EasyTranslate Q&A: Frederik R. Pedersen, CEO

easytranslate

Welcome to Mob76 Outlook, Frederik. Please tell us about EasyTranslate

Thanks for the invitation. We enable customers to create and translate quality content at half the price of any other service, by enabling generative AI and LLM technologies. As a result of generative AI platforms such as ChatGPT, the translation industry is about to change forever.

We believe that combining AI-GC with ‘humans in the loop’ will enable businesses to create company-specific language models in any language. We won’t translate anymore, we will do ground-up content creation in any language.

We make complicated AI/LLM technologies accessible to everyone, so that customers can utilise the latest AI-technology hassle-free in their content process without any need of prompt-engineers or machine learning engineers.

This enables the customers of any size to communicate engaging content in any language in a single infrastructure that is scalable and future proof.

Wow, that’s a big change, you sound like you’re ahead of the curve

ChatGPT and other AI-GC models are the biggest hype since the start of the internet. Already, 100s of start-ups are getting built, but what it takes to add real and unique value to the customers is still not 100% clear.

Current models are still general in its wording and would need training for each customer to learn their language and by then create real value.

We have created one flow for all of a customers’ content, so they can make engaging content that is optimised towards SEO and we train on the human edits so they can stand out in this content-overload world.

Moreover, we’ve recently reached the finals of the LocWorld Process Innovation Challenge, a highly prestigious competition that awards the most innovative companies in the localisation industry. The winner will be unveiled in Malmo next month.

You recently raised your first funding for Easy Translate?

We decided that we wouldn’t go through the normal investment cycles and bootstrapped the company for a decade. However, as the industry was being fundamentally changed by generative AI products, we raised more than $3 million in January this year.

The funding coincides with the launch of an innovative integration of LLMs that provides automated content generation and translation services. The new funds create room for further development of the new functionality and add to the ambition of accelerating EasyTranslate’s organic growth. In addition, this strategic partnership enables EasyTranslate to grow its market share by realising strategic acquisitions.

We believe that training customer specific LLMs by including copywriters in the loop in any language enables a better and more localised content output which will increase customer engagement and improve organic search ranking.

By challenging the current state of translating content we will see a major shift in the industry towards generating content with trained LLMs within the customers tone of voice and question the need of translation in many marketing content aspects.

From the fine-tuning of GPT-engines, EasyTranslate is planning to build out their own infrastructure of mini-LLMs trained on customer level to reach better levels of accuracy and less hallucination than using OpenAI’s GPT4 out of the box.

What about the early days of the company?

EasyTranslate was founded in 2010 as an online translation agency. We were recognised as one of the fastest-growing companies in our industry in our first 6 years and the youngest company to enter the list of 100 biggest Language Service Providers.

The industry was facing major pressure on pricing as all language service providers sell words and have a mark-up on the freelancers.

In 2020 we decided to do a full pivoting of our market positioning and decided to build our current platform solution where we give away our marketplace of verified freelancers and seamless training of AI enabled in a software that streamlines all those content processes across platforms.

How long have you been in business?

We are a small Danish startup in Copenhagen. We serve customers from 21 different countries across three continents and our tech team is located in Skopje, Macedonia. We have more than 10 years’ experience in running marketplaces with a mission to make custom language accessible for everyone for free.

We will do this by enabling AI-GC training on the fly from the edits human copywriters are doing. These trained models can be used cross-service, which means they will also do foundation for customer specific machine translation when needed. Two birds, one stone.

We have taken all our knowledge from creating a quality marketplace for localisation and content creations in combination with AI-technologies. We will be the first company to support ‘out of the box’ AI/LLM learning from edits that creates customer-specific models in any language.

These models will work cross functionally, so that customers have the ability to increase quality in both AI-GC and machine translation. The technology will be tailored to create SEO content as well.

We grew our SaaS business by 250% from 2021 to 2022 and we are expecting to reach the same level of growth in 2023. We are handling more than 11,000 projects and more than six million words per month.

What is the problem EasyTranslate is solving?

Quality multilingual content at scale. We are creating more content than ever before. From 2020 to 2022 the global online content grew by more than 50% (33 zettabytes

It’s the closest to an infinitive amount of content as 1 zettabyte is equal to 1 billion terabytes. One terabyte is equal to 83 million pages. To stand out in the content overload, we have to create quality content that is worth engaging with and not ‘just content’.

Please walk us about the user experience

We have put our faith in a product-led growth strategy. This means, we are obsessed with the user experience from sign-up to creating the WOW moment. We provide our product as a Free/Freemium offering, so all users can expect to see value before they need to pay for our service.

We have around 300 company freemium signups monthly and they have the full self-service option to build their team of freelancers, integrate plug-ins to their CMS, PIM or directly to their Github repository to ensure the content flow runs smoothly and automatically without human interaction.

Customers can get started on a paid plan within our product without any interaction with sales reps. Starting price is 25 Euros per month for the annual subscription option.

We are educating customers about creating content in any language from ground up instead of translating content every time. One of the biggest challenges in the translation process is “garbage in, garbage out”.

The problem with low quality translation is often based on low quality source content. The end goal is to exit to an AI-GC or LSP, so we will need to make them aware and recognise that they need us to continue delivering value to their customers.

Why are you better than the other guys and who are your competitors? 

We are the only one combining the ‘Human in the loop seamlessly and at a cost price’ that enables the seamless build up of a custom AI that is future-sustainable and makes our product critical infrastructure for our customers.

Easytranslate is up against potential competitors for free/cheap Machine Translation such as Google Translate, DeepL, Microsoft translate or Language Service Providers including LanguageWire and TextMaster. Then there’s translation management software such as Lokalise, Crowdin and Phrase.

But more recently, our real competitors are major generative AI tools, such as  Jasper.ai.

Thanks, Frederik, it looks like great days are ahead for EasyTranslate. Prepare yourself for a trance of inbound from potential acquirers!

Thank you, Monty, a pleasure to have shared with your audience.

WEB3 BOOK REVIEW: The End of Business-As-Usual

web3

Web3 is the new old technology. While all the chat and the hype in yet another technology cycle is all about ChatGPT and its overlord   generative AI, there is another revolution that has been brewing even longer.

The Web3 buzzword is known by many, yet really understood by few. Is it a bird? Is it a plane? It is the metaverse? Is it crypto?

In this book by G C Cooke (ignore Graham’s use of his initials, it’s worth it), this coming, and already here, wave is nicely interpreted for those who know and those who are yet to know.

Whether it’s FinTech, entertainment, social networks or plain disruption, Cooke lays it out for us in easy-to-read, yet never simplistic, terms. Using heavily the business book of The Innovator’s Dilemma as the template for his ideas, it shows how we will all be affected.

There will be those who will profit by spotting the Web3 wave and those who will proser immensely by riding the wave, while others will sink below the surface, terrified of change, as much as I’m terrified by my overuse of water metaphors.

It also lays out what’s going to happen in Web 4 after explaining how we’re going to get there via the first two iterations. First there are protocols and then there are apps that run on these protocols. Web1.0 and Web3 are the same as are Web2 and Web4. Protocols followed by applications. Same as it ever was.

As somebody who has previously been a lunchtime adopter instead of an early adopter, in this case, as I suggest other readers of this book will find out, I have become an early adopter.

Moreover, there is no use of the C-word here, only explanations of AI and how it has a role to play in Web3. Personally, I think generated AI is the work of the devil (the use of such a term mean the machines have marked me down as a enemy and my days are numbered).

In the interim, before out mutual assured destruction, even by machines or water metaphors, I recommend this book, one that will have you swimming to your next success, come hell or high water. Boom!

Q&A: Moojan Asghari – CEO, Thousand Faces

Moojan

Welcome to Mob76 Outlook, Moojan, what is Thousand Faces?

A pleasure to be here. Thousand Faces is the first exclusive investment club in the form of a Decentralized Autonomous Organization (DAO) fund to finance female-led projects with carbon-negative art NFTs.

We are targeting women, diversity, the environment and NFTs; all important and hot topics at the moment.  Raising initial funds for impact projects and under-represented talents anywhere in the world without a middle man has never been easier.

How are you dealing with the transition to Web3?

Web3 is a great opportunity to create a new and real diverse environment and community in a world of severe climate change. Moreover, NFTs are new marketing tools that have considerable viral potential.

We use it as a membership token and the total NFT market is estimated to reach $212 billion by 2030. There is a lot of controversy around the climate effects of NFTs and crypto. Thousand Faces uses Polygon, which is a carbon-neutral network and we offset our CO2 up to 10X more.

Are you addressing the gender gap when it comes to funding companies?

Anyone regardless of gender and nationality should be able to get access to funds and educational resources for their projects. Female founders, immigrants and underrepresented minorities can’t do this due to the centralized organizations holding funds and making biased fund distribution decisions.

With a DAO we open up the opportunity of funding and education to a vast number of people, anyone anywhere in the world, to launch a project that serves humanity as a whole. The world needs to recover the lost feminine in order to create mindful and sustainable organizations.

How do you do this logistically?

With a DAO fund that community members buy an NFT and get access to various resources, right to apply for funding, and participate in fund allocation decision making. With our community fund we invest in female founders and environmental projects with a strong ESG.

Our NFTs are 10,000 randomly generated pictures that have been designed by hand, and have certain utilities and voting powers attached to them. The NFTs represent a membership for the holder.

We will also  release a utility token to give rights to our DAO. that token can be staked and spent in our universe. We have an educational program for women to learn about Web3 in order to remove the barriers to entry. We give grants to the selected companies.

What does this mean to a non-techy person?

We are an investment club and by buying a membership which is a digital card, you join the club and obtain access to benefits including the right to apply for funding for your project or access to various educational programs’ content.

If you become a board member you can decide with other board members across the globe to vote on projects with the most social and environmental impact. In return for your participation, you can get rewards and interest in a digital currency in your digital wallet, with which you can invest or spend on various platforms.

How big is the market for all of this, Moojan?

Women entrepreneurs? Well, women are 50% of the population. there is only 2.2% of the total VC funding going to female founders. So you can imagine how many talents are left without funding.

the NFT market in 2022 was at USD 20.44 billion and is estimated to grow to USD 211.72 billion in 2030. The climate innovation and the need to create new sustainable solutions is also at the heart of important topics.

What did you do before this, Moojan?

I am a serial entrepreneur, activist, technologist and community builder. I was born in Iran, and after industrial engineering, I moved to France to finish my studies in corporate finance and banking. But the capitalistic world was not for me.

I started my entrepreneurial journey and created various initiatives for female empowerment and diversity and inclusion. I am now a digital nomad, traveling the five continents, speaking at various conferences and giving lectures on diversity, inclusion, and the basics of AI for business.

That’s a fascinating story and one that our readers will love. Thanks, Moojan

My pleasure, thanks for inviting me.

SiennaLend user guide – privacy crypto heaven

Lend

SiennaLend User Guide

SiennaLend provides liquidity, lending and borrowing on the first-ever private DeFi lending protocol.

SiennaLend—the first-ever private DeFi lending protocol—is live on mainnet!

Follow the steps outlined in this guide to provide liquidity for lending pools, and to privately lend and borrow assets.

Before you get started (pre-requisites)

If you are new to the Secret Network ecosystem, you will need to complete a few preliminary steps.

Note: The APY rates in the included screenshots may be inaccurate.

Step 1: Create a Keplr Wallet account.
To interact with Secret Network dApps, you will need to connect your Keplr wallet. Set the network to Secret Network. We have some SCRT tokens in our wallet for gas fees. Go here to install the app or watch this tutorial.

Note: Want to protect your identity? Use the Secret Wallet Guide to create a wallet that cannot be linked to a public wallet, centralized exchange (CEX), or doxxed address in any way.

Step 2: Gather some $SCRT for Gas Fees.
You can get SCRT via direct pay, CEXs and decentralized exchanges (DEXs) on Secret, or as a wrapped ERC-20 version from DEXs on Ethereum (note that you will need native SCRT for gas) — find all your options here.

How to Provide Liquidity and Lend Assets on SiennaLend

Here are the steps you need to take to provide liquidity for SiennaLend markets. Make sure you are connected to your Keplr wallet before starting (and ensure you have a sufficient SCRT balance for gas fees. 1–2 SCRT should be enough).

Step 1: Head over to the Sienna Network app.

Select “Lend” from the menu on the left-side of the app. Similarly, you can click on the “Use SiennaLend” button on the right-side of the app.

https://app.sienna.network

Step 2: Select “Deposit” on the Lend page.

https://app.sienna.network/lend

Step 3: Select the lending market you want to deposit liquidity for.

Select your desired lending pool and click on “Deposit”. For this example, we will make a deposit into the sSCRT lending pool.

After clicking on “Deposit”, you will be prompted to select your desired deposit amount. Input your desired deposit amount and click on “Deposit” (and approve the transaction in the Keplr pop-up) to broadcast the transaction.

You have now successfully made a deposit into a lending pool. Your deposited liquidity is now being used by borrowers for loans. You can either stake your SL (SiennaLend) tokens in their corresponding rewards contract to earn yield, or use them as collateral to take out a loan.

How to Stake SL Tokens to Earn Yield on SiennaLend

Step 1: To stake your SL tokens in their corresponding rewards contract, you will need to go to the “Rewards” page available at the top of the Lend interface.

Step 2: In the rewards page, you will see all the lending pools you have deposited liquidity into. Select the pool you want to earn rewards on and click on “Deposit”.

Step 3: You will be prompted to specify the amount of SL tokens you want to stake in the rewards contract. Select your desired amount and click on “Deposit” to broadcast the transaction.

You are now earning yield on your staked SL Tokens. Enjoy your lending APR!

How to Borrow and Repay Loans on SiennaLend

How to Borrow

To use your deposited liquidity as collateral for a loan, follow the steps outlined below.

Step 1: Go to the “Borrow” page available at the top of the Lend interface.

Step 2: Find the lending market you would like to to utilize for borrowing. For this example we will use sSCRT.

Step 3: Click on “Enable as collateral” to deposit your liquidity as collateral for a loan.

Step 4: After you have enabled your liquidity as collateral, click on “Borrow” to take out a loan against your provided collateral.

Step 5: You will then be prompted to specify the amount you would like to borrow (up to 80% of your provided collateral value is the maximum upper limit we recommend. You can actually take out a loan worth 95% of your provided collateral value, but this is significantly riskier and is not recommended). Specify an amount and click on “Borrow” to broadcast the transaction.

You have now successfully taken out a loan against your collateral!

After taking out a loan, you can monitor your risk ratio on the “Borrow” page. If the collateral value drops, your risk of liquidation increases. When your risk ratio hits 100%, your loan is liquidated and your provided collateral is used to cover the loan.

How to Repay a Loan

Step 1: Go to the “Borrow” page available at the top of the Lend interface.

Step 2: Find the lending market you would like to repay a loan for. For this example we will use sSCRT. Click on “Repay”.

Step 3: You will then be prompted to specify the amount you would like to repay. Specify an amount and click on “Repay” to broadcast the transaction.

You have now successfully repaid your loan!

Once you have repaid your loan, you can disable your collateral and deposit your SL tokens back into the SiennaLend rewards contracts to continue earning yield.

What’s Next?

Guide for setting up liquidator bots is in development. Will be shared with the community soon.

Switchere partners with Sienna Network for fiat on-ramp

Sienna Network has partnered with Switchere to allow the purchase of wSIENNA (ERC-20 version of the native SIENNA token) using credit and debit cards on their platform. This partnership greatly lowers the barrier of entry to Sienna Network.

Switchere is a licensed and fully compliant financial services provider. Switchere allows users to easily buy and sell cryptocurrencies in a few simply steps using credit and debit cards.

Users can easily purchase wSIENNA on Switchere and send it over the Secret Network Ethereum bridge to convert it into native SIENNA (in order to be able to interact with Sienna Network’s privacy-preserving DeFi applications).

To purchase wSIENNA on Switchere, users will first need to register for an account. Users will then need to complete a few KYC steps. Once the KYC information is reviewed and confirmed, users will be able to freely purchase and withdraw wSIENNA.

Exclusive Beta Access for Sienna Knights NFT Holders

Holders of Sienna Knights NFTs will be able to access the on-ramp before it is made available to the public. To check if you qualify for beta access, navigate to the options menu on the bottom left corner of the SiennaSwap app, and click on the “Get Access” button from the “Get early beta access” menu option.

SiennaSwap is a privacy-first, cross-chain decentralized exchange where users can swap tokens privately with zero front-running.

SiennaSwap runs on Secret Network, which is the first blockchain with privacy-preserving smart-contracts with high scalability and low fees. Transactions are executed almost instantly, and with privacy combined, front-running is effectively mitigated.

switcher

Please note that while Switchere allows US residents to purchase all major cryptocurrencies (BTC, ETH, LTC, BCH, XRP etc.), they are prohibited from purchasing other tokens including wSIENNA. EU/Asia/Africa residents are allowed to purchase wSIENNA on Switchere. Stay tuned for a US fiat on-ramp.