June 1-st Ecoinomy held an Ask Me Anything session with the ICOSpeaks team at our telegram chat.
1️⃣ Block 1 – self-introduction from today’s speaker
Before we go to the first set of questions, could you please do a short self-intro?
👨💻 Gavin Sathianathan | CEO of Ecoinomy | @gavinho
👨💻 Gavin Sathianathan is the CEO of Ecoinomy, a recognized advocate for the European Cannabis industry. Gavin also is the CEO of Alta Flora and Co-Founder of Oxford Cannabinoid Technologies. He has been advisor to the All Party Parliamentary Group (APPG) on medical cannabis and has been profiled as the “Britains Cannabis Capitalist” by The Times of London.
👨💻 Carl Jat | COO |
My background has been in corporate Top 500 companies for the last 30+ years
2️⃣ Block 2 – project introduction by speakers
First set of questions to introduce the project!
Q: Can you introduce Ecoinomy to the team?
A: Ecoinomy’s mission is to build the blockchain-based data infrastructure for the global organic medicine economy. Organic medicine includes natural, plant-based medicines and funghi, such as cannabis and mushrooms. These drugs are emerging from decades of prohibition, and suffer from a number of issues which the blockchain can help resolve. Our team has decades of experience in both crypto and cannabis. And we believe that Ecoinomy has potential to improve the lives of millions of people, by improving their wellbeing through organic medicines
Q: So you’ll be mostley focusing of canabis only? or or any pharmacy and medecine industry overall?
A: Initially we will focus on cannabis as the blockchain has clear advantages. Over time, however, the emerging psychedelics industry (psilocybin for example) will need the same blockchain-based infrastructure, and this is also an opportunity for Ecoinomy
Q: What problems do you see in the industry right now and how are you intending to solve them?
A: There are a number of different issues facing the cannabis industry which Ecoinomy can fix. One of the biggest issues is that cannabis companies are excluded from mainstream financial services, because cannabis is federally illegal according to the US Government, and so banks cannot handle money from this industry.
Another big problem is the disconnection between industry players and the lack of a holistic approach and comprehensive solution for all market participants. Our contribution is to connect the wholesale of medicinal cannabis in Ecoinomy’s platform.
Q: Could you explain to us what solutions your platform includes to improve the industry?
A: Ecoinomy ecosystem will connect buyers and sellers through a decentralized exchange with complete profiling and compliance; will solve the lack of clinical data about cannabis means, bringing Real-World Evidence into the medical regulators assessment frameworks, also will track the full lifecycle of product manufacturing, supply chain management and subsequent retail distribution of medical cannabis.
Finally, Ecoinomy came to solve the financial problems of the cannabis industry, like cash payments and banks reluctancy. The use of cryptocurrencies makes blockchain the host of an alternative economy, stifling legal regulations and banking restrictions, and enabling buyers and sellers to make transparent and instant transactions and benefit from all the qualities crypto payments have to offer.
Q: Why do you think that blockchain technology could be the missing piece for a revolution in the cannabis industry?
A: The use of blockchain technology is an instrument for achieving the goals of a successful cannabis company in the modern business environment. Blockchain will benefit the cannabis and organic medicine industry bringing in such important values as transparency, accountability, speed of transaction processing, record immutability and high security.
We believe the combination of both blockchain and cannabis is also a revolution from a medical perspective, to ensure the availability of authentic and legit projects with safe and quality products on the market, all these would attract the attention of state authorities. In conclusion, blockchain technology is the perfect tool to kickstart operations in the digital environment without hindsight into the aspect of legal restrictions.
3️⃣ Block 3 – question from ICO Speaks team
Questions from the ICOSpeaks team!
Q: Before you talk about the financial problems of the cannabis and organic medicine industry, Could you explain to us how the Ecoinomy coin will help to solve these obstacles ?
A: Our goal is ECM to be used as a currency in the global organic medicine market, hosting an alternative economy without restrictions and solving the lack of a comprehensive payment solution in the industry, avoiding the real-world problem of “too much cash”.
Cryptocurrencies safeguard the anonymity of users purchasing cannabis products and allows the industry to leverage the growing capitalization in its efforts to attain higher market shares, adoption and recognition worldwide. Banking and payment solutions utilizing our coin and other cryptocurrencies make our platform a perfect and convenient off-ramp for purchase and sale transactions.
Q: In your whitepaper you talk about developing a Marketplace inside your platform, Can you explain to our users what it consists of and how it would work?
A: Ecoinomy is also focused on the development of a user-friendly and versatile internal exchange marketplace for fully compliant medical grade cannabis products. This will allow producers and distributors to post their profiles on the platform and develop their businesses by leveraging the provided toolset that gives access to the Ecoinomy community and the user base. Each cultivator can upload their stock lists onto the blockchain, where genetic strains can be tracked down to the basics and provide platform users with a full journey information sheet. Our marketplace will foster an environment of open competition among providers, while offering equal terms of placement and a variety of additional monetization options.
Q: We are delighted to hear the Initial Exchange Offering of Ecoinomy (ECM) was launched a few days ago. What are the incentives for individuals to join the IEO now?
A: Yes! Our team is very excited to announce our IEO started in BitForex on 25/05/2022 with a Subscription Price of 0.20 USDT. The main incentive is ECM will eventually be used as a currency in the global organic medicine market and will offer its members access to exclusive clubs and rewards via its NFT programs.
Holders of the Ecoinomy coin will be able to use it to make purchases on the platform and sell it on the exchange. ECM coin will also be offered as a staking instrument, giving its holders the ability to generate passive income through staking pools.
4️⃣ Block 4 – Community Voice.
Community asks the questions they are interested in.
Q: Since NFT is popular nowadays, is there a plan for NFT integration?
A: We have plans which are detailed in our white paper to launch a series of NFTs which are tied to the cannabis seed. We have relationships with multiple cannabis seed banks around the world to launch these NFTs, so that the NFT is the digital representation of the specific cannabis genetics which are sold
Q: What are the benefits of holding your token as long term investment? Can you tell us about the motivation and benefits for investors to keep the your token in the long run?
A: We plan to fund research into organic medicines with the ECM token. If the research is successful, we envisage ECM holders benefitting from the proceeds of organic medicines becoming mainstream, funded medicines in national healthcare systems (e.g. covered by health insurance or by government payments)
Q: Revenue is an important aspect for all projects to survive and maintain the project/company. How have you been able to build a complete project and what is the way to generate profit/revenue of the token? What is the income model?
A: Our track and trace system is a Software as a Service solution which is paid for by cannabis cultivators on a monthly basis
Q: Could you tell us about your project partners and the partnership strategy it has adopted?
A: We have a variety of partnerships lined up with patient focused groups who are interested in doing research into medical cannabis. Funding this research through ECM is an opportunity for our community to make a meaningful change to patient’s lives.
Q: Most of users are still not aware with Blockchain & its related projects ! So, How Your Project platform create awareness about their project with NON-CRYPTO users too?
A: We are evangelising the blockchain and its benefits with the non-crypto community, particularly in scientific research and with regulators
Q: When and where can I buy your tokens? Is it already listed exchanges?
A: You can buy our token on BitForex
ICOSpeaks hosted an AMA Session with the Ecoinomy Team. That’s all for today.
Thanks to all users who participated.
Thanks, Ecoinomy for being with us
Thanks, all and see you soon😉
Wanna know more?
Take a look at our other ama sessions