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HomeRecap AMARecap AMA Crypto Hunters ID X Props Project

Recap AMA Crypto Hunters ID X Props Project

On June 02, 2021 at 01 PM UTC (20.00 WIB) In the Crypto Hunter Telegram Group, AMA started with Props Project Mr. Phil (A team Of Props Project) as guest speaker and Guz Fahlev from Crypto Hunters as moderator. When campaigning, 10 lucky AMA participants when asking questions on Twitter,Telegram and QUIZ will get a total prize of 100$.

The following is a summary of AMA questions and answers announced by the moderator and guest speaker:

Introduction :

Please could you explain about your background..?

Mr. Phil : Certainly! Before diving deeper, would like to first and foremost thank you and your team for graciously hosting me for this AMA. My name is Phil Yang, Head of Business Development here at Props. To give you a brief introduction about my background: I come from doing partnerships and BD at consumer facing companies. Prior to Props, I was helping lead BD at a major mobile messaging company and before that, worked with brands to connect with consumers across mobile messaging apps with content solutions. My day-to-day responsibilities here at Props is to identify and onboard potential web 2.0 apps to integrate our out-of-box loyalty program that enables them to not only implement a powerful loyalty solution powered by blockchain but also help enable better alignment with their users.

 

(Sessions 1 QNA)

Q1. Could you explain to us, what is props Project?

Mr. Phil : Absolutely. But before diving deeper into what our project is, I always like to tell the history behind how Props was born. Our Co-Founder and CEO, Adi Sideman, comes from an extensive background in running consumer networks at scale and our core team has been working together for 5+ years with experience in building consumer networks at scale. Prior to Props, our CEO founded the first mobile live streaming service in the west (YouNow), which grew to over 120 Million user sessions a month. During that time back in 2014, we were the first to introduce virtual currency in the context of a two sided marketplace, where users can buy into the currency, and other users can earn it. We sold close to $100 Million Dollars worth of that (non-crypto) digital currency over the years, and became experts at running a digital economy, at scale. At the time – 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 that they loved and devoted huge amounts of time to. 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 – to participate in the upside, like you!” Of course, there was no way to issue stock options to users, but it got the team thinking, especially Adi, about blockchain and how it could It was at this time, further exploration into blockchain and how it could take the concepts of sharing value with content creators to the next level, started to come into fruition. The notion of something better than stock options was formed: potentially tie into the experience of sharing value with content creators.

– Utility that unlocks benefits

– Scarce asset – characteristics of Capital

– Can scale – productized/ gamified.

Props Became its own startup in 2017 and was 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

Hopefully everyone enjoyed the backstory about the project. But now onto the more exciting stuff!

Props is a work / discount token that unlocks user benefits across all apps that support Props.

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

Props’ value is backed by the aggregate utility it provides to its millions of users across all participating apps. Today we have close to 10 apps that have joined the network, 5 that have fully integrated and launched, each with Millions or hundreds of thousands of MAU. Currently, we have close to 10 million users across these apps who are holding Props for the benefits they unlock. Here’s a look at the current apps who have either integrated or announced integration:

Our focus is on partnering with Web 2.0 businesses, which is a slightly different model than other companies out there. By working with traditional businesses, we provide them with our loyalty solution that enables them to be forward thinking in working towards better alignment with their users through loyalty points that are backed by blockchain.

Q2. Can you share props tokenomics?

Mr. Phil : 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. 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.

Here is a further visual breakdown of the supply:

You can visit our website to stay up to date here: https://www.props.xyz/token

Q3. Where can props be traded? And what benefits do the holders get?

Currently 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.  As mentioned above, you can visit our token page to find the latest information on exchanges where non-US/CA residents can trade Props on centralized exchanges here: https://www.props.xyz/token  We are also working towards voting/community governance as our product team has been working diligently to prepare launching a staking portal, starting with testnet first. To stay up to date on the latest news about the upcoming testnet staking portal, you can sign up here: https://share.hsforms.com/1dmYdPYPUTZSNLErvmMeeNg4jbv5

Q4. What features does props have to provide users?

Mr. Phil : Great question. As mentioned above, Props is a work / discount token that unlocks user benefits across all apps that support Props. Regular users from any of our partner apps who earn Props and effectively continue to hold them, will unlock benefits within each partner app they use as they reach more and more tiers. Props is an app level Protocol – The value of Props, is the aggregate utility of the Props token across all apps. The apps mine the Protocol and receive Props rewards based on the utility value and demand they drive for Props. If an app provides valuable benefits (like discounts, or premium features), and users choose to buy or stake Props to the app to get these benefits – the app receives more rewards from the smart contract. However, if an app simply rewards users with Props but provides no benefit, and the users don’t stake it – the app will mine little or no Props at all. The incentives are aligned where Apps are incentivized to earn more Props, by engineering more Props utility into their apps. This means benefits need to be provided to users so that they decide to continue to HODL/Stake towards the app they are using. oday – 99% of these app users from our partner apps who have joined the network, are choosing to hold the tokens for the benefits they unlock in the apps. Each app provides their own distinct benefits, so as a user who earns & HODLs Props – the better benefits they get within an app.

Q5. Could you please tell us about the layers props use? And why choose that layer and what advantages do you get?

Mr. Phil : We run our layer 2 on Algorand chain – to support over 100,000 transactions a day.  While our Layer 1 is on ERC-20. Because we have almost 10M users who have earned Props across our 5 partner apps that, are currently fully integrated, we use Algorand as our layer 2 to process transactions faster and save on fees. This way, it allows us to:

1) Enable our partner apps to keep custody of users’ tokens and use an APi to issue IOUs

2) Provide a frictionless user experience for the end users across our partner apps who can benefit from a token, without taking custody of it until they claim.

Q6. What are the props in the blockchain industry trying to solve? what are the next steps that props will implement in the future?

Mr. Phil : Great question. I think it’s best to note that Props is a solution for Apps, not Dapps. As the one helping spearhead business development & partnerships here, my core focus is working with the team to onboard Web 2.0 businesses. This means we are able to work on onboarding mainstream Web 2.0 apps who want to use regular APIs, not program in solidity and are forward thinking and want to utilize blockchain technology to enhance certain KPIs such as revenue, engagement and more – through a loyalty program powered by blockchain. We make it simple for Web 2.0 businesses to integrate Props by providing them with out of the box solutions that come standard with SaaS like admins and webviews. Here is a snapshot of our out of box solution we provide to partner apps (current and future) that come standard with SaaS components

For the remainder of the year, we are focused on:

1) Working towards launching the first phase of community governance, through enabling token holders who stake Props to vote on Protocol rewards allocations.

2) Exploring expanding the Protocol to enable NFTs, as NFTs are another great way for apps and users to share in the value created.

3) Continued business development and partnerships by onboarding additional partner apps to join the network and utilize our solution to power a loyalty program backed by blockchain.

4) Continued marketing and growing our community even further.

 

(Sessions 2 Questions From Twitter)

Q1 From : @mylhe

Can you tell us some of the remarkable ways to earn in Props Project? Hi it will be an effective earning especially nowadays that we are in a Bear market? What is your plan to boost the value of $PROPS in th market?

Mr. Phil : Thanks for your question mylhe. Since we focus on partnering with Web 2.0 businesses, this means there are a wide range of apps where any user can earn Props within a partner app. Today we have close to 10  apps that have joined the network, 5 that have fully integrated and launched, each with Millions or hundreds of thousands of MAU. Currently, we have close to 10 million users across these apps who are holding Props for the benefits they unlock.

Our focus is on partnering with Web 2.0 businesses, which is a slightly different model than other companies out there. By working with traditional businesses, we provide them with our loyalty solution that enables them to be forward thinking in working towards better alignment with their users through loyalty points that are backed by blockchain. We continue to try and speak with and onboard as many partners to expand and grow our network.

Q2 : From @AlexHuk7

As you know Covid-19 has a large impact in the crypto Market, So How can your company maintain its project and also the team that are working hard during this pandemic?

Mr. Phil : Great question alexhuk7. Covid-19 has impacted everyone across the world and I send nothing but positive thoughts to anyone who has been affected by it. We are 18 people, based in the US and Asia mostly. About half are in product and engineering and half in Marketing, bizdev and opps. The entire team is fully remote and we work hard everyday as this industry requires us to continue to innovate and push forward. I’d like to think we have great team camaraderie, as many of us have worked together for 5+ years and all of us work together effectively as a unit. Although we are remote, we are 100% dedicated to working hard and it’s business as usual for us.

Q3 From : @WhiteGianmarco

🍎At your website it says Props is a loyalty token that unlocks user benefits in participating apps. Can you tell us about these benefits? what adventajes do you bring to users?

Mr. Phil : Thank you for your question whitegianmarco. Our out of box solution enables any Web 2.0 business to easily integrate our solution to power a loyalty program that’s backed by blockchain.

This means, each app is unique in that they can create their own benefits for their users. Because Props enables better alignment between users and apps, it’s up to each app to decide the benefits and levels needed to reach those specific benefits. Some examples could be:

-Discounts

-Status on an app

-Lower transaction fees

-Special gifts

-And more

The main advantage I like to think we bring to users is that they don’t need to have a wealth of blockchain experience or knowledge to earn on a partner app who has integrated. What we provide for apps who have integrated are effectively loyalty points on steroids – the main differentiator is that the loyalty points are backed by Props, which have a $ figure tied to them.

The interests are aligned between apps and their users, through our loyalty program we provide that’s powered by blockchain. Anyone can participate.

Q4 From : @Lidiamga2

This is great and interesting idea. Can you tell when the idea of creating this project came from? Who came up with it? Is there an animal story or an event that inspired you to create this project?

Mr. Phil : Ha! I love this question and thanks for asking Lidiamga2. I know I already answered this above in the 1st sessions, but to re-cap and summarize again:

Before Props, our Co-Founder/CEO founded the first mobile live streaming app, called Younow. It was during this time that he saw the potential of utilizing blockchain technology, to empower creators even further, as they were constantly asking if they could get stock options as regular users (which is really hard to do). It was at this time, further exploration into blockchain and how it could take the concepts of sharing value with content creators to the next level, started to come into fruition. The notion of something better than stock options was formed:

– Utility that unlocks benefits

– Scarce asset – characteristics of Capital

– Can scale – productized/ gamified

Our CEO took this to heart, and decided to really dive deeper into finding a method utilizing technology, to take the concept of sharing value, especially with content creators, to the next level. Ethereum and blockchain was a no-brainer, so Props was born in 2017 and became its own startup.

Q5 From : @Zola9899

Smart contracts are bug , how efficient and secure is your smart contracts.Have you ever been audited through external parties, so we are sure that this project is safe and good for the future of investors?

Mr. Phil : Thanks for your question zola9899. We take pride in making sure security is top notch. To that extend, you can view our audits by openzeppelin here: https://blog.openzeppelin.com/props-rewards-engine-contracts-audit/

https://blog.openzeppelin.com/props-token-contracts-audit-2/

 

(Sessions 3 Free Asking)

Q1 From : @devid_king

NFTs is hot trending now, Do you have a play to have NFTs in your platform? If so, can you tell us yhe plans of your project in NFTs?

Mr. Phil : I LOVE NFTs related questions and thanks for asking Devid. As previously mentioned, we are working towards enhancing our protocol to potentially include NFTs. We’ve actually recently taken our first step in the NFTs industry, by announcing a partnership with SuperWorld. Although we won’t be doing NFTs per say with this partnership, we will be powering their loyalty program through our out of box solution. However, it’s super exciting as I am VERY bullish on the NFTs space in general. You can read more about the partnership here: https://venturebeat.com/2021/04/15/superworld-teams-with-props-for-selling-nft-virtual-real-estate/

Q2 From : @Leymarunt

How many partners are there in PROPS? And the benefits that these partners bring to PROPS and vice versa?

Mr. Phil : Thanks for your question Pandasa. We have 5 partner apps who have fully integrated, with 2 that are set to launch very soon as well as a few more that we are working towards onboarding as partners. The benefits for both sides is that it brings alignment of interests. We power a loyalty program that’s backed by blockchain and partner apps can utilize our solution to grow their key KPIs, such as revenue, engagement, etc – while simultaneously allowing more users to start getting into the crypto ecosystem without having to have any real knowledge at all. We like to think word of mouth is most powerful tool to get more awareness about us ;).

Q3 From : @Gbasdfg

Since Props have a strong focal point on US, I’m curious why Props is putting a lot of their resources towards the US and in the West market? Is it more for investment purposes?

Mr. Phil : Thanks for your question Rosana. Although we are US based, that does not mean we are not focused on other parts of the world. We are a growing team, but we also recently started expanding in the Asia market, hiring team members in both China and Korea. We are a global project, and we want to build communities around the world.

Q4 From : @daucatmoi05

At what stage is the project at the moment? And what should we expect in the coming months?

Mr. Phil : We are actively working on preparing our testnet staking portal. This will be a big milestone for us as a company and our product team has been working around the clock for it.

To stay up to date on the latest developments, please visit our website: props.xyz

Q5 From : @Kufaun

Adoption & Awareness about Platform is very important for any Creator as well as Users! So, What are your plans to attract More users as well as Creators with Non-crypto users too ?

Mr. Phil : Great question. Our plan is continued marketing and community building, so that any user who may be a creator, casual browser or someone who just enjoys an app of their choice – can easily participate in a loyalty program that’s backed by blockchain. This means, we need to continue onboarding additional partners, helping educate their users as well as continue pushing forward for brand awareness. We like to think we are an easy solution for any web 2.0 business to integrate and utilize us to find better alignment with their users by a blockchain backed loyalty program. Our teams continue to push forward.

Gus Fahlev :

All right!

AMA session CryptoHuntersID with Props Project has ended. 🥳🥳

Thanks to Mr. Phil @phil_propsproject  has joined with us and provided us about Props Project, we hope that this knowledge makes us understand more about Props Project .

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

For further information , keep reach us on :

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

📍 Telegram : https://t.me/propsproject

📍 Twitter : https://twitter.com/PropsProject

📍 Medium :https://medium.com/@PROPSproject

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