Recapitulation of PRUF PROJECT AMA event held at AMA LOVERS CLUB.
Venue: https://t.me/amaloversclub
Date: Saturday, 7th June, 2021
Time: 14:00 UTC
The PRUF PROJECT team was represented by @Exosequitur who judiciously shared with us detailed knowledge and information about PRUF PROJECT.
1st Segment: INTRODUCTION
Q1: Can you please introduce yourself and your background, also introduce the team working on PRUF?
ANS: Sure!!!! Hello everyone, my name is Clifford Smyth, and I am CEO and a lead dev at pruf.io. I’ve been building software for most of my life, and my work at PRüF is what I’m here to talk about today.
I've followed blockchain technology since bitcoin was still theoretical - the idea of Merkel tree ledgers is actually pretty old, but it was “Satoshi Nakamoto” that brought the incentives into line to make it happen.
Watching bitcoin emerge and grow changed my thinking on distributed systems because it showed that the alignment of incentives is the real key.
Since then, I have incorporated that insight into much of my work, and incentive alignment is a fundamental basis for everything we engineer at PRüF.
The PRüF team is unique in that many of us are related. This has given us some enormous advantages in trust and cultural understanding......
We have literally a lifetime of experience working together, and have completed some truly remarkable projects, both as a team and separately.
Our incentives are extremely well aligned with each other, and we have taken great care to align them with the success of PRüF.
Between the 4 core developers, we have well over a half century of programming and technology experience, including three decades of successful entrepreneurship.
Q2: Can you introduce PRUF, what critical problems does it solve that existing solutions are not solving and what's the competitive advantage?
ANS: At its core, PRüF is a privacy-first provenance platform that provides instant verification of ownership, authenticity, and item provenance using NFTs.
The key to our success in the space is that we are a protocol, not a platform. PRüF is multi-chain and is used to BUILD NFT Platforms for brands, creators, businesses, and organizations.
SO we provide tools for building platforms. Creators, brands, and even individuals can easily creat their own NFT or asset management platforms, marketplaces, etc, without any blockchain code!!
Our competition is legacy protocols, like ERC721. PrüF Extends the ERC 721 protocol making it much more powerful!
For example, PRüF enabled NFTs have integrated blockchain storage, and can store data, images, movies, documents, or even software economically ON THE BLOCKCHAIN.
This is huge because with most NFT offerings, if the company that minted them stops paying a server bill, your NFT becomes a worthless internet link.
Besides this, PRüF gives brands and artists control of their blockchain presence.
With a PRüF node, companies and creators control the presentation, business logic, costs, and features of the NFT media or NFT enabled products that they mint.
Much like an internet domain name, this node gives them control of their blockchain namespace and connects their offerings directly back to their web and social media presence.
With PRüF, Brands and artists don’t have to worry that their exclusive offerings will be presented alongside cheap knockoffs and baseball cards - they have the complete control they need to create the bespoke customer experience that their brand image demands.
If you haven’t already, be sure to join up at https://t.me/pruftalk to be eligible for prizes and to learn more about PRüF!!
Q3: Can you briefly describe the top milestones you have achieved and your target milestones with timelines, also share your roadmap?
ANS: Throughout development, we have reached a number of milestones that stood out as proud moments in the project’s history.
First to mind include our successful airdrop / presale / seed funding round,
Our code audit (https://solidity.finance/audits/PRUF/) and testnet launch
And most recently our gorgeous and easy to use web-app.
As for what we are working on now, first, we have our IDO coming up soon, so stay tuned in the chat to stay up to date on that exciting development!
Next, we are looking forward to full deployment and mainnet launch on several layer 1 chains, potentially including Ethereum, Cardano, Dfinity, Waves, and possibly even a native chain sometime in 2022.
Native chain is going to be HUUUGGGEEE🌔
Other than that, Im personally really looking forward to the grant program, where we will be gifting PRüF nodes and tokens to qualified teams with great ideas for building on PRüF, from artists and artisans to manufacturers and asset management portals.
https://t.me/amaloversclub/184796
And here is our roadmap!
Q4: Can you briefly describe your PARTNERSHIPS so far?
ANS: We are just getting started with our partnerships....
but so far we are working with WhiteWhale capital, X10, SightGlass Foundation, ARweave, The IPFS Foundation, Creative Tim, Jeff Mitchum Galleries, Blackstone Global, Decentralized Machines, and many more.
We have been featured in major media, including Entrepreneur, International Business Times, investing.com, FXStreet, NullTX, Reuters, and more!
With our grant and outreach programs, we plan to onboard 10,000 nodes by Q4 2023, representing millions of end-users and customers.
Q5: Can you give an overview of your Tokenomics, and the UTILITY of the $PRUF Token?
ANS: In general, the circulating supply of PRüF is about 150,000,000 (after the split)
Max supply is 4B, but that will take many years and a lot of growth, and by the time we get to max supply it will actually be much less, because tokens are burned as the ecosystem is built.
For Hodlers, PRüF will offer special double digit staking rewards right out of the gate, with our early opportunity staking contracts. After that, Hodlers will be able to stake on nodes, participate in community governance, and more.
other than that, just in general, The design of the PRüF token is fundamentally deflationary as the network grows, which should lead to healthy token valuations.
Aside from long-term holding, the PRüF utility token will be used to pay for network (layer 2) operation costs in the PRüF infrastructure. It can also be used by node operators to collect revenue to pay for layer 1 network fees. PRUF is burned to mint Nodes (PRND), and is used in staking on nodes for revenue sharing.
PRüF staked on nodes is also used in governance of the PRüF DAO. In addition to all of these functions, PRüF is also used as a medium of payment for the built in marketplace function of PRüF.
We are working with economic and PR professionals right now to develop a new tokenomic plan for the IDO that is responsive to the current market conditions. I can’t really go into detail about that right now — but we expect to have this released in a week or so.
🌟Whew🌟
If you haven’t already, be sure to join up at https://t.me/pruftalk to be eligible for prizes and to learn more about PRüF!!
2nd Segment: LIVE Questions
Q1: Pruf is designed to eliminate expensive n time-consuming contract development and audit, this wil enable NFT owners to deploy their token without writing a single code.
1) seeing that everything is simplified and very little information is given out, won't that attract bad actors and make it easier for scammers? Is pruf really safe?
https://twitter.com/stephen_sake/status/1401570831193493505?s=19
ANS: While PRüF makes it easy for developers to create NFT platforms, Markets, and to Tokenize both digital and physical items, the PRüF system of nodes insures verifiable authenticity.
Someone wanting to have a verifiable minting authority, say, representing their brand or their artistic work, will have to verify their website, social media, etc to be verified.
Any tokens created in the PRüF protocol are "branded" with the minting authority that made them, so they are easily verified to be provably authentic or not.
If A node somehow gets verified incorrectly, community governance can correct the error, marking the node as fraudulent.
Q2: You said you are with blockchain since bitcoin was theoretical. So you are so experienced. With all your experience what did you see in PRUF that give you confident that it will shine?
https://twitter.com/Profess95385296/status/1401904408678473735?s=19
ANS: Pruf grew out of an earlier idea we were working on....
ALETHEA, as we called it, was based on being able to authenticate news footage in order to fight Deepfakes in news media. We started working on that idea back in early 2017.
So PRüF expanded this idea to verify physical goods, and the NFT explosion opened up new markets as well. AS an ALETHEA spin-off PRüF can already be used to tokenize and verify authenticate events....that is a mearket we are just beginning to explore!
Because Privacy is important to journalism, PRüF is able to prove the authenticity, provenance, and ownership of digital and physical things, while maintaining privacy in the process.
We think that PRüF unuiqely aligns incentives in a number of markets, including markets that number in the hundreds of billions of dollars anually.
Q3: You said it that PRüF is a privacy-first provenance platform that provides instant verification of ownership, authenticity, and items using NFTs.
So if I may ask what is so special and unique about this NFT products created with PRüF?
https://twitter.com/FemiOyinloye8/status/1401901130804772869?s=19
ANS: You said it that PRüF is a privacy-first provenance platform that provides instant verification of ownership, authenticity, and items using NFTs.
So if I may ask what is so special and unique about this NFT products created with PRüF?
This is a great Question!
PRüf, as a protocol, will be used by platforms as a white-box solution for brands and content creators.
PRüF extends the legacy ERC721 protocol by adding features like nonperishable storage, presentation control, and verifiable provenance.
PRüF makes NFTs what they should have been from the start — brandable, secure, private, durable, functional, and self-contained.
By verifying authenticity and provenance, PRüF fights counterfeits and protects brand integrity while allowing artists and brands to control and curate the customer experience.
Q4: What strategy and direction does Pruf have for its NFT field? Do you really value NFT in developing the main backbone for Pruf in the future or is this just a trend following and you don't want to miss it?
https://twitter.com/Jonatha81569907/status/1401867901682913283
ANS: What strategy and direction does Pruf have for its NFT field? Do you really value NFT in developing the main backbone for Pruf in the future or is this just a trend following and you don't want to miss it?
NFTs are part of the core mechanics of PRüF from the beginning, but maybe not in the way we think of NFT's in the current market.
We started with PRüF almost a year before NFTs exploded, so we had no idea what was coming....but All PRüF assets, whether digital, or physical, are recorded as NFTs.....but with alot more features than legacy NFTs.
In the PRüF infrastructure, Assets, Nodes, Identifications, and more are all built using our NFT protocol. This deep tokenization of the system is what makes it so powerful, flexible, and upgradeable!
So, to answer more directly, of course we are excited about the NFT Market, but PRüF is in no way based on the current market conditions. Actually, we think that NFT hype got a little carried away lol. It was a little embarassing for a while, but we think it is getting back to reality.
Q5: PRUF did ama in this group before. It’s great to having you back. Can you tell me what are the major improvement you guies done during this time period?
https://twitter.com/bdhero2021/status/1401904697229803524?s=19
ANS: PRUF did ama in this group before. It’s great to having you back. Can you tell me what are the major improvement you guies done during this time period?
We have been hard at work for sure!!
The basic protocol is the same, but we have added important features for brands to manage their data storage options and minting authorities - Key features that give the PRüF protocol exclusive coverage of key features needed for mass adoption and to be taken seriously as a medium of storage.
Aside from that, we've grown our community, secured significant investments in the protocol, and rebuilt our interface and API's from the ground up.
Its been a lot of work, but the results are outstanding! 🚀🚀🚀🚀🚀🌔🌟
Q6: Can you talk more on PruF as a blockchain. Is it built based of another blockchain? What makes PruF as a blockchain unique?
https://twitter.com/jakenoinc/status/1401889809270988803?s=19
ANS: Can you talk more on PruF as a blockchain. Is it built based of another blockchain? What makes PruF as a blockchain unique?
Well, this is kind of a trick question, because so far, PRuF is not (yet) a blockchain....
Right now we are launching on various EVM compatible chains....
But eventually, we plan to launch our own blockchain which will be EVM compatible but be much cheaper, faster, and optimized to create connections between other PRüF deployments.
It will most likeley be based on the ETH POS model, athough its really too early to say yet.
Meanwhile, head on over to https://t.me/pruftalk and join up to qualify for our meme contests, prizes, bounties, and more!!!!
We have lots of giveaways over there for participants - earn üPRUF and more!
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