PolkaCipher Summary Recap with Shin Chan Community
We held a live AMA with Tim Rainer, CEO of PolkaCipher on 28th May 10:00 PM (UTC+8). Here’s the recap for those who missed it.
Introduction
Jack| Shin Chan: Before AMA start, can you introduce yourself and the team background?
Tim Rainer : I am Tim Rainer, CEO of PolkaCipher.
I have been in the Blockchain space since late 2015 and took a more involved approach in 2016 as a business and financial advisor with a few startups.
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.
Then we have Laurence who is CSO, his purpose is to manage the strategy and growth with involvement with key businesses to allow us to collaborate. Bella who is Head of Marketing. Bella will help PolkaCipher reach new users and get awareness in this massive network of Blockchain projects.
We all have varied backgrounds in the space, including our devs and advisors who have exceptional experience in this sector.
Jack| Shin Chan: Do you have any news/update about PolkaCipher would like to share with us?
Tim Rainer : Apart from being 5x oversubscribed on our AME via @launchpoolxyz, nothing we can say publicly yet 😉
AMA Twitter Section Begin:
Q1 : PolkaCipher will use a cross-chain bridge to bring NFT’s minted on Ethereum into de Polkadot Ecosystem, can you tell us how will be the charge of fees for making this type of transactions? And how can this brige be incorporated to marketplaces and other features?
Tim Rainer : At this point we cannot release any fees related structure, but fees won’t be in line with the blockchain that we will use, so if ETH charges you 10 usd then it will be 10 usd plus some extra.
the bridging will be done through a contract that will burn and mint NFTs on respective chains. so it would work the same way for marketplaces (or any contract) as it would for a manual bridging.
Q2: In your roadmap says that on the Q4 you’ll Launch something called “ Superstable and bNFT”, so can you please explain us what are these services? A Stablecoin and new type of NFT?
Tim Rainer : No,SuperStable is not a new stable coin, SuperStable is an algorithmic stablecoin system where we will use existing stable coins to provide liquidity to NFTs.
An algorithmic stablecoin is designed to achieve price stability as well as balance the circulating supply of an asset through being pegged to a reserve asset. The algorithm issues more coins when its price increases and buy them off the market when the price falls.
bNFT is a business NFT (business focused non fungible tokens) — These NFTs have added layer of security and can be used to make private transactions using CipherDex.
Business NFT is basically putting you digital content on NFT or Securing content with NFT locks, and have options to make certain data public or private from that NFT.
We always believed that NFTs can be so much more than just art collection documents and our team started research on it few months back.
We want to make sure that off-chain data can be secured on the blockchain and can be privately transferred between existing chains using NFTs. We in future wish to replace documents in any form to NFTs and focus on data security and blockchain interoperability.
and if talking in terms of scope of project, we have strategic lead for development and use-case. While NFTs are at very nascent stages now, our solutions will take it to the next level where use-case of NFTs can be expanded.
Q3 : In today’s market, NFT is a trending topic. My question is how does your project plan to support NFT development and how does #polakcipher plan to incorporate it with DeFi?
Tim Rainer : NFTs as they are right now offer very little in terms of use case! Truth
We will help realize the full potential of NFTs by bringing them to more mainstream markets where NFTs will be used to facilitate business transactions.
Facilitation of business transactions via NFTs will be major-use case of PolkaCipher. These business transactions can be pre-written by the initiator and the corresponding NFTs can be put up on a marketplace and traded like commodities or services.
NFTs minted on PolkaCipher can be used as legal documents by businesses as a ledger or a legal contract that will be anonymous to public.
These NFTs can be tracked by the concerned party with full disclosure to details and partially/fully hidden to non-concerned party.
Q4 : What is the expected cap at TGE? How do you expect your token to gain value over time, any mechanisms to support the DeFi component (staking, burning, earning, spending, others)?
Tim Rainer : Expected mcap at TGE will be $896,920. You can see our full mCap at : polkacipher.com
Tokens will gain value over time on how we integrate with businesses and how users use the platform. Staking does play a role in the use case but the main use case is the NFT oracle and bNFTs. Which means every time a bNFT is made, tokens are used. In data collection, tokens are used to collect data which is further burned or distributed.
You can read more on the mechanisms here : docs.polkacipher.com. but to add Jack, we have an upcoming product called Truss — which is a Staking and Lending platform.
We do have lots of mechanism coming for Defi, and they will be announced at a later stage.
Q5: Can you tell us why PolkaCipher ,, What features do you have that will definitely attract users? What will be the role and importance of PolkaCipher in the world of crypto and its users
Tim Rainer : We offer privacy protection through zero-knowledge proofs, community governance, inter chains operability and a lot more.
PolkaCipher will act as a backbone of any and all on chain business transactions that would happen through NFTs.
You can secure data, do legal or business transactions, use bNFTs for insurance, ownership transfers, authentication, Governance, Voting, Data collection, E-commerce, Supply-chain and much more…
The use-cases for bNFTs are unlimited and can be applied to anything and everything that uses digital technology to use some or other form of data. This is our goal.
Telegram Live AMA Begin:
Q6 : Binance is now a very popular exchanger. Everybody want to invest with your project when your plan to list in binance. So,tell me do you have any plan to list Binance ?
Tim Rainer :Great question.
As a project with the technology we are about to deliver to the industry, having a partner like Binance would give us more appearance among the rest.
We are indeed speaking to tier 1 exchanges but I am not able to give a direct yes or no to questions about exchanges at this time 😊
Join our community and ann channel to see when we make specific announcements surrounding your question.
Q7 : One of your major aims is to bridge the gap between off-chain internet economy and on-chain blockchain decentralized application. In order to achieve this, PolkaCipher would be relying on verified vendors to provide accurate and trusted data… so what vendors are you working with, how will the vendors be selected and what do you look at when selecting vendors to work with ..
Tim Rainer : Good Question.
We are in talks for some vendors right now.
Vendors are third party data providers so if you want price data, some exchange can be a vendor, if you want weather data, some govt verified business can be a vendor. All vendors will be onboarded in time and will have public credibility.
Q8 : ✅🤔 I read that Polkacipher has multi-chain interperobility, currently that chains or bridges have polkaCipher?
Tim Rainer : If you mean what chains we can work on. all EVMs but will look at implementation of more as we develop further.
Q9 : One of the main products of PolkaCipher is eData that secures Data collection for businesses. My questions are how to access the eData and how many tokens do users need to stake to activate the lockers ? These NFTs can be minted privately or publicly based on the user’s choice. What are the actual differences between minting privately and publicly ? What are actual benefits ?
Tim Rainer : eData will be accessed via bNFTs as a key which will help secure data in servers. tokens required to activate lockers will be shared at a later stage during product launch.
Public and Private NFT is basically you having a choice to allow people to see content of the NFTs or not.
Q10 : ✅ The issue of corporate data privacy is really great, of course, but what about the legal issues? How do you ensure that a company can’t use PolkaCipher to launder money or hide criminal data for example? I think this is important.
Tim Rainer : we are securing data within the company, not facilitating them in money distribution. So what company does will still be in their own control. What we are doing is helping companies and users secure data so it cannot be tampered with, or destroyed in any form or other.
Q11: I see many notable Investors behind PolkaCipher. Have you thought to run a public sale? Or planning to listed on Exchange directly?
Tim Rainer : The public sale will be announced soon. Keep following our ann for latest updates 😃
Q12 : When following the road map- what are the most important priorities next? Does PolkaCipher team have enough basic reserves (funds- community- etc.) to achieve these milestones?
Tim Rainer : Yes to all. CipherDex and staking options 😊 Patience is the key. We have already started development 😉
Q13 : what are your plans for the next 10 years where do you think this project will go??
Tim Rainer : Decentralized. 10 years is a very long time in crypto and blockchain developments.
Q14 : Is there any upcoming partnership with other big projects ? From my view , I see the project without massive partnership is useless!
Tim Rainer : Keep an eye out, soon we will start making announcements 😉
Q15 : 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 Rainer : Sure.
Businesses can use Blockchain at any time but fear to do so due to privacy.
We are enabling companies and even consumers to use public and permissionless blockchains used by millions of daily users to enable privacy functionality within the technology of NFTs. Non fungible.
With this, we have the ability to expand not only the art and gif side of NFT space but introduce full applications for businesses to get involved without sharing their trade secrets.
Q16 : Have any achievements been made by the polkacipher so far? and what are the advantages of having polkacipher tokens
Tim Rainer : Yes sure, we have already participated in multiple tests to prove validity of privacy within our ecosystem.
Very soon we will start rolling out our products 😊 keep an eye and follow us closely.
Q17 : Security is the main thing for investors then has the $CPHR token been audited certik or audited with other things then where can I see that and what investor strategy is being carried out by the development team, will it increase the partnership in the investor’s strategy?
Tim Rainer : Yes, we just announced our audit with Peckshield. Please see our medium for more info:
polkacipher.medium.com
Q18 : The NFT is ideal to provide you with copyright and differences to each product, but after you buy the product, how useful will the NFT really be? just leave it in my wallet?
Tim Rainer : This is all depending on the entire point of minting a business nft in the first place. One time use, multi time use, time locked. It all depends on the purpose of the bNFT.
Q19: Can you talk about the originality of PolkaCipher’s unique selling proposition and how it works? What makes PolkaCipher original and unique?
Tim Rainer : The first cross-chain oracle network focused on privacy and security within NFT technologies. Non fungible.
Q20 : How easy is the platform for newcomers? How will you ensure that the project has best UX and UI for it’s users?
Tim Rainer : Very easy and each business we onboard can have a custom suite application tailored for their strcutures 😊
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