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5ire Token Launch
Recorded: Nov. 27, 2023 Duration: 0:40:58Space Recording
Full Transcription
Hi guys, it seems like there are massive tech issues that are happening in Twitter.
So pardon us for any challenges that come in, but we're hoping that this can be addressed
sooner than later.
If you can hear me, can you just give me a thumbs up, please?
I can see many of our ambassadors, team members, many crypto aficionados have joined.
So, just a quick show of hands, are you looking to invest in FIRE on December 5 once we are
listed on Bybit?
If yes, if you have something interesting to share about what's making you interested or
excited, please raise your hand and I'll invite you up on stage.
And similarly, if you're not looking forward to it, I'd love to hear the reasons why.
You know, one of the important things to keep in mind when we build any kind of community
is to, you know, listen to all kinds of feedback that come in.
So what we want to do is to really invite people to, you know, to share what they've been up
And personally for me, you know, I can see Prateek has joined.
And hopefully his connection will be fine, is the combination of our community consensus
mechanism and future outlook, which is demonstrated through partnerships of our business model,
something that personally excites me.
Prateek, because, of course, I work at FIRE, but I'm also, you know, really interested in making sure that
we all succeed, because in this particular environment, we are all in this together,
and either all of us win or all of us collectively bear the losses.
With that said, I was just going to turn it back to Prateek.
So Prateek, I think you described very briefly what about the tech and community is exciting you.
Let's start with the community.
You have seen a big shift in the community's attitude towards blockchain in general,
and what we're seeing at FIRE.
What's the change that you've observed?
And what does that mean for the company and the community?
Yeah, first I have to ask, am I audible?
Yes, you are.
Okay, thank God.
I don't know what's happening.
It's just probably, you know, Twitter in Dubai.
No, today it's been tricky everywhere.
Okay, fair enough.
Well, I think you heard, you guys heard me when I said that the tech piece of it,
wherein like what we're building in phase two, is something that really excites me.
As far as the community is concerned, I feel it's, the community is definitely getting a bit more matured.
So, people now talking mostly about use cases.
And of course, we have also made a fair share of mistakes by, you know, and it happens to every single project,
the growth pains and so on and so forth.
And we've always bombarded, if you look at the past two years of a trajectory of FIRE,
it started from when launch, which sometimes also happens, to now pretty much every single call that I have with investors
or even in terms of the community engagement, it does really go towards what are you actually building,
why will it sustain and how will it sustain in the next months, years, even decades, if I may say that.
So, I think that's the shift that I've been noticing.
And it's sort of a coming of age of the industry itself.
I mean, I was very young during the dot-com bubble, but I think something really similar happened back in the day
where you were able to create a website and have it valued at $20 million, which was kind of a sham.
But at the same time, the Amazons, the Googles of the world also came out from the same dot-com bubble.
So, I think we are going through the similar stage.
A lot of people, a lot of companies will come out still, which will create use cases that we haven't thought after.
And that's what really, really excites me.
And that's what I think community is now beginning to understand as well.
That's why, in turn, it really excites me what we're building in phase two, where it has, I mean, the sustainable consensus.
It's, of course, it's our baby.
I really, really understand that that's the core offering of the company.
But how it has been transformed and morphed to be able to be used in Fortune 500s and government,
just something that FIRE will be looking forward to in the next few years.
And I think that's closing relates to finding the product market fit as well.
So, yesterday, we had a demo day.
So, we want to tell you, community members, that we had a wide range of presentations from people who have been building on FIRE.
And we heard some fascinating applications from digital water to making environmental sustainability at the core of all pursuits.
And all connected, you know, through a blockchain powered by sustainability.
So, talk to us about some of your reflections from the demo day, Pratina.
What's the kind of feedback that we received?
I think, of course, there were, what, around 15, 20 demos yesterday.
And most of them, of course, were, were very unique in terms of, I think what we're, what's happening is that we are attracting a very, very unique set of builders.
Wherein, the, your regular, of course, there were people who, who came up with market, market makers, DEXs, AMMs, and all of that.
That part of it was there.
But what, what really surprised me is that 60% of the projects were outside what you think is what's traditionally blockchain.
Wherein, a lot of this had to, had to do with tracking, you know, carbon footprints, trees, so on and so forth.
People were already making a difference.
I mean, today also, I mean, you don't know, Utkarsh, but I spoke to a project that, that has already been, you know, transforming the world in terms of, in terms of planting millions and millions of trees at a stretch they want to build on us, they want to track through us.
So, I think what really excited me is that we are attracting a certain niche of, of developers who are not just programmers, but also sort of a mix, a pretty unique and crazy mixture of, of philanthropists, programmers,
businessmen, and, you know, everything in between.
So, I feel, I feel that's what, that's what our core value is going to be.
And I think we'll keep on attracting people who will, who will start building solutions, just not for themselves, but for everybody around us.
And that was a, that's the, that's the core value of FIRE.
And while doing this, we'll be making money.
Remember the, the project that was doing the cleaning of, of shores in, around, around South Asia, especially the one who showed the Mumbai beach.
What was he saying?
He was saying that I don't want to come across as a person who's, who's just doing charity and, and then everybody in my team is poor.
I'm doing this while generating profit for the company and then he showed us the, the, the profits.
So, I feel that's something that's really music to my, music to my ears, wherein people are making money while they're doing something good.
And that, that's how we started with FIRE.
That's how the core principle of Fifth Industry Revolution started as well.
So, I think that's, that was really amazing to see.
Yeah, let's stick to the theme of product market fit.
So, I think when we move, look at web one, web two, web three companies, there's an emerging space called web 2.5 companies, which will be companies that will move from embracing the platform driven web two model, where most of the data and power is accumulated with the platforms.
So, to a more decentralized web three model.
And in between this web 2.5 companies are companies that we get at FIRE are looking to handhold and make them web three.
And what this will do is that this will include a lot of Fortune 500 companies, companies who are looking to embrace and embed sustainability at its core.
But it's easier said than done.
And listen, until there is, you know, an immutable ledger of records, even calculation of something like an ESG score can be really challenging.
So, in pursuit of our product market fit, we look at developing this ESG as a service business model.
And I know Pratik, you've discussed this with a wide range of stakeholders.
What's been exciting to them?
And what, if anything, we've been skeptical about this ESG as a service model that we hope to champion?
I mean, the skepticism hasn't been lost on us.
I mean, there is a lot of greenwashing happening.
And most of the companies, if not, I mean, majority of the companies don't want to really be sustainable,
but want to keep the, you know, the semblance or they want to keep the story going.
I think that's changing.
It's changed pretty heavily in the past two years itself.
So, I think that's where, as you were talking about product market fit, that's not really their fault as well,
because the space is so new that they don't know how to really adhere.
All they need, all they know is to buy some carbon credits and be done with it.
So, that's why the product market fit, as you said, is important as far as Friars' perspective is concerned,
and hence the community's perspective, that we are bringing them a solution.
So, imagine if this decentralized system of no democratizes data, that is ESG data,
you can basically have a partnership with governments, in which we are talking about,
with a certain government who want to bring the regulatory.
I hope that really happens.
But, what we have pitched to them is that we'll be making sure that all the industries within your country,
every single one of them has a Chief Sustainability Officer, which is a CSO.
Now, they don't know how to make head and tails out of their own job.
So, they have their own sustainability KPIs, and we are giving them an entire set of tools from calculations,
to also then how to make sure that if you are not that green, become more green, or get your score up.
So, we're giving them an entire suite of solutions on how to adhere to their own,
or, I mean, adhere is probably too weak of a word,
but to make sure that all their sustainability KPIs are matched.
And that's very important for every single company in the world right now.
They want to do it, but they don't have the tools to do it.
And the toolkit is what we want to provide as to become the right product market fit.
I guess I'm clear, but I know it's a bit of a complicated topic.
But in phase two, FHIR will ensure that every single company that comes into a fold into the ecosystem
is helped from a very ground, you know, grassroot level to a pretty high level
to make sure that the sustainability KPIs are matched.
Yeah, just finishing off of what Prateek said,
essentially being compliant towards sustainable development goals
is a large market opportunity as well as a social opportunity.
Just to adhere to these goals is ideally being too complex in the past
or easy to subvert.
So, what we are trying to do is to just standardize the framework of assessment
and then embed our infrastructure in the background
and become essentially the playground on which being compliant
and being environmentally sustainable makes business sense.
for all the companies, because they have to.
They are mandated by the United Nations to report their structures by 2030.
And there are just six and a half years less than that left.
So, we see it as a huge opportunity for social transformation and public growth,
which, again, leads us to the product market fit.
A lot of the demo day conversations that Prateek also referenced
are very much in line with achieving this product market fit,
because we will always be the playground.
And even this token launch is very much an opportunity
to give our community members, which is all of you listening,
the provision to partake of the larger play.
And I think if we can all really embrace the vision and mission
of the founding principles of FIRE,
you can all help us create and look at new platforms
that can be built on top of ours, and that will be exciting.
So, DAPs and interesting applications that are mission-focused
are critical to us.
And we have tried to design our technology and documentation
in a way that makes sense to us.
Yeah, not just design, even the evolution.
I mean, this whole thing that I spoke about,
the evolution of technology itself has been pretty much
based on what Utkarsh is saying.
It's not that we thought of an idea and then we are not open
to changing it.
I mean, the phase two has been a massive change
in the way we think as well, because my eyes personally
and also the team's eyes were really opened up
by just going to the market and understanding
what can come after the sustainable consensus.
So, our design and evolution will both be based
on what the principles of Utkarsh is talking about.
Let's look at some of the educational elements
of our strategy.
So, we've partnered with a wide range of organizations.
You're in the UAE right now.
I know you were part of a workshop, a series of presentations
and discussions at Abu Dhabi University.
So, are you seeing this general excitement localized
to a few geographies or are you seeing this overall
and what does this mean for the larger blockchain ecosystem?
It's definitely overall, but I think, I mean,
I only have to, you know, praise the government over here.
I think they provide a very good tool, you know,
a toolkit, a set of principles within the government
to make sure that, to ensure that there's a lot of innovation
within the populace.
So, I think they're taking the lead here
and I think that's why we are here
and we want to make sure that we will be here for a while
because they are not afraid of implementing new ideas,
which is something that they really enjoy.
But having said that, I think it's happening across the board.
And it's, yeah, please, carry on.
We're seeing this in the UK as well, where I live,
universities that are deeply interested in engaging with us,
getting students a kind of an exposure.
In India, we are partners with the government there
and our curriculum on blockchain fundamentals
is now being implemented by schools all over.
So, we want to be, you know, take on this role
as an industry partner of governments
at different state levels and national levels.
We think we expose the world to the whole possibility
of blockchain and what building on top of that means.
And we have a role to play in that
because right now the uptake of all things crypto
and blockchain at a macro level is limited.
So, we see ourselves, again, always think of fire
in terms of community, the consensus mechanism
and our partnerships.
And these partnerships are focused on education,
DAP evangelism, providing grants,
nudging people who are already doing important things to scale.
But one question that keeps coming back to us
is like, you know, building token
and token utility and so forth.
So, do you want to share some comments on that
and what's been the team's response internal
within the company and with external stakeholders?
What are some of the dominant questions that come up?
You mean in terms of how will we build equality
within the token?
Yeah, okay.
Like, you know, what are the possible use cases?
One would be that, like, you know,
people within the company have started
taking part of their, you know,
compensation in tokens
because they truly believe in it.
And I think it's a good stuff
because this is going to be a slower process than usual.
But within the company,
there's a lot of excitement about the launch.
And we see that becoming more and more mainstream.
Similarly, we are seeing that with a lot of our partners,
they are starting to explore the idea
of accepting and making transactions through Firecoin.
And that utility element will be huge
towards a future success.
Yeah, fair enough.
I got your point.
Well, see, as a company,
what we have realized in the past few months,
more than a year or so,
is that if you really look at most of the blockchain companies,
and I mean, I have utmost respect for most of them,
but one thing that we are missing in the industry
is that most of the, you know,
of the value that a company derives
is fueled by the token itself.
So if you look at most of the blockchains,
they aren't really making money.
What's happening is that they're making,
they're making a lot of revenue
from the buying, selling, trading of the tokens and the coins.
So that's something that I really,
really feel that somebody has to come in and change.
And that's where in your piece of Web 2.5 comes in,
wherein we want to go to the more traditional companies
and offer them a solution or a set of solutions
where blockchain is more and more important.
And therein, you know, we generate more revenues.
And when we generate those revenues,
they're all going to be associated
and related to the token itself.
So what I feel,
see, you have all the other regular blockchain token use cases.
or coin use cases in this case,
which is, you know, staking,
from staking to defy, to validation
and everything in between.
I'm sure you guys all understand that.
But what's even more important,
I feel, as in right now,
is to make sure that you have new use cases for your token,
new utilities for your tokens.
So with the new business models
and the revenues that we'll be generating,
which is outside of the traditional blockchain revenue models,
we will be making sure that the token utility,
even expands and increases.
And it is increasing with bigger organizations,
you know, decision makers in government and so on.
So I feel our focus has also,
I wouldn't say divided, but expanded,
not just to build utilities
for the classic blockchain use cases,
but also to facilitate revenue through the token
in the Web 2.5 world.
Yeah, and, you know, like,
a token essentially is a measure of value.
And this value is created essentially
by where all the users think it can be potentially used.
So, you know, ahead of the token launch,
we are very open to suggestions
where you think the token can be linked
with a practical use case.
So we'll be organizing more demo days in the future.
Some of them we can actually focus on token utility as well.
So any and all people who are listening in,
feel free to share your suggestions.
We are very open to the idea
because you have to build a market as well.
We have a lot of forces working in our favor.
They are tailwinds,
but we have to also nurture and shape the market
and handle stakeholders towards building it.
Now, just turning our attention to tokenomics in principle.
So what I'd love for you to talk about, Prateek,
is not, hey, what these are the terms and conditions
because we'll obviously be, you know,
publishing it sooner than later.
But how do you think about,
or how do you think about tokenomics
with regards to the community
and early backers that you've had?
I'm not sure what that actually means to you.
Do you mean what do I think the tokenomics are for FHIR
and how they'll be?
Just about the principles of tokenomics.
What made you, like, conceptualize it the way you did?
Well, I mean, if you'll be,
if I want to be 100% honest with you,
I feel that the tokenomics could be better
as far as FHIR is concerned
and there's no harm in, you know,
accepting something that can be better.
But at the same time,
the tokenomics were conceptualized two years ago,
wherein we did not have as much knowledge as we have now.
So we have to make the best of this hand,
the hands that we dealt ourselves.
And I'll tell you why they can be better.
They're actually pretty good for the investors themselves,
but they can be better for the project.
Most of our, you know,
one of our core principles is the sustainable consensus.
So a lot of tokens have to be designated towards,
you know, validators,
people who have higher sustainability scores
so that they get more rewards.
Now they don't get more rewards out of thin air.
You have to have the allocation of the tokens
for them to get more rewards.
So I would ideally have had more in terms of,
you know,
more tokens associated towards these validators.
But of course,
what the hot fix that we have for that
is that we'll be sacrificing some of our own tokens
when they start, you know,
getting unlocked the team tokens
or the ecosystem tokens
and put as much towards validators
so that the ecosystem keeps on running.
Now for investors,
it's a totally different story
because ideally,
you know,
many, many layer one blockchains
lock their tokens for at least a year
because again,
like this is not a one year project.
It's going to go on for multiple years.
It's good for the investors
because most of the,
most of the investors are getting unlocked
in the first few months of the launch.
And I feel that gives you,
that gives you a good space
to decide what you want to do.
I would actually say
because we are working that hard
into,
you know,
pouring as much of resources as possible,
even these tough times,
I mean,
it's not a,
it's not a secret
that the times have not been easy
just for fire
or the space in general.
We want to,
I would implore all of you
to stake as much as possible.
We will be coming up with,
of course,
the APIs and the rewards,
but I'll make sure that
the project as a whole
in what's happening in the future
in terms of the partnerships
makes it worth your while
for you to,
for you to stake.
So I feel,
as far as investors are concerned,
the tokenomics are pretty good
because you're getting
a tokenomics of an NFT marketplace,
but it's a layer one.
Yeah.
And you know,
it's,
folks,
this has been a learning journey
for us as well.
every day we get suggestions
that we have been getting suggestions
about our tokenomics.
And we've never claimed
that our tokenomics are perfect.
In fact,
the very reason I asked this question
because we recognize
there is a lot that,
a lot of feedback
that has come into play
and a lot of feedback
will keep coming in.
Look,
essentially,
Tatek and I used to host
these AMAs every week.
And in,
in those conversations,
there were so many discussions
that we had
around just good behavior
and good citizenship.
So think of
a lot of these tokenomics,
basically in terms of
what incentivizes people
to be committed
to the project
for the long term,
but it also gives them
enough liquidity
to balance a short term.
In economics,
this short term,
long term balance
is something that,
you know,
people have strived
to strike a balance,
but it's not that easy.
So from the point of view
of our team,
we have,
you know,
we have a core set of people
who've been with the project
from,
from the start.
In fact,
our,
our conditions of the token
are,
are,
you know,
are going to play out the most
once a certain time
clicks in,
which means that
people need to stay committed.
And a version of that
is applicable to various
sets of people
who are involved as well,
because you don't want people
to quickly pump and dump
and basically treat this
as some sort of a,
you know,
financial game
that needs to be mastered.
There are aspects of trading,
which are,
of course,
involved,
but it'll all come back
you know,
basic principles,
the boring old product market bed,
finding the right kind of
partnership
that will give the project
longevity.
And ultimately,
market disruptions
are actually very useful
for companies
that have a strong community
and a strong,
you know,
framework for operation,
which we think,
thanks to you,
we have found,
but there's a lot more
that can be done
on this front.
So please stay tuned
for,
you know,
more discussion
in and around tokenomics.
And I know many of you
have questions
about airdrops as well.
So Prateek,
tell us about
how,
you know,
what kind of users
or what kind of people
we want to say thank you to
through airdrops.
I think people who,
I mean,
it's only obvious
people have stuck with us
in tough times,
especially over the past two years.
I mean,
of course,
things did not go
100% the way
they were supposed to go.
And of course,
that happens.
But people who
always believed,
people who kept on
you know,
doing the things
that,
that believing
in the entire project.
So I feel
there were many,
many campaigns
that were launched
and thousands
and thousands of people
finished those tasks,
which means that
I am sure
that there was
a certain belief
in the project
for you guys
to even start doing it
not to mention
actually go all the way
to the end
and finish it.
So for me,
the early believers
and the believers
through the journey
are the people
who should be rewarded
and will be rewarded.
Yeah,
and we have not
forgotten anybody.
You know,
there's so much
happening in the background
that sometimes
we have to,
you know,
fight fire,
sometimes we have to
close the partnership
over a weekend,
get a lot of stuff done.
But all of you,
your contributions
are noted
and,
you know,
tabulated in a backend.
There is a team
that is working
to make sure
that all the airdrops
are delivered
and can be locked
after an appropriate
amount of time,
unlocked after
an appropriate
amount of time.
And again,
this would be
in line with the
principles of the
tokenomics
that we outlined.
Just,
you know,
moving towards
the final leg
of today's discussion.
If you have any
questions,
please feel free
to raise your hands.
I'll try and take them.
Just comment here
or raise your hands.
I'm trying to bring you on.
Now,
Prateek,
there are,
you know,
a few days left
for the launch.
the momentum
is clearly
on fire side.
What are we
doing
as an organization
to make sure
that there is
the maximum
possible participation
from all stakeholders
and the token
can be
its logical value?
There's,
there's many aspects
to that.
I'll take you
through all those aspects.
Aspect number one
is showcasing
the power
of what we are building
to different stakeholders.
The stakeholders
I've already mentioned.
what we are doing
in the background,
one of the stakeholders
of course
is community
and the other stakeholder
is developers
and then the solutioning
that we are doing
for,
you know,
the Fortune 500
governments
and so on.
we're making sure
that,
I mean,
or as much
as we can do
to make sure
that people
who understand
the importance
of what we are doing
or the importance
of adhering
to the SDGs
and understanding
that sustainability
is the way to go,
it's going to define
profitability
in the future,
are seeing us,
building on us
and or using us.
that's number one
that we're doing
to make sure
that the importance
of what we're building
is realized well.
On number two,
what we're doing
is to make sure
that there's enough
mouthpieces
for people
to talk about us.
the message
is further down
and down and down.
then you have your,
not just your crypto
influencers,
but if you see
the other day,
Jeff Hoffman
who's a superstar
billionaire
from booking.com
originally
mentioned us
in his talk
or in his tweet.
so all these
big business people,
stakeholders,
crypto influencers
are beginning
to talk about us.
Some,
of course,
we have reached out to
and some are organically
doing it
because of the messaging.
Number three
would be
to make sure
that the community
is there
alive and kicking
which is,
I mean,
this exercise
is a part of that
as well.
I also
am very,
very close
to opening up
the Telegram channel
24-7
and I'll
personally spend
from now
till at least
next one year
a few hours
every day
on the Telegram channel
so that
there's answers
right away
because one of the
things that we
did not do
really well
or we faltered
sometimes
was the communication
and we have
learned from that.
we are also
making sure
apart from doing
all the things
that the blockchain
company does
to correct the
mistakes of the past
so we are also
starting to communicate
much,
much better
not just
for the launch
but for the
project in general.
100%,
yeah.
This has been
something that
is very important
to us
and now
both the co-founders
are taking
out whatever
time they can.
All the team
members,
executives,
advisors
have voluntarily
come forward
because I think
there is a sense
of shared
ownership in the
project
and I see
a lot of
community members
also take
on the run.
When somebody
is just
spreading fear,
uncertainty,
doubt,
I see many
of you
come forward
because look,
it's very easy
to be skeptical.
It's very easy
to say
things which
probably could
have been done
differently
and we
actually embrace
any kind
of critique
or constructive
critique that
comes our way
but now is the
time to actually
both look at
critique and
also look at
the upside.
It's not easy
to build
a layer
one and it's
not easy
to have the
kind of
partnerships
that actually
head for a
launch.
We obviously
didn't do it
ourselves.
We did it.
All sorts of
folks contributed
so far
and in the coming
days that our
single-minded focus,
a lot of
national and
international
journals will be
publishing us.
NASDAQ put
forward an
article with
our co-founders
speaking about
There are a
whole bunch of
interviews that
are happening
so there's
excitement in
the market
and among
our stakeholders
various folks
have reached
out and we
see more of
that continuing.
Let me just
conclude this
discussion with
thanking all of
you for your
time and I
see some of
you have raised
questions.
questions so
I'm going to
let's take them
on shall we?
A couple of
them Prateek?
Yeah sure.
Okay.
I request you
to be as
specific as
possible so
Aboki go for
What's your
specific question?
Aboki do you
have any?
Yeah.
Good morning,
good evening,
good afternoon
everyone.
My question
is actually
regardless of
your discord.
So for
all this
while there's
actually not
been this
communication
between the
team members
and the
mods because
there are a
lot of people
asking questions
on the discord
and there are
no answers,
no answers.
There's not any
mod actively
answering questions
and that's not
how things
works.
We're actually
in other
discord and
we see how
things are
going on in
other discord.
So I think you
guys should
actually improve
that.
Maybe you should
hire some
moderators or
maybe your team
members can
actually be online
and answer
questions.
Thank you very
much.
Thank you very
much.
I appreciate
the question.
So the team
members have
obviously stepped
We do have
mods but the
team members
are stepping
Just know
that they're
extremely short
on time but
we are like
having our
folks essentially
figure out a
routine where
different people
can be online
for different
hours.
So thank you
very much for
your feedback.
We genuinely
appreciate it and
we will do
more to act
on this.
Thank you
very much.
Yes,
D nice.
Go for it.
I would like
to act on
things.
Are you
with me?
Go for it.
Okay,
okay.
Please,
are you guys
listening on
only
PyPYC?
Great
question.
Priti?
Of course
not.
Not only
Bybit.
Bybit is the
first one because
we figured that
they are pretty
much, I mean,
see, we all
know Binance
doesn't happen
pretty much
right away.
So I think
Bybit was the
next best option
for us.
But having said
that, the
wheels are already
in motion for
most of the
other exchanges
to come in as
well.
So no, it's
not going to be
only Bybit.
Excellent.
So I'm
going to have
Olaasim come
forward and ask
questions.
We can take one
or two more,
so please keep
them short.
Olaasim, do
you want to go
for it?
Gemoy?
Yeah.
Yeah.
Good afternoon.
Yeah.
My question is
based on that
is the, you
know, that a
token with a
price without
some utilities
like, instant
utilities like
the NFTs to
interact with
the chains.
How is it
going to be
like for those
that are buying
the native
token and the
ones that have
been a-dropped,
have they
have the, as
in the, not
enough utilities,
apart from the
exchange listing,
do they have
enough utilities
to embark on
the, the
tokens that
have been, as
it was, as
in, you
should understand
the fact that
there are some
things, many
tokens want to
bond.
Your question
is clear.
Thank you,
Olaasim.
So I think
Prateek, this
question about
token utility and
how we've
learned to
build it.
Yeah, exactly.
Yeah.
Well, the
token utility is
mostly going to
be built on, on
the mainnet.
As you see, most
of the chains
have, you know,
launched an
Ethereum token
initially and
then have
given some
time for the
token to
breathe and
then eventually
move to the
mainnet.
There are many,
many reasons
for that.
One of them
being like,
there's a lot
of liquidity
that we need
to pull in.
Utility is
important, but
so is liquidity
for a, for a
successful product.
So I feel
there's all the
liquidities will
be, I can
hear myself now.
All the
liquidities would
be really, you
know, in the
limelight, once
the mainnet
has launched.
Till then, most
of the
entities will
revolve around
the staking of
the token
itself.
Awesome.
So, Phil
Bangalore, you
go for it, and
then Jemoy, and
then you
and then we
can close the
discussion.
Yes, Phil
Bangalore, go
for it.
Hello.
Okay.
Yeah, please,
whoever wants to
ask.
Me first.
Okay, please.
Okay, thank you
very much.
After listing,
after listing in
market
exchange, what
your priority
and strategy
to make this
sustainable for
long terms?
Great.
Thank you, Jemoy.
I think I
spoke about that
for a while
now.
The point
would be to,
my core focus
right now is to
build not just
the blockchain
utility, but
outside of the
classic blockchain
use cases, which
we are, I think,
doing pretty well.
We have already
implemented, you
know, our
curriculum in
schools and so
on and so forth.
So that's a
small hint, but
what we are
doing is to
make sure that
the phase two
that we are
building is
actually then
used by all
the stakeholders
that I just
mentioned.
Apart from
that, of course,
as I said,
there's a very
unique set of
individuals,
developers that
want to build
on us.
And it's
always good in
marketing terms
for any product
to have a niche.
I think we
found that niche
and we are going
to empower that
niche as much
as we can to
make sure that
the ecosystem
keeps on
growing.
Awesome.
Because, I
mean, most of
the, you
know, projects
that are related
to sustainable
development goals,
sustainability in
general, do not
really have a
home chain.
So I think we
want to become
the home chain
for most of
the, or all
of the refi
use cases.
Absolutely.
So, you
could
Abriyadah.
Hello, everyone.
How are you
all doing?
I don't really
have a question
to be specific.
Just wanted to
say hello to
the team.
You all are
doing a great
job and
thanks for the
space.
Thanks, man.
Are you from
the Philippines?
Nope.
I'm from
Nigeria.
Ah, okay.
I don't know
why I thought
your accent
was like,
oh, very,
very, very
interesting.
Okay.
Great to hear
from you,
Abriyadah, and
very much
appreciate your
kind words
here.
So guys, we
are, we're
going to
basically be
calling for a
close with the
last question
from you,
Cook.
If you have
any, go for
Well, he
doesn't have a
question, so
I'll, I'll,
I'll give a
little bit of
a closing
spiel.
I mean, as
far as the
question is
concerned, guys,
very soon, this
week itself, I
mean, we, we
want to find
two moderators
who are ready
to do this
because it's
like literally
big on chat
24-7.
But your, your
questions will
not need to
be on the
AMA itself
because I
really, really
plan to make
sure that I'm
all, I'm
there on the
voice chat
in the, in
the telegram
group for a
few hours
every day.
So, yeah,
looking forward
to interacting
way more on a
regular basis
every day with
you guys.
Absolutely.
That'll be fun.
Thank you all so
much for joining.
We appreciate
your time and
hope you all
check us out
when we list
on Bybit.
Bye-bye.
Yeah.
See you,
everyone.
Bye-bye.
Bye-bye.
