Q3 Updates + Mysterium Network AMA

By August 15, 2019 October 24th, 2019 Uncategorized

Product updates - MYSTberry, now available on Raspberry Pi

  • We have plugged in new ways to scale our network and onboard stable nodes. Raspberry Pis can be preloaded with our node software and are fast becoming an important part of our node network infrastructure. They are incredibly stable, fast and most importantly they’re simple to use. Once set up and plugged in, there is no proactive maintenance or monitoring. 
  • Our referral program was also launched, incentivising our node community to spread the word and earn ETH for helping us get this grassroots movement off the ground. Want to earn while launching? Get in touch with sharmini@mysterium.network
  • Our UI has been updated so that nodes can check their up-to-date stats, such as connections, transfer rate and history. This will help Mysterium Node runners optimise towards higher earnings within the network.

Payments

  • We have been deep in our research and development processes, creating the technological framework for our payments system and ensuring our methodology is sound. We have a white paper comparing our approach to other existing level 2 scaling solutions in the Ethereum ecosystem coming out soon. Sign up for our newsletter to see it first.
  • On top of this, we have started developing the payment systems UI. This means that you are now able to gain greater insight into your earnings as a node runner.
  • MYST faucet button on UI/providers
  • ETH-MYST DEX implemented
  • Payments on Mainnet – we understand that this is something largely anticipated by the community and are working hard to reach this milestone. While this is part of our roadmap for Q3, our main priority is onboarding stable nodes into the network to ensure a quality service for our users and upcoming B2B partners.
  • We are also reintroducing the MYST utility token to exchanges in order to provide liquidity for our users. 

Node Engagements

1.  We have established our range of email flows, including:

Basic onboarding & KYC payouts
Bounty and referral performance 
Advanced payouts

2. A monitoring tool and dashboard for nodes has been created, for a friendly UI experience to encourage higher user engagement and help with reducing friction in node onboarding. 

3. We are also consistently working to automate our feedback loop for nodes, providing reporting processes and a self-help support system. 

We have also updated our node bounty payout formula. Nodes can now earn up to $50 worth of ETH per month and $600 per year. We are calculating your bandwidth contributions by an hourly rate of $0.07 p/h, with a minimum payout from $5 per month. Read more about this update here.

Ask Me Anything with Mysterium Network CEO & Founder

Robertas recently sat down with our community for an AMA on Reddit. Below is the list of these questions and answers, including some of the most common FAQs. In full transparency, nothing was held-back. 

Learn what we’re working on and see what the future holds for Mysterium!

1. Question on the Bittrex exchange. Are you going to go back there? Because the coins that remained on it will be sold in large quantities.

We are planning a wider reach, where we will introduce the MYST token to various exchanges by the middle of this quarter. Bitterex will be just one of the exchanges that we approach for listings.

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2. When are the next exchange listings? 

We need to align our relisting of MYST tokens on exchanges with the launch of our payments infrastructure. We expect this development to approach its final stages in this quarter, however it’s impossible to estimate this exactly as it involves R&D, which has an undefined ending.

As such, our exchange listing strategy will be led by our payment system going live on the mainnet. You can follow the development of the payment system on the Mysterium Github.

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3. Is there a token liquidity plan? If so, when will it step into force?

Security token VS. Utility token – MYST is a utility token. Liquidity will be provided once we are listed on various exchanges.

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4. What will you do now to provide MYST availability since there are many exchanges restricted in the US?

As mentioned before, we will be talking to a number of exchanges to distribute our token. Our token is a utility token, and its utility will be fully realised in our custom payment system. We hope that people in the US will be able to use MYST on our platform, as long as US exchanges accept us.

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5. Why does the MYST token get no attention from the team?

The main goal of Mysterium is to develop a product and economic system which allows nodes and users to use MYST to access, or get paid for offering, VPN services. Right now we are focused on growing our global node network and developing a robust payment system to provide the best possible service.

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6. What are you going to do to help improve the price of MYST?

We don’t encourage speculation. MYST is a utility token – its function is to reward participants in our network and help promote the widespread use a circular economy that fights internet censorship.

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7. Why are the team members no longer shown and information about staff not shared? How about getting the whole team back to the site?

You can find our core team here: https://mysterium.network/team/, however, we work with developers and contractors from all around the world who help keep the Mysterium vision alive.

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8. Do you have a marketing plan and how do you spend money on it?

As a company, we are constantly searching for the best way to scale our node program, including investing in the most cost-effective experiments which lead to the onboarding of many new nodes to our MESH. Once we have proof of concept of a stable and sustainable network we will begin investing in wider marketing efforts for the project.

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9. When will you be transparent with finances?

We have over 29 thousand of ETH which is being used to fund our project until we can become sustainable and start generating profitable returns, for both our company and for our users. This is one of the main reasons for our key focus on node acquisition and onboarding. A sustainable network of nodes open up several B2B monetisation models for the project and will help us with bridging the gap between the current web infrastructure and web 3 decentralization fundamentals.

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10. How much money do you have left? How will the project continue to survive?

As above – our project is building toward a sustainable network which solves daily user and B2B problems while also bringing in continuous sales.

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11.Why the lack of communication about the direction of the project?

This question is being asked frequently, but the answer always remains the same: we are shifting our business and product strategies to adapt to market needs. When we first ran the ICO our goal was to go after a consumer market. The market spectrum has changed with multiple decentralized VPN projects emerging and going after different pieces of the VPN market pie. In saying that, the VPN market is huge and there is opportunity for many different solutions for different use cases. Our main focus in on unblocking streaming content, with a specialisation in fat data transfer. To get more frequent updates on our project, run a Mysterium Node, join our node tester telegram group and let us know how we can improve the node experience and strength of our network.

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12. Why is the Google Store rating for the mobile app going down?

We have paused our Android app development as we have pivoted to focus on creating the most stable node network possible. This is important as we are building a marketplace and need a strong and stable supply of nodes to ensure network stickiness for users and B2B partners.

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13. Why is the mobile app source code not available yet as promised a long time ago?

Our mobile app source code is available on Github.You can check it out any time.

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14. Does Mysterium outsource-workers?

Yes. As we shift and move with the newest trends, we hire TOP external team members to move fast and deliver the best results.

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15. Who are the current team members?

We can’t provide information about every team member due to GDPR. This compounded with the fringe nature of our project means that we are extremely cognizant of our team and contributors’ privacy.

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16. What are their roles in a team? Share team photo and office photo to us! So there could have more confidence!

We have various teams and staff working across operations, legal, development, business development, marketing and product. Check out our Instagram channel which was created not so long ago, you will be able to see us there.

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17. Do you have hidden/private git-repositories?

Due to quality control, we do have hidden git-repositories. We always share our newest builds but we don’t want people downloading a product which is not yet fully built or still in development stage.

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18. Why did you add a raspberry REFERRAL link on-site? The ICO fund is out?

The Raspberry Pi referral link is part of our new node pilot and offers the Mysterium community a chance to earn extra money! This is a new program where you can give out your own unique referral code to your friends, and with every stable node in our network with your code. We have taken the link off the site to make the program smaller and test and learn. To get involved, reach out to sharmini@mysterium.network

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19. Understandably product is a priority for Mysterium, but the importance of marketing and community can’t be ignored. If there is no price appreciation – How does mysterium expect initial investors to keep hanging on? I mean even in traditional startups VC expect an appreciation after 2 years of their equity .. Nothing like that is happening with Myst.

Our goal has always to ensure MYST is a fully functional utility token. These tokens simply provide users with a product and/or service. Think of them like gateway tokens. The Mysterium Network is the only place where our token will be used. It’s price is always secondary.

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20. Why the lack of news and updates?

The blockchain market moves quickly and its technological development even more so. We are constantly adapting and readjusting our roadmap to make sure we deliver an exceptional product that is market-ready. We’ve been working hard, but at times we must refocus and start from scratch quickly. This is why we’ve been more quiet than usual lately, as we don’t want to brag about what *could* be done or what is in progress, rather let our product releases speak for themselves . We haven’t forgotten our community – we will spread the news of every milestone that we reach.

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21. Why are you not doing interviews and podcasts?
We are creating educational content [link to YouTube, link to blog] to help our community and node runners better understand our product. We will be more focused on being on podcasts and interviews once we have established clear and sustainable acquisition channels for Mysterium Nodes and can offer a stable service to users who join the network through these efforts.

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22. Why has the activity on social media gone down?

The activity is going to be up soon. Be ready for a boom 🙂

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23. Why did you promise a roadmap months ago and deliver nothing?

We are constantly working to deliver our roadmap goals. We’ve recently dedicated ourselves to R&D as this brings the most value to our development. Building technology from scratch is challenging and requires a lot of learning, trial and error.

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24. Why did you promise a series of partnerships for 2019 and deliver nothing?

2019 isn’t over! We are still focused on these developing these partnerships. This product is huge and every partnership comes with unique requirements where we have to customise our technology to ensure a quality experience for each community. We have an exciting partnership announcement coming up. Sign up for our newsletter to hear it first.

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25. Why doesn’t WireGuard™ work properly?
The WireGuardimplementation was proof of concept, for us to test that we can use other protocols within our dVPN application. As mentioned, we are focused on node acquisition and frictionless onboarding in the short to medium term.

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26. Why no iOS version yet? When?

While there is no Node network to share, there is no need for an IOS mobile app. It was promised before, and we are not shelving this idea, but at the moment an IOS app isn’t part of our immediate strategy, nor does it solve the problems we are facing at the moment.

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27. Why no Linux client yet? When?

There is a Linux client that can be run on docker. At the same time, the Raspberry Pi set up is based on the Linux system, and with its development we will connect the current client to Linux.

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28. Why wasn’t the payment system delivered in Q1 as promised?

Due to our R&D process, we have faced a lot of barriers that led us to start a new payment system from scratch. This is the main reason why are late with our system build. Developing a unique P2P payment system is not an easy job. One of our most experienced payment developers is working every day to create the best payment system which suit our needs. We will not release a half-working payment system, due to hacker breaches and other security measurements (as well as our integrity and reputation).

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29. Why have you not announced how many MYST will be required to run a node yet? When will the token be used for anything?

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Our payment system is already being built, but it is a huge process where we encounter many challenges. Running a node does not require MYST. In the future, prices will be set by individual nodes, and you can choose to buy bandwidth from whichever node you like and accept their offered rate.

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30. When multi-hops?

Much later – first we focus on the network. Multi-hops is an improvement of VPN product, so we want to release the final product first and then work on improvements later.

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31. Why do you ignore your investors and token holders?

No one is ignoring token holders and investors. Please always contact our Community Manager through telegram @germantasjus to ask him for anything.

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32. Robert or team members hold the MYST token?

All team members are given MYST tokens in bonuses, and the founding team still have all of their tokens.

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33. Tell us about the progress that has occurred over the past six months, give us a retro perspective?

Please refer to our product road map (Medium).

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34. Interested in when the product will be launched into mass use? At least in what quarter?

Once we have built the payment network, it requires testing and then ongoing revisions to improve it, I don’t have an answer for when it is going to be used in en masse, but we are launching it soon.

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35. When will be known the cost of connecting to the node for the day?

The price for connecting to a node will be decided by that particular node runner, compared to its bandwidth quality. We will provide an example for calculating appropriate prices for certain nodes, but this will just be a suggested price for Node runners. Prices will be determined by the free market within our network.

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