Polkastarter — Telegram QUIZ & AMA — October 1
On Thursday, October 1, we had the pleasure to welcome to our Telegram chat:
Daniel Stockhaus, CEO and Co-Founder.
We asked him questions about the development of Polkastarter.
Some sentences have been slightly edited for readability but the meaning has been conserved.
Polkastarter is a permissionless DEX built for cross-chain token sales and auctions, enabling projects to raise capital on a decentralized and interoperable environment based on Polkadot.
Users will have the option to choose from a variety of options to launch their token pools.
Polkastarter’s anti-scam feature prevents users from buying the wrong token.
Q — Alex Raffin from GAINS: What did you do before crypto, how did you get into crypto and did you have any other venture in crypto previous to being involved with Polkastarter?
A — Daniel from Polkastarter: I am originally from Germany and moved to London at the tail end of the .com bubble (around 2000). That’s how I was thrust into the tech industry. A year later, I started my web design, development & marketing company and worked with over 100 clients. That eventually led me to found my own e-commerce company that, at its peak, did $20m in revenue per year and had 1m+ customers. After I sold that, I got heavily into the blockchain. This was around 2017.
At that time, I became part of the crypto media to always stay up to date on the latest developments. I interviewed 100 blockchain founders to find out what makes them tick. It was a great experience that led me to some strong beliefs about what it takes to be a blockchain founder.
Q — Alex Raffin from GAINS: What does it take to be a good blockchain founder? And does Polkastarter’s founder have it?
A — Daniel from Polkastarter: The common theme I found was that the most successful founders had a strongly held belief in their vision, but were willing to work within a broader community to make that happen. The best projects in the space share the common goal of wanting to make the world a better and fairer place. And that’s what we set out to achieve at Polkastarter.
Q — Alex Raffin from GAINS: What’s your role at Polkastarter and what is the project about in a few simple sentences?
A — Daniel from Polkastarter: I am the co-founder and CEO of Polkastarter. Tiago is the Co-founder and CTO.
Polkastarter is a permissionless DEX built for cross-chain token sales and auctions, enabling projects to raise capital on a decentralized and interoperable environment based on Polkadot. We want to create a fair and user-friendly experience for everyone.
Q — Alex Raffin from GAINS: There are a few of those on Ethereum. People have run sales on Uniswap and others. Have you studied those to know what the issues are and fix them?
A — Daniel from Polkastarter: Yes, especially over the last few months. With the increasing popularity of Uniswap we’ve seen, there are many issues when companies want to raise funds.
Q — Alex Raffin from GAINS: Could you lay them out for us and tell us what you’re doing about each at Polkastarter?
A — Daniel from Polkastarter: As we all know, there are many. Bots buying up all the initial liquidity, gas fees, high slippage, and fake contracts to name a few.
With Polkastarter projects, users will have the option to choose from a variety of options to launch their token pools. As a fixed swap, the price of the token is fixed, dynamic swaps and auctions. Any project can decide what is best for them.
Q — Alex Raffin from GAINS: Is it some kind of improved Primablock?
A — Daniel from Polkastarter: Once we have migrated to Polkadot, we can take advantage of their network to have extremely low transaction fees.
Additionally, we will provide anti-scam features to help users detect any malicious actors.
For projects who want to raise in a more regulatory compliant way, we will offer KYC and whitelisting options.
Q — Alex Raffin from GAINS: What stage is the project/product at?
A — Daniel from Polkastarter: We’ve been working extremely hard since the start of the product. We are aiming to deliver on our roadmap and hopefully be able to exceed the timelines. Not everything is dependent on us, but we’ll do our utmost best.
In Phase 1, Polkastarter aims to launch an MVP on the Ethereum network first. We hope to enable our users to test the swap and token sale dynamics features first.
This will give us a great chance to get feedback from pool creators and users to improve the user experience and create the best possible product before migrating over to Polkadot in Q1.
Q — Alex Raffin from GAINS: What is the token use case? How did you make sure it captures the value of the ecosystem you’re building?
A — Daniel from Polkastarter: We’ve thought long and hard about the token use cases and of course, made sure with the best lawyers, that it’s a utility token. Many things went into consideration.
For all the details, please check our whitepaper. The main values are the following:
- Governance: Governance infrastructure that enables community voting using POLS.
- Staking: We are launching several types of staking mechanisms. Including staking for pool access, staking for governance, and staking for pool rewards. All of this uses POLS.
- Liquidity Mining: Liquidity providers can claim rewards in POLS for contributing to the network
Q — Twitter user @NguyenQ32225128: DEXes like Uniswap on the Ethereum blockchain are becoming very expensive. Will Polkastarter’s services be more affordable?
A — Daniel from Polkastarter: Yes. As I mentioned, our MVP will be on Ethereum, but we are aiming to migrate over to Polkadot as fast as possible. This depends a bit on Polkadot being ready as well, but we’ve talked to everyone involved and they are very confident that they will be ready on time. Polkadot will allow us to have extremely low transaction costs.
Q — Telegram user Yvette Batz: What does Polkastarter think about competition and duplication of ideas? What is the long-term vision of Polkastarter in the blockchain market to keep up with the trends with technology, community and related issues?
A — Daniel from Polkastarter: We always invite other companies to compete and to innovate. We are very confident in our abilities, but at the same time, we want to make sure that blockchain and its technology will be used throughout the world. As I said at the very beginning, we are looking forward to working with all the companies involved in this space to bring blockchain to the masses.
Q — Telegram user Yıldıray Yulafçı: What’s the meaning of “Polkastarter”? What’s the background of the name?
A — Daniel from Polkastarter: It was a really quick decision. We want to be much more than that, but at its core, we want to be the main platform for raising funds and everyone should think of Polkastarter first, when they wish to do so. Same as everyone thinks of Kickstarter when they need to raise funds for their physical product. As we will be based on Polkadot, we liked the name Polkastarter.
Q — Alex Raffin from GAINS: How many people are in the team? For how long have you been working on Polkastarter?
A — Daniel from Polkastarter: The team is growing all the time, but the core team is 6 people. We have the co-founders, 2 blockchain devs, one UX/UI designer, and a marketing person, who are all doing an incredible job. On top of that, we have many people helping us. We’ve managed to build a great network over the last 3–4 months.
Q — Twitter user @iracundito: Polkastarter recently appointed Matt Dibb as a strategic advisor. What characteristics or profile does a professional need to be part of your project?
A — Daniel from Polkastarter: I’ve known Matt since 2017 and I knew exactly what he brings in terms of expertise and connection. Within the last 3 months, his advice has been invaluable and I feel very fortunate that he agreed to be part of the team going forward. He is coming from a Venture Capital background, so has tremendous experience with companies raising funds. He is heading Astronaut Capital and Picolo Research, which invested and worked with over 100 projects over the last years. We are looking to add more advisors over the next few weeks, which will help bring expertise in other areas to the company.
Q — Alex Raffin from GAINS: Are you also looking to hire for the core team?
A — Daniel from Polkastarter: Yes, we will be expanding the team considerably over the following weeks. Both on the development side and the Business Development, Marketing, Outreach side. We have gained a tremendous amount of support and trust over the last few weeks and I think it will help us to bring in the best people.
Q — Alex Raffin from GAINS: Did you raise funds so far? If so, how did you handle them? Are you planning to do any future raises?
A — Daniel from Polkastarter: We’ve raised the Seed and Private sale and also launched on Uniswap. We are very grateful to our Seed investors for putting the initial trust in us when we came to them with our idea. They were immediately on board and are continuing to help us on a day to day basis, which is extremely helpful. The private sale was a very strange experience, as within 2 hours we could have closed it with the requests we received.
We took our time, almost a month, to carefully select the best people who can support Polkastarter long-term and assure the future success of the company. In the end, we had requests of close to $30m altogether and had to say NO to so many VC’s, Funds, and private people, which was hard, but I am very proud of our initial pool of investors and again. So far they have been very supportive.
In terms of future raises, we’ve already been approached, but I think that’s still far away.
Q — Twitter user @sentungkupit: How does Polkastarter prevent and protect assets from hackers?
A — Daniel from Polkastarter: Yes. We were initially very worried about a potential impact on the whole crypto-sphere. Luckily, Kucoin quickly assured everyone that their funds are safe and I think most projects handled the process very well of protecting their token holders. I still think a lot should be learned from this incident and I hope the blockchain community comes together to find the best solutions.
In terms of Polkastarter, we have great developers working on the product, and while we want the product to be ready as quickly as possible. We need to assure that we do Quality Assurance each step of the way. Additionally, we will have our code audited by the best firms in the business before launch to make sure that everyone is safe when using Polkastarter.
Q — Telegram user Adelle Stanton: What are your most important next priorities until the end of 2020? Are the fundamental tools sufficient to achieve these goals?
A — Daniel from Polkastarter: Our main priority is to launch our product as quickly as possible. Everything in the company is set up to give the development team all the focus and tools they need to achieve this. The rest of the team’s main focus will be to continue to create awareness. We want the whole world to know and love Polkastarter and have an amazing experience when they start using it.
Q — Telegram user Aura II Aksia: How does Polkastarter’s anti-scam protocol work? How effective is the protocol?
A — Daniel from Polkastarter: Anti-scam features prevent users from buying the wrong token. These include smart contract verification, smart contract information, token import alert, and high slippage alerts. All of these mechanisms work together to make users aware that they might be buying at an unfair price.
Thanks for your time, Daniel. I’m looking forward to trying out the platform myself. Where can we follow you? — Alex Raffin from GAINS
Thank you all for your time and I hope we can do this soon again. Please follow us on Twitter or join our Telegram group. We have many exciting announcements. Additionally, MXC just launched, so if you want to trade on a great CEX, that is your chance. Thank you! — Daniel from Polkastarter
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