Recapitulation of AwooFinance PROJECT AMA event held at AMA LOVERS CLUB.
Date: Friday, 9th July, 2021
Time: 19:00 UTC
The AwooFinance PROJECT team was represented by @M4erlin84 who judiciously shared with us detailed knowledge and information about AwooFinance PROJECT.
1st Segment: INTRODUCTION
Q1: Can you please introduce yourself and your background, also introduce the team working on the Awoo Finance?
ANS: Sure! So I am Pietro, co-founder and head of charity for AWOO! Finance. I am currently based between Italy and Geneva. For all my life i've been a "tech head" always pushing the boundaries of what I could do, up to the point that after university I've pursued a career in IT, becoming a full time System Administrator for various companies. I've just recently started working for myself, doing consultancies. It's during this period that I discovered volounteering at dog shelters, and found that really rewarding.
As for the rest of the team, we definitely have to start with Kuzman. He single handedly resurrected a project called WOOF! Finance, basically our prototype that, after weeks of research and development, would become AWOO! He has impressive skills in community management and marketing.
Then there's Patrick, our "fearless designer" as he likes to call himself. He is the vision behind our branding, and currently the hand behind our NFT design.
Last but not least Mikasa, our marketing hand, who brought an insane amount of value, helped us jump some steps and be noticed by our partners.
All four of us make the co-founders. I have to give an honorable mention to our dev, James. He was able to transform our ideas into code, and I have to say his work has been amazing so far.
Q2: Can you introduce the Awoo Finance, what critical problems does it solve that existing solutions are not solving and what's the competitive advantage?
ANS: Thank you, that's a really good question.
AWOO! Finance was born with a specific job in mind: be able to tap into the amazing energy that the crypto community has and point it towards a charitable goal.
Our prototype project, WOOF! Finance, showed us that it was possibile. The community was excited and was happily "taxed" of 1% of the transactions made with WOOF!, knowing that 1% was going to charities in need. Building from that idea we developed what AWOO is today. There's still the 1% fee for charity (dynamic up to 5% when needed) but on top of that we built a cash flow fee that will enable us to have financial stability in order to grow more and reach more people and partners.
Our main goal is to distrupt the classic flow of donations a shelter gets. We call those donations the "give and forget". During our analysis a lot of our partners told us that it's normal for a person to donate what they can, but they almost never come back and donate again. They forget the shelter exists. We understand that, we live in a society that runs at 200% speed and it's difficult to follow everyone.
By using our charity fees and the gamification of our NFTs, we plan to make those donations happen more and more long term, walking away from the "give and forget" schedule.
The NFTs are our competitive advantage. Our platform has another "fee" which is the redistribution fee. Every holder of AWOO gets more AWOO redistributed at transaction time, making "hodling" safe and sound. But the NFTs skew that redistribution % for every NFT you own in your wallet. Meaning the more dog you sponsor through buying their NFTs, the more AWOO you're getting back while redistributing.
Basically, it's win win. The more dogs you sponsor, the more money goes to charity and the more money will eventualy come back to you. :)
Q3: Does the name "AWOO" mean anything?🤔
ANS: Of course! It's the sound of the little howls a dog make. Usually when they're happy. Apart from my dog, she doesn't really bark, she just make this strange noises and AWOOs to people. :)
So when you want to cheer for us, just go AWOOOOO! :)
Q4: Can you briefly describe the top milestones you have achieved and your target milestones with timelines, also share your roadmap?
ANS: Thank you, that's a question that I was expecting!
I would say our top milestones are our donations. Even if we were in the prototype phase, the platform was up and running and collecting money in the Charity Wallet (WOOF! at the time). We were able to contact two shelters. One is Harleys Hounds, a shelter registered in the UK. We were able to donate to them 15000$ worth of ETH, but also we were able to make them "crypto knowledgeable", they've learned about Bitcoin and Ethereum, how to use a wallet and how to buy and sell crypto. We kept in contact and they wold us they used the donation to put down a payment to buy land for their new facility.
The other one is Al Rahmeh for Animals in Jordan. We wanted to push our boundaries and we found Lubna, their manager. They were incredibly excited that the "tech world" was coming to help them. They mostly help the canaan dogs there, that unfortunately live a pretty dangerous life. Al Rahmeh helps them but also helps the community understand why it's important to respect animals. They immediately used our 3000$ donation to help even more dogs and communities.
The final milestone was the launch of AWOO, we always joke between us that we were "born in fire". A lot of things happened slightly before launch and even after that would have broken any team and any community, but we pushed through and we managed to keep people's investments safe. It is true that this is a crypto charity project but we never forget that people, investors, also wants profits. Hence why we are pushing for partnerships to give even more utility to AWOO, especially during the trading of NFTs.
We now have a few short term targets, that we can sum up in a roadmap:
- Early Q3 is all about partnering with shelters, and we have already one confirmation (just need to sign the contract);
- Towards the end of Q3 the development of our frontend will start, which will enable us to use OpenSea only as a backend and basically doing all the heavy lifting;
- During the whole Q3 we will scout with artists that want to collaborate on the NFT world, people excited about this new mode of art, pushing the boundaries of what a traditional NFT can be;
As we grow, we understand we're basically creating a new niche in the market. Crypto-charity already exists but something so community driven, that embraces multiple aspects (community, art, volounteers, etc) we think it's a first. There will be great steps in Q4.
2nd Segment: LIVE Questions
Q1: When it comes to charity, transparency is key, can you walk us through how the donation will work? Will there be an account meant for each dog where funds will be sent to and how can this funds be traced to help ensure that they won't be diverted or siphoned?
ANS: We agree that transparency is key. When a shelter gets screened, we will announce it to the community. By screening we mean doing our due diligence, then talk to the entire board of that speecific shelter. Our "charity wallet" is always public and the address can be pulled from the contract. It can be set dynamically to another address in case the charity already has one. We ask to the shelters to always shout out in their social media about the transaction, to give "proof of donation".
Q2: An extract from your whitepaper says "By buying $AWOO token, you're directly donating to millions of dogs who are without loving families or homes". This is so generous of you, so will your Charity be limited to dogs alone? what of other animals like cats that are also homeless, will you be donating towards their safety as well?
ANS: If the charity has other animals, they can do what they feel right for them with our donation. It so happened Harleys Hounds also helped cats.
Q3: What category of art is AWOO focused on right now? Looking at the way the NFT are designed, can we call if a form of investment, staking or pure charity work? Since a user will not actually receive a particular NFT Art? Do you have any staking system in place for passive income?
ANS: Category of art right now is mostly artwork inspired by either the dog itself or its story. Usually an NFT has the photo of the dog. In case of artistic NFTs, the user will receive an art NFT with all the rights connected to it.
Q4: I didn't see any information about contract audit on your site. Citing the security challenge wit most defi projects, what measures have you taken to ensure your platform is safe to use?
ANS: I just checked on the website and it's here: https://www.awoo.finance/assets/files/Cybersecurity_Audit_CTDSEC_AwooFinance.pdf
Q5: Care for animals who are helpless is a noble mission, while NFTs and other forms of attraction may look good, how would you ensure that you don't deviate from your original aim of breaching the gap between animal and che charitable donors ? Why did you decided to embark on a mission to rebrand ? What are the things that changed about your platform after you rebranded?
ANS: As I explained in the project introduction, WOOF! was resurrected by one of our co-founders, but then we wanted to grow out of it. Onboarding artists and partners for a more sustainable grow of the token. Hence why WOOF became AWOO, as a clear sign of "shedding our skin" and becoming something better.
Q6: In the Awoo Sanctuary which is a marketplace of sort, dogs in need will have their their own unique NFT. What happens to a dog in urgent need whose NFT isn't purchased, would the dog be supported by proceed from NFT of other dogs or it will be left ? What happens to animal in need of emergency treatment such as surgery or veterinary care when funds raised is given 100% directly to the partner ? Do you allocate a part of the fund to animals in emergency ?
ANS: Yes, we will always be able to pull emergency funds from the charity wallet and apply them to those cases.
Q7: You've released 90% of your token to the community. The 10 percent left is allocated for giveaways and contest. This leaves the team with no token, and nothing is allocated to marketing and development. How does the team plan to raise funds for project development and marketing? Knowing fully well no project goes far without proper funding.
ANS: With 10% for giveaways and contests we include marketing packages, and anything needed for the growth of the token. The 90% to the community is a target the more liquidity will be able to put in.
Q8: Your kyc was verified by assureDefi if am not mistaking, what other security check is your team deploying at the moment, such as auditing with the like of certik.
How do you push liquidity to avoid bot sniping please?
ANS: We got security audited as stated before. About bot sniping our liquidity is being put into the pool at random intervals and in incremental chunks. Meaning a bot can not physicall gobble up a big amount of tokens in one sweep.
Q9: AWOO provides dogs in need will have their own unique NFT. How does AWOO recognize dogs that are truly in need? Are users allowed to mint their own NFT? Also can NFT from a different market place be sold on the AWOO market place?
ANS: All the NFTs come from us and we are only able to mint them in partner with the shelters. No other NFTs can be sold on our OpenSea collection.
Q10: What are the legal and regulatory guide lines, and how will the organization monitor emerging regulatory consideration?
ANS: We do the research where crypto is legal and we talk to shelters and their legal teams to ensure that everything is legitimate.
Q11: According to your website; you minted 1 billion token, how do you intend to sell and distribute to the community? How do you intend to increase the NFT values and make them desirable for purchase ? Are you embarking on any special marketing campaign to drive NFT sale?
ANS: The tokens will be available to the community in form of liquidity on UniSwap. We don't plan to do more airdrops. The NFT values will be increased because we'll be partnering with artists in collaboration with the shelters whose art sells sometimes for thousands of dollars. Also there is a gamification of the NFTs, meaning the more you hold the more you get redistributed. Hence creating artificial scarcity as people will be incentivized to hold them.
Q12: when a users buys an NFT they are actually buying it to sponsor a dog in need. And if that is so, the users is not buying the NFT for the sake of a future asset or for the love of art, and instead a way for sponsorship. How will users actually benefit from this NFT?
ANS: They have both usecases, you are sponsoring a dog with the money you're giving and getting real art as a "reward". Of course you can always resell the NFT for value.
Q13: I've read that your website will have "90% Community Control" but some projects that use the same rhetoric as you about it never really cared about the community. So how can you make us believe that #AWOO will be a truly community driven project?
ANS: You can track all our liquidity adds through our wallets, as you will be able to see everytime we had enough ETH, it has been put in "the hands in the community" through liquidity.
Q14: From what I understand from your project, you will work for the benefit of dogs using the concept of NFT and DeFI? Will you use DeFi's STAKING and PASSIVE INCOME tools to reach more users and animal lovers? Can you talk about the big picture you have in mind?
ANS: Yes we already do passive income. The big picture we have in mind is to help as many dogs as possible all over the world while generating wealth for our holders.
Q15: I read that you are currently collaborating with two shelters, Harley's Hounds and Al-Rahmeh. You talk about choosing these shelters according to strict criteria, but what are these strict criteria? Who selects the shelters and will the community be involved in this selection process? How can we trust that the best choice has been made?
ANS: Our criteria include first being sure that the organization is registered as a charitable organization helping animals. We then vet to make sure that they are true to their mission and taking care of the animals in a humane way. This includes talking to people that directly interacted with the shelters and can vouch independently from them.
Follow Us On Our Various Social Media Communities For More Update;
You can find us here:
Telegram Community: https://t.me/AWOOfinanceCommunity (where we are mostly active for relaxed chats, the mods will also post announcements there)
Twitter: https://twitter.com/awoofinance (for the traditional crypto announcements)
Instagram: https://www.instagram.com/awoofinance (we are currently building our most "visual" social media platform, where we will have updates from the shelters we help)
And, of course, our website: https://awoo.finance (for audit, kyc, whitepaper, etc)
FOLLOW AMA LOVERS CLUB ON:
Telegram Group: https://t.me/amaloversclub
Telegram Channel: https://t.me/amaloversclub_channel