 Do you want to learn how to trade stocks and cryptocurrency? Join our community of traders. Go to richpicksdaily.com and find the next 10-bagger. How are you doing today? I'm your host Rich from Rich TV Live with a very special guest, Tim Quinn from Congruent Labs. Also part of the SATA coin. How are you doing today, Tim? I'm doing great. Thank you. Thank you for joining us. Very excited to learn more about your project. Can you please tell us a little bit about and how you got involved with the SATA coin and the project? Sure. I myself have been working in the cybersecurity industry for about 10 years now. I've been working in federal government in Australia and a little bit with New Zealand, mostly. Same for my co-founder. I'm doing a lot of identity systems, public key infrastructure, smart cards, that kind of thing. Late last year, we started, you know, we originally looked at building tokens, that kind of thing, but we didn't really see any utility in building one until we started digging deep into how ARC20 tokens worked. The further we dug, we were like, hang on a second, we could actually really build something useful here, not just another financial product. We could actually build an identity system on the chain as well. Yeah, that's basically how it kicked off. We drafted a white paper last year, built up the concepts, and then released just a couple of months ago from now. Wow. Congratulations. Thank you. Can you tell us what the main goals are for congruent labs and the SATA coin as you do your initial project launch? Yeah, so the main goal here, what we're trying to build is, you know, there are a few other players in the identity space. They're focused on, you know, hey, let's take existing Web 3 authentication, like logging in with your metamask or logging in with an Ethereum address and then, you know, replace username and password with that. And that's what we saw as well. The value there. But we thought, well, there's a whole bunch of extra things you need to do if you're going to start playing in the identity space, which is, you know, concerns for users, privacy, concerns for, you know, credential theft, security, longer term, you know, projects need to be factoring in all of these things all at once. So we thought, well, let's build everything up front. The whole stack, like we're calling it, the full stack, access authorization and credential storage as well. So the intent here with our project is to effectively bring the hardware key storage as well into the mix. So if, you know, even if you're using a phone, that kind of thing, you get solid hardware key protection using things like UB keys for protecting your identity online. That's great. That's great. Can you tell us Tim about the management involved with the SATA coin, especially your past and maybe some other management past success in blockchain sector and the cryptocurrency market? Yeah, sure. So this is our first foray into an actual token project, that kind of thing. You know, we've been building a crypto wallet product for the last couple of years in the background to sort of flesh out the technology itself using UB keys and, you know, standard smart card kind of technology. Yeah, so this is our first foray into like actual blockchain technology, kind of like direct integration. So yeah, I don't know how you'd say it, but well, I think that that's, I think most people are like that. I mean, we're still in the early stages, right? So there's so many people that are getting into these projects for the first time because we're really just in the first inning of cryptocurrency. And I've been in cryptocurrency since 2017, but, you know, off and on because it was up and then it was down and then it was up and then it was down. And just recently it was up and it's kind of come back down a little bit. So I totally understand that, hey, you know what, it hasn't been a secure place to generate wealth for, since it's infancy really, it's been up and down, up and down, up and down, but now it's becoming more mainstream. It's becoming mass adopted. Institutions are pouring in. So I totally understand that, yeah, maybe you haven't worked on a token before, but you wouldn't be the only one because most people are just getting into this industry now for the first time, for the most part. Yeah. And, you know, looking back on other projects like that are in the space, like I'm kind of glad we started now because there's this whole, you know, the last three years people have been developing like the Ethereum platform and everything like that, like the Solidity language, the tools are so much better now. It would be so much worse trying to do this like back in 2017 because just it's like the Wild West. It's become way more legitimate. Like here in Canada, we've had multiple exchanges that went bankrupt. We had founders just disappear with millions of dollars. And this was like almost the norm of crypto, like you said, like the Wild Wild West, you know, from 2017 up until just recent. So it's just now, I would say over the last 12 months where it started to become more adopted, where banks and institutions are now pouring in and saying, yeah, you know what, this is a real way to do business. And this is a store of wealth. And this is the future of banking and transactions. Just now that people are starting to really recognize it as such. And we just had breaking news. We had historic news where El Salvador is now utilizing Bitcoin as legal tender. So that is as big as it gets for the industry, because now in El Salvador, you can use Bitcoin anywhere for transactions. And that alone has made it more mainstream and made it something that people are taking serious because if an entire country is using it as legal tender and merchants have to accept Bitcoin now, then who's going to be the next country? And then who's going to be the next country after that? And who's going to be the next country after that? I've been in the crypto game since 2017. I've seen a lot of ups and downs myself. And I've always been fascinated with the technology, fascinated with the fact that I can put money into Bitcoin and send it to anyone, anywhere in the world, almost instantly with almost no cost whatsoever. And that just blew my mind. And that's why I absolutely love this industry. But there's been highs and lows for me along the way, too. And there's been massive explosions in the sector and there's been massive crashes. And I've seen highs and lows along the way myself. So even for me now, I've thought about maybe one day having a coin and getting into this because it's becoming more accessible. It's becoming something that people don't just talk about with like kind of with like black hats, but people are looking at this like, hey, you know what, not only is this something that is real, but this is the future. This is the future of finance. This is the future of transactions. This is the future of business. And I believe now more than ever, people are starting to really buy into cryptocurrencies. Would you agree with that? Yeah. Yeah, definitely. That was kind of the biggest thing that changed our minds when we started looking at this is like, oh, hang on, this is actually like a giant computer that you can build things on. And you can do so much more. There's a lot of people trying to use blockchain in the wrong ways. They just think, oh, I'll jump in on the cash in on the meme and build something on it. But the fact that it is like just a massive computer and it's a massive permanent record of things, you can build so many other products on that. I look at it like opportunities. It's like a digital filing cabinet. Imagine we got all our files. You're supposed to store files for years and you got all these files and cabinets. You don't even know what's there anymore. You don't want to even look because there's like years of files. Well, now you can put it digitally on the blockchain. It's there forever and you can always go back and review your notes. I mean, this is the future of the digital world. And we are in a digital world and it's becoming more and more digital at a record pace. Everything around us is digital. Our phones, our computers, everything is digital. So the fact that cryptocurrencies and blockchain technologies are using the internet to store everything on the blockchain has changed the game for everyone. And you can see this because institutions are getting involved, celebrities are getting involved, the average person is getting involved. Everyone in one capacity or another is starting to look at cryptocurrencies either from afar or they're just jumping right in. But I think the number is 4% of the world is even involved at this point. So imagine when 90, the other 96% is also involved in the blockchain in one capacity or another. Like debit cards, they've got themselves a little bit of a card where they can put some Bitcoin in there and they can pay and they can do transactions. Imagine when the whole world is doing that. I mean, this is going to look totally different. The whole industry will look totally different. And in my opinion, this is just the beginning. Now we know one of the biggest issues with the SATA technology that you guys have is that combating is the guarding of people's identities online. And as there is a huge business, companies taking everyone's info, which has become a huge business, companies taking people's info and selling it to third parties for marketing purposes. So how does the SATA coin look to battle this big hurdle? Yeah. So that's the real crux of the issue is there are a lot of identity projects out there. But with the blockchain being an immutable record of everything you do, immediately you run the risk of if you're trying to build like a centralized identity for the platform, like the internet computer is trying to do this with their project, basically you register with your internet identity. The problem is though, if you do that, everything you do with that identity is now traceable. So if you interact with any website, any service, they can look and say, oh, hey, look, I know exactly which other services they've been with or they've interacted with. If you're trying to get insurance, they're going to know what ailments you might have based on your online history, that kind of thing. So out of the gate, we're tackling that by not just focusing on a single identity for people. So you can wrap it up in a concept of personas. So when we're online, generally we have more than one persona that we work with. That might be your personal persona that you log on to YouTube and watch YouTube videos with. You log on to Facebook, Twitter, that kind of thing, but then you might have a work persona that you're doing probably similar things, but you want to keep that completely separate, because we have a professional corporate version of ourselves and then we have the normal version of ourselves. So creating multiple identities for yourself with our products and then using them where you need to and then just keeping them separate from each other. They don't need to interact with each other unless you want them to. So in that case, it should be controlled by the user. It shouldn't be controlled by the service. So like with Google, when you're logging in with Google across all your services, you're basically spreading your identity across all of them and it all comes to a single point. You don't really have any control over that. You just have to give up your identity every time you do it and that identity is in the form of your email address or whatever. For our products, we want users to be able to choose and say, no, I don't want to have my personal identity or persona used on one service. I'll generate a new one and then start using it on that other application. Interesting. I think that's really smart. If SATA technology were to compare itself to its competitors in the sector, what would you say sets you guys apart? Yeah, there are a few out there, like a few projects tackling the identity space. The really sort of mature looking ones look impressive, but the problem is, in a lot of cases, this happens in the identity world a lot. People come at the problem and they try to like build the entire, try to define a standard for it straight away and they try to upfront solve every single problem with it and then start building a product against that standard. The problem is though, it takes ages to do that. There's so much you have to do upfront that you end up sort of turning it into like a multi-year project and a lot of the competitors aren't even on mainnet yet. They haven't even released their tokens because they're still building. They've got big teams of 10, 15 people and it's like, they're going to be building for this for a really long time and eventually they will release and it might be amazing, but it's going to take so long and the technology keeps evolving. Our approach is build small first, release as quickly as possible and then adapt based on how users react to the system because ultimately user experience is the most important thing with this. You're not going to get like your own parents or grandparents using this kind of technology and understanding how any of it works unless it's just a simple experience for them. So that's I think what sets us apart. We're starting with building the experience first and alongside that's sort of going to define a framework that other people can use when they integrate with us. So like the login with Google button that you see on websites, you just log in with Signata or Sata. Very nice. I like that. You guys have some cool technology you guys are trying to put together here. Now it's extremely important for our community to understand the coin's capital structure. Can you go through the capital structure for our viewers and explain how you plan to attract institutional and retail investors to the coin? Yeah, sure. So we've got a fixed supply of 100 million tokens. Oh, I like that. About 67% of them are currently locked with an unlocking schedule every quarter. We originally didn't like, you know, you can tell we were this is our first token project because we didn't even consider like the full locking schedule thing when we when we pushed the main net. And then the first question everyone had was what are you doing with all the dev tokens? What are you locking? We're like, okay, so we need to actually come up with something here. So we've locked up the majority. There's a bunch that are going to unlock Lady this year. It's like 10% of the supply, but we're going to relock that because we've realized now we don't actually need to use them. We had some plans around the proof of concept release that we'd use those, but we don't actually need to now. So we're going to lock those up more. So that'll probably bring us up to like close to 80% of them locked. And right now, the focus is, you know, we've we've got about 20, we've got about close to 20 million in circulation. There's going to be probably a few more million tokens going into circulation, but that's just for investors. So we are talking to a few different investors at the moment. But those are kind of slow conversations, you know, especially with a new project. And then, you know, potential listings on exchanges, that kind of thing. Great. Very good. If there was one thing you would want the people to know that are watching about the SATA coin and congruent labs today, what would it be? I think that we're going to be building far more aggressively than we originally said we would. So the original plan was Q4. This year would be the release of our proof of concept, but we've already got our identity contract defined. So we're using NFTs for a lot of the components because, you know, they don't have to be for trading artworks. You can use NFTs for things like assigning rights to people. So like if you've got premium features on a website or a forum, that can be in the form of an NFT issued to someone. So we've already got that defined as well, the contracts for that. We're testing that. I'm building a demo site. So, you know, it's Q2 right now, technically. So we're going to have some of that Q4 stuff done now. And then Q3 is probably going to be the point where we just start releasing tons of stuff into the network. And that's, you know, our team is still only 2.5 people. You know, I'm still also hiring. So once we've got those, the other guys on the team up and running, it's going to go crazy. That sounds exciting. Well, we love to get here in Rich TV Live into early stage products. We love companies that are undervalued, underappreciated, underexposed, so we can tell our community about it. They can position themselves for the big run up. So we love getting in early. So we like projects that are just getting started. And we love when management cares and wants to make them a success. And you can tell the difference. And that's why we love to interview companies and co-founders like yourself, because you can see the passion in the way they talk about their projects. There's going to be people all over the world that are going to see this video, that are going to see this interview. What is the best way for those people to get in contact with you if they're interested in the project or they have any questions? Yeah. So if you go to the Sada.technology website, we've got a link to Telegram there and Discord. At Telegram's far more active community, but either or you can jump on there and then ask me anything. I'm always, I'm on there every day. So yeah, harass me for questions. That's awesome. Well, thank you so much for your time today. Tim Quinn, the co-founder of Congruent Labs, the SataCoin. If you guys like this video, please smash the like button, comment down below, share the video everywhere and subscribe. I'm a huge fan of cryptocurrencies, blockchain technology, been following cryptocurrencies and investing in blockchain technology and cryptocurrencies since 2017. And in my opinion, we're really just in the first inning of a digital revolution, in my opinion. I actually just did an interview with a public company called DeFi. And they've got a public company and their stock that does DeFi and DeFi has become huge. And just these are words that are coming out of the blockchain sector, out of the cryptocurrency world. And a year ago, nobody knew who DeFi was. Nobody knew what DeFi, no one even heard the word DeFi. A year ago, nobody knew what an NFT was. So it's just interesting to think what's going to come next. This is a revolution in technology. And I'm really, really excited to see how your project's going to turn out. If you guys like this video, I really appreciate it. If you comment on the video and remember, Rich TV Live is strictly for information and education purposes, please always do your due diligence, do your research before you invest in anything that we talk about here in Rich TV Live. In saying that, I think this is an interesting project. Thank you for your time today. Thank you. And if you guys have any questions for Tim, I will make sure I put all this contact information in the description of the video. Thank you guys for watching. If you're not winning, you're not watching. This is Rich from Rich TV Live saying, have a nice day, everybody.