Q&A Summary with the founders of EncryptoTel
EncryptoTel held an AMA session where they answered questions about the development of the project
On April 12, co-founders of the EncryptoTel project, which is developing the first virtual PBX with a high level of confidentiality, answered questions from community members and investors during the Ask Me Anything session. The main topics for discussion were financing and project development.
The COVID-19 pandemic has hit the entire global economy, slowing down the development of many industries. EncryptoTel co-founders held an AMA session and answered current questions from the community members who actively follow the project development. We provide a brief summary of the session, which lasted for two hours.
About project development and future plans
- What were your forecasts for 2020?
- We have big plans for 2020. We are working on our customer base, and we have a number of promising agreements with strategic partners and key market players. Also, there are a few more partnerships with major customers that are under negotiation right now. In general, we see big opportunities for the development of our product. But much depends on how the pandemic situation develops.
- Will the roadmap change?
- Of course, because of the COVID-19 pandemic, we had to adjust our plans. We are forced to adapt to current conditions, which were impossible to predict.
- What market research has been done and is marketing activity continuing?
We have put a lot of effort into entering the market properly. We talked with the largest consulting agencies such as Gartner, conducted local marketing research, basically for the Russian market with the focus on our target audience.
Currently, all marketing activities are suspended because it requires large budgets. In the current environment, when business activity around the world has plummeted due to the pandemic, we consider it inappropriate to carry these expenses.
- Tell us about the company’s revenue and customer base.
- Now we are focused on small and medium-sized businesses. We have an office in Russia, which operates under franchise in two cities. Sales grew steadily before the COVID-19 outbreak. We have 30–35 operating legal entities of small and medium-sized businesses in our database right now, not to mention individual users.
We always wanted to bring our developments to the real sector. We had to put a lot of effort to enter the market. Our customer base started to grow at the end of 2019, so at the moment there are not as many customers as we would like.
We are working hard to make it profitable. We also had several strategic partnerships in the blockchain field, which had to be suspended at the moment.
- Tell us about the funds raised during the ICO.
- According to the ICO results, which took place several years ago, our funds were converted into a diversified portfolio of various assets. At the moment, most of the money is spent. Due to the current situation in the world, we cannot say with certainty for how long we will be able to support the project in the context of a global lockdown.
I do not exclude the possibility that at some point we will try to attract additional private financing for the development of our project. All in all, I think it will be easy. We have excellent input.
- When will the new version of the application be released?
- We took into account the huge number of comments and bug reports after the alpha version release in Google Play. Now we are preparing a new version, which will be much better than the previous one.
Our developers are now working remotely. The new version of the Android application itself is ready, and is undergoing testing now. We expect the release to be in the early June 2020. As for the main platform (Core), the development is also completed. We worked on a number of additional custom services for our partners, but since they completely suspended their work, the development of these additional services was also stopped.
We have done a great job in developing encryption solutions and launching our own blockchain. Particular efforts are made to ensure a high level of data protection on our platform. Several solutions in this area have already obtained patents and several are on their way.