PhoenixDAO host their first community AMA with key partner Numio
Hello community,
For those who were able to join us we hope you really enjoyed the event, we did!. The idea behind the PhoenixDAO AMA was multi pronged;
- Give our valued community the opportunity to ask the team questions important to them.
- Bring awareness and attract new members.
- Offer rewards to new and existing loyal community members for participation.
Before we get into the event recap please find below the list of our lucky winners;
Winners list
@onay7
@ahihi133
@zidan30
@hakmer
@YesilMaydanoz
@TeekaTiwari_official
@coolnisith
@Jonahapagu
@krazypinky
@Belkys09!
The Fun Part — AMA recap
Ryan Host
Welcome everyone to our first community AMA session alongside our partner Numio. We would like to thank everyone for their questions. We received over 125 questions!
The AMA schedule will follow:
1. 10 best answers (each will receive $50 in PHNX)
2. Answering some of the submitted questions
3. Open forum to ask questions
For the first 2 stages the channel will be read only. However you can discuss with follow community members at https://t.me/phoenixsupportergroup
We hope you get to learn more about PhoenixDAO and Numio from this session
Kyle PhoenixDAO
Hey @Riskex, looking forward to this! tons of fantastic questions to answer I’m sure
Mark Numio
Hey all, Mark here from Numio! I’m one of the founders of the company, and have been helping a bit with product development, but mainly focus my time & energy on the sales & bizdev side of things.
Look forward to the questions and helping to explain more about what our team @ Numio is doing
Syed PhoenixDAO
Hey everyone, Syed Fahad here from Xord and Blockchain Director of Phoenix, working on the development of the dApps proposal and protocols.
Look forward to the questions and helping to explain your concerns
Kashan Siddiqui , Abdul Sami Jawed will be happy to answer all your queries from the dev side
Kyle PhoenixDAO
Just to add, for those who don’t know me. I’m the communications Director here at PhoenixDAO, I work across all teams however, on a day-to-day basis my time is more focused on business strategy and directly with the marketing teams to ensure that all messaging is on brand. We have an amazing team so far which makes my job even better!
Monte PhoenixDAO
Monte Thomas here. Always good chatting with this Community. You all have been very helpful in aiding me to function as the Partnership Director. I get messages every now and then from some of you telling me potential partners to talk with. Looking forward to answering your questions during the AMA. Cheers
Ryan Host
Thanks for the introductions. Time we kick this off
Question 1 from @onay7
1. Do you think the phoenix will be used by how many people on the earth’s surface in the near future?
Kyle PhoenixDAO
Let me jump in here, kicking off with a great question!
Great but really tricky question to answer :), I would say mass adoption is going to be heavily driven by partner growth, the more we see our partners just like Ferrum Network, BarterTrade, Numio building and using the protocols the faster PHNX reaches its potential of mass adoption. Thankfully we are in the fantastic hands of @Degreatone and our marketing team to spur this on.
The network effect of partnerships cannot be underestimated and to date we are converting around 90% of the partnership discussions we’re having. We have several under discussion which you will all be hearing details on soon, one is being signed today based on the email I received this morning.
Question 2 from @ahihi133
All projects scream that their application or service is the best on the market. Can you say which Numio product you are most proud of and what will enable Numio to succeed in the DEFI space?
Mark A | Numio
Thanks for the question @ahihi133!
There are a lot of pieces of the puzzle that have been built into Numio, and they all enable different things within the app (when referring to the mobile app). I’m quite proud of our team with what we have developed with NumioCloud. The functionality that this server has for UX within the product is unparalleled. This enables for extremely fast & efficient recoveries without actually needing to write down a private key. Your Keys, Your Crypto.
On top of this, it allows you to store basically any type of file, document, or data into an AWS style server without needing to worry about a backdoor or leak as there is no central point of failure for data getting hacked. It’s pretty sweet.
This is also a key piece of infrastructure with the authentication solution built into Numio Pay (which leverages PhoenixDAO’s protocols), and allows for more effective interactions with the Ethereum network as an encrypted backup of your private key is stored there, while Numio and no other organization can access it! This means that you are able to do things with Numio that you would not be able to do through any other product, while still maintaining full custody over your crypto and assets.
Question 3 from @zidan30
Why did Phoenix want to collaborate with NUMIO? What are the advantages of holding PHNX tokens at Numio? and At what phase is the Phoenix roadmap located?
Mayor PhoenixDAO
Another good question. There are of course lots of reasons why PhoenixDAO decided to approach NUMIO, some of the key reasons are. Having known the Numio team for several years we understood their ethos, bringing mass adoption to those who truly need it, namely the unbanked. This fit particularly well with our vision and goals, neither project is looking to isolate institutions or large organisations however, these larger entities are not the only priority for us.
Numio has a vast breadth of knowledge and experience in the sector, that of which we are still leveraging today. Not only this but as soon as we began discussing the vision of PhoenixDAO the room (e-room) lit up, we were building just what they were looking for and doing it in such a way that our protocols could quickly be integrated.
Also they are working as consultants, adding PHNX utility across their products and bringing a level of exposure which will drive much wider adoption of PHNX. Guessing you all saw Numio’s teaser graphics recently? I saw PHNX there.
Question 4 from @hakmer
With the zKRollup integration transfer fees became 0, what is the phnx’s difference of other coins? Why should I use phnx instead of usdc?
Mark A | Numio
Howdy @hakmer! What’s going on. Nice q.
With zkRollups, transfers, withdrawals, deposits, etc., are actually not free 🙂. They still require computation costs (gas) to push them onto Ethereum as well as between regular P2P transfers from watchers/operators of the rollups. When using zkRollups, you can expect that the gas costs would end up being about ~100x cheaper than what they cost on the regular Ethereum mainnet with a TPS maxing at about 2,000 (with ETH 2.0, it will reach ~20,000 TPS).
The way a zkRollup works, is the transactions get batched together and are then pushed onto the Ethereum mainnet. Facilitating these transactions can have cost abstracted by different kinds of 3rd party providers (like Numio) giving incentives for people to transact assets like PHNX.
For some information about what we are doing, you can find that here: https://medium.com/phoenixdao/phoenixdao-reaches-professional-agreement-with-numio-ac83e89a25c9
Question 5 from @YesilMaydanoz
If phnx is staked, the reward is instantly in the wallet. Can we staking that phnx suddenly. Because in this case, staking rate is gonna be %22.
Abdul Sami J PhoenixDAO
Hey @YesilMaydanoz, Nice question.
I’m reading you right here then yes, you can stake your rewards which inturn means you increase the %, we are able to sustain this because you are also adding to the locked PHNX pools by doing this. Be sure to try out our instant reward staking — staking.phoenixdao.io
Ryan Host
We promised there’ll be exciting updates in this AMA. We pause this AMA to announce a new incentive we’re bringing to the community. Kyle take it away
Kyle | PhoenixDAO: AMA surprise announcement!
Ryan Host
Wow exciting news Kyle — I hope the PhoenixDAO community take full advantage of this!
Kyle | PhoenixDAO
Us too! what we’re hoping to see is this brings wider awareness from the Uniswap user base.
James PhoenixDAO
Commencing 23.09.2020 we are going to make the Uniswap deal even better. You can now earn a share of up to $5,000 in PHNX every month depending on how much you contribute to the pool.
Ryan Host
Now we continue our AMA after that exciting announcement
Question 6 from @TeekaTiwari_official
Can you make a connection with Numio Uniswap?
Mark A | Numio
Nice announcement on aiming to get additional liquidity into Uniswap phnx team!! Pretty sweet to see that initiative. Love it!!
With regards to Numio and interacting with DeFi protocols, like Uniswap, the ability to connect to decentralised services is something that we will be bringing to the Numio app.
With regards to L2 (on our zkRollup), we can’t enable for swaps just yet as smart contract functionality on zkr is currently in development. However, since we can offer L1 transfers, users will be able to interact with Uniswap.
Question 7 from @coolnisith
Is Partnership between PhoenixDAO and Numio bringing something exciting on the table to cherish about?
Monte PhoenixDAO
I think the fact you are asking this question means you already know the answer but to reiterate here (https://medium.com/phoenixdao/phoenixdao-reaches-professional-agreement-with-numio-ac83e89a25c9)
you can see a handful of reasons why this partnership is hugely advantageous for both projects and with some of the partnerships that Numio have and will be announcing we are already seeing doors open which wouldn’t have been possible without our partnership.
Question 8 from @Jonahapagu
What are the functions of NUMIO cloud does it function like other centralized cloud service providers like AWS, and Alibaba cloud what difference does NUMIO cloud have with some of this other clouds..and How does NUMIO offer Gasless p2p Transfers considering the rising fees on the Ethereum Network
Mark A | Numio
NumioCloud is actually built on top of Amazon Web Services (AWS) cloud storage, but utilises zero-knowledge proofs to secure data & information.
A zero-knowledge proof, or “zkProof”, allows you to prove to another party that you hold a certain amount of information, without needing to explicitly show that information publicly. I spoke a little bit about NumioCloud above, where you can read more on it (https://t.me/PHNXDAO/21789).
Gasless transactions are able to be facilitated through solutions called Relayers (or a Relayer API) so people don’t need to hold ETH for a tx, or can abstract a cost entirely (the latter is a scenario where the cost is free/feeless).
Question 9 from @krazypinky
What are the main use cases of PHNX tokens? Which of all the use cases do you consider the most important from your own point of view?
James PhoenixDAO
I’ll take this. Use cases for PHNX are limitless. It is a multi-faceted cryptocurrency that can be utilised as a P2P currency, Governance voting right, Interest Yielding DeFi token (available as Spot Staking dApp), structural token for calling protocols and smart contracts, and native currency in dApps available on the dAppstore. They are all equally important in terms of use cases as it fuels the entire ecosystem, having it multi-faceted increases its utility as a whole. And with larger token utility brings about more developers and users to build on top of PHNX. More developers = more dapps. More dApps deployed on the mainnet, more utility for PHNX.
Question 10 @ @Belkys09
What will Numio do to bring utility and mass adoption to the PHNX TOKEN?
Mark A | Numio
Hey @Belkys09! The Numio team is focused on getting our cutting edge technology into the hands of as many people as possible. As the user base increases this will naturally have a positive effect for the PHNX token and ultimately token holders.
Lots of exciting things to come for what we are building, and I’m sure the PhoenixDAO team has some cool stuff up their sleeves as well.
Mark A | Numio
I’m a bit late for a call (started at 10), so I’ll be hopping off, but @marcco_1 will be around to chat further about Numio!
Thanks for the time Phoenix team! I’ve gotta get running 😃
Kashan Siddiqui PhoenixDAO
Hey guys! Don’t forget to see the latest build that we pushed. You can now see the total staked tokens.
Kyle | PhoenixDAO
Thank you for participating today Mark! Always great to have you join us!
Kyle | PhoenixDAO
470,782 PHNX locked using the spot staking dApp already
Ryan Host
Awesome, the updates keep coming haha. That concludes our first stage of the AMA, congratulations to our 10 winners. Please contact either myself (@Riskex) or any member of the team to claim your prize.
We will be now moving onto stage 2 of the AMA — answering more of the submitted questions
Question 1
Is there any minimum requirements to stake on Phoenix Staking dApp? And what coin can we stake except PHNX?
Monte PhoenixDAO
There are no minimum requirements. However, you need to check the gas prices when staking to ensure it’s feasible. Right now we are only supporting PHNX <> PHNX staking. In the future we may look to expand that and also we will have some update on how we’re utilising the staking feature throughout the ecosystem.
NB: You can make a maximum of 20K PHNX in a single transaction and this can be done multiple times.
Question 2
How do Phoenix Identity and Authentication protocols produce solutions against manipulation risk in voting on the dApp ecosystem? How does the governance model that prevents 1 person from casting more than 1 vote?
Monte PhoenixDAO
If we were to implement KYC/AML in our dAppstore, that would prevent any manipulation in the instance a user creates multiple wallet addresses. However, the team has yet to consider these items and should be kept in view at the moment. Governance or the DAO would allow multiple addresses to vote, however their voting power will be directly proportional to the amount of PHNX staked. So even if the user creates multiple addresses, it will not manipulate the votes to their favour because voting rights go in favour to their PHNX holdings overall.
Summary: we are building a platform that will be free of manipulation. We are already finalising some detailed DAO related update where you all will better understand how the system will operate. You’ll like it. Keep an eye
Question 3
Each project has special / interesting features to attract users. So, could you please introduce here the most interesting features of Numio to the community, which attract and encourage users to start using Numio ??
Marco Numio
We will be launching the first mobile app with zkrollups integrated allowing users to save 100x on gas fees.
Numio will also be offering all major exchanges KYC services at discounted rates due to our digital identity tech we’ve built out to verify identities.
These exchange users will also be able to use Numio as a 2FA device which is much more secure than Google Authenticator as it protects users from phishing.
So there is a lot for both users and exchanges to benefit from!
Question 4
Marketing is a central element for every project. So that everyone knows the potential that a project can bring is vital to achieve the goals set. What is your strategy to attract new users and Investor to PhoenixDao and keep them long term? Can Numio help that ?
Ryan PhoenixDAO (Host)
I’ll take this one
PhoenixDAO has a unique flagship dapps that’s in line on our road map. Our marketing strategy is simple; build simple products for everyone and they will participate in our ecosystem. Numio is a developer on top of PHNX, hence they can create apps to deploy on iOS / Android Appstore that leverages on the PHNX technology.
Also we have been fortunate to spark the interest of a few influencers. We also announced our Regional Ambassador program to help grow our global reach.
As Kyle mentioned earlier — we’re also working on partnerships. Partnerships is also a great way of marketing as well from the form of cross promoting (as you would've seen BarterTrade giving us a shout out yesterday)
PhoenixDAO was also recently added to LunarCrush (which monitors Social Media and community. We managed to be ranked in the top 30 coins [ Photo ]
That concludes our second stage of the AMA. We’ll be opening the channel for live questions in a moment. But first @marcco_1 has something to share
Marco Numio
Regarding the launch of the Numio app. We could have released the Layer 1 app over a month ago but a $5 transaction would cost $2.50-$5.00 in fees. We therefore took the decision to add Layer 2 which is no small undertaking. We have moved at an extremely fast rate to get this integrated.
So now zkRollups are working and the app gives you the option of using Layer 1 or Layer 2 transactions.
The app is going live this month but that doesn’t necessarily mean there will be a full launch this month. We have made the decision to do more testing and auditing (and building the iOS version). At the end of the day, it is your crypto (PHNX) that you are transferring and we need to ensure that you can do this in a seamless way.
The launch itself will be what is called a soft launch (limited audience) with the full global launch to come soon after. This approach is standard practice and will allow us to gather some valuable feedback prior to the full global launch. It will also allow us to have the app go through all the relevant app store checks (Play and iOS) and be live in both stores (better for marketing the app).
We will continue to keep you informed of what is going on with development, via our social channels, and the app will start to roll out within the next few weeks to the larger public with a full marketing campaign.
We will soon be publishing an article that goes into all the great tech we crammed into the Numio app — it is extremely innovative and will be worth the wait.
Until then we will be posting a sign up sheet later this week so that you guys can sign up to use the app before the full public has access to it.
We also have a few exchange partners that are looking to use it for KYC already so expect more partnership news from us shortly as well:)
Ryan Host
Thanks for the Numio update @marcco_1
That concludes stage 2 of the AMA. We’ll be opening up the channel for the community now
