Pentonium — Telegram AMA — October 23
On Saturday, October 23, we had the pleasure to welcome to our Telegram chat:
Rupak Kumar, co-founder
We asked him questions about the development of Pentonium.
Some sentences have been slightly edited for readability but the meaning has been conserved.
Pentonium is a decentralized freelancing platform that will create a global market for freelance talent offering crypto-related services like solidity development, community management, exchange listings-related services and many more.
Pentonium requires no registration, post a job or order for a service without the hustle of creating an account with us. Just click and go!. Pentonium gives you the opportunity to secure a deal over social media or instant-messaging app in a trustless fashion, just share a private job link with them and take over.It also allows instant Payment, get your hard-earned money in your wallet once the delivery is confirmed. No waiting, it’s your money after all.
No Manipulation, forget about data manipulation and users selling their reputed account to nonskilled service providers. You get what you see.
Pentonium’s aim is to provide automation and technologies to solve issues in the freelancing industry. It works using;
Marshal-A small community that helps resolve disputes between clients and service providers.
P2P Chat-Skynet powered P2P server less chat ensures privacy of the users.
Escrow- Escrow smart contract takes care of fair and instant payment for service providers.
Token to unleash workforce
PTM token is the native token of the Pentonium platform and is been used directly / indirectly in the following situations.
Q — Ayeley from GAINS: Please introduce yourself. What did you do before crypto and did you have any other previous venture in crypto?
A — Rupak from Pentonium: This is Rupak, Co-Founder and Product Manager at Pentonium. I have experience of 3 years in Product vision, development, and management. Apart from the professional side, I also like to write stories, poems dipped in philosophy. I have also directed a few short films as a passion. So, I am the kind of guy who can tell you what our product is and what next best movie you should watch tonight.😃😃
I and Abhishek are the co-founders of Pentonium, we have previously worked on both crypto and non-crypto space, we recently have worked over Polkally (NFT MarketPlace), JorrParivar (Community driven NFTs), YNOT finance (AMM with directional LPs) to build their product. Our team consists of 2 solidity devs working full time to develop the product, we have a marketing team guided by Nikki, while operations and security are headed by Parvez, who is recognized by Microsoft, Sony, and other pioneers of their industries.
I and Abhishek started this full-time last December. From past experience, I gave my best to develop the flow of the product. How can we minimize the problems faced by freelancers in the most efficient way? Abhishek and I have invested almost 10 months just for product development. We just did not want to present the dream of a futuristic idea, we wanted to come up with the real product itself.
Q — Ayeley from GAINS: Can you walk us through what the Pentonium project is about in a few simple sentences?
A — Rupak from Pentonium: So, Pentonium is a decentralized freelancing platform with DAO at its core to provide a community-driven framework for dispute resolution. Pentonium is a one-point solution for data manipulation, high fees, and home-to-features like private job posts and P2P chat. Pentonium is developed using NFT powered Autonomous Agreement Protocol, which is unique in its own nature.
Q — Telegram user iGervacio: You mentioned that you’ve created the world’s first NFT-powered stand-alone agreement protocol. How do you guarantee to protect both parties from scams and manipulations? Do you have an article or blog related to this?
A — Rupak from Pentonium: Yes we actually protect them through an Escrow smart contract on the first level with predefined rules.
We also have a Dispute Resolution contract through which a small group of communities offers a democratic dispute resolution via voting, here is the blog for it
Q — Telegram user Bilal Polars.İo ⓠ: Can you tell me about its advantages over other projects? Is there KYC?
A — Rupak from Pentonium: Pentonium doesn’t even require registration, you can just connect your wallet and become a service provider or a client. But you will always have an option to verify your identity using the DID of Hypersign making your profile better and more appealing for clients.
Even if we talk about features, we are offering democratic dispute resolution, P2P encrypted chat system, Private jobs, and many more such features which are nowhere right now.
Q — Telegram user Patrick: I was really struck by the structure of your DAO. So how does the DAO decide who the marshals will be? What if the marshals have an incentive to cheat? Do you have any solutions to prevent that from happening?
Q — Ayeley from GAINS: Let’s talk about the token now. What role does it play in the Pentonium ecosystem?
A — Rupak from Pentonium: We have a very sound token release plan promoting the adoption of the product. PTM is a governance token and is totally dependent on the community to pave the way for the development of the product.
The community will require PTM tokens to vote for a proposal or to hire or fire Marshals (The Arbitrators). Apart from that, we also have 3 sources through which the main platform works:
1. When an order is placed and is accepted, 5% of the value gets converted to PTM tokens and stays locked in the escrow contract. Once the order is delivered this 5% comes to Pentonium Team as fees.
2. When a dispute is raised 1% of the order value needs to be paid in PTM tokens.
3. To promote a gig service provider needs to put in PTM tokens to get more exposure.
Q — Telegram user R. Alberto: You said: “We are aligned to partner with IT solutions companies to increase their exposure through Pentonium”… 📍what ideas do you have in terms of creating an affiliate market?
A — Rupak from Pentonium: Both of them are different pipelines, The partnerships will bring more skilled freelance services and tasks for the freelancers while Our affiliate marketing pipeline is a totally decentralized way where a Marketer can market a freelancer without even telling him and earn a cut of the order on successful delivery.
Q — Ayeley from GAINS: Cool. Did you raise funds so far? If so, how did you handle them? Are you planning to do any future raises?
A — Rupak from Pentonium: We have reached our soft cap that is 200k USDT. We are backed by XT labs and have won a KCC grant. We are at the stage of seed sale where we are raising funds from some private investors.
Once we have closed the seed round and the main product is up with most of the functionality, we will have another round of private sales.
Q — Telegram user Rollsito: 🙋🏼It is interesting that your platform is supported by XT laboratories and a grant from KCC. How will you make your seed sale attractive to private investors? Will you have more sales rounds in the future?
A — Rupak from Pentonium: We are just doing two rounds of token sales, even if we do an IDO it will be a namesake, a small one. We have undervalued ourselves in seed sale rounds and been working from the grant money to show the development first, and what we can do. I feel selling a real product is better than selling a promise to build it.
Q — Ayeley from GAINS: What sets Pentonium apart from the competition, both in crypto and outside crypto?
A — Rupak from Pentonium: Pentonium is offering features that are not possible over a centralized platform, we are not even thinking of competing with a decentralized platform for now as we can’t see any of them standing along with the centralized ones.
Features that we are providing makes Pentonium a next-gen freelancing Platforms like, Democratic Dispute Resolution, Private jobs that support creator economy, Low fee like 5% (Fiverr charges 20%) or No Long forms or registration process and many more of such addition makes us very different and ahead of such platforms.
Q — Twitter user @Munalisa6655: Currently a lot of people are looking at NFTs, metaverse, and games. Can you tell me what advantages you will have in this field in the future?
A — Rupak from Pentonium: If we talk about how we are using NFTs, we have created the world’s first NFT powered autonomous agreement protocol.
These NFTs can be executed as an agreement between two parties with an embedded Escrow and Arbitrator, this ensures to protect both parties from scams and manipulations.
This protocol can be used to build any product where there is a promise offered by someone for a price within a time frame. We have written a small blog explaining all things it can do.
The Crypto market changes its trend every now and then, we must remember that a sound business is what we should look for rather than just following a trend.
Q — Twitter user @AmYour367: Could you tell me a little bit about your roadmap going forward. How do you plan onboarding users and gaining more adoption for Your project?
A — Rupak from Pentonium: We have a bottom-up approach targeting just the freelancers first, for which we create a pipeline similar to a hiring process that helps us onboard skilled freelancers, by working closely we ensure their stay and growth.
We are also running an awareness campaign to create documents/blogs/videos which talk about the opportunity for them to join Pentonium.
Apart from all these, we are also aligned to partner with IT solution companies to increase their exposure through Pentonium and are creating a market for Affiliates who can market these freelancers to gain a percent from the orders. All these methods ensure an adoption through minimal cash burns.
Rupak, thanks for coming into our community, and taking the time to answer our questions. Any final words? Where can we follow you to stay updated? — Ayeley from GAINS