Feb 19

Being a developer I often get approached by friends and colleagues (even strangers) regarding startup ideas. The conversation usually goes something like this: “I have this really great startup idea, you develop it for free and I’ll give you 5%.”

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I’ve worked with a few startups now and to be fair most of the time I have done so as a consultant, and have been well remunerated. One startup in particular I worked on through to exit , so I consider myself as pretty experienced.

“Ideas are easy. Implementation is hard.” — Guy Kawasaki

However I’ve also succumbed to working for equity or options, to be completely honest it has never really bothered me as I’ve usually accepted because I love the idea or technology I’d get to use.

The issue I’ve personally encountered is that when given such a small amount of equity your voice and ideas are usually muted too. I’m a coder yes, but I’m also entrepreneurial and can contribute in so many other ways.

Why CredibleToken then?

When Tris and Clint approached me about CredibleToken I was sceptical at first, where’s the catch? You do all the work Darran and we’ll give you 0.04% options? That never came, instead they said: “We will all be putting the same effort in, so we will all have equal status in the business”.

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The difference is Tris and Clint are engineers and are technical – they know and understand the value of taking an idea from inception to implementation.

So they had me already, a startup where everyone understands build I’m in… Then the idea “We want to put device trust on the blockchain.” Immediately I got it – I personally believe identity and reputation to be an important part of blockchain technology. Tris, Clint and I work together professionally and have a passion for crypto, and this has come up many times in conversation.

Me Ethereum, and CredibleToken

I got into crypto through mining I loved building PC’s but that kinda stopped when powerful laptops got cheap. Geeking out on mining rigs appeals to me, getting as much MH/s for as little power as possible is a cool hobby for me.

Mining Ethereum helped me understand how a blockchain really worked. I was hooked, and being a developer I read everything I could on developing using the Ethereum platform. This is when I discovered smart contracts and ÐApps (decentralized apps) and something clicked.

Ethereum

I truly believe Ethereum based ÐApp’s to be the next generation of the internet. I’ve worked on Serverless apps before, but compared to a ÐApp’s revolutionary decentralized and open model it’s like a rock vs a hammer.

“I truly believe Ethereum based ÐApp’s to be the next generation of the internet.” – Darran Jones

After discovering ÐApps I started experimenting and loved it, like anything new there is a steep learning curve, and your code being pretty much immutable takes a bit of getting used to, but I could see that ÐApps are going to huge.

I started developing my own ÐApps around authentication and identity (something I know about). As it turns out there is a lot of innovation going on using Ethereum, and lot of what I had built had been done before.

Enter Tris and Clint “You know all those big centralized device trust companies we use at unnamed bank we work for… What if we used blockchain technology to disrupt and open up device trust to all app developers?”

I was sold, and as what often happens an awesome idea was under my nose the whole time – solving a problem using the blockchain that we were already working on.

CredibleToken in a nutshell

CredibleToken is an ecosystem created around reputation (“trust”), trust in app developers that verify positive actions taken on their apps, trust in users to use apps in a positive way.

This trust is built up over time, whether you’re an app developer, large organisation or user your actions both positive and negative will affect your trust score.

The trust data is stored anonymously and immutably on the blockchain for anyone to verify or audit.

Users taking positive actions can be rewarded with CredibleTokens (“CET”), allowing app developers to reserve rewards for their most trusted users.

App developers can reduce friction for trusted devices on the ecosystem, whilst introducing additional step ups, such as additional MFA for devices that are not.

“Other use cases include email authentication and potentially more advanced reputation systems.” – Vitalik Buterin on smart contracts

For a more in depth explanation of CredibleToken read our whitepaper.

Why a Crowdsale?

I believe that an Ethereum Tokensale or Crowdsale is opening up supporting a startup from VC’s firms to anyone who wanted to support an early stage startup – it’s the crypto equivalent to Kickstarter.

People can support an early stage startup they believe in by purchasing tokens which can be used/exchanged on the platform when it goes live.

We chose a crowdsale because we want the community to involved and have a say in our startup from the beginning. The team would rather work with our supporters that believe in us than a VC firm.

I’m not the only one in UK who believes that using Ethereum Tokens is great way to support entrepreneurs. Baroness Michelle Mone recently launched Equi Token who’s aim is to help as many entrepreneurs possible.

Our crowdsale whitelist is open

A team of engineers?

Some feedback that the CredibleToken team has received is that we are a small team of engineers. I see this as one of our greatest strengths. Tris, Clint and I have all worked in the fintech sector where device trust is a problem, and we have first hand experience with the current centralized device trust incumbents such as: Iovation, ThreatMetrix, InAuth, Kount, ClearSale, Signifyd, IBM and RSA.

The original Ethereum team was only six people, and mainly engineers too. Being a team of engineers means we are going to build what we say we’re going to build. We are not marketing men, hangers on or an investment front who are going to just outsource the important parts of the project. The team’s reputation is traceable you can view open source contributions, our personal Twitter and LinkedIn accounts.

We are committed to taking this project forward, and with community support I believe we can create an equal and open playing field for device trust whether you are an indie app developer or a large corporation.

Our crowdsale whitelist is open, please reach out if you have any questions about CredibleToken.

One Response to “Why I Co-Founded CredibleToken?”

  1. dotnet john says:

    Great to see developers become founders best of luck

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