One of our Community partners, Tommo Coumans was invited by @CryptoNationIN to a LIVE Telegram AMA session 30 August 2019, where he shared on Morpheus Labs’ project — the present and the future. Here we go!
Q1. Mr Perfect: Morpheus Labs — Blockchain-Platform-as-a-Service. Please explain briefly “WHAT IS MORPHEUS LABS BPAAS?”
A: BPAAS (Blockchain-Platform-as-a-Service) is basically a middleware platform that focuses on building smart contracts / Dapps — efficiently and smartly. We don’t have our own blockchain, but we do have an ERC20 token for tokenomic purposes (purchases on the marketplace (our Application Library) and subscriptions to the platform). We focus on building the tools to develop on blockchains, while we let blockchain companies focus on improving their blockchain. It’s like the Microsoft Office package to write your thesis on, you utilise it to write, create, calculate (word, excel, powerpoint). For us, you utilise our platform to have a centralised place to create Dapps instead of having to do it from scratch somewhere else.
Q2. Mr Perfect: Your aim is to hit Blockchain market to $3.1T by 2030, what factors or techniques you’ll use to grab this milestone?
A: Lovely question! It’s a huge goal we’re actively working towards by trying to become the global BPAAS leader. It’s split up into a few parts on things we’re focusing on.
- Education: Having as many universities/schools connected to us while using our subscription model and our blockchain curriculum. We sell code courses (basic, intermediate and expert) and give out certificates upon passing. The good part is that blockchain is ‘global’ so if we deploy these courses in the Netherlands, we can also deploy them in China without too much of a hassle. More and more universities are willing to take the plunge with us and see what we can do. Another part of education are the hackathons, on which we’re currently checking out what we can do with several blockchain partners (EOS(Cypherglass), WAVES and ProximaX). These add more developers that use our platform and hopefully keep using it.
- Enterprises. We will have some good news in the pipeline for the coming months. As an enterprise/company it’s often a costly endeavour to dabble in blockchain; by offering a centralised platform on which everyone can buy/create/adapt dapps, we aim to become the ‘go to place’ for smart contracts/dapps for any business globally.
We want to integrate all the blockchains that make sense on our platform to give developers everything they want to create on. That with several coding languages, constant overhauls of our platform (UI, but also new tools and bugfixes, etc) this should give us a constant lead in the blockchain scene.
New things we’re actively working at are being the ‘infrastructure hub’ for things like healthcare, supply chain and financial systems. News on that I can’t give out toooo much on, but it’s coming!
Q3. Mr Perfect: Can you tell us something about the adoption of MITx? Like where you would love to see the usage of MITx?
A: Sure thing. I do want to apologise for taking so long to answer these questions. The community deserves elaborate answers that have as much transparency as I’m able to give without breaking any NDA’s, this requires some time.
Adoption of MITx as a token? The tokenomics mostly focus on platform subscriptions, the AppLibrary purchases, integrating new blockchain protocol partners (listing fee) and we use a treasury. The more revenue we get out of subscriptions, the more we buy from the open market as a foundation, which should give scarcity to the product. Besides, holding MITx as developers/companies gives discounts to future subscription plans. I think all this information is fairly easy to digest as written in our tokenomic article:https://medium.com/@morpheuslabs_io/mitx-token-economics-38b17d870ab9
Seeing bigger companies pay us in FIAT while we use a big part of that to buy market MITx will be a great thing to witness off the bat, and even more amazing once we get more subscriptions in. It’ll be a constant process of demand.
Q4. Baahubali: What do you think is #MORPHEUS business area? How would you compare with other blockchains like EOS / Ethereum? Do you want to compete with other blockchains or compete with other decentralized computing projects such as Golem / Hypernet?
A: The good part about being a middleware solution is that we’re not a competitor to anyone of these bigger blockchains. We don’t have our blockchain, we focus on aiding the existing blockchains to make it easy to create Dapps on. Hence we’ve integrated ethereum and EOS and we just aid their development in a way.
Q5. Hukam Singh: Which programming languages support morpheus labs to Develop blockchain? Will your team add more languages in future?
We’ll add as many languages as makes sense. Currently we have Solidity, Python, Go, NodeJs, Java, PHP, .NET. If a new language emerges (or developers ask for it) we’ll think about adding it for sure.
Q6. JP: Was your name inspired by the movie Matrix? Similar to the upcoming Matrix 4 movie, what lies ahead for Morpheus Labs in terms of roadmap in 6 months, 1 year and 5 years?
A: Hah! I’ve actually seen the Matrix yesterday in 4dx (sound and wind effects) and I absolutely loved the Neo vs Morpheus training simulation, because we’ve partnered NEO, but no, the name is not inspired by that movie. For morpheus, we’re heading into #phase2 as we speak. We’ve established ourself as a dominant BPaaS by all the partnerships and integrations, but we lack a ‘huge’ developer base and we lack real world utilisation. Phase 2 will be the adoption phase, on which we get companies, enterprises and work on real world cases such as hackathons, university courses and a platform improvement. We want to add gamification with certificates (utilising V-ID, look them up, they’re amazing) and offering the Chainlink decentralised oracles to get external data into smart contracts. The idea is to be a global leader in 1 year and keep that position for the years after.
Q7. Kabir: Can you explain what eventually will happen with MITx that are paid as subscription fees, and how they are locked? How will they come back in circulation?
Can you explain how your Tokenomics will increase the token demand and eventually create scarcity for the ecosystem?
A: Sure thing. MITx paid as subscription fees go back to our treasury where they’re locked and eventually released again. Customers can choose how to pay (fiat or mitx tokens) and we determine how much of the fiat bought MITx will be locked through an algorithm. They’ll get released to pay for operational costs, but also for AppLibrary dev rewards, community rewards, marketing campaigns and strategic partners. The following picture should explain this in depth.
Q8. John Snow: Is the “reduction of 70% cost” the most important pitch when trying to get customers on board?
A: 100% — reduction in speed and in costs is a major adoption hurdle that is being conquered. If you have a 20 employee company, going into blockchain is hard. Where do you start and how do you start? You need to find a group of developers, then see what blockchain works for you and then try a POC. On our platform, it’s a lot cheaper and we offer turn-key solutions to do so.
Q9. Pankaj: What is the biggest weakness in your project and how are you mitigating it?
A: I think I’ve answered most of this in the answers above, but your last question is something I’m willing to answer. The biggest weakness is that we’re currently in a highly speculative market. More and more companies are dipping their feet in blockchain, but who uses it on a daily basis? Few.. For us, that means we’re creating a company and hedging our bets on this speculative market. We obviously have a ton of trust in this, but we need to make sure we stay one step ahead of the competitors at all times. More and more companies are dabbing in Blockchain and more BPAASes are slowly emerging.
Besides, our growth (and the demand) has been growing exponentially, while we’re still a fairly small team. New hires are being taking in, but we’re under a lot of pressure to keep up with demand. It’s a great thing, but also tiring!
Q10. Sumeet Thakkar: Is there in prototype which you made with collaboration with proximaX’s enterprise? And if yes than what were the results
A: None I can share now (NDA) :) being worked on!
Q11. Jay Ranchi: Every company is boasting about partnership and client..
Why should the community care about clients and adoption?
Does it bring any benefits to token holders?
A: It actually does. Clients and adoption means more purchases of MITx on the open market which should drive scarcity and, technically, a higher price.
Q12. Mukesh Bhati: What is morpheus labs BPAAS? and how to it is more profitable for peoples than compare to others same type platforms? Explain
A: Imagine you want to develop on Vechain, but halfway there you find Ethereum works better for your company. What do you do? You change it all up, find new ways to create DApps and its a time-consuming endeavour. With our ‘complete interopability’ slated for 2019, you can switch any DApp on any integrated ML blockchain within minutes, meaning you can test out POC’s, switch it up and see which blockchain gives you the results catered to your company. It’s a centralised place for development.
Q13. Lao Allen: Morpheus Labs support 7 programming language to develop diffrent type of blockchain But too many platform support only 1–2 language like Eth support only Solidity. How morpheus team make this things possible?
A: I wish I was more tech educated, but I frequently talk to our tech team with these same questions. They’re working on nifty ways to overcome this, but I can’t share too much about it due to our NDA. I know they’re working on technical articles that go deeper into this. Sorry for the bad response, it’s an amazing question, but it’s all I have currently.
Q14. Arun | #MCX fan: Why Bep 2 , may I know in which manner MITx Bep2 is better than MITx ERC20 for you and community ?
A: 2. BEP-2 isn’t ‘better’ than ERC20. We just feel Binance is an amazing ‘brand’ that does a lot of good in the community and grows at a staggering rate. We want to offer more liquidity and will always remain ERC20 for as long as it makes sense, but we’re taking the bet that the DEX is an amazing (and intuitive) exchange that grows. Based on volumic milestones we’ll hit there (for example 500k usd daily for 7 days in a row), we’re transferring more and more of our ERC20 tokens there (with a maximum of 51%).
Q15. Shane: User_experience is also a matter of concern, so do you focus on this issue? How will you do this?
A: 100%. We are constantly asking developers for feedback and will continue on improving the platform. It works now, but it ain’t perfect. It will most likely never be perfect, but concerns are being heard. There’s a list of over 250 things we’ve already changed, with a ton of new gimmicks in the pipeline (job boards, gamification, certificates, user profiles being more easy to see etc).
Q16. Alexander: As we know that, to support a building, Its foundation should be much stronger. What is the main #Foundation_of_MorpheusLabs and why do you think that it is perfect to achieve your goals?
A: The main foundation is to do things correctly and well before we move to another. it’s the main reason marketing was ‘on the low’ until the product was done. It’s not ‘done’, but it’s useable and live. We have a strong core team and we’re actively working on getting hires/ambassadors in more countries. Every educational component is tested at one university and gets deployed to others later, while we iterate on the feedback of the students/professors/developers.
The foundation is a strong BPaaS that makes sense and offers multiple blockchains. We now have that and go to ‘phase 2’.
Q17. Jay Ranchi: What is your chance to succeed beyond a pump and dump???
A: Pumps and dumps are often build by having fake promises, extreme ‘company’ buy pressure of low liquidity and manipulation. We want to offer as much liquidity as we can on various exchanges, while also monitoring whats happening on the market. We don’t drive pumps from the company, and we’re just working hard to offer a good company. People will take profit, and people will ‘daytrade’ the coin, which is out of our reach, but we believe in slow and steady growth (as we have been doing).
By being fundamentally strong, and grow in the future, ‘dumps’ should be avoided by organic buying volume that buys the sells.
Q18. Imearth: How does Morpheus Labs help organisations and developers and what advantages does it provide over other blockchains that try to achieve the same?
A: We’re cheaper, faster and offer multiple blockchains. WAVES is a great example of a beautiful dapp orientated blockchain, but they don’t offer any other blockchains besides WAVES (obviously). We offer a ton of them. By offering V-ID certificates on these, or chainlink decentralised oracles (ethereum only) we go the extra mile and create a whole ecosystem around these blockchains, instead of just offering one. We also offer turn-key solutions and 24/7 help for developers.
Q19. Pritz: How can we use your Cloud Servers VM and how are they different and secure from traditional ones?
A: They way in is integrated into the platform; fairly straight forward. Decentralised cloud servers are more secure since they’re not run on ‘one location’ and if one goes down, another picks up. Having it in the traditional way means if the data center is hacked, you’ve just lost your access.
Q20. John Snow: Developers who want to deploy on your platform can choose among the different chains Morpheus has partnered with. Can you tell why did you decide on those specific blockhains only?
A: Sure. We’re looking to integrate blockchains that are the ‘front-runners’ of the scene, or have plans to become these (NEO is a great example with NEO 3.0 coming). Having smaller blockchains on that don’t have a strong product or merely a product doesn’t make much sense, unless we can talk about a future together and help eachother to grow. We’re talking to a few more blockchains to join us actually, most aren’t far off.
Besides, a lot of blockchains excel in different parts of the ecosystem, so by integrating them, we offer the entire package.
Q21. Mission: It was recently announced that MITx will partner with a marketing agency Cryptobrandlab. What exactly will they do? Will they redesign the website too, because their website isn’t great by any means. And lastly, how is it a partnership, it looks like a hire? Is it mutually beneficial?
A: Ya, they’ve done our website. For marketing we have an in-house beast right now (Iris, she’s really good) and cryptobrandlab mostly aids her with articles, animations, websites. Honestly, their website could use a overhaul, but they’ve been response and nice towards us and we’re pretty happy with what they deliver.
Q22. Abimanyu: Can you provide us with some more info concerning community nodes? What can we expect?
A: For now, we’re checking if there is a way to offer incentives to the community to ‘hold’, but it needs to make sense from a business perspective and also compliant to Singapore Law. These community nodes are mostly for ambassadors (such as myself) to host country based events to market Morpheus labs.
Q23. Kabir: Will you guys create more video and photo content for our Morpheus Labs/ MITx community people?
A: Yes! It’s something I’m actively working on (I love making videos/animations). We need to show the community what we are in 1–2 minute videos, for enterprises/education/developers etc. One-pagers, the whole thing!
Q24. Abimanyu: Hi Morpheus Labs, it’s great that now you guys have developed rapidly,
I still remember when you were just promoting your coins by doing a world cup quiz with a prize of $ 1200 and I was one of the winners hahaa back to topic..
MITx has a partnership with Hanwha Dreamplus Blockchain Academy, so I am curious about your partnership, can you explain in detail what kind of partnership is done and what are the benefits for each other ??
A: Yes! Dreamplus from Hanwha is an education hub on which we ‘test’ and try our educational ideas. They’ve been amazingly accomodating and actively working with us. It’s a perfect way to get new blockchain developers in and improve the way we make these curriculums. Hanwha gets a centralised platform to develop on, while we get students who use our platform and can help feedback.
Q25. Blockchain: Can you tell us more about the significance of the partnership with the Singapore government? What exactly is the purpose of it ?
A: It’s not exactly a ‘partnership’, we were one of the winners of SGinnovate. the goverment doesn’t exactly intervene with us, but they do aid us where they can and see us a ‘national’ product. It’s all fairly closed doors though and I can’t share too much!
Q26. Hukam Singh: What does your roadmap for 2019–20 look like? Name some important milestones you are hoping to achieve?
A: Complete interopability and Enterprise adoption would be key here
Q27. Arun | #MCX_FAN: What are the advantages for MITx token holder in short term and long term?
A: They’re investing in a token that has a transparent team that is constantly pushing the boundaries of development, have an active community and are finding ways to aid the investment (such as offering more exchanges, liquidity etc). We work on these AMA’s, we’re open to feedback and we’re getting more exposure/awareness. I think that’s a lot to offer to holders, since we can’t promise a price increase ever, but we’re sure working our butts off to do everything we can to make this all a beautiful reality.
Q28. Yuvi: How will you convince Big Investors to integrate with the MORPHEUS LABS solution?
How strong is your Team? How About Core, Technical and Operational team?
A: We have pitch-decks for several sub-branches (enterprise, education, healthcare, supply chain) and we have multiple people across the globe (different continents) to pitch us to their connections. We tell them it’s centralised, cheap and fast and we help them every step of the way.
Our team is strong, albeit small. It’s growing, since we’re hiring new people but we expected slower growth. It’s an amazing thing that we’re suddenly wanted in so many different places, but it also means our C-level team is more often than not working 16 hours a day to make this a reality. Below the C-level, every employee is working diligently to create results too. It’s competitive, and we thrive in it.
Q29. Imearth: What is the source of your revenue and do you have institutional investors?
A: Source of revenue right now is mostly subscriptions, while we are getting some investors in as well :) We’re not shy for money, we just want to create a healthy company that can last years. Since revenue is growing (well up in the 6 digits), we’re doing very well!
Q30. Thuy Nguyen: In the future, what are your goals? What do you do to develop the platform and marketing for the project better?
A: Basically we see the community as one of the most important assets we have, because people-to-people marketing is an insanely big part of the entire cryptocurrency market. We’re watching the claps on medium, the views on twitter, the amount of shares/likes/retweets, what works and what doesn’t, what the community needs and wants.
‘Global’ marketing will be rolled out once we’re more of an established name in the entire scene and have more partners/users.
Q31. Lan Huong: If you compare the Roadmap in the Whitepaper and the Roadmap on Morpheus’s website, you will see the time shift of the Phase. Did Morpheus not complete certain stages and need to change timelines?
A: Yes and no, we expected platform 2.0 to be done a wee bit earlier, but due to the insane demand of integrations, we’re first integrating them and talking to those teams on what they need to be successful on our platform. This requires some iterations we didn’t expect, but it’s all for the best.
Q32. Lan Huong: Looking at Morpheus’ business model, it’s clear that MITX will be more valuable when more people use the platform. So what programs do you have to encourage users to participate?
A: We offer discounts, we will host hackathons, we’ll offer online courses, an ‘open to see marketplace’, a level of gamification, certificates used globally (since they’re on the blockchain thus don’t require manual validation), job boards, forums. We want to create a healthy developer community on which people aid each other too and are happy to utilise for a longer period of time.
Q33. Mission: Can you tell us where Morpheus Labs/ MITx will be in the next 1 year ?
A: I can’t. I wish I could, but so many things can change. I wouldn’t be here if I didn’t have complete belief in the product and team though. I have a full-time job on the sides, which I’m aiming at quitting as soon as I can, because I feel this is the ‘product’ I’ve been waiting for. Working here is extremely pleasing and the team made me feel at home every step of the way. So where will it be in 1 year? My personal goal would be top 100, or higher.
Q34. Bill: What are the improvements left to do
A: The list is too big, and I’m happy it is. It’s already functioning, it’s already working, but we want SO much more. The ecosystem will never be done, it will never be perfect, but we’re eager to keep trucking on and make sure we offer everything.
Q35. Jay Ranchi: What is the company’s strategy to fund the marketing campaign that will be needed to gain visibility and build a user base?
Do you consider making your token a revenue-generating one or will it have some real world utility?
A: We raised a fairly successful ICO and we have funds for marketing on this. Part of the revenue of the subscriptions can also go to ‘marketing’, but I can’t share the numbers. Blockchains pay us for integration and that money also goes to running costs, including marketing. By building a community and doing these AMA’s, we get a ton of attention in as well.
Q36. Sumeet Thakkar: ProximaX’s enterprise-grade development platform please explain the tools they are using? And the tools which will secure your platform?
A: I wish I could, I’ve seen this question a few times here and I haven’t answered it yet. Not because I don’t want to, but because we’re in a stage with them where both teams are meeting and discussing on how to do this, and I lack the technical knowhow to answer.
Q37. Satish Singh: With Full-stack Quantitative Solutions, what advantages does Morpheus Labs have over competitors? What are the achievements that Morpheus Labs team has achieved?
A: We offer an app library, a ton of blockchains and an easy to use tool-set to develop on. The biggest game-changer will be the interoperability between these, and I think offering the decentralised oracles from Chainlink are a super big step towards making this all a coherent whole. Being able to put external data on the blockchain makes the adoption hurdle so much smaller.
Another thing I’m proud of is the Africa plans we’re currently deploying. Having a blockchain certificate in Africa doesn’t mean much for western companies, since they can’t validate if its real or not. Hosting hackathons and offering them chances/rewards, while also offering certificates that transcend globally (due to the immutability of the blockchain) creates equality in a way that requires limited resources. It’s beautiful.
Q38. Blockchain: Would it be an option to prolong the teams token lockup if the community wishes so? Are you planning to expand supported blockchains? Which ones?
A: The C-level team already prolonged these tokens, showing confidence in their product. If the community wishes it so, it can always raise the point, but they’re under no obligation to agree. Also, I can’t talk for them.
Yes, we’re actively integrating more and more blockchains. It takes about 2–3 weeks to integrate a blockchain, and it requires manpower from both teams. I can’t share which right now :) You’ll just have to wait (BOO!! NDA!! BOO!!).
Morpheus Labs (token ticker: MITx) developed a platform that onboards blockchain-based solutions through the partner-driven model where our primary aim is to build a comprehensive and inclusive Blockchain Platform-as-a-Service (BPaaS) and App Marketplace that enables organisations and developers to rapidly design, develop, deploy and operate distributed applications at a fraction of the current cost and time
Currently we’re connected and partnered with NEM, NULS, Hyperledger, CPChain, Quarkchain, Vechain, Tomochain, Wanchain, EOS (Cypherglass), NEO, Harmony, Chainlink, Steem and ProximaX.
We’re connected to Hanwha Dreamplus on their blockchain academy, on which we develop their blockchain curriculum.
Our USP is fairly easy; We’re making adoption easy, cheap and fast. Any big enterprise or small company can develop on our platform, or buy a DApp from our marketplace (Apps Library) and iterate on it so it fits their goal. If they change a DApp (let’s say a financial company changed it to work for their company), they can re-sell the DApp under a different name, since it serves a different function. The more DApps we have on our marketplace, the more companies will flock to our platform for blockchain-adoption.
The easiest way to get some MITx is on IDEX, HitBTC, Bitmax and on Binance DEX.
You may want to check out our website: https://morpheuslabs.io
If you like what you read, give us a clap! :)
Also, we would love you to be a part of our Community! Join our official Telegram group chat: https://t.me/morpheuslabs
Meanwhile, stay connected: