MyStandard AMA: Project Overview (RECAP)

On 12/11/2024 at 6:00 p.m. (UTC), an AMA session was held on Avalaunch Telegram group with Adam Zec — President & CEO, of MyStandard, to discover how they’re transforming the talent acquisition industry.

Below we present to you an excerpt from AMA with questions and answers.

Avalaunch

Welcome everyone! Thanks for joining us, we’ve got a really interesting AMA for you today with Adam Zec, CEO of MyStandard — our latest IDO on Avalaunch. Hi Adam, how’s it going?

Adam | MyStandard

It’s soooo busy! In the most thrilling of ways. Thank you for having me here. Hello world.

Avalaunch

It’s great to have you here. I think we should dive right in, can you tell us about your background and the journey that led to the creation of MyStandard?

Adam | MyStandard

I was in talent acquisition for 13+ years and learning about various problems Fortune 500 companies were going through. 3 big issues were how much information companies were exposed to when looking at potential candidates, another was the other was how much data companies were sitting on that wasn’t being utilized and lastly, and most common was how much money was being spent on staffing firms — MyStandard was the solution to all 3 and many more as we built.

We didn’t make the solution and then hunt for the problem. The only way to solve these problems was web3.

Avalaunch

How interesting, definitely one of the first teams we’ve seen tackling these issues. We’d love to learn more about the team behind MyStandard, would you mind sharing more?

Adam | MyStandard

We started off as a very focused web2 talent acquisition product built in web3 so most of the team and greater team has a heavy background and connections there. My cofounder Josh has 22+ years on thee recruiter side and our first hire was an internal counsel who’s brilliant.

We added on Chainlinkgod, Zach, to our team very early to help with the web3 architecture and decision making. He also got me into crypto so it’s awesome to see things come full circle. We continue to add high caliber business professionals to our team as the company vision attracts attention.

We have a true mission driven team now who’ve been together for… 3+ years and some as long as 4+.

Avalaunch

That sounds like a very strongly positioned team you’ve got there, especially with the crypto-native angle. MyStandard is completely transforming the talent acquisition space. Can you give us an overview of how MyStandard works from a user perspective and what makes it so impactful?

Adam | MyStandard

First, think of how it is today… for Linkedin as an example… you add your data to their platform and they decide who gets to see to see it and get paid to share your data. You see nothing and defaulted “yes” to share your data.

In our current MVP, users simply add their info on the android/ios app. Once their profile is determined to be detailed enough they will be searchable by employers. Employers ask the network if there’s anyone who is a FIT for their job, if there is they see how many candidates are available. They can send a data request to those candidates and the candidates respond real-time. If they say yes, they get paid $22.50 in MYST and if they say no, they stay anonymous. A simple, incentived way for people and companies to interact.

We empower our users to say “NO” to sharing their data which is…I think a first and it’s all real-time. END

My ‘e’ key seemingly broke right before this AMA… so forgive me for typing slow. I have to hit it 5 times. No, MyStandard doesn’t fix this problem.

Avalaunch

So for the first time, users are empowered to actually own their data. And monetize it. Very powerful stuff. Can you dig into some of the core features of MyStandard?

Adam | MyStandard

For our users, it’s just easy to use and will continue to get easier. You don’t have to manage a wallet, just connect with a Google/Apple account via Web3Auth. For off boarding, we’ll be working with Beamcash to export to a bank account, or you’ll be able to send your tokens to another wallet.

Upcoming features in the next release, employers can validate data on candidates, candidates can refer friends/family, a resume parser and candidates can broadcast to the network using our token they want to find a new job.

Avalaunch

Great that you’ve made it so easy for non-web3 users as well. That’s really important. So MyStandard is building on Avalanche, can you share with us how you ended up on Avalanche and what your experience has been like so far?

Adam | MyStandard

Avalanche is the adoption chain if you think about it. Gunzilla, the California DMV…Arena. It’s all happening on Avax. MyStandard fits in well here!

Avalanche has the fastest time to finality, low cost and supportive team. They invested in us in 3 different ways and will support our launch, narrative and company expansion. They even will be a client of ours using the MYST token to find talent. It was the best choice. Now Avalanche9000 the upcoming (7 months away tho!) MYST Layer-1 will be easy to spin up and manage. They are the dream chain to build on.

Avalaunch

That’s exciting to hear that MyStandard is so deeply integrated into the Avalanche ecosystem. And yes Avalanche9000 is coming which will be a huge catalyst. A great time to be building on Avalanche. The MYST token plays a pivotal role in your ecosystem. Could you elaborate on its utilities and how it drives the growth of MyStandard?

Adam | MyStandard

In my personal opinion we’re building the biggest flywheel in crypto as various functions of the app use the token.

MYST tokens are part of a very complex mousetrap. In today’s market, all tokens eventually get sold or their purpose is to get sold. We will have people who want to sell tokens and that’s FINE. However…

Here’s all the various ways token are not sold. 1) Companies who buy the MYST token to find talent cannot sell them…only use them over time. If we become 1/10th as big as LinkedIn this would represent $1.5b of token purchases a year from companies. 2) People can stake tokens for a 6% APY and get some voting rights 3) People can use those tokens to court a dream employers, broadcast to the network they are on the market or apply to jobs 4) People will be able to buy goods/services using the MYST token 5) MYST token will be our future gas token

It’s very important if you’re following us to understand how company design and token integration impact supply.

When a company wants to use us for several reasons, it becomes deflationary on the circulating supply. Sometimes it’s temporary and sometimes perm..as if the token was burned.

haha I’d also like to add… that we will be tracking and publishing how many tokens are being held by companies. That’ll be a huge metric for you all to watch.

Avalaunch

Very interesting. Sounds like you have a very intricately designed and well thought-out token economy, as well as strong utilities for MYST. So community building is crucial for any project. What has been your approach on building and engaging the MyStandard community?

Adam | MyStandard

Thus far, it’s been an organic growth strategy where we make friends with other aligned communities like FLD and the Link Marines. We are now putting ourselves out there since our product was recently launched and attending conferences, doing AMAs and more. Our community will get unique app opportunities as we expand. We care about our community but also know that our flywheel will kick in and ease the pressure for the community to grow the token.

I assume people are still digesting my wall of text on the last question. I’ll keep it short and sweet here on out.

Avalaunch

Well we are very glad to be part of MyStandard’s growing community! What exciting developments or features can users look forward to on your roadmap?

Adam | MyStandard

The roadmap is so intimidating (from the POV of the one building it…) but you all should be plenty excited.

I’ve mentioned most upcoming features above but one I haven’t is our work with Chainlink to bring off-chain credentials into your MYST profile. This will expand the capabilities of our platform and value our user’s data immensely. This also moves us into new industries and massive use cases I’m not leaking just yet.

I’ve been in crypto for a long time… most tokens I’m in you can only get excited about new listings…

We have….
New clients logos
New features…
New milestones…
New use cases and industries…
New partners and conferences…

and…

New listings

to all look forward too.

Avalaunch

That is a lot to look forward to! I guess you have hinted at this next question and maybe you’ll have to leave us hanging for a bit longer. Is MyStandard looking to expand to other industries where users can monetize and own their data?

Adam | MyStandard

Yes! Expansion is a huge draw for us. We start in talent but land and expand everywhere. From medical records through advertising — there’s no data use case our platform will miss. We become the blackhole for your personal data.

Our team has modeled out dozens of use cases…even a dating one. o_O ( I didn’t approve it) — point being… it’s a blue ocean for us.

Avalaunch

Wow so you guys really are just getting warmed up. This is huge, the possibilities are endless. Very excited to be part of the journey! Now we’ve come to our final question before moving onto our community section. What is the ultimate vision for MyStandard, and how do you hope it will impact the future of talent acquisition and beyond?

Adam | MyStandard

TY Avalaunch community for your questions.

Ideally, we become the go-to for quickly applying for jobs (complete with instant background check) and being found. However, the ultimate vison is our users BUILD data markets on our data market infrastructure. We have 5%+ of our tokens set aside for the community to profit on making MyStandard a more comprehensive ecosystem. Stay tuned for more on this!

If you haven’t watched… I presented at Summit.

I mentioned “Chainlink is the Oracle Platform where Oracles are built. Avalanche is the Layer 1 where Layer 1s will be built and MyStandard is the Data Market where Data Markets are built.”

Avalaunch

Very nice, thank you Adam! So first we hear from @SigridRhodes — What partnerships or integrations does MyStandard envision to expand its reach and capabilities, and how will these collaborations enhance the platform’s offerings for both users and companies?

Adam | MyStandard

We look at ourselves as the “use-case” for all web3 infra. So we’re always looking for the right tech partners to add. On the web2 side we’re talking to partners who have access to large pools of talent (such as truck drivers!) and incenting them to get their network onboard. We have endless opportunities to pursue there…from employers with large amounts of employees to groups like the NAACP.

Avalaunch

@RochelWalton would like to know — How does MyStandard’s use of blockchain technology revolutionize the traditional recruitment process, and how does it empower candidates to retain complete control over their professional data?

Adam | MyStandard

I think the idea of owning your data is particularly web3. Once web2 people feel the power of having a “choice” to share their info, it’ll make many web3 principles make sense. Our token gamifies the recruitment process for companies a bit too both in how they can earn and engage.

Avalaunch

A question from @noah4198 — Can you tell us about the security measures adopted by MyStandard? What is MyStandard’s status regarding AUDIT? Are your smart contracts audited already?

Adam | MyStandard

Our smart contract is simple and has been audited. It also got a run through by the Chainlink Labs team. A dream part of building in web3 with self-custody wallets is the inherent security you bring with it. User data is also encrypted to provide an extra layer. MyStandard cannot even see your data unless you share it with us!

Avalaunch

@dangnhan9 wants to know — Most users are still not aware of Blockchain and its related projects! So, how does MyStandard create awareness about the platform with non-crypto users too?

Adam | MyStandard

We abstract most of the blockchain in our processes for users and companies. There’s light education but we don’t lean into it. For people and companies it’s just a better experience and talking about our features is sufficient.

You will see lots of media from us in the coming years.

Commercials etc.. we aim to be a common consumer brand.

It’s a very marketable idea and we will have fun with it.

Avalaunch

From @cryptosage777 — Do you plan to promote MyStandard in regions where English isn’t widely spoken? Are there local communities to help people better understand the project? Additionally, what are your plans for expanding into regional languages?

Adam | MyStandard

We will expand outside of the USA in 2025. For non-English countries we then have to make the app and job types speak to the countries we’re in which takes work/time but we’ll get there. 😊

We also have regulatory hurdles to accomplish as we expand but our GC is the man at protecting the company.

Avalaunch

@shruti2102 asks — Can you walk us through the typical hiring process on MyStandard and explain how transparency is ensured at each stage, from posting job openings to selecting candidates?

Adam | MyStandard

Companies filter the type of candidate they want, the system shows how many are available, they make a data request to them and can see the data of anyone who chose to share. Simple as can be. It’s intentionally designed for both our core users, companies and candidates to not disrupt daily habits and be easy.

Avalaunch

@RandeeGaddis — How does MyStandard help businesses save time and reduce costs in the hiring process by eliminating intermediaries, and what specific features of the platform enable companies to pay only for the precise data they need?

Adam | MyStandard

Companies can ask to see partial or full profiles on people — only ask for data they need. We did this by grouping the data up in “MyBlocks” of data. A tribute to our original name.

Contrast that with how it is today… you either buy a license that will expire.. (we don’t expire) or you pay a staffing agency 30% of the first year of salary to make a hire.

We have speed and data fidelity in 1 package + rewards for companies to earn free candidate requests.

Avalaunch

We hear from @gamblecat297 — MyStandard has strong support from investors — can you elaborate on this? How does this backing contribute to user acquisition and product development?

Adam | MyStandard

Ava Labs has supported us from Day 1. However, bringing in Winklevoss Capital opens the web3 world up in a big way. We also found Gaingels to help make network growth and hiring initiatives. Collaborating with Avalanche and Chainlink is a dream for product infra growth. I really feel like having these strong partners is our greatest advantage.

Avalaunch

A question from @RaymundoBui — How does MyStandard address potential privacy concerns related to user profiles while maintaining the integrity and effectiveness of its matching system for companies and rewards?

Adam | MyStandard

We don’t let a company know anything about you until you share your information. After that, a company will have the opportunity to engage with you in real time.

You’ll also have a trust score which allows the system to self-regulate, like Uber, so companies work with good actors on the site, only.

Avalaunch

And now we have our final question from @nikki207 — Does MyStandard have an active referral or ambassador program to help attract new community members? Additionally, could you share the official social media links for joining the community?

Adam | MyStandard

Version 1.2 of the apps will have a nuanced referral function! I can’t wait to show it off. Think of a ponzi scheme without the fraud.

Also there will be country-wide token rewards for helping us test out the network. Get setup today in the USA.

https://x.com/MyStandardDotIO
https://t.me/MyStandardTG

USA App Store:
https://apps.apple.com/us/app/mystandard/id1636354867
https://play.google.com/store/apps/details?id=io.mybe.mystandard&hl=en-CA

Aside from our own roadmap, holding onto our token will help when we ask our holders to influence our expansion roadmap. 😉

Avalaunch

Wow amazing stuff! Thanks @MYST_ADAM for a really interesting AMA and thanks to the Avalaunch community for tuning in! We definitely learned about about your vision and can’t wait to see what unfolds in the next chapter.

Adam | MyStandard

Thank you for allowing me to chat with you all. I hope to see you in our community and happy to chat anytime.

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