LIVE TELOS’ AMA #5

Peeranha.io

Sergey llin Co-founder & CTO de Peeranha.io

9 min readFeb 18, 2020

This year is just starting and Telos is running at full speed! One of the main events premiering this 2020 is the live AMA series on twitter called #TelosTuesdays. The goal of these events is to serve as a channel for any member of the community to promote and educate about their project or anything related to Telos, and simultaneously, it gives the opportunity to any other member to ask questions and solve the doubts they have about the related topic. Telos Tuesdays will be hosted every Tuesday on twitter on the account of the host or at @HelloTelos.

Last Tuesday, February 11th, the AMA was hosted by Sergey llin, Co-founder & CTO de Peeranha.io

Introduction of Peeranha

Peeranha is a Q&A website that is built on blockchain. It can be compared with Quora or Stack Overflow, but the difference is that Peeranha rewards its users for their contributions to the site with tokens.

As stated by Sergey llin, Peeranha as Quora or other Q&A sites are very valuable resources, he said “I’m a developer that uses Stack Overflow daily and is a huge help for me and other coworkers…” The element that connects Peeranha with other related sites is that they are here to provide a platform where users can exchange experiences and knowledge, and help people to solve a specific problem in a precise moment.

Sergey states that the issue of similar websites, as Stack Overflow, is that the website provider or the company behind the business, owns all the content that is created by the users, he highlights that the “users do all the hard work answering the questions to each other, collecting all this collective knowledge that is valuable to everyone public to the internet helping millions of other peers to find answers very quickly” but they don’t get rewarded, claiming that the economy of Stack Overflow is not fair , all the content that is posted, all the questions, all the answers, all of that knowledge that’s behind the content belongs to Stack Overflow, or in an example of Quora, all the content belongs to Quora and those corporations monetize the content, where they receive profits from paid services and they do advertisings on the website and traditional ads , but all the revenue goes into the pocket of the corporations, and users get nothing.

Another issue that he highlights is that corporations don’t use the personal data ethically; Peeranha is here to fix these issues by making the content public, owned by the community and not a single corporation, and also it will share all the profits from the content within the community of users.

Most Common questions being asked:

1)Does the user have to pay for asking or answering a question (cost for participating)?

It is free to answer and ask a question, and more than that, the users who ask good questions that are valuable to the community and help other peers, also get rewarded and get paid on PEER tokens.

2)Where does the PEER Token come from to reward those users?

Sergey states that “there is a token economy that’s being designed, that is evolving over time, basically Peeranha uses the PEER token on Telos Blockchain with a limited supply, one hundred million tokens, its max possible supply will start with zero supply, plus splitting 60% of the tokens will be immediate over the next 10+ years and 40% of the tokens would be used for rewards and funding of the project. Basically this 60% of the tokens will be immediate every week, we are starting with an emission of one hundred thousand tokens per week, and all of those tokens that are being created weekly are used to reward the users for their contributions.”

This action is the initial source of the fueling of the rewards for the users, but Peeranha, overtime, will add some features, for example, paid services on the website similar to Stack Overflow or Quora. All these services will be purchased by the user using the PEER Token, 75% of that revenue will go to the reward pool, and 25% will go to the team as payment for maintaining and supporting the platform.

REWARD SYSTEM NOTE:

Those first users will win more PEER tokens than those who are coming after (today the reputation point is in its highest point) 1 reputation point=10 tokens, if more people join the community the reputation point will be worth fewer tokens.

3)How to sign up on Peeranha?

Options:

Through Scatter Wallet or Sqrl Wallet.
E-mail address: This option is convenient for users that are not familiar with blockchain and haven’t used wallets before, so it “makes it very close to using a traditional website”, in addition, a Telos Account is created automatically for the user by Peeranha, where Peeranha selects a random account name.

Note: One of the future features that will be implemented is that the user can choose his name for the Telos Account.

4)How many users does Peeranha have?

200 users as of Monday, February 10.

5)What are the marketing plans?

“We are a small team, marketing is not our strength, our goal at the moment is to become a useful tool for the community, once we understand the community needs, then we will think in the marketing strategies. We are planning to go to blockchain projects that don’t have the Q&A sites and offer them the platform to help them build a knowledge base.” He also states that Telegram is not the best tool to set up a knowledge base because it loses the questions in the history…

6)When will PEER Token be on an exchange?

Sergey says that it will be on an exchange when the time is right, for a token to be successful and sustainable the exchange needs supply and demand. Basically it would need someone to sell the token, and someone that wants to buy the token. Currently, in Peeranha there’s going to be only supply and not demand, the users are rewarded for contributing but there is no utility for the token yet, he says that:

“it is much easier to join and start participating in Peeranha and earn the token instead of going and buying it on an exchange without any utility, but eventually we are planning to add some utilities to the token.”

Future utilities of the PEER Token

An example of a service that can be implemented in the site is creating a Bounty System: when a user asks a question, he can assign a bounty to the best answer.

Another utility, is the staking of the token: Peeranha is planning to build the Staking System where the users can stake their tokens and boost their rewards, so instead of getting one token for reputation points, they would earn 3 or 5 tokens per one reputation point.

In addition, Peeranha may implement the feature of boosting and promoting the questions, where the users will have to pay to put their questions on top.

Sergey states that “once we add those paid services they will create another demand to purchase the tokens… Once the tools are implemented and there is a demand on the token they can move to the step of putting the PEER Token on an exchange.”

Why Peeranha chose EOSIO?

Before Peeranha , Sergey was involved as a blockchain architect and several other blockchain projects on Ethereum, he says that it was very easy to use, and that it had great tools but it wasn’t right for Peeranha because it didn’t have some key elements that they wanted for the project, for example:

They required to build a decentralized project, but with Ethereum the users had to pay for all transactions on the blockchain, each comment, each answer and question, had to be paid.

Also, they required a fast technology. With Ethereum the transactions are very slow to get on the blockchain, and they compared the performance of EOSIO with Ethereum, and concluded that it is significantly better.

These are the primary reasons why they picked EOSIO over Ethereum.

Why Telos Network?

Sergey highlighted that they considered deploying on EOS main net but there were two issues that set the alarms: 1) High price on RAM. 2) CPU congestion issues that happened on the main net recently.

The most important thing that they considered when deciding that Telos would be the blockchain for Peeranha, was its community, their support, the different projects that are being deployed on the net and the grants that Telos provides to its members.

“It was the right decision to pick Telos first.”

Implemented Features

1) Referral Program:

Those users who promote Peeranha will be getting referral rewards.

Sergey indicates that each user will have a referral link and the referral bonus is 100 PEER tokens for the innovative user, the bonus is paid out only when it achieves 35 reputation points; the user starts with 10 reputation points, after reaching 35 he/she waits a week for this bonus to be paid (why? Just to avoid spam posts).

2) Two question types:

Why? The team noticed that the users wanted to use Peeranha as something similar to Quora, which has a different format of presentation of the questions and answers. He says that Peeranha is a mix of Stack Overflow and Quora. This being said, as users are interacting and participating, not only answering questions or asking specific questions, they are sharing ideas, reviews, comments, these actions influence the reward system (more interactions=more rewards in a faster way) that’s why they have to implement this new feature and adapt the reward system by dividing the questions into two types:

General questions: opinion exchanges, reviews ideas that have one reputation rewards system (people can post many questions, and it doesn’t require more knowledge or experience).
Expert questions: which are questions that are more specific, looking for a specific problem.

Future Features

Isolate Communities: Move communities into sub domain or the old domain. Example: Telos on Peeranha could have its own sub domain (Telos.peeranha.io) which would be a Q&A just for Telos Network, it would have only the questions and answers related to Telos.

The community would have a choice, they can stay in the main website and appear in this common question feed, or they can move to the sub domain.

Notifications: This feature will notify users automatically if someone has replied on the question or asked something new, and as an extension of this feature they are planning to create bots on Telegram. Example: Telos community or Peeranha community can enable this bot, and they automatically notify if a question is posted.

Ability to tip: implement tips to questions or answers on other crypto currencies (PEER and TLOS), in addition they want to include the Telos community tokens.