FMT Co-founders answer all the tough questions in the community AMA
This is a lightly edited transcript of the Free Market Token AMA in the FMT Telegram community on 16th August 2018.
Brooke FMT: Hi everyone, I’d like to to welcome Free Market Token Co-founders Austin Lewinsmith and Nathan Burns for the official community Ask Me Anything.
To start I’d like to ask how Ecryptostore is going and what difference it will make when FMT is integrated?
Austin FMT: We’re expecting Version 2 to be launched within the next week or two. We will be integrating many of the features outlined in the whitepaper — Escrow, reduced fee’s and loads of other features.
Nathan FMT: The new version of Ecryptostore will also feature wallets for five different cryptos that will be set up on activation.
As Austin said, the escrow should be active on launch so it will give everyone a good insight into how ecryptostore will operate.
Brooke FMT: Great. What are the differences between V1 that is live now and V2? Also what are the five different cryptos?
Austin FMT: The five that already have gateways built are BTC, ETH, BNB, NEM and FMT.
Alex: Me and my friend have been buying FMT’s from www.freemarkettoken.io except we never get a receipt and we can’t see these in our wallets. He wants to be reassured we are actually getting them. Where are they going?
Nathan FMT: The receipt should be generated. We can get the team to re-push the receipts for you. I will follow this up in the morning.
Alex: I would like to know more about the escrow. The FMT utility token protects against fluctuations in the market price correct?
(i am currently getting destroyed with a $200 website purchase in USD when AUD was 76 USD cents and dropping so hard lol… my money is in escrow while we transfer the site)
Nathan FMT: It will provide the merchant with the benefit of clearing funds that are in the transaction instantly (as fast as the blockchain) and FMT will act as a ‘bond’ of security to protect the buyer.
Alex: I don’t quite understand, at the end of the day, if FMT slides during the escrow, someone must be taking a hit?
Nathan FMT: Yes, to a degree. In reality, the funds that are in transit are the funds that are exposed to the risk of volatility due to the fact that the merchant cannot do anything about it (eg sell).
Alex: Can you just lay it out simple. Eg. I bought a website for 200USD and AUD was 250, after time in escrow and transferring, the AUD is 275… so if it was FMT’s, and it was protected, who/what/where/how is that $25 payed/covered?
Nathan FMT: Let’s say a merchant is selling a website for $200 (worth of ETH). Typically the ETH would be held in smart contract until agreed terms of the contract are met. If the market dropped (like the last couple days) the merchant would be out of pocket because they are exposed to the fluctuations during escrow.
Now let’s say the merchant above had FMT and they used the FMT as a means to instantly clear the ETH in transit. This means then merchant has now been paid for the website, meanwhile, some of the Merchant’s FMT is held as collateral until all terms are met for the sale — then it is released back to the merchant.
Alex: Ohhhhh — it’s like FMT is the reserve currency in a way, or they are choosing to hold FMT as the ‘risk’ rather than ETH.
Nathan FMT: Yep. But they are also holding for other reasons, so it is allowing them to lean on their existing FMT to make the transaction clear immediately.
Rohan: Hi guys just having trouble reviewing how many FMT I have, is it through the NEM wallet?
Austin FMT: Hi Rohan, your FMT will show up after the end of the crowdsale. You will need to use a computer as the nano wallet on your phone will not show NEM mosaics (FMT is a NEM mosaic).
You will have been issued a receipt when the original purchase was made. We can always go back and check transactions.
InfoYep: I saw there was a partnership with Ainslie Bullion. Does this mean you can buy bullion off ecryptostore?
Austin FMT: Yes, You will be able to direct purchase Gold and Silver Bullion from Ecrptostore using crypto.
InfoYep: Do you know if they ship global?
Austin FMT: You can pick it up, have it stored or delivered.
Brooke FMT: Can you guys please tell us about the relationship with Millionaire Mentor Jason Stone?
Nathan FMT: Sure, I met Jason Stone through an investor pitching app. I pitched him at 3am after 1hr sleep. He had read a bit about us and liked what he saw.
He agreed to be a brand ambassador and help to promote ecryptostore and FMT through his network. He is working with us for at least one year. We regularly have strategic calls with him. He’s a nice guy.
Austin FMT: He will bring a lot of long term value as far as brand recognition, populating Ecryptostore and bringing awareness surrounding new announcements for FMT partnerships.
InfoYep: Are you able to say what his involvement is as a brand ambassador? What does that entail?
Nathan FMT: He is engaged to promote FMT and the ecosystem through regular posts, stories and also through his affiliate networks to help populate the platform and bring users and awareness.
Alex: So is FMT projected to be a relatively stable cryptocurrency?
When does FMT become a currency that changes in value? Right now its just always 7c each FMT correct?
Austin FMT: When we start getting onto exchanges the market will decide the value. However, tokens that have underlying utility, real organic growth and use case will grow. We are talking about crypto, so volatility is expected.
Nathan FMT: FMT price will be determined by market supply/demand once we list on exchanges. Just as Austin said, the price will fluctuate but the core utility will continue to grow as we develop the ecosystem further.
Alex: When is it listed on exchanged?
Nathan FMT: All going to plan we will be listing 2–3 weeks following the end of token sale.
InfoYep: What’s the go to market strategy after ICO? I see you have ecryotostore, the AR game. What’s the main focus and how does it grow?
Nathan FMT: Main focus is to create an entire ecosystem where FMT can be earned through game-play, marketing interaction or sale of goods and be spent throughout the ecosystem in various forms.
Through our relationships we are working with leaders amongst various student groups. They have existing software platforms which we compliment and create a win-win-win when working together.
Austin FMT: We already have several strategic partnerships. Many of these already have existing customer bases who will have an FMT wallet come through as an upgrade to existing apps.
Alex: They have existing software platforms which we compliment and create a win-win-win when working together. That’s a very broad statement… can you be more specific and give an example?
Nathan FMT: Yes. Universities have student apps which allow them access to deals/benefits etc within a local area. FMT, when integrated with mapping (via AR games and ecryptostore) allow us to incentivise the app users to go to a specific location — via map based FMT bounty) so the students can earn FMT, the business gets more foot traffic and the FMT gets more transactions.
Alex: oh ok.. wow. I’ve seen those guys with the ‘hungry jacks shake app’ and they shake to possible win a free prize, or in other words it’s like latching onto groupon’s and all the offshoots. The business gets more foot traffic and FMT gets more transactions. Who is liaising with these businesses?
Nathan FMT: Our team is very active, all of us are working on this.
Tricia: How do you plan to get merchants to sign up on ecryptostore?
Nathan FMT: We have an affiliate program built into the business model. In addition, we are constantly building relationships and collaborating with existing businesses and platforms that have their own user-base which we can tap into. Also traditional and guerilla marketing.
Austin FMT: We have global partnerships with people on the ground who are talking with larger merchants also. The affiliate program is very attractive for people who wish to participate with the growth of the platforms.
Alex: Who is on the FMT team?
Nathan FMT: The 3 cofounders are Austin Lewinsmith, Rafael Bergola and myself, Nathan Burns. All based on the Gold Coast, Australia.
Felix Chua is our lead Developer and he is also based on Gold Coast. Our full developer team is mainly based int he Philippines. Plus an amazing group of Advisors
My thumbs are killing me..🤣🤣.
Brooke FMT: I want to thank the team and community for jumping on during this hour!
