Today’s blog is linked to the Podcast “Exponential Organisations” and is a loose transcript of the interview I had with Kent Langley. It won’t be a word-for-word transcript of the interview but will rather be me highlighting some key things that Kent said during the interview. I hope you enjoy it.
A new cryptocurrency has been created specifically for OpenExO called the EXOS. Kent has been leading the creation of the EXOS and during the interview I asked him why the EXOS is necessary, how you use it and the future of the EXOS.
Kent is a serial entrepreneur, investor, international speaker, and experienced technology executive. He has been building companies for over 20 years.
Kent's primary areas of focus are:
Emerging Blockchain based Economies
Creating Data and Data Science Operations for Organizations
Civic and Organizational Transformation
Why does OpenExO need a cryptocurrency?
Means of exchanging value
“The community of OpenExO is widely distributed, we have almost 3,000 members in over 100 countries, and when you start to process payments, in sometimes small transactions, then that can actually be more expensive to process and send that it is worth. What we realised is that we are going to have a network that is not just 3,000 but potentially hundreds of thousands of people we would need a way for them to be paid. We thought crypto would be a good way of doing this. We then thought of the possibility of creating a cryptocurrency that could be used as a means of exchange of value between all the members of the community in a peer-to-peer fashion. So we launched a state of proof blockchain to match the need that the community has. This has turned out to be a very interesting series of choices we have made”.
Control of our own cryptocurrency
“The other reason that I think is very important to understand about why we might need our own cryptocurrency, because people will say we should have just used Bitcoin, is that we are the bank for our cryptocurrency. We now have our own digital currency, the EXOS, that runs on our own stand-alone public permission less blockchain we have the ability to control our own monitory policies, driven by our own community, responsible for nobody else except our community, over a long period of time. I don’t believe there has ever been another consulting community that owns, and manages, its own global monitory network as a means of exchange and store of value”.
Who determines the Dollar value of the EXOS?
The phases of cryptocurrency development
“There is a difference between were it is going to be and where it has been. When you first start a cryptocurrency from scratch this is actually the easy part. At the beginning you don’t try and set a pricing. All you need to do is distribute it and get it out. Once you are through the genesis phase you get into the utility building phase. We are in the utility phase of the cryptocurrency phase now. After the utility phase is the liquidity phase. If you understand these phases then you get a sense of why we would do this. When you look at OpenExO we don’t model like a startup or organisation. We model like a country economy and most state based economies have their own currencies or they adopt one. OpenExO decided to have our own for our members to do what they need to do in order to transform the world”.
What is the process of setting up EXOS so that we can use it?
“There are two primary wallets. The way you can learn about these the fastest is to go to economy.openexo.com/tools. If you go to this website the first two things you are going to see is the Cloud Wallet and the Staking Wallet. The Cloud Wallet is where all you tokens and keys are stored, and on the blockchain itself, and it contains a seed phrase and password. As long as you have this seed phrase then should you lose the computer on which you installed the cloud wallet then you can still restore your wallet at a later date. The downside to the cloud wallet is that you can’t use it to stake the tokens. There is also a heat map which is lower on the tools page you will see everywhere in the world that people are staking tokens. Back to the wallets, the Cloud Wallet is the one that I recommend that most people start with. If you somehow accrue a substantial amount of tokens then you will want to use the Cloud Wallet to manage it because you can set up multi signature capability. You can also go to the EXOS Discord channel and go into the Tipping room and if you are friendly then someone might Tip you over a couple of EXOS which you can then transfer into your Cloud Wallet to get up and running on EXOS.”
How do I interact with the Cloud Wallet application?
Companies built for efficiency and not exponential thinking.
“It is an application that runs on your Mac, Windows or Linux machine. Once you have this software installed then like almost all cryptocurrency wallets it has a standard set of functionality. Ours is based on an upstream project called Electrum-x which is one of the most robust and most well-known tested wallets.”
Does the Cloud Wallet have account numbers?
“The way it works is that there are Wallet Addresses and every Wallet installation can have multiple addresses. The Receive address is like the address on your house and you can give the receive address then I can send tokens from my wallet to yours and they will show up there. An important thing to remember is that what controls the wallet are keys – specially your Private Key. The Cloud Wallet requires a private and public key in order to spend from any wallet address. You have to protect these keys – especially the private key. Don’t share it with anyone.”
What is the future of the EXOS?
“The biggest predictor of success of the EXOS is going to be community engagement and utilisation of the token itself. This is to be used on the OpenExO platform for what we call Transformation services. If the transactions increase over time then it is a sign of something healthy going on. We really want people to use the EXOS and that is the future we hope for. The future of the EXOS is in our hands and the hands of the community.”
Thank you Kent for being my guest in this blog and podcast. To listen to the full interview, subscribe to the podcast on iTunes, spotify or listen on www.ideastorm.co.za.
I hope you have enjoyed and found this blog valuable. If you would like to talk about any of these concepts further, then let’s chat. You can book me online using Calendly at https://calendly.com/ideastorm, contact me through my website at www.ideastorm.co.za or email me directly firstname.lastname@example.org.