Former JP Morgan Private London Club to Open First Investor Pool on Matchpool
In our Use Case Series, we want to showcase how people can use Pools in specific industries.
The Matchmaking Economy
enables any community / club owner to connect their network together
and match individuals together for reward. In this article we look at
how former JPMorgan Investor Herman Liu will open one of the first
investor pools on the platform and bring value to his network.
October 2016, Matchpool received seed investment from Alphabit Fund.
Alphabit’s CEO Liam Robertson started Alphabit with Herman Liu as Chief
Strategy Officer. Liu has a private members network which he syndicates
deals between. Liu organises regular private meetings and formally
introduces his clients in person.
Robertson first introduced Liu to Matchpool, Liu was very quick to
suggest bringing his private investor club onto the platform. Liu has
the ability to setup an investor pool with custom parameters and rules
so that he can informally allow his network to connect with each other
inside of the pool. Just like his private members network, Liu can
decide the price of the subscription fee to the pool or set an entrance
fee for members to join. He can then decide on how he would like his
network to interact on the platform. Liu would make it free for two
members to start a private message conversation so their would be no
matchmaking fee. A matchmaking fee in this use case would compromise the
reputation of a respectable community owner.
three business models inside of Matchpool allow flexibility and choice
to the Poolmaker so that they can create an experience in their pool
that meets the needs of their network.
welcome business and investor community owners to Matchpool in any
industry and look forward to enabling matchmakers all over the world.
Hello Hudson and John! First of all, congratulations on winning the UAE GovHack hackathon, an amazing achievement! Your project has progressed by leaps and bounds since it’s inception; you now have two working ACORNS* running, you’ve won the biggest Hackathon in our industry to date, and your Tesla promotional video captivated the imagination of the community. Oaken was also one of the first DApps added as default contacts to Status, so we wanted to connect and learn more about what made your team so successful, and understand your plans for the months ahead. * ACORNS are IoT Machines with Autonomous Communication Over Redundant Node Systems
Hudson Jameson, John Gerryts & James Johnson from Oaken, winners of UAE GovHack
Please tell us, what is Project Oaken?
is a secure, autonomous, machine-to-machine platform built to provide
the underlying infrastructure needed to power smart cities and secure IoT devices. This includes both a software and hardware solution that integrates into existing systems and processes.
What is your role and what is it that you do in Oaken?
My role is as co-founder and CEO. At this early stage though co-founder
is more descriptive of what I do than CEO as we still have the luxury
of being able to truly tackle things as a team. In my mind this is what
has allowed Oaken to be successful thus far and I see us striving to
keep this environment moving forward as we grow.
I am a co-founder and Chief Operating Officer. As a start-up there is a
plethora of roles that bleed over into one another. I handle a lot of
the back-end business side of things and create all of the Ethereum
related infrastructure and Solidity code that we use. It’s a lot of fun!
Could you describe your vision for Oaken and the goal you’re hoping to achieve with the project?
John: Our vision for Oaken is to be the first name that comes to mind when someone is thinking of a Blockchain & IoT
solution. We are looking to position ourselves as such by continuing to
build out revolutionary, innovative & reliable solutions that help
to realize value by leveraging Blockchain in the IoT space.
Hudson: Project Oaken
wants to be the go-to platform for IoT device infrastructure. We want
to build innovative solutions that provide stability and security to IoT
devices while showcasing the benefits of blockchain technology.
want to build a robust layer of secure machine-to-machine value
transfer that will allow for the vision of blockchain to be implemented
on a massive scale.
Tell us little about yourselves, what’s your background and how did you discover Ethereum?
have been a technologist for over 20 years. I came into the crypto
space, as most have, by way of Bitcoin. Being somewhat involved in the
Toronto scene in late 2013 & early 2014 I was exposed to Ethereum
early on, and to a certain degree I “got it”. I entered my first
Ethereum Hackathon preceding the 2014 Bitcoin Expo, with Airlock,
assembled a team the morning of the event, and we placed third at the
“In Crypto We Trust” event.
never looked back as my work on Airlock inspired me to continue to work
with Ethereum. I was able to secure, and successfully deliver on, an Ethereum DevGrant, named EthEmbedded,
in which I ported early versions of the Ethereum client (pre-light
client) to ARM based devices. Oaken is a natural progression from there
as a way to implement the technology I have been working with for years
I have been interested in computers and security since I was a kid.
Throughout high school I focused less on programming and more on
computer security, specifically wireless protocol security and
college I became familiar with Bitcoin which started my obsession that
would last the next 6 years. During my last year of college I was
exploring altcoins and had been very involved in the Darkcoin (now Dash)
community. I saw articles discussing Ethereum and read the white paper.
It instantly clicked for me that this was going to be different than
the other coins I was looking at. The idea of adding programs and
scripts on top of a blockchain has always been a really cool idea to me.
I invested in the crowdsale and started developing Dapps around the PoC8
release (early 2015). Since then I’ve enjoyed participating in the
growth of Ethereum and all the friends I have made in the space.
concept behind Oaken was really interesting because I had seen a lot of
hype in the industry about blockchain + IoT, but not a lot of solid
examples of implementing those ideas.
Hudson Jameson and the huge cheque
role does Ethereum play and help you in the development of Oaken? Any
features you think which will bring even more benefits?
entire platform is currently built on Ethereum to essentially create an
on ramp for IoT in order to leverage Ethereum smart contract
functionality. Oaken simply may not exist were it not for Ethereum as
progress of other blockchains in regards to development are a great deal
I believe a PoS solution will benefit Ethereum the most because of the
security and stability behind it (when properly designed and
implemented). CASPER is looking very promising.
What kind of requirements are there for someone wanting to utilize Oaken? What about the average consumer?
Oaken is currently being developed for the purpose of industrial IoT
and smart city applications, so the requirements vary based on the use
case. For those implementing ACORNs, a solid understanding of how
Ethereum works is a must.
the average consumer it should be as transparent as TCP/IP is for
people accessing the Internet. Once widely implemented, the transparency
of IoT transactions will benefit the consumer. Companies will have a
much more difficult time overcharging customers.
the IoT industry, do you see Oaken as a disruptive force in that field?
Which other industries do you see that it might affect?
IoT is a nascent technology itself, so the standards for IoT are not
set in stone. This provides a great opportunity for blockchain to show
itself to be a valuable technology.
industry is bold enough to adopt the technology first. The applications
for blockchain & IoT span industries and will begin to actually
tear down the walls or silos that separate all the spaces. I have said
it before, If you are still searching for use cases, you don’t
understand blockchain. I think rather that the opposite is true: to pick
just a few is very difficult indeed.
What is it about IoT that got you working on this project?
the most part it was what IoT seemed to be lacking that makes this
project most interesting. It is in these shortcomings of IoT that we are
able to see how perfect the union of Blockchain & IoT truly is.
Identity, Security, & Payments are all problems within IoT that
Blockchain provides solutions to.
is also impossible to overlook the timing in innovation and continued
development of these two technologies and how they not only compliment
each other but are both now being realized as viable at such a crucial
time in tech.
Blockchain and IoT is match made in heaven. IoT devices require
security, identity, and need to transfer value (whether that be data or
money). Blockchain technology is the missing piece of the IoT
infrastructure. There are a lot of exciting new fields that blockchain
can contribute to, but this one will make the biggest industry impact.
So how does blockchain technology make Oaken different from other traditional applications?
Bleeding Edge Innovation. I see most non-blockchain technology as just
re-hashing (no pun intended) or improving the efficiency of existing
tech. With blockchain we have the ability to truly innovate in a new
space and build things no one else has built.
What specifically can you do with your technology currently? What are your biggest challenges on scaling that?
Hudson: We have released a few demos that show how our technology can interact with things like water meters and Tesla automobiles
in order to facilitate in the transparent, autonomous transactions
blockchains provide. The biggest challenge we face is the current
limitations of blockchain technology. Solutions like sharding that
improve transaction throughput and data storage requirements will help
us scale more in the future.
the two main things we can do with our technology is to realize the
value in implementing secure payments via blockchain and to also realize
the value in utilizing smart contracts alongside distributed storage in
lieu of traditional IT infrastructure. We can deploy this specifically
on embedded devices in addition to traditional systems.
Our current proof of concepts are utility meters and self driving vehicle payments with regards to tolls & parking.
Scaling is an issue that we all face in regards to blockchain, and we
all see the dangers of this with the current situation within Bitcoin.
This is why we are currently focused on Ethereum and EVM based chains as
this is where we believe most of the successful development on scaling
and other optimizations will occur. From the geth light client, to Status, to Raiden payment channels we are dependant on, and support fully, community efforts to discover valid solutions to problems.
Are you looking to partner with other IoT companies in the future or do you prefer to keep production in-house?
In an effort to be efficient, we surveyed the existing off-the-shelf
tech on the market in order to implement cryptographic tools on embedded
devices but none of the offerings were able to support Ethereum (or
other blockchain tech for that matter). We then set to work on
developing our own HSM [Hardware Security Module] in order to generate, store and transact with Ethereum keys on-board embedded devices.
have had a great connection with one partner in particular, and have
discussed the possibility of further business in order to leverage what
we are both good at. I think it will ultimately depend on each specific
ACORN application whether we reach out to a partner or not. In summary,
we are capable of doing it in house for now, but as we grow we are
obviously not opposed to partnerships.
Hudson: We are open to collaborating with others.
How are the ACORNS autonomous? And how does Ethereum relate to that?
ACORNs are independent modules of Oaken that are able to interact with
each other. Ethereum smart contracts enable autonomous transfers of
value, which fit nicely into our models.
ACORNs are autonomous in that they allow for independant interaction
and payments from Ethereum node to Ethereum node, or Ethereum node to
Smart Contract without human confirmation or interaction.
you now concentrating your work on polishing the existing ACORNs and
getting them production ready or are you looking to widen the field with
more ACORNs first?
We are currently polishing and expanding the capabilities of our
existing ACORNs while having discussions with parties interested in all
kinds of ACORNs.
built a great foundation during recent months, and we continue to
strengthen that foundation in an effort to be prepared to adapt our
ACORNs to many solutions we are currently discussing with numerous
What are you looking forward to and how big do you see that the project might grow during 2017?
Partnerships and Growth. We have some short term goals we are focusing
on, and some of these will allow us both work with Industry leading
companies and also to add to our already amazing team.
The Project Oaken Team and friends
What do you see as the biggest hurdle in gaining a critical mass for Oaken?
The biggest hurdle is the same hurdle that many groups in blockchains
products face: communication. Being able to get people to understand the
value and benefits of a new technology is the majority of the battle.
Do you see Oaken possibly benefiting from a mobile user interface, like what you have with the Water Meter ACORN in Status?
Absolutely. Although some of our focus is on machine to machine
transactions, there will always be some sort of UI required in order to
leverage the systems that this machine to machine interaction
facilitate. Ultimately increased efficiencies and utility for humankind
is the end goal and mobile devices are the leading interface currently.
Hudson: A mobile interface for Dapps is instrumental in showcasing the value of Ethereum to all users. Even beyond demos, Status is one of the only tools an average user can use today to interact with Ethereum.
So when do you think people can get their hands on Oaken products?
see Oaken as an “Infrastructure First” platform. So basically when
people can truly get their hands on Oaken, they may not even know they
are using it.
Which other Ethereum projects are you personally most excited about?
John: Oaken: Raiden for low cost micro transactions.
Personally: ENS & Golem, excited to get to play with both!
John: Definitely Status. The amount of time and effort that we DON’T need to invest in mobile development is fantastic.
Any words for the readers, like what can they do to help Oaken?
continue the awesome development on all the great Ethereum based
services and help us help you. If there is anything we can do to
contribute to the progress of the technologies built on the platform we
are more than happy to discuss! We need you to all be successful for us
to be successful!
Thank you for registering for the upcoming MyBit crowdfunding campaign set to officially go live in the next few hours at 00:00 GMT +0 (London) and run for 30 consecutive days.
The first tranche of coins totaling 4,500,000 MyB are set at a 25% discount. Please review the MyBit Deal Sheet located in the footer of the ICO Dashboard for full details and specifications. Please note that we cannot guarantee the price you will receive due to the smart contract processing orders as they come in (speed of placing orders is important, but if you are tuned into our Slack channel with orders ready to go when the official launch is announced, you should be fine).
An AMA will be held tonight on our slack channel, https://mybit-dapp.slack.comhttps://slackin.mybit.io.
If you are having issues logging into the platform, please clear your browser’s cache and reload the page. If after that, you are still encountering any problems, Slack is the best option for fast communication to resolve the issue as quickly as possible.
Below are helpful links and documentation regarding the MyBit platform.
What does it look like behind-the-scenes when advertisers participate?
spend LUN to purchase impressions on pages that are matched with ads
for relevance. They submit a quadruplet (A,K,B,G) where
A is a textual adK is a list of keywords with which they’d like to be associated with that don’t appear in AB is the maximum amount they’d bid, in LUN per 1000 impressions.G is the total budget for ads in LUN
in mind that LUN are divisible up to 18 decimal places, so you can send
0.123456789123456789 LUN if you want. Advertisers call the LUN Pool
contract on the blockchain, giving the hash of the ad+keywords as well
as their bid, and they transfer their budget G of LUN to the LUN pool. (Advertisers must purchase LUN to advertise on the Lunyr platform). Advertisers also send (A,K,B,G) to the ad auction module, which cross-references the blockchain, and then computes an ad rank
our word embedding model, we can associate each document (collection of
words) with a vector whose distance from other document-vectors
represents its semantic similarity to those documents, so we can define a
function relevance(doc1, doc2) that returns a number indicating the
relevance. We can use this function on A concatenated with K (A | K) and
each web page to get a relevance score. We then combine this relevance
score with B to determine the rank of the ad.
Impression price = the amount your nearest lower competitor pays / your quality score) + a small number.
clicks on ads. The ad layer will be running analytics that advertisers
can view to understand their ad performance. When the advertiser’s
budget for impressions has been exhausted, the ad is no longer served.
Ad-ranks are re-evaluated regularly.
How do we update content?
IPFS has a name service IPNS,
similar to DNS. Basically it inserts a layer of indirection between DNS
and IPFS, allowing us to make a permanent DNS record pointing to our
IPFS node’s id,
And then we can have an association between our node’s id and the latest content, which we can update very easily:
ipfs name publish <new content hash>
anybody requests our node’s id, IPFS will automatically search for the
content hash associated with that name that has the largest sequence
number (i.e. the latest).
What is word embedding and why do we want to use it?
The idea behind word embedding
is that words that are used in similar contexts probably have similar
meaning, so if we train a neural network to recognize when words are in
context and out of context, then that network will encode a lot of
semantic information. The reason this works is that the notion of
context is really flexible, and simply represents what the geometry of
the media-vector-space *should* look like locally. So if we have known
matches of context (via peer review), and it includes images relating to
text, then we could train another neural network to associate vectors
with images that are close to the word vectors for words that are in
context and far from word vectors that are out of context. We can do this with any media. We can even do it with other languages by taking known pairs of synonymous words and treating that as the notion of in-context.
a nutshell, this technique is both state-of-the-art and very flexible.
It was developed at Google as a marriage of old Natural Language
Processing (NLP) ideas with new neural network ideas. It has been demonstrated
that the word embedding technique doc2vec does very well on identifying
duplicate questions in Q&A forums. This is essentially what we want
to do: determine the similarity between bodies of text.
How do we use word embeddings?
have a database of each document, its IPFS hash, its last hash
(documents are edited), its latest vector, and the model version that
produced the vector (the model may be retrained). Additionally, we have
(or something like it), which is a way of storing a large number of
vectors in a hierarchy of rectangles in such a way that it makes it fast
to look up the nearest neighbors to a given vector. We compute the
vector corresponding to the text ad, and then use the R-tree to look up
the nearest N neighbors to that vector. We then look up the document
hashes corresponding to those vectors in the database. This gives us a
list of the N most relevant pages for that ad, which we can sort by
distance from the ad vector. The quality of an (ad, document) pair is
essentially how close together their vectors are in this vector space.
This then gets combined with the bid amount for that ad and the bids for
other nearby ads to determine the ad-rank. We store the word embedding
model on IPFS so anyone who wants to audit the process may do so. We
periodically recompute the vectors for the documents to account for
How do the ads get served?
hash of the content being served and the ad layer matches this with the
latest results from the Ad Repository. If the ad is clicked, the
reports that the page was served, so the Ad Performance Module can track
Click-Thru-Rate = Clicks/Impressions and present this to advertisers.
What is the Ad Repository?
the ad-rank is determined, several quadruplets are created, (ad-text,
document hash, ad-rank, timestamp). These are stored in a database, and
that document and displays them.
What is the Ad Performance Module?
ad performance module records impressions and clicks for every ad, so
that advertisers can view the performance of their ads.
What is the Ad Auction?
This is the engine that determines ad rank, so it interfaces with IPFS and can view the ads and bids that advertisers submit.
What is the LUN Pool?
LUN Pool stores all the LUN that advertisers pay, along with newly
created LUN. These tokens are distributed at the end of every pay period
to Lunyr and the contributors in proportion to the CBN they earn.
The overall system design will be revealed soon. Stay tuned for more details.