Propel AMA Summary Recap with Shin Chan Community
We held a live AMA with CEO, Shivam Chopra from Propel on 3rd December 9:00 PM (UTC+8). Here’s the recap for those who missed it.
Elson | Shin Chan: let us welcome Shivam Chopra join with us tonight.
As we know that Propel will have IHO on 07 December, really looking forwards for the launching! hope everyone here no miss the whitelist registration :)
Before AMA start, can you have a brief introduction about Propel team and yourselves?
Shivam Chopra | Propel: I’ve been an IT professional for almost 9 years now. And Engineers, as we all know have a curious mind & are always looking for new method to improve things.
In the midst of my job, I discovered blockchain in 2017. So I started reading about it out of interest. I made a couple of apps. While building, I realized that everyone has to start from scratch when creating Blockchain DApps.
We believe in a minimalist company so we have a small hard working team working towards the growth & success of the project.
Elson | Shin Chan: we also start to know crypto on 2017 🔥
hard work make success 💪
other than upcoming IHO, any latest news / ANN u can sharing with our community before our first section start?
Shivam Chopra | Propel: There are a lot of great things lined up before and after the IDO. But I don’t want to spoil the stuff that the team is working hard on. So I’ll let the events unfold with time itself.
Twitter Section Begins:
Q1. I read that the SaaS Platform will be available soon on the http://propel.xyz website, can you give us a peek at the exact time when the SaaS platform will be available? And also what benefits do you provide for users with the Platform?
Shivam Chopra | Propel: Okay so I’ll answer this in parts.
1.) Its in the roadmap in the coming months(Most probably Feb), but nothing specific yet.
2.) So in SaaS platform we have partnered with a lot of blockchain projects who will start their farms on Propel. It will help users to earn passive income & projects will sustain their token value. So a win win for both the parties.
Q2. Could you tell us a bit about the DeFi plug-n-play solution that Propel will offer? What advantages does it really offer, how will it work and what are its initial limitations?
Shivam Chopra | Propel: So I’ll start this with an example. Lets say you are planning to launch a project today. There are 2 things you can focus on.
1.) Development and growth of actual project idea or
2.) Investing your time, effort & money on DeFi stuff like bridges, staking, farming, investor dashboard etc and then getting them audited.
So there Propel comes into the picture. Propel has already developed these plug n play solutions where projects can directly approach us and get these highly reliable, optimized solutions depolyed in 1–2 days as per their required. These contracts are 100% test covered and audited by multiple industry leaders.
Limitations: Right now we are starting so everything is manual but we are working on automation so that we can reduce the delivery time from 1–2 days to 5–10 minutes.
Few of our partners are already live on app.propel.xyz
Q3. Regulation is critical. Various projects have been halted in many countries due to a failure to follow the proper regulations and obtain the necessary approvals. How does your team handle these difficulties in order to become global?
Shivam Chopra | Propel: I totally agree with this. So the avoid and regulation issues our legal team is making sure all the regulations are met in our home country. But as we provide servies globally so our legal team makes sure that even our partner is following all the regulations as per their country. If any of the partner is not following any regulation then we don’t onboard them.
Q4. staking today is very popular among investors, I know Propel has created a tool called SaaS, so tell us, by using this service, what benefits or opportunities can be created, tell us, how does SaaS make betting simpler?
Shivam Chopra | Propel: So we have different type of staking services under SaaS. I’ll try to give a brief about them.
Single Asset Staking — User deposits token A and is rewarded with token A proportionally to the size of their staked amount.
LP Staking — User deposits LP token(Token A — BNB pair) and is rewarded with token A proportionally to the size of their staked amount.
Time-capped Staking: To ensure whale protection, a user will be allowed maximum tokens capping for a certain period of time to have fair participation.
Basket Rewards Staking: User deposits token A and is rewarded with multiple tokens A, B, C proportionally to the size of their staked amount.
P.S: SaaS is not at all related to betting. We don’t deal in betting in anyway.
Q5. Among the components of Propel Metaverse-as-a-Service (MaaS) is by far one of the most attractive and you are one of the first in the ecosystem to offer it, so can you tell us about it? What kind of tools will you provide to interested projects? Will it be easy to implement?
Shivam Chopra | Propel: Actually thats the most interesting thing we are working on.
So as we are already experts in the field of delivering DeFi Services so it was time to expand our ecosystem to include Metaverse as soo many metaverse companies are coming out there so we wanted to have a solution for everyone.
Our MaaS ecosystem includes:
Smart Verse Contracts
Metaverse’s Core Components
I can go into details of each of them if required but if users want to explore it themselves then we have explained about it in detail on our website propel.xyz
NFT’s are interesting things to work on.
Telegram Live AMA Begins:
Q6. Hackers and Scammers are very much active. Can you please give some information about the Security system of Propel? How safe is Propel especially for long term investors? Do you have an Audit?
Shivam Chopra | Propel: So being a tech guy I always love questions related to security.
So at Propel contracts security is our biggest concern. So we make sure our code has 100% test coverage. Then we have in house tests who tries to break the contract by manual and automated tests and after all that we gets our contracts audited by auditors.
Q7. I noticed in #Propel’s website, in your roadmap by the end of this year 2021 in your Q4 you plan to launch GameFi and I understand that this product is a superior integration of Gaming, DeFi and NFT, but could you expand a little more on that and explain what exactly we will be able to do in GameFi?
Akansha Jain | Propel: GameFi is a superior Gaming, DeFi, and NFT integration. Because Propel has already made a name for itself with its DaaS, we’ve all decided to provide every service linked to DeFi and NFT in GameFi. GameFi uses the project’s own token for player transactions; investors may also buy NFTs in-game and resell them on Marketplace as their value rises.
Q8. Many projects appear to be successful only in their whitepaper and roadmap, but they face various problems when attempting to implement the project’s mission and eventually collapse. How does #Propel overcome every challenge in the development of its project?
Shivam Chopra | Propel: Being from a tech background we have a very strong in house tech team. We are not successful only in our whitepaper but we have delivered too. Checkout our products at app.propel.xyz
Q9. It is very important to comply with the rules and regulations of the country where you do business. In case of incompleteness or non-compliance, unfavorable results are obtained for the projects. How is the Propel team tackling these issues for global expansion?
Akansha Jain | Propel: The legal team at Propel are taking care of it very delicately.
Q10. Is Propel easy to use for beginners, or are you designing Propel only for experienced/professional users?
Shivam Chopra | Propel: Our focus is that the person who has onboarded today itself can use Propel. Ofcourse he should know how to use MetaMask 😛
Our main focus in UI/UX of Propel to make it very very simple for user. And we make sure that nothing can go wrong in our UI as per user actions.
Q11. I Found that PROPEL POOL provides 4 Types of STAKING Services:
1. Single Asset STAKING
2. LP STAKING
3 TIME CAPPED STAKING
4. BASKET REWARD STAKING
Can you please tell More about your Staking Services and What is the Main differences between these 4 Services ?
Shivam Chopra | Propel: We have written in detail about this on our website www.propel.xyz
Q12. What are the benefits of having $PEL token on the #Propel platform? Will we be able to utilize the $PEL token to make purchases on your platform and in-game? Will holding $PEL provide me to have a say in #Propel management ?
Akansha Jain | Propel: $PEL is a Binance Smart Chain based token with a maximum supply of 100 million units. $PEL offers an attractive passive income earning opportunity for the crypto community. $PEL can be used for value exchange within the Propel ecosystem, staked for great APYs, and deposited into leading AMMs to participate in LP mining. $PEL token holders also get a chance to shape the future of Propel by submitting development and business proposals and voting on such proposals as part of the project’s governance protocol.
Q13. PROPEL is Backed by Industry Leaders like GENBLOCK CAPITAL , EXNETWORK CAPITAL , X21 and many more ,Can you please tell Little More about your Backers and Partners ?
Shivam Chopra | Propel: Our backers are already mentioned on our website. And we have announced a lot of partnerships in the recent days. Please checkout our announcement channel @propel_ann and our medium blogs for partnerships
Q14. I see you have twitter, telegram, and medium team for community?
I think the community plays a very important role? What are your plans for a community without telegram, twitter, medium? Can you tell us if you want to add other communities like Chinese, Korean, etc.?
Akansha Jain | Propel: Our ambassador program : Propel Pirates, consist of people around the globe. Propel believes in global community. We expand our service and serve community around the globe
Q15. Can you and the Propel team share with us about your smart contract auditor and how they will secure your smart contract to ensure there is no risk to Propel users?
Shivam Chopra | Propel: To ensure whale protection, we have introduced time-capped staking. Check out more about it in our website propel.xyz
Q16. It caught my attention that Propel introduced Metaverse as a service (MaaS), but are you really the creators or pioneers of this mechanism? or has it really already been tested and validated by many other projects that use the metaverses?
Shivam Chopra | Propel: We are the first ones to come up with MaaS. We believe that a lot of projects in the blockchain ecosystem needs these core infrastructure services and we are ready for it.
Q17. No business can survive without income and profitability. That is why Propel has an internal team that is focused on bringing more quality partners to Propel. How does Propel work to get you on the path to profitability? What are the interesting partners that you have managed to attract to the platform?
Akansha Jain | Propel: Our partners list is provided in our website.
Q18. With the basket rewards, how are the B and C tokens going to be picked to reward a user staking ??
Shivam Chopra | Propel: Depends on our partners.
Q19. One of the NFT services you offer is NFT rental; could you clarify how this would be done within Propel? What will be the basis for determining payment rates?
How faster can Propel’s solution be implemented to create fully operational DeFi and Metaverse ecosystems? In terms of project management, how capable are they?
Shivam Chopra | Propel: 1. It depends on the project needs. We will be providing services for this but won’t be doing it as our own project. So all depends on the requirements
2. Right now, 1–2 days. In future 5–10 minutes
Q20. I Read one Unique term in your Whitepaper which is ANTI DUMPSTER , Which you planned to Launch in the Q1 2022 , Can You please provide more Information regarding the ANTI DUMPSTER feature ?
Shivam Chopra | Propel: Its one of the most interesting feature. We release tokens linearly so that no particular investor can dump it in one go. Rest will be disclosed once the product is live
Q21. Having a lot of partnership/collaboration news in your Medium articles is a really important indicator, it means there are a lot of teams interested in your project. In which areas Propel will make new partnerships in the coming period, can you tell us about your partnership strategy?
Akansha Jain | Propel: We are overwhelmed by the amount of support we are getting. We have already made a few partners and we have many more upcoming. Tune in for the announcement.
Q22. I Found that you have Planned for the DeFi services launch on different L1 & L2 Chains , Can you please tell us More about the DEFI Services and On Which Various Chains will it be Launched ?
Shivam Chopra | Propel: We are already live on BSC & Polygon and we have infra ready for all the other EVM based chains. We are still working on Solana based solutions.
Q23. Can the Smart Verse Contracts offered by Propel really be used only in GameFi that have Metaverses? Or could they really be used on any kind of platform in DeFi, from oracles to swaps?
Shivam Chopra | Propel: Yes, it all depends on the requirements. There our custom smart contract solutions comes into the picture.
Q24. Could you please clarify the Propel Staking feature to us? How are you going to keep whales out of the platform? Is there a minimum or maximum amount of token that a user can invest in your platform?
Akansha Jain | Propel: To ensure whale protection, we have introduced time-capped staking. Check out more about it in our website propel.xyz
Q25. Why did you choose PRoPel as your theme, and how does it provide us with the highest level of user appeal?
Can you offer us some insight into how you handle this inspiring effort and what you’ve accomplished so far this year?
Shivam Chopra | Propel: The initial concept of Propel was a launchpad to compete with industry biggies. But then there were a lot of launchpads in the market so we pivoted at that time and the current Propel was born.
For our accomplishment please checkout https://app.propel.com stake.unmarshal.io
Q26. According to my research, Propel is a blockchain infrastructure provider, and your infrastructures include Maas, Daas, and Saas. How can projects get in touch with Propel in order to use your services?
I understand that the SaaS (Staking as a Service) ecosystem is part of your services. What constitutes the ecosystem’s foundation? How does it function? Do you have a variety of staking options? Could you elaborate on the goal of SaaS?
Shivam Chopra | Propel: 1.) You can get in touch with us at email@example.com
Q27. I Read that PROPEL Provides completely New notion of NFTs Which are :
1. NFT RENTING ( re NFT)
2. FRACTIONAL NFTs (f NFT)
3. NFT STAKING (s NFT )
I want to know More about these New Notion of NFTs and What is the Main Purpose of Introducing these Types ?
Akansha Jain | Propel: NFT and Metaverse go hand-in-hand. Through these new notions of NFTs, we aim to provide a more customisable and adaptive NFT solutions.
Q28. What is COMMUNITY for Propel? Projects cannot exist without community support. What are Propel’s plans for quality and an inclusive community? How can the community contribute to Propel?
Shivam Chopra | Propel: Community is another thing we are focussing the most apart from tech. I believe that community is Propel’s family. We are our Pirates program so that community members can work along with the team for the growth of the project.
We will be coming up with many more similar initiatives in the future.
Q29. Do you have white paper or audit certificate? Do you plan to launch in other languages besides English? Where English is not used? What are your plans for them?
Akansha Jain | Propel: We have a white paper. Check it out in our website. And we are working on making it accessible in every language possible.
Q30. I Found that $PEL IHO Is Coming on HOT CROSS , Public SALE begins on the 7 December 2021 , May I Know The Participation Requirement and How Can I Participate in it ?
Shivam Chopra | Propel: You have to do KYC to be eligible for the sale. Rest you can check in the hotcross pool
Q31. .I’ve seen Propel use MaaS, DaaS and SaaS infrastructures to serve partners worldwide. What is the difference between 3 different infrastructures, what advantages do they provide?
Shivam Chopra | Propel: Please check on our website propel.xyz
Q32.1. Out of so many things that Prospel want to do, e.g. Vaults, Anti dumpster, Multisig, NFT utilities, GameFi & etc… which 1 or 2 are your top priority?
2. Security is the most important element to run a platform especially for Prospel since it is so huge. How do you ensure the platform security always being kept at tiptop level?
Shivam Chopra | Propel: Staking & different variants of staking. Investor Dashboard + All the metaverse solutions
Q33. What are the prospects for project investment in the future? and Where is the best place to buy your tokens? Is it too late for us to buy now? What benefits do I get for buying and holding tokens for the long term?
Akansha Jain | Propel: Propel’s token sale is scheduled on 7th December 2020. Tune in for rest announcement. We have many interesting announcement lined up
Q34. 1) MaaS (Metaverse as a Service) and 2 ) DaaS (DeFi as a Service). Can you please tell us about the main features of both services? How do they help or add value within Blockchain? What benefits do these services bring to users and how can they access them?
Shivam Chopra | Propel: Please check it on our website: propel.xyz
Q35. How can the project connect with Propel to use your service?
Shivam Chopra | Propel: Contact us at firstname.lastname@example.org
Q36. Any project cannot grow without a strong community behind it. and you said #Propel main focus is on expanding the community. How can the community contribute? Will #Propel hold more community events in the future? can we test Propel testnet product and get the same reward?
Shivam Chopra | Propel: Thats our main focus apart from tech
Q37. Who have Backed #Propel
What are your Upcoming Plans to Promote Metaverse ( as there are lot of Metaverse project and Already all of them Are Touching ATH )
And any plans for Governance
Shivam Chopra | Propel: Backers are on the website. Yes we are a decentralized solution so we are working on governance.
Q38. According to your documents it says that Propel changes the boring utility of NFTs, so can you tell us what are the uses cases that Propel can give you Non-fungible tokens?
Shivam Chopra | Propel: We have explained it in detail in our metaverse section on our website propel.xyz
Q39. What is the difference between Single Asset Staking and classical staking? How are users rewarded based on stake size with Single Asset Staking?
Shivam Chopra | Propel: Both are same. You gets rewarded based on the apy
Q40. 1. Propel is a Blockchain Infrastructure Provider that include MaaS (Metaverse as a Service),DaaS
(DeFi as a Service) and SaaS (Staking as a Service) in its ecosystem
How can platforms offer all those services in one place?
Shivam Chopra | Propel: Welcome to the world of Propel.
UI/UX is one of my our primary focus. We think a lot before designing everything. To see a demo please visit app.propel.xyz
Q41. How can Propel’s technologies be performed immediately to establish fully functional DeFi and Metaverse ecological systems? How efficient are they in project management?
Akansha Jain | Propel: We offer readily integrable solutions. DeFi, Metaverse or Staking needs ? Contact Propel
Q42. Where did the idea of creating #Propel comes from? What need or what opportunity did you see in the market that motivated you to choose crypto technology to develop it?
Why you choose .XYZ domain for propel instead of .com .org or others?
Shivam Chopra | Propel: Ahh thats an interesting question. So basically once we pivoted from our launchpad idea I surveyed a lot of founders to understand their pain points and these DaaS solutions were there biggest point.
Q43. I read that Propel consists of team members trained to meet, your Blockchain and DeFi needs and also its services and smart contracts are developed by experts and have been audited by industry leaders, so are these the aspects that make Propel a trustworthy project?
Shivam Chopra | Propel: Yes. If it doesn’t then I’m not sure what will make it a trust worthy project. Our top priority is the reliability of the product. We put in days of effort before making anything live.
Q44. Hot Cross is very excited to present our second initial Hot Cross offering taking place on December 7th, accepting 3 payment methods: HOTCROSS, Hot Dog (formerly HOTVIP), and HOTCROSS-BNB LP PCS V2. then . Beyond fundraising with tokens, what difference and advantages compared to the first IHO was 1 payment method now 3 payment methods? What plans to gamify all the experience to get assignments and generate engagement with the community?
The Roadmap, what stage is the project in? News to look forward to in the coming months?
Shivam Chopra | Propel: We are working on it. So please stay tuned
Q45. How much resources has the team estimated that a new project can save using Propel solutions? Will it be much more efficient and economical than creating each component from scratch? Have you done these calculations? Will your services be contracted through plans?
Shivam Chopra | Propel: Depends on project to project. On an estimate a team can save atleast 70% in terms of money, 95% in terms of time and resources.
Q46. With DeFi reaching a market cap of $100 billion, the demand for DeFi services like staking, investor dashboard, cross-chain bridges, etc is also increasing. How can Propel be a solution to that?
Shivam Chopra | Propel: Thats where Propel comes into the picture. With high DeFi demand, demand for Propel services will also increase which will eventually increase the price of $PEL
Q47. As someone who has been in the crypto industry for quite a while now, what is your advice for beginners and inexperienced crypto holders who want to start depositing coins safely and taking part in the crypto industry?
Shivam Chopra | Propel: Be careful of where you are depositing your money. Let it be Propel or any other platform always do your due diligence. Also look out for investing instead of trading. Thats my honest advice.
Q48. MaaS appears to be separated into four parts. Can you elaborate on MaaS and the four components that make up your ecosystem? What are the functions of each of these four components? The Metaverse is gaining traction, and we’d like to learn more about how Propel will contribute to the ecosystem.
Akansha Jain | Propel: Hi. We have elaborated it quite well in our website. Check it out. propel.xyz
Q49. Launched many P2Es on the market? What do you think will make it different from other games and what makes it different?NFT can be rented for playing P2E games How can I participate in raffle tickets?
Shivam Chopra | Propel: We will be providing infra for P2E games and not be a game product ourselves.
Q50. the maximum profit that users can get on the Propel project?
Shivam Chopra | Propel: Sorry we dont do any speculation
Q51. Do you have mobile apps iOS or android version?or upcoming version.if yes, How can I installed the apps? Available palystore or apps store?can you tell us where can I get letest update?
Akansha Jain | Propel: We don’t have mobile application yet. Our webpage is accessible on mobile though.
Q52. I have read that you develop customized solutions to meet customers’ needs and help them. But how secure can customers feel about these solutions? How is the security system that Propel offers in its services managed for the security and privacy of its users and projects?
Shivam Chopra | Propel: Security & reliability is our top priority. We focus on 100% test coverage & all our contracts are multi audited.
Q53. How how to buy your token? Available any exchanger like, Pancakeswap, Uniswap..Do you any plans to add other community like, Chinese,koren, Spanish etc?
Shivam Chopra | Propel: We will on BSC itself as of now.
Q54. What are your project’s competitive advantages? What distinguishes you from your competitors? In terms of scalability, security, functionality, and adaptability, what would be your project’s most similar competitor on the market today?
Shivam Chopra | Propel :Our tech, UI/UX, reliability, security & last but not the least our beloved community
Q55. There have been many hacking cases and security vulnerabilities, and DeFi has suffered significant losses.
Is Propel completely safe? What kind of precautions do you take against many security risks?
We ensure that our codebase is secure and tested. Also, coming to smart contracts, it’s multi audited. We have a detailed auditing partner article. Check out our medium page https://medium.com/@propelxyz