The Newest AMA Session – AI

Here is the latest AMA session, this time will be talking about Artificial Intelligence, new implementations and what the IT team is working on with Cristian, Amon´s CTO. Let’s begin!

1. Our Artificial Intelligence always seeks the best exchange rate. Which exchanges are currently connected in Amon and which are planned for the future?

We are connected to different exchanges such as Binance, Liquid, Kraken, Coinbase and 4 others. We are also launching a new liquidity provider which is not a public crypto exchange but is a private crypto liquidity exchange. We expect to have a better rate than any other crypto exchange.

Stay tuned, we will announce it soon!

2. Some Artificial Intelligence applications analyze the financial behaviour of their users. How much they spend, how often, which stores they buy, among others. Will Amon use this type of information to provide better AI services?

Yes, we are training a machine learning to have this implemented in our wallet. However, this requires time to be optimized. We are working with an AI specialized company to provide a top solution although we have not released yet any information publicly.

3. There are 3 models for payment with the card. Always use the same currency, select preferred currency at the time of purchase and best-performing AI-selected currency. Will all options already be available at card launch? If I wish I can only use the EURO on my card?

No, we will test these options step by step. The first option will be a “regular” crypto-euro exchange and the possibility to spend with one currency. We are also aware that some of the options that we might offer require a user internet connection to open the Amon App during the payment. We will start with the simplest solution and then provide other options.

4. Amon AI will be the only wallet on the market with instant exchange to use the crypto card. How will the company work to publicize this great differential? Will we have a patent on this feature?

Patents are long processes and require time, we plan to do this in the future while we want to focus now on developing and testing a tangible solution. We plan to do campaigns in conferences and media as we have done in the past. We will start our tour with the Malta Blockchain Summit on 7-9th November 2019.

5. Because it involves a lot of programming, smart contracts and artificial intelligence, keeping Amon on the Ethereum network in view of so many options available as BinanceChain is the best option? Is it possible to migrate tokens in the future as other crypto card companies did?

There are always different possibilities to improve the current solution but we are still focused on delivering our main products, therefore, for now, we plan to keep our current structure that required more than one year of development. We might explore this option in Q2 2020.

6. Top up the Amon wallet instantly with any visa/MasterCard card in € without a fee?

We will be able to add this shortly although is not on our priority list since the acquirer generally takes lots of commissions for these kinds of transactions. To allow this kind of transaction Amon (and any other crypto wallet/exchange) requires a 3rd service provider which generally charge a fee. We still believe IBAN wire transfers are the cheapest way although it takes more time. However, we will implement card top-up as well this year.

7. Amon will be able to release the registration of new Erc-20 tokens automatically, just to save, as it is done in MEW?

Each crypto must be integrated into our platform to be fully supported with our features, so it is not working that way.

8. The community reported some cases of delays or pending transactions. How is Amon working to prevent these situations in the future and whether this could undermine the Artificial Intelligence model for instant exchanges?

Some transactions go into a manual review for different reasons.

For example, Euro transactions are only allowed if the beneficial owner and the payer are the same person and therefore has the same name. Make exception from financial institutions such as PayPal which uses unique IBANs and same names as “payers”, most of the other banks still use the “real” payer name when making a wire transfer. If we see that the payer name and the beneficial owner of the Amon wallet have two different names, we are obliged to block the transaction and send it back.

We try to solve these situations in the fastest way possible but we require information from the users sometimes, therefore, is not only in our hands.

9. There is speculation about new tokens or Cryptocurrencies like Samsung, Telegram and Facebook. Do you think that in the future may be in the Amon wallet?

Information about these cryptos are still incertain, we would need more time to understand if an implementation is feasible and wanted. For now, we want to add the top 10 cryptos and all the cryptos of projects that we deem are interesting for us and have great communities. This will help Amon adoption.

10. Will Amon have its own decentralized exchange in the future?

We are not planning anything like that, we will keep our focus on AI and Card launch for the next steps.

Stay tuned and thanks to everyone that supported us in this journey so far!