AMA Recap: Coinfluence
- Time: August 16th, 2021 at 7PM GMT+8 (HKT)
- Project name: Coinfluence
- Host: Kristen from BSC Army
- Guest speakers: John (CTO) & Adrian Baba (CEO) from Coinfluence
- Main content:
- Part 1: Project overview
- Part 2: Business Plan
- Part 3: Community Q&A
Part 1: PROJECT OVERVIEW
1. Would you like to introduce yourself and the project to our audience?
John: My name is John, @inspiredeggs on Twitter and Telegram. I’m the chief technology officer here at Coinfluence and basically my background is about the last 25 years in tech, the last four or five years involved in different types of blockchain projects. I’m very happy to be here with Coinfluence.
Adrian: I’m Adrian, I’m the CEO of Coinfluence. I’m not that experienced as John, I just have 10 years in technology and around five blockchain projects. I’m very proud about being here as the CEO of Coinfluence and I’m proud to be here, and I salute all of our great community.
2. Where did you get the idea for your project’s name? What’s the origin, missions, and the vision of Coinfluence?
John: Coinfluence is kind of a bit of a play on the term ‘Influencer’. The idea here is fundamentally to make sure that blockchain projects, we’re not necessarily just talking about crypto projects but it’s the idea is that blockchain projects particularly, really interesting ideas around decentralized apps. A variety of things have a platform to be able to start to get recognized out there in the community so that you’ve got someone in a corner of the globe that has access to a keyboard, and is really smart with a great idea, they can actually have a community that can raise that project up to be able to generate awareness about it. So it’s about bringing influencers around really cool blockchain ideas, no matter what type of app or idea that happens to be.
Adrian: As John said, we want to reach billions of people so basically we’re gathering up a very good, elite team of influencers. We’re aiming at around 100,000 influencers to help us boost Coinfluence and of course all the great blockchain projects that will come along because this is just our first phase. We’re an ICO but we’re going to be a launch pad for future blockchain projects.
3. Other than the two of you, are there any other members from your team? What are their positions? How did you all come up with the idea of Coinfluence?
John: I’m the old guy clearly, and I’m Canadian so don’t hold that against me but I’m over here in Canada and we’ve got a team. The entire team, a lot of them are noted on the website so there’s sort of Adrian and myself that kind of are spare heading from an executive level and then we’ve got a legal team. We’ve got a really good marketing team, an amazing dev team that is constantly iterating and improving the application. And as Adrian and I have learned intimately over the last four weeks or so you don’t always get it right the first time, you make mistakes. So we just recently airdropped tokens to our original investors because we had to change the smart contract. Things like that happen when you’re building something up.
Adrian: As John said, there are lots of blockchain projects out there and there are a lot of ideas that can authentically help the world but they don’t have the reach, then they don’t have the exposure. So basically, we were thinking about something that it’s not just gonna shed light upon the blockchain for everyone because everyone wants to be a part of the blockchain. Maybe they feel like they didn’t have the chance and now they do. We were thinking about something that can help market great ideas, not just in the blockchain projects, NFT as well or of course any other projects that we feel and or the community feels they might be helping. We created Coinfluence because we believe people have to have equal chances. It doesn’t matter where you are, it doesn’t matter the budget you have for your idea or for your project. If it’s good then someone will eventually invest in it. We’re here because we need to be and we want to help great private projects and great people.
4. How did you all connect to each other? How did you meet up in the first place?
John: I think it’s just sort of generally circulating around different projects and collaborating on different things. You kind of end up, I refer to it as collisions, you kind of collide with like-minded people and individuals and one day you collide with someone and they go: “Hey, I got this idea, why don’t we look at putting some of this together?”. And then when you have gaps in the team, fortunately these days you’re able to go and reach out on platforms, even upwork for example and say: “Hey, we need someone, we need this particular skill set..”. But fortunately, most of the core skills sets that we needed, we had people in our phone contacts, we were able to to reach out and tap right.
5. What else would you want to bring to the world in the future that would please your users?
John: We’ve been, the team have been involved in a couple of different projects previously. But one of the things about those particular projects was that you’re always battling for that share of voice out there, of being able to get the people, the followers, the promotions that you want because there’re some projects that are just sort of: “Okay, whatever the hottest token is today, let’s get on that, let’s get it all pumped up and then let the tokenomics work so that someone dumps it..”; and everyone loses their money. Well, we don’t want to be that. What we wanted to do was to build an app, to build a platform and because we’d seen so much of that going on, it was like: “Alright, that’s what we want to offer people. We want to offer people the ability to get into some of these early projects without it having to be the wild west of ICOs all the time.” And by saying that we can take this mall or this dapp idea, we can put it on here to an existing group of influencers. They can decide to take and put $CFLU against it and support that project. Then, we’re also in, at the same time, working with the community to vet and dox the product as well, to make sure that whatever that project is going to be right, that we’re going to give it and the people that are supporting it the best chance at it being a success.
6. Since you’ve had so many projects and quite a lot of successes, has there been any project that’s considered ‘a failure’ in the past? Did you have any trouble launching those projects?
John: I wouldn’t say that there’s any projects that were ‘a failure’. I certainly haven’t had any like no projects where I have to go back and the team has to go back and look at investors and say: “Oops! We lost your money, sorry.”. That’s not the case. We’ve certainly had projects where I would say it’s ‘a failure to launch’ type-of-scenario, where you think you got the right idea and you get it out there and all of a sudden it’s like: “Alright, that wasn’t such a good idea after all.”. So you don’t really get it off the ground and I would say that there’s been lots of that and that’s one of the reasons for the inspirations of Coinfluence. It’s because it’s a launchpad and sometimes it might just be, a great example is that over the time, you’ve end up meeting some individuals that it is just them and their keyboard and they might be in a part of the world where they have very little access to investment or resources, they might not even have their own bank account but they’ve got a really cool idea and they just need a little bit of help. They just need to be able to get the project set up so that it can have an opportunity to launch so hopefully the goal here is with all the little projects that end up on the Coinfluence platform, is that they do get launched. I mean will there be ones that fail to launch? Absolutely, there definitely will be but the main objective here is that most of those projects will get some support they’ll get to see the light of day and the community will give them the expertise that a lot of these founders don’t have. Help them not make the mistakes we’ve made. I guess it’s the way of looking at it.
7. Apart from your products and services, could you tell us more about your tokenomics model? How do you distribute your tokenomics?
Adrian: We’re giving 65% of all the total tokens. We issued 1 billion tokens and now we’re giving 65% to the community. That means we are giving 650 million to the community in 100 faces. So basically right now we’re in the second phase, we’re giving away 100 million to the team because we believe a team should be focused and they should act as investors as well. Because this is the proper mindset for every team member, it’s their project as well as the investors. We’re having 100 million tokens for marketing and growth because when you’re building an ecosystem and you have to be fully sustainable, this is what you have to do. And 150 million tokens will be given to the investors and all the investors that come along and of course the support as we have, and I want to thank them because they fully believe in this project as well. So this is our tokenomics.
John: I think the one thing that I could perhaps just add into there is the 10% transaction tax that’s not part of the overall tokenomics but it’s an important component in the plan. Every one of those transactions that’s made will be set up so that you’ve got about 4% of each transaction going to liquidity, 4% of the time that 10% tax, 4% liquidity, 4% is distributed back to the holders based on their stake and 2% really is all about going back into marketing and continuing to grow the platform. That is done also too so there’s going to be really encouragement there for users to look at, holding their tokens in those projects that they’re trying to support as opposed to trading those tokens out and that really helps. I think it’s going to help us drive and build the value of those tokens overall for the community.
8. What are the token utilities that you guys have for the $CFLU? How does it apply to all of your services and projects that you offer?
John: The $CFLU is a utility token because we’re a launchpad for other blockchain projects so further on, when the market, the projects that come to the calling force, if you want to invest in them, you have to use $CFLU. So basically you’re buying $CFLU to be able to invest in our incredible blockchain projects from now on. This is how we see $CFLU as an utility token and as a way of investing in future blockchain projects that are going to be promoted on our platform.
Adrian: It’s almost like when you’re thinking about this as well as thinking that you’ve got $CFLU and you’re staking it to a project on the launch pad platform. It’s kind of like a stake, so that is the token you can stake it against those projects and as those projects progress and proceed and there’s activity around it then that’s going to bring you back the return on those.
9. What are the three key points/selling points that would make Coinfluence seem more appealing than other projects? What would you say to convince the investors to invest in your project for the long term?
John: I think that one of the key things for investors right now as it is with any of these projects is: “Is this real?”. What we’re doing here is real so the transparency and trust component we’ve tried to be and will continue to be extremely transparent about what we’re doing. Some investors have said: “Come on, you’re in phase two and you don’t have enough followers or you don’t have enough of this…”. Well, that is all going to change very quickly, as we all know it can happen very fast as we start to come out with some of the new marketing initiatives this week and next week. But the core thing is every time along all of the iterations or pivots that we’ve had to make over the last couple of months is we’ve been very transparent about us. We’ve got a youtube channel called ‘The Coinfluence’. I kind of go on there every day for five minutes and we talk about what’s happening. We are very transparent in the Coinfluence telegram group and engaging and asking questions so that transparency is what builds the number one thing that makes a project successful in my opinion and that’s trust. If people trust in it and go: “Okay, let’s give them the money, they’re going to make something happen and build something useful.”. Then they’re going to want to come aboard and that’s one of the biggest differences. You get a team that’s committed to making it happen and keeping it transparent along the way
Adrian: You said it very well because at the end of the day you have to, you have to be credible and the thing is people see our commitment and people see that we’re always trying to do our best and satisfying their needs. We’re transparent because to be honest it’s been hard and then we made mistakes as John said as well, so we’re doing our best and we’re listening to the community and we’re implementing the best ideas and we develop as we go so we’re not the standard the ICO, we’re developing as we go and this is very important.
10. How does your project’s security system work to guarantee your users’ wallets and trust?
John: Obviously on the best practices side, we’re doing things like: let’s get the smart contract audited. When we had the first smart contract audited, there were some issues. Users went out and pointed out a couple of issues when they checked out the smart contract and looked through things. Some of the more experienced users, i’ll just give you one example, we made a mistake and didn’t realize that there was a restriction for them to trade it early on a couple of DexX and we found the token on PancakeSwap. Well that’s clearly a mistake that’s not what we wanted to do as users and then also when you’re doing the contract audit and posting it, that’s what shows people that you’re on top of this and you’re doing this in a transparent way. The thing with those initial smart contract issues is some people might have just rolled up the rug and said: “Oh sorry, we go away.”, but not us. We wanted to say back to the community: “Okay we’ve made a mistake, we see the mistake and here’s how we’re gonna resolve it, we’re gonna give you all the tokens that you invested in.”, plus “Hey, we’re going to give you an extra 20 so we’re going to airdrop that all out to you for the new contract.” nad now some people said: “Oh well, you’re going to go and list on September the 17th.”, which was our original date we were going to list on PancakeSwap on September the 17th but when we issued the new smart contract in fairness to all the original investors that truly are investing in it because it’s a project, there are some people that are investing in it because they want to invest it and they’re going to try to sell it the minute that it goes and they put 28 dollars in and they want to change that to 60 bucks or something like that. Well, in our particular case, it wouldn’t have been fair for the investors that are putting thousands and thousands of dollars into this project to then go and put it on a dex on the 17th of September. So we did say that: “Look, we’re going to extend when we launch the new contract. It’s going to be 100 days so we’ve got 100 days to close up to a hundred phases and we changed it to november 17th.” Did we get some blowback on that?
Do people complain?
Kristen: A lot.
John: Yeah exactly, so you get a lot of noise from the fuss and the fear, that uncertainty, the doubt, they just want to cast it all over the place but it’s like: “Hey you know what this is?” and we’re being fair, we’re being transparent to everyone and that’s what you got to do.
Part 2: BUSINESS PLAN
11. Could you tell us about your roadmap? How has the business been going? Did you face any challenges on the way? What’s your next move?
Adrian: The project had a slow start because to be honest in ICOs, this is how we go so basically the first phase, the second phase don’t go as planned because you have to create a community, you have to create the fuss, you have to create awareness but we’re gaining momentum and we’re proud to say we’ve finished phase one. We are almost 45% done with the second phase and we’re adding three celebrities on board so basically this is gonna be a huge blow on the marketing side. We’re proud to say we’ve managed that and that will create not just brand awareness, to be honest, it will create more, it will make the project more interesting, more appealing and it will of course add more trust in the project. This is the marketing plan, of course we’re doing games two three per week hopefully we’re having giveaways. John is the host of a Macbook Pro giveaway that happens almost once every two days. To be honest, you can’t end the phase in just one day. It’s about the community just about reaching out to the people, you need to be on board when we do that because I’m positive I will do that then it’s gonna be great and I think we’re gonna reach one of the phases sooner than than the 17th of November.
John: In addition to that marketing piece of what Adrian was talking about, there’s also the technology piece as well. Right now, from a technology perspective, the users are able to kind of come on board and they’re able to make their wall of purchase with Metamask or with Trustwallet and they’re able to log in, if they create an affiliate account with us, they’re able to login and see information and see their referrals, which a key component of this. So right now when you come in and register, you get a referral link which means that anyone that’s you created an account using your referral link you’re going to get a 20 bonus on anything that they actually invest so it’s a great opportunity for influencers out there to monetize their existing audience. You guys should have an affiliate code with us so you, BSC Army can have all kinds of $CFLUs to invest and trade and develop. That’s the key thing to make sure that people are logging in getting those affiliate links, so that they’re getting a piece of anything that people are coming into now. The other component of the technology roadmap is between now and I mean we’re in constant development mode so the last month or so has been a lot of focusing on addressing the issues of the smart contract making sure that is moving smoothly. I can tell you right now the development team would love to not have to do anything on the smart contract and to start working on things like the actual launchpad platform and those types of things. So you’ll start to see in that dashboard, you’ll start to see us rolling out new elements of the actual application so that there will be technology that people can start to play with and then of course in addition to finding influencers we’re going to start to have to get recommendations coming in for what are the blockchain projects you want to see here right and getting those up and on board so lots of exciting things to come.
Part 3: COMMUNITY Q&A
12. I am wondering how you could build a community of 100k+ influencers to generate exposure?
John: That’s the core of this whole thing, it’s how are we going to build this 100,000 influencers. The marketing plan is over the course of the next couple of weeks, you’ll see us doing more and more of this, you’ll also see us doing more and more co-promotion or co-branding with some other key influencers and celebrities. There is a ‘Guess the celebrity’ contest going on on our website right now where we’re looking at on boarding three celebrities that have some larger amounts of exposure but the key thing about the influencer piece is what we were talking about right is that affiliate link so once we get the users coming in then really they’re coming in most of them are coming into our Telegram channel and our Twitter channels and then they’re investing because: “Hey, maybe they want a chance to win a Macbook Pro”, maybe they want a chance to guess who the next star is going to be and then when they’re doing that and creating their account well now they’ve got their influencer link. They’re looking for that link to then start to promote it themselves and earn those bonuses so i think that that’s one of the things that is really going to drive the growth of influencers and once when you start to have a hundred thousand influencers coming in that want to get other influencers in so they’re getting a 20 bonus it just kind of keeps rolling.
13. Could you tell us the difference between your affiliate marketing system with the traditional affiliate marketing system? What is your solution to innovate it?
John: I wouldn’t say that there’s a lot of differences between our system and the traditional affiliate system. I think the difference is that we’re bringing the traditional affiliate system into the blockchain space. So when you look at affiliate marketing, generally with affiliate marketing you’ve got a unique code, a unique link, and you’re earning based on either your referrals or your purchases. In our particular case, what’s going to be so unique about this is that you’re going to be earning $CFLU and the interesting thing is that as $CFLU appreciates in value, it means you’re making money on your money, because that just doesn’t happen in a regular affiliate system. Maybe I get 20 bucks per lead or per sale, well that’s 20 bucks in. Here, if you’re getting 20 $CFLUs and it continues to appreciate all of that equity that you’ve brought in, you’re gonna keep benefiting from it so it’s almost like an investment affiliate system in some ways.
14. What is your token user’s case and how it could generate profit to long-term investors?
John: The use case, sort of what Adrian had said previously, is that Coinfluence is a utility token and for the investors it’s designed so that you can use the token to stake it against other blockchain or interesting blockchain projects and as that token is moved around and exchanged with that 10% tax then not only is there going to be countries so is the price. I mean about the long term and I think Adrian was kind of along the same lines here is that not only do you have that 10% tax happening. That’s going to be increasing the value because it’s obviously a fixed number of tokens that have actually been been issued but then you also had the fact that if you’re staking against a project and then that project is successful and we’re looking at trading that out to get that monetized and to get that project spun off into a successful startup. That’s going to just continue to increase the value because now you’ve got to take the $CFLU, convert it and that just drives up the overall value of $CFLU as well. Long-term investors that kind of come in and look at this as: “Okay I want to stake and keep moving with these couple of good projects.”, then, overall they’re just going to keep seeing the $CFLU grow and occasionally you’re going to have some that want to go and jump off and want to get themselves some liquidity which is fine. We all have to expect that but we’ve certainly put this in place so that you can’t have a max mass exodus of people that doesn’t make sense for anybody. And for the investors, if you come in at stage 50 then you don’t want to be and or stage 100 you’re not going to sell you’re not going to exchange until we’re well past the value of stage 100.
15. I see that you decided 15% for seed investors and supporters. When will they receive tokens and how many tokens in each batch?
John: So the seed investors basically will start to receive tokens after the listing occurs but those tokens are going to be reverse vested so that the seed investors are not going to get all their tokens at once. We really have a very limited number of seed investors, and when I say limited I’m talking it’s less than the number of fingers on one of my hands, so when you’re talking about that type of thing then you’ve got people that are committed to the project itself. They’re very committed to the project because right now in most cases all the development, all of the marketing, all of that stuff that’s been done to date is coming out of it out of those investors’ pockets to make the project a success and by reverse vesting that. They’ve got to be in this for that a 24-month period basically post that ICO listing to really be able to start to look at shuffling and exchanging those tokens right and that applies to even with the tokens that are with the team so any tokens that are assigned that 10 piece that are assigned to the team. Let’s think of this as 25 overall between seed investors in the team or reverse vestingm so it’s not like: “oh here’s 25% and you can go and exchange them.”. You can’t, it’s going to be gradually doled out so that everyone is committed to the success of the project.
16. IDOs made it easier to raise funds but it also came with a downside. How does Coinfluence help slower and less knowledgeable users to invest properly?
John: IDOs – the initial dex offerings are an interesting phenomenon because they were supposed to address some of the issues of ICOs doing rug pulls. But the reality is, as we’ve all seen, you put an IDO out there and it sells out in five minutes and it sells out at a ridiculous amount. We’ve seen some that are 7 minutes, 10 minutes and they raise 20 million dollars. It’s really the challenge with those then also becomes that if you’re trying to position an IDO and the token or the concept that you’re positioning on, there is one where you’re trying to say: oh we’re DAO, we’re a decentralized autonomous organization. You can’t, you’re not all that decentralized when all of the power of the decision making went to a couple of key investors that bought 15 million of your 20 million dollar offer. They have all the power they have all, they have the majority of the 60 so yes, for small investors, this is a problem because a they don’t really understand the IDO space and with Coinfluence, $CFLU, the reason why we chose an ICO, and the reason why we chose a hundred phases is that you we can pace it out so people look at us and go: oh you’re only in phase two. Well, we’re gonna grow very quickly but what’s fair, some people got into phase one for 28 US dollars and they got in for 28 dollars, they got 5000 $CFLU, which also is a ballot for a Macbook Pro. And if they were really lucky they got a Macbook Pro for 28 bucks us because they won the right if they won the draw but i don’t know if that’s if that’s the case but there’s the thing is that people can come into this and it’s not like we’re a freight train coming at you in the tunnel where you’ve got to make a decision, jump on or jump off, things will pick up very quickly with this but it will be at a pace where the average user can participate and then even once we get listed and we go into the actual operating side of what we’re going to be is that people can come in can get $CFLU can stake against really cool blockchain projects that they can wrap their head around. They can come in, they can get their access to $CFLU on an exchange then they can come in and they can invest against cool blockchain projects and make money that way as opposed to having to go out and try to understand. Who knows by next year maybe there’s 250 000 coins out there we just don’t know but now you could come in to Coinfluence and go: “oh here’s a cool project that these guys are all getting behind and hey you know what it’s approachable for us and we’re going to look at putting together” some like coin let’s call it Coinfluence academy and some other opportunities to to educate users so that people that are maybe a little scared of this stuff can participate.
Up to now, Coinfluence has had outstanding growth with an ever-expanding ecosystem, promising to thrive in the near future.
Disclaimers: Writers’ opinions are solely their own, and do not constitute any financial advice, investment advice, or trading advice.
BSC Army strongly recommends that you do your own research, and seek professional advice from a financial advisor where appropriate.