I am Betty Wairegi, and a few weeks ago on our revolutionary Founders Series at Alliance4ai, we had the chance to speak with Bastian Blankenburg, the Founder of Utu Technologies in Kenya. They have been around for 6 years now, and have been one of the more impressive Blockchain companies, before and after the hype of Crypto the past few years.
Here are key excerpts from the interview
Q: Can you tell us about UTU’s main value for society?
UTU provides a unique trust infrastructure that allows users to access feedback from their own trusted networks about entities they want to engage with. This sets us apart from other trust products that rely on random feedback from strangers.
Q: A lot of people have stopped talking about Blockchain. What’s your take on the current state of the crypto market?
It’s true that we’re in a bear market, but our outlook for decentralization and cryptocurrency is still positive. Builders are still building, grants are available for development, and regulations may even become more favorable in the future. At UTU, we’ve utilized grants to further our platform and are excited for what’s to come
Q: Is your solution applicable only in the Web3 space?
Not at all! While we are currently focusing on web3 because of its open-source nature, we plan to expand our support to web2 in the future when the factors align.
Q: Can you explain the dual-token system used by UTU?
Of course. We have the UTU Trust Token (UTT), which serves as a reputation token and cannot be transferred. It can only be earned through successful staked endorsements. Then we have the UTU Coin ($UTU), which is a tradable ERC20 token used for utility and rewarding successful endorsers with monetary incentives.
Q: How does UTU utilize machine learning?
UTU uses machine learning to understand social relationships in order to provide personalized and curated trust recommendations. While this aspect of our company is currently on hold for app development, it remains a part of our long-term vision. Machine learning also plays a role in our fintech services, such as credit risk prediction.
Q: What is UTU’s approach to cryptocurrencies?
We believe that the value of cryptocurrencies is tied to their utility and social consensus. Established projects like Bitcoin are valued as a store and transfer of value, while others rely largely on belief. Our goal at UTU is to create utility-driven projects that earn trust and belief from users. We see ourselves as a beacon in the complex landscape of blockchain and decentralized finance, bridging innovation and user-centric design for a more transparent and engaged future.
I hope you enjoyed reading this and learning from Bastian! Look up Utu to signup and start using their incredible technology. I was also happy to hear that beyond the crypto hype and burst, respectable Blockchain companies still exist and it still makes sense to build solutions with the Blockchain technology that are fitting.
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