Bi-Monthly Report on ENGT for Dec / Jan of 2018-19 (by EGT International, Cayman Exempt Co.)
Hello and welcome! Here is the snippet of our activity for December / January:
It was a slow Holiday season and things were slow. Everything was in hibernation including the crypto prices. We will also be moving to a slower paced report format making it bi-monthly. Meaningful news takes time to aggregate and we want to be informative in our releases.
- Strategic Partnerships
As was noted, one of the consequences of plunging crypto prices is difficulty creating interest in crypto reward by the general public. The perception of the blockchain projects went south and now in lay circles, they are mostly viewed as a fast popped bubble with no long term consequence. This will undoubtfully change in the future. But for now, we are struggling with having people respond to an incentive of earning Engagement Tokens. As soon as we try to motivate a party with crypto currency the above negative framing gets in the way. We see this daily on our pilot platforms such as the LA Times. Our growth heavily depends on publishers and users perceiving crypto rewards as valuable and worthwhile. With the current state of affairs, it is tough to scale toke usage until the times change.
One of the ways to mitigate this issue is to hunker down for the long term and find a
larger more established partner who believes in the model and share our optimism about crypto markets recovery. With a proper partner, we will have a larger asset base to pull on in order to develop the tokens as well as a larger partnership base.
A bulk of our effort was focused on finding such a strategic partner that our technology and vision could complement. We have made significant progress in our search and will keep you updated as soon as things get serious.
- Update: Restructuring to meet the challenges of the down market
EGT International has finished its round of cost restructuring. Some painful choices were made and initiatives were cut that seemed promising, but were unfortunately unaffordable in the current environment. With the restructuring behind us we are confident in our abilty to handle the future for the platform.
We are also exploring more high impact /low-risk joint venture scenarios with technology vendors other then SolidOpinion. Some of these moves will help us attack the markets more granularly with capability of our token.
We are contemplating additional partnerships and again will inform you as soon as concrete action will be taken.
- Update: Rebranding to Engy.ai
Our technology partner SolidOpinion has to postpone complete rebranding for now as some of its existing business lines still have unfulfilled promise. The Engy.ai capability has been created and will benefit both companies greatly. The feeling was that it fits ultimately more within the existing CommentsRadar product niche and should be developed there.