You asked , we answer! — BEAT AMA November 9th
Two weeks ago we asked the community to submit any questions they had for the BEAT team in our Discord-Channel in order to host an ‘Ask-Beat-Anything’. We received a lot of great questions regarding the project and made sure to answer each and every one. If you don’t find your question within this post, it might be because we already answered it in another question.
Jens, Jonathan and Kjeld went through all of your questions and were able to share some new and exciting information about the future of BEAT so make sure to read through it all!
Is there any Android app for Beat?
If you use that app, will you be rewarded with tokens?
Beat: Good question! At the moment we are developping a BEAT App for IOS and Android where you get rewarded for doing sports. There will be a medium article with more details published soon.
1. How is beat developing? Will they use ETH or make their own blockchain?
2. When will the coinburn happen?
Beat: 1. We are working hard to find the best solution for our needs. We are exploring many possibilities including our very own blockchain. It seems unlikely that we will just use plain ETH, so there will be one migration to GO sometime in the future.
2. We are in the last steps of minting the final BEAT tokens for small special interest groups of investors. So far already more than 90% of all ever existing BEAT Tokens have been minted, and we have only 100 Mio BEAT to GO. So, the answer is, that we will not, like plannend before, burn the difference of minted tokens compared to the amount of BEAT Token available in the smart contract. Instead we will close the option of minting more BEAT Tokens. Result is the same like a full flavored burning. We do not see the benefit of minting Tokens only to burn them directly afterwards.
Instead of a burning event will will market the last minting of a BEAT Token in combination with the closure of the possibility to mint more.
How often you will inform the community about the projects progress?
Beat: Our goal is it to inform the community about every step we take in completing the goals set for BEAT. We aim to publish at least once per month a medium post as a summary of the progress from the former month and continue to offer community support available in Discord like before
What is the market share of Magicline in the german gym software industry?
and how do you plan to expand your customer base of beat app users beyond Germany where you don’t have a core business infrastructure to support demand for Beat in the markets?
Is late 2018 a guaranteed timeline to roll out the alpha version of the app, or should we expect some delays due to funds limitations?
Do you plan to list on a major exchange once you roll out of the alpha version to help the project gain momentum?
Beat: 3,000 German gyms (40% of all German gyms) are already using our sports facility management software.
Unfortunately we did not hit even one of our goals during the token sale.
But like always mentioned, we still will develop the BEAT ecosytem, but it definitely will take longer, than it would have been with more funds secured.
The BEAT whitepaper already mentions the roadmap for our achieved minimum amount of funding:
We decided to open up the usage of the soon to be released BEAT App to the whole world. Instead of just launching in Germany with Magicline connected Gyms, the first version of the BEAT App will be separated from our NoExcuse App to make a worldwide launch possible.
We aim to launch the first version of a BEAT App at the beginning of 2019. Stay tuned here and on medium to get more information about this soon.
Do you plan to cooperate with health insurances? I know it is written in the whitepaper. Could you please make a easy-to-understand explaining of how beat gains its value?
Beat: We already talked with a lot of health insurances in Germany during 2017, who are all interested in supporting doing sports and living a healthy lifestyle. In 2018 we even had our first meetup with the east-belgium health ministry, where the followup meeting will take place in January of 2019.
The coin gains its value by an increasing demand of data consumption, data storage as well as reward capabilities for health providers. As companies want to access your private health data, they will need to pay for them with BEAT! For a more elaborate answer please see page 22 of our whitepaper.
Arsene Wenger asks:
What is the expected final supply and when can you commit to finalising this?
Could you in a simple concise manner — explain the economics of potential for price to increase and rationale behind this. Thanks
How is the alpha version development coming — can you share any insight on this — features, functionality and future iterations and development plan.
Sharing this with your followers and socials media outlets would be a good way to show what you have been doing.
How also do you plan to create and increase adoption of this platform.
Beat: The BEAT hardcap will be finalized with 1.226.667.278 BEAT Token.
We aim for a launch of a first version of a BEAT App for the beginning of 2019. In parallel we explore options and possibilities for the best technical solutions for our BEAT Blockchain. We will share more details about it after the launch of the BEAT App.
We are in talks with various partners at the moment. As soon as we close some deal there, everybody here gets informed about. After the launch of the BEAT app with the first sponsoring contract, we hope to get lots of users and have an option to promote BEAT with it, to get further partners on board.
Is there a monthly update like that in september planned?
Beat: Yes, we will do this! Sorry for skipping October update. We increased our presence on discord in order to keep you updated.
Can we have a detailed roadmap? What has been accomplished so far and what is coming in the next weeks and months?
Beat: See above, that we will post a 2019 roadmap after the launch of the BEAT App.
My Love asks:
Why did the team decide to list Beat on a free exchange?
Beat: Some of our investors weren’t sold on the idea of listing BEAT that early since the ITS didn’t sell out. Because we didn’t collect as much money as we anticipated, we have to spend the funds as efficiently as possible. Listing on big exchanges would consume an enormous part of the funds and leave us with less development ressources. IDEX provides a way for people to buy and sell BEAT while not compromising our development.
There still could be further listings later on various other exchanges, but it is not our top priority at the moment. We want to build up working usecases first, before we start thinking about adding other exchanges.
I would like to ask, what are your expert opinion about the low price of BEAT. What does your team think, why price fell so low. What is the reason?
Beat: Many of our investors wanted to get listed early. We were not a fan of this idea. At this point we haven’t proven anything yet. Seeing the token being traded with such low volume means that most of our investors believe in us for the long run. We are pleased with that. Maybe the launch of the BEAT App will have some positive impact on the price. But nobody knows. Fingers crossed! ;-)
Do you plan to open the Telegram channel again and if not, can you share your reasons?
Beat: Currently there are no plans to reopen the Telegram channel for conversation since the Discord server has been proven to work better for support and community interaction. Discord has lots of options to better structure discussions. In the future we are planning to publish updates through the Telegram channel again, while it will stay read-only for the community.
In email 12.7.2018, you wrote : 3 DAYS LEFT! Forecasts predict token price will jump from €0.019 to €0.39!
How many procents of this price in forecast do you think that we will see when the first product will be made?
Beat: It really is hard to predict price movements at the moment for cryptocurrencies as a whole. The overall bear marketing is still dominating prices, even for good projects with working products. We will continue to work on BEAT despite of actual price fluctuation.
I’ve been asking for a few months now so I will ask again: Who won the beats from the last pull up challenge? I participated and was asked to confirm and you shared my unique pull ups but never has anyone been announced as winner of 10,000 beats. Can you post officially who won?
Beat: Please write Jonathan on Discord and send him the link to you submission and we will check if you won and transfer the BEAT afterwards.
Every Day New members…. but i only see a few people writing..Where are they?
Beat: Many people join our discord to just read and receive updates, but decide themselves not to engage in the conversations. Everybody feel free to change this if you like.
Hello BEAT, as I’ve been asking before: When will all the tokens be available for withdrawal from beat.org to MEW? For example the won tokens of the first 1 million challenge (20 participants who won 50k BEAT)? I got answered earlier that they would be available for withdrawal at the end of October. In the mean time we’re living in November and I got no additional messages and/or I’m unable to withdraw from the website. Looking forward to your answer.
Beat: The giveaways will be distributed together with the last part of the bounty campaign. We are in the final steps for it.
Lomovo is one of us an investor here wanted to visit your Hamburg office. Why there is no time to welcome him?
Where is Olga the admin?
What is the protection against hacking the future BEAT android up? How will it know that I really make excercise and not just imitating.
Beat: Feel free to visit us here in Hamburg, but please contact us before if you want to make sure that we have time for you. During the token sale we already had people visiting us in our office and lots of people talked to Jens, Daniel and Kjeld on conferences as well.
After the end of the token sale we switched the support from external support from Olga and Steven to internal colleagues.
The BEAT ecosystem is designed, that Trusted Third Party providers verify actual sports activities. See the BEAT Whitepaper for more detailed informations about it.
Are you planning to make it possible to trade Beat against Euro?
Beat: Please see our exchange answer above. Not excluded for the future, it’s not a priority at the moment, it depends on further exchanges with Euro options.
Arsene Wenger asks:
Could Beat do a live video AMA on this? — record it and leave the link so people do not ask the same things endlessly, it both engages the holders further with Sports Alliance stakeholders, builds trust and WILL boost the price undoubtedly. The video quality in the ICO run ups was excellent — why not continue and let the holders be a strong part of your marketing team. The contributors need to be re engaged here from what I have seen and having 3–4K of people championing BEAT — is not to be dismissed. Thanks.
Beat: We will summarize all answers of this AMA in a Medium post and will point to it, if the same questions are asked again. After some time we will update it, with a new AMA. Your Idea about doing a live video is good, we will look into it. Glad that you liked the former videos. Thanks for your proposal.
Wow. Those were a lot of questions. Thank you all for your participation! If you have any further questions join our Discord! https://discord.gg/8GuhdfV