Highlights From PhoenixDAO’s AMA: Plans for 2021, Scaling, and NFTs
PhoenixDAO’s community developers and Partnership Director sat down to answer questions from the blockchain community about the project’s future, as well as its ambitious plans for 2021.
Q: Please highlight what’s on your radar for 2021? Better put, tell us your short and long term plans for the PhoenixDAO project.
A: As some of you may be aware, we just released an updated roadmap a few days ago which shows that we have a lot of exciting stuff planned all through the year 2021.
We are currently in development on the Events Marketplace, Staking dAPP V2, DAO Platform, and the PhoenixDAO Rebrand. We are also working on scaling solutions to serve us and our partners who will be using these solutions.
Our immediate plan is to get the Events Marketplace out the door (Q1). After the beta testing over a month ago, we were able to get very useful feedback from the testers. Since then, the devs have been tirelessly working to button all loose ends. We’ve had multiple calls just to make sure we are on course. The devs are currently doing some code refactoring after which it’ll be clear when the product will be out. From our end, we’re very optimistic for a Q1 release.
Q: Does the PhoenixDAO Project have enough resources (i.e. funds, community, and partnerships) to achieve its milestones?
A: Although we launched PhoenixDAO without conducting any fundraising, we are working to make sure we open up different funding channels for the project through taking a small fee on our products. The fact that $PHNX will be the primary token for transactions on the events dApp, for example, will bring it before many eyes. This will increase its value over time, which will in turn allow us to sell a small amount of the Foundation’s tokens gradually to fund development.
As Partnership Director, I can assure you that I’ve been working on a robust plan to get many projects and individuals on-board to use the Events Marketplace. This will allow us to get some of your favorite projects and influencers working with us to help us reach both our long or short term milestones.
It is worth noting that the events industry was valued at $1,135 billion in 2019 and is expected to reach $1,552 billion by 2028. We can keep polishing our product in order to earn a good fraction of that figure.
Q: You’re currently domiciled on the Ethereum Blockchain, and we’re all aware of the problems it’s currently being faced with. Do you have plans to move to another chain? If not, there are many scaling/side chain solutions out there. Could you briefly tell us which you are looking at and why?
A: This one is a bit tricky. Being a decentralized autonomous organization (DAO) related project, it’s not so easy for us to decide on moving to another solution/chain just because it’s fast or scalable. Security and decentralization is key to us. Many of the technologies out there don’t yet support DAOs and that’s why we’re careful to assess which is the best decision.
In our recently released roadmap, we added question marks to show we are yet to decide. If we don’t get a single solution to serve all our products together effectively — which is what we desire — we may move the dApps to other chains and then find the best solution for the DAO while still remaining on the Ethereum Network. In other words, going multi-chain is part of the plan. We’re currently having many meetings with the devs and our advisers to be able make the best decision. I can assure you that we are close to doing so. Read our latest article on the topic here.
Q: Because public blockchains need users to succeed, they depend a lot on the development and participation of the community. What are PhoenixDAO’s community development plans and strategies?
A: Our community development plans include aggressive marketing through borrowing the wealth of experience from professionals, developing & releasing user friend products (we are aware that UI/UX is still a major problem in crypto), and getting into as many workable partnerships as possible.
We believe that the immediate community are the most important assets for any project in the public blockchain world and that this determines success or failure. We are currently aligned with communities, mainly in three different regions, which means we will be taking cognizance of the differences in appeal. For every future development, for instance a product beta testing before release, we’ve started discussing the best way to incentivize all participants in a sustainable manner. We believe this will keep old members and also attract new ones.
You can read more about a campaign that we are about to sign off on here. It’ll involve community participation wherever you are. You’ll love it.
Q: Penalties, slashing, and freezing are the three biggest risks in staking mechanisms. How does PhoenixDAO solve these problems?
A: Agreed. Many newbies have problems interacting with crypto products. This accounts for things like accidental transactions — which are most times irreversible. A lot of people didn’t like the fact that we had the burn feature in the first version of the staking dApp, although we haven’t had a course to freeze any address/account. We made good use of the community’s feedback which is why there won’t be a burn feature in the next version of the staking dApp
If you missed earlier. Please read about it here.
I’ve heard you hint about NFT. Maybe not too explicitly, but can you tell us what you intend to achieve around that?
Won’t be specific about this in order not to give any misleading message, but we are in the race to be among the first projects to launch a non-fungible token (NFT) marketplace and product on L2 — mainly to solve gas cost and ease of usage problem for anyone anywhere.
There are other possibilities connected with Digital Identity which we are hoping to enable with our Identity protocols which will really help sanitize the NFT space, giving unique rights of content ownership that can make our project a favorite in the evolving niche. The dev work in the Blockchain space can sometimes be slow, especially if you’re treading a less trodden path. However, we’re not sleeping on any of these plans. With ours, we see a time where the biggest celebrities will use PhoenixDAO’s NFT solution because their works will be piracy proof. I’ll say this: keep watching the PhoenixDAO space.