Time moves past. Like in the TV series ‘The Walking Dead’ and it’s summarizing episode ‘The Journey So Far’ (season 6), we want to share our impressions, progresses and evolutions since the start. Beforehand, we did not encounter any zombie attacks on this journey, but we had our own challenges to face and to sort them out. And there is always a way to succeed.
Since the start of the project in July 2017, a lot has changed. The complete blockchain ecosystem has gone up and down like on a rollercoaster ride and so did the overall temper in the scene. This is a good moment to remember that the price of Bitcoin, Ether and all the other cryptocurrencies are not related to the underlying technology of Blockchain. Blockchain as a technology is steadily evolving and so are the number of active developers and tests within the global economy. Our project was initially named TITANKEY, which perfectly reflected our business idea. With time, the idea itself has evolved into something new, something more. There is little left was has been there in 2017. TITANKEY went on to establish a new way of how transactions based on public keys were made and how the user’s were managing their keys.
The market was simply not ready and is still in lack of real use case transactions. This led us to address a new issue in the field of blockchain transactions. The lack of privacy. Although Blockchain provided some great aspects of anonymity which promised privacy, nonetheless there were some critical issues which had to be solved. As soon as one was able to match a public key with the identity of a person, the privacy of this person was highly compromised. This has been the case with one of the most famous dApps in 2017: Cryptokitties. The rise of this game which solely enabled to breed and trade cute cats had shown the limits of blockchain by overloading the Ethereum blockchain. Transactions fees went like crazy upwards until several Euros had to be paid to get a transaction executed which still took up to several days. Yet, this was not the only insight.
Many players of Cryptokitties had used their email address as a nickname, which was great if you are looking for a way to identify public keys and to match them with persons. It even became greater if you are using Google Analytics and use public keys to identify and segment user by this attribute. It was quite easy to see who was using cryptocurrencies and sometimes even to see what kind of dApps were used. This, as a result, had shown complete transparency when it comes to assets and wealth. This was when our team had seen an opportunity and a solution to it. We were already developing a new way to handle transactions with a more readable name instead of cryptic public keys. It was the next logical step to integrate an algorithm which prevents identity matching and secures privacy while doing transactions. The market needed an innovative way for Blockchain transactions and TITANKEY was about to provide a wallet solution with a built-in privacy component. Some days later, after we had our first pitch on the Strascheg Center of Entrepreneurship, which is related to the University of applied science Munich. We pitched to become part of the incubator – and we succeeded. The incubator liked our vision, our passion and overall our team, and so we moved into the incubator. By the way, we had already reached December 2017 by then.
The concept has been tested by getting market feedback and evaluation. This finally led to the first real test: getting pre-seed financing. Every aspect, idea, and corners were polished and streamlined to be ready for an application. We decide to go with a grant by the German government known as ‘Exist’. The thought behind it was easy, if we are able to convince our own government, which was kind of skeptical on the blockchain, we would really be on something. Man, that was thrilling and exciting at the same time. Our application has been a business plan of about 25 pages. It took several weeks until the feedback came in the form of an email. “Dear TITANKEY-team, the application has been checked and recommended for funding. You are awesome!”. Boom! Okay, the last part of the letter could have been bit different. Yet, plan A directly worked and it was now the end of spring 2018.
Our team, consisting of four co-founder and several freelancers and some employees, begun to focus on the product, the market potentials, and the right target group. Would it be the user (B2C) or maybe something like governments (B2G) or businesses (B2B)? How do you address the right target group without knowing them? This was the point where we had to pitch to be able to check market interest. We analyzed existing user wallets, talked to digital businesses and to projects which executed an ICO. All this information and feedback brought some light into the dark and we knew that businesses are in need of such a technology. In the meantime, we also extended the vision and the MVP to the next level by adding some great features like privacy key storage and a modular system which enabled the platform to attach third-party software.
As time kept moving, a new knowledge had crystallized within the team. This knowledge screamed at us that TITANKEY would no longer fit the purpose of this business. It was a great name in the beginning (it is still very close to our hearts) when everything was about public keys and transaction. They would have gotten titanized so everyone would have their own titan key. In search of a new identity, we came across some great and thrilling names – followed by intense debates and disillusionment. Ever tried to get a .com domain which is free and unclaimed? Good luck with that. Finally, we found Tangany. A fresh, short name which perfectly fits our vision and mission (want to know what is the vision and mission of Tangany?). The name also provides a deeper meaning which is always great as it simplifies networking by starting with a short story (wondering about the deeper meaning?). With the new name comes also the new logo which represents one block made of blocks in the blockchain and also the letter ‘T’ for Tangany surrounded by a multicolored design which stands for the unlimited possibilities to use Tangany Wallet.
Welcome to Tangany.