Props Project x Im Community AMA Recap

🐋 TELEGRAM AMA: Im Community & Props Project 🐋
⏰ AMA Timing : 22 April 2021 l 01:00 PM UTC l 20:00 GMT+7
Venue For AMA : https://t.me/imcommunityitw

🎁 Reward Pool 100 USDT

Bà Tân | : Welcome everyone. Today Im Community will host AMA with Props Project.

Bà Tân | : Today our guest is: @phil_propsproject from Props Project.

Bà Tân | : Please introduce yourself a bit: @@phil_propsproject

Phil : Thank you @RoisePM ! Hello everyone.

My name is Phil, and I am Director of Business Development for Props.

I think before we dive deeper into the core team introduction, I can give a brief intro about myself.

I’ve worked extensively in the mobile consumer space, and prior to joining Props — was doing partnerships at a major mobile app that later also dove into the crypto/blockchain space. So I come with experience in partnership development for blockchain + consumer friendly companies.

Should I type “Done” to let you know @RoisePM ?

Great! Done. OK to move to the first question about our intro to Props and Core Team? 🙏

Bà Tân | : Thanks for the self-introduction

Bà Tân | : Today’s AMA will have 3 sessions

Sessions 1: The chat will be muted & the team will introduce themselves then we will ask some introduction questions to the team Props Project

Sessions 2: We will pick 5 Best Question from our members on Our Tweet (https://twitter.com/IM_Communityitw/status/1384888906185801730).

Sessions 3: The conversation will open to the community questions and the 5 best questions will be selected.

Bà Tân | : Rules to follow AMA : ⤵️

▫️ Join : Telegram group Props Project (https://t.me/propsproject) and IM Community (https://t.me/imcommunityitw) , Channel Im community

(https://t.me/imcommunityit)▫️Follow: Twitter Props (https://twitter.com/PROPSproject) and IM Community (https://twitter.com/IM_Communityitw)

Web & Community:

🌐https://www.propsproject.com/

Bà Tân | : Start session 1 AMA @phil_propsproject

Bà Tân | : Question1. Can you provide a brief introduction to the core team behind Props Project?

Phil : Certainly! The CORE team has been working together for 5+ years and is a very tight team. Our CEO & Co-Founder has an amazing background. He Co-Founded the world’s first online Karaoke (K-Solo) which sold to Fox/MySpace at the height of Myspace.

It was during this time the team started with non-crypto virtual currency in 2013 and became experts in running a 2-sided money market at scale, to which at one point bringing in close to $100M in sales of the non-crypto virtual currency.

Done. I’ll tee up more for the next question as it tells the story better 😉

Bà Tân | : Question2. What is the background and the motivation of starting Props Project? @phil_propsproject

Phil : This is a good segway from the previous question and one of my favorites to answer ;).

So going back to the backstory / CORE Team. It was during when Adi was running the live streaming service mentioned previously, where the team noticed something from the platform users:

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 and devoted huge amounts of time to.

They would say to Adi:

“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”.

Of course: not going to issue stock options. But it got the team thinking. Is there a solution where we could help empower creators more? So it got Adi thinking about blockchain.

He knew from experience the power of sharing value with the users who help grow a network, and wanted to take it to the next level — With something better than stock options:

- Utility that unlocks benefits

- Scarce asset — that has characteristics of Capital

- Can scale — productized/ gamified.

That’s how Props was born in 2017.

Props Became its own startup and we spun it off to focus on enabling any business to align with its most valuable users, by Sharing wealth through:

1) Unlocking utility

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

DONE

Bà Tân | : Question3. Does Props Project has its own token? then can you explain about the tokenomics and use-cases of this token? @phil_propsproject

Phil :

Ah, before we move onto the next question. Forgot to show this image:

It paints a good picture of the value prop for Props. OK — will move onto the question 3.

Props is an ERC-20 Token.

At its core, the supply and demand is driven by the aggregate benefits the token unlocks across all participating apps. The more users Buy and stake, or are awarded and hold the tokens for the benefits they unlock, the more demand is created.

Think about it this way — if you get a 4% bonus or a 5% discount — what is that worth to you?

If you unlock a unique gift or content? Would you sell your tokens and lose those perks?

Would you sell it for 5 bucks? Maybe not. For $50 or $500 — maybe yes… So there is a price value to that loyalty token. It’s not a transactional currency — it’s more akin to loyalty points or experience points.

There is a max supply of 1BN tokens and no inflation on top of that.

~330 Million Props are releases logarithmically, daily, over years, as rewards, to the apps and users

We run our layer 2 on Algorand chain — to support over 100,000 transactions a day. While our Layer 1 is on ERC-20.Finally, rewarding the apps who create demand for Props by providing valuable utility that users care to HODL for.

The apps in turn share their props rewards with their valuable users.

Today — 99% of these app users are choosing to hold the tokens for the benefits they unlock in the apps.

DONE

Bà Tân | : Question4. What is the development roadmap for the Props Project this year? @phil_propsproject

Phil : Great question!

You can see the major Milestones and Roadmap here: https://blog.propsproject.com/a-year-in-review-and-2021-roadmap-4e4e36f1e519

But to give an overall historical summary (past — to present day):

1) We started the project in 2017

2) Built and deployed main net in 2019

3) By 2020 had 3 apps running Props, each with Hundreds of thousands or millions of MAU

4) In 2021 another couple of mainstream apps launched and others recently announced integration, with more announcements coming.

Here’s an overview of our current partners (launched & announced).

This includes our first NFT use case — whereby Props is being built in to be used as a loyalty token for an NFT community and marketplace: Superworld.

In terms of roadmap: we are focused on governance and staking. We expect to launch a staking testnet in the weeks ahead. This is the first step towards passing governance to the community of token holders.

We are also looking to enhance the protocol to support NFTs.

Our go to market strategy is to focus on mainstream communities and apps and provide them the protocol and easy to use SaaS tools so that they and their users can leverage the token and blockchain technology with as little speed bumps and education. So we will be enhancing those tools too.

Here’s a snapshot of our out-of-box SaaS Admin Tool we provide to partner apps (one of my favorites):

DONE!

Bà Tân | : End of session 1

Bà Tân | : We will move on to session 2

Bà Tân | : Sessions 2: We will pick 5 Best Question from our members on Our Tweet (https://twitter.com/IM_Communityitw/status/1384888906185801730).

Bà Tân | : Rules to follow AMA : ⤵️

▫️ Join : Telegram group Props Project (https://t.me/propsproject) and IM Community (https://t.me/imcommunityitw) , Channel Im community

(https://t.me/imcommunityit)▫️Follow: Twitter Props (https://twitter.com/PROPSproject) and IM Community (https://twitter.com/IM_Communityitw)

Web & Community:

🌐https://www.propsproject.com/

Bà Tân | : Question1. @Marjiamim6

How is project development going? Can you describe in detail current development efforts, market expansion plans, expected applications, and when will they become commercially available?

Phil : Thanks for the question Marjiamim6!

In terms of development roadmap: we are focused on governance and staking. Excited to say we expect to launch a staking testnet in the weeks ahead.

And for market expansion plans, app partners and when they will become commercially available: we are a global project and have been seeing success.

To give a retrospective view to date:

1. Raised $23M in financing

2. Strong team of engineers, business & marketing folks

3. Launched Main Net

4. Token Qualified by the US SEC — so that conservative mainstream apps are not concerned about working with us

5. Signed up many Mainstream apps — all live with Props integrated so feel free to check them out.

6. Have been seeing adoption by mainstream users

7. Proven case studies of the impact of Props in mainstream communities helps grow and add more Apps/ communities

Here’s a snapshot of some recent case studies from our partner apps — showing how powerful Props has been for them:

Finally, we’ve recently started growing our Asia Team, with few key hires in China and South Korea and are continuing to grow our global presence.

Thank you and DONE.

Bà Tân | : Question2.@alisa_crypto

As I know a strong community is very important for every project. Do you plan to be a local or global project? What strategy will be used to expand the community?

Phil : Another great question and thanks alisa_crypto for asking this.

Indeed community is very important, and when you layer a strong community on top — it is even more essential. Our team values community very much and try to listen, engage and work together with our community as we progress forward.

As mentioned previously, we’re a global project. We’re growing our team in Asia and also the Marketing team is working on community initiatives that will empower community engagement further. Stay tuned for the latest updates from our community/social channels.

We have various community channels that I suggest you check out and join!

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

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

Discord Channel: https://discord.com/invite/daNYaGy

Wechat/Weibo Channels: https://www.propsproject.com/chinese-groups

Twitter: https://twitter.com/PROPSproject

Done

Bà Tân | : Question3. @reailme7i

A partnership is essential for Adoption, so can you tell us what partners you have now and in the future?

Phil : Thanks reailme7i for a BD/Partnership question as that’s my field 🙏. To answer this question:

We work with any Web 2.0 business to offer them out of box solutions for them to easily implement a loyalty program that’s backed by blockchain and Props.

Here’s a snapshot of our current partners:

5 are live, 3 announced with more coming in. We’re working diligently to continue reach out to mainstream apps to not only onboard them and provide them easy integration tools, but to help educate them as well to understand our value proposition and the power of blockchain technology.

DONE ✅

Bà Tân | : Question4. @Lidiamga

Among the benefits of Props in the applications are discounts on items integrated in the application, how much would be the minimum and maximum discount that I could get and what does it depend on?

Phil : Real good question Lidiamga and is something I come across when speaking to potential partner apps.

This is one of my favorites during any potential partnership meeting. Simple answer is: it’s all up to each app.

That’s the beauty of our system. We designed it in a way where we don’t dictate what each app has to do. Since our offering enhances key KPIs that are core to an app’s business model, each app can choose what benefits to offer and how much to reward for each action they deem valuable.

Here’s a snapshot of Props Benefits / Rewards from one of our partner apps — Listia.

Done

Bà Tân | : Question5.@Shakilpk123

Do you have any plan for building Nfts into your eco-system because of that is the hottest topic on the crypto space?

Phil : Ah, NFTs! Thank you for your question shakilpk123.

We’ve been watching this space as much as everyone else is. And we’re also ecstatic that our recent partnership announcement, SuperWorld, is a company that’s focused in the NFT space.

This is our small step into this space.

You can read more about the announcement here: https://venturebeat.com/2021/04/15/superworld-teams-with-props-for-selling-nft-virtual-real-estate/

It’s great to see SuperWorld chose us to power their community with a loyalty token, Props. We are also looking to enhance the protocol to support NFTs.

DONE

Bà Tân | : End of session 2

Bà Tân | : We’ll move on to session 3

Sessions 3: The conversation will open to the community questions and the best questions will be selected.

🍀Jőhn L🍀 : i really like this segment

🍀Jőhn L🍀 : go go

Bà Tân | : Those who haven’t joined @propsproject group will not be eligible for AMA rewards, make sure you did.

Bà Tân | : Rules to follow AMA : ⤵️

▫️ Join : Telegram group Props Project (https://t.me/propsproject) and IM Community (https://t.me/imcommunityitw) , Channel Im community

(https://t.me/imcommunityit)▫️Follow: Twitter Props (https://twitter.com/PROPSproject) and IM Community (https://twitter.com/IM_Communityitw)

Web & Community:

🌐https://www.propsproject.com/

Bà Tân | : Countdown for session 3

3

2

1

Bà Tân | : There are more than 10k questions

Bà Tân | : @phil_propsproject Pick the 5 best questions and answer it for session 3.

Phil : 😱 so many questions and so many good ones. Please give me a few moments to try and choose 5 😅

🍀Jőhn L🍀 : haha

Phil : OK — Ready. Here we go

🍀Jőhn L🍀 : sure ! ):))

Q1. Who is your targeted customer? Besides Blockchain user do you have plan for non-crypto users too? If yes how can you attract them or what is your plan to attract them?

Phil : Amazing question. Our targeted customers are any mainstream Web 2.0 apps, who may not necessarily understand blockchain but are interested in exploring and enhancing their communities further.

Our offering allows for any non-blockchain engineer to easily implement our loyalty program that comes out of the box. Blockchain is obfuscated in the background so end users don’t need to know. All they see and are enjoying are loyalty rewards.

By working with each app partner, we further educate on the value add of a blockchain backed loyalty system, powered by Props to their users. Effectively creating a network effect.

Q2. Do you agree that long-term goals and motivations will help the project grow? Because I see many projects that often lose motivation and miss out in the middle when investors don’t come to them. So what are PROPSproject’s long-term goals and motivations?

Phil : Thanks for the question. We’re definitely in this for the long run. As all of us know who are in this space, it’s all about education, community development and partnerships that help fuel growth. This isn’t a quick space and requires due diligence and commitment.

We are motivated to continue to build and enhance our protocol and short term — work towards releasing staking/governance testnet which will eventually go to mainnet.

Q3. On moving forward through your roadmap, what are your most important next priorities? Does your team have enough fundamental (Funds, Community, ect) to achieve those milestones?

Phil : We are fortunate to have good investors behind us (see image) and our first and foremost priority in the coming months is to:

1. Release testnet staking

2. Build towards mainnet launch

Q4. Are you considering to get listed on the new Exchange soon? Are there any top tier exchange on your list? Also, are there exchanges that you are currently negotiating?

Phil : We are listed on exchanges such as Gate.io, KuCoin, and OKEx for non-US/CA residents and are working towards more top tier exchange listings. It’s one of the reasons why we built out our team in Asia and continue to try and grow.

Q5. Smart contracts are vulnerable to bugs, and even recently three big new DeFi projects were victims of this, costing users funds. How efficient and secured is your smart contract, and did you ever audit it via any external party?

Phil : We ensure that the Protocol is secure (never has a breach — audited by Seppli: https://blog.openzeppelin.com/props-token-contracts-audit-2/ https://blog.openzeppelin.com/props-rewards-engine-contracts-audit/)

Phil : Done. 5 answered. Thank you all again!

Bà Tân | : Thanks for the useful information from @@phil_propsproject

Bà Tân | : For questions that have not been answered today, you can send them to @propsproject for answers.

Phil : Appreciate everyone taking the time to learn and always a pleasure. Thank you @RoisePM and Im Community for graciously hosting me!

Bà Tân | : Allright, I declare the Im Community AMA with Props Project has ended.

Thanks to @phil_propsproject | Props Project joined us and provided us with Props Project information, we hope that this knowledge makes us understand more about https://www.propsproject.com/

To the members, thank you for following this event to the end. winners will be announced soon.

Bà Tân | : Today’s AMA winners please PM @quocnguyen1234 to provide reward information. Thanks everyone .

🍀Jőhn L🍀 : wow so fast