Jason is known today as the founder and maker of Pepo, the first crypto-powered app approved by Apple in the App Store, built on OST technology, the world's first seamlessly embeddable Ethereum wallet SDK. He is also a product designer with more than 20 years of experience designing consumer internet products.
Update: End of February we requested technical assistance from the OST team. Our talented dev got stuck with some of the logic to implement the RN SDK.
During the end of last year and the beginning of 2020, we initiated a chat flow with Jason and his team, mostly on Slack. But it started slowing down soon after.
"Sorry for the slow response... been a lot happening. Our new project, won't impact the OST/SDK platform."
In our excitement to leverage the SDK we somewhat ignored the cost. While $0,25 per wallet seems reasonable at first, it quickly adds up, even with a small community of 100K that's $25K per month, hugely impacting runway. Adding $300K / year.
As, the past month, the communication fell to a standstill, we started to worry, and we took a last and final effort through DM on TG. Nothing. Silence.
Luckily our app project is not crumbling, we simply continue without the OST wallet. In doing so we downsize the money needed for our project. Especially the burn that comes with giving 100K people, 100 LTL Tokens (backed by OST tokens, so around $7 at current prices, that's $700K).
This "warm welcome" was a great incentive to get early users, but it's also an unnecessary burn, and adds complexity both on technical and legal level. LTL tokens need to be bought by us (with OST tokens on the open market, read Binance) and while it hurts to let go our ambition to turn likes into "trees planted" in partnership with #onetreeplanted , nothing stops us from doing donations, like we did in the past few years.
We will closely follow the OST project, and we wish Jason and his team the very best while navigating in these uncharted waters.
We finally announced all the above to our dev team, who had been struggling with the OST SDK for many weeks.
The core idea remains, you will browse the LTL Maps app, and explore curated nearby places. When you feel our app is going to create more value in the future, you can support us with a $5/month membership and enjoy premium features.
As a member, you receive special rewards in the app, depending on the number of contributions to our app, the number of places you curated and added to the app, and the number of editorial articles or images you have posted.
In effect, LTL Maps will become an incentivized subscription. Since money is earned monthly and consistently, this begins to truly position LTL Maps in someone's life as an alternative to traditional employment, which has been our mission from the beginning.
An alternative path to altruistic giving, rather than the more durable incentives of self-interest.
This is an important point. If you look at areas of society where large amounts of money conglomerates, you rarely see it forming around structures of selfless giving. We can bemoan that fact, or we can accept reality as it is and work with it. What you almost universally see is that money pools at the largest quantities around things that potentially make people more money.
After all, that's precisely how the standard stock market works. You bet on the companies you think will do well, and in the process you fund those companies. Rather than relying on selfless giving, these sectors of society rely on selfish giving , and consequently always are well-funded.