Q1: Regarding conversion and congestion, it has taken some time. At least 7-8 days. Can you explain the reasons behind congestion?
A1: The Ethereum network has been congested for the past few months due to the imminent release of Ethereum 2.0. Machines and servers called nodes are what maintain the Ethereum server. We can send transactions through nodes but when the network has too many pending transactions, the nodes effectively become locked and are unable to maintain the server. The solution to this is to add more nodes, but the backlog exceeds the number of new nodes implemented. A long-term solution is to add more uses for Cloud Token (CTO) so that the amount of conversions are minimized. Blockchain technology will always prioritize security over speed and that is why we are experiencing congestion in regards to conversion.
Q2: How is Cloud Token a decentralized wallet?
A2: The way the nodes communicate with each other makes it a decentralized system. The decentralized nature means it does not rely on a central point of control; all the nodes have equal responsibility in the network. In the case of Cloud Token, our mobile phones are considered nodes in the network that help keep the Cloud network running. When an account is made, cryptocurrency addresses are generated. However, until the node initiates a transaction the blockchain does not know that these addresses exist. Cloud Token Wallet itself will generate your private keys and only you are in possession of that. Most wallets do not do this and leave your private key on an accessible server.
Q3: Can we expect new features in Cloud 2.0 like seeing the circulating supply, reserve fund, etc.
A3: Our first priority is to generate wealth for the members in whatever ways we can. The second priority is to improve app performance and overall speed. Improving user interface is lower in the priority list right now. Cloud Token’s system promotes transactions in proximity, meaning your node is witness to only select transactions. Cloud Token will develop its own API later (like Etherscan) to track transactions on the network.
A4: Cloud 2.0 is working on getting all RMO (Recognized Market Operators) tier licenses (there are four levels of licenses in Asia) and endorsements from the Ministry of Finance and the central bank. We acknowledge these are difficult to do but we think we can finish it in 3 months. We are working with an association in Malaysia to present Cloud 2.0 to the Ministry of Finance to get the license. For the rest of the year, we are focused on getting the remaining groundwork done. Another thing to consider is getting insurance, it’s possible that we get a license through a reseller. We are working with our lawyers to figure everything out. We are also looking to finalize the CEZA license which is vital for crypto-fiat trading. There are four banks we’re looking to work with and the delay is due to the fourth bank. Once that is done, we can complete the CEZA license. We are also looking to integrate China UnionPay with Cloud 2.0 for our members in China as the MasterCard partnership does not benefit them.
Q5: How does the partnership with Grab work exactly?
A5: We actually bought Grab pay credits at a discounted rate, approximately 5% off. We paid $5 million towards pay credits for our Cloud 2.0 members. Whenever a member uses CTO to pay for Grab, we send a voucher code to the member who can redeem it for pay credits to use in their Grab. We work with Marriott International this way as well. We give them a certain amount up front and then collect CTOs from members.