Recapitulation of PolkaParty PROJECT AMA event held at AMA LOVERS CLUB.
Date: Tuesday, 13th July, 2021
Time: 14:00 UTC
The PolkaParty PROJECT team was represented by @Timbaldwin who judiciously shared with us detailed knowledge and information about PolkaParty PROJECT.
1st Segment: INTRODUCTION
Q1: Can you please introduce yourself and your background, also introduce the team working on the PolkaParty?
ANS: The core team is ran by me and my co-founder who is anon since he works for Gemini. Then we have advisors from some great projects like BASE Protocol and a new project Unvest. Then we have my right hand man who runs a marketing firm, but he has acted as a vc and gave us seed funding very earlier and advises me on a day to day level. Then we have our back end dev team which consists of 8 devs and our front end team which consists of five front end designers/devs. So we have about 20 people in the organization.
I got my start working for riot games. I worked on valorant and LoL. My tech journey began there and I’ve been doing it ever since. I’ve always had a passion for smart contracts so in my spare time I like to fork, edit, and build smart contracts. That’s how polkaparty was born!
Q2: So the entire team of PolkaParty is anon?
ANS: No I’m not anon at all
I’m doxxed, I live in Ohio in the United States.
My real name is Tim Baldwin. You can google me :)
Where can the community get information about the rest of the team?😄
This is the lab we work with, so all our devs are out in the open and also doxxed
I’ve worked with blocksphere for the past 8 months and we have become very close.
Q3: Can you introduce the PolkaParty, what critical problems does it solve that existing solutions are not solving and what's the competitive advantage?
ANS: PolkaParty aims to create a favorable DIY DAO service that is designed for anybody to tap into the larger aspect and power of group finance. The goal of PolkaParty is creating a universal platform to make its stance in the space as the on ramp to DeFi, since as of right now , there are many technical barriers of entry for retail investors to amass the emerging gains of the prominent industry. The ultimate goal throughout the PolkaParty experience is allowing all users to become easily integrated into the entire ecosystem of DeFi, without having to understand the vast amount of technicalities in decentralized finance. Our belief is in creating an easy to understand user journey, as individuals will have the opportunity to chat, research, and immerse oneself in a respective party with more experienced figures, who understand the formality of more lucrative methods within crypto. At the fronthlem of our PolkaParty experience, we heavily focus on an easy to use, and understand system that is driven by person-to-person chatting, similar to gaming features that allows user’s to party up with friends at any time to conquer the challenges ahead.
As a result, PolkaParty is a DeFi service that allows users to pool their money together without relinquishing complete control over that money. This can only occur with the use of a smart contract and is a truly unique and contemporary use of blockchain technology. PolkaParty took this path in order to allow the average Joe the ability to compete with large venture capital funds as well as hedge funds. I came up with this concept when I worked for a huge VC firm that consistently made 10x gains on token listing then dumped on the public. Now large parties of individuals will be able to control their money and be considered a “whale” or fiscal market participant with an influential sum of funds. We created this because we saw a hole in the market. Retail investors keep getting squashed by whales and when chaos is happening, like a bear market, investors need to be able to band together in order to navigate the sea of losses.
Q4: Can you briefly describe the top milestones you have achieved and your target milestones with timelines, also share your roadmap?
ANS: Currently all of our smart contracts are deployed on test nets meaning we’re just finishing up our ui for platform launch. The MVP will be out first week of august so we’re very happy about that. We’ve also raised enough money to build the platform for another two years.
Let me get the roadmap for you, but we are making another updated version as we speak.
Q5: Interesting to know that the project has raised a substantial amount of fund 😄
Does this means there was/is presale?
ANS: There was two rounds of presale
We ended up closing them both early since we didn’t want to have a high market cap at all at launch. I watched my friend raise 4 million and it didn’t help his project at all. The less money we raise the better it is for our project long term but we still have a substantial amount for sure. Long term over short term.
We do have an interesting nft sale in the next couple weeks to raise liquidity.
We are selling nfts for 500$ a piece. Each one comes with revenue percentage, polp tokens, and they will also have a special use case on the platform which will surprise everyone once it’s out!
This was my idea to allow anyone to join our presale no matter what country they are located in
Since traditional presale don’t allow US based clients.
2nd Segment: LIVE Questions
Q1: You mentioned that the $POLP token has many use cases, can you mentioned a few of them and how they work in in each sectors mentioned?
Also, having your project majorly funded by a team member is a red flag for me, what happens when he decides to sell his whole share or token?
ANS: We have an extremely conservative vesting schedule, but furthermore in the rounds we try to take as many small investments as possible. It is a lot more work for us but we have a strong belief that DeFi should be more accessible. So we decided that all of our rounds wont have a minimum. Furthemore, we are funded by someone on our team meaning they have 10 months before they can even touch one of their tokens. This is very different compared to VCs. When VCs approach us and want to get their tokens faster, we tell them to F off.
Our token will be a crucial part of our platform, as we’ve seen various projects create tokens with no utility. The token itself has a deflationary burn mechanism, but the real utility comes from the fact that POLP tokens will be a catalyst for building what we call a Party Score. Basically, the platform operates by allowing users different tiers of PolkaParty platform use. In order to use all srvices and be part of the most elite groups you need to have built a strong Party Score. You can think of a Party Score as a DeFi credit score almost. One of the more notable products that involve our token is our platform Party Passes, which allow users on PolkaParty to gain NFT abiding registration to accessible opportunities of platform IDO’s, and more exclusive feature offerings. Users who are holding Party Passes will have access to a consistent number of launches for early-staged projects, that will be held within a quarterly time frame. PolkaParty has access to an extensive list of resources & partners for incubator-like tasks, essentially looking for help upon launchpad objectives. These early staged projects will receive immediate verified parties on PolkaParty, obtaining priority promotion on the platform for short term token launchings, as well as for long term product features. This creates a situation for Partygoers to be able to gain access of tokens for favorable projects, as well as highly sought-after Party Passes (NFT’s) that will accrue in value over time. Party Passes will be gained by burning LP tokens from distinct trading pairs, and as a result receive back a Party Pass. Furthermore, we will have a daily shop that allows users access to buy singular objectives using POLP token. We have so many use cases with this token it’s honestly ridiculous. Also the token will give users a kickback of platform revenue just like a dividend!!!
I’m going to try to answer the questions that I see most often up there so that most people’s questions get answered. I apologize in advance if I don’t get to your question. You’re always welcome to ask questions in our tg!
Q2: 1. As a small investor, I have always dreamt of becoming a Whale. Is it possible that this dream could be achieved with PolkaParty?
2. What role will NFTs play in the PolkaParty project?
ANS: Yes this is the best part of the platform. You will still have all your funds but since you can team up with others you won’t be able to get wrecked by a whale because you will be one with the help of your fellow partygoers!
NFts are used as rewards for certain objectives. Just like how you get rewards for completing daily objectives in League of Legends or Fortnite, PolkaParty will reward users for interacting with the site. Each one of these NFT objectives will increase a persons party score or reputation on the site. As I mentioned above reputation is a huge part of the site. Just like how you cant access certain areas of an rpg if you arent leveled high enough, we want to encourage our users to level up and become a top user on the site!
Q3: To use your portal, is KYC necessary? How do I know that information given to you are kept confidential and aren't used for malicious purposes?
ANS: KYC is the devil. So no. We have terms and conditions stating your information is private but Polkaparty won’t know who you actually are unless you are a verified monarch.
Q4: "MARKETING" activities are the area where the new crypto projects make the most effort. Do you have a professional team to promote your product in the most effective way and to the widest audiences? In addition, did you give importance to the "COMMUNITY" structuring and prepared promotional campaigns to increase the level of interest in the POLKAPARTY project all over the world?
ANS: Yes we have a marketing team and they are extremely capable.
Q5: You've made Crypto easy for many by creating a very easy and user friendly system. That is very commendable. But how do you intend to protect these newbies from the many insecurities of the space and the threat from more experienced bad actors? What is your security model like?
Is your contract properly audited to guard against all these insecurities, can you share audit link if you have any? Will these new inexperienced users really be safe? If the security is guaranteed, this will really hasten the adoption of Crypto in general. Good job mate.
ANS: Security, safety, and reliability are all things that come with time. We are working on an audit now because we have some huge influencers about to join the project. So I’ll be sure to post that when it’s done! We’re hoping that our platform steers people away from shitcoins, token listings, and rugpulls so that should help newbies out.
Q6: The variety of governance models in the PolkaParty ecosystem is definitely a game changer in DeFi and I must confess, I'm really impressed. So I'll ask; With special reference to the Republican governance model of the PolkaParty ecosystem, why is it necessary to maintain an "ODD NUMBER" of party representatives at any given time? Finally, if a user fails to use the party pass gotten and the quarterly time frame for that particular party pass expires, does this mean that the Party pass becomes useless to the user?
ANS: Ok so the republic model needs an odd number in order for each vote to have a majority.
The party passes are like season passes in fortnite. You get rewards for leveling up while having a party pass. Whether you level up 1 level or 70 levels is up to the user!
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