Q4 2019 ANO Report

You are viewing an older update. There is a newer update available.
Previous Update: Q4 2019 ANO Report
Prestige IT: Q4 2019 ANO Report


Protocol Contributions:

Q4 was an insane few months for Prestige IT. We saw the launch of PegNet on Factom Protocol which was a very exciting event for us all. We saw enthusiasm for PegNet unlike anything else during our involvement with Factom. Investors were excited and eager to participate in this novel new protocol, many chomping at the bit to invest after only a brief initial discussion about the capabilities of this new Stablecoin network. What many of you may not know, is that Prestige IT is part of a working group that helped facilitate in bringing over seven figures of new $ value into the Factom ecosystem on PegNet. A vast majority of this was done pre-listing on any exchange, meaning it was done through the burning of FCT, greatly contributing to the extraordinary FCT deflation we saw over the past several months. We technically assisted over 20 individuals and organizations in 5 different countries with entering substantial investments into PegNet, some are prominent names within the crypto space which now have a vested interest in making PegNet and Factom Protocol succeed. I would like to add that these numbers are not theoretical or anticipated future values, this work has already been completed for weeks, and the numbers are ticking even higher as time goes on.

Our team provided 24/7 technical support in this effort, trained new investors on using Factom/PegNet, and made sure their keys were readily available to them and stored securely offline via our FrostByte enterprise key management software. We continue to provide business continuity and disaster recovery services for these clients, as well as general Factom node support when they run into issues. In addition to the technical assistance, we have also been involved with and supported most community efforts to date on PegNet. Our group helps support paid marketing efforts, the development of the open-source Prosper Pool, and developer bounties with over 7 Million PEG already paid out to community members for their efforts. The fees collected from the public Prosper Pool are also used to help further these efforts. In addition to supporting others entering the PegNet Ecosystem, we also made the plunge ourselves. We burned 4 straight months of total ANO earnings into PegNet and intend on keeping it up, we plan on continuing to promote these deflationary tactics and smart selling of pAssets to the community. I hope more and more of us join in on this front as PegNet continues to gain traction with new exchange listings and media exposure.

Now this recent work is confidential by nature, and we had to legally ask for client approval just to share these contributions with you all. I am honestly not one for self praise, so I want to mention that my only reason for doing this is to fend off the recent attacks on me and my teammates both here on Factomize and the Discord channel. We have been recently attacked for silly things such as “lack of twitter followers”, when behind the scenes we have been working in silence for months, both day and night to create additional value for the protocol and its first killer app (PegNet). We are not making outlandish claims of the future value our work will create, we are actually bringing that value today. Now, I hope this can be taken as evidence that new investors or money alone can't fix the problems we are seeing. Bad community decision making can easily wipe out all of this progress. We saw this on PegNet with one whale having an insecure config, resulting in getting hacked and causing the entire market to bottom from reckless selling of stolen tokens, even with all the incredible progress we made over the past few months. We are seeing this on Factom with the grant pool's quarterly token dumps on a limited liquidity market, only to fund inessential projects that aren't actually bringing any increased usage or token demand. My firm personal belief is that all the recent progress makes both Factom and PegNet strong enough to recover from these events and lapses in judgement. However, we cannot afford to keep making the same mistakes, the past year needs to be a learning experience we use to improve our tactics and move forward into a better tomorrow.


In other news…

You may have noticed we keep talking about a secret project called Frostbyte over the past year. This project will not be held in secrecy much longer, as we have very exciting news just out on the horizon. Some important details are still underwraps at this time, but here is some of the recent progress:
  • FrostByte was spun out into its own legal entity under the Prestige IT umbrella
  • We have secured a deal with a reputable Venture Studio for future development and UI/UX work. We currently anticipate our partnership to be finalized and contracts signed this week and work to begin next month
  • We are at work securing our patents for the new groundbreaking features being added later this year
  • Big announcement and product reveal coming in Q1-Q2 of this year
We are so excited for the ANO community to get their hands on this product as it's something we all have a viable use case for within our respective teams. Big reveal and much more info coming very soon.


Looking Forward with 2020 Vision:

Lastly, I want to apologize for this report coming late. We were hoping some solid Frostbyte related news would be ready to share in time for this report, but the recent drama and accusations made me realize we needed to get this out to the community ASAP. We realize that you all can’t know of contributions we are making unless we tell you about them, so we hear your recent concerns, and pledge to increase our communication to the community going forward. In addition, I am also pledging to take a more active effort in addressing the problems in our governance I have been publicly critical of lately. In the past week we have created a small working group to create a possible plan for improvement, and will create a dedicated discussion thread here on Factomize to discuss our preliminary ideas for a possible ANO success metric framework and community efficiency guidelines later this week.


2020 will be an exciting year of continued progress for Factom Protocol. If we continue to build on what we already have and strive to always improve as a community, we will be unstoppable.
 
Last edited:
Thank you for the update Saul. A couple things:

1. How do you see Frostbyte benefiting the Factom Protocol ecosystem? For example, do you believe it will lead to a lot of EC usage?

2.
I am honestly not one for self praise, so I want to mention that my only reason for doing this is to fend off the recent attacks on me and my teammates both here on Factomize and the Discord channel. We have been recently attacked for silly things such as “lack of twitter followers”
You weren't attacked. Please stop playing the victim card. Someone pointing out a fact while showcasing an example of how your score would be impacted in their scoring rubrik is not an attack. Whether you believe having a social media presence is important or not is inconsequential, especially since our personal scoring rubrik doesn't subtract for not having one. It's simply an area those ANOs who choose to excel can get some points from Factomize and I was showcasing as much.

screenshot-discordapp.com-2020.01.27-11_01_01.png
 
@David Chapman

1. The current iteration of Frostbyte is an offline security product that does not run on-chain. This is why we didn't list this as a direct protocol contribution, but instead in the "other news" section. We see it being a valuable tool for all of us in the ecosytem, but in it's current phase, it will not realize any significant EC consumption. However, we are currently in the research and planning phases of ways to make planned future on-chain function run on Factom Protocol, but realization of these ideas is theoretical at this time, and in the best case, a ways out on the product timeline.

(Perhaps its worth mentioning here while on the topic of EC, that Prestige IT has consumed over 300,000 EC to date on PegNet mining efforts.)

2. I was not referring to exclusively your comments, and I'm not trying to "play the victim". The screenshotted comment certainly made me and my teammates feel attacked, and like there was a need to defend ourselves publicly, regardless of intent on your behalf. I'm sure you can see how in the context of that discussion, we may have taken your comments that way. Regardless, we hold no hard feelings and are looking to make this a learning experience to improve our team communication so that community members such as yourself are more aware of our efforts to date. I hope that this update was helpful in this regard, and our ANO standing scoring under the posted criteria has improved in your eyes as a result.
 
You are viewing an older update. There is a newer update available.
Top