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Hello, Satoshi clubbers! Another AMA took place in Satoshi Club and we would like to introduce to you the AMA session with our friends from Polkachipher and our guests was @thorainer?—?Tim Rainer, CEO of PolkaCipher. The AMA took place on 16th of July.
The total reward pool was 500$ and has been split into 3 parts.
In this AMA Recap, we will try to summarise the most interesting points for you.
Part 1?—?introduction and questions from the Website
Gold Rocket | Satoshi Club:
Hello, dear Satoshi Club community!
We are pleased to announce AMA with Polkachipher.
Today our guest is @thorainer?—?Tim Rainer, CEO of PolkaCipher
Hello and welcome to Satoshi Club Tim
Andres M. | Satoshi Club:
@thorainer is a pleasure to have you here!
Tim:
Hey all, nice to be here. Thanks for having us
Gold Rocket | Satoshi Club:
How are you doing?
Tim:
Excellent thanks. Excited for the road ahead.
How you doing?
Andres M. | Satoshi Club:
So excited for this AMA
Gold Rocket | Satoshi Club:
We are a bit excited about the upcoming AMA and expect a lot of news
Tim:
sure
Andres M. | Satoshi Club:
Well, let’s begin, please introduce yourself, tell us a bit about you.
Tim:
Sure
Gold Rocket | Satoshi Club:
How did you get to be involved in crypto & Polkachipher?
Tim:
I am Tim Rainer, the CEO of PolkaCipher.
I have been in the Blockchain space since late 2015 and took an involved approach in 2016 as a business and financial advisor with a few startups. Traditional and Crypto.
Got involved when a business i managed needed lower transaction fees from suppliers in China through their product range. Since then I have continued to evolve my work and life around the Blockchain industry and continue to look for ways to provide complete use cases to consumers and businesses alike.
Gold Rocket | Satoshi Club:
Great background
thanks
Tim:
Got involved in PolkaCipher when the technologies became possible and relevant to the industry
Gold Rocket | Satoshi Club:
What is the essence of Polkachipher?
Main idea?
Tim:
PolkaCipher in a nutshell is a cross-chain privacy preserving project on the Polkadot ecosystem.
Our primary aim is to expand the applications of NFTs & DeFi and its use case in business settings and also increase the reach of Web3 applications in the blockchain economy via seamless integration to our project, privately.
Our teams intends to bridge the gap between off-chain internet economy and on-chain blockchain decentralized application, using PolkaCipher that relies on verified vendors to provide accurate and trusted data.
When ready, will be fully community owned and decentralized.
Gold Rocket | Satoshi Club:
Btw we would like to know about your team. Who is on the project team core?
Tim:
Main idea being the next step in NFT tech to real world problems.
Andres M. | Satoshi Club:
Amazing, that will increase the mass adoption
Gold Rocket | Satoshi Club:
You have taken on a difficult but very interesting task
Tim:
There are 10 of us. 5 core team members which we are growing as we speak. 5 devs plus outsourced to help scale over time and 5 community members who are doing a fantastic job.
Each one of us are experienced in this area and many others with a good practice on startups to scale
Yeah indeed but NFTs are so much more than Art images and gifs. That can only sustain for so long.
Gold Rocket | Satoshi Club:
Is your team anonymous?
Tim:
Id add, when i see companies only pushing and raising for just an NFT site, im shocked as there are thousands out there.
Andres M. | Satoshi Club:
So, are you trying to implement NFTs with real usecases?
Gold Rocket | Satoshi Club:
Yes this is a hot topic today
Tim:
No, our team is visible on the website and we will be updating the full team once we complete site update within a few days.
We have not listed the developers yet. This is purposely done to stop business espionage on our technology that doesnt exist in the market yet.
Tim:
100%. Like i said, NFTs are so much more than gifs and images.
Andres M. | Satoshi Club:
Completely agree, is a topic with a lot of potential. Btw how did you choose the name of the project?
Gold Rocket | Satoshi Club:
Great! It adds points to you in the eyes of the user
Tim:
Polka from Polkadot. Cipher?—?many meaning but a stable in our ecosystem.
Its all evolving around privacy
Gold Rocket | Satoshi Club:
Thanks for great introduction, we will have a question selected for the Part 1. ready to start?
Tim:
Yeah sure, fire away
Gold Rocket | Satoshi Club:
Andres M. | Satoshi Club:
That makes this even more excited, let’s proceed with the community questions
Q1 from Telegram User @NataliyaKil
The PolkaCipher White List for TrustPad IDO started on July 14, 2021 and will close on July 20, 2021. Having filled out the form to participate in the White List, I had a question. If any bot records are found, they will be removed until a randomized selection of matching users is found, which will then be whitelisted for IDO. I was wondering how you will recognize bots, what mechanisms do you use for this? Would it turn out that your verification system will fail and real people will be disqualified by mistake? If participants are disqualified, will they receive a notification about this to give them the opportunity to prove their reality and be able to participate in a randomized selection? And as I understand it, 15 places in the White List will be automatically given to the first in the ranking in terms of the number of points scored when we fill out the form. How do I know where I am in the ranking?
Tim:
That’s many questions and without being rude, it doesn’t really make much sense.
If you would like to discuss the whitelisting process and how it effects applications and any bots, please have a chat with the Trustpad team. They will be more than happy to help you in this regard.
However from my point of view, we are very careful in making sure bots are not included and genuine and authentic users are.
Any bots found will indeed be removed.
Gold Rocket | Satoshi Club:
Thanks for your answer
Tim:
More info: https://t.me/TrustPad Trustpads group
in terms of selection.
Gold Rocket | Satoshi Club:
Satoshi Club, don’t miss great opportunity
Andres M. | Satoshi Club:
Thanks for share it and the advice, would you like to add something before the next question?
Tim:
No, all good to progress to the next
Hope you can all apply and wish best of luck to you
Andres M. | Satoshi Club:
Of course, a great opportunity for our community, I hope a lot of them will apply
Q2 from Telegram User @Arisabela
PolkaCipher will implement a data matching mechanisms by using smart trackers, can you provide more details about this smart technologies that will be used by your protocol? And how could this matching mechanism be incorporated into solutions to real life problems? What are it use cases?
Tim:
The data needed by contracts on chain isn’t on chain. Its stored on the client’s database. Our technology allows for querying this data in realtime so that we can get the flexibility of full data availability while not having to go through the cost of putting bulky data on chain. Safer, cheaper, quicker and more effective in its cause.
Andres M. | Satoshi Club:
What kind of chains you support?
Gold Rocket | Satoshi Club:
The benefits are obvious!
Tim:
All EVM and we will look to include more if possible over time. Starting with the main first.
Andres M. | Satoshi Club:
It sounds so interesting, all the users will have benefits.
Btw, what are the main benefits for long term holders?
Tim:
Indeed, consumers and business alike
Governance, voting, staking rewards to name but a few. Full list of additions inc our option for parachains can be found at docs.polkacipher.com
That’s essentially our whitepaper in 2021 format
Andres M. | Satoshi Club:
That’s great, could you tell us more about staking? How to do it and how much APY?
Gold Rocket | Satoshi Club:
Thanks for sharing
Tim:
More info on this will be released soon. Looking at a week or so after the IDO on Trustpad
Andres M. | Satoshi Club:
Thank you, don’t forget to share with our community the coming announcements
Tim:
Of course. Once we can, we will for sure
Gold Rocket | Satoshi Club:
Ready to proceed to the next question?
Tim:
Sure.
Q3 from Telegram User @Cristubista
PolkaCipher allows both publishing and buying NFT without compromising my identity. However, does that not decrease the value of the NFT, or does it decrease its ability to sell in the market?
Tim:
You cannot hide your identity if you are on public chain. There is no incentive for general users if they want to sell/purchase NFTs if your NFT’s price is solely based on the reputation of creator.
You can transfer those NFTs privately which will enable you to hide your data inside the NFT if it’s of sensitive nature. Such as: legal documents, business documents, logins details, access passes, ownership details, etc, etc.
Andres M. | Satoshi Club:
So, any kind of KYC is needed?
Tim:
Not for consumer use. If business requires that, sure.
NFT bridges will ensure you can send an NFT from one chain to other through our solution. If you use PolkaCipher’s chain then businesses can mint businesses documents as NFT, send it to right party and ensure its credibility is not lost to general public. This is a next step in the industry.
Users can also stake NFTs on our platform and be able to use NFTs related financial products such as loans… etc.
Gold Rocket | Satoshi Club:
Sounds good
Andres M. | Satoshi Club:
I’m happy to know that you focus on privacy, so, what about the security of the users, have you done audits to assure that everything is safe?
Gold Rocket | Satoshi Club:
You have ambitious goals
Tim:
Well, audits have been done so far on the token and smart contracts. This was completed by Peckshield.
Once we complete the next implementation before it goes live, we will have full security audits done and completed. We have some fantastic security experts working with us from ex govt depts to crypto auditing firms known throughout the industry.
Gold Rocket | Satoshi Club:
Safety first
Tim:
Yes, exactly.
Gold Rocket | Satoshi Club:
Thanks for your answers
ready for the next question?
Tim:
Yes, certainly
Q4 from Telegram user @V1ct0r_26
When I was looking for information related to PolkaCipher it caught my eye the fact that there are two roles on the ecosystem called “Verifiers” and “Sub-verifiers”, what really caught me was the fact that you said that this people is chosen in secret. Could you explain this two roles to us a little more? What function do they fulfill within PolkaCipher’s ecosystem? Why are they chosen secretly and not with the community’s opinion? Also, if someone wants to be consider as a candidate for that role, what requirements do they must complete?
Tim:
As all data is not created the same.
We have divisions in our validator hierarchy to address this divide. The common nodes validating all and every transaction on the chain won’t do the heavy lifting of data providing, that part will be handled by the businesses itself.
If you have a business and want to provide data on chain for your consumers, you can apply to become an official data provider for data in your domain.
We will release more information on this when ready
Andres M. | Satoshi Club:
There will be more divisions or roles into PolkaCipher ecosystem?
Tim:
Yes. and governance etc as we progress
Gold Rocket | Satoshi Club:
We will waiting for news
Are you probably already waiting for a new question?
Tim:
Haha yeah, fire away
Q5 from Telegram user @Indomiekuy
I see that PolkaCipher has own token name with $CPHR. Can you explain what are the function of $CPHR token in your ecosystem ? What are the benefit that user will get by holding $CPHR token ?
Tim:
Nice question
By holding CPHR you can do few things:
- Off-chain data requests
- NFT staking
- Private NFT transaction
- Participate in NFT financial products such as loans
- Mint custom NFT with custom data type inputs
- Stake NFT
- Platform-based transaction
- Mine governance NFTs
and more
We will adapt to the market and requirements of users too with a suggestion form on site for community to vote on
To add, all these options within our ecosystem provide exceptional value to holders, short term and long term
Andres M. | Satoshi Club:
It sounds exciting, please tell us more about the token, maybe about the tokenomics of the token, max supply and market cap?
Tim:
Sure. So we have opted to go through BSC with launch for effectiveness over fees/cost.
Tokenomics can be broken down into 3 stages with seed, private and public
100% of public are unlocked with other stages in a vesting schedule spread in different structures.
https://polkacipher.medium.com/polkacipher-token-economics-announcement-16b6aea1a6e7
This is an article breaking it down a little with links to the tokenomics in full with vesting schedule etc for investors and all parties to read.
Andres M. | Satoshi Club:
Any amount to reward the community? I mean, are you preparing some meme contests, airdrops?
Let’s check it Satoshiclubbers
Tim:
Yes. There is a Meme competition going on right now.
And more coming soon.
let me get that link for your community to get involved
https://twitter.com/polkacipher/status/1414888077433229312
Andres M. | Satoshi Club:
Yes please, we have a very creative community
Is your opportunity to win Satoshiclubbers, let’s spread your creativity
Tim:
Amazing. Feel free to enter. Can’t beat a great meme contest
Andres M. | Satoshi Club:
Thank you Tim for your complete answers, let’s proceed with the final one of this stage of the AMA
Tim:
Perfect
Gold Rocket | Satoshi Club:
Thanks for sharing
…great opportunity for self-expression and earning
Tim:
.
Q6 from Telegram user @Korryl
As a cross-chain privacy oracle network, you partnered with quite a few notable VCs and projects. There are Alphabit, Node Kapital, Varys Capital, X21, LupaX, Blockpact and other. Can you share with us what are the result from all of your partnership? what are the requirement to become one of your partner?
Tim:
Great question
Some of these partners are well recognized for their passion for the space, support in the progress inc the financial to crypto industry and traditional business.
It was important for us to only go with the companies that could help us long term not just short.
To become one of our partners they needed to gel well with our goals and mission not just be there for a token price potential.
Nothing worse than not having full support for the startup, team and development.
Each one of our partners have been involved in depth since day 1 and we look forwards to building even more great partnerships and collaborations as time progresses. Defi and Traditional operations/outfits.
To add, this goes for the individuals that are expecting to join us from IDO.
As PolkaCipher will become decentralized and governanced when ready, it’s important we only have the best and positive ecosystem builders and community.
Gold Rocket | Satoshi Club:
Perfect answer
Thanks a lot!
Part 2?—?live questions from the Telegram community
Q1 from Telegram user @cryptoamee
Do you have done your smart contract audit with a trustful company? If yes please share details on that. Because the security is the most important for a crypto project.
Tim:
Thanks for your question.
Security is highly important because we don’t just aim at Defi but traditional businesses too. This includes financial institutions and due to the regulatory requirements for such security on data, we must meet regulatory guidelines for all security that needs to be executed within the products/services that will be launched.
Additional to this, in the smart contracts, we had an audit by Peckshield which can be found here: https://polkacipher.medium.com/polkacipher-completes-smart-contract-audit-3daf370e3eb9
Q2 from Telegram user @AugusS7
You point out that your main objective is to expand NFT applications, but how much can they really be expanded? Could it be that with PolkaCipher the NFTs could have a much more practical utility in our daily lives?
Tim:
We aim to expand the use by allowing businesses to use NFTs not for art and gifs but documents, legal docs, real estate ownership, financial services, insurances, and ownership.
We are enabling the ability to offer functions not currently in the market and we are first movers where we have a little advantage as we progress to Polkadot network.
Everything we launch will be cross-chain compatible and allow for use on permissionless blockchains rather permissioned/private.
This opens up a whole new level of use case for NFT technology that users are are the pinnacle point of breaking into.
It’s not going to be easy but we will progress as we can and adjust per market requirements.
Q3 from Telegram user @mobilejii
Is it compulsory to hold Trust pad tokens to join your presales and how do I get whitelisted? when will be the CHPR tokens available in exchanges to buy?
Tim:
I would highly recommend reading the whitelisting terms and if in doubt, please speak to the Trustpad team.
I do not want to give wrong information at such a pivotal point in time.
Q4 from Telegram user @KeymerS
You say that as soon as PolkaCipher is fully ready, it will be community owned and fully decentralized, but have you really defined when it will be available and fully functional, or do you have to test the alpha and beta versions to launch it?
Tim:
Yes. alpha/beta will be launched per product first with options for testers to get involved. Once PolkaCipher is at the point to release the tech to the community, we will go fully decentralized and offer our company/business side as a SAAS style service and keep running that way
Q5 from Telegram user @mannhan
WHENNN LISTTT BINANCEEE ???
Tim:
That is an interesting question but as most financial regulators are looking to take them out, it would be non sensical to go down that route when we would like regulated businesses to use the tech
Q6 from Telegram user @highpee
PolkaCipher’s primary function of bridging the divide between decentralized applications (dApps) and real-world data is broken into two components which are ON-CHAIN and OFF-CHAIN. Which of your activities are done on-chain and which one is off-chain? How are off-chain results returned back into on-chain contracts?
Tim:
Hi Johnny. Thanks for this question.
Depending on the initiator’s choice and what they will be using Cipherdex or any of the products for determines what will be on or off-chain. We have a lot of options with the expansion of Polkadot and KSM
Let’s see how they roll out and we can capture a great leading position.
Q7 from Telegram user @JoxesXIII
If the purchase of NFTs could be done privately and thus, how can we validate that the NFT is authentic and that it is owned by the person it claims to be?
Tim:
This again is determined on a few factors but authenticity will not be private, only the information within an NFT.
This will not affect value but more likely increase authenticity.
Part 3?—?Quiz Results
In the final part, we tested your knowledge in terms of Polkachiper. They’ve prepared 4 questions for this part. The total reward pool for the quiz was 300$.
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