AMA TRANSCRIPT: SPYKEFAST x POLKASTARTER
Date : 28 SEP 2020
Host : Hunterr , GemFlair & Groot
Guest : DANIEL , CEO Of Polkastarter
Hello! Spykefastians & Blockchain Enthusiastic!
We recently hosted an AMA with Polkastarter, on 28 SEPTEMBER at 5 PM UTC. So here we are up with AMA transcript, for those who missed the live session, this blog post will be saver & feeder of knowledge for them.
Round 1 — Introduction Questions Asked By Spykefast
Q1 : Can we have a small introduction from the team, your experience in crypto space?
Ans : The team consists of 2 co-founders, Tiago, our CTO and myself, as CEO. Additionally we have 2 blockchain developers and one UX/UI person, who are currently working hard on getting the platform to market as quickly as possible.
I started my own web design, development & marketing company in the early noughties (2001). That eventually led me to found my own e-commerce company that, at its peak, did $20m in revenue per year and had 1m+ customers. After I sold that, I got heavily into blockchain. This was around 2017.
At that time I was a part of the crypto media. I interviewed ~100 blockchain founders to find out what makes them tick. It was a great experience that led me to some strong beliefs about what it takes to be a blockchain founder.
It also gave me an opportunity to be present at most major conferences (over 80 in 3 years) and meet ups over the last years.
By far the most impressive were the Web3 Summits in Berlin. Seeing the Web3 community come together, present their projects and share ideas was really impressive. Last year especially was a highlight, when Gavin Wood introduced Substrate for the first time publicly. It was amazing to experience this first hand and further strengthened my belief to be actively involved.
Q2: What is Polkastarter? Why Polkastarter choosed to build on Polkadot ecosystem? What’s the main advantage of using Polkadot for Polkastarter?
Ans: Polkastarter is a permissionless DEX built for cross-chain token sales and auctions, enabling projects to raise capital on a decentralised and interoperable environment based on Polkadot.
There are too many reasons to list right now, why we’ve chosen Polkadot. We truly believe, that Polkadot will bring in the next evolution of Blockchain and we wanted to be part of it. We’ll be publishing an in-depth article within the next day or two about why we chose Polkadot, so please look out for that.
Q3 : Dex on Ethereum Blockchain like Uniswap have scaling limitations, are costly and slow to transact . How Polkastarter solve these problems ?
Ans : Yes, it’s a question we get asked a lot. First thing I have to say, that we are not building an alternative to Uniswap. We are solving one of Uniswap’s biggest problems: raising funds in a fair way. We do this by providing fixed swap pools, where projects swap their tokens for other crypto assets at a fixed price. Being based on Polkadot will help prevent any scaling issues and it will be cheap and fast.
Q4: What are the utilities of POLS token in Polkastarter Ecosystem ? Will POLS holders get any fees discounts or something?
Ans: We have thought about the POLS utility long and hard and we are very proud with the final result. We’ve just today published our Whitepaper, which goes in-depth about the POLS utility token features, here is the link, but let me just quickly summarize.
Q5: Is KYC Verification essential for the Projects that want to launch their token sale on Polkastarter platform to protect the Investors from Scam token Sale ?
Ans: Polkastarter will be at it’s base permissionless, that means anyone can be a pool creator and sell their tokens on our platform.Due to more and more regulations in the crypto space, we wanted to make sure, that our platform is ready for the future, so we’ve decided to integrate features like KYC and whitelisting.
KYC is going to be optional and projects that need KYC in order to be compliant can choose to activate that feature. And yes, KYC definitely adds a layer of security to the whole process.
Q6: Polkastarter have Anti-scam feature , can you please explain in brief how this feature work ?
Ans: Anti-scam features will help to prevent users from buying the wrong token. These include smart contract verification, smart contract information, token import alert and high slippage alerts. All of these mechanisms work together to make users aware that they might be buying at an unfair price.
Additionally, we are aiming to get the community involved in selecting projects they know are genuine. These will be featured separately.
Q7 : What are the major milestones Polkastarter achieved so far & what are in the future pipeline?
Ans: I think we’ve achieved an incredible amount in a short amount of time, including a successful Seed and Private Sale, which was heavily oversubscribed. My Co-Founder and I put a great team together, who we know will be able to deliver an amazing product on time. We have amazing Advisors with JP Mullin from MantraDao and Matt Dibb from Astronaut Capital helping us every step of the way. Tomorrow will be another major milestone with the Uniswap listing.
Round 2 — Questions Asked on Twitter & Telegram For Polkastarter
Q1: By Paul Machine — Investors are now evaluating projects for a short period of time and trying to make a profit in the short term. IEOs & DEFI are one of the short-term investment tools for the last 2 years. So what makes polkastarter valuable for the long term?
Ans: We believe that Polkastarter is set out to tackle some of the most critical issues on an increasingly important feature in the crypto space. More and more blockchain projects will come in with incredible solutions and investors like you and I will need a safe fund-raising environment.
Current solutions were not designed for such usage. IEO on exchange for example is very costly for projects and prohibit many of them to access capital. IUO (or IDO) on Uniswap for example has been very open to scams for participants who lack experience and knowledge to protect themselves.
We hope to enable projects to raise capital on a decentralized, permissionless and interoperable environment based on Polkadot. At the same time making Polkastarter the safest destination for investors looking to participate in early stage projects.
Q2: By Pinkgirl — POLKASTARTER looks good but it confuses me that there are so many other Blockchain project. What should I pay attention in POLKASTARTER to give it the importance it deserves? What are your planning to achieve with your project?
Ans: We are looking to address a market that saw a $5.1 Billion in DEX volume in H1 2020 alone and over $3bn in August, and this space is growing at 1,100%. To demonstrate our commitment to deliver a true solution, we have recently published our roadmap which outlines all the important milestones you will see on Polkastarter from today through to the end of 2021. We hope most of you will become our platform user which is why it is important we involve our community in planning our growth. Please really check our Whitepaper and if you have any questions, please ask them on our TG channel: https://t.me/polkastarter
Q3: By StyleOfModel — Everyone knows, if you want to go fast, go alone, but if you want to go far, you go with your partners, so with POLKASTARTER, which partners will promote and help POLKASTARTER a reach and achieve the project’s goals?
Ans: That is a very nice quote that I have come across several times. It is meaningful. Working with the right partner is critical to help us achieve our goals. By saying that, let me outline some of the partnerships you will be seeing us announce.
Amongst them will be community partnerships (when the project have great similarity), ecosystem partnerships with other Polkadot projects and technical partnership such as a parachain candidate which will support our integration into the Polkadot ecosystem. Additionally we are looking to expand our team with even more expertise in the near future.
A very nice benefit of Polkastarter in the near future will be, that once we launch our platform by the end of this year, every project which will create a token pool, will automatically promote Polkastarter to get as many buyers to the platform as possible.
Q4. By Hendrasico — The Uniswap listing is soon , so can you give us a date that when this is gonna happen? The Private sale Ends? or there still exist a chance to purchase POLS tokens?Now we know the Date.. 😀
we get Estimated launch time?
Ans: I’ve actually just finished the tweet with the exact time and it will come out in 1h and 15 minutes, so you have to bear with everyone else until then. We’ve tried to choose a time, which will allow most members of our community to be awake. We want to give everyone a chance to become one of the first POLS holders (or hodlers 😉
Round 3 — Open Telegram Chat questions
Within flash of seconds, the TG group was flooded with questions for Polkastarter team. Spykefast team was overwhelmed with the response of Community Members.
Q1: By Aleksandr — You raised slightly below $900k in total in the seed and private sales. Could you please tell us for what they were raised and what kind of vesting periods there are for those who participated in the early sales? How much is reserved for the IDO liquidity on Uniswap?
Ans: Hi Aleksandr, very good question. First of all I would like to say, that we could have raised much much more. We’ve had to decline so many offers from very valuable investors, as we just couldn’t fit them in. It was our decision to have a small raise, as we wanted to raise just enough to ensure, that we can deliver on our roadmap. Not more and not less. In terms of more details, I think it would be best to check our dedicated token page on our website, which explains all in detail: https://www.polkastarter.com/token. Our initial Marketcap at listing tomorrow will be under $1m, of which $200k will be to provide liquidity at the listing.
Q2: By Chin — Defi hype died?
Ans: Short question, I like it. The hype might be temporarily over, but we are confident, that any high-quality and long-term valuable project like ours will succeed despite that. I believe as well, that DeFI is certainly here to stay and will continue to thrive.
Q3: By Irina — What will Polkastarter do to build a thriving community that truly cares and supports the project for the long term, not just for a temporary profit?
Ans: Hi Irina, the community is at the centre of everything we do. We are building the platform for them and we want them to be actively involved in the success. It is one reason, we’ve already opened 2 Telegram channels for the Vietnamese and Turkish market and will open several more over the coming weeks. With our Governance model, which we will introduce next year, every POLS token holder will be able to decide on where Polkastarter will be heading and what new features they want to be added. It will be really exciting.
Q4: By James — You have a rather ambitious project with great things coming on the roadmap and the DEX/DeFi space definitely has a big room to grow. What kind of plans do you have in regard of getting more adoption on the market, not just with the current users of cryptocurrencies, but also with people who currently are not into cryptocurrencies? Why do exchanges/trading need decentralization?
Ans: Hi James, as there are just 2 minutes left, I need to give you a shorter answer than I would like. At the heart of our platform will be the user experience. Many projects in the blockchain space are built for developers, not the average user. One of our main focuses will be on building the platform, that everyone will feel comfortable using it. This will help us attract as well more investors.
Hunterr: @danielstoc thanks for the time and effort put in by you..in patiently answering the questions put up.
Daniel : Thank you everybody, really enjoyed it and the hour went by very fast. I really hope you will all join our Uniswap listing tomorrow. For all details, please follow our announcement channel: https://t.me/PolkastarterAnnounce and our twitter account: https://t.me/PolkastarterAnnounce
1) Pols website: https://www.polkastarter.com
2) Twitter : https://twitter.com/polkastarter
3) Telegram : https://t.me/polkastarter
4) TG ANN : https://t.me/PolkastarterAnnounce
5) Spykefast TG : https://t.me/spykefastofficial
Contact Spykefast Group (TG Members — @realsch & @Gem_Flair) for promotions and AMA!!