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Asia Blockchain Community hosted Itay Kasre, CEO of Momentum Labs for an “Ask me anything” session on 24 April 2021, 8.00 pm on Telegram. This AMA is moderated by Amy Leong, Key Account Manager from Binance.com.
Here is the full transcript of the interview.
Blockcast.cc: Hi all, I am LALA, your host today, and welcome to Asia Blockchain Community. Asia Blockchain Community (ABC) is a community that is based in Asia and run by volunteers. We know the market very well and are backed by a panel of blockchain & crypto experts and influencers.
Mission: Our mission is to create value for projects & members & educate the general public about blockchain and crypto through the work in our community.
Vision: To bring concepts to life and increase blockchain adoption.
Slogan: Long Crypto and Short the World
Today, we will have a Q and A session for 30 mins, followed by LIVE questions on the channel and Twitter/ Facebook. Each question will be rewarded with $10 worth of TRX.
Amy Leong, Key Account Manager at Binance.com and also our community member will be the moderator for this AMA. Amy can you give an introduction of yourself too?
Amy: Thank you Blockcast Community for having me here today, currently I am an account manager at binance.com working with a dynamic team across various timezones in bringing value to our VIP clients. We ensure liquidity across majority major pairs on the exchange through our market maker programs for fiat, spot and futures whereby clients (individuals or institutional guys) with significant trading volumes and high performance will be eligible for negative fee rebates which will be distributed back to their accounts.
Blockcast.cc: Thanks Amy, I will hand over the floor to you.
Amy: Without further delay, let us welcome our guest Itay Kasre from Isreal, who is the CEO of Momentum Labs.
Amy: Dear Itay, tell us about yourself.
Itay: Hi Amy and beloved Asia Blockchain Community, my name is Itay, and I am the CEO of Momentum Labs. Before beginning the journey at Momentum, I have assumed lead technical and consultancy roles in multiple successful start-ups in the fields of gaming, big data, and cybersecurity. I was fortunate enough to be a part of one IPO and two M&A deals with tech unicorns. Moving to a more business-oriented role would be the best opportunity to draw out and execute my vision throughout the company stack.
I hope that I will be able to give you all a clear idea of our plans through this AMA 🙂
Amy: What is Momentum Labs?
Itay: The lab is a blockchain and AI-first innovation arm on a mission to broaden the bridge between the more traditional customer-facing consumable sector and blockchain/crypto adoption.
We create a line of products wrapped under a loyalty suite, solving real-world problems like prevention of customer churn, misperception of customer base, unused loyalty assets (points, miles, vouchers), and much more.
Our team consists of 5 full-time developers, a business team, and an executive team.
Amy: Who are the key pillars in your team right now?
Itay: We have a killer team; I would mention every member here if I could 🙂 But our board of directors and executive team bring tremendous experience in building successful companies.
- The chairman of our board and lead investor, Mr. Ariel Luedi, is one of Europe’s most successful entrepreneurs (sold Hybris to SAP for 1.5 B USD).
- Mr. Shlomo Cohen(BOD) is the EMEA Logistics supply chain General Manager and Director of Intel International.
- Mr. Stefano Longo (V&P Partnerships and Alliances) brings a tremendous amount of sales and partnership experience from companies like Adobe, Etos, and EY.
- Mr. Sander De Bruijn (Head of communications) brings a wealth of experience from multiple sales and ambassadorial roles. Sander De Bruijn brings years of experience bridging between management teams, token holders, customers, and equity investors.
- Mr. Jeurgen Hoebarth (Crypto strategy) has been consulting crypto industry projects for a very long time, bringing invaluable insights, ideas, and methodologies to the table.
Also, it’s worth giving a shout-out to our R&D team, with their can-do-oriented attitude, has proved on several occasions that no matter how far-fetched or sometimes space-age crazy, a feature or an idea of mine is, it will be conquered and done.
Amy: How does your current technology help increase the bottom line and retain more customers?
Itay: We help companies make ROI-positive decisions using advanced algorithms and tooling proprietary to us.
We let companies harness the power of AI (Artificial Intelligence) to help them better understand their customer base. We provide a set of tools that allow our clients to extrapolate customer behaviour patterns, predict and mitigate customer churn, create advanced metrics dashboards, and much more.
Our platform can also react automatically to signals like churn, for example, and activate predefined engagement workflows.
Companies that launch loyalty programs over our blockchain-based platform can easily create “zero-trust” alliances with other loyalty programs using an innovative middleware tool, allowing their customer base to exchange loyalty assets between alliance programs.
Amy: AI and ML are the buzz words now. Can you tell us more about your AI and ML analysis and predictions for customer behaviour?
Itay: In our effort to develop an insights suite, we have developed and trained multiple models that each have a particular role focusing on different aspects of a customer. The platform can predict purchase patterns, arrival patterns, customer-to-brand sentiment, customer lifetime value and predict when a customer will churn at super high accuracy.
If we want to go into details, the team has written our currently running models in Python, all wrapped in docker containers running over Kubernetes for maximum scalability 🙂
The maximum system read throughput is around ~1,000,000 data points a second.
Amy: AI and ML + Blockchain is even a more significant combination. Tell us how blockchain makes a difference in your company.
Itay: The blockchain layer has multiple roles in our platform:
Securing customer data and providing immutable auditing abilities to companies. Any loyalty asset that is launched on the platform (points, miles, vouchers, gift cards, etc..) has a reflection of its state on our private blockchain. At least three nodes then resolve every action preventing an array of possible attacks.
Another use case is the creation of alliances. The way our blockchain is constructed, it’s a matter of three clicks to create a foundation for a partnership between two or more companies. Another deal-breaker that blockchain inherently solves is trust between parties; The chain never lies 🙂
But we have just touched the surface. w There is much to be expected. Stay tuned.
Amy: Can you share how your platform and MMTM token work together?
Itay: Until eip-1559 is implemented, the Momentum Team has chosen to launch a staking mechanism, so there is a fair barrier to entry without increasing the cost for participating companies. Each company that wants to launch a token on the Momentum protocol can do so but will need to stake 5% of the value of their issued points tokens (denominated in FIAT currency).
For example, each Star Coffee point token has a value of $0.01, and the company launches 100 Million points Tokens. The total value of the tokens they launch is $1 Million. They will need to stake 5% of the program value in Momentum Protocol tokens, which is $50K. Momentum will hold the staked amount for as long as the tokens are in circulation (unredeemed) and for a minimum period of 1 year. Every year, the value of redeemed points (tokens) can be released from the stake that is held.
Unused points tokens will expire after a pre-determined number of inactivity years, which can be extended every time the users get new tokens. The latter eliminates bloated balance sheet liabilities of companies when users stop becoming active/cease to exist.
Also, we allow customers to purchase a subscription to the platform at a significantly discounted price from the FIAT price.
Nevertheless, we continuously strive to deepen the utility between our token and our product offerings. So, stay tuned.
Amy: What are some of the use cases that you can share? Who are your current and potential clients?
Itay: One of the use cases that we recently witnessed is a leading Telco company that wanted to understand the commonalities of their customer base and divide those customers into clusters to shift the expenditure from less active customers to more engaged customers. The platform was able to help that company to re-allocate its gift budget to more engaged customers and increase the retention rate of that cluster of customers by 10% in less than two weeks. That company also discovered enormous amounts of customers churning every year and many customers about to churn.
Another use case is a small corner coffee restaurant that wanted to create a loyalty program to send marketing material and provide discounts to loyal customers. The team helped that restaurant build engagement workflows activated by behaviour patterns; for example, the restaurant owner wanted to send out a free coffee voucher to customers who have usually stopped by to buy their morning coffee but suddenly stopped arriving.
We strive to support big and small customers through various offerings so to answer your question regarding our potential clients – we can cater to most if not all customer-facing businesses, but our focus is on retail, hospitality, airlines and TELCOs at the moment.
Amy: What are your plans ahead? Do you plan to list? Are you planning to make some big announcements in this bull market?
Itay: This year, there is much to expect; we will make some big announcements soon about two new solutions that we are going to offer that would be of BIG interest to the community. We are also currently experimenting with cross-chain technology to support a huge move we plan to execute by the end of Q3.
As many of you know are eager to know, we plan to list our token on the 10th of May tentatively. We will communicate in which exchanges the tokens will be launched close to that date.
Amy: Before we open the floor for more questions. Can you share with us an inspiring quote?
Itay: I’m not sure about an inspirational quote, but my team and I are on a mission is to create a sustainable company with as much customer value as possible. The latter will, in turn, create a solid financial backing that can support the evolution of our token. Brace yourselves, BIG news is coming.
Amy: Thanks for sharing the insight! I have learnt a lot from this session. Thanks, Blockcast for having me. I will pass the floor back so that we can start our LIVE AMA.
Blockcast.cc: Thanks, Amy Leong from Binance. We appreciate your moderation this evening.
Momentum Labs is honoured to partner with leading communities like Asia Blockchain Community who is at the forefront of driving global partnership and community engagement. Itay said “We are working non-stop to expand our business offerings to deliver greater value for users and business worldwide. Working with strong communities will aid our roadmap significantly.”
The AMA went on well with more than 9,000 participants at the event. There were close to 200 questions asked aggregated from Telegram, Twitter and Facebook. For more information about Momentum Labs, visit https://www.momentumlabs.ai/.
About Momentum Labs:
Momentum Labs is a one-of-a-kind cognitive platform for loyalty programs implemented over a blockchain infrastructure. The platform harnesses the power of AI (Artificial Intelligence) to help businesses better understand customer behaviour, predict churn before it happens, and prevent it. Momentum Labs is set to revolutionize the world of retention marketing and customer loyalty. redefining the way companies build programs and manage relationships with their customers.