AMA Recap: Algalon AI
Date: February 23rd, 2023
Host: Skinny G
Guest: Greenish — Co-Founder
Hello, Raccoon family and crypto enthusiasts!
We recently hosted an AMA with Alaglon AI. Here’s the AMA transcript for those who missed the live session. We sincerely hope you have as much fun reading it as we did while running the AMA!
Introductory Questions
SkinnyG | DeFiRaccoons: Hope you are all ready #raccoonfam! Today we’re having another educational AMA with Greenish from Algalon AI!
As you know there will be 2 parts, the muted part where me and Greenish will be talking about Algalon AI in general aswell as the latest news and updates! Then we’ll unmute an have the community ask questions and some winners will be chosen. We’ll also choose some twitter questions while we’re at it. A total prizepool of $100 (2 live chat and 2 twitter qs will be winning $25 each).
So Greenish, without further ado, can you please briefly tell us who you are and what your role at Algalon AI entails?
Greenish | Algalon AI: Im in the Blockchain industry for the last 6 years and 5 years as them a tech entrepreneur with experience in building several successful businesses, and operations and executing ideas to profitable companies. I am one of the founders of Algalon AI and our team includes many years of Web3 and Web2 entrepreneurship experience.
SkinnyG | DeFiRaccoons: Always love to see founders who have fully of experience just helps to give that extra bit of faith to the potential investors. So how many people are currently in your team and working at Algalon AI?
Greenish | Algalon AI: We are around 12–15 employees and aiming to grow our manpower to 20–30 post-fundraise to meet our development and market penetration goals in a shorter time. But so far, seems we are meeting our goals pretty well.
SkinnyG | DeFiRaccoons: With the recent AI trend we’ve been experiencing this year I’m assuming alot of the new additions would be devs/ programmers correct?
Greenish | Algalon AI: Yeah Open AI opens the soar to many innovative ideas to be developed, but you know… the difference between an idea and a real business is huge.
SkinnyG | DeFiRaccoons: Can you give the raccoons the infamous elevator pitch on what Algalon AI stands for and what its purpose is in this crypto space?
Greenish | Algalon AI: In short, Algalon AI is a hub for AI applications and products that was built with a vision to make the whole DeFi and crypto accessible by leveraging AI technology with a chat-based interface for everyone.
We will offer various products in different crypto sectors with a new experience of AI, chat-based, and trying to make everything much easier to deal with.
SkinnyG | DeFiRaccoons: So would that mean you are busy working on an improved version of Chatgpt that would be able to do some tasks for users?
Instead of being a text scrapper which just helps search the internet and provide answers as what chat gpt is currently doing, to my understanding
Greenish | Algalon AI: Well that is one way to say it, but Chatgpt is definitely the future. What we are doing is taking ChatGPT, building on top of it, and accurate its capabilities to the crypto industry.
Exactly, we are leveraging Open AI also for image generation for the NFT industry with direct minting, listing in marketplaces, trade, sell, buy etc’.
SkinnyG | DeFiRaccoons: So an AI personal assistant/ worker which can help you with tasks etc?
Greenish | Algalon AI: So the text-based is only the interface, in the background will get much more value from Open AI like strategies, aggregations and we are working with other services that can be leveraged via AI.
SkinnyG | DeFiRaccoons: Could you give us like 1 practical example of how a certain project would be able to build on you?
Greenish | Algalon AI: So we intend to release our API and SDK for developers who are interested of building DeFi \ NFT products based on our code.
I assume in the future we will see more Chat based applications related to crypto, so instead of doing the hard work from scratch, they can easily integrate into our APIs and SDKs and use our infra to serve their clients.
SkinnyG | DeFiRaccoons: I have just started playing around with some AI art myself, but I think it would great if we could use a product like this to easily create some Raccoons NFTs for example? How would the process work then for example? Would I just need to create a base model then the AI auto generates the traits of all minted NFTs?
Greenish | Algalon AI: I think the hard work is not generating the arts but knowing how to use the right prompts to generate it and this is what we are trying to solve, to accurate the results of the prompts but “guiding” the users with ideas, style etc’
SkinnyG | DeFiRaccoons: Thats the biggest thing I’ve been struggling with, what would you suggest is the correct prompts or commands that users should use!
Greenish | Algalon AI: I think in the end, if you do not have the vision at all, you might find it difficult to create good art, but with the right platform to guide the users to better results, that's something doable.
SkinnyG | DeFiRaccoons: The use of AI in finance has been a hot topic for several years now. Can you talk about how Algalon AI’s approach to AI in crypto differs from other AI-based projects, and what advantages this approach offers to users?
Greenish | Algalon AI: Think of having one AI chat-based interface built on OpenAI and other solutions that in the background connected to dozes of Protocol like PCS, Sushi, AAVE, StarGate, and many more that enables the crypto user to do every transaction from Swapping, Farming, Staking and even Lending transactions all in one cross-chain platform and without the needs of jumping between different dApps and complex platforms.
Our AI chat-based would be able to complete any transaction you would like to make, based on your request never mind if it is on the same chain, cross-chain, or even on different dApss involved.
SkinnyG | DeFiRaccoons: So making the whole DeFi landscape less intimidating and accessible to all types of crypto enthusiasts right?
Greenish | Algalon AI: Correct, making stuff easy like you are chatting with your friends in Whatsapp.
SkinnyG | DeFiRaccoons: So how would somebody get access to your platform? Is it as simple as just connecting your wallet and then you are able to start?
Greenish | Algalon AI: Actually yes, think of login in with Metamask, and having access to everything. We will support more wallets of course but that is easy.
SkinnyG | DeFiRaccoons: One of the major challenges in the crypto space is ensuring the security and privacy of users’ data and transactions. How does Algalon AI approach these issues, and what measures are in place to protect users’ information and assets?
Greenish | Algalon AI: Our platform is fully Web3 supported so in terms of user data and privacy, I don't see any problem with that. I can say that we are looking for ZK solutions to be implemented to increase privacy level, but step by step.
Algalon AI is a non-custodial platform, users will be able to transact with us based on the assets they have in their supported wallets (Metamask and alike) and in the background, we work only with reputable protocols to provide the services like swaps, lending, farming, staking and more.
SkinnyG | DeFiRaccoons: How would the ZK solution increase the privacy level exactly? I’ve heard abit about Zero-knowledge but I havent looked in depth yet.
Greenish | Algalon AI: We are looking for ZK solution to improve privacy so wallet transactions won't be exposed as we have now. But we are still early to dig into it, we are not fully focusing on our nearest event which is the AI Swap launch and the Trading Volume Campaign we are about to release.
SkinnyG | DeFiRaccoons: I noticed that Algalon AI has already launched several products that are available for potential users. Could you please provide an overview of the different products that are currently live, and discuss their key features and benefits?
Greenish | Algalon AI: We have 4 core products and the first one to be launched will be AI Swap:
AI Swap offers a seamless and efficient way to participate in the decentralized finance (DeFi) market. By combining the power of artificial intelligence and the convenience of chat-based orders, AI Swap is changing the way people trade, stake, and provide liquidity in the DeFi space.
SmartCheck is an artificial intelligence (AI) tool that provides code analysis and feedback. It is designed to work with a wide range of programming languages and can be used by developers of all skill levels, from experienced professionals to those who are new to coding.
SnapMint is a tool that leverages artificial intelligence technology to generate art based on a user’s description. The tool uses natural language processing (NLP) and other AI algorithms to understand the user’s request and create a unique piece of art based on the description.
ChainPost is a tool that uses artificial intelligence technology to automate various marketing tasks. It can be used to streamline and optimize processes related to content creation and social media marketing.
SkinnyG | DeFiRaccoons: Wow, these are some fantastic products, so the smartcheck is almost like a “pre-audit” for coders to look at while working on new smart contracts.
Greenish | Algalon AI: Yes, pre-audit, or even for a non-dev that wants to make sure the SC is legit.
SkinnyG | DeFiRaccoons: Are users able to customize these current products from Alaglon AI to fit their specific needs and goals, if so what features of the AI technology can be adjusted to make it more “personalized” experience for different types of users?
Greenish | Algalon AI: Good question, as a business strategy we decided to touch the main sectors that our industry is mostly active in which are DeFi, NFT, Social Networks, and Code review.
By shaping the state of those products and improving them we will be able to bring a solution to the broadest crypto audience. In terms of flexibility for changes and new products — of course, our main goal is to onboard as many as users, learn from their feedback, and keep improving the product or even develop new features like data insights, strategy management or any other requirement that we believe can help them. We are super flexible in Algalon AI.
By building a balanced in-flow and out-flow $AiFi system, we believe our token will have enough demand to on one hand increase its usage by brining more utilities and in the other hand, incentivize enough users to use our platform.
Could you please explain to the Raccoon Family the token utility of $AiFi and what incentives users will receive for holding $AiFi, I understand that Algalon AI has a token by this name.
SkinnyG | DeFiRaccoons: Could you please explain to the Raccoon Family the token utility of $AiFi and what incentives users will receive for holding $AiFi, as I understand that Algalon AI has a token by this name?
Greenish | Algalon AI: Sure, in our vision the most important part is building a system where AiFi tokens can be used and rewarded in several ways to support our ecosystem.
The main use case is access to our platform by paying with AiFi tokens. Some of the products will be fully free, but if you want to have full access, then users would need to pay with AiFi tokens and receive a full AI-powered platform.
**The received payment will be automatically burned to decrease AiFi circulation amount or sent as a reward for Algalon users.
AiFi tokens will also serve for having access to premium features, data, and insights by staking them in our platform. On the other hand, we will incentivize and reward users who will be using our platform.
Besides that, we will have staking, votes for new ways of development, and more.
SkinnyG | DeFiRaccoons: So would users need to pay a monthly fee in $AiFi to get access to these premium features? Or would they need to pay per use of these features?
Greenish | Algalon AI: We are still early to guarantee the specific premium model and how it will be, after we will collect as much feedback from our community we will be able to set the correct model.
But as we see it, we will have free products like AI Swap and for further products \ features \ advanced features we will have packages for which users can pay with our token.
The idea here is to create the right flow of rewarded tokens and utility to make sure things not going inflated and make sense from economical matters. It will be monthly \ annual and not pay-as-you-go but again, we would need to collect enough feedback and then decide how to build it right.
SkinnyG | DeFiRaccoons: Exactly many projects fail to understand this. What partnerships do you currently have, and what value do they bring to the project both short-term and long-term?
Greenish | Algalon AI: Every partnership is being done to support our long-term goal, we have integrated into our platform giant Crypto protocols to bring more DeFi solutions like Kyber Network for cross-chain swaps, AAVE for lending, and other DeFi aggregators and bridges to improve our platform.
Besides that, I can say that we are in touch with several pads for our launch including CEXs that are super interested in learning about us and working together.
SkinnyG | DeFiRaccoons:As AI is still a relatively new technology, and there are many questions about how it will continue to develop and be used in the finance industry. From your perspective, what do you see as the biggest opportunities and challenges facing Algalon AI in the coming years?
Greenish | Algalon AI: The biggest opportunity is obviously to be the first or the leading platform that provides such technology dedicated to our industry. The real challenge here is to accurately, shape and make a broad system that will be able to recognize various prompts, in different writing styles, tones, and requests and actually communicate to a relevant transaction.
It's not being done in one day, but a system needs to learn itself on a daily basis to improve and serve the user's needs.
SkinnyG | DeFiRaccoons: All all of us at DeFi Raccoons are curious — can you give us a sneak peek into any upcoming projects or initiatives that Algalon AI has in the works, and what you’re most excited about in the upcoming months?
Greenish | Algalon AI: Of course, first of all I invite everyone to participate in our Crew3 campaign which in less than a week we positioned ourselves in Top3 campaign — a massive success — https://crew3.xyz/c/algalon-ai/questboard
We aim to launch soon our AI Swap and run a massive Trading Volume Campaign so everyone can have the opportunity to secure himself $AiFi in advance and give us feedback to improve.
We are checking the possibilities of having NFTs, WL and more in our community but still early to discuss it 🙂
I'm expecting that the Trading Volume Campaign will be great for us to also release the V1 of AI Swap, learn more from our community’s feedback and keep improving the product and give a fair opportunity to everyone to secure $AiFi tokens.
SkinnyG | DeFiRaccoons: So 2023 is going to be a great year for Algalon AI for sure!
Greenish | Algalon AI: We really have many things in the pipeline, I wish I could hype you more but step by step things will be finalized and then we can formally announce it.
Twitter Questions
Q1: Large investors can buy large amounts of tokens. But this can come across as a disadvantage because it gives them control over the token. What strategies will you use to control the use of the token and protect it from manipulations?
Greenish | Algalon AI: Simple, we are limiting all our investor's SAFTs to make sure nobody controls the book. In addition, we vesting terms are realistic to the market condition to eliminate this kind of situation. Good question btw.
Q2: It is stated that we can produce creative content thanks to the ChainPost feature. Can you talk a little bit about this Creative content concept? Can ChainPost provide us with creative content on current issues? Will we be able to determine the subject of the content?
Greenish | Algalon AI: Think of “configure” yourself to the AI and by accurate your prompts and needs, it will create content for any platform you would need. In our vision, you will be able to connect it to Twitter, Discord, and TG and have automatic tweets, posts etc’
Q3: I like the concept of “SmartCheck” which helps to read any code and ensures the safety and security of crypto assets. Can you explain more about this SmartCheck feature? How do these features work to help ensure security and integrity? And how can we access the SmartCheck feature?
Greenish | Algalon AI: The SmartCheck will be able to read any language of code and give you explain about what you see, what it does, and if there is a bug \ exploit it can warn you. We make sure that SmartCheck is not a replacement for the professional human eye but a tool to assist devs and non-devs in their work.
Q4: What ethical concerns or considerations does the AlgalonAI team need to keep in mind when designing the platform, and how do they balance the benefits of automation with the risks of algorithmic bias and unintended consequences?
Greenish | Algalon AI: We are taking every step very carefully as we are working in a financial environment, so building complex products should be done carefully, responsibility and release the products at the time we believe they can deliver their service with the help of our community feedback
Live Audience Questions
Q1: Could you provide some information regarding your upcoming testnet and clarify whether testers are eligible to receive rewards for their participation? Additionally, could you please explain what actions testers need to take in order to participate in the testnet?
Greenish | Algalon AI: The upcoming event is the Trading Volume Campaign with the release of the V1 of AI Swap. The community would need to trade, test, and give feedback and according to the volume per wallet, we will be able to reward them — also, more surprises for the winners will be exposed later stage.
It's going to be our massive campaign, so be prepared and stay tuned for more details about it.
Q2: I see you partnered with Carbon Browser. And the goal is to create an AI extension browser? So we can only use AIgalon’s AI Features in Browsers that partner with you?
Greenish | Algalon AI: Our first browser partner is Carbon, we see it as an amazing opportunity to provide Web3 users with real AI products they use, and penetrating to Carbon is available for their 5M users. I assume in the future we will have more extensions in different browsers but the main one is Carbon.
Q3: According to the project’s roadmap- what are your most important next priorities?
Greenish | Algalon AI: Trading Volume Campaign with the V1 of AI Swap, perfect launch, Community Growth, and Uses, release more products one by one per the needs.
Q4: Sir this is my important question. how did you get the community involved in developing the project? and how do you build a strong community to grow globally?
Greenish | Algalon AI: Fantastic question, the team already have experience with building communities and managing hundreds of thousands of community on different platforms. I think we nailed it at the beginning with Crew3 and we will keep it further in dedicated regions once things progress.
Algalon AI
Telegram: https://t.me/AlgalonAIOfficial
Twitter:https://twitter.com/AlgalonAI
Website:https://www.algalon.ai/
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