VouchForMe AMA AUGUST 2018 Recap

Previous Friday we held AMA on our official Reddit channel and were blown away with some really amazing and some a bit quirky questions. For those who were unable to join in on the discussion or those who are still dipping their legs in the cold water of the sea, disconnected from the world, here is a recap of all the questions and answers.

Q: How will the platform interact with the blockchain? Are you going to build your own blockchain?

A: Endorsements will be written on Blockchain as they come in. This data will include IDs of the endorser and the endorsee, the date on which the endorsement was made, as well as guarantee and amount of a reward (in fiat or IPL, respectively). All information will be encrypted and protected to ensure compliance with data security and privacy regulations. At the same time, Blockchain technology will help us make the data transparent, trustworthy and available at all times. As for our own Blockchain network, for now we are sticking to Ethereum and we’ll discuss any additional next steps when the time is right.

Q: When moon or at least lambo? :)))

A: We are shooting for the stars! Meanwhile if we will land on the Moon it wouldn’t be too bad either.

Q: Are there any new team members in the team?

A: Yes, as a matter of fact we just expanded our team for one new member. Lučka Čokl Preis joined in on a position of a CMO at the beginning of August and we’re excited to have her on board with us. So, more intense activity on the marketing side is expected to come. Besides that, we plan to expand our team as time progresses and when we’ll need new backups.

Q: I check team on new website www.Vouchforme.co, will there be in near future any new team members? and in which field?

A: As explained before, we just expanded our team for one new additional team member who will take over the position of a CMO. Besides that, we plan to expand our team as time progresses and when we’ll need new backups.

Q: ICO reached HardCap…and now… until release of platform Ii am wondering how you will bring IPL token into action? Thank you for your answers. HODL investor

A: IPL tokens are used as fuel for the social proof business ecosystem. They are sent to endorsers as reward for their endorsements. As more and more people endorse, more and more tokens need to be awarded, which is expected to create scarcity and boost IPL price. Apart from selling them, endorsers will be able to redeem tokens for services such as insurance with VouchForMe’s partner companies.

Q: Why rebranding? I like name VouchForMe but why? Ii don’t understand really good

A: The decision comes with the realization that our Social Proof concept shouldn’t be limited only to insurance.This was confirmed in the second half of the year when we started to push our idea to the global market and received inquiries from divergent industries. In that sense, we had to make sure that our brand follows the business. We had to prepare the ground and create a name which better represents our long-term vision and does not limit our potential to grow.

Q: Hello, first of all I would like to complement the team for everything you’ve done so far, I think it’s very impressive! Looking forward for implementation of social proof wherever possible. In the lightpaper there is a visual presentation of user case (JOHN with $1000 car insurance and Mary as his endorser). This is copied from the lightpaper: “When Mary enters her credit card data, she exposes herself to a potential payment of $550 ($400 of John’s savings, $100 of her cash-back bonus and $50 of penalties).”

My question regarding the statement above:

• What happens with exposure of endorsers in case of a claim if let say there are 4 (Mary, Kate, Ann, Linn)? Is this correct — everyone of them pays $250 ($100 of John’s savings, $100 of the cash-back bonus and $50 of penalties)? Does number of endorsers in any(other) way effect John-the endorsee? Can only one endorser, lets say Mary endorse for only $100 of John’s savings, not full 400$? That would probably result in higher cost for John (he would then pay 900$ and not 600$, right?).

I hope my question is clear enough :) Thank you for your answer and good luck in future endeavors.

A: In essence, you invite your friends to vouch for you. It’s up to you how many of them would you invite, and it’s up to them to decide how much they want to vouch for. Everybody can see how much endorsement you still need to collect. What does affect you is the value of endorsements you’ve collected. If this value is lower than the amount you’ve asked for then you’ll get less discount on an insurance premium (or some other service). In the case of a claim, if there is more than one endorser the value of the claim is distributed consistently with the value of endorsements they’ve made.

Q: You have changed the name to VouchForMe because you “of the realization that our Social Proof concept cannot and should not be limited only to insurtech”. Don’t you think that you are punching above your weight when trying to cover more than the insuretech field? It seems to me that there is a bit of improvisation here, even though I know you are working hard. I can imagine you will answer something like long-term-thinking, strategic-long-term, etc. but it would be great if you can specify concrete examples of what you would like to cover and what kind of roadmap are you following, since the one in the website/whitepaper is quite broad. Much appreciated.

A: This move isn’t something that would come unexpected to us since our long-term vision was always to cover numerous industries when insurance was just one of them. This name only gives more of a feel what this platform really is about, it’s all about social proof and vouching for someone. There were many times when we were mistaken for an insurance company, thinking we’re selling insurance policies or acting as a mediator between insurance companies — which we’re not. By rebranding to the name VouchForMe it lets us focus on what we have intended from the start: building a strong social proof platform suitable for numerous industries. Just a few of the industries that we plan to cover are B2B and Real Estate market. However, we’re still following the same roadmap, nothing changes expect our spectrum has broaden.

Q: Any new partnerships or markets?

A: Yes, of course, all in due time. We are not focused only to one cooperation — there are many, but they are at the different stages. We will make sure community is well informed when new partnerships will be signed and confirmed.

Q: Are there really no lawsuits in place? i read some rumors in telegram?

A: No, we can definitely and honestly confirm that there are no lawsuits in place. Rumors spread fast and easy so it’s better to not pay too much attention to it.

Q: Why didn’t you inform community about rebranding sooner?

A: The approach for a new website and brand was agreed up-front and the community was informed about the change. Also, we didn’t close the whole thing on the same day, but we accepted and implemented some of the proposals from the community. Thank you for your support.

Q: Who would win in an arm-wrestling competition: Matt Peterman or Tom Volk?

A: It depends what would be on the table. If by any chance there ever comes to an arm-wrestling competition, we’ll make sure to document it and let you know.