Recapitulation of CRIBNB PROJECT AMA event held at AMA LOVERS CLUB.
Date: Friday, 14th May, 2021
Time: 17:00 UTC
The CRIBNB PROJECT team was represented by @Krik_fr who judiciously shared with us detailed knowledge and information about CRIBNB PROJECT.
1st Segment: INTRODUCTION
Q1: Can you please introduce yourself and your background, also introduce the team working on CRIBNB?
ANS: Our core team is composed of former engineers and product managers who have developed and maintained software programs for major world-wide recognized hospitality companies such as Hilton, Marriott and Ramada software programs include System 21 (OnQ), PMS (property management system). We bring years of experience in software engineering, entrepreneurship, and business development especially in hospitality industry. I, myself, Kirk Fernandez have worked closely with hospitality industry companies for years. I had the opportunity to open my own business (network installation company) at the age of 22 in Oklahoma City, employed fellow programs to work with small businesses to help them run own intranet, customer relationship management (CRM) and collaboration software. I have had a chance to set up and participate pre-opening events of many well-known Hotels around the world, some of them include Hilton Bomonti in Istanbul, Hilton Hotel in Middle East.
Daniel Rodriguez is another co-founder and CTO. He also has years of experience in software engineering and development. He also helped lead hospitality companies to develop product features and machine learning models to prevent fraud.
Ali Sayyid is our Lead-Engineer which 5+ years of experience in architecting and building wide range of software running on phones, cars and cloud. He also spent several years as a tech lead at Alibaba building scalable AWS services.
Alina Mskalyova has a strong commercial background. She has worked at IBM technologies for several years and spent some time as Venture Capital analyst.
We also have 6 other team members who are working closely with us for product development and implementation. We will also be hiring additional developers to integrate other blockchains into the Cribnb Ecosystem soon.
Q2: Can you introduce CRIBNB, what critical problems does it solve that existing solutions are not solving and what's the competitive advantage?
ANS: Cribnb is a decentralized short-term rental ecosystem that will use blockchain technology to make the rental process less costly and more convenient and secure. The transparent ecosystem with verified information on hosts and guests will foster trust between the parties. Cribnb’s decentralized platform will reduce traditional frustrations, scam rates and time delays, in the rental process to benefit both hosts and guests. Thanks to smart contracts, it is now possible to build a truly decentralized and automated sharing economy platform. This will be done with no middlemen and thus 0% commission, meanwhile sharing the wealth with the users in a two-sided marketplace. Given the growing acceptance of the sharing economy and increased usage of digital currencies, Cribnb’s launch comes at a growth inflection point for our target market.
Cribnb will build a smart platform that serves a growing market segment. The platform will develop tools that will make the market grow in a more transparent, user-friendly manner. Cribnb will attempt to resolve the technological gaps in the current short-term rental platforms. The Cribnb platform will aim to significantly improve the user experience within the peer-to-peer rental market by aligning incentives.
Currently, centralized home sharing platforms heavily rely on multiple intermediaries to conduct transactions which adds additional costs to hosts and guests using their services. The costs end up being between 10 to 20% which include platform fees, financial institution fees, foreign transaction fees and currency conversation fees. However, Cribnb will charge 0% commissions to hosts and guests utilizing our CRB token. Thanks to our smart contracts automating transactions will bypass commission-based platforms, financial institutions and currency denominations because using CRB token will avoid foreign transaction fees or currency conversion fees, and all savings will be passed on to hosts and guests holding the token. The cost which users have to pay will be small “gas” fee in addition to nominal insurance fee to help cover host liabilities. Users also will have a chance to utilize fiat or other crypto currencies for but for small commission. For example, using BTC, ETH or other utility ERC20 tokens user will have to pay 0.75% commission and for fiat 2.50% commission. These commissions will be charged to guests when they choose other payment methods than CRB token and or for hosts who prefer to get paid out and pay in.
Q3: So what kind of rent are we talking?
Can you give a scenario?
ANS: Yes, the platform will be utilized by users for short term renting, usually private home owners, vacation, homes and bed and breakfast, hostels or even hotels.
Anyone will be able to use our platform for renting and sharing.
Q4: Can you briefly describe the top milestones you have achieved and your target milestones with timelines, also share your roadmap?
ANS: We have been working on this project for a year now, many development were made and milestones are achieved so far. We wanted to make sure that everything is ready and with no faults before going live. Our CRB token contract has been verified by etherscan and audited by Certik. There were 11 issues found in the contract no major issues, 1 medium, 2 minor and 8 informational, all these issues were tackled by our developers team. Our staking V1 is planned to launch by August and this smart contract also will be audited by Certik as well before launching the mainnet. Alpha prototype launch on testnet and MVP launch is also scheduled by late fall. We are also already in talks with top tier exchanges regarding listing our native CRB token once we go live.
Finalize partnerships with top tier CEX for listing CRB token
Partner with an audit firm for auditing our smart contracts
Staking smart contract V1 launch
Alpha prototype launch on testnet
MVP launch and delivery
Integration of third party identity verification and launch of KYC platform
Cribnb implementation of payment and payout options in CRB tokens only
Crib Protocols launch on testnet
Auditing of our protocols and smart
Arbiter pools launch
Crib Protocols go live on Polkadot, and starts integration with 2-5 dApps
Launch iOS and Android Apps
Cribnb integrates with a third party decentralized KYC protocol
Integrate third party currency conversion protocols and allow payment in BTC, ETH and all ERC20 Tokens as well as fiat
Integrate third party marketplace protocol to allow decentralized listings
Cribnb further expands to U.S., EU, UAE, Turkey, East EU
Facilitate integration of 5-10 sharing economy dApps with Crib Protocols
Implement governance model for future product improvements
Cribnb further expands in key cities worldwide
Crib Protocols supports a wide range of sharing economy dApps on Polkadot
Q5: Kindly tell us more about this partnership?
ANS: Most of our partners are hospitality and private home renting companies located in Florida, South Carolina, Washington DC and Atlanta. Some of them include Pristine Properties, Vesteva, Florida Vacation Homes and Marjan Island located in the UAE. We also have strong connections and backers in China, Seoul and the UAE.
Most of our team members come from multicultural background and had the opportunity to travel several countries and build strong networks in many investment and hospitality companies. After our mainnet launch, our initial listings will be in these locations. We had the small private sale event (equal amount to 50 ETH) and all investors were institutions (FYI: 45 days time lock will be placed for the private sale tokens).
Our project will be built on top of the Cribnb protocols but we also will utilize some existing second layer protocols. Therefore, we are going to be partnering with other strategic protocols for easier conversions (flexible pay-in and pay-out conversion between CRB, BTC, ETH and fiat), KYC and Identity for identity verification, Marketplace for integrating with strategic marketplace protocols for decentralized listing and bookings. We have also partnered with Certik to make sure safety of our project and investors will be our top priority.
Q6: Can you give an overview of your Tokenomics, and the UTILITY of the $CRB Token?
ANS: $CRB will be the main utility token of Cribnb Ecosystem. User of our decentralized platform will have to use $CRB token in order to receive full benefits and avoid paying commission fees thus enjoying 0% commission fee. Through decentralization, Cribnb is able to disrupt the currently available sharing economy models. At the same time, tokenization creates benefits for early adopters and token holders, thereby aligning user incentives toward further growth of the Cribnb network. We can accelerate user participation by giving everyone in the network the opportunity to earn tokens by referral programs and arbitration. Additionally, Cribnb corrects for market saturation by continuously incentivizing guests and hosts to contribute to the network by utilizing the CRB Token. The CRB token is used within the Crib network to incentivize good behavior and punish malicious behavior.
This creates network effects by aligning token holders’ goals and attracting early adopters through referrals. Token holders also have decentralized governance over the protocols.
As the number of users (guests, hosts, 3rd party devs, arbiters) increases so does the transaction volume, which increases the amount of staked tokens in the protocols. This means the number of CRB tokens in circulation (not staked in the protocols) goes down with user adoption, which decreases the total supply.
throughout any booking on our platform, a certain amount of CRB tokens (booking cost, security deposit, cancellation fees) is held in the transaction protocol until the checkout date.
arbiters stake more tokens to be picked more often for judging by the arbitration protocol.
users with poor or no rating can build trust with other users by staking tokens on their transactions.
we’ll allow hosts with high rating to promote their listings for a fee Sidechaining mechanism will be used to allow tokens from one blockchain to be securely used within a completely separate blockchain but moved back to the original chain if necessary.
2nd Segment: LIVE Questions
Q1: How does CRB Token takes advantage of the changing behaviors of investors and the recent popularity of cryptocurrencies and why does CRB decided to build it platform on Polkadot, any additional advantage of this?
ANS: Cribnb will be a long term project and with strong FA. The project will offer tremendous benefits for its token holders and also an opportunity to participate in decision making by governance and selecting what other products to include into the ecosystem. Cribnb will utilize Polkadot tools to build a custom parachain and create our dapps using substrate framework for reducing the time to market. Building a blockchain from scratch can otherwise take years. Using Polkadot, our developers will focus on business logic and features instead of blockchain infrastructure development. Polkadot interoperability with other blockchains made possible by bridges (a special form of parachain), make Polkadot an ideal blockchain for a project like Cribnb which will need to interact with other blockchains like Ethereum and Binance smart chain. Also, by utilizing Polkadot Cribnb will ensure the gas fees will be minimal and speedy transaction.
Q2: What will Cribnb do to ensure that early adopters/investors who participate in the public-sale event and holding the token for long term does not lose out but benefit immensely from the project?
ANS: Cribnb will ensure early adopters and investors who participate in the public sale and hold the token long term will benefit from our staking and arbitration protocols which is planned to be launched much early than scheduled time frame since our smart contracts are almost ready and initial staking will be available soon. Also, we are in talks with top tier exchanges for listing $CRB token.
Q3: In your white paper you mention the cause of increased transaction fee in the centralized finance system, will arbitration not cause the same effect in your platform..
ANS: actually, arbitration protocol will help us increase the value of $CRB token this incentivizing hosts and guests to use CRB than other major crypto currencies and fiat for their transactions. Thats because arbiters will need to stake more $CRB tokens to be selected more to be arbiters and earn more tokens.
Q4: I believe CRIBNB is really a great project that can be applied to our real life..
Do CRIBNB have any plans for global expansion strategy? If so, which countries will be the target after this?
What are the biggest challenges you face in project development and short term approaches and solutions?
ANS: Thank you very much for your trust and positive feedback. Yes, Cribnb is international project and our target markets are located in different parts of the world. Personally, I have traveled to China, South Korea, the UAE, Turkey, Russia and many other countries to start building partnerships and globally expand. More exciting news are coming soon for our community.
Q5: There are similar projects, but they do not solve exactly the problems of exit scam. The team could leave the project after the launch and receive the sale tokens. How can The Dogelon Father prevent it from happening?
ANS: In order to give security feeling to our investors, we have made sure to audit our smart contracts before our public sale event. We have also locked all CRB tokens (including private sale, team, staking contract tokens) except public sale and uniswap lp tokens. All token lock information can be found in pinned messages. Also, we are conducting our public sale thru a IDO platform with auto liquidity lock feature, since all tokens are already time locked, and liquidity will be placed on permanent lock right after the public sale there is 0 chance for any rug pull or token dump. Our smart contract has been already audited by Certik and findings are already shared via our website. I am not sure about Dogeleon but Cribnb will be here for long time. We will have a video from another cofounder Daniel Rodriguez as well before public sale opens.
Q6: It is quite interesting that the CRB Token is ERC-20 despite the fact that eth gas fee is quite high and slow, don't you think an investor might not find that good enough?
What are the set target the project is trying to solve & is there any timeframe in mind to achieve this
ANS: We have created and minted CRB as erc20 long ago to ensure the smart contract is audited by Certik and verified by etherscan. However, we will be integrating other chains soon, project will be built on Polkadot and Eth initially, then we will include BSC, we will be hiring additional developers to integrate matic as well, our goal is to creat multichain platform.
Q7: A part of your website states that "all savings are passed back to the hosts and guest holding the CRB token". Since Cribnb operates a 0% commission fee, where does the SAVINGS come from?
ANS: Hosts and guests will be able to enjoy 0% commission fees, however in order to receive the full benefit they will have to utilize CRB token. But sometimes, they may prefer to use other major crypto currencies or fiat for initiating transactions which will lead small commission fees to be charged, this gains will be used to buy back CRB token.
Q8: The popularity of Cryptocurrencies has increased in recent months, what does Cribnb offer to investors so that they can get involved in your project and also be able to be successful?
ANS: Investors will be able to earn passive income by utilizing our arbitration staking protocols, our tokenomics built in way which will lead more and more CRB tokens will end up in staking protocols thus reducing the number of CRB tokens in circulation and increase its value. Hosts, guests and token holders will have a great opportunity to earn more CRB tokens. We will also launch referral and ambassador programs where investors can actively engage within the ecosystem.
Q9: I have read, in your medium article, if there is a dispute after the rental service, the arbitration protocol will solve the problem. So how will you identify the arbitrators in the arbitral tribunal, will the community voting be used to ensure fairness and transparency in arbitrator selections?
ANS: arbiters will be randomly selected depending on the number of CRB tokens they have staked and also previous record of arbitration participation because rating systems will also be applied to arbiters, it will count their timely decision making records to select them. The staking dashboard will display their upcoming arbitration cases if they are successfully selected.
Q10: Will you have a feedback evaluation and rating system for businesses and customers using the Cribnb platform? How will you encourage more customer satisfaction?
ANS: Cribnb can seamlessly integrate with 3rd party authentication platforms and correlates identities with a weighted rating score on the Cribnb rating protocol. Reviews are stored on the blockchain through the Crib rating protocol and linked to the host and guest identities. To ensure privacy and keep gas costs at a minimum, reviews are encrypted and stored off-chain with only a hash of the review being posted on the blockchain. This ensures immutability and prevents post-hoc modification of any review. User with low rating score will be able to stake more CRB tokens and improve their reputation with other users.
Q11: How will the Cribnb Network ensure that there is a complete elimination of middlemen in the rental and home sharing space? https://twitter.com/BelloABDUL0192/status/1393240078747570177?s=19
ANS: Building sharing system on the blockchain will eliminate the need for middlemen and data silos across thousands of platforms selling users personal details. Users will be in control of their own information and transactions.
There are so many reasons why the blockchain is perfect for the home-sharing network that Cribnb has positioned itself into. Here are 5 main ones:
• Can’t be controlled by any single entity
• Can’t be corrupted by malicious attacks
• Are fully transparent, trustworthy & immutable
• Have fast transaction speeds & low fees to any internet enabled computer in the world.
Follow Us On Our Various Social Media Communities For More Update;
👉 Official Website: www.cribnb.org
👉 Official Twitter: https://twitter.com/cribnb
👉 Official Facebook Page: https://m.facebook.com/cribnbsharing/
👉 Official Linkedin: https://www.linkedin.com/company/cribnb/
👉 Official Telegram: https://t.me/cribnb_discussion
👉 Announcement Channel: https://t.me/cribnb_announcements
👉 Official Medium: https://cribnb.medium.com
👉 Official Discord: https://discord.gg/aAst4RNk4V
👉 Official Github: https://github.com/cribnb
⚠️ WARNING ⚠️
❌The ADMINS/MODS & Team members will never PM/DM you first, request you sending money, crypto, private key, or any such thing.
Official Cribnb Admins/Mods:
▫️Jon Crean @crean077
▫️Tony Howland @Howland_cryp
▫️CEO – Kirk Fernandez @Krik_fr
▫️CTO – Daniel Rodriguez @Daniel_Rodik
▫️Lead Engineer – Ali Sayyid @Sayyid_0
▫️Marketing Specialist – Alina Maskalyova @littleAlin_happy
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