On Thursday, October 31st, Yezcoin participated in Neo Global Development’s (NGD) English Neo Live event. Neo Live is an Ask Me Anything (AMA) style community event that takes place on the official Neo Telegram channel. In addition to the English event, NGD also hosts weekly Neo Live events in Chinese via WeChat.
Yezcoin founder and CEO, Mongkol Thitithamasak, participated in the AMA, discussing this philosophy behind the Yezcoin platform, how Yezcoin aims to improve the KYC/AML process, products, and services Yezcoin currently offers.
The full transcript can be found below:
Songping Que (NGD community operations specialist): Hey guys, welcome to the NeoLive on Telegram! This is Songping Que from Neo marketing team. I will be your host tonight.
As usual, for the newly joined members, I would like to repeat the background of the Neo Live initiative in case that you are new to the group. Neo Live is a marketing Initiative from Neo Global Development, to bring latest blockchain knowledge and Neo news to the community. It’s one hour live chatting every Thursday night 8pm (UTC+8) in the Neo official telegram group (https://t.me/NEO_EN). NGD core teams/Neo Eco Project leaders/Neo dev community leaders/pioneering blockchain leaders will be invited to share latest technological development, industry insights with the community members.
Our guest tonight is Mongkol Thitithamasak, CEO & founder from Yezcoin.com.
Mongkol Thitithamasak is a visionary who believes that we cannot solve education problems without addressing parenting problem. With his knowledge in Blockchain/AI/Machine Learning, he has designed a Cloud AI Guided Parenting Framework, a Cloud AI Passion Discovery platform and Blockchain based universal wallet and asset exchanges. Mongkol has been an expert in the field of IT and finance for the past 20 years with the last 13 years at the UN Headquarters, New York.
Mongkol completed Undergrad Program in Economics majoring in Finance, Agriculture and International Trade Economics from Thammasat University (one of the top Universities in Thailand) and he obtained a Master’s Degree in Computer Science focusing on AI and Machine Learning from Queens College, New York.
He is a very hands on dad and has been an advocate/volunteer in a school community at different capacities. Mongkol also invented “LANGUAGE LEARNING SYSTEM WITH AUTOMATED USER CREATED CONTENT TO MIMIC NATIVE LANGUAGE ACQUISITION PROCESSES.” He and the Yezcoin team are on a mission to change the world by making the internet safer one family at a time.
As to the project itself, the Yezcoin team aims to offer a variety of services, including a decentralized exchange with the performance of a CEX. It recently released an Android wallet application and launched the “Shop for YEZ” program where users that completed KYC/AML were able to submit receipts in return for 5% of the spent value in YEZ. As noted on the Yezcoin website, the team aims to “increase security” for traders by requiring biometric data. The project offers several airdrop campaigns to users that submit their government-issued ID information. You can find more info about the project via an NNT report found below:
Mongkol Thitithamasak (Yezcoin founder and CEO): Good morning, Good afternoon, Good evening! Wherever you are in the world. Thank you for participating in Neo Live AMA with Yezcoin.com. And, thank you John Wang (head of EcoGrowth), Songping (Neo marketing team), and Steven Xuqi (EcoBoost manager) for this great opportunity with the Neo Community, Neo is truly a global community!
Thank you Songping for the very nice introduction.
First, I would like like to make it clear that Yezcoin is not associated with the United Nations (UN). Though, we have several team members, including myself, working at the UN.
We truly believe that everyone can do our own part to change the world.
Yezcoin aims to make the Internet safer through Identity Management.
As a parent, child safety is my number one concern and while the Internet is an excellent source of information, there are real threats to our children online that can be mitigated with help from community members.
This idea inspired me to come up with an ecosystem that can promote child safety on the Internet and enhance use cases of Blockchain technology such as KYC verification, Asset Owner Verification, Safe Storage of personal Identification and Third Party Service Registration.
Yezcoin was founded by Vernon Gibbs (my co-founder) and myself.
It started at the end of 2017 where the UN organized a workshop on Blockchain technology. I attended the workshop and found that several UN Agencies were interested or had a field test for the technology. With my expertise in Economics, Information Technology and Finance, I immediately saw the potential of the technology and wanted to learn more.
On the same day I set up Ethereum and Litecoin mining; at the same time, I opened cryptocurrency exchange accounts with Coinbase and Binance.
We all have been through that. It was quite a pain to be honest!
The process of creating wallets is not user friendly and requires many steps and background IT knowledge.
At one point I was afraid to click because I was not sure if I was going to lose my money if I clicked the wrong buttons, lol.
To understand different Blockchain platforms, I decided to read different platform white papers. In the process of doing that, I realized that there was so much room for improvement.
Also as a concerned parent for my child’s safety, I want to make the internet safer with Identity Management on the Blockchain.
Solving this problem will also offer solutions to crypto exchanges to be compliant with Know Your Customer (KYC). Not only can this technology be used by Yezcoin, it can also be offering KYC as a service.
Back in 2017, there were so many scammers that would try to steal your crypto by impersonating famous people in crypto industries.
We saw an opportunity to address this concern by creating Google Chrome extension to alert if the recipient’s Bitcoin or Ethereum wallet address matched a scammers’ addresses in the open source repository (https://chrometool.yezcoin.com).
On top of that another API will also check if the name of the recipient matches one on the International Sanction list published by United States Treasury Department (AML compliant).
In addition to the mentioned safety features, we have designed and implemented a breakthrough trading engine that can mitigate risks from hackers while maintaining high speed.
At the end of the day we would like everyday people who join the Yezcoin community to have peace of mind doing transactions online and know that their privacy and their security is our top priority because we care.
Yezcoin focuses on adoption and user experience so that everyday people can use blockchain and be part of the blockchain/cryptocurrency revolution.
Many crypto projects failed to create a foothold despite pouring tons of money into marketing.
I viewed that a crypto wallet is the central part of cryptocurrencies and it has to be super easy to register and use. One of the best features that Yezcoin offers is Google/Facebook login. Most people are already logged in to Google/Facebook on their phones.
With one single click the registration is done.
Default currency that allows users to switch what currency they would like to see in their wallet and switches between Simple and Advanced modes of the wallet
In Simple mode, users can send, receive, and see history on one screen. While Advanced mode allows users to see NEO, GAS, and other NEP-5 tokens, including create a new wallet or switch to another existing wallet.
Keys management could be an issue for new comers. To facilitate this, options to copy to clipboard or download to PDF/Text files were offered after the wallet creation.
I know that downloading private keys is not recommended but for newcomers who are not IT savvy, they can forget their passwords 10 times a day, lol.
The learning curve is so steep. So, I always advise new comers in blockchain/crypto to send private keys to themselves via email, and once they feel comfortable with mastering private keys, create a new wallet and manage their keys properly with hardware wallets.
Another thing about adoption is the fair leveling field.
Was blockchain/cryptocurrency created for nerds? Was blockchain/cryptocurrency created for investors?
Yezcoin wants anyone to be able to participate.
Anyone can participate in Yezcoin. With social mining framework, anyone with Government Photo ID can register him/herself to earn 200 YEZ tokens (https://register.yezcoin.com).
Only verified members can earn additional 50 YEZ tokens with social media sharing.
We believe that no one wants to be a bad person or is born to be a bad person.
If we only give them an opportunity to participate and become a member in the community that promotes loving, caring and sharing, anyone can have a change of heart and want to do good for the society.
Everyone has the same opportunity to register and share regardless of their financial status, gender, skin color, race, nationality or education level. I mean anyone.
There is no cap on how many friends you can invite. Your friends need to provide your registered email for you to receive additional 10 YEZ tokens credit.
We also have a ShopForYEZ program (https://shopforyez.yezcoin.com) that allows verified members to submit the purchase receipt of their favorite local businesses to receive 5-10% of the total bill in YEZ tokens.
Based on our research, businesses don’t understand cryptocurrencies. How would they accept something that they don’t understand?
This program will help them to understand that cryptocurrency can benefit them the same way as loyalty programs.
In addition to that, the SpendYEZ Program (https://spendyez.yezcoin.com) allows members to use YEZ tokens as a form of partial payment at our partner stores.
On the other side, most crypto owners never plan to spend their crypto. With this program we aim to educate our members to spend YEZ at our partner-stores and learn from the process. What can you lose when you earn YEZ tokens without spending any money? This experience will help them gain more confidence.
In the next few months Yezcoin is going to launch a Global Digital Data Marketplace where third party companies can directly make an offer to verified members for their digital data. Verified members will have options to decline or accept an offer for passive earning in exchange for the requested data.
Again, to participate in Yezcoin, financial investment is not required for maximum inclusion to every corner around the globe.
Not sure how much time I have for future of money.
Everyone knows governments around the world see the threats of global stablecoins. Facebook coin (Libra) as an example. If Facebook successfully convinces the regulators, we will see the end of cash society.
Chinese government has been working on Digital Cash Payment System since 2014 and now they said they are ready to roll out in phases by teaming up with their top private companies (AliPay, WeChat pay, major banks in China). US Federal bank plans to do the same thing, but will not be ready until 2023.
Whether we like it or not that is where our society is heading.
Digital cash/cryptocurrencies will replace cash system in the next five to ten years.
Our generation and newer generations are growing up with digital currencies in the video games.
I see future money can be categorized into 3 groups:
- Open blockchain cryptocurrency
- Nation backed cryptocurrency
- Private owned cryptocurrency
Open blockchain cryptocurrency like Bitcoin will keep spreading because it cannot be stopped
On the other hand private owned cryptocurrency will have to answer to regulators and as long as there is someone to point the finger too, these types of cryptocurrencies won’t be able to compete with open blockchain cryptocurrency.
Andreas Antonopoulos coined the five pillars of open public blockchain:
- Anyone who has access to the internet and a phone can benefit from financial services on the blockchain.
- The mentioned benefits from being public can be expanded and built upon as Bitcoin gave rise to thousands of projects that try to solve different problems with blockchain technology.
- Neutral and public blockchains don’t care about your skin color, race, gender, political views, as long as you have sufficient funds and the target wallet exists; the network will process.
- Borderless – unlike fiat currencies that are controlled by its nations. Open source cryptocurrencies have no borders, and no limits of which part of the world you send them to.
- Censorship resistance – your bank account can be closed and your access to financial services can be taken away from you by your banks or your governments; however, the same problems won’t happen to you due to the blockchain being public, open, neutral, and borderless.
Private owned currency comes with governance and that governance comes with big responsibility.
If anyone here doesn’t know Andreas Antonopolous, I highly recommend to check him out. I believe he is the most knowledgable person on earth when it comes to blockchain / cryptocurrency.
For nation-backed cryptocurrency, it will be adopted and replace cash system and every government will follow China and then we end up with multiple nation backed cryptocurrency systems that don’t communicate with each other.
Who will win this race for us to follow? What we can do now is to be parts of this revolution and don’t leave our loved ones behind. Educate them and take them with you.
That is the end of my talk.
Songping: Hi Mongkol, thanks a lot for sharing your personal experience and thoughts with crypto and blockchain technology! I have to say, it’s the longest sharing we have so far.
Fabian Wahle (Nash co-founder): Mongkol, thanks for your intro and the information. Wish you all the best with the project. One small feedback, being security savvy myself, please *never* advise to send a private key to oneself via e-mail. Printing (ideally via a cable connected printer), then cutting and keeping in different locations should be the best tradeoff for newcomers in terms of security and ease.
Mongkol: Thanks Fabian! 100% agreed with your comments.
Q1: You mentioned some of your team members work for UN, can you give more intro about your team?
Mongkol: Sure, Julie Pewitt is an expert in communications and currently working in the UN Youth program. I have known her for over a decade. We studied Chinese program together.
I have known Janet Closa and Antonio Candelaria for over 15 years.
Janet is the expert in finance, budget, and HR. She is currently working in the Department Of Field Support. She also used to work in Philippines Stock Exchange before joining the UN.
Tony has been working as an IT Specialist in the Office of Information Communications and Technology.
They are all my dear friends.
Songping: Cool, thanks again Mongkol for sharing tonight. If you have any further questions with regard to Yez, I believe that Mongkol will be happy to answer it.
Mongkol: If you have questions for me, feel free to ask me directly at telegram.yezcoin.com.
We welcome everyone who believes in blockchain and would like to change the world together with this technology.
Songping: Thank you all of you, guys!! Heads up that the guest for next week is Hao Yang, chief product officer from OnTrade. More info will be shared early next week.
Mongkol: Thank you very much everyone for coming to this AMA! Yezcoin has a mission to make the internet safer. With everyone’s help and support, we can do it!
Note: Some edits have been made for formatting and readability. The full conversation can be found at https://t.me/NEO_EN/30355.