Interview with Peerity ICO Team
ICOnow: How well does your team work together?
Peerity: The team found each other through other crypto projects in the middle of 2016. Together, we bring a healthy mix of different skills to the table ranging from management and development to marketing and finance. This synergy allows us to finish the project with a minimum of external advisors.
ICOnow: Which projects were implemented by your team or part of your team earlier?
Peerity: Every member of the founding team has worked on different projects in the past. But Peerity is the first one we are all collaborating on.
ICOnow: How long have you been working on this idea?
Peerity: We started Peerity in April 2017 and have been working tirelessly since then. The team has tripled in size since then as well.
ICOnow: What risks do you see for implementing the project?
Peerity: The biggest risk for projects like ours is the token economics. We are rewarding people for their activity in Peer tokens. As long as this is profitable and honest, we will retain our users. If we foul up our economics, it might drain the platform of its users. We are aware of this possible pitfall. To make sure we get it right, we are planning an extensive beta period where we focus on the token economics.
ICOnow: What about competitors?
Peerity: Our business model is based on a variety of existing websites and platforms. Most notably Meetup.com and steemit.com. However, we our fundamentally different in our approach than them. As such there is very little competition at this moment in time.
ICOnow: Why do we need your tokens?
Peerity: The Peer tokens are a means of paying for goods and services on the Peerity platform. We allow for crowdfunding and ecommerce posts to be made by our users. Other users can then spend their Peer tokens to pay for these. Peer tokens also allow for a say in our governance system that we are currently fleshing out. With our built-in wallet, it will be easy for users to tip each other as well.
ICOnow: Where do you see the value of your tokens in the medium to long term and the ultimate benefit for token holders?
Peerity: We aim to have a relatively stable token price between $0.80 and $1 after we launch. A lot of it depends on the userbase we have at that time. Token holders who got in early can have a range of benefits from it. There is the obvious appreciation in value that we are trying to achieve through careful token economy planning, but we also allow people to have a say in the direction of the platform by using our governance system. Users will be able to stake tokens for a vote on site features and the Peerity constitution. To provide a stable PEER token price growth for users, investors and shareholders we use 3 mechanisms of price stabilization.
- Slowing down the rate of minting when the token price drops (prevents massive price drop)
- Increasing the speed of minting when the price increases (prevents sharp price spikes)
- Burning of unused or unsold tokens
ICOnow: Have you secured deals with trading exchanges yet and will you want to disclose which exchanges will be trading your tokens?
Peerity: No we haven’t secured any deals with an exchange yet. This is mainly because we are setting up our crowdfunding round with Ethereum based ERC20 tokens, but we are launching our own token and blockchain based off the Tendermint technology after we launch. We want to be listed on exchanges with our native token, not with our ERC20 crowdfund token.
ICOnow: After a successful ICO, what is the timeline for coming to market?
Peerity: The development has already been under way for a while and is close to completion. We are starting our beta access in q1 2018. With a definite public launch around the end of 2018.
ICOnow: What about presale politics (dates, terms, discount)?
Peerity: Our pre-sale runs from the 1st November until the 30th. We are selling the tokens at $0.2 per token, which is a 50% discount compared to the public crowdfunding round that will take place in February.
ICOnow: We point out four areas of business activity: marketing, technical, economic components, management. Who competently deals with these issues in your company?
Peerity: The Peerity founding team covers a broad range of specific skills that contribute to the success of the project. We have a highly skilled CTO to deal with the technical aspects. Our CFO is a finance professional with years of experience in the fintech world. Marketing is handled by our recently acquired marketing director and is providing great results so far. All of us have first hand experience with management, so all our decisions are well discussed and collectively decided upon.
ICOnow: Are you focused in any specific geographic areas?
Peerity: We are a decentralized team with roots in SE-Asia. We don’t specifically target any geographical locations at this moment.
ICOnow: Do you already have a product or a prototype?
Peerity: Yes, you can see our alpha version at www.peerity.net.
ICOnow: Can you highlight the features that are unique to you project that sets it apart from similar projects in the space?
Peerity: The only competitor that comes close to our concept is Steemit.com. However, the token distribution process in Steemit is not democratic or decentralized. The power to choose meaningful payouts to users is in the hands of a select few. We want to get rid of that idea and let our algorithms be responsible for the reward payout system. And the difference is obvious when compared to traditional social media, where you get used by the company through the blatant intrusion in privacy. We don’t sell your personal data!
ICOnow: Which permitted legal field did you choose for the company?
Peerity: We’re organized in Panama and currently investigating the possibility of moving to BVI.
ICOnow: Did you calculate the profitability of your business?
Peerity: Yes. Our minimum profitability (with a very small user base, e.g., 10,000 users) the company is projected to be cashflow positive with 8% year-over-year growth. With greater growth of the userbase, profitability can be reasonably expected to exceed 100% of the raise amount.