December 15-th held an Ask Me Anything session at ICO Speaks telegram chat. From the LoveChain side there was:
Before we go to the first set of questions, could you please do a short self-intro?
👨💻 Omar Diab – Founder | @Omardiaboz
Hi my name is Omar Diab and I am the Founder and Chief operating officer of The LoveChain. My background is in financial markets specifically derivatives trading and sales. We initially started many years ago in the crypto space trading coins and tokens and that led to more of curiosity around blockchain technology and its potential.
👨💻 Adam Mazzaferro | Founder, CEO & General Counsel | @amazza78
Hi, it is great to be here. I am Adam Mazzaferro, Founder and General Counsel of The LoveChain. I have over 20 years experience as a Corporate Lawyer specializing in M&A, private equity, corporate governance, privacy and social media law. I have been involved in the blockchain and crypto World for at least 3 years thanks largely to Omar. Omar and I have known each other both professionally and socially for over 20 years.
Let’s get started!
Q: What is The Lovechain app? What is your unique selling point?
A: The LoveChain platform is a blockchain based social media platform that allows users to create an immutable record of the people, pets, objects, sporting teams, essentially all the people and things that they love.
Every profile on the LoveChain is allocated a cryptographically generated code number which is used to symbolise the uniqueness of the relationship.
The LoveChain is a digital version of the lovelocks found on bridges all over the world. As a social media platform, it is designed to record and commemorate the people
and things in our lives that we love at every occasion throughout our lives.
Part of the inspiration for The LoveChain has come from the practice of couples using love locks to commemorate their relationships. The practice has seen tens of millions of love locks left in various locations around the world on every continent and a demonstration of how we enjoy the commemoration of our loves.
Content can be created by users without any centralised intermediaries and shared across the network. Within the LoveChain ecosystem the LOVR (LoveChain rewards token) can be used to derive discounts through the online merchant store with users also being able to move LOV tokens to each other. Further, a comprehensive rewards system supported by the LOVR will be integrated into the platform.
We were also inspired by the fact that The LoveChain is built on the number one hashtag and theme across all of social media – #love. The name “LoveChain” comes from bringing together the use of “#love” and blockchain technology.
Being powered by the Algorand blockchain technology provides advantages in uniqueness and safety not found in traditional social media platforms. The application of the Blockchain means that each user is given their own piece of digital real estate they can call their own. As the Blockchain is decentralised, this piece of real estate can live forever, that is why our slogan is The LoveChain is Forever.
The LoveChain ecosystem includes the LoveChain platform, third-party applications, digital content creators, merchants, and the online store. Within the LoveChain ecosystem, the LOVR (LoveChain rewards token) can be used to derive discounts through the online merchant store with users also being able to move LOV tokens to each other.
The LoveChain will be built on the Algorand Blockchain to bring a new NFT feature, allowing content creators to upload particular posts and turn them into NFT’s, enhancing creativity and engagement. Thanks to the speed and simple upload requirements on the Algorand blockchain, The LoveChain will be the first social media platform in the world that allows a user to create their own NFT that they can post, sell, place in marketplaces, etc, all from one spot. In addition to our e-commerce marketplace, The LoveChain will also have its own NFT Marketplace allowing users to sell and trade their NFTs The LoveChain’s NFT Marketplace.
Some of the main features of The LoveChain platform are:
Photo and picture uploads
Ecommerce marketplace built around the multi-trillion dollar Love economy. For example, our research tells us in the USA the amount spent on Valentines Day exceeds USD$20 billion. We estimate that the total e-commerce opportunity relating to the LoveChain is in excess of USD$200 billion annually.
Rewards system in which users are rewarded for uploading unique content, allowing the use of their data,
Users able to create NFTs from the content they create which they can keep, sell through our integrated nNT marketplace, – First social media platform in the world to be able to offer this feature to its users.
Live streaming of events such as weddings in which those who are celebrating their weeding are paid through LOVR tokens. This allows us to integrate aspects of reality TV into the platform.
The LoveChain has many unique selling points, some of the main ones are:
The LoveChain is niece social media platform;
users are rewarded with LOVR reward tokens for posting content onto the platform and allowing the use of their data for advertising and marketing purposes;
The LoveChain is building the first (as far as we are aware) e-commerce marketplace centred around “Love” and connecting the love economy through our marketplace – Ecommerce marketplace built around the multi-trillion dollar Love economy. For example, our research tells us in the USA the amount spent on Valentine’s Day alone exceeds USD$20 billion. We conservatively estimate that the total e-commerce opportunity relating to the LoveChain is around USD$200 billion annually.
Niece social media platform
Leveraging blockchain technology and decentralization
Commissions from merchant partners
Transaction fees from integrated wallet
Q: Tell us about your product/ technology roadmap?
A: Our roadmap currently looks like this between now and the first quarter of 2022:
Beta testing of the APP to commence in 2 to 3 weeks.
We aim to undertake another round, but wider form of testing in January.
Public launch early February 2022
Listing on 2 to 3 exchanges around Valentine’s Day. The exchanges will be ones within the top 15 crypto exchanges in the World.
Build and integrate our NFT marketplace
Build and integrate our Ecommerce marketplace
Live streaming of events such as weddings, engagement, proposals
Listing of rewards tokens
Integrate @Pay into NFT marketplace
Integrate @Pay into The LoveChain e-commerce marketplace
Integrate the LoveChain ecommerce marketplace into the @Pay platform
Q: What does your listing plan look like? More CEX? or DEX?
A: Our listing strategy at this stage is skewed more towards CEX’s but we will also be listing on a DEX possibly even prior to our CEX listings next February. A part of our listing strategy post public launch of the app is to pursue an aggressive uptake of the app ahead of listing on a couple of the top 5 CEX’s
Q: How will the app/coin work?
A: s we all know social media has become an integral part of our daily lives. With more than 4.5 billion users of social media globally users generally have a good handle on basic features. The LoveChain essentially caters to content creators and as a result integrates the common picture and video upload features. The key differentiator with the lovechain is that users will have the option of uploading some or all of their pic and video content to the blockchain. Beyond this we will also be the first social media platform in the world that allows users to create NFT’s out of their content. The two coins that are a part of the LoveChain ecosystem serve to functions. LOV is the governance token powered by BSC and LOVR is the on-chain rewards token powered by Algorand. One other key differentiator for the LoveChain is that users will have an integrated digital wallet to hold their tokens and NFT’s in.
Q: When is the app coming out?
A: We are currently deep in development of the APP and are aiming to commence Beta testing within the next 2 to 3 weeks with the view for a public release in late February.
We have planned four phases for the initial development of the App. The initial phase will contain features such as
Photo and picture uploads
Rewards system in which users are rewarded for uploading unique content, allowing the use of their data,
· Users able to create NFTs from the content they create which they can keep, sell. A user will be able sell their NFTs through The LoveChain’s NFT marketplace once it is established.
Q: How do you earn tokens?
A: The LoveChain has two tokens.
Firstly the native LOV token which should be listed on 2 to 3 major exchanges by mid-February 2022. The total supply of LOV is 535M.
Secondly, the LOVR Rewards token which is a much larger pool of 8 billion LOVR tokens. Users can earn LOVR rewards tokens by gaining followers, creating and sharing content on the app, growing one’s online presence and clout, and even volunteering one’s data to be shared with advertisers and used for marketing purposes. The token’s goal is to provide users with discounts and other incentives from our merchant partners.
The offering of a comprehensive and financially backed rewards program is one of the primary value propositions of The LoveChain platform. This is one of the characteristics that will set The LoveChain apart from other social media platforms.
We will set aside a minimum of 30% and up to 40% of gross Revenues (This is mandated and the LOV token holders get to vote on the exact amount between 30 and 40% that is allocated to the reward pool) at The LoveChain for a range of different prizes for our token holders and content contributors. Merchants will be enticed to join the platform as merchandise/service suppliers or even content creators.
How will it be achieved?
SWAP OF TOKENS
10% of total income after expenditures will be used to fund a quarterly LOV token exchange, ensuring that value is preserved on the platform and within The LoveChain ecosystem.
A PROGRAM FOR ONGOING HOLDERS
A minimum of 30% of total income will be used to finance the rewards program for long-term holders of $LOV and LOVR tokens. These incentives might include but are not limited to the following, as we welcome recommendations from our community.
Prizes in the form of tokens or cash are awarded for the best posts each week and month. Individual awards will be given out for the best video, best photo, best literary, and best remark, as determined by the community.
Every week, users will be given a random token or cash award, and they will be tasked with pampering their loved ones and documenting it on their profiles. For simply joining The LoveChain network, one out of every five thousand users will receive Tokens or a cash reward.
There will be token and cash awards in the run-up to Valentine’s Day, the XiXi Festival, and other holidays.
Prizes in the form of tokens and cash in the run-up to wedding seasons on each continent, including donations to honeymoons and ceremonies, as well as contributions from merchant partners.
Q: What happens if you save memory on the blockchain but later you regret it? Can you delete it?
A: The obvious answer is no you can’t delete it, that is one of the strengths of blockchains. However we will be creating a delete function which will allow users to delete content that they no longer want to view in their gallery or saved pics/videos etc. which will remove visibility for the user.
Q: The LoveChain is built on which blockchain?
A: The LoveChain is being built on the Algorand Blockchain. The reason why we chose Algorand is because it was built to solve the blockchain trilemma of achieving speed, security, and decentralization simultaneously. Further, Algorand’s technology enables a set of high performing Layer-1 blockchains that provide security, scalability, complete transaction finality, built in privacy, Co-Chains, and advanced smart contracts that are essential in a FutureFi world. Additionally, Algorand was built as a green blockchain with an environmental impact focus from the very beginning. Algornd’s founder Silvio Micali explained as far back as 2018 his focus on sustainability for our planet with next generation technology. With his unique consensus mechanism, Algorand is far more energy efficient than other blockchains, and is going further by offsetting its small carbon footprint in partnership with ClimateTrade.
The governance function is has been built on Binance Smart Chain with the contract currently going through an audit. The governance function will allow for the decentralization of the platform by giving the governance token holders the ability to propose and vote on initiatives that may drive the future direction of the platform. It also gives the governance token holders the ability to earn quarterly bonuses through the staking mechanism and other utility benefits on the platform such as discounts through the planned NFT marketplace and e-commerce store.
Q: Stacking is one of the strategies to attract users and hold users. Does your great platform have a plan for Staking?
A: The LOV governance token has an inbuilt staking function. This gives holders the ability to stake LOV every quarter and participate in bonuses driven from revenues which the platform generates. This particular bonus is actually paid in BNB tokens because we do not want to mint any further LOV governance tokens. In any case we will encourage holders who earn the BNB bonus to spend it in our e-commerce store. As far as the LOVR rewards tokens built on Algorand we are also planning a staking function there that will also support intrinsic value for these tokens in time over and above any utility function on the app. The options are many but I’ll let you in on one, staking your LOVR rewards tokens in a bonus pool, similar to a lottery with ALGO as the prize.
Q: Did you consider community feedback/requests during the creation of your product in order to expand on fresh ideas for your project? Many projects fail because the target audience and clients are not understood. So I’d like to know who your ideal consumer is for your product?
A: Yes, we have undertaken a great amount of research into the social media space and the data suggests it is becoming more and more fragmented. Generally a user will have at least 6 to 7, if not more, social media platforms they interact with on a regular basis. Further, the time spent on the more prominent social media platforms is becoming much less and less.
Some of the key areas we are focussing on which have issues for other social media platforms in the past are:
Users of centralised social media platforms have little or no control over what happens with their data. In most cases the data is funnelled into algorithms which are designed to assist advertisers reach a particular individual.
Solution: Users on The LoveChain platform will own their own data and be in control of what permissions regarding sharing of that data involves. For example they may choose not to share that data with any other profile or third party. If they choose to share their data and content they can choose to share with other profiles or third parties or both, for that they will receive rewards in the form of LOVR tokens. Bottom line is the user owns the profile and is in control.
CONTENT CREATORS ARE LOSING
Social media is about content creation, that is the driver that keeps interested parties continuously attached to their platforms of choice. Without content there would be no social media platforms, content creators or followers. Centralised social media platforms fail to share the revenues that they generate from advertisers with the content creators or their followers. In fact the rewards systems are pretty much non-existent or miniscule.
Solution: Content creators will be rewarded for the creation of content and for the number of likes and followers it generates. Followers are also creating content when they like or comment and will be rewarded as well. Users will be rewarded if they elect to enable their profile for advertisements and further rewarded for every advertisement they watch or interact with. There will be a scale which relates to the creation and following of content to reward those that are more active but with a qualitative overlay. Once again the rewards will centre around the LOVR token.
Over the years there have been numerous cases of centralised social media platforms being hacked and user data corrupted or published outside the permissioned agreements.
Solution: With The LoveChain being built on the blockchain there is an elimination of the risk of hacking and therefore from a security perspective the data and content that users contribute will be more secure than that on centralised social media platforms.
Many questions have been asked over the authenticity of millions of accounts on many centralised social media platforms. The suggestion being that millions of fake or bot accounts are created to exploit the collective interactions on these platforms. This also suggests that hundreds of millions of dollars if not billions that are spent by advertisers are effectively being burnt without finding legitimate perusal.
Solution: On The LoveChain platform we will almost certainly eliminate the risks around fake or bot profiles being set up as we are already exploring new technologies and the possibility of having accounts set-up so a user can only access their account through biometric facial recognition, retina recognition or fingerprint technology
In terms of who is the ideal consumer, well to be honest with you there isn’t one as being built on the hashtag “love” which is an emotion that transcends across all cultures, religions, beliefs, creeds, celebrations and festivities, human interaction and age groups and therefore, The LoveChain is for everyone worldwide.
Q:What is the meaning of the name of the project and why did you name it that way?
A: The name is taken from two things. The celebration of anything we love and blockchain the ability to create permanent records. This of course is just the beginning
It is also based on the number one hashtag on social media which is “#love”.
Q:Revenue is an important aspect for all projects to survive and sustain. So how does your project plan to generate profit and revenue?
A: Our main sources of revenue are:
2. Ecommerce marketplace
3. NFT marketplace
4. Merchant fees through the digital wallet
Q: Does your tokens have farming and staking usages and if yes what APR do you give to us?Does Your project have farming and staking usages and if yes what APR do you give to us?
A: Yes both tokens will have staking functionality. These are tied to some utility functions like the amount of discount you may get from our e-commerce store when it is completed. In terms of the APY that is tied directly to the revenue pools generated by the platform. Most of the revenues will come initially from advertisers but also from commissions that our marketplaces will generate. The staking allocation is a fixed portion of these pools over specified timeframes.
Q: Do you have a whitepaper? if yes please share it with us and secondly are you working to AUDIT your project, to make its security more secure and reliable?
A: Yes, we have a Whitepaper and this is the link to it: https://www.thelovechain.io/wp-content/uploads/2021/10/White-Paper-TLC.pdf
We are currently undertaking the audit process and it should be completed shortly.
Q:On your website you don’t mention that you have done any internal or external audit of your smart contract, so can you give us details if you have done any audit before? And in case you haven’t, would you plan to perform any review of your smart contract in the near future?
A: Smart contract is currently being audited as we speak. This is also an important part of installing confidence in our community.
Q:NFTs is hot trending now, Do you have a play to have NFTs in your platform? If so, can you tell us yhe plans of your project in NFTs?
A: The LoveChain will be the first social media platform in the World that will allow a user to create NFTs from the content they post. They will then be able to display, sell or trade them in our NFT Marketplace
Q: According to the project’s roadmap- what are your most important next priorities?
A: The most important of our next priorities is the launch of the beta test and continuing to add features to it right up until we have the public launch in early Feb 2022. We also have the NFT marketplace as a near term priority not to mention the listings in February.
Q: Too many projects promise magic but never release any working product or prove any revenue, Within a short/long time of release. Is your project also like this? If not can u tell us, what makes your projec different from projects ?
A: Definatly building check out the video test we uploaded in one of our earlier questions.
Q: Truly, you’ve done AMA in many telegram groups, so what next, what other way will you make your project more popular?
A: We have a strong internal marketing team, plus we have engaged PR and Marketing agencies in America and Canada, Luna PR who are regarded as the premier PR agency in the crypto and fintech space and an agency here in Sydney focussing on the mainstream media. We also are working on various strategic partnerships and corporate sponsorship opportunities in the sporting World.
ICOSpeaks hosted an AMA Session with the LoveChain Team. That’s all for today.
Thanks to all users who participated.
Thanks, LoveChain for being with us
Thanks, all and see you soon😉