Hathor x Simplex AMA

Hey everyone, what's up? It's your girl Rachel here. Welcome to today's AMA with Hather Network and Simplex. We're so excited to have Yan Martens, the CEO of Hather, and Nimrod Lahavi, the CEO and co founder of Simplex, join us today. Hey guys.

Hello.

Hello, hello. Hey.

Before we get started, I just want to remind the audience, please send your questions in the chat. We've got a really great AMA today. We're going to be looking at those questions, so send them our way. And yes, thank you both for joining us today.

Pleasures to be here.

Great. Yes. So I guess we'll first start off with Jan. What is Hather Network?

Oh sure. Well, that's an easy one. So Hatter Network is a layer one network. Well, say it's a blockchain. Even though we have a bit of a different architecture which mixes a blockchain like a traditional blockchain, a chain of blocks and a dag of transactions. So it's based on the work on the PhD thesis of our co founder and CTO Marcelo. So he proposes new architecture to overcome the limitations of scalability of traditional blockchains. So what we basically have is that transactions are arranged in a diagonal graph of transactions and the blocks only come in as a traditional chain of blocks, visual blockchain to confirm this transaction. So the idea was to achieve a higher scalability on layer one. On top of that also we always focus on the ease of use. So our slogan is Blockchain made easy. So we want to make sure people can use blockchain to create their use cases and you don't need to be tech guy to do that. Anyone can easily create their tokens, start their own use case and that's basically what we focus on.

Got it right. And obviously this AMA focuses a lot on the Hather and Simplex partnership. So Nimrod, I'd like to ask you next, what is Simplex?

So hi everyone, first of all, happy, all time high, everyone on Bitcoin. I think it's worth celebrating. So Simplex is the leading ecosystem provider of onramps and off ramps. We started our way in 2013, 2014, providing on ramps with credit cards to most of the industry. Recently we've been acquired by Nuve, a global payments partner. Publicly traded company, 20 billion dollar market cap. And now we're able to offer so much more. We're able to offer through them something like 600 alternative payment methods for onramps extending the off ramps. We are a principal member of Visa Network So we're able to issue cards to our partners. We'll talk a bit more about that, I'm assuming in this ma. And additionally we're able to open bank accounts to our partners, clients and so on and so forth.

Right, definitely. And before we get into the details of the partnership, Jan, I would just like to ask you, how is hather network different from Ethereum?

Sure, yeah. As we're saying, we have this approach of being easy to use. It's not like we're trying to be like Ethereum killers that a lot of people say, I think there's space for everyone. So basically we try to get the most used features, the subset that we believe is like 20% of features that you have on tier and other networks are responsible for most of the use cases. And we just want to get this small subset and make them native and very easy to use on hacker. So in a sense we are not this distributed and very general. Like in computing, we say Turing complete platform as Ethereum, we don't have all the flex, the complexity that they have. We just want those the most used features, make them very easy and very fast to use. So that's the main difference, I'd say.

Okay, and what are the best use cases for Hather? Just out of curiosity.

Yeah, sure. That's something funny because when we first started in 2018, we're just coming out of the ICO boom and okay, ICOs are a hot use case after a while we've seen the whole defi thing, but we're seeing that actually the community is the one that drives the use cases. So tokenization is largely what we have. The feature we have on Hatter at the moment. It's very easy for anyone to create their token. And in that sense, a lot of companies can already start their cash programs, loyalty programs, or you know, we have a company doing the employee rewards programs with tokens. Even we have an STO coming up in Brazil use tokens. So just by using tokens you can already do a lot in not just, you know, with this more crypto industries, but also in the traditional industries, which is a sector where we, we actually want to have a lot of use cases. But it's funny to see that actually the community is going to drive a lot of the adoption and steer the direction of our development. So now we're seeing a lot of use cases with NFTs. So we have so many ones popping up in hetero and very cool ones. So that's very interesting to see because we have kind of a plan in mind. But at the same time, it's interesting to see that the real world and the community actually is going to steer the direction of developments and where the user cases are and where we should focus.

Right, definitely. And we can talk a little bit more about those use cases. But I want to get into the recent partnership that Heather formed with Simplex to offer Visa debit cards. So I want both of you to kind of discuss the details around that Nimrod, if you want to get started or Jan. Either one.

So I'll start. So as I said, Simplex is a principal member of Visa network, which means we're able to issue cards to our partners. And this is partly the the partnership with the ator. We're going to issue debit cards connected to bank accounts with actual ibans of the users. Users are able to easily set our swift money in and out, easily able to buy and sell crypto directly from the the top menu of the the bank account. Super slick design of the cards by Hathor. Completely usable globally, meaning you can use it buying online, buying in stores, using it in ATMs just like any other regular card. Currently the coverage is only for EEA residents. Later on we're adding North America and additional regions coming up lately.

Got it. Jan, did you want to add anything about the partnership?

Yeah, definitely. Because I mean, obviously there's a lot of hype around Visa card and that's very important and especially super excited about it. But there's also an important component about this which is the on and off ramps that Simplex offers. So in that sense, anyone is going to be able to buy HDR by using their credit card, regular credit card, and I think that's very, very important for adoption. You know, as we talk, you need HDR to create your custom token on your network. So people or companies wanting to develop their use cases and creating their custom tokens, they need some ACR for the process. And you know, a lot of especially companies, for them it's very hard to sign up and buy tokens on an exchange, stuff like that. So by having an on ramp such as Simplex, which is one of the leaders in this industry, it's gonna drive a lot of adoption, I think, and make it easier for companies especially that want to develop their use cases. So, you know, obviously the Visa card is gonna be awesome. I can't wait to get. But there is also the very important component about the on ramp that Simplex always also provides and that's available globally, I believe, for everyone, right?

Yeah, definitely. And Nimrod, you mentioned that right now the Visa debit cards will only be available in Europe. Well, so an audience member is asking, are there plans for more countries for the card? And also I was also wondering, when would the cards be available?

So cards, the next geography. Right now it's EEA and the uk, it's kind of, you know, still like where the UK is sitting. So we are able to issue cards to UK residents. Next jurisdictions are North America as a whole in the next few months. With regards to the timeline, Jan, maybe you have the exact timeline, but it's within, you know, less than 10 weeks for sure. Right?

Yeah, yeah. Finishing the onboarding process with Visa and there's all the card production stuff. You know, we need to send our designs for it, which is also going to be something fun to design the, you know, the graphics of the card. So, yeah, it's going to take maybe a month or a bit more, but yeah, it's, it's, it's coming.

Right, definitely. And now that we're seeing all time highs, which is so exciting, do you think that we're going to see more people, you know, wanting to use the card or do you think we're going to see people kind of just wanting to hoddle? They're crypto. What are your thoughts on that, Jan or me?

Well, I'll start. Well, I mean, well, it's interesting, I think, you know, the card adds a lot of value and, you know, usability to crypto in general because you can just hold your, your hatters and if you want to spend it or buy something, just easily buy, you know, whenever, whatever, Visa is accepted. So it adds a lot of usability. But of course, in a sense I'm a true believer in Hatcher. So maybe people are going to hold it more now. They're seeing a lot more value in it. But I don't know, it's a good way for people to use their ecr. Definitely. It adds a lot of value and actually bridges that gap between what people are used to and the crypto world.

Right. Nimrod, did you want to add anything to that?

Yeah, I think that, you know, the last time I actually spent bitcoin was in 2013 on a burger and a White Russian and it was like half a bitcoin. So I mean, it was a good burger, but not that good. But I think, you know, so I may be not the target audience for spending my crypto, but I do think that it's a major part of mainstream adoption and the comfort of the fact that you know that you're able to off ramp whenever you want. And the fact that you're able to sell a bunch of cryptos, Hather being one of them, but you're able to sell a bunch of cryptocurrencies directly into your bank account, get Euros in the bank account and you can spend it through the debit card or SWIFT or SEPA it to your other regular bank accounts. I think it gives a lot of comfort, especially to newcomers to the ecosystem.

Right, Definitely. I'm going to take a question from the audience real quick. Sandeep is asking, can we sell HTR and withdraw fiat currency from an atm?

Yes.

Okay, great.

I didn't know that. That's pretty cool.

And then Corey is asking, I know you are accepting members from Turkey, what are the chances for issuing the Hather card in Turkey?

I actually have no idea. I'll check Turkey. Where does it fall in, in terms of Visa approval for issuing? I'll have a look. Don't have a straight up answer.

Got it. I'm curious to know also about the KYC that's involved with all of this. So, Nimrod, I know that Simplex fraud detection mechanism is kind of unique, if you want to go into that. And then we can just talk more about the details around KYC for these cards.

Sure. So Simplex proprietary system for fraud prevention, actually keeps our partners, the exchanges, brokers, wallets, outlets, whatever keeps them safe from any chargebacks on the card. We managed to filter out all the bad players and protect them against it, which was, you know, when we started the business, it was considered like the holy grail with regard to the kyc. As Simplex is a licensed financial institution in Europe under an EMI license, we are bound to regulatory constraints in Europe, meaning that we perform full KYC to whoever opens the bank account, issues the debit card, everything strictly by the book. We've decided very early on in the business to play along with the regulators rather than try and fight them. This creates a much more stable environment. I can guarantee that the card program is solid, unlike other players in the past. And even currently in the market, everything is done in full transparency with all our partners, our banking partners, Visa, everybody knows exactly what we're doing.

Right. I also think it's. It's good to know. One of the audience members is also asking, how many other partnerships, how many other crypto partnerships are there with Visa and Simplex? And I, I know Nimrod, there's quite a bit. So, I mean, I think that's really important. To point out here, because Simplex is so experienced in the space.

So we have about 300 partnerships on the side of acquiring, so purchases with card issuing. We currently have one in the market. It's pretty new product. Another project called Coti, they recently launched the cards. We've recently started sending it out. So we have, I don't know, something like a few thousands of cards already shifted in usage by users and yeah, happy to launch it with anyone who's interested. Again, we're here to make crypto more accessible.

Right. Jan, did you want to comment at all on the AML that's associated with the new cards?

Yeah, I think. I mean, for us it's great. I think this whole process is going to be handled by simplus. They have a lot of experience with that. But we are all for it. We see it as a very positive other thing.

I think. Did we. Did we cut out? Okay, while we're waiting for Jan to come back, Nimrod, could you answer this question from the audience? They're asking, what are the fees that are associated with each transaction with the cards?

So the fee, as far as I recall, is 0.7% on the transaction, which puts us at the cheapest range in the industry. When you're selling crypto into the. Oh, there's Jan. He's back.

Hi, Jan. Hello.

And then you get back to that when, when selling crypto to the bank account in order to have fiat to be able to spend with a card, that's, as far As I recall, 0.5 or 0.8 commission on this transaction. So still very, very attractive. Very, very cheap.

Yeah, I'm sorry, the Internet drops. I'm on 4G. Yeah. As I was saying that we think that the AML component is very, a very positive thing, you know, that we're bringing this kind of standard to this market. It's super, super important. I mean, we wouldn't do it otherwise. And I know that Simplex, very experienced in this matter and they are, you know, they were recently acquired, so they have to check all the boxes and make sure that they're following the legislation, especially in Europe. So it's very, very positive for me that we have this AML in place.

Right. Yeah. That's good to hear, Jan. I want to go back to the HTR coin because we haven't talked much about that. We kind of jumped into the partnership. But what is that coin typically used for? And can you just explain what it is a bit?

Yeah.

So HDR is the native token of our network, kind of in a sense you have Ethereum, you have eth. So it's what is mined by the miners in every new block. And it's used basically whenever you want to issue a new token, you have to have a deposit of htr. It's a deposit because later if you decide to destroy those coins, you know, like when you first mint them and then if you destroy them, you get this deposit back. So in a sense we make this analogy of kind of real estate where you can build something and later, you know, if you take, if you destroy it, you still have the land. So ATR is, you know, the basic building block of Hatter. I'd say, you know, the basic coin. Everyone needs to use it for building their own project. But at the same time, at the same time you don't have any fees for making transactions. So you don't need ACR for transaction, your native code token or anything like that.

Got it. I'm going to take a quick question from audience member Brian. They're asking with how they're being felis, no gas and instant. How does this make the Simplex Visa card more efficient? Nimrod, you kind of touched on that. But Jan, did you want to add?

Yeah, well, I mean I think it's in a sense it's going to be easier for people to just spend it whenever they have their ECR balance they want to convert converted to fiat. You know, they can do it instantly without any fee. So whereas in other crypto you need to just, you know, wait a bit for confirmation or anything like that. So I think that that's the, I.

Mean the main, and there's a pretty big fee. I mean if you're spending eth when the, the network is congested, you're, you're gonna pay quite a lot. Especially if you're, let's say you're buying coffee with your debit card and you end up, you know, paying like another 50 bucks for the conversion itself for the transaction, sending the crypto to the bank account. That's, I'm guessing that's a bummer, right?

I'm just curious Nimrod, in terms of users that use these crypto backed debit cards, can you explain who the target audience really is? Because you know, there are so many people out there that are hodlers that don't want to spend their crypto. So who are these cards really targeted for?

It's a, it's a really, really good question which I always fail to understand. It's, again, I have a card I used it twice. Just kind of, you know, for fun. I'm not going to make large purchases out of it. It seems though, like as I said before, I think it makes people very comfortable, the fact that they're able to cash out from whatever it is they're holding. You know, they just feel otherwise. You're in kind of a cage made out of gold. You know, you're everywhere you wanted, you have all the coins you wanted. But if you can't cash out ever, it's kind of, you know, it becomes an exercise in futility. It doesn't make any sense. So just even having the comfort in the back of your mind, the fact that you're able to take out the card, spend it on whatever you want and you have this access of off ramping, I think brings a lot of peace of mind again, especially to newcomers to the industry. And with them the hodling narrative is not that strong as well. It's not like they're here for a decade holding coins from 12 bucks a Bitcoin. So for them the stakes are not that big. Hodling is not necessarily such a big narrative. They do want the comfort of being able to off ramp whenever they want.

Right. Yeah, that's, that's such a great answer. Jan, did you want to add anything to that in terms of who you guys are targeting for these cards?

Sorry, yeah. Can you hear me? Sorry.

Yes.

Yeah, I mean, I think, as Nimrod said, I think there are a lot of Hodlers, so in a sense they can, you know, just stick to the coins and whenever they feel like they need to use it, it's going to be very easy for them. Whereas before they would have to go to an exchange first and sell it. So I think it's easier for them to just hold it because they don't have to plan when to sell, they just can sell it at the time and it makes it much easier for you to hold your coin. You don't have to plan ahead and make this big sale. You can just sell it as you're.

Going to use it, right? Yeah. Sandeep is asking how does one apply for the card and will it be restricted to specific country or region? Region. So I guess just. What, what's the application process like?

Application process is pretty simple. It's done through Hathor ui. Again, we'll share the link at some point it's going to be probably hathor.simplex.com users are able to apply to the bank account and directly receive the the debit card itself. But again, currently it's still limited to EEA residents.

Got it. And out of curiosity, because it's limited to the EEA residents as of now, has it been terms of regulations? Can we talk a little bit about that? Like, what are the regulations like in the US versus EEA and has it been why did you decide to launch first in EA versus the us? Does it have anything to do with the regulations?

Yes, it has a lot to do with our existing licenses. We've started the process with the VISA prior to the acquisition by nuve, so at the time we had only the EMI license in Europe. Now that we're able to facilitate the licenses that NUVE has in the us, we're able to more easily receive the same principal member status in the US as well.

Got it. Jan, did you want to add anything to that in terms of the launch being in the EA and regulations?

Well, I mean, you got to start somewhere, right? It would be wonderful obviously to have all the countries right away, but I mean, you have to start somewhere. And as I said, like, Simplex is highly compliant. They're gonna take it slowly. So, I mean, it's not a problem for us. We really wanted this partnership to have someone as serious and respecting and following the industry standards as Simplex. So, I mean, I see it as.

A positive thing, right? Yes, definitely. Very positive. An audience member is also asking how many other projects are under development on the Hather network? I mean, we've been talking a lot about this partnership. But Jan, what else is in store or what else is already being seen?

Well, I mean, it's hard to count the numbers nowadays. It's kind of a good problem to have as a discussing with the people in the team because now we have to be very mindful of, you know, who we make marketing, which projects. But we got quite a few and a lot of community projects coming up. So that's actually a good thing. At this point. We're starting to have like more organic projects, so we don't have ourselves to be the ones, you know, going after them and having to push it. So I mean, obviously we also have our kind of consultancy arm that we are working with more traditional companies in enterprise market to put solutions for more like, I'd say traditional verticals, such as one that we're doing with a company in Canada where they have a workforce management software and they are tokenizing the benefits and like the rewards for the employees. But at the same time, as we're saying there's a, a lot of NFT projects starting on Hatford and it's very nice to see all them coming up and kind of creating this united ecosystem where they talk to each other and they get traded and all that.

Right. Can you elaborate a little bit, Jan, on the NFT projects? Because obviously NFTs are massive right now and it seems like everyone has an NFT project. So I want to know a little bit more about what you guys are doing with NFTs.

Yeah, yeah, sure. So this is something interesting because when we first started, we started with tokenization, it wasn't on our radar NFTs, but earlier this year, it just started to become a thing. So we said, okay, we need to make it easy for people to also create their NFTs in Hator. And that's actually our philosophy and our goal for all the areas where we're available in this crypto industry. So we made it very, very easy for anyone to create their NFT token. Very simple, very cheap, it's fast to transact. So, you know, we're seeing a lot of different projects. Like there's one where, well, Hatter is. Is the name of Egyptian goddess. So there's one project based on like, Egypt team. There's another one, you know, kind of also kind of like the other Ethereum NFTs and also about cities. You know, there. There's a lot of different ones. And that's a nice thing because when you enable the community to be creative and you take away this kind of a technical entry barrier that most, most other products have, like, if you want to issue a token on Ethereum, you need to have a smart contract. When you remove that, you can see people having this, all this wild and different creative ideas and bringing them to the blockchain space.

So that's very interesting.

Right. Nimrod, do you have any thoughts on NFTs that you want to add?

I have a lot of thoughts on NFTs, but I'm not sure we have enough time.

Okay. Okay, Vignan, I'm going to ask you about. I know that Hather is ensuring renewable practices for Bitcoin mining. And that's also huge right now. Can you go into those details about that project?

Yeah, sure. Earlier this year we started with this Hatter Green initiative. So basically we are giving out extra rewards for bitcoin. Well, not just bitcoin miners, but just let me back up a bit. Hatter is a mined coin. So it's the same process as Bitcoin. Actually, we use the same algorithm as Bitcoin and we have what we call, it's merged mining so this means that you can mine Hatter and bitcoin at the same time. So bitcoin miners can have this extra hatter revenue while they are still mining btc, which right now I think is very good. So. And by doing that, we are also giving out extra ACR rewards to the miners who can prove that they are using renewable energy sources, clean energy sources, because we think that the industry is heading that way. So the more of these miners that we can attract to the network and we can kind of incentivize this good behavior, I think the better. Not just for us, but for the whole crypto industry. So if you're a BTC miner, you start mining hatter as well and you can prove that your energy sources are clean. You can send us the documentation to prove that and you're going to have some extra ACR rewards for you.

Awesome. Yeah, that's obviously so important right now. I'm going to take another question from the audience and just a reminder to everyone watching, please send us your questions. These are all really great questions and we're all so excited about the new all time highs that we're seeing. So. So send us your questions. Yagiz is asking. So back to the Simplex partnership. What do people need in order to join Simplex? Or I guess maybe he means to, to actually receive this card. I know we talked a little bit about aml, but can we talk about the specific request requirements that need.

Yeah, it's actually pretty simple. It's basically a proof of identity likeness test, meaning that, you know, there is a camera checking that you are indeed you and not some photoshopped person. Few questions answered and pretty much that's it. It's like two minutes completing the whole thing online.

Got it. So that's sounds pretty easy. Another audience member, a lot of people are asking, or maybe it's the same person is asking about nano contracts. Yeah. Did you want to, did you want to answer that question? Because I want to. You know, I'm getting a lot of that from the audience.

It's definitely one of the most asked questions that community. We have this, this new feature that we've been working on. As I was saying that our goal is to have the most used features on other networks and make them very easy and fast and cheap to use our network. So basically we came up with the nano contracts idea. It's like a simpler version for smart contracts that we have in other networks. So in a sense that you're going to have these most used features of smart contracts. We're going to take them and put in the Hatter and make them very, very easy. The same way you can tokenize, like you can create a token in just three steps, like maybe one minute or less. In Hatter, you're going to able to deploy your nano contract very easily as well. I know they were asking about it because we've been working on it. It's not a simple thing. So we were planning to have it released last quarter already, but it's taken a bit longer than we're expecting. So that's why I think people are very eager to start using it because I think that's actually going to unlock a bit more of the potential of the network. But yeah, that's basically the idea of it. And it's still in the works. Not that simple, to be honest. Something to do straight away, because as we said, everything we try to do, we try to make it very easy for the end user. So that's a lot of care that we have to put in all the features that we design and we launch. So yeah, it's coming.

Right. Well, we're all very excited about that. Sandeep and audience members also asking, does the NFT development impact the nano contract POC timelines?

Well, okay, it's definitely. A member of our community has been following us, so yeah, yeah, because as I said, like, it's good that we, we have this, the projects coming up now, so it kind of steers our development, our focus. So earlier this year, when we saw a lot of NFT products coming, we saw the potential of this market, we said, okay, we need to be in the space as well. So we kind of NFTs were in our roadmap, but we're a bit further down the roadmap. We decided to anticipate those and make this development. So yeah, definitely took away some of the engineering resources that we had. But I mean, at the same time, as I was saying, you know, the nano Contra is still ongoing and it's just, yeah, it takes time to develop the new stuff. You know, it's a layer one, it's a completely new architecture, it's something new. So it just takes time to develop stuff properly.

Right, Definitely. I know that an audience member, Jack. So is saying that I guess nano contracts are the most key part of the entire network.

Well, I mean, yeah, people are expecting a lot. I'm not sure, like the key part of the network, you know, you can already do so much tokenization. If you look at all of the use cases, a lot should be done and whenever you remove this technical barrier that we're talking about, people can already, you know, not just people, but companies can already access the space, which before was very hard for them. So, you know. Yeah, also I'm very excited to see Nano contracts being used and deployed, but I'm not sure if like, it's the key feature of the network. I think there's a lot that can be done already with tokenization, what we have already in the platform. But yeah, Nano Contour is also going to be nice and interesting to see the new projects and use cases that are going to be developed when it's launched.

Right. I have a question because there's a lot going on within the Hather network and a lot of development and things being built there. So was there a specific reason as to why you guys decided to launch the Visa backed debit cards? You know, now does it have something to do with the market or, you know, the sentiment there? Was there a specific reason for launching now versus, you know, focusing on other developments?

Well, as we're saying, the, well, the Visa, the Visa card is kind of a cherry on top and it's, it's really nice. You also have it, but there's the, the bigger components of the Fiat on ramp, which for us is super important for adoption and use cases being developed. So we've been looking for this field on ramp for a while, so we're very happy that we got it with Simplex, which is an industry leader. It's been, it's been in this space forever. So, you know, in this sense we're, we're kind of looking for the affiliate on ramp and we got this Visa card, the kind of cherry on top, which is going to make a lot easier for people to, to use their ACR tokens.

Right. Nimrod, are you still with us? Oh, yes. Yeah. I'm wondering what your thoughts are on that. Do you see companies want to launch these debit cards at specific times? Does it have anything to do with the market or is it just that they're, you know, ready to take that next step? What are your thoughts on that?

I think that then, as Jan said, I think it's just a matter of the ability to do so. It's something that seems like many projects were trying to do for a long while. I think many of them chose kind of, you know, intermediate solutions, you know, whatever was there in the market. There have been a lot of trial and error in this field of issuing debit cards. There have been many companies that got shut down many that didn't even get to issue their own cards. So we're very happy to now offer it to, to the market basically to whoever wants and has, you know, a user community that would like to have these cards. So you know, I don't think it has anything to do with a specific timing of the market or of the product or the project. I think it's just something that slowly trickles to, to the general public as mainstream adoption comes forward.

Right, well that's a good point and I'm right about mainstream adoption because I think we're seeing a trend and I know I've covered crypto backed debit car or we're seeing a trend of companies doing that now. I mean within the past year or so. Would you agree with me that there's kind of a trend that we're seeing?

I think it was always something that many companies tried. Some again, some of them, you know, some of the ICOs in 2016 started basically as with this promise in mind with bringing you debit cards. Many of them failed partly because of Visa and MasterCard policies at the time, partly because of required licensing on top of Visa agreement. So you know, the, the general market wasn't ready. Now it's definitely the time. Now every legitimate project can, can issue their own cards.

Right. We're reaching that point of mainstream adoption and maturity. And so I think those are two really important points. Jan, did you want to add to that?

No, I was just going to say that it's amazing to think that like five years ago or a bit more like when Simplex started, you didn't have all these big players years in this industry. So now the fact that you have like a Visa, you know, isshina card for a crypto project, that, that's an amazing achievement. Right? So like whereas a couple years ago people would just dismiss that it's like no crazy, that's never gonna happen nowadays. It's. Yeah, it's happening. Right. So that, that's kind of something very special I think.

Yeah, it's happening and we're seeing all time highs. So it's, it's really a great time to be launching this. So exciting. I'm going to take another question from the audience member. Pedro is asking what is the interoperability use case you're working on for Q4?

Well, I mean obviously when you are in the blockchain space you are not just one project alone. So you need to also try and make bridges and work with other ones. Because we don't, we don't believe that all the features are going to be delivered by just one project. It's not like one winner takes all and we're only going to have one single network running the space. So in the sense you have more specialized networks for other needs and we feel that's important that we have partnership with other ones to cover up maybe stuff that we don't do at Hatch Network. As I was saying, that we want to get like 20% of the features that make up most of the use cases, but maybe some other ones we're not going to be able to support. And that's actually not a problem. It's not our goal to be able to support all and every of the of the projects and use cases out there. We just wanted to make sure that the ones we do, we make it easy and simple and straightforward. So in that sense we want to have partnerships and work with other projects so we can complement this like Hatter ecosystem that we have. So for instance, the one with Simplex, now the fiat on ramp is very important as far as ecosystem specifically about interpretability. Project in Q4 can comment about this one specifically. But yeah, for us it's very important that we have this kind of connections with other products that can complement our whole ecosystem system.

Cool, great. And then sky is also asking an interesting question that I want to ask both of you. What are the biggest challenges that the crypto community currently faces and how is Heather aiming to fix that? I think that's a great question for both of you. But Jan, did you want to start?

Yeah, sure. I mean, I think as I was saying that we aim to be an easy to use blockchain. So I think a lot of the problems that we have on crypto projects is that they are very complex. So it kind of takes away a lot of the potential users, potential audience for them. Because whenever you have not just the end users, but the creators, you need to be highly specialized to create a blockchain project nowadays. So I think this is one of the largest issues in this space, obviously. I think also the whole AML KYC legislation around it, it's a big challenge. And in that sense we can only follow. There's kind of nothing specific we can do, but we can only make sure that we are compliant and following. So the project can stay on in, in the space for a lot of years. Not just, you know, if you do something responsible, it can get served by a regulator and just end this, what we've been building.

Right. Nimrod, did you want to add to that in terms of what are the biggest challenges crypto is facing today and how does Simplex aim to fix those?

Sure, I think, you know, unfortunately it's, it's basically the same. It's still regulation, adoption, simplicity that will drive mainstream adoption. I'm, I'm very careful with predictions. As you know, when I started my way in the ecosystem about a decade ago, I said, you know, it's going to be completely mainstream in five to 10 years. So about 10 years passed and it's still far from mainstream. You know, we're right now at around 200 million user phase. I think for Angry Birds it took something like three days to get to 200 million. So there's still a long way to go. I think that every project like Hathor is making an actual contribution to the, you know, technological stack or the ability for technologies around our ecosystem to actually improve existing processes, provide more benefit to the users. I think every such project brings us closer to mainstream adoption by itself existing. So I think keep on building is still the paradigm.

Right. And I just want to remind the audience to send us a. You know, we've still got a few more minutes here. We're getting a ton of questions so I'm going to take another one from audience member the Zed. He's asking Yan, how do you feel about the housing and would it impact anything you have in development and maybe explain the housing that you guys.

Yeah, yeah, sure. Like as I was saying, the we have mining our network and we also have halving. When we started in some 2020, each block had a 64 acr block reward earlier this year. One year later it fell to 32 and it's scheduled to happen again so January next year to 16 per block. So it's the same idea as bitcoin. Right. But our havings are going to happen every year until we reach 8 ATR per block and then it's just going to stay constant. It's just gonna not gonna have any more. But in that sense, I mean in terms of development for, for use cases, I don't think it impacts people to be honest. It impact might impact miners, but for use case developments I don't see an impact there. And of course people are gonna be speculating about price like they do in Bitcoin. But like I can't do that so I'll leave it there for people who like to do that.

Got it. There was also another interesting question that I wanted to ask real quick from an audience member. Sandeep is asking. Can we use the Simplex hather cards for online purchases, I'm assuming. Yes, but maybe explain that real quick.

It's a completely functional, globally functional debit card. It's connected directly to your. To the bank account with a personal Iban that you open on the Simplex platform through Hathor. You're able to purchase with it online, everything, be able to use it in stores, you know, regular chip and pin, globally, ATMs, globally. Again, just a regular card.

Got it. Wonderful.

Whenever Visa is accepted, right? Which is basically.

It's pretty much everywhere.

Yeah, no, I think that's a great point we need to get across because it's just showing that this is really bridging crypto with the traditional financial world and that this is really helping drive mainstream adoption anywhere Visa is accepted.

Yeah, because if you want to drive adoption, really, you can try and completely disrupt and make people learn any way their habits. Because everyone knows how to use a debit card. Everyone is used to it. So we can try. And I think part of the crypto ethos is about it and, you know, but it's. It's gonna happen slowly and slowly. People are gonna be more used to using crypto wallets and all that. But right now it's. We can't expect, like everyone's gonna switch like this for just, you know, using crypto wallets and making transfers. So we need to make this gradual transition between like what we have in the traditional financial world and, and crypto. And I think, like, this kind of tools are very helpful for that.

Nimrod, did you want to add anything to that?

Nope, Just show my support.

Okay. We're running low on time. Before we end the ama, I just want to ask both of you, what do you guys have in store next? Jan, in terms of what's next for Hather network? Can you hint at that real quick?

Yeah, sure. Since the beginning, for us, use cases have always been the top priority. So whenever we have a chance, we're gonna make sure we're supporting them. And the more feedback we get from. From them, it's better. As we were saying, like, we kind of switched our priorities and anticipated the. The NFT release, the NFT support release, because there was so much demand for it. So in that sense, we're gonna continue to be driven by. By the use cases and where their demands are. Obviously, I know a lot of people are expecting. Yeah, Nano contracts are still in development, so that's also coming and just making it easy for anyone, for developers and builders especially, to create their own project in our network and making sure we have this ecosystem that's going to complement whatever we don't have in Hetero you can use with our partners and make this easy connection between the two.

Great. And Nimrod, can you kind of discuss what's next for Simplex?

Sure. More and more so since our M and A with nuve we're able to achieve way more. So expanding on ramps and off ramps, making it literally possible for everyone everywhere to buy every coin. So adding additional cryptocurrencies directly to our platform, all of them at the end of the day, adding more and more payment methods both in and out. Currently again, Nuve, the mothership has already integrated something like 600 localized payment methods. We're going to integrate all of them that permits crypto purchases, enabling off ramps, expanding the banking service globally outside of Europe as well. Expanding the card issuing globally as well. Extending our current EMI license to a full bank license. So we're able to provide credit cards, not only debit cards and a lot more is planned there.

Great. Wonderful. Well, I just want to say I know we're running low on time, so thank, thank you all for joining us. Thanks to the audience for the questions. Thanks both to Yan and Nimrod for the insights. Jan, if the audience still has questions and they want to get in touch with you or hather network, how would they do that?

Yeah, we have our community channels, you know, telegram, discord, they are all on our website. It's very easy to find them. Hathor.network. you can find all the links there. We also have community channels in different languages in Spanish, Russian, French, Turkish, a lot of different languages. So they can also join them and yeah, I think that that's the, the easiest way. And also our Twitter to keep updated about everything that's that's happening.

Right. And Nimrod, if somebody wanted to get in touch with you, how would they do that?

Easiest is on Twitter. Also very simple on, on Twitter. We are very interactive.

Wonderful. Great. And I just want to remind everyone to subscribe to our lovely YouTube channel. And thanks again for joining us. It's been such a pleasure, it's been such delightful conversation and hopefully we're going to start seeing more all time highs. This has been a really exciting AMA given the day that you know, we're seeing all of this excitement in the market. So thank you both and thanks to the audience.

Thank you very much.

Bye bye. Bye bye.