Ask Me Anything with PhoenixDao at ICO Speaks: Summary April 30-th held an Ask Me Anything session at ICO Speaks telegram chat. From the PhoenixDao there were Monte Thomas : @Degreatone , Syed Fahad Hussain : @SyedFahadHussain
Once again hello all. I’m Monte Thomas, a trained Chemical Engineer that’s always had an eye for tech and finally found a way to add value in the crypto/blockchain space. I got into crypto purely out of curiosity when I was still working as a freelance tech writer along with my tertiary institution day lecturing job back in 2014/15.
After taking a deep dive to learn about blockchain/crypto which saw me undergo an MSc. Digital Currency course, I got a role with a crypto project to cover articles, from where I moved on to work as a sales and marketing person (It’s worth mentioning that I now have a Diploma in Online Marketing/Sales).
I’m currently working with PhoenixDAO as the partnership director of the project. In this current role, I bring to bare a combination of my marketing, sales, and technical business development skills — while covering the legal responsibilities/arm of the project
Let’s get started! Q:What is PhoenixDAO?
A: PhoenixDAO is a community led project that’s found at the juncture of decentralized governance (DAO), decentralized finance (DeFi), and the new digital economy where NFT’s and content ownership are the new norm all powered by PhoenixDAO’s in house protocols i.e Identity management, authentication, payment, and tokenization protocols. All these giving birth to so many products like the staking dApp, Events/NFT ticketing platform, dApp store among others. Worth mentioning that interacting with the ecosystem will require users to have varying amounts of $PHNX, which gives the token its usage.
PhoenixDAO is a community led project that has its own in-house protocols and products that aims to serve mainly the GOVERNANCE and DeFi space but it’s structured in such a way that we can easily adapt to the ever changing cryptosphere/landscape by taking on trends where needed. Let me talk more on our main focus below.
It’s no news that a lot of shady things happen with the loftiest of projects in the space and they go unchecked (from financials[tokenomics], decision making, determining project direction, to legals). This was a reason why we thought to enter the DAO game in 2020. Looks like the buzz around DAO’s have considerably gone down when compared to the last 2 years but definitely worth keeping an eye on, especially with our understanding of the crypto cycle. As the Blockchain/Crypto industry matures with new institutional and retail players joining, there’s bound to be a great need for DAO’s and much more transparent ones to help in different kinds of things. We see ourselves as being among the front runners moving forward.
On the protocols side we have the following; Authentication, Identity, Payments, Storage, and Tokenization protocols and will be selecting some of these to become layer 2 compatible, these will then be the backbone of the ecosystem fueling the dApp Store and other flagship dApps like the staking dApp which has a built in liquidity farming functionality, Events Marketplace for buying and selling events tickets/NFT’s and more features like the ability to gift tickets and resell them among others which creates a better version of existing events ticketing platform . Summarily we want to give users the freedom they crave for in the events industry. Events hosts should be free to determine how their events should go, how much they expect to get with little to no interference from the platform like how ours is designed.
Haven said all that, at the moment much of our attention is on developing the product layer and all the different components it interacts with i.e partners and other products. Although the protocol layer has the capacity of earning us more B2B customers through white labelling our solutions, we are not too focused on the protocol layer at the moment due to the bottlenecks of operating such on the Ethereum blockchain right now. This has pushed us into researching the best scaling/side chain solution to move the protocols to enable this aspect of the project. For PhoenixDAO, it’s a world of so many possibilities.
NB: All these are powered by the $PHNX token. Q: How does PhoenixDAO stand apart from other platforms?
A: Let me try to explain as briefly as possible. PhoenixDAO enables an open framework for governance, development, and participation, powered by the PHNX token and protocols revolving around Identity, Authentication, Payments, Storage, & Tokenization. This type of interconnectedness is rarely found in the crypto pace, which we believe makes us stand out. Q: Are there any other products under PhoenixDAO? A: The answer is yes yes yes. For us we’re entering the phase where it’ll be product product product. Permit my repetitions of words. It’s for emphasis.
Right now PhoenixDAO have launched their staking dApp (https://staking.phoenixdao.io), the Event Marketplace (https://events.phoenixdao.io/) which is currently undergoing its final phase of the Polygon (previously Matic) multi-chain integration and more recently we have just launched our cross-chain bridge (https://bridge.phoenixdao.io/ERCtoBEP) today. The bridge can be used to move PHNX from Ethereum to Binance Smart Chain which allows users to trade on the likes of PancakeSwap if they wish – https://exchange.pancakeswap.finance/#/swap?outputCurrency=0x7e2c683eec39813c191f6a40d259984dd5880c0a
Our strategic partner Numio also has a product which is built within the ecosystem https://play.google.com/store/apps/details?id=com.numio.pay, they are currently undergoing a large update to this product which will see not only new features, look and feel but also the iOS launch later this year so we’re being told. The Numio app where $PHNX token is gallantly featured is the first app/dApp on google plays tore enabling Layer 2 transactions, which offers cheaper transaction fees when compared to using Ethereum layer 1 for similar transaction. There’s so much in the works that’ll only see $PHNX get popular and become favorite for transaction on this different dApps being built Q: Where do you see PhoenixDAO in the next 2-3 years? A: Our vision started by believing we’re capable of creating a self-sustaining community governed ecosystem and we still believe that to be the case. Over the next 2-3 years we’re aiming to have handed full control over to the community. PhoenixDAO’s flagship products will have launched and will see user growth and revenue being generated for the project along with a raft of industry partners and products built on ecosystem which have been incubated by Phoenix DAO grants.
It’s a mammoth task however, with products that users love, incentives that attract old and new users and an ever growing interest we’re seeing to be involved, we’re on track. Our short term plan is highlighted in the attached roadmap image.
Here’s an image to buttress on my points earlier 💪 Q: How does your partnership with Numio help with the payments system? A: Most people sometimes confuse PhoenixDAO for Numio and vice versa. Expected though, with how tightly we’ve been working toghter. Numio has unlocked a lot of potential with what they are building for our ecosystem. Their connections with Matter Labs has enabled for $PHNX to be added into zkSync, which allows for the asset to be used on their L2 zkRollup. As a part of that, their team will be doing $PHNX Cashback rewards & enabling for discounts at POS for $PHNX. With Numio being one of the leaders for L2 tech & adoption, it puts PhoenixDAO in a great position to excel with what our/their team is building. Q: How soon is the events dApp rolling out for a full release?
A: The Events dApp is already live on Ethereum network, but due to the high gas fees and other blockers, we decided to integrate Matic PoS solution to make it a truly decentralized events/NFT ticketing marketplace accessible by anyone from anywhere. The Matic launch is going to happen after we’re done with the planned short beta testing, which hopefully starts from next week (i.e First week of May). The full public launch will follow immediately. As part of plans to make it as resounding as possible, we’re already in talks with some big industry players who’ll be using our solution. The finer details of these are still being ironed out.
As a form of educating your community about the events dApp. If you aren’t familiar then think about platforms such as EventBrite.co.uk or TicketMaster.com, we’re disrupting this vertical by bringing Event creation, management and sales on-chain. We see this as a Global product which can actually reach populations that centralized applications cannot. DeFi/Crypto opens up doors to the unbanked and that is most certainly a demographic we will be looking to support.
Here are a couple of key points worth noting
– The PhoenixDAO Events Marketplace uses $PHNX tokens to buy and sell event tickets.
– Events can be virtual or on-location.
– Events can be assigned categories we are all familiar with.
– Event tickets are ERC-721 NFT’s, allowing users to transfer, send to others, buy for a family member or friend.
– Event creators have a dashboard for metrics and their sell data.
– The Marketplace is decentralized using powerful and familiar blockchain integrations.
And here’s a great article outlining what we’re doing with the event marketplace – https://cryptodaily.co.uk/2021/03/PhoenixDA-events-dApp-launch but it’s also worth knowing that we see this as an evolving product, we have an aggressive update plan to build out new features and partnerships. This will start heating up once our integration with Polygon(previously Matic) is complete.
We now have a soft go-live date and it really isn’t too far away so watch this space. A May 2021 launch date is very possible for us. Q: PHNX token is an important part of the PhoenixDAO ecosystem. Can you tell us more about $PHNX? A: There are different layers and what makes PhoenixDAO quite unique is how we are utilising $PHNX across all tech layers of the ecosystem even arguably layer 1 with the technology that Numio are building, you $PHNX is used to pay what would normally be the gas fee. Layer 2 solutions is also something we’re focussing on and looking to see how these solutions can benefit at the protocol level.
You need the $PHNX token to interact with the DAO, the events dApp, the staking dAPP, the dApp store, and many more dApps to come as we continue to build. Something worth mentioning is the fact that we have a linked ecosystem(not fragmented), which automatically puts the PHNX token in a position to keep expanding in use cases as the community grows, and I’m sure you know what that means with regards to token market valuation. Being able to use PHNX tp pay for fees on layer working with our partner Numio is a possibility we’re still discussing. That’s definately gonna be huge Q: Is there any news of a new listing of PHNX token?
A: Laughs. Never say never. Exchange listing is never enough to crypto people. For the records, we just got listed on Kucoin barely over a week ago. Among other exchanges where we’re currently listed includes, Bittrex, Coinex, Probit, Uniswap, and yesterday we enabled our ERC-20 <> BEP-20 bridge to allow people trade PHNX on Pancakeswap. Check below to see all the places where you can trade $PHNX.
I think it’s worth mentioning that we have multiple ongoing competitions on Kucoin where you can benefit by participating. Something like the one here
Q: It seems that the ecosystem is too dicult for beginners, but what would you say if you cut it down easily? A: We would love to get the feedback from the community with respect to the user expereience specifically. We are inclined towards that it should be easy to use for all the targeted audience. Q: What is the staking mechanism and how will it work with regards to inflation? how can you deal with security and Scalability? A: We work with 2 trusted third party audit company very known in the space. Staking details here