Sell extra cell phone data in the form of Tokens

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Matt GalliganPro@mg · co-founder Circa, SimpleGeo, Socialthing
Why does the token even need to exist? Couldn’t this in theory simply be a smart contract trading ETH for mobile data?
Ryan HooverPro@rrhoover · Founder, Product Hunt
@mg "why does the token even need to exist?" is a common question of many ICO's now days it seems. 😂
Kumar ThanguduHunter@datarade · Technologist
This is a valid question. @mg @rrhoover increasing decentralization contributes to accurate validation that the data tokens have that much value. Also the throughput of mobile data exceeds the ETH throughput limits, that's why they have billions of tokens.
Matt GalliganPro@mg · co-founder Circa, SimpleGeo, Socialthing
@rrhoover @datarade Seems reasonable. It's more about demand-based transactions. I was considering larger chunks of data, so the per-use model does make sense otherwise.
Kumar ThanguduHunter@datarade · Technologist
@rrhoover @mg Yep you nailed it!
Hannes Stiebitzhofer@stiebitzhofer · CEO eigenheads consulting
@mg @rrhoover @datarade Tokens are basically smart contracts running on Ethereum so this increases the limits, doesn't it?
Tom Bielecki@tombielecki · Cofounder, PrintToPeer
According to the FAQ, this whole concept relies on the ability to use Telco APIs to transfer data allowances from one account to another? But they are f*cking over the Telco so wouldn't the Telcos just shut them down? I hope I'm mistaken.
JYM@jarodym · conceptual engineer.
@tombielecki that makes sense. Interested to hear an answer this.
Kumar ThanguduHunter@datarade · Technologist
@tombielecki The reason this is exciting is because there's MVNO to Tier 1 provider arbitrage on lengthy contracts. An MVNO can opt-in to the network without the permission of the Telco. That's how the cookie crumbles...
Kumar ThanguduHunter@datarade · Technologist
@tombielecki Allso, look who's on their team, if they needed to spin up 2 MVNOs in different countries and lock down these agreements, they're capable of that.
Deandre Durr☀️@dredurr · Growth Hacker
No one ever has extra data lol
Matt GalliganPro@mg · co-founder Circa, SimpleGeo, Socialthing
@dredurr I pay for 30GBs of data. I regularly have 5-10GBs available. I guess I'm no one. 😭
Deandre Durr☀️@dredurr · Growth Hacker
@mg buying data from someone is a good idea. But you know what is a Billion dollar idea? Buying extra battery power from someone. DOPE 🚬🚬🚬
Nick Abouzeid@nickabouzeid · Ship & Growth at Product Hunt ⛵
Some questions for the founding team: - How are you going to transfer data from one user to another? As @tombielecki mentioned, if this becomes big enough, the telecom networks will shut it down as it cuts into their already slim profit margins. - Why are you building their own token on the Ethereum blockchain when this could be simply written as a smart contract using Ethereum? Why add an extra layer of complexity (unless the promise of strings-free funding is too enticing)? - Why is your token legal? The entire platform is pre-product - according to the leading legal theory in the space, most (if not all) of pre-product ICOs illegal given the tokens should be classified as securities after passing the Howey Test. You've raised $4.5MM in two weeks under the premise of "tokenizing" cellular data without answering some of the most basic questions about the functionality and legality of your product - curious to hear your thinking.
Kumar ThanguduHunter@datarade · Technologist
@tombielecki @nickabouzeid 1/ MVNO to tier 1 provider arbitrage. 2/ Data topography won't be covered properly by throughput and speed of ethereum smart contracts. You need billions of tokens.
Nick Abouzeid@nickabouzeid · Ship & Growth at Product Hunt ⛵
@datarade 1. Cool. What guarantees do investors have that this kind of data transfer lane will stay open as this market (potentially) grows? 2. Please expand. Blocks of ethereum transactions are solved every 20-ish seconds - how quickly do you *really* need to transfer data? The number of tokens is never the limiting factor since you can divide them into units smaller than one, the issue is # of transactions/second & building a token on top of the ethereum blockchain holds you to the same limits as ethereum. 3. Still no answer on three. Why is this legal?
Kumar ThanguduHunter@datarade · Technologist
@nickabouzeid I am not a lawyer. 1/ MVNO moating and blocking and tackling. One of the founders, Mikko co-founded a product, DOVECOT, that has 72% of the worlds Email users. I have confidence that he'll be able to block and tackle any number of telcos b/c the team has already locked in tier 1 telcos. That's the hardest part!
Nick Abouzeid@nickabouzeid · Ship & Growth at Product Hunt ⛵
@datarade 1. Cool that Mikko built a widely used product. I'm hesitant to believe that telcos will actually enjoy this since they make money when data goes unused. 2. No answer on the rationale behind launching their own token on top of the ethereum blockchain as opposed to building their own. 3. No answer on legal (even on their website). Guess we'll have to wait for answers...
Kumar ThanguduHunter@datarade · Technologist
@nickabouzeid I explained to you the throughput issue. Some of the carriers that adopted have 500M users.
Yonatan Wolowelsky@grmmph · Professional double clicker
How is this different from any other ICO out there?
Shlomo Klahr@_sklahr_ · Intern @ Digital Currency Group
@grmmph how are they supposed to answer that? Different ICOs do different things.
Yinka@tsyinka · Product & Growth Manager @Pincapp
@grmmph Seriously? What kind of question is that?