Q: So what exactly is a ‘digital token’?
A: It’s a string of letters and numbers, stored in a database, and assigned to a wallet. To visualize this, take out the bills from your wallet or purse, and inventory them in a spreadsheet, as in the table below. What we’re doing is in the same vein—but with digital tokens that are not actual money.
Q: So where does blockchain come in?
A: We’re using blockchain to store the record of transactions (but importantly, no one’s individual browsing history.) We’re effectively taking a snapshot of the transaction database, every 10 minutes or so, and writing it to the blockchain.
Q: So why do you need blockchain to do that?
A: We could (and do) store transaction records in our database. But writing the records at predictable intervals to a blockchain record makes it difficult to debate its authenticity. It’s a bit like taking a test using a Sharpie instead of a pencil—there’s really very little doubt about what answer you marked, and it’s almost impossible to change it after the fact.
Q: Does anything change with how I use SocialFlow?
A: No. SocialFlow today functions just as it did yesterday. In the coming weeks and months, your SocialFlow teams will be discussing with you how your title(s) can start to benefit from the UAT. Ultimately, we’ll propose a separate SOW for how you could bring your titles into the UAT ecosystem.
Q: So what’s happening today?
A: We are announcing the UAT ecosystem and the start of our fundraising. We are raising up to $25 million in capital to fund the development of the UAT.
Q: How do you pronounce UAT?
A: That’s up to you, but we pronounce it as three distinct letters: U – A – T. You can try “YouAught” if you want. 🙂