GEMDIGGERS AMA WITH TERNOA
Sometimes you will never know the value of a moment until it becomes a memory — Theodor Seuss Geisel aka Dr. Seuss
Memories, they are what makes us. They guide us, make us happy or sad, remind us of loved ones and special moments. The human brain is a medical marvel with its capacity to store memories for years and years and yet this ability is finite.
Technology has come a long way to allowing the capture of a moment or an event that people can go back to and relive. However there are still ways in which the technology can be improved to help us manage and share our important moments. Ternoa recognises this need, our recent AMA with them shone a light on what they have been working on when it comes to memory preservation.
Imagine you can create a virtual time capsule, put almost anything into that capsule and then choose how, when, where and by whom that capsule can be opened. We are not just talking about personal memories, think inheritance records, wills, bank details, family wedding movies, medical records, insurance paperwork…this list is truly endless.
Then combine this concept with the immutability and security of blockchain, your time capsule will never be lost, cannot be accessed by anyone except those you authorised and only on the terms you set.
Well, this is a flavour of what Ternoa are offering to individuals, corporations and government agencies alike. Read on to find out more about what our AMA host Ozzy discussed with Clément Tequi, CFO at Ternoa.
Here is the full Q&A from the recent AMA with Gemdiggers and Ternoa
Ozzy: What kind of experience does your team have, have you and the team worked on other blockchain projects?
Clément: Okay. Thank you for this question…I would say that Mickael, the CEO and the CTO of Ternoa, has worked in the blockchain universe for over three years, he is the head of a different start-up in France and inside this start-up, he has developed many different use cases based on the blockchain.
Then concerning our Lead Architect for the Ternoa project, Eliott Teissonniere, he was part of the Parity team as one of the main developers of the sequel system. He is also Co-Founder of Nodle, another blockchain project and he has more than three years of development experience in the blockchain ecosystem.
An then on me, I come from the financial and strategic world, I wrote a book on the blockchain - ‘Blockchain is a key to unlock the value chain’. In this book, I try to analyse the blockchain through a financial, strategical, and historical point of view. Thanks to this book, I gave some educational courses in different universities in France, like Dauphine, HEC, Polytechnique. I am also advisor to different French projects in the blockchain ecosystem, like Peculium or Big Data Centre.
Ozzy: What are the major ‘real-world’ issues that Ternoa is solving?
Clément: I would say is that it is a problem that everyone knows today, because you know since we have smartphones, we can take a lot of photos, videos, etc. So that is a true innovation, it is a very interesting one.
But maybe the flipside of this innovation is that whilst we can take a lot of different photos and videos, is that all these memories can be lost. They have interesting value but once we send them in applications like Whatsapp, we forget them and actually we have lost the memory. Indeed, I know that there are a lot of people in this Telegram group today, it is a very nice moment. And imagine that I tell you today a very important news and you want to send it to your friend, like I don’t know in 10 years. It will be very difficult because in 10 years, maybe you will not have Telegram on your smartphone. The photo will be disappear. And so idea, the big idea of Ternoa, the real world issues that we want to solve, is to give the possibility to people to store and transfer data on the long term thanks to our time capsule technology.
Indeed, based on the blockchain infrastructure, we can imagine a lot of different use cases. So I’ll tell you, I explained the idea of time capsules which means a possibility to transfer digital memories on the long term to friends and family, but we can have different use-cases and maybe like the possibility to create a safe space like when you can store all different digital data you have.
We can also build different use cases based on NFTs. These are very important to our blockchain solution because they are vehicles enabling the transfer of the data. In the NFT we put important innovations, like the possibility to have a watermark, which means that only the owner of the NFT can have access to a high-definition version of the NFT and also the creator of the NFT can put secrets in the NFT, like Easter eggs in video games for example. So based on this NFT path and the possibility to transfer data thanks to this NFT, we can imagine a lot of different use case like imagine I am a musician, I want to create a new album and in this album I can put like a unique song that only the owner of the NFT can have access to.
Ozzy: I read somewhere that you are developing solutions for Virtual Reality and AI to be used on the platform, can you tell us more about what this will provide your users?
Clément: Yes, we are developing the possibility to add virtual reality and AI to be used on the platform, but it will be in the future. Right now it is not on the roadmap for this year (2021), maybe in two or three years, because it takes time, we need a lot of money and investments on the development to add virtual reality on the project. But the idea is that you understand now, that Ternoa is a project that allows you to store and transfer data to your friends or your family on the long run. And when I say long run, it is 10 years, 20 years, etc. But if we want to see further like 30… or even in100 years, we can imagine the possibilities thanks to the virtual reality to create a museum of our memories.
Imagine that I will give access to my son or my daughter to my photo in 10 years, 20 years, 30 years. And my daughter or my son will give access to this photo to their son, etc. And then thanks to the virtual reality, we can recreate a full space where you go inside and you can travel through the time and know the real story of who were your grandparents, your parents, all thanks to this unique virtual space based on the virtual reality.
Ozzy: What can users of Ternoa do to safeguard against losing access to their time capsules?
Clément: You know that the value proposition of Ternoa is safety of your data and data privacy. That is why we’re building a very strong solution where people cannot lose the access to the time capsule because we record their name, their phone number, their postal address, the email address, and we have created a lot of backup thanks to blockchain. So actually people can’t lose the access to the time capsule thanks to this. But, and it is one strength of the blockchain in general and particularly to the blockchain Ternoa, that Ternoa as a firm does not have access to the data and does not have access to what people want to put in the time capsule. So it is a complete data privacy solution that we can provide to people.
Ozzy: Can I lock up actual crypto tokens including CAPS in a capsule e.g. to set up inheritance for someone in the future?
Clément: You cannot lock crypto tokens in your capsule because we are not a custody solution. But what you can lock up in a capsule, is the key of your wallet, all the different codes you need to access to your wallet. So actually we are not a custody solution, but we give the possibility to store in that time capsule all the information you need to gain access to a wallet.
Ozzy: People change their location, their habits and their details e.g. email over long periods of time, what will you do with data capsules that remain unclaimed after they are unlocked based on the creator’s parameters?
Clément: The idea is that we want to create a very safe protocol to ensure the link between the sender of the capsule and the receiver. Because like when the sender will enter personal information about the receiver, like address, phone number, et cetera, each year we will ask to those persons have changed your phone number? Do we have changed your email? Do you have changed your address postal? And the idea of Ternoa is always to seek the link with the receiver of time capsule. These checks will be done with both sender and receiver of time capsules for sure. This is the first and important protocol when we put it, we want to put in our solutions. And the second thing that even if all this safe protection of data to be sure to know who is the receiver, the data will be not be lost in the different storage space that we have access to, thanks to Sia storage or Arweave.
Ozzy: Are you approaching corporations and government agencies with your project? If so, can you tell us more about this?
Clément: We are working with Dominique Pon, he is the Director of the Pasteur Institute in France and is also in charge of the memorisation of the health system in France, so all the question about how can we can use data, how can we have more digitalization in the health space and the health system in France. So the idea is to work with him on a new solution, allowing people based on the Ternoa infrastructure to store the memories, to create like a new human memory accessible by everyone. And it seems that it can be a very powerful impact for helping people to accept the fact that they can die and it can be a very interesting use case.
And the idea is to build with him a new solution and to distribute this solution in all hospitals in France. Once we have build the solution with a French government, we can try to bring different solution with other governments.
Ozzy: Are the rumours true that the French army has invested in Ternoa? Can you elaborate on this?
Clément: No, it is not officially the French Army that has invested in Ternoa. We have members of the French army like soldiers, commando etc. who have invested but it is very confidential…we can not for sure give names.
And why? Because when you are a soldier, you have a dangerous life because you go on the battlefield and then you can die… you want to be sure that you can transfer to your family some important information, like basic information about your insurance, but also about your memories. And that’s why, when we are speaking with soldiers to say, okay, I want to buy time capsule because as you may know, we use the time capsule protocol allowing to send data after death. So that is why we have a lot of soldiers as they want to send data after death and they want to invest in Ternoa.
Ozzy: Can you tell us more about the Ternoa NFT marketplace? What is the purpose of this and how is it associated with the creation of capsules?
Clément: So, Ternoa NFT marketplace is a very important part of the project. Why? Because as I explained before, the vehicle that allows people to send data it is the NFT. And why do we want to create a marketplace NFT? Because we want the artist to have the possibility to treat different elements are going to have a beautiful time capsule. But this is one use case, we want to develop different use cases, based on our marketplace, because I explained before that for instance, thanks to the innovation of the secret, we can have different use cases like a musical one, the possibility to create new album with special contents inside like, I don’t know, a new sound or something like that.
Ozzy: As a hypothetical, what would happen if all CAPS tokens were used up in the creation of capsule NFTs? How will new capsule creations take place?
Clément: It will be a very interesting case, but actually it’s not possible because you know that when you are creating a NFT you need to buy CAPS (Token). Why? Because all CAPS are stored in the NFT to give the possibility to offer a yield to the masternode. Think that you want to have a remuneration of the masternode based on the CAPS stored in the NFT, and after that the masternode wants to sell these CAPS on the market. And this is a virtual circle way because you can not have no CAPS on the market because masternode that have access to the CAPS due to the fact that they validate the transaction, because we are based on the proof-of-stake validation and at the end, the capsule return on the market. So we cannot have this hypothetical case.
Ozzy: Are your data transmission protocol contracts audited, if not what are your plans on this front?
Clément: Our protocol has been audited by CertiK. So yes, don’t worry. I would say that each code line we put for data of different people will be audited and it will be the safest solution we can put on the market. Don’t worry about that.
That covers the full Q&A with Ternoa, as you can see a very interesting and novel use case for blockchain and NFT technology, one that is already gaining interest in a wide variety of sectors and is sure to grow in strength and adoption.
As we have come to expect the audience engagement was excellent and we had many questions asked. The winner of the best question prize asked this question:
Now is a difficult time where many projects have failed due to the COVID19 pandemic, so what factors make your team excited to make TERNOA a success?