We also solve the problem of privacy, as the open internet version of personal data sharing right now is very outdated (talking about cookies here) and is a privacy nightmare.
What we need is a portable, federated version of the giant Google and Facebook data silos. We need to enable users to be in control, make people part of that economy and allow independent companies to become a part of that economy again. We need to fight the duopoly.
Iris: What is the role of FCL Token in Fractal? Would you tell us more about its tokenomics?
Julian: FCL Token plays a key role in the Fractal ecosystem. Tokens can be used for the sale and purchase of data, and as a reward mechanism for the Fractal Wallet. The Fractal Wallet is where your data is collected and stored, authenticating that you have an active browser history. That information is then translated back to the Protocol, initiating the “minting” mechanism to issue the earned FCL Token to the user. The important part here is: You are in control over what data you want to share.
Iris: Are there any exciting news or updates with regards to Fractal that you would like to share with the users?
Julian: Yes, sure thing!
Let me share what we are working on. As a matter of fact, if you want to stay up to date, feel free to follow us on Twitter. There are a couple of things right now: First of all, we want to integrate the native FCL environment. As you might know, our substrate is up and running. It would be nice to bring it closer to the general Polkadot ecosystem 😉
In addition, we want to harmonize our ERC20 token with our native token. Most things in the Polkadot ecosystem are being developed at the moment and will go live in the next couple of weeks. We want to be a part of that
Iris: Lots of exciting stuff coming!!
Julian: In addition, the team around Shelby working on the protocol has been knee-deep into privacy enabling tech that is the first step toward real data sharing. We are looking at going live end of this quarter.
Something that I haven’t shared yet is that we are working with a big partner on bringing identity and privacy enabling credentials to the ecosystem. Fractal users will be able to use infrastructure without having to identify themselves again and again. This is all Q1 this year!
Iris: MEXC Exclusive news guys! Stay tuned!!
Iris: If you were to summarize your project in ONE word, what would it be? Why?
Julian: Mhh, good question. Subject!
Iris: Would you plz explain why you chose this word?
Julian: Web3 is all about becoming a subject that is in control. You regain your rights as a person and navigate the web. You chose what to share where and who has your data. You are in control, you can choose to be anonymous, but you retain your rights.
Free-asking Session to Fractal
Q1. The partnership is always an important factor for every project. So who is your partner? What are the benefits you get from those relationships?
Julian: It’s all about adoption and partners should help with that. We actively chose to go with partners to ensure adoption. We partnered with Eyeo, better known for their Ad Block Plus product that has *200 million users*. We have been working throughout last year to improve the protocol to enable Eyeo to implement Fractal
Q2. What are the benefits of holding your token as a long term investment? Can you tell us about the motivation and benefits for investors to keep your token in the long run?
Julian: I remember when we started working with Ocean. You might remember it launching at 20 Cents, afterwards, we saw a massive winter and the token dropping to 3 Cents. The FUD was awful. Ocean then soon went to 30 Cents and crossed 1 USD one and a half years later. What I want to say is that you chose quality projects because they are around years later. You need to make sure that the team never abandons the mission
Q3. What are the attractive features of your project? What is the vision and goals in your project that you want to achieve in 2021 and beyond?
Julian: We have near-term features and long term features. The best near term feature is the incentive to provide data and be part of the ecosystem. It is an easy way of ‘mining’ value. The next thing we’ll enable is on-chain identity. You never have to re-do your KYC again. Sounds good, doesn’t it? Next up (already midterm) is our data privacy feature. This enables folks to share data without revealing their identity. Getting Fractal embedded in the Polkadot ecosystem is what we want to do next to enabling probabilistic proof of humanity.
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