Satoshi Club x PhoenixDAO AMA
Introduction Round:
Q)
Please introduce yourself. How did you get to be involved in crypto & PhoenixDAO?
Tell us a bit please about yourself and your position in PhoenixDAO.
A)
- I’m Monte Thomas. I got into crypto purely out of curiosity when I was still working as a freelance tech writer along with my day job (lecturing) back in 2014/15. After taking a deep dive to learn about blockchain/crypto which saw me undergo an MSc. Digital Currency course, I got a role with a crypto project to cover articles, from where I moved on to work as a sales and marketing person. I’m currently working with PhoenixDAO as the partnership director. In this role, I bring to bare a combination of my marketing, sales, and business development skills — while covering the legal responsibilities of the project.
- Sure, my name is Kyle Gibson. I got involved in Crypto back in early 2018, so I’m sure, much like most of your community, I have endured that wonderful bear cycle as well. I was mainly involved in a number of advisory roles back then, and it was only around the launch of PhoenixDAO when I jumped in feet first. Before PhoenixDAO, I’ve spent many years in a key role of a digital marketing agency.
My role within PhoenixDAO is communications director, as well as this being part of the core team, which means we have a vast number of roles, especially in these early stages of growth. Marketing, networking, listings…the list goes on!
Q)
Can you tell us more about PhoenixDAO?
A)
Phoenix DAO is a community-driven project that sets out to solve the centralization issues at the core of many crypto projects out there. It aims to achieve this through its community-built DAO platform. It is designed to eliminate whales manipulation in making proposals and voting processes (in this case, one man, one vote), developing in-house products that are built using PhoenixDAO’s suite of protocols — which includes the authentication, identity, payment, storage, and tokenization protocols.
You can think of it as a linked ecosystem of governance (DAO), DeFi products (among others, which include a staking dApp that enables liquidity farming, events ticketing dApp, dApp store just like Google play store) all powered by the PHNX token.
The essence of the project is embedded in the power of our product’s ad protocols, which is to give freedom and power of participation to all in the space while building products solving real issues in a simple-to-use way.
- Kyle | PhoenixDAO:
To add more, our ecosystem consists of this stack:
DAO — A custom-built governance platform to enable a decentralized democracy and also an ecosystem growth platform, whereby users are able to apply for grants to build within the ecosystem.
dApp Store — A custom-built hub to give users a one-stop-shop to all things PhoenixDAO
Products — User base and network effect is the key; all products within the ecosystem will bring an element of PHNX utility and growth. The PhoenixDAO foundation is also developing flagship apps that will not only fuel growth, but also project sustainability with revenue-generating initiatives.
Telegram Community Questions :
Q1)
Telegram user @Rosane1a8 :
PhoenixDAO has a feature that allows the user to create digital identities; for that purpose, do you need personal information? Which data is required, how it is stored, and what are the uses of this digital ID?
A1)
By “the future,” I believe you meant to say we have a digital identity protocol. As you may know, this protocol is built on ERC-1484, a digital identity aggregator. This protocol, together with other zero-knowledge (zk) tech can be used to manage users’ identity in a decentralized manner for products built by us/our partners. A typical example is seen in the app built by one of our partners, Numio.
Building on this, user details are totally under their control and stored on their devices and not that of third parties: https://play.google.com/store/apps/details?id=com.numio.pay. This is going to be the norm to conduct KYC and other checks/verification in the new digital economy.
- Kyle | PhoenixDAO:
Right now, we’re working closely with Numio to utilize their solution, which means, yes, you’ll only need to create one ID. However, we will likely look to create our own solution as part of a wider B2B play.
Q2)
Telegram user @Pratze :
I think the $PHNX token will become one of the most important parts of the PhoenixDAO ecosystem. Could you give us an explanation of the token utility? How would this token will interest us or investors?
A2)
Kyle | PhoenixDAO:
You need the $PHNX token to interact with the entire ecosystem, and let’s not forget that it continues to evolve and grow. Right now, it’s a requirement for the DAO, events dApp, spot staking dApp, eventually the dApp store, and everything else we’re building out. Our latest roadmap shows some of what we already have planned.
Something worth mentioning is the fact that we have a linked ecosystem. Our philosophy is that fragmentation is the enemy — taking this approach automatically puts the $PHNX token in a position to keep expanding.
Q3)
Telegram User @yellowchamp :
In your Medium article, I read about the community relaunch of the Hydro Ecosystem into Phoenix DAO to bring true decentralization. So aside from this reason, can you tell us more grounds and basis for relaunching and changing the name from Hydro Ecosystem to Phoenix Dao? As you change the name into Phoenix Dao, how does true decentralization being committed and achieved? What are the positive impacts that the Phoenix Dao name brings to the entire platform’s ecosystem, to the community, and to your investors? Thank you!
A3)
Bringing true decentralization is a major reason for creating the project — as it relates to structure, project running/governance, token distribution, development, and everything about the project — and we believe that’s a big enough reason. Otherwise, there will be no need for blockchain as it were.
After the launch, we started development work on our DAO platform (among other dApps), which will be the go-to place to pilot all project affairs. We’ve already had our first beta testing and in the process of implementing some changes before the DAO is fully live. We hope to release the platform before our first anniversary in May, meaning everyone ($PHNX token holders) can begin to be involved in what happens within the PhoenixDAO ecosystem.
To us, that’s already a fraction of decentralization in governance being enabled. Not to mention the team didn’t allocate huge amounts of tokens (PHNX team owns less than 5% of total supply) to themselves to remove the fear associated with most projects where the team owns as high as 50 percent of the total supply.
Q4)
Telegram user @AmirJosh :
With PhoenixDAOs Client Phoenix Authentication, the user’s secrets never leave their device. What is the process of retrieving the authentication code if the user’s device is lost or damaged beyond repair? Is it just like the google authentication code with private keys or QR code?
A4)
The PhoenixDAO Authentication protocol is just that, a protocol which in layman’s terms is a technology building block. Monte outlined more around this above. What this enables us to do is work with individuals, SME and institutions alike to build out applications utilizing the PhoenixDAO tech. It would be the applications built on top of our protocol that manages this. Right now, we have a handful of partners — Numio, Ferrum network, to name just some, who we are in talks with at the protocol level. But our focus right now is on building out the ecosystem infrastructure.
As part of our partnership with Numio, they have built out an app that enables lots of features, including retrieval of your PK. Read more about the Numio partnership and offering here — https://numio.one/numio-x-phoenixdao-partnership-update/
The beauty of wrapping protocols into our top to bottom ecosystem offering is that it allows easier integration of dApps, resulting in building fantastic tokenomics for $PHNX.
Q5)
Telegram user @Andrey_Seleznov :
Phoenix uses smart contracts to facilitate payments without a 3rd party escrow service. Will you have your own POS to process fiat transactions? Will users be able to convert crypto to fiat and withdraw it using your service?
A5)
We don’t offer this service right now, but the plan with our payment protocol is to cover this type of service in a secure and decentralized way, leveraging our identity and authentication protocols. Most of the solutions will be built by partners/individuals/groups that get grants from us.
Again I’ll point you all to Numio. We work closely with them to see how all these services are available to PHNX holders.
To read more, you can check their website www.numio.one
Moreover, with the recent launch of our Events Marketplace, we have already begun discussing how an Escrow feature could help prevent potential bad acting, so it’s absolutely on our radar.
Q6)
Telegram User @konditer_rolex :
We all know marketplaces that offer a wide range of physical goods. It’s hard for me to imagine what an event marketplace is. Explain for what purpose PHNX Event Marketplace is being created. Who may be interested in this from a commercial point of view, and what segments of the population are targeted by the app in terms of using the proposed services?
A6)
Okay, sure! So, if you aren’t familiar, then think about platforms such as EventBrite.co.uk or TicketMaster.com. We’re aiming to disrupt this vertical by bringing event creation, management, and sales on-chain. We see this as a global product that can actually reach populations that centralized applications cannot. DeFi/Crypto opens up doors to the unbanked, which is most certainly a demographic we will be looking to support.
Here are a couple of key points worth noting:
- The PhoenixDAO Events Marketplace uses $PHNX tokens to buy and sell event tickets.
- Events can be virtual or on-location.
- Events can be assigned categories we are all familiar with.
- Event tickets are ERC-721 NFT’s, allowing users to transfer, send to others, buy for a family member or friend.
- Event creators have a dashboard for metrics and their sell data.
- The Marketplace is decentralized using powerful and familiar blockchain integrations.
- Unlike other platforms, the PhoenixDAO Event Marketplace is free to use (except network fees will apply) — this is subject to change in the future.
And here’s a great article outlining what we’re doing with the event marketplace: https://cryptodaily.co.uk/2021/03/PhoenixDA-events-dApp-launch.
But it’s also worth knowing that we see this as an evolving product. We have an aggressive update plan to build out new features and partnerships. This will start heating up once our integration with Polygon(previously Matic) is complete.
We now have a soft go-live date, and it really isn’t too far away, so watch this space!
https://phnxdao.medium.com/phoenixdao-working-with-industry-leaders-travala-com-b27b46de6e80
- Mayor:
Here’s also a Twitter post where I explained some more areas of use. You can check:
https://twitter.com/ThomasGreat3/status/1371746484660604929
Live Telegram segment :
Q1)
What are your current strategies to attract investors and new users to $PHNX?
A1)
We are targeting more users than sole investors. 1 million people using the events dApp to monetize their skills is more important to us.
It doesn’t matter what your area of professionalism is. You can use it as an expert to sell tickets for events where you teach others.
Please check it out https://t.co/1i9nkJIujX?amp=1
NB: Fees are a bit high now due to Ethereum network congestion, which is why we’re moving to launch on Polygon (Matic) very soon
Q2)
Oyinloye Ayomide:
What are your plans to reach out to the community and the world at large? And how do you plan to make your project available in different languages to some part of the world, especially those who can’t speak English. ?
A2)
Kyle | PhoenixDAO:
We are taking a ‘what do people want and what do people need’ approach.
We knew full well that if we were to focus on protocols and tech from the outset heavily, we would struggle to get traction unless we have lots of money. PhoenixDAO launched as an airdrop and actually without any seed funding or pre-sales. So we’re focussing on the tech that the community can interact with immediately.
Events, for instance, there are so so many ways to use this globally. Being the most secure and competitive solution on the market, we expect to see our user base grow quickly, and with every event that is promoted, so is PHNX!
As mentioned, we have already launched products, and the DAO is coming very soon.
Q3)
NDee:
Hello sir! Where can I buy $PHNX?
A3)
Kyle | PhoenixDAO:
$PHNX can be traded on the following platforms and available on Binance smart chain soon.
Bittrex
BTC → https://global.bittrex.com/Market/Index?MarketName=BTC-PHNX
USDT → https://global.bittrex.com/Market/Index?MarketName=USDT-PHNX
Uniswap
ETH → https://info.uniswap.org/pair/0xDFe317F907cA9BF6202CddEC3DEF756438A3B3F7
CoinEx
BTC → https://www.coinex.com/exchange?currency=btc&dest=phnx
USDT → https://www.coinex.com/exchange/phnx-usdt
Bilaxy
ETH → https://m.bilaxy.com/app/trade/567
For other DEXs & Aggregators, eg: 1inch, Totle, Matcha, etc., please copy & paste the contract address below:
0x38A2fDc11f526Ddd5a607C1F251C065f40fBF2f7
Q4)
Marian Merheb:
While I was looking at your website, one thing that caught my attention at the end of it was this little section of “Become a Member,” where it says we can be Ambassadors or Contributors, but I couldn’t find any information about these two titles. Can you tell us more about it and how they’re different from one another? What are these names entitled to? What role will users have in these two categories, and what are the requirements if we want to be either an Ambassador or a Contributor?
A4)
Mayor:
We’ll call for ambassadors in the future but not at the moment. However, there’s a call for developers now.
Q5)
Khalee:
Do you have plans to introduce $PHNX yield farming and token staking for the benefits of long-term holders? When will it happen, or what are other ways to earn while holding $PHNX token?
A5)
Mayor:
Yes, this is going to be a feature in our Staking v2 getting set for launch in Q2
Q6)
Icy:
Currently, Phoenix DAO is using ETH blockchain, and we know a big problem caused by this blockchain is fees. Do you have a plan to change the chain? Or maybe, you will be going for multichain? Could you share with us your plan?
A6)
Mayor:
Yes, we’re going for multichain.
Q7)
Neveran Cryp:
I did a lot of research on where to stake my PHNX but all to no avail. I would like to know where and how many APY I would receive when I stake my PHNX?
A7)
Mayor:
Staking dApp:
https://staking.phoenixdao.io/
•Spot Interest:
20% APR (365 days) — paid instantly
•Stake Limit:
No limit per address
Limited to 20,000 PHNX per txn
•Stake Period:
1–365 days
Example of Interest Calculation:
i) If you stake 20,000 PHNX for a FULL 365 days, your spot interest will be 4000.00.
ii) If you stake 10,000 PHNX for 300 days, your spot interest will be 1643.84.
iii) If you stake 15,000 PHNX for 200 days, your spot interest will be 1643.84.
Complete Guide for Spot Staking:
https://medium.com/phoenixdao/a-complete-guide-for-phnx-spot-staking-dapp-we-are-live-b3b9bb8d466c
Q8)
Isabellqueen4:
I would like to know your thoughts on Yield Farming and Liquidity Mining. Also, please tell a bit about your Liquidity Mining Program? What can we expect from this project in the short-term at some point in 2021, and in the long-term, of course?
A8)
Kyle | PhoenixDAO:
We are currently running an LP Uniswap campaign. Details can be found here — https://medium.com/phoenixdao/were-going-defi-staking-crazy-introducing-the-phnx-uniswap-rewards-program-b0c6384bb41a
Q9)
Air Borne:
Governance is an important element in DeFi. What is your governance strategy? Also, can users earn rewards by participating in the governance?
A9)
Mayor:
Yes, you can earn rewards while participating! Please take a look at this.
https://medium.com/phoenixdao/phoenixdao-a-complete-guide-for-the-dao-c6e5c3f9336e
Q10)
Khalee:
Most of the projects want to solve the centralization issue. What does the PhoenixDao team has developed that other projects don’t have? What is your edge among those projects that also want to solve centralization?
A10)
Mayor:
Ours is designed to accommodate one man, one vote, where there won’t be whale manipulation.
Q11)
moe:
Can you tell us about Phoenix DAO stacking?
How much is the apy%? Do users need PHNX for stacking? Is your smart contract been audited yet?
A11)
Kyle | PhoenixDAO:
We have a partnership with Xord.one. This includes a dedicated team of devs. Therefore, we’re uber-confident in our tech. That being said, the PHNX contract has been audited, but the DAO smart contract hasn’t yet. We are planning to do audits.
