Product Interview with Charles Ekweruo from EthLyte
EthLyte Crypto is an innovative project based on blockchain technology that has the potential to revolutionize the exchange and cashless industries especially online and offline payment segments. Today we’re meeting Charles Ekweruo, Founder and CEO of Ethlyte Crypto LTD UK.
Hey Charles, awesome to have you on today for a product-focussed interview on Altcoin Magazine! So, you are saying that you are the only platform that really offers members unconditional access to OTC and interbank rates? Can you provide a demonstration of the product?
Thanks for having me on your interview.
There are some big players that offer OTC and interbank rates, however, they have huge hidden costs, offer their services to certain regions and are regulated by big government entities -thus are not fully decentralized as they claim to be. We are different from them because we are customer/community-focused, zero transactions costs (in sending and receiving cryptocurrencies -worldwide). Please go to ethlyte.tech/wallet via play store (IOS and Desktop are coming soon) and see our product in action: you can send and receive coins worldwide at zero costs, you can store, exchange cryptocurrencies including stable coins instantly at a very low fee.
Interesting! Can you share with us what unseen opportunities did you see that may result in making your product a success?
There are billions of unbanked people in developing economies especially in Africa, Asia, The Middle East, and South America. These amazing people are ignored/forgotten by the elites and capitalist governments, however, they strive to succeed like you and me. In addition to that, there are millions of people that are not happy with the huge transaction costs from banks and the way their central governments and huge financial institutions control their lives via taxation and use of their private information. All these people, want a secure, fast and easy way to manage their finances: fast, secure, private and transact at minimum costs
How have others attempted to solve this problem before, and why did their solutions succeed or fail?
Others have tried to solve this problem and have failed because they are not really different to the Status Quo (Big government and wealthy banks),: wolves in sheep’s clothing is a correct analogy to them! The reason is that they still limit their services to certain regions, charge huge fees and regulate customers access to their platform.
This issue has led to:
Low Accessibility: still not accessible to the masses, especially in developing economies.
● Millions of unbanked people and their lack of access to the digital economy.
● World poverty caused by corruption and greed.
● Lack of capital for small businesses in developing economies.
● Safe, fast and low-cost trading/storage of digital assets and fiat
How do you solve the problem then?
We solve the problem by being honest to our community, focusing on the people who really need our product and by employing sustainability plus design thinking approach to problem-solving. This strategy has lead to:
Bringing digital assets to all via our wallet application: An exchange in your pocket; Buy directly from exchanges through your wallet.
● Providing a cashless platform for the unbanked at an affordable cost.
● Providing fiat currency conversion to digital assets and vise versa — more affordable, safer and faster than traditional banks.
● Providing a safe location for all your coins with state of the art security.
● Providing credit to all via our lending option.
● Providing Escrow payment (Insurance for business deals/agreements).
● Providing digital currency to precious metals conversion
● Providing FOREX trading at a very low rate
● Providing a platform where you can send and receive money -free of charge (Zero Fees)
Tell us more the “State-of-the-Art” business model of yours.
We have a passion to perform which lead to our three-point agenda: efficiency, effectiveness, and delivery, thus making customer satisfaction our number one priority. Moreover, in addition to our three-point agenda, our values are based on sustainability, professional excellence, partnership with our clients, innovation, and entrepreneurship — these are our formula for success.
Ethlyte crypto card payments are to be made in online and retail shops with very low transaction fees and state of the art security (blockchain technology), unlike other credit cards, right? Can you explain it to us?
Traditional credit cards are fraught with transaction costs and huge fees, controlled by huge banks and credit institutions-whose primary goal is shareholder wealth maximization. Our debit cards will take care of the transaction costs through the utility nature of EthLyte Token (EtLyteT ) which by holding a certain quantity will take care of transaction charges and fees (please see our white paper via ethlyte.tech for more details) and get some EthLyteT via 55.com and other cryptocurrency exchanges.
What about security? How secure is your product?
Wallets (and private keys) are stored using AES-256 encryption.
Our Employees:
Full-time employees of Ethlyte Crypto must pass a criminal background check as part of the hiring process.
We use separate passwords and two-step verification with each device and service.
Employees are required to encrypt their hard drives, utilize strong passwords, and enable screen locking.
Application
We use SQL injection filters and verify the authenticity of POST, PUT, and DELETE requests to prevent CSRF attacks.
We rate limit a variety of actions on the site (login attempts, etc).
We whitelist attributes on all models to prevent mass-assignment vulnerabilities.
Password Security
Passwords in our database are encrypted using Salted SHA-256
Secure storage
99.5% of our users’ funds are kept in cold storage with multi-signature technology
Data Transmission
All data from the website is transmitted using encrypted Transport Layer Security (TLS) connections (i.e., HTTPS).
DDOS Protection
Advanced distributed system architecture built to protect against DDoS to ensure that activities cannot be halted by outside attacks.
2FA Verification
Two-Factor Authentication (2FA) is required for actions such as withdrawals, transfer or changes in account settings.
Who is the company’s ideal customer and how does the company currently approach them?
Our ideal customers are those in search of safe, fast and low-cost ways to financial transactions/freedom and we approach them with respect, dedication, and honesty. Moreover, we reach them via social media, blockchain journals, word of mouth in local communities via our project ambassadors, referrals via community members.
What are your views on customer experience? What will be the customer experience of your business?
This relates to all interaction a customer has with our business from navigating our website to interacting with our customer service, receiving and using the products/services they bought from us. We take customer experience very seriously in order to better serve our customers hence why we provided all the details on our website (www.ethlyte.tech) and updates via all social media especially telegram — join t.me/ethlyte where all our customers’ issues/questions will be answered by our admins. Moreover, our products are tested by customers before release (we involve community during development and testing cycles) -therefore, “A Passion To Perform” is the way we do business.
Is this idea easy to copy? What is your main advantage?
Our main advantage is in our People (their experience, dedication, and expertise) especially our approach to problem-solving: efficiency, effectiveness, and delivery which led to reaching our timelines on time-these principles are not easy to copy.
Why do you believe that this startup is unique in comparison to its competitors?
Ans: Our focus on Innovation, design thinking principles to problem-solving, sustainability and entrepreneurship is legendary- this has led to our success even though we raised zero funds to date.
But your current competitors have more money and resources. What prevents your current or potential competitors from pivoting and doing the same thing?
They are focused on maximizing their shareholders’ wealth, therefore, they can not offer customers top values at very low costs in the long run (does not make business/economic sense to them) due to their high fixed costs. On the other hand, we variablized our fixed costs and took advantage of scale economies to take care of our costs and make profits while offering very low transactions costs and high-quality products to our customers-these plus the intrinsic qualities of our people are what make us unique.
Can you tell us what is your vision?
EthLyte Crypto has a simple and pragmatic vision: Helping blockchain technology (Cryptocurrencies) to enter the mainstream (become a household name). We believe that this is the best way to democratize wealth, transparency and freedom.
What drives you to have this vision? Why are you passionate about this?
Ans: Central government and big financial institutions have enslaved the masses with huge transaction costs, credit card debts, control and taxation thus leading to a huge class gap in our societies.
I am passionate about it because I have seen first hand how difficult and expensive it is to send or receive funds worldwide -including high taxes, fees and transaction time. In fact, blockchain technology has made it possible to eliminate the middleman leading to fast and cheap transactions worldwide.
How big is the market opportunity?
The market opportunity is very huge especially after signing a listing contract with one of the best exchanges in the world ie 55.com (very innovative and forward-thinking exchange) thus opening the huge Chinese, Korean and Asian markets to us.
Where do you see EthLyte in 3 years?
A global player in the cashless and crypto payment segment -the future is indeed very bright.
Thank you for the answers! We wish you all the best on your journey.
You are welcome, thanks for having me.
Published at Wed, 07 Aug 2019 21:13:38 +0000
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By trendingtopics on 2019-03-12 08:08:29
