Welthee AMA April 22, 2021 - EN
If you would prefer to read this article in Romanian, you can do so here.
In the first of what we hope to make into a tradition, we give you a transcript of the Welthee AMA of 22.04.2021, hosted by our lovely Product Manager, Crinela Pamfilie, starring our Founder & Visionary Cristian Voaides, with guest appearances from our marketing team (in order of appearance): Andrei ‘Vandy’ Ureche (Chief Branding & Marketing Officer), Răzvan Laichici (Marketing System Architect), and Andreea ‘Deea’ Petrică (Digital Marketing Manager).
We hope you find this AMA illuminating and so, without further ado:
Crinela: Good evening, my name is Crinela, I’m Project Manager in the Welthee team, as you probably know — it’s not our first discussion, after all. But, I’m glad I have the chance to interact tonight with the community we are building. As we’ve announced on our Telegram groups, this evening a session was prepared in which we will answer several questions asked lately on various media. By the way, we are glad to see the interest and proactivity you have shown towards our group project — this is a very good thing, but before going through the questions you sent us until last night, we wanted to address another request made by the community.
Some time ago you’ve told us that you’d like to get to know the Welthee team better — as such, gradually, and as far as schedule availability allows, I would like you to get to know some of my colleagues. Tonight we decided to introduce some of the marketing team, so for a start, I will invite my colleague Andrei — our Chief Branding & Marketing Officer with me. Andrei, please join me.
Andrei: Howdy! I am Andrei and I’m also called Vandy — I have a lot of experience in the area of brand consulting and design strategy, but also marketing in general, and I joined the project a year and a half ago — during which time I started to develop, together with Cristian, the necessary strategy to position this brand in a different, relevant, and simple way, so as to express as clearly as possible the vision that Cristian has on the project.
Crinela: What I would like you to tell, to the members of the community, is what we have been working on lately — if possible.
Andrei: OK.
Crinela: Because Andrei contributed a lot to the visuals of the test wallet and many of the ideas there belong to him.
Andrei: OK! Related to the wallet: we are in the first phase and, behold, we have entered the design, and we are clearly going to improve things in a constant manner. It’s a lot of work — especially in the testing phase — and, as you have already seen and given us your input on, there are various issues with different devices, screens, and so on. There are things to be improved, certainly, but we shall give it our best to make things as high quality as possible, to create, practically, a product, and especially an app that, first of all, respects the idea of the brand, which is friendship and friendliness, and makes the product different from everything on the market. The team works constantly, and together with Crinela, who is the Project Manager on the technical side —
Crinela: I’ve done a lot of improvements and countless reviews, I think. Sometimes it was certainly a challenge to try to make the application as easy to use as possible.
Andrei: That’s right. Yes, this is one of the main objectives — to respect the idea of the brand and what we want to convey, because we want to position this company as a 100% reliable business, which respects its vision and strives on all levels. To do this, not only with an app and product development — the wallet, in this case — but also on the online marketing strategy side, which we are working on, and the pre-launch strategy, which is in the… well, we’re still working on it and the pre-launch is being launched, which will last for 2 months, and after 2 months the launch will go into effect properly. It’s just that it’s a project, it’s a process, and… complex. It’s a complex process because we had to connect the whole team and brainstorm our ideas, all the while respecting the vision and bringing it forward, into being.
Crinela: I know you invested a lot of time in orchestrating all these processes and, in fact, bringing all these ideas together so that we keep true to the idea behind the brand — I know it was one of the goals and one of the things you care a lot about. I really appreciate the fact that you are on our team and that our collaboration is going as well as it is.
Andrei: Thank you.
Crinela: Thank you very much for the time you’ve given us, and thank you very much for talking about the pre-launch stage as well. I know you’ve all been working hard on this lately!
Now then, I’m going to invite your next colleague.
Andrei: Thanks a lot!
Crinela: Likewise!
Andrei: Goodbye everyone!
Crinela: The next colleague we will meet is also from the marketing team — Răzvan, who is our Marketing System Architect. Please, Răzvan, take your seat.
Răzvan: Hello everyone.
Crinela: I will ask you to say a few words about yourself, same as Andrei did. Tell us a little about your experience and your role in the Welthee project.
Răzvan: Yes. So, I have been working in marketing for about 17 years now — since 2004. In the last 5 years I have not only developed integrated marketing systems for blockchain projects, but also applications in several fields — both the financial and marketing fields in particular. Within the Welthee project, I also deal with the development and implementation of an integrated marketing system, which would link, as it should, from the strategy/vision/mission aspect, to the implementation of the audience relationship system, the lead system generation, capture and conversion of leads, measurement and tracking systems — almost everything that makes up this part of the launch / pre-launch; including the implementation of various systems, until the launch of the application. That would be the short version.
Crinela: Very short and concise! By the way, because I know that you are such an adaptable person that can very easily adjust to any context, I have to ask you what exactly did you like about the Welthee project, when you first heard about it?
Răzvan: I liked the concept of decentralizing investments for ordinary people the most. Somehow, the idea of being able to have access to investments, similar to investment funds, that otherwise ordinary people would not be able to benefit from and to bring this system to the masses; that spoke to me. That is, available to people with budgets of a few thousand euros or tens of thousands of euros, not only the ones with hundreds of millions or tens of millions in capital. That aspect seemed the most interesting to me … it still does.
Crinela: Thank you very much. I also know, by the way, that you have an active part in everything that the team of moderators behind the Telegram group does and that you have an active role in that aspect of community management.
Răzvan: Yes. The community management system is one of the stages of the marketing system, where, practically speaking, we train our people — the moderators — and, of course, those who build the community on all the channels that Welthee will be present on, and is.
Crinela: Would you be able to give us one or two details about your plans for the near future?
Răzvan: In short — we are working on several strategies for the pre-launch part and on over 15 strategies for the launch part of the product and the application — of course, internationally. We are in the final stages of negotiations with companies from America, New York in particular, and almost from everywhere else — including Korea and the Asian continent, for our launch in that part of the world. We are also in the final stages of defining the strategy of our social media campaigns, on the networks that we want to have a presence on.
Crinela: We are definitely waiting to see what you have prepared for us. Thank you very much.
Răzvan: Thank you too. Goodbye.
Crinela: I kind of exhausted tonight’s area of surprises, so to speak, and I hope that the feedback from the community will be positive. I am curious what questions you will ask our colleagues from the marketing team, now that you’ve met them, and because I’ve reached the Q&A part of our time together, and in order to offer more clarity, I will invite Cristian to my side.
Cristian: Good evening! I’m glad we’re together for another session to answer your questions. I am very happy that people are interacting on Telegram; regarding your interest in getting involved in the Welthee project. Yes, there is room for involvement. I saw that some were wondering if there would be room, if there would be openings from the team. In order for others to get involved, we need people — as many as possible to get involved. Next year, we want at least a million people to reach the platform — I hope much more than a million; this will only happen if many dedicated people get involved, people who believe in the Welthee project.
Crinela: I am very happy that we managed to organize this session in the end and I know a little about the goals we set ourselves to achieve tonight. You already have a long list of questions, so I think we should go through them before giving certain updates — first about the application… if that’s okay?
Cristian: Yes, please!
Crinela: About the application, the Android and iOS wallets I was happy to receive feedback, especially from those users who tested on Android and I really want to thank those who wrote to me privately about the problems they have. I would like to thank Valentin Chifa, who really helped with a very detailed feedback for the application, Benjamin, then Alina — who also sent me some very useful screenshots; we were able to identify certain issues and we worked especially on the feedback we received from you. We tried to fix those problems, so in the first stage we will give a new update of the application on the testnet, somewhere at the beginning of next week — I was thinking about Tuesday. The application is currently being tested, with the fixes proposed by you.
One thing I ask you to check and come up with relevant feedback, as you already have done so far, are the Romanian translations. There I know that my colleagues have identified certain issues, but I would really appreciate it if we would receive feedback from you. Then, by the end of the month, our plan is to offer a trial version, in which you can send and receive currency. Hopefully this will be useful to those who have not had the opportunity thus far to trade in crypto, and to do so without the emotions that we would normally have with real money… I think that’s about it.
Related to another question: “When can I see my tokens in the application?”. I know a lot of you are looking forward to seeing your Welthee coins in the app — and we certainly want that, and we’re working on it already. But for security reasons, it took us a little longer than we expected. However, we will give a release date for this functionality as well, after we deliver these two versions that we mentioned, until the end of the month. So, until next week.
Cristian: Yes. There were two more questions regarding seed, PIN, and BRD. If you wanted to address these, and then…
Crinela: Yes. This version is on the testnet — it’s not the final version of the application. This means that the seed is not the one for your final wallet. Once you have the application on the main net, then indeed, it will be very important how you manage the seed and the PIN. As long as we’re using the trial version of the application it’s not extremely relevant how you manage the PIN or the seed.
The other question was related to the BRD partnership. I want to mention that this is not the bank that everyone in Romania knows, but it is a product, an application, a project with a considerable reputation in the world of crypto, and with a solid positioning of their universal wallet. We started collaborating with BRD using their wallet kit — the SDK they provide to help mobile clients use more blockchains, and thus have a universal wallet in Welthee. Their popularity also added to the things that attracted us to BRD, when we chose them. They have more than 7 million users and more than 20 billion dollars in secure assets now. And, from the point of view of backend services, they offer a ‘blockchain digital asset toolkit’ — practically a whole package of services that facilitates the interface with several blockchains, which we hope — in fact, are convinced that — will help us in the development of our server.
Cristian: Yes, as soon as next week, BRD will have a press release in which we will be mentioned as partners in the development of a wallet. Indeed, we believe it is a very good partnership.
Crinela: Yes, that’s right.
Cristian: Good; Thanks Crinela. And I also want to thank the marketing team — they are great people! Răzvan didn’t mention this, as he didn’t want to brag, but I want to brag a bit about him — he participated in at least 8 crypto projects, in which over 300 million dollars were raised. He has a lot of experience in this field. Vandy is an extraordinary man also. I developed a good friendship with him — it’s more than just business now; we’ve become friends. And, through branding services, he also took part in significant projects and I am very happy that he is the man who helps us position ourselves as a brand, in an extremely friendly manner. The application is very easy to use — because we really want to get out of the crypto zone quite a bit; ‘Bring Wall Street to Main Street’, as it were. It’s one of the things I’ve said many times — we want millions of people to find the app very friendly and easy to use.
Good! I would like to go to the questions — about 20, probably, of the questions asked of me. Some are very… punctual: I know we have been asked for deadlines, deadlines, deadlines! So, I’ll give you some of them. The white paper will be available on Monday, April 26. The roadmap will also be available on Monday, April 26! We were asked the question “How many investors do we have so far?”: we currently have 440 contracts with investors.
“When will it be possible to see the purchased tokens?”: Crinela said that she didn’t want to give an exact date. She said that we want to have the two releases first and then give an exact date. We believe that we will succeed by the end of May. This is the approach that we hope will lead to no more surprises until the end of May, which will be when we’d want to have the tokens in the individual wallets.
Now, I would like to mention a few things here and you’ll be the first people to see them. I was advised not to give very tight deadlines, so that we can stick to them — even some of you in the community told us “Give us longer deadlines and surprise us afterwards when you finish faster.” We really want to surprise you in this regard in the future.
Now, there was a question about the 3-month loan agreement: “What happens after 3 months?”. Everyone who has made an investment will be contacted and we will invite you to sign a novation contract — our lawyers, with our accountants, gave me a contract to sign together with each of those who invested, in order to transfer the amounts which you have invested in blockchain tokens. As soon as we sign this novation contract, and when our backend is ready to send you said tokens on the blockchain, this will happen. As I said before: 20% of the tokens you bought will be available immediately and there will be 12 contracts kept in vesting for the next 12 months, meant for the distribution of the tokens you acquired. So this is what will happen: starting in May, we will contact each of you, and sign this novation contract, so that we can start transferring tokens.
“When can we see the first company we can invest in with Welthee?” I have good news here, I’d say: new companies to invest in have already started contacting us and it’s probably something I’m announcing for the first time — I’ve never said this in public before: in addition to the companies we talked about, and you will see that they are described in detail in our Welthee portfolios, we will also have a launchpad! You may well know that these ‘are in fashion’, so to speak. Binance has a launchpad, Polkadot has a launchpad, and there are several other companies that have launchpads. We will also have a launchpad. And, in July, we will add the first company we will launch through our launchpad. It is a very, very, very interesting NFT product and of course, you will be the first — our community will be the first to be able to invest in said NFT product, which I think will have a global impact, because it is a very, very interesting product. Good — so I answered regarding the first company.
“Are you considering a token burning mechanism?” Yes, we are considering a mechanism. We will have 10% of the company’s profits be used to buy tokens — a buy-back token program — and some of these tokens will be used for liquidity and some of them will be burned. We still don’t know the exact burning rate. We talked to specialists — some of the best specialists in the world on tokenomics — and they told us to look very carefully at this percentage. I also looked at Binance, for example, and the percentage they said they burn from their token, but we have to look at the usefulness of our tokens and how they are used on the platform, after which a decision will be made. As I said, however, 10% of the company’s profits will be used for buy-back — leading to fewer tokens on the market and to build some pressure to increase the price.
“When will the token be listed on exchanges?” The listing decision is an important one and, first of all, there will be liquidity in the bonding curve. So, the bonding curve has both a token selling mechanism and has a token buying mechanism. Everyone who wants to sell tokens will be able to do so through the bonding curve. We will use exchange listings to definitely increase the number of users and we will start negotiating these listings as well. We have not yet made any decision and we will let you know when these decisions are approaching.
The current price is 4 cents (USD), until tomorrow night, at 00. After that, the price will be 5 cents (USD).
“Where can we see, transparently, how many coins will be sold in the private sale, how many have already been sold, and what are the thresholds?” We will communicate this to you. I don’t have a calculation right now, but we want to be transparent — it’s no secret how much we sold — I just don’t have the calculation to give to you right now. We will tell you exactly how much was sold. As I have said, we have 440 customers who already bought their tokens. From the moment the bonding curve goes into operation, the price will increase for every 10,000 new customers, by one cent (USD).
I would like to tell you a few things that are very important and I would like you to understand this: the Welthee project is very different from 99% of crypto projects! I know how to calculate the value of a project, the market cap, the number of tokens, the value of the token, and there have been some comments about the value of the token being too high, that it should be lower, and other comments like this. But, I would like you to understand why we are different — this is very important! We have decided that we will produce 34 billion tokens. 10 billion has already been produced on Ethereum and we will produce another 24 billion on two other blockchains.
We were asked “what are the other two blockchains?” We will announce this, because you asked us for specific dates, on June 1st for the second blockchain, and on September 1st for the third blockchain. The reason we didn’t yet decide upon them is technical. As you know, the gas fees on Ethereum are enormous. We want to be able to transfer that 2% as a bonus for those who buy, respectively to have many types of transactions, at very low values. It is impossible to have them on Ethereum due to Gas fees, because the fees would be higher than the benefit that someone would have in certain situations, unfortunately. As such, we’re looking very closely at other blockchains — and that’s not the only reason — but, we’re looking at other blockchains, which we can integrate into our product, and we’ve already started talking to some of them. We are analyzing them very carefully, but the decision will be taken by June 1st and September 1st for the third.
Now, I want you to understand something about the value of the token, about the utility, about the price, and why we don’t calculate the value and the market cap in the way that 99% of other projects calculate them. We are the first project in the world in which the value of the token is determined, in a very transparent way, by the number of investors. So, not by the sums involved — please understand this — not by the amounts, not by the sum of tokens involved, but by the number of investors. We are the first project in the world to do this. Recently, I’ve also looked at Revolut, at their market value, at their number of investors, and it’s normal that from an economic point of view, it makes sense that the value of a company increases by the number of users that are and there is a value on each customer.
We decided to allocate 5 billion tokens for the bonding curve. What does this mean? If we start the price somewhere at 7–8 cents (USD), I’m guessing — it’s not set yet. The entry price on the bonding curve I suspect will be around 7–8 cents and that means that if we have allocated 5 billion tokens for bonding curves, we can… let me rephrase that. The number of investors can bring the price up to somewhere around 10 dollars, if all 5 billion tokens were sold and if the average contribution was somewhere around 500 USD. As you know, on bonding curves, the minimum contribution is 50 dollars, and the maximum is 1,000 dollars. We don’t know where the average contribution will be — if it’s somewhere around 500 dollars, the price of the token will be able to reach 10 dollars. The community will decide this. We want to be a decentralized investment fund for millions of people. If 140 million people came to bring the price to 10 dollars, it would be great for all of us. We don’t calculate the market cap, we don’t care about the market cap — not at all! We are interested in millions of people coming, transparently, to bring the price of the token up, and for everyone to win. Through this mechanism we will have portfolios, we will have a decentralized investment fund, and it is a win-win for everyone. I don’t decide — the community will decide. Yes, we have a very good marketing team, we will put millions of dollars into marketing, and we will offer hundreds of millions of dollars in rewards, through our decision that those who bring 5 friends double their amount of tokens; but the community will ultimately decide. So, we do not calculate the market cap, we are not interested in calculating it in this way; it’s a win-win for everyone regardless of the price of the token at any given time. That it’s 4 cents now, that it will be 10 cents, that it will be a dollar; regardless of the current price. So, that’s a little bit about the bonding curve mechanism.
Then we have direct sales. I will allocate up to 10 billion tokens for direct sale. And, for staking, up to 10 billion. We want to offer 50% for staking, for the next 2 years. So, for two years — up to 50%. We will be flexible about the amount between direct sale and staking. Where it will be needed, we will add the necessary sums… the number of tokens, depending on the sales or depending on the requests for staking. Regarding tokenomics, these things are included in the white paper and there will be many more details there.
Crinela: A mention, if you’d allow, about functionality. Specifically, the bonuses you discussed earlier — I would like to mention that the functionality to invite those 5 friends will be available at the same time as the bonding curve offering.
Cristian: Yes. So, by the time the bonding curve is in place — which we want it to be on July 1st… something I’d have preferred to happen sooner, but the marketing team insisted, very much so, to set aside two months for the pre-launch. I finally relented and agreed to have those two months of pre-launch — that’s why I postponed the decision to start the bonding curve, on July 1st.
Crinela: Thank you.
Cristian: Someone asked us “Why would I choose Welthee at the expense of another currency?” I really like this question; I could talk about it for an hour, but for now, I choose to say that Welthee, as a promise, wants to help people move towards financial freedom, to have many streams of passive income, and to reduce risk — this being one of the most important things that is central to the platform — the reduction of risk. We want as many people as possible to be able to invest, with up to zero percent risk. I think these are sufficient reasons. I could talk a lot more about these things. Of course, it is not wise to invest in a single currency. I wouldn’t tell anyone to just invest in Welthee — when you invest, it’s good to diversify your risk as much as possible. Although, in Welthee — in the Welthee platform — everyone will be able to diversify, because there will be multiple portfolios and they will be able to manage more types of portfolios; but these are the most important things, I would say.
We talked about the price of the token at launch, about the start date of the referral program, the date when the staking starts — we intend to have the staking available in September, the amount of tokens left until the next price — I don’t have that now, we will relay it later. Because the launch part of the bonding curve has been postponed, which is what we wanted, and because enough tokens have been bought lately, the price is already at 5 cents. There are some who have invested at 2.5 cents, there are some at 3, at 3.5, at 4 cents, 4.5… and, there are signs of big investors coming in. It is possible that the starting price will be higher than 7–8 cents, because of this. As a matter of fact, I’m talking to an investment fund tomorrow! And we haven’t even properly started yet! I think I saw a press release of ours on Yahoo! today. We did not go out with marketing yet and, already, only through connections, investment funds have started to come to us. Tomorrow I have a discussion with an investment fund. If significant amounts are invested, the price will of course increase and the launch price will be higher. But, we will relay details about this on Telegram and on several channels. A newsletter is being prepared and we will communicate these things.
Crinela: Have we run out of questions?
Cristian: Yes, I think we’ve exhausted the list!
Good! Thank you; thank you for your interest.
Crinela: Yes, tonight we did not intend to take live questions, but certainly all the information we provided will give rise to other questions, as often happens.
We are glad to see that you are a proactive community and that you come with questions. Like, you’re giving us a little challenge like that. It’s a very beautiful thing! We appreciate your patience and understanding, and even if we fail to come up with constant updates, we make an effort to keep you informed, so please, continue to interact with us on our Telegram groups and offer us feedback for the applications — for the progress we have made — and we will certainly do our best to come back with more information.
Cristian: At the next meeting we intend to have a few people from the technical team — from your team.
Crinela: Yes, that’s right. And, I think the next session’s going to be at least as interesting as this one. I hope the information we brought to you this evening has provided more clarity. I really appreciate the constant feedback I received. Even if we’re busy, we each read the messages you send to us, so I’m glad you’re doing that.
Cristian: Good! Thank you for your trust! Thanks for your involvement! And, we believe that together we will be able to see to fruition the first decentralized investment fund in the world that features zero percent risk, and we will be able to see many companies benefit from our launchpad and the investments we will make together.
Thank you very much and we wish you a good evening!
About Welthee
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