Maecenas updates

Scaling up Maecenas - Technology (Part 2)

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Marcelo García Casil

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23 October 2018

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 Scaling up Maecenas - blog posts-1

This is the second part of the “Scaling Maecenas” series. You can read Part 1 here. 

Technology Platform

As a FinTech company, technology is undeniably very important to us. This is reflected in the demographic of our team, of which 40% are blockchain technology experts specializing in software development, infrastructure and cybersecurity.

We’re proud of our tech team. Despite working to a very tight deadline, we managed to launch the beta platform on schedule and without any major issues. As an investment platform, security is paramount as any breach could lead to a direct monetary loss. We put a strong focus on cybersecurity when building our platform and we will continue to do so as we grow.

Overall, we consider the beta version of our platform which we launched back in June, to have been highly successful.

The facts

  • We built our beta version over our existing prototype (our alpha product) meaning we were able to deliver the beta platform reasonably quickly.
  • Some of the alpha components, with regards in particular to the User Interface, were already using outdated technology (e.g. AngularJS).
  • The Andy Warhol auction was run entirely on cryptocurrencies. The approximate $1.7m worth of funds received were safely kept in cold storage. There were no issues or glitches.
  • The Dutch auction process, implemented as a smart contract on Ethereum, operated exactly as intended and designed.
  • Approximately 6 million ART tokens (6% of the total supply) were used within the first auction alone and were processed successfully by our platform.
  • The KYC processes implemented by our platform were manual but highly effective for the low volume of investors we allowed to participate.

The reasons

  • In order to fully exploit our first-to-market advantage, evolving our alpha version to the current beta version was the quickest approach to going live.
  • We prioritized security over user experience, for example withdrawals of cryptocurrencies were processed manually.
  • Considering the low volume of users expected for the beta, we chose not to focus on automating processes.

Our plans

  • Fully revamp our UI/UX to have a best-in-class front end platform.
  • Make the platform mobile-friendly.
  • Fully redesign our artwork shares exchange. Currently our exchange is based on old JS frameworks and looks dated; this will be modernised.

 

In future posts I will be covering these other important topics: 

  • ART token economics and utility
  • Long term objectives


Click here to read part 3 of the series "Scaling up Maecenas - Financial Product & Regulation".

Topics: Maecenas updates

Marcelo García Casil

Written by Marcelo García Casil

Founder and CEO of Maecenas. Having previously worked at a number of large global banks, Marcelo has wide-ranging experience in designing and building large-scale enterprise-grade systems with a focus on investment banking and financial solutions. An an entrepreneur, Marcelo has specialised in blockchain and financial technology, primarily in areas covering tokenisation of assets and new capital markets. His strong technical architecture and leadership skills have earned him the recognition and endorsement from amongst his clients, teammates and peers. Marcelo frequently speaks and presents at industry events, conducts specialised workshops and training sessions, and provides expert advice to companies.

Please read the following disclaimer >

This blog post is illustrative and for informative and general education and discussion purposes only. It is not, and should not be regarded as “investment advice” or as a “recommendation” regarding a course of action, including without limitation as those terms are used in any applicable law or regulation. This information is provided with the understanding that with respect to the material provided herein (i) MAECENAS is not acting in a fiduciary or advisory capacity under any contract with you, or any applicable law or regulation, (ii) that you will make your own independent decision with respect to any course of action in connection herewith, as to whether such course of action is appropriate or proper based on your own judgment and your specific circumstances and objectives, (iii) that you are capable of understanding and assessing the merits of a course of action and evaluating investment risks independently.. MAECENAS does not purport to and does not, in any fashion, provide tax, accounting, actuarial, recordkeeping, legal, broker/dealer or any related services. You should consult your advisors with respect to these areas and any material with regards to investment decisions. You may not rely on the material contained herein. MAECENAS shall not have any liability for any damages of any kind whatsoever relating to this material. No part of this document may be reproduced in any manner, in whole or in part, without the written permission of MAECENAS except for your internal and/or personal use. This material is being provided to you at no cost and any fees paid by you to MAECENAS are solely general educational purposes. All of the foregoing statements apply regardless of (i) whether you now currently or may in the future become a user of MAECENAS’s platform or products and (ii) the terms contained in any applicable contract between you and MAECENAS.

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