Freeway Internal AMA Transcript — Tuesday 24th November, 2020
Freeway Telegram Channel
Tuesday 24th November, 2020
20:00 UTC
Join Freeway’s Official Telegram Community Channel at: https://t.me/FreewayFi_Official_Community
Once a week, Freeway hold an internal AMA in the Freeway Telegram channel that gives the community a chance to ask direct questions with core team members.
This week was Founder and Co-CEO Graham Doggart.
“Freeway is a project whose mission is to bring traditional and new financial worlds together. We have plans to use digital finance tech to generate greater total rewards on the world’s top virtual simulations and bring new access routes to financial markets for everyone while we do it.” ~ Graham Doggart.
***AMA Begins***
Q1. “I see several ads a day for investment firms/apps whose main claim is lower fees than the competition. How do you get potential users to switch to Freeway without just repeating that same pitch, but at the same time knowing you can’t make it too complicated or you’ll lose people? How do you differentiate in a simplistic way?”
Freeway has its key USPs around providing opportunities for greater total returns through network effects and its globally accessible direct-to-investor model, these create opportunities not available anywhere else.
We provide an easy and affordable route to these better performing products that has never existed before. This provides us with a comprehensive business moat (better returns not available anywhere else) combined with a blue ocean opportunity (bringing our network-enhanced products to those that have not had access before).
It is definitely an important point how we get these messages across to everyone.
So I wanted to share a small tidbit for everyone: we are working to finalise a strategic partnership with a world-class production house to bring our USPs, products, and how it all works to life in several attention-grabbing and easy to understand films all in cinematic quality.
Freeway is a brand new way of doing asset management and financial services, and it needs to be communicated in a way that wows people, helps them instantly understand it, and gets them to jump straight in and see the benefits for themselves.
This is one of our most important strategies for mass adoption.
Q2. “Regarding registration, does Freeway sell any information gathered
about its new users? Also, does Freeway share any information
gathered during registration, without consent of the user?”
Freeway will NEVER sell information about its users.
All information stays within the Freeway group of entities and is only shared to outside service providers under confidentiality agreements and only when it is needed to provide required user functionality or legal compliance.
Freeway makes its revenues through users buying and selling products on the AuBit Network.
This means that we do not have to make money selling data or providing other financial services, so as we add those services in, we do them to make things better for our users so they can trade more of our products, not to make money off those services.
At Freeway, we stick to making revenue from our products that have user benefits not available anywhere else and look to integrate that value into banking and payments services for the benefit of users, it is a more defensible business model.
Q3. “Will you be in a position to obtain international money licences in order to offer on and off fiat ramps on the platform and potentially have an internal exchange where we could swap crypto to fiat and fiat to crypto and deposit directly onto the app from our bank account or withdraw fiat to our bank account from the app (kind of like Swissborg’s model)?”
Yes, in the beta we plan to provide compliant on and off ramps between the Freeway Network, fiat and crypto.
Some of this is through our own registered entities and some is through licensed 3rd party partners and service providers.
We are working hard to bring this functionality straight into the beta at launch.
We will also look to partner with the exchanges that list FWT, or will be listing FWT in the near future, to provide certain Freeway products on their platforms too.
Q4. “Once the Freeway app is available will I be able to securely store my FWT directly with Freeway?”
Yes, users will be able to move their FWT to their Freeway account wallet. We have an airlock facility which locks up ERC-20 FWT and unlocks Freeway Chain FWT into a user’s Freeway account wallet.
This is how we can remain chain agnostic and provide our various products on other blockchains and platforms where there is market demand, including other trading platforms whom we partner with in future.
Q5. “Can you elaborate on the “Proof-of-Fidelity Protocol” that is planned for the FWT token, how does it differ from other staking solutions, and how do you incentivise staking FWT?”
To elaborate on staking: user-staking for FWT is planned for the beta, and we have moved forward staking on the roadmap as it is a popularly requested feature.
We cannot release full details on this as yet as we are in the process of determining the exact route. We have just authorised the addition of two more full-time developers to ensure we are under control on the accelerated timeline.
It is very likely that we will provide a pre-staking system for FWT holders prior to the mainstay staking system becoming available on the Freeway platform. This is planned to provide rewards prior to the beta launching.
Once the beta is launched, a number of rewards are connected with using and staking FWT within the Freeway platform in your user accounts. For example, we plan for some products to only be made available to FWT stakers.
Moving on to the decentralised staking system for financial service providers, to be very clear, the staked Proof-of-Fidelity protocol is a future roadmap item, currently planned for 2023 or later, the FWT staking rewards pool allocation for this is locked up until November 2022! So it won’t start sooner than that.
Freeway’s Proof-of-Fidelity protocol is a way that 3rd party service providers can join the Freeway Network so Freeway users can choose which service providers to use as they use the Freeway platform.
For example, we plan to allow users to choose which custodian they want to use for a particular asset (or simulated asset), so users can choose their most trusted choice. As part of this, each service provider stakes an amount of FWT and can have users delegate their stakes too. Similarly with brokers, trustees, auditors, product providers and other service providers within the AuBit Network.
As service providers continue to provide their services as they should, they will be able to maintain their position in confirming transactions, maintaining consensus, and provide services to users for ongoing rewards.
If at any point service fidelity for that service provider is in question, the service provider’s stake is at risk which can of course be used to recover and correct any issues created by the service provider.
This puts financial service provision in the hands of the users as they can choose who does what with their assets.
Q6. I guess this is going to be very important to all iOS users. Will the
Freeway trading app be released on android and iOS at the same time?
If yes, will it be integrated to work on iPad as well?
The private alpha version of the Freeway Trading App is browser based and responsive across devices. The beta is where we will look to launch the native apps on iOS and Android, they are being designed concurrently and will likely launch around the same time pending store approvals.
The responsive nature of the platform’s foundational design and development will mean it will work on iPad but it won’t be optimised for it until a few months in through the public beta.
Q7. What are the current numbers of users that are on the waitlist to test the APP? Is there any preference given to the FWT token holders to get a glimpse?
Not including the users we will bring from our private networks for testing, we have had nearly 1,400 new users join the app waiting list in the last 2 weeks. We don’t expect this to slow down much as we increase our visibility over the coming weeks on various levels.
We are finalising how we are going to pick the order of the beta users, it will likely be a combination of the earliest subscribers, those willing to stake FWT, a lottery system to jump the queues, and any particularly strategic beta users (influencers and other KOLs) that will be very helpful for us to bring on to test it to ensure everyone finds out about it!
Q8. Have you had any offers yet to tie in or partner with other established crypto platforms?
Too early to spill the beans, but yes, we have had several very exciting conversations with other platforms, crypto and non-crypto to tie in with us…
In terms of timings, the private alpha is starting with staff testing the onboarding systems this week and into December.
The alpha will then rapidly progress to staff testing core platform functionality during December (play money, yay!!).
We will also open things up to professional testers, friends, and family in January and from there to the public.
This is contingent as well on the security steps being successfully executed in January — , this is a huge part of the testing prior to beta.
Beta is planned in March BUT we do hope to provide some accessibility before then regarding staking and that will include being able to onboard to the platform, too.
We currently have 12 full time developers which is expanding to 14 this week, so we can get that staking system into everyone’s hands as fast as possible :-)
Q9. I heard rumours that the minimum platform price may be moved
from $0.005 to $0.01. Is this still being considered?
Who let that slip, eh?
We have a pretty good idea of what factors would make this happen. Partly this will be around market price discovery, and also about the number of users and indication of initial interest in the products launching on the platform in beta to ensure it is a viable choice. We would like to do it to support the platform and community already onboard, but really we will have to wait and see how things progress between now and then…
Q10. When the app is released, can anyone from any country sign up and use the app?
Most countries will have access. There is still an onboarding action with KYC to complete to get on and users will only be able to access products for which they are eligible. The list of countries is in the materials, we’ll get a screenshot of that up on here shortly, it may be slightly out of date (regulations are the only thing that changes faster than the Bitcoin price), but it will give a pretty accurate overview, it is around 183 countries currently that I think will have access to the platform and be able to onboard.
*** End of AMA ***
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The following is a transcript of a live AMA session held in Telegram and represents the opinions of members of the team and has not necessarily been approved by legal counsel. Transcript and all content therein (this “Transcript”) is for information purposes only and may be subject to change. The transcript is of a live event and, as such, errors and omissions are accepted.
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