SparkPoint and Kanaloa AMA Session: The Recap

Let’s meet the team behind Kanaloa, the “Nebula of Defi”

We hosted another successful AMA for our #SparkyCommunity. This time we brought Kanaloa Network in and the project was represented by Mr. Florian Pfeiffer, head their Business Operations.

About Kanaloa Network

Kanaloa network is the “nebula of defi”, providing casual users an array of user-friendly products and the ability to safely participate in the exciting world of blockchain and decentralized finance with ease.

They have a custom diamond token generator, NFT Staking mechanism, RFI Friendly DEX, and contract auditing tools that will allow users of all experience levels to maximize the potential of Defi.

To understand this project better, let’s revisit the Q&A from the #AMA!

The Recap

Karan Sharma: Hi, Sparkies! It’s time for another AMA, this time we have Florian Pfeiffer (Head of business operations) from Kanaloa Network.

Kanaloa network is a decentralized finance token and blockchain solutions provider focused on lowering the technical barrier and broadening the gateway into the world of defi.

Kanaloa sets a special focus on realizing the enormous untapped potential of use-case-based non-fungible tokens. We aim to create an ecosystem of interest-bearing, privilege-yielding, and playable NFTS across the platform for an easy and sustainable way to access the network and earn passive income. Kanaloa’s NFTS act as unique keys to unlock exclusive doorways throughout the network.

Karan Sharma: Welcome, Florian.

Florian Pfeiffer: Thank you, Karan, Awesome to be here.

Karan Sharma: Before we start with AMA, can you please give a small intro about yourself, your experience, and what made you start with Kanaloa.

Florian Pfeiffer: My pleasure, I’m Florian Pfeiffer, the Head of Business operations here at Kanaloa, I do live in Switzerland which also forms the home base of the Network itself.

Before starting with this Project, I worked as a Start-up consultant & accountant here in one of the major Crypto hubs. I did so for close to 8 years after transitioning from Insurance Consulting focused on Business insurances and pension plans.

My previous work experience is what brought me to the Kanaloa Network, with the Networks plan to provide a platform that breaks down the technical barriers that stand in the way of most Companies entering the space was to be the only way to get our beloved mass adoption.

With this plan in mind, we set out to start the network and begin to create the tools needed to make our plan a reality

Karan Sharma: That’s a great intro

Karan Sharma: What challenges did you face so far in the journey with Kanaloa and would you like to mention any achievements?

Florian Pfeiffer: I think the biggest challenges faced so far are the regulations or much more the lack thereof, with this industry being so young and full of potential it was an unexpected “landmine” filled path. With no regulations in place, it becomes hard to set up long-term plans for a project, and therefore also Investors from classic finances.

That said, our main product which also formed the base for the KANA contract itself is probably our biggest achievement so far, With the discovered EIP-2535 standard that has become the beating heart of the network, adoption to changing landscapes is no longer an issue. Which makes me proud and calm at the same time.

Karan Sharma: Regulations are always the biggest hindrance 😅

Karan Sharma: Let’s start with questions we have from twitter

Florian Pfeiffer: Sounds wonderful

Twitter Questions

Q: In the lite paper it says Kanaola will become a multichain coin is there any plans to deploy on another chain anytime soon?

Florian: Yes, we are planning on expanding our network to a number of chains For that, we have already secured a strategic partner to give Kana multi-chain capabilities in 2022. The chains will include Reef, AVAX, and others. As of now, we cannot confirm any concrete dates, but the aim to start working on crossing chains would be before the end of Q1 2022 at the latest.

Karan Sharma: That’s quite a lot of chains

Florian Pfeiffer: Yes, we are of the opinion that spreading is the best way to guarantee the brought spectrum of access to the network :)

Q: Could you please elaborate more about your tokenomics? What’s the total supply and what kind of plans do you have regarding $KANA unlocks in the future?

Florian Pfeiffer: KANA total supply is sitting right now at roughly 620M tokens, which are all fully minted and, in the market, already. There’s no future unlocks as circulating and total supply are the same amount, so the price and mcap of the coin will never be impacted by such unlocks.

Furthermore, once our ecosystem is up and running, we will set measures in place to burn part of the fees that go through our platform, further reducing an already pretty scarce supply.

Karan Sharma: Wow! So it’s some sort of deflationary as well.

Q: What are the major milestones of Kanaloa this year? Can you share with us some of your short- and long-term goals?

Florian Pfeiffer: We have our main product of the year 2021 ready in the pipeline, which will be our Diamond token generator. This will allow experienced and inexperienced users alike to create their tokens following the EIP-2535 diamond standard, which gives the token owner almost full customization and adaptability for future configurations needed.

On a larger timeframe, we are aiming to create a self-sustaining ecosystem where we award holders and people who are truly involved with the project, from stakers to liquidity providers. We aim to reduce the entry barrier into the crypto space, and our NFTs will play a key part in this scenario too.

Q: Do you have any partnerships with other projects to focus in the near future? What are your main advantages compared to your competitors?

Florian Pfeiffer: We have indeed some key partners that have and will continue to help us realize our vision the way we want it. Starting on Reef Finance, and going through Sota Finance, SWFT Blockchain, and of course, our most strategic partner, Elk Finance, which will bring us our full capabilities by taking us to all chains they work with right now, unlocking the full potential of the Diamond generator and most other features announced and yet to be announced. We are working into arranging some more partnerships, but we don’t like to disclose this until we have secured it and both parties have reached an understanding and found a beneficial way to go about it.

Karan Sharma: Nice.

Karan Sharma: Last, but not least!

Q: How does Kanaloa provide transparency and safety for their users and what sort of a reward structure is there for the token holders?

F: Audits of the complete system are planned for Quarters 3 and 4 of 2022 once the majority of the Network is online and running. This will guarantee the safety of the Network on a code basis.

As for the transparency considering all payments and rewards collected and made, they will be published according to transaction hashes, APY, and Trading volumes will be of course publicly visible & verifiable for everyone on the corresponding Blockchain Scanners. And will be visible on our website also accordingly.

Karan Sharma: Cool.

Karan Sharma: Let’s go for a community round. Keep your questions ready Sparkies, unmuting the chats in the next few seconds.

Live Questions

Q: The idea of the project is unique and incredible, how did this idea come about?

F: Based on experience with Startups and crypto alike, producing a platform that lets ideas be realized without the need for a huge infrastructure or personnel seemed logical. Over 70% of all income generated comes from Entities classified as “small to medium companies” so excluding them from the market with huge technical and financial barriers seemed like a massive oversight, one we took upon us to correct and fill the cap.

Q: Could you please provide some info about your Roadmap and how Your Project is progressing so far?

F: You can find our roadmap on our website kanaloa.network. For the Q1–3 we are almost fully done. With the expectation of the Generator release being imminent for Q4. Further, we plan on keeping up with the tradition of crossing all goals of the roadmap on time for 2022. The new roadmap for 2022 & 2023 will also be released shortly.

Q: Do the token holders have the right to participate in the governance of the project? What kind of decisions can they vote on about the project?

F: We have a D.A.O. in preparation. There will also be a stacking program for liquidity providers and NFT holders that participated in the challenges to farm the corresponding Governance Token “KANE”. After completion of the network in its base form, full control over the project will be given to the governance D.A.O, so holders of KANE will be in control of the Network after that.

Which one of these aspects is important for you?

1-Increasing Token Price & Value

2-Empowering Platform Development

3-Building Community Trust

4-Expanding Partnership Globally

In what order?

F: 2–3–4–1 O would say. Development of something that adds to the Industry as a whole was always our main priority, coupled with the need for a strong community. As someone who spends a lot of time in a lot of project communities, I know how vital is healthy and listening to the community is for the long-term success and survival of a project.

What is the most ambitious goal of your project? What is the ultimate vision that Your project is trying to achieve within the cryptocurrencies market? I would appreciate it if you could share with us any Upcoming Updates?

F: Our stated goal is to change the crypto space. We are convinced that the EIP-2535 token standard is the foundation for the future of Crypto. With this knowledge, we are building our product line and focusing on building the baseline for the coming mass adoption.

That’s it for the AMA session with Kanaloa Network! And we are glad to introduce to you this newest partner we have. We are excited to work with them for the long-term so hope you guys will #hodl us too for a long time! 🚀

See you at the next session! 🙌

Learn more about SparkPoint and SparkDeFi from the following links:

SparkPoint Website: https://sparkpoint.io/
SparkDeFi Website: https://srk.finance/

Trade SRK: https://srk.sh/trade
Trade SFUEL: https://srk.sh/tradesfuel
SRK-ETH on Uniswap: https://srk.sh/uniswap

Telegram Announcements (SparkPoint): https://t.me/sparkpoint
Telegram Announcements (SparkDeFi): https://t.me/SparkDeFiOfficial
SparkPoint Community on Telegram: https://t.me/SparkPointOfficial
SparkDeFi Community on Telegram: https://t.me/SparkDefi
SparkPoint Twitter: https://twitter.com/sparkpointio
SparkPoint Facebook: https://facebook.com/sparkpointio
SparkPoint Instagram: https://instagram.com/sparkpointio
SparkDeFi Twitter: https://twitter.com/SparkDeFi
SparkDeFi Facebook: https://www.facebook.com/SparkDeFi
SparkDeFi Instagram: https://www.instagram.com/sparkdefi/

LinkedIn: https://www.linkedin.com/company/sparkpointio
GitHub: https://github.com/sparkpointio
SRK on CMC: https://coinmarketcap.com/currencies/sparkpoint/
SFUEL on CMC: https://coinmarketcap.com/currencies/sparkpoint-fuel/