AMA session with Felix (CEO Ubcoin) — text version
In the last Youtube LiveStream AMA session Felix answered to many exciting questions from the community and investors — when will the full MVP be released? How will you grow the price of the token? How Felix replied to these questions and to many others you can read here.
Hi, guys! Nice to see everyone here.
The first question is: what’s the main point for you hiring people for Ubcoin. I would definitely like to make note here that the main difference between our project and other projects is that we already have a mature team of about 50 employees. Most of them are developers. So, there’s very small activity on our side going on hiring new people, because we actually don’t need new ones. At this stage about 15 people from all our big team (Ubank) are doing Ubcoin project and after we finish ICO we will add more people from our main team. About 50% of our Ubank team after ICO finishes will be fully devoted to the Ubcoin product.
Another question is what is the most critical part of creating satisfying communications with your customers? I’m not sure if user meant customers on future Ubcoin platform or today in our community. But I think that the answer is more or less the same for both of these types of users. Transparency is the most critical part that we’re trying to keep with. In many other projects messages that are transmitted to community are based on, I would say, only good news, only marketing formatted news, so that people liked it. In our project our intentions are very clean, and we’re definitely going to deliver the product and we’re already developing Ubcoin market. We’re absolutely not afraid to tell all kinds of news to our community members. And based on our previous projects — Ubank app, Navifon, Utalk — we can say that we have a large experience in working with big audiences and big amounts of people (Ubank was downloaded over 15 million times in Google Play).
Another question is “You guys, started with a big mission. In cases like this, how do you identify an MVP?” This is an interesting question because a lot of projects today, especially in the ICO field, are delivering a mock-up formatted file which is design of interface of an app and they call it MVP. It would be not fair to do the same thing from our side, and that’s why by saying MVP I mean a fully working product, which is not filled with all functionality but is a product that you may download and start using. This is what you can call MVP. That’s why we’re taking a bit more time. And just yesterday we had a meeting with my development team and we agreed that on 14th and 15th of July we’re trying to release a beta version of Ubcoin market app, which will already include some cool features and functionalities. You will be able to log in, register, you’ll have your wallet there, you may see your tokens there, UBC tokens, you may be able to invest into our product and project and see some upcoming functionalities of Ubcoin market.
How will you provide shipping goods from different locations? That’s an interesting question. For the very beginning we’re going to launch our product in about four, five countries. This isn’t going to be Russia, this is going to be maybe one country in Europe and most of the countries will be in Asia. And, of course, for first types of transactions between our users we’re going to make very big focus on local transactions where two users are located at the same country, at the same state or at the same town and they can meet physically. Based on that functionality, we will build some picture of how user behaves. And based on that there will be definitely no possibility to make any fraud transaction, because people need to see each other. Then someone who buys something from another person checks the product and only after he checks it and takes it in his hands, they scan QR code by their phones and the contact is signed. So, the holded amount of UBC tokens will pass to the seller. That’s supereasy. For the international transactions where somebody needs to send something to another person, we’re going to take small risk at the beginning — we’re going to use reviews. Anyone who has bad reviews or less than four or five stars will not be able to sell something outside his town. By these reviews and ratings functionality we will definitely cut away all the people who are fooling other people. That’s how we’re going to make it inside Ubcoin market. What goes to the delivery itself, we’re definitely going to use some delivery companies and sign contracts with them to make it maximum secure.
Another question is where will be the headquarters located? As maybe some of you may have heard, our technical team is historically located in Russia, in Moscow and we already have a bunch of investors who visited our office and we have lots of pictures online that you can take a look at in our office and see how many people we have. And as I mentioned before, we have already 50 people located in our development HQ office.
For going the business when we were just launching the project, we thought that it would be a great idea to open a big office in Dubai. But after a few investments from institutional funds, especially from Amereus institutional fund from Singapore, we’re now really thinking about opening the HQ office in Singapore or Korea. So, there are two locations that we are getting the most interest from our investors. This is also something which I must say fully transparently to all of you guys, that most of the investors that we are having today are from Korea and from Asia. I think that happens because our project has a lot of cool partnerships with big Korean companies, with Samsung mostly, and we’re now preparing another cool partnership and we’ll tell you a bit more about it later, also with a Korean company. We have a lot of experience working with Korean companies and maybe our future HQ will be located in Korea or in Singapore.
Another question about the cost of our token. Why do you think your token price will grow? I think that there are two ways the token price grows after a token is listed on an exchange. First, which is very important to mention, the token growth may depend not only on the project but also on exchange which it’s listed on. A lot of ICO projects, after the ICO is finished, they list their token on small exchanges, thinking that current amount of investors that they collected during the ICO will be enough to work out the token after it’s been listed. But it doesn’t work like this. So, first and the most important step that we are doing is we chose one of top 10 exchanges in the world today. All of you know that exchange but, unfortunately, I cannot tell the name at this moment. And we’re going to do everything to be listed there and to sign the contract in maximum four, five weeks.
And the second thing is the way that companies behave. The real good influence on the price is possible only when company is making some everyday business development steps and constantly improving its product, constantly making its product available in different countries, making some updates of the product and so on. We’re going to gradually develop the project as it’s written in our road map, so that most of our investors keep the tokens and that will influence the price in terms of gradual growth. When something is gradually growing and showing some business activities, you trust it more. So, the possibility that the token price will go down to zero is much less. That’s what we’re going to do to make the gradual growth of our token.
Does Ubcoin market has an exchange facility from Ubcoin to USD or USDT? That’s a good question and I think that’s going to be one of the first things that we will show in our beta products, because at this stage we’re in very active talks not only in business terms but also we’re integrating the APIs into our Ubcoin beta solution. You know, these two companies, one is called Changelly, another one is called ShapeShift, they’re giving you ability to exchange your current token into some other currency — let’s say, USD or Ethereum without necessarily moving it to exchange and trying to sell it to some other person. So, yeah, we definitely understand that pain and we want to give our users ability to sell some amount of UBC tokens right in our app without going to exchange.
If Amazon is the leader of online sales, why should you buy in Ubcoin and not Amazon? It’s very simple to answer, because Amazon and Ubcoin are having absolutely different aims and absolutely different focuses in the business. When you have something you need to sell and you need to get fiat money for that, you can definitely go to Amazon or Ebay.
But there’s a bunch of people who still have something to sell, but the amount of dollars in fiat money they would get from selling that old iPad is not going to change their life quality in any way. They’re going to take that 200 dollars and spend it on something absolutely unnecessary. What we are offering is that if you are interested in cryptocurrencies, if you definitely want to try that but you don’t trust the exchanges which are opening and closing, you want some supereasy way without any hard registrations, passing KYCs and something, and you want some supereasy way to invest into cryptocurrency, you just take the same thing you would sell on Ebay but you sell it on Ubcoin market. And instead of fiat money you are getting cryptocurrency. That’s the idea. We have absolutely different aims here and we have absolutely different userbase. I mean, user aims are different.
If you have any more questions, please ask in Telegram group — I am always there. https://t.me/ubcoin
