Interview with KwikTrust Executives on the Future of E-validation, NFTs and How KwikTrust is Uniquely Positioned to Capitalize
January 17 2022 - 4:47AM
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KwikTrust is a next-generation e-validation platform that provides
more secure file validation and management than ever possible
before. The platform is also home to the SuperNFT, enabling a
unique class of NFTs that raise the bar for security, identity,
provenance and ultimately trust, opening the door for new asset
classes across finance, deeds of ownership, and intellectual
property. KwikTrust’s vision is to become the global standard for
managing and transferring assets in the digital world. We had the
opportunity to sit down with the KwikTrust executive team to
discuss the e-validation platform, the world of NFTs and how
KwikTrust will be leading its future with SuperNFT. Q: Tell us
about the origin story of KwikTrust and where you stand
today. Simon Read, CEO: I was working on a project to buy
another business and we were going through the due diligence
process which was extremely slow and laborious. The sheer volume of
data to collate, review and validate with third parties made the
process inefficient and expensive. I thought there must be an
easier way to do this! At the same time, I was starting to get
interested in blockchain technologies and potential use cases so I
joined the Oxford Blockchain Strategy Programme to learn more.
Blockchain is just such a perfect solution to validate the
information and create a tamper-proof record. Coupled with the dawn
of NFT technologies we are really at the start of some very
exciting possibilities for how people can create and transfer
digital assets in the future. In the case of KwikTrust, we tested
the business assumptions with a law firm who suggested we also add
in a KYC step to validate the identity of the person creating the
asset and record that on the blockchain too. From there we saw the
opportunity to lock together the owner’s validated identity
together with the provenance of the asset they created to form a
transferable NFT. We call this the SuperNFT as it is more secure
than the traditional ‘old school’ NFT as it can’t be lost or
stolen, and it has the potential to open up new asset classes. We
also filed a patent application for the SuperNFT. KwikTrust’s
vision is to become the global standard for managing and
transferring assets in the digital world. We launched our MVP last
June and now have several hundred registered users who are pilot
testing with us. Looking ahead we will be issuing the KwikTrust KTX
utility token in Q1, and have a slew of partnership announcements
over the coming weeks culminating in the minting of the world’s
first SuperNFT which we plan to do at a major NFT conference in
March. Q: What are the current challenges plaguing the NFT space
that is holding the industry back? Simon Read, CEO: We are seeing
some really exciting growth in NFT markets but this has been
largely restricted to the realm of digital artworks. For the NFT to
reach its full potential it needs to extend into new asset classes,
for example as a store of value for financial assets and deeds of
ownership for both digital and physical assets. The current
challenges plaguing the NFT space are that people don’t trust NFTs
enough yet as a store of value higher value assets because tokens
held in digital wallets can be lost or stolen. Whilst you might buy
a digital artwork on an NFT, would you store your savings, your
share portfolio or the deeds to your property on an NFT? NFT sales
hit $592 million over the last week (source) but the market is
dominated by a handful of artists who produce digital artworks,
still, this is a tiny fraction of transactions that take place
across financial markets or property markets. At KwikTrust our view
is that the future of NFTs lies in storing and transferring any
asset your mind desires, but to achieve this, first people need to
trust NFTs and to trust NFTs they need to be more secure. Q: How
can the SuperNFT be a game-changer for the entire NFT landscape?
Simon Read, CEO: The NFT market is still in its relative infancy
and we haven’t seen the true potential of NFTs yet, beyond the
digital artworks that we are seeing today. As a store of value, it
has much more potential. The SuperNFT locks the owner’s validated
identity to the asset. The benefit of this technology is that if
the NFT is lost or stolen it can be prevented from onward sale and
can be quickly returned to its legal owner. This is a real
game-changer for the NFT market as it creates the infrastructure to
establish trust in NFT technologies and open up new asset classes.
In the future, we will see more assets – digital and physical –
represented as NFTs. Q: What are some of the current use cases of
the SuperNFT? And can you tell us about any exciting partnerships
you have that will proliferate your vision for SuperNFT and greater
KwikTrust? Simon Read, CEO: Our plan is to mint the world’s first
SuperNFT at a major NFT conference in March. We have several
options open to us that we are assessing including a physical
artwork collection by a major artist that has been donated to a
charity, that can be represented as a SuperNFT and sold as a
fractional ownership DAO. We are also looking at a project that
will help to protect rainforests by providing an opportunity for
communities to purchase and own areas of rainforest to prevent
deforestation. There is also a proof of concept underway to create
an insurance product on a SuperNFT. Other use cases we have
identified include recording property deeds as a transferable
digital asset; recording intellectual property origination on the
blockchain with a date and time stamp and linking it to the
inventor’s identity, and storing financial assets such as stocks,
shares and bonds on a SuperNFT as transferable digital assets. Q:
What utility does KTX token bring to the KwikTrust platform and to
SuperNFTs? Simon Read, CEO: We’ve designed the KTX utility token to
be the central element of the KwikTrust ecosystem. The primary use
of the KTX is to mint the SuperNFT. As the use of the SuperNFT
increases so will the demand for the KTX. Other platforms and
marketplaces can also use our technology. To integrate the
KwikTrust protocol and SuperNFT into their ecosystem they will need
to obtain and maintain a minimum balance of 5,000 KTX. There are
also a host of other uses of the KTX including discounted services,
and there are staking pools and other incentives for token holders.
For these reasons, we encourage people to buy and hold the KTX for
the longer term to gain the best benefits. Q: How do you plan on
growing the KwikTrust client base and the greater community to
become the premiere e-validation platform that displaces
traditional giants like Docusign while attracting retail and
enterprise customers alike? Christina Ashley, CMO: KwikTrust has an
inherent advantage over giants such as DocuSign, in that we were
born as a secure, blockchain-based solution. From the start, we
used this technology, whereas our competitors have not. In essence,
we aren’t trying to make an old solution fit a new model. We
approached the problem from a different angle from the beginning.
Our sights are set on becoming the number one platform for
e-validation and digital signatures. Our plan to do this is simple
– Continue to provide cutting-edge solutions that incorporate
innovative technology and meet users’ needs. We’ve already taken
that step with several features and now the SuperNFT has us poised
to completely shift the NFT market paradigm. In terms of clients,
both enterprise and retail – initially, we focused on building out
use cases for the legal sector. While this allowed us to home in on
outreach and development, we are now moving forward into new areas.
Upcoming partnerships and pilots include use cases in legal,
entertainment, health and fitness, environmental, and charitable
sectors. With the launch of the SuperNFT, new partnership
announcements, an ambassador program that is set to begin in the
coming weeks, aggressive marketing campaigns, and a stream of
product development, you’re sure to be seeing a lot of us. On a
global note, to ensure everyone can benefit from KwikTrust, we have
a new educational strategy that will help to bring on board not
only users that are familiar with the benefits of blockchain
technology but also those who may not understand how it can further
help their businesses. The stage is set for KwikTrust to keep
developing and growing. Q: How is KwikTrust’s governance structured
and how may it change in the future with the dawn of DAOs? Yasir
Qayam, COO: A DAO is essentially a programmable organization of
people that form around a shared mission and foster an emergent
online community. The current state of DAO’s is generally
centralized, however, the DAO landscape is swiftly changing. In the
future, the concept of individuals working for large organizations
will change, the roles will become more decentralized. Instead of
just work-to-earn, people will be able to “create-to-earn”
alongside work-to-earn. This will require DAO’s that can coordinate
these tasks in a “non-traditional” manner. The earning
opportunities will be a function of contribution to various tasks
defined in DAO. KwikTrust is already leveraging many of these
features in marketing and creative content creation. Having the KTX
token will allow the token holders, in the future, to vote on
features they want to see in the product. The token will also allow
us to reward ecosystem contributors using the KTX token. Of the
total quantity of KwikTrust tokens generated, 40% are allocated to
the community which enables us to reward the community for their
contribution and maximize user engagement. We are very excited
about the future of blockchain technologies and the opportunities
that the SuperNFT will create.
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