Q&A — 5: Primalbase ICO
1. Can one use location’s equipment and furniture for free? Or, besides holding the token, do we also pay for the services provided in the location as an extra? What gives revenue in this case?
If we are talking about token holders, the use of equipment, furniture, the Internet connection, use of common areas, and other services provided in the location is free of charge. Primalbase is not going to charge anything on top of the price of the token paid during the ICO.
2. How the tokens will work on ethereum network?
As was mentioned before, token is created on the Waves platform and is compatible with Ethereum blockchain. Using gitwave one can transfer token from Waves blockchain to Ethereum blockchain and keep it in any wallet.
3. Is Primalbase token ERC20?
Yes, it is.
4. You have mentioned a mobile application, could you perhaps tell a little bit more about it? Is there a beta version available? When is it going to be released?
Alpha version of the mobile app will be released closer to September along with the launch of Primalbase workspace in Berlin. Beta version is not available yet.
5. The proceeds from the ICO will be spent on leased space and their arrangement. The owners of tokens can use it infinitely. What will generate revenue? Give specific examples.
Indeed, token holders will have an access to workspaces infinitely, this part does not imply generating profit. As it is mentioned in our Whitepaper, the underlying revenue of Primalbase will be made through renting office space to companies, project teams, startups, branch offices, etc. This will cover the operating expenses of the property management company.
6. Was there any early investors in the project?
No, there were no early investors.
7. What you think what exchange will be in circulation? Bittrex, Poloniex? Or some local for beginning?
After the end of ICO, PBT tokens will be available on all major exchanges, we are not yet specifying on which ones, more info will be sent to our investors shortly.
8. Well basically you can collect maximum 5.000 BTC or am I wrong?
That is correct.
9. How was this office setup funded? Who initially paid for this?
The setup of the workspace in Amsterdam and current expenses are covered with private investments.
10. Is the management money portion from ICO gonna repay this setup costs?
No.
11. Do we know what time the ICO begins on June 26th?
At 12:00 noon (UTC).
12. How soon after the end of IСO, coins will be issued to investors?
The procedure for allocating tokens takes a very short time after the completion of the ICO.
13. How soon after the end of IСO, coins will be issued to bounty?
Bounty tokens will be shared all the while tokens for investors are being distributed.
14. How soon after the end of IСO, coins will be traded on exchanges?
Tokens will be available for trading on the Waves DEX immediately, integration to other exchanges needs more time but it will take no longer than a few weeks.
15. You will have area (Amsterdam hub) as owner or will take rent?
At the moment, Primalbase is renting the office space in Amsterdam under individual agreement with the right to switch the lease.
16. Are the contribution details and investments options final ?
They are. Our objective is to expand our network by opening our first five locations, contribution details and investment options have been calculated and defined according to this plan.
As for the cost allocation while completing this goal, undoubtedly we have to react to outside challenges and adapt accordingly.
17. If the CEO project is Dmitry Faller, why is there no provision for coworking in Moscow. Are there any obstacles on the part of city authorities or just developers do not want to do this?
Moscow is a wonderful city in many senses. As it has been already mentioned, Primalbase community members will make a decision by voting for the next Primalbase location. If our community members decide so, we might open one in Moscow as well. There are no obstacles on the part of the authorities.
18. How to use the funds received — to redeem the premises into the ownership of the company or to lease for several years? Is there a reason and business calculation to enter a profitable business?
Existing office in Amsterdam is a PoC, and its capacity does not necessarily meet the needs of the community. But certainly, it will be extended if the need arises either through a lease agreement or ownership.
Every business aims to make profit, however, the question here is how this profit is redistributed. A part of Primalbase profit will be re-invested into opening new locations and maintaining existing locations. Another part will be directed to ensure liquidity of Primalbase tokens.
19. If it sells out within minutes, will invalid payments be returned to sender? A 3000 btc cap can and likely will be filled by one person or a select few willing to pay high tx fees.
The described scenario is an extreme one, Primalbase does not impose any restrictions on the amount of PBT tokens one person can purchase. In any case if one person wants to purchase all tokens, he would most likely register many accounts.
Besides let’s face it, it’s a significant amount, therefore, we foresee that many investors will participate. More detailed description of this and other scenarios will be sent out to our potential investors once they register their personal account on primalbase.com.
20. Is there gonna be more detailed info soon on Ehtereum + Waves protocols? When? Pre-ICO?
Certainly, there will be such a document created for Primalbase token holders, which would provide a detailed explanation of how PBT token can be transferred from one blockchain to another, as well as compatibility of this functionality with mobile application.
21. I don’t see any real potential upside for token holders after that. Let’s say you sell all properties with a nice cash flow after some time. What is your exit strategy?
At the moment, Primalbase does not own, but rents the office space in Amsterdam under individual agreement. This agreement defines certain liabilities of both sides in a number of scenarios, including pre-term cancellation of leasing agreement due to, let’s say, a current landlord pushing the property for sale. In this case, he will have to make a compensation in the amount enough for opening similar location. As Primalbase does not own the place, it cannot sell it, therefore there is no cash flow going its way.
22. Could Primalbase also be a solution for companies/projects like Airbnb? So for short term home renting instead of office spaces?
Airbnb has a slightly different model, WeLive offers a solution for short-term renting.
23. The problem I have is if i don’t buy a full token, how am I able to rent it? People aren’t going to want to rent a fraction of a token.
Your fraction is needed by someone who is missing this part to make it the whole, so your fraction is definitely going to be rented.
24. What real estate tools and listings will be on this “workspace?” if there are no tools in the portal then I ask “WHY?”
There is a whole variety of promotional instruments that can be potentially used by the industry, including digital marketing, targeted ads, SMM, and many other interesting tools, special info boards, CPA models, real estate agencies. Let’s not forget the word of mouth — recommendations coming from friends, colleagues, etc.
Check also our previous Q&A posts:
Q&A — 1: Primalbase ICO
Q&A — 2: Primalbase ICO
Q&A — 3: Primalbase ICO
Q&A — 4: Primalbase ICO
