@ThingsExpo Authors: Zakia Bouachraoui, Yeshim Deniz, Liz McMillan, Elizabeth White, Pat Romanski

Blog Post

First IoT Device Management Platform Using Distributed Ledgers

Augmate Connect to Leverage Distributed Ledgers for Secure, Scalable Connectivity

What is your company about, what’s your mission?

Dana Farbo, Chief Operating Officer, Augmate (www.augmate.io): Our mission is to create a holistic internet of things device management platform for enterprise and consumers that is easy to use while having the ultimate in data privacy and protection.

Security: How secure is the blockchain and/or smart contract?

Farbo: We put security at the core of our platform. With over 20 security features currently implemented, we are expanding that through distributed ledger and smart contracts. Our focus will be to implement evolving security components that are tested and proven, not just theoretical.

Participation: What are you getting for your investment? Is the token usable, a security or other?

Farbo: The MATE token will be a utility token on our platform and used to manage access to services and systems for our customers. They are also used as rewards and act as partial payment coupons for our software and services as well as our partners that will use our platform for distribution and management of their own offerings. Though we fully expect our token to be classified as a utility token, we are initially offering it as a SAFT (Simple Agreement for Future Tokens) security.

Accounting & Legal: How is accounting done for tokens and what do they represent? What are the legal risks of the project?

Farbo: Because our tokens are an integral part of the management of customer access to our services, they will be fully integrated into our accounting against sales and usage. We are also establishing a Foundation as a separate organization to monitor token usage and availability as well as the algorithms used to modulate supply. The MATE supply is finite and will decrease over time.

Community, Management & Team: Who is building this? How strong, large and capable is the team and the community?

Farbo: Augmate has over 50 application partners and corporate customers. We also have a growing investor base. We use both internal and advisory teams to support our outreach and community management. We are concerned about security concerns with certain channels and though we will monitor all discussions, we will use only a few to outreach and dialogue with our base. Those will be announced soon.

Earnings: What will the project earn or what will be done using the project, coin, token or network? What will be transacted on it?

Farbo: Augmate will use the funds to build out the Augmate Connect platform using a distributed ledger first position which gives customers unprecedented security benefits. We will add people to our organization who are the best in the world at bridging the needs of ultimate security with usability platforms for enterprise and consumers.

Supply & Demand: Is supply of the coin fixed or limited? How is supply decided?

Farbo: We have a fixed supply of MATE tokens. The 50 billion supply was set as an expectation of needs for a minimal 10 year period. Our Foundation will manage the regular usage of these tokens so that there is a manageable level of market based and rewards based tokens. Our rewards based tokens do not go into the market and can only be used in exchange for our platform services. This represents over 40% of the total MATE tokens that will ever be issued.

Usability: What will the coin/token be used for? Is it a fuel, rail, mechanism, share, API key or something else?

Farbo:  Our rewards based tokens can only be used in exchange for our platform services.

Industry/Institutional Backing: Who in the industry is working on this? Does the project have notable partners, developers, joint ventures, investors or customers?

Farbo: We have our core team with the existing platform being developed by some of the brightest in the development world. We are working on expanding our partner base from the existing development partners and customers to core protocol partners. We have created an initial POC on IOTA and working with other protocols to implement into our roadmap. As a platform, we maintain an agnostic approach to the ecosystem. Our role is not to choose a single protocol partner but to create a platform that bridges multiple blockchain and blockless technologies including private, enterprise platforms so that all can be integrated into the Augmate Connect cohesive and holistic device management platform.

X FACTOR: What’s your secret sauce. What other evaluation factors do you want to add?

Farbo: Proven platform that is advancing the security and privacy of enterprise and personal data transmission so that devices on your network can be managed with confidence. The multi-trillion-dollar IOT market will be derailed without this confidence.

Token abbreviation:MATE




More Stories By Xenia von Wedel

Xenia von Wedel is a Tech blogger and Enterprise Media Consultant in Silicon Valley and Paris, serving clients in a variety of industries worldwide. She is focused on thought leadership content creation and syndication, media outreach and strategy. She mainly writes about Blockchain, Enterprise, B2B solutions, social media and open source software, but throws the occasional oddball into the mix. Tip her if you like her articles: http://xeniar.tip.me

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