Telegram AMA — 1st April 2019 (Responses)
Thank you for contributing with your questions. We are elated to conclude a total of 20+ questions from our 13k+ community members.
Here’s what we have:
1. Can you explain how your Tokenomics will increase the token demand and eventually create scarcity for the ecosystem?
2. You said ALL of the different revenue streams like subscription fees for example, will be eventually paid in MITx. But it is just natural that you also need a share of the revenue to finance your business? 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?
3. Can you tell us something about the adoption of MITx? Like where you would love to see the usage of MITx?
Response: For Question 1–3; We’ve managed to launch the Tokenomics hours after our inaugural Telegram AMA was conducted. The answers related to the increase in token demand, token velocity and locks can be found in the release of the MITx Token Economics Article (Check out the link here.)
4. 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?
Response: They will help us on several fronts — creating high quality explainer videos, product showcases, redesigning our website and helping our content marketing strategy (including story articles, infographics, explainer videos and social media posts which will be distributed across all our channels).
The partnership with CBL opens our world to other partnerships, such as digital marketing partners, lower rates for automation and being cost-effective.
5. Can you tell us where Morpheus Labs/ MITx will be in the next in 1 month, 6 months, 1 year and 5 years or even more?
Response: As mentioned in most of the AMA interviews; we have launched the blockchain platform in January 2019 and aim to be the world’s leading blockchain agnostic platform and app marketplace.
In the past few months and over the next 6 months, we are and have been talking to many blockchain protocols, finalizing the details for our partnerships. We are finalizing some of the distributorships in the other regions, while working on the revenue generating projects from the leads acquired so far. We are also developing our blockchain education programme and working with institutions on the curriculum partnership.
At the same time, we are expanding internally while improving the platform UX/UI experience with more partner-centric features in order to gain more adoption. For the next year, we are working to be the “go-to” blockchain platform, stabilizing our footprint within the space. We are also planning to expand to other regions.
Our 5 year plan is to emerge as the leading blockchain agnostic platform, education provider, and “go-to” platform in terms blockchain technology.
As for the MITX token, we are constantly evaluating the market needs and reviewing our business growth. This growth will be reflected in the demand for our token, while a good structure for Tokenomics will facilitate token velocity and health.
6. Given the fact it was mentioned in the BlockchainBrad’s interview that SG blockchain agencies provided connections to Oman & Turkey and they have signed partnership/client deals in Vietnam & Indonesia, can the team share some details on this?
7. Can you tell us more about the significance of the partnership with the Singapore government? What exactly is the purpose of it?
Response: For Questions 6–7; To clarify on this — It’s actually Singapore Government Agencies that focus on bridging Singapore-based companies for oversea expansions that open up our connections to the other Governments who are keen to explore Blockchain Technologies within their home grounds. However we can’t reveal much of the details until the specific details had been cast in stone due to sensitivity.
The Singapore Government has been supportive in terms of blockchain-based tech in relation to the Nation Budget 2019 announcement. They are going to introduce Professional Conversion Programmes (PCPs) that are related to Blockchain. The PCPs are a series of blended learning curriculum that will teach industry-related skill sets for those who are keen to pursue a career or a mid-career switch in the Blockchain space. This is beneficial as it will help us reach out to blockchain talents with the relevant skills.
8. Can you tell us more about the few exchanges that are coming?
9. When GoDEX or Switcheo dexes? Both are free to list on.
Response: For Question 8–9; As much as we wish we could, we are afraid we will not be able to share the list. We are definitely looking at listing on more reputable and good crypto exchanges. In fact, we are speaking to a few of the exchanges however there are various factors (credentials, listing fees, support, ease of trading, management team and etc) that we are considering to ensure that this will best for our community.
10. Will you guys also create more video and photo content for our Morpheus Labs/ MITx community people?
Response: Yes, we are planning to do more. We have lined up quite a few programmes.
11. Can we expect that next AMA will be done live or only in this concept?
Response: We would love to conduct the AMA Live however as mentioned, the time is at a premium. Thus until we are able to free up the majority, it will be done in such Q&A concept.
12. How many students from Dreamplus do you expect to subscribe to Morpheus Labs?
Response: We expect about 20,000 students to register with Dreamplus by the end of the year and hopefully a good number of these 20,000 will go on to sign up for Morpheus Labs course.
13. When will you guys publish a new roadmap? With new milestones?
Response: Yes, we are working on this and hopefully to launch it together with new website which we are currently finalizing designs for.
14. Well, we saw a HUGE volume spike last month, is that coming from revenue? If yes, will steps be taken to prevent revenue coming into the market once a month, to avoid insider trading?
Response: As mentioned, there are some paying clients who came to us to work on some projects and the tokens were purchased with the OTC Partner’s help. We noted the concerns voiced by the community and thus are reviewing this and monitoring the trading chart.
15. Do you have further plans for your collaboration with VeChain?
Response: Yes. VeChain is a partner whom we value strongly and we are happy to work together on many things going forward, including collaboration on various verticals.
16. We already have Tokenomics done (old whitepaper), why was there a need for updated Tokenomics?
Response: Tokenomics evolves alongside market needs. The updated Tokenomics is an improved version from the whitepaper phase. We are constantly reviewing and evaluating it in order to maintain a healthy demand for our token, improve its utility value and reduce velocity at the same time.
17. How long can you survive with the funds you have left, how long can you survive with your revenue? How many employees do you have and are you actively hiring?
Response: We have enough funds for a runway of 2 to 3 years depending on variables such as operational cost, marketing, talent development and so on. We have 18 full-time employees and are currently looking to hire more talents for sales, growth hacking and technical roles to aid in the platform and business expansion. However we are constantly looking for ways to speed up, scale faster and grow our market share.
18. Would it be an option to prolong the teams token lockup if the community wishes so?
Response: We need to understand the rationale for the request. If it is regarding token price, there could be a multitude of reasons for this including number of tokens in circulation. MITx is our priority and the team is extremely committed to growing its value in the long-term. Additionally, if it is absolutely necessary that the team tokens be locked up for a longer time period, then yes, it is an option. We are committed to this project.
19. You said to dbcrypto you are considering an additional funding at some point to expand..would it be a possibility to you to take teams token for that and conduct an IEO with it?
Response: We are open to more funding to fuel our growth and capture more markets faster, and most common way is to go for Series A — equity round. Currently we are not looking into the team tokens on IEO.
20. Are you planning to expand supported blockchains? Which ones?
Response: Yes, being blockchain agnostic, we are always looking to onboard more blockchains. In fact, we have received a growing number of enquiries. However we have internal selection criteria and once we have completed our selection, we will announce our partnerships.
21. Will you guys ever create/go to your own MITX Chain?
Response: At this current moment, no.
22. Will you consider to swap your tokens to shares of the company MITx?
Response: We’ve yet to think of it as most of our focus now goes to platform, DApp curation and development etc.
23. Have you considered hiring a market maker? Actually most projects have one and it’s crucial for being taken serious in terms of liquidity.
Response: That is an interesting suggestion.
24. What are your biggest competitors right now, what steps can you take dynamically to stay on top of them?
Response: The opportunity size of the blockchain industry is huge and we believe that the market is large enough to accommodate a number of different players. We do not want to be distracted by focusing too much on what others are doing. We want to keep our focus while understanding that there are potential competitors, hence we need to execute well. We want to build a strong network and establish trust within the market to ensure that companies would want to work with us via word-of-mouth.
25. We love MITX!
& we love you too! ❤
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