FirmaChain Community AMA Summary
Hello. This is FirmaChain.
FirmaChain(FCT) recently held its second AMA through a kakaotalk channel for the Korean community. A lot of Korean investors of the project participated in the AMA with FirmaChain CEO Youngin Yoon offering updates on the progress of the project. The AMA session ended with a Q&A session with the investors.
We would like to express our deep gratitude to all Korean investors who participated in the AMA session.
Introduction
Hello, I am Youngin Yoon CEO of FirmaChain.
For 16 years, as a first-generation game industry employee, I oversaw domestic and overseas business development for online and mobile games with companies such as NEXON and NCSoft. I always had a philanthropic side in me that drove me to continuously seek for works that would benefit others. I know this may sound ironic since, I am aware of the fact that games are double edged swords, but I saw games as one such medium. The current market is flooded with various tools that simplify workflows and enhance workplace productivity. On the contrary, the way in which businesses and individuals managed contract life cycles was an anachronism. Traditional paper contracts, in my view were inconvenient and were the primary cause of workflow inefficiency. Therefore, I ascertained that FirmaChain would not only be a new challenge to me but also a means to satisfy my philanthropic desires.
Brief overview of the project
FirmaChain’s project focuses on the transition of all paper based social and legal activities (i.e. contracts, notaries etc.) to a transparent electronic document and signing platform utilizing blockchain technology.
Our goal is to provide a one-stop platform that integrates the diversified channels businesses use when managing contract life cycles. Traditional paper contracts and existing electronic contract platforms are vulnerable to signature forgery and document tampering while detecting and proving that such an event had happened is even more difficult and time consuming. However, by recording the UID of the contract document on blockchain, it becomes so much easier and less time consuming to prove that a signature was forged or that the contents of a contract document were tampered with.
Blockchain is an effective technology that successfully eradicates such possibility of document tampering or signature forgery and has been applied to FirmaChain’s first Dapp, Duite. By developing a decentralized file storage system and a main-net, our ultimate goal is to construct an ecosystem through which users can share and provide storage spaces and as a result accumulate wealth.
Main-net launch announcement and a letter to our investors
We have recently announced our new roadmap and are working on the project accordingly. As a result, we hereby would like to announce that we have completed the development of our main-net, Augustus 1.0. We were able to complete the development of our main-net earlier than planned. Therefore, we moved up the timeline of our main-net launch to September and unfortunately had to postpone the listing of our cryptocurrency that had been announced previously. We greatly appreciate your understanding and patience. Our decision was based on our firm desire to provide a more technologically enhanced main-net, a more improved service and to remain agile and flexible to the needs and the situation of the market. We ask for our investor’s and our community’s understanding and promise that in the future we will try our best to add more value to FirmaChain’s project and to meet our investors and community with only good news.
Q&A (Questions asked in advance of AMA)
Q1. You only have 8 people on your team. Is that enough personnel to handle development, sales and marketing? Don’t you think you have a relatively small team when compared to other blockchain projects? Do you have any plans to obtain additional investments? What does the company’s credit situation look like?
A. We are handling all business aspects of the project with our current line up, but we have plans to add more human resources to the team by the end of this year. We are also receiving support from our parent company when necessary. All of our teammates are performing at their maximum capacity and we are always making prudent decisions when it comes to company finance. Therefore, we are not expecting any financial troubles whatsoever in the near future.
Q2. I have seen a lot of announcements from FirmaChain lately, regarding the project. Don’t you think you are rushing the project? If it is okay with you, I would like to ask in more detail about the progress of the main-net development.
I understand that we can be viewed as rushing after receiving Investment Warning Designation. However, I would like to assure you that all partnership and project related developments have already been in progress from way back and we are only announcing the results in chronological order. As we have mentioned earlier when we received the Investment Warning Designation, because we were focused on establishing our networks by forming partnerships and technological development of the project, we had a lot stacked up in our pipeline without announcing them. As per the development progress of our main-net we are doing our best to provide a stable and convenient service for our users.
Q3. Realistically speaking, what are the chances of delivering the plans set forth in the roadmap?
A. In the early days of FirmaChain, a lot of projects raised investments based on unrealistic whitepapers. On the other hand, our sole focus lied in building a deliverable and realistic project which is why we think our project was unable to attract enough attention in the already overheated market. We got to where we are now by firmly believing that once the bubbles disappear realistic projects like ours would be the only ones to survive in the market. We still refuse to believe otherwise. When coming up with our roadmap we tried to be as realistic as possible and tried our best to leave out unrealistic plans no matter how attractive they might seem. Our goal is to deliver 100% of what we laid out in our roadmap. Of course, there will be bumps down the road, but we promise to do our best.
Q4. Current trend in the blockchain market seems to be DeFi as almost all projects announce their interest in DeFi. What are some differences and advantages of FirmaChain’s DeFi compared to other DeFi projects?
A. Although I cannot ascertain what lies ahead of us, FirmaChain’s current focus regarding DeFi is to provide a useful tool that could support the myriad of DeFi projects out in the market instead of launching a DeFi project of our own. From this perspective, we can proudly declare that compared to other projects, we are extremely well equipped to deliver such a tool to the market in no time.
Q5. What are the direct and indirect correlation between FirmaChain’s electronic contract business and the price of the token?
A. Currently FCT is offered as one of the payment options within the FirmaChain’s electronic contract platform. In the near future, in order to enhance user experience and increase the convenience of the platform, we are planning to add more payment options and methods. We are expecting the value of the token to increase with the rise of FCT usage within our platform.
Q6. According to the roadmap you are planning to list FCT on a total of 5 cryptocurrency exchanges. Are the listings all confirmed?
A. We are actively communicating with the exchanges in order to achieve our listing goal. Since we have a lot to consider such as the direction of our project and the stability and reputation of the cryptocurrency exchange, at this time I don’t think it is appropriate for us to use the word “confirmed” regarding listings. Considering the negotiation process with the exchanges, the exact listing dates are subject to change. We offer our deepest gratitude in your understanding and patience on this issue.
Q7. When are you expecting FirmaChain’s widespread commercialization to happen? I would also like to know more about quantity(supply) control plans.
A. FirmaChain’s Dapp Duite is currently being used commercially. We are planning to activate and commercialize FirmaChain’s main-net upon launching. As per your request on quantity(supply) control plans, we cannot provide you with an answer at this time since it is related with the issue of pricing. However, we are planning to distribute according to the quantity unlock schedule that we have notified the cryptocurrency exchange with.
Q8. Hi. I am an investor(holder of FCT) actively seeking to gather intel on FirmaChain since I am very interested in your project. Currently your project is only listed on Bithumb and Bithumb Global so I am interested in your quantity(supply) control plans regarding additional listing. I understand the importance of token issuing and circulation as I have seen a lot of recent projects face problems from issuing more tokens.
1. How much additional tokens will be listed and how much increase in circulation do you expect?
2. I see that a main-net token swap is scheduled. Will there be any changes in the total tokens issued and circulation?
A. 1. Additional listing will not affect our unlock schedule and therefore no additional tokens will be put into circulation.
2. Same 600 million tokens will be issued from the main-net and we will retain our unlock schedule. Further details will be released through Whitepaper 2.0.
Q9. Can you please clarify why FirmaChain needs DeFi and in which phase of the business development does DeFi bear importance?
A. DeFi deals with a wide variety of cases and therefore clear limitations exist when handling DeFi using smart contracts. In order to deal with the myriad of cases, an electronic document clearly delineating certain conditions is in need. If an oracle can verify and authenticate the aforementioned conditions of the electronic document, the document would gain credibility. Additionally, in case an unforeseen event leads to a legal conflict, such document can be submitted as evidence in legal proceedings. Since FirmaChain has already set-up a contract verifying the authenticity of an electronic document, if an oracle system like that of Chainlink can verify and authenticate the conditions of the contract, we believe that we can develop a working system that can effectively support complicated DeFi projects. With the recent increase in the number of DeFi projects coming into the market, we are expecting the demand for such solution to increase accordingly.
Q10. ‘FirmaChain’ is recently being mentioned alongside the already successfully settled token ‘ICON’ and the recent hotty ‘Klaytn’ as the triumvirate of Korean tokens. However, frankly speaking, the reputation, price and footprint of FirmaChain are not on par with that of the other two projects. Can you share with us some potential strongholds of FirmaChain’s project or maybe the preparation that FirmaChain is currently undertaking to become a successful project?
A. In an industry led by developed countries, I personally consider the recent interest and positive reviews some of the Korean projects are receiving as a great honor. In conclusion, respective blockchain projects, by nature, are bound to be different from others in terms of its business direction and purpose. Therefore, I think it is more productive for us to focus on the results and the value adds a project brings instead of comparing one project to another. As we have mentioned earlier, our primary focus lies in providing a reliable and useful tool that improves the workflow of both businesses and individuals. We will stick to this goal and will try our very best in the future to deliver satisfying results.
Q&A (Impromptu)
Q1. Does FirmaChain incinerate its tokens?
A. Regarding incineration, there will be further announcements. The incineration announcement will be on our new service offering, ‘Duite for Defi.’
Q2. Considering FirmaChain’s ultimate goal, what are your estimates on potential market size? Also, I would like to know whether you have plans to obtain national CA.
A. The size of the global electronic contract market, which our first Dapp Duite is targeting, is USD 7 billion with CAGR reaching 35%. Of course, the Korean market is still in its nascent stage. Ultimately, we are aiming to not only receive CA within Korea but also globally. However, as you are all well aware, there are a lot of obstacles for blockchain projects to overcome in order to reach the aforementioned goal. We cannot completely eliminate policy risks and other risks related to socioeconomic variables. As we have done so far, we will continue to take one step at a time and prevail in times of uncertainty and hardship.
Q3. Was the listing on cryptocurrency exchange Bilaxy a heist?
A. The case you mentioned is very unfortunate. We do not deny the fact that we had talks with Bilaxy cryptocurrency exchange regarding listing. However, as we have mentioned through twitter, we have never finalized talks with Bilaxy regarding listing, let alone give confirmation. This listing was arranged solely by Bilaxy without consulting us in anyway. Similar listing heist from the past have already confirmed that not much can be done to repair damage once a project is wrongfully listed. We, however, will take any and all necessary actions to right the wrong that has already been done.
Q4. What goal does FirmaChain have in terms of market cap?
A. We think it is meaningless to simply increase the market cap of the project. Our primary interest lies in the satisfaction of our users. Once this happens, we believe that it will only be a matter of time before the market starts to actively embrace our project thereby proportionately increasing the value of the project.
Q5. The scheduled date of listing announced through the blog is August 31st. Do you think we will be able to list on the day?
A. Whether listing on an ERC basis or FirmaChain’s main-net basis was the main point of contention with the cryptocurrency exchanges that led to the delay in listing schedule. We are trying to expedite the listing process and wrap it up in the coming week.
Q6. Development and launching of a main-net I believe is a very important event in this industry. Do you have any particular reasons for trying to expedite the process and launch before listing?
A. Regarding the launch of main-net, instead of taking listing schedule into consideration, our main consideration was to unbridle our active users from the fluctuating ethereum gas fee. We would greatly appreciate if you consider the launch of our main-net as the starting point of our mid to long term roadmap.
Q7. Mr. Yoon, how many hamburgers can you eat?
A. I like trying out different menus, so I never eat just a burger. Considering sides and fries, I think 1.5 burgers is the right amount for me.
Closing Remarks
To sum up, we firmly believe that if we unveil one by one the things that he have achieved and the things we are going to achieve by the end of this year, our market cap will increase. We sincerely thank all our investors and our community members for attending and showing support during today’s AMA session. We thank you in advance for the continued support, interest and advice that our investors and the community will provide for our project.
About FirmaChain
FirmaChain is an electronic contract and decentralized data storage platform that utilizes blockchain technology to prevent forgery, efficiently solving all of the limits of current electronic contract services. Through FirmaChain’s electronic contract service “Duite”, negotiations, transactions and editing history can be safely recorded without the contractors needing to meet in person. In addition, in the decentralized data storage of FirmaChain, miners and users can contract to store a certain file. The user transmits the file to be saved to the miner, and when the file transfer is completed, the miner encrypts the file and then copies, encrypts the file. Proof of file storage is then recorded on to the blockchain.
For more information about FirmaChain, or to join our team, please contact us at info@firmachain.org.
🔴 Official Channel
Official site : http://firmachain.org/
Twitter : https://twitter.com/firmachain
Midium : https://medium.com/firmachain
Telegram(announcemet) : https://t.me/firmachain
Telegram Community : https://t.me/firmachain_global
Kakao Plus : http://pf.kakao.com/_FAKgxb
Github : https://github.com/firmachain
