Tuesday 11th may 10pm KST (8pm GMT+7)

Joel Natanael  : Hello everyone welcome back again to AMA series FCM. Today we will have an AMA with Phil from Props Project Team 🥳

Phil : Hello! Thank you for having me and pleasure to be here!

Joel Natanael : I’ll explain a little bit about how the AMA will works today

There are 3 segment in this AMA

Segment 1: Project Introduction

Segment 2: Question from Twitter

Segment 3: Free Asking

Joel Natanael : Before we go to segment 1, Can you explain to us a little about your background before entering the cryptocurrency world and why did you finally decide to become Director of Business Development at Props?

Phil : Prior to joining Props, I was helping lead business development / partnerships at a major mobile messaging app in the US. Which eventually decided to enter in the blockchain space itself. I’ve always been following crypto for sometime and felt that there were ways to particiapte in forward thinking technologies, which always excites me.

Which leads me to why I joined Props. It’s all about Team and its history.

To give you more context around our history. The CORE team has been working together for 5+ years and we are a very tight knit team. We all come from the consumer industry and have extensive experience building networks at scale. The team has been together for over 4 years and are experts at building smart contracts. But more importantly, we have the experience to bring a project to market and ensure it gets mainstream adoption.

Our CEO Co-Founded the world’s first online karaoke (K-Solo), which then he sold to Fox / Myspace at the height of Myspace. Then he went on and founded YouNow, the first and largest live streaming mobile app in the US – with over 120 Million user sessions a month at the time.

Then in 2014, YouNow was the first to introduce a digital currency (non-crypto) in the context of a 2 sided market – where people could buy into it and others (i.e content creators) could earn it. This is where Props came out and was born. It was from this experience that Adi saw that participants in a 2 sided marketplace were eager to have a financial upside in the network they help grow. Props became a solution for any business to share financial value with its most loyal users, who help the business grow.

Now comes the part that motivated me to join the Props Team. It was during this time at YouNow, Adi was seeing that power users / content creators were asking to get paid not just in dollars, but in stock options. They were eager to have an upside in this network they loved (Younow) and devoted huge amounts of time to it.

They would say:

• “Adi – you will be a tech millionaire, I only get paid a few thousands dollars at the end of the month. I want an upside potential.”

But of course, there was no way to issue stock options and nor was that an option. But it got the team thinking back then about blockchain. Our CEO knew from experience that the power of sharing value with the users who help grow a network and wanted to take it to the next level and there was a way to provide something better than stock options

Which was:

– Utility that unlocks benefits

– A scarce digital asset that HAS the characteristics of Capital

– Can scale and be produtized/gamified

It was from this experience where Props was born. This story is what motivated me to join the Team. Enabling businesses to align with their most valuable users, by sharing wealth through:

1. unlocking utility

2. Via a token that provides a financial stake in the network they help grow

SESSION PROJECT INTRODUCTION

Q1. Can you explain a little bit about what is Props Project and what is the mission of this project?

Phil : Props enables any Web 2.0 business, to easily implement a loyalty program where the points have financial value tied to them. We understand that Web 3.0 is the upcoming future, but we also feel that traditional Web 2.0 businesses can also participate in blockchain that ties loyalty even further with their users. Our out-of-box SaaS solution with Admin tools, allows for ease of integration via APIs for mobile & web, where any Web 2.0 business can easily implement a new forward thinking loyalty program that’s powered by blockchain.

Props is a work / discount token that unlocks user benefits across a network of apps that adopt Props.

Here’s a good visual for the community

By working with Props, traditional businesses don’t need to have any extensive knowledge of blockchain nor do they need to hire a dedicated team to build a program that utilizes blockchain technology.

Our mission and approach is to enable popular apps, with hundreds of thousands to millions of users, to adapt Props for their communities, to increase business results by better aligning with their users through Props.

And to achieve that adoption, we provide a solution that obfuscates the blockchain for regular users, enables the apps to maintain custody for users until they need to claim, and gamifies the experience , so that grandma can participate in digital assets and tokens, without a need to connect a wallet (initially).

This of course is part of our secret sauce – and our background in building consumer networks at scale – which contributes to our success. One way to think about our mission is simply – Tokenizing Loyalty Points.

And as part of our mission to onboard more and more mainstream apps to adop our services, here’s an example of some of the tools I mentioned that come out of the box and provided by Props:

We launched in 2019 and today we have 8 Partner apps that annouced, each with millions of users, and 5 have launched. See our current partners here:

Q2. I saw you working with a number of applications with quite a lot of users.  My question is, can you explain what is the role of Props Project in these applications?  (You can grab a few examples from applications that have collaborated with Props)

Phil : Props is being used to power a loyalty rewards system for all of our partner apps. To give more context, Props is a work/discount token that unlocks benefits (utility) within the apps that adopt it as their loyalty token. It’s important to note that it is not a spend currency (transactional) for apps. Apps utilize our solution to further align with their users through a power loyalty points program, where the points have financial value.

One way to think about Props is as a cross between traditional loyalty points and capital.

Another way to think about it is: tokenizing loyalty points and imbuing financial value into them for our current and future app partners.

Props value is backed by the aggregate utility it provides to its millions of users across all participating apps.

So the incentives are aligned across our network. We’ve seen some of our partner apps increase key business KPIs after integrating with Props. Below is a screenshot of some case studies.

So far, all our app partners enjoy using our loyalty solution that enables even further alignment with their users as well as helping increase their KPIs

Q3. By collaborating with several applications such as Younow, Listia, and Tegger, then what are the benefits for Props Project and what are the benefits for those application users?

Phil : Great question. For Props, one of the benefits is more and more mainstream adoption where users are earning loyalty points that are powered by Props. This also helps us continue to innovate and push forward. But it’s best to give an overview of our Protocol in general, which ties into benefitting not just us, but partner apps as well.

Props is an app level Protocol:

The apps mine the Protocol and receive token rewards based on the utility value and demand they drive for Props.

Users earn Props in return for doing valuable actions defined within each app and get certain benefits that are specific to each app, such as status, discounts, early access to VIP chats and more.

If an app provides valuable benefits (like discounts, or premium features), and users chose to buy or stake Props to the app to get these benefits – the app receives more rewards from the smart contract

If an app simply rewards users but provides no benefit, and the users don’t stake it – the app will mine little to no Props at all.

This is where the incentives are aligned:

1. Apps are incentivized to earn more Props, by engineering more Props utility into their apps.

2. They are also incentivized to reward their best, most loyal, users who will be most prone to HODL – as the app earns more from the Protocol rewards when users HODL and stake to the app.

Apps benefit by getting a new asset class that does not come off their balance sheet and is funded by the market, users benefit because they earn a work/community token that enables them to own a financial stake, Props itself benefits by growing its network by onboarding more users who EARN and HODL(stake) to get more and more benefits across their favorite apps.

Q4. What are your plans in the future to make the Props price go up and the Props Project to grow?  Does it work with other well-known applications?  By burn events?  Or are there other plans?

Phil : In terms of growth and future of Props in general, I’d like to think that a win for us is by having more and more mainstream apps adopt our Loyalty SaaS solution. We know that this is no easy walk, but it’s why we’re more dedicated and excited to see companies believe in us and want to work with us in implementing a solution that enables them to offer a blockchain powered solution to their users.

Because we are an app level protocol, the incentives are aligned by ensuring users and apps are connected with one another further. Our future plan is to continue to onboard more and more apps as well as build towards governance and staking.

Our simple out of box solution makes it easy for any app (well known or not), to easily integrate our loyalty program through simple APIs and works across mobile and web.

We’re a solution for Apps, not Dapps. In order for us to grow and to onboard more and more mainstream businesses, we also need to continue strategize and market ourselves. Our team is growing, as we recently hired a team member in Korea and have a dedicated team in China as well. Blockchain / crypto is global, and we know that it’s all about continuing to innovate while marketing ourselves as well. Our community is growing as well so I feel confident we’re on the right path forward

Q5. In case some of our members want to be involved in the development of the Props Project, is there a way that your project provides so that users can be involved in the development?

Phil :We value community tremendously. We’re all in this together and it’s all about getting valuable feedback and communication. Best suggestion I can give is join our growing community channels. We’re always here to listen.

Website: https://www.propsproject.com/

Twitter: https://twitter.com/PROPSproject

Official Telegram Channel: https://t.me/propsproject

Korea Telegram Channel: https://t.me/propsprojectkorea

Chinese Community Channels: https://www.propsproject.com/chinese-groups

SESSION QUESTION FROM TWITTER

Q1. From @Moon588004 : For a project development first of all main priority is having enough fund. Does your team financially capable to run this project?  Do you have enough fund for it’s developement? Can you tell us that how your project generate the profits?

Phil : Thanks for the question Moon588004. We are fortunate enough to be backed by some good notable investors, which enable us to continue to stay strong and push forward.

Here’s a look at all of our investors who believe in our vision and mission.

As we continue to grow our network, by adding more and more partner apps + working towards enhancing our Protocol – that is how we will see success 💪

Q2. From @MarianRami1 : Again, the community is the pillar of a project to be able to stand firm. Do you believe that?. So, what are your efforts to make your community strong and can be a solid pillar for your project?

Phil : Thanks MarianRami1. I love getting questions about community. 100% agree community is a pillar and utmost important. Especially in this industry but truth be told, in all industries whether blockchain or not. With that in mind, we continue to focus on growing our community. As mentioned previously, we’re growing our Marketing Teams and focusing on not just the US but other areas such as Asia. We all win as one 💪

Here’s links to our website and various community channels:

Website: https://www.propsproject.com/

Twitter: https://twitter.com/PROPSproject

Official Telegram Channel: https://t.me/propsproject

Korea Telegram Channel: https://t.me/propsprojectkorea

Chinese Community Channels: https://www.propsproject.com/chinese-groups

Q3. From @PotokGadang : What are the specific business models that $PROPS Network is interested in helping? DApps, STO market, on-ramps, gaming, gambling, banking / lending / finance, leveraged trading?

Phil : Thanks for the question PotokGadang. Our business model is trying to onboard Web 2.0 businesses. This means, we work with apps/platforms who are looking for even further alignment with their users through a new loyalty program, where the points are backed by a financial value.

This means, 2 sided markets are prime as our customers. Examples could be: streaming services (Younow), marketplaces to sell used goods (Listia) and more.

Q4. From @TonyMon253 : Props claims that is an ERC-20 token, but will just compatible with Ethereum Network or Cross Chain features is planned? How much chain are you planning to Integrate?

Phil : Thanks TonyMon253. Props is indeed an ERC-20 token but we also work with Algorand and the Algorand Network to use them as our side chain.

We have over 100,000 transactions a day and Algorand has minimal transaction fees and can support a huge TPS. So apps issue users Props IOUs on Algorand. When users wish to claim, they claim into an ERC-20 wallet — so the token and the smart contracts are compatible out in the world. That’s the high level distinction.

Q5. From @AaPutun : How can $Props incentivize market liquidity? Does $Props have an internal market maker to ensure continued liquidity? What if people are interested in providing liquidity to $Props?

Phil : Thanks AaPutun. We work with a market maker to ensure certain parameters are met. We are also listed on several noteable exchanges outside the US for Non-US/CA users. You can find information on exchanges here: https://www.propsproject.com/token

SESSION FREE ASKING

Q1. truongdan_hihi : Can you list 1 or 2 deadly features that make #your project stand out from its competitors? What competitive advantage does your platform have that make you feel the most confident in yourself?

Phil : Hi Truong. Thanks for your question. I think where Props is different is that we’re focused on onboarding Web 2.0 businesses. This means your traditional business who aren’t Dapps. It enables us to participate in the market of mainstream adoption while simulataneously be forward thinking in terms of blockchain innovation. But first and foremost, it’s all about Team. We have a great team, where most have worked together for 5+ years.

Q2. ব্যাঙ্গরো : Are you a global project or a local project???

Can anyone use your project anywhere without any restrictions????,

Phil : We are a global project. Blockchain is global :). Anyone who joins any of our partner apps can easily earn Props tokens for taking valuable actions defined by each app. In terms of exchanges, we are listed on international exchanges for any non-US/CA users at the moment. You can find more information about where we are listed here: https://www.propsproject.com/token

Q3. Md Faysal Hossain : Not every crypto user understands technical issues well enough. Has Your project prepared any informative material that could facilitate the use of inexperienced users?

Phil : Great question Md. Because we are focused on Web 2.0 businesses, this means we are fully aware that majority of their user base will not necessarily understand crypto/blockchain. It’s why we’re proud of the solution we’ve created, where it’s something that enables easier education. Effecitvely, the loyalty points are simple loyalty points, except that they are backed by a token with real world value. We know that users sometimes are sensitive, so we ensure that once an app partner joins our network, onboarding and education is also part of their package. We’re not in the business of dictating what to do or what each app must do. We go about it as a partnership. We all win together.

Q4. Rosa : Smart contracts are susceptible to failure and many projects fall victim to this, costing users money and the project discrediting. How reliable and secure is your smart contract? Have you tested it through any of the parties?

Phil : Thanks Rosa for your question. We value security very highly and have been audited to ensure our contract is reliable and safe. You can view the audits here: https://blog.openzeppelin.com/props-rewards-engine-contracts-audit/

Q5. Nassir Uddin : THE NFT ecosystem is huge and there is fierce competition in the DeFi+NFT space. Which NFT project do you see as your competitors? “And how do you plan to compete with them?”

Phil : NFTs! Great question Nassir. We’re actively exploring the NFT market and just recently, just announced our newest partner – SuperWorld that is in the NFT space. They will be using our loyalty solution to power their users to engage further inside their platform. You can read about the partnership here: https://venturebeat.com/2021/04/15/superworld-teams-with-props-for-selling-nft-virtual-real-estate/

Please note: we are just exploring and researching. We like to always educated ourselves and stay on top of market trends.

Great! This was super fun! Really enjoyed being here and hopefully everyone else learned more about Props.

Phil : Yep. Want to say thank you once again for joining this AMA and learning more about Props. Please visit our channels:

Website: https://www.propsproject.com/

Twitter: https://twitter.com/PROPSproject

Official Telegram Channel: https://t.me/propsproject

Korea Telegram Channel: https://t.me/propsprojectkorea

Chinese Community Channels: https://www.propsproject.com/chinese-groups

By Mr04

Crypto currency lovers

Tinggalkan Balasan

Alamat email Anda tidak akan dipublikasikan. Ruas yang wajib ditandai *