Community AMA Recap: June 2021
Last week Wednesday, we had a Community AMA on our official YouTube channel, where our Head of Marketing Emmanuel Aremu and Founder & CEO Shane Benjamin answered questions from the community. We really liked how it went down and are doing one on a monthly basis.
You can watch the company update and Porta presentation on our YouTube Channel, here are the community questions from the AMA.
Q1 How many different DeFi projects run into liquidity problems, what liquidity model we will use to increase the token value?
Shane Benjamin: When we think about liquidity, we think that the most important thing is to actually add value to the community, this is the way any company would work. We see crypto projects, and there is a slight issue that we have right now is that we see crypto projects as these self-constraint things that function in the world.
We need to see them more as what they actually are and what they will be in the future and they will be businesses. Just like any other business — it is either you add value or you don’t add value. If you add value, you’ll be able to get more people to invest in your products and invest in your token by adding use cases and value to the community as a whole.
The way we plan to increase the tokens value by actually adding value to the community and to the token holders. And that’s how we get past the liquidity problem.
Q2 What would the price will look like in a year’s time?
Shane Benjamin: Well, in all honesty, I don’t know. I have no idea what the price is going to look like. We hope that we keep adding up value so that the price would increase. But we don’t control the price. So we can’t really tell you what it looks like. But we will add value to the community. We can definitely say that.
Emmanuel Aremu: That’s why we wanted to go with this product shift to Porta. I think it’s incredibly important, we are a product-driven company. We want to make sure the product is outstanding, seamless as well. When you look at a current adoption of, you know, let alone crypto, let alone even just DeFi, it’s like barely a percentage basis on a global scale.
We want to make sure we include everyone to basically give them access to amazing products. By having that and focusing on that intrinsic value, that’s going to impact value, it comes at a price as well. By us focusing on value, the increase will potentially reflect in the price. And we can’t predict what is going to reflect that
Shane Benjamin: If we add value to you. It will definitely reflect in the price, I believe that. Listing on Binance. I believe this is something that we can definitely do with great people in the community, with strong branding. We believe that we can add enough that we can get listed on Binance, but we would also need your help for that. Definitely show people and tell people what we’re doing. I’m sure we will be able to get listed on Binance.
Q3: What was Porta built on? I’m curious because of gas fees being crucial for NFTs and DEX platforms.
Shane Benjamin: Porta is being built on Substrate. I’m not sure how many people actually know about it, but Substrate is the platform that Polkadot is actually built on. It gives us a tool kit and a platform in order to build our own blockchain without having to build the lowest level of the blockchain. We kind of get to build on top of a framework that already exists.
What this allows us to do is actually control things like the gas fees. Then if we control the gas fees, we can also hopefully increase the interaction from the community as well. NFTs that’s definitely something we’ve taken into consideration as we develop the platform. We’re going to work on optimizing for that.
Emmanuel Aremu: Just tag onto that, for just a normal person who is enthusiastic about the space, gas fees are a massive friction point. That’s something that we’ve discussed internally how can we eliminate it. This new product direction can obviously help towards that.
Q4 Was there anything special that made us choose Bibox as our next exchange?
Emmanuel Aremu: We are currently listed on MXC and PancakeSwap. Bibox in our current state makes a lot of sense to go into that exchange. Just to go back to someone’s previous question about Binance, it will be incredibly irresponsible of us to tell everyone else within the community that we’re going to list on finance within 3 months. I think we have to build up to these exchanges. We’ve got a build-up volume. I think is incredibly important we build up to that. Also, we want to have a lot of intrinsic value.
We want to be able to get to a point where we look at the larger exchanges that basically we make it such a hard decision for them to say no, but they say yes to us listing. That’s where we want to get to.
We don’t want to get to a place where we approach them multiple times and they turn us away multiple times because we get disappointed because our time and energy is wasted. We want to make sure that once we go for the larger exchanges that we are ready to go.
Bibox is that first step in that direction and the team is very, really happy to support us with the listing and obviously support us beyond listing on Bibox as well.
Q5 Which one of these aspects is important for you 1) Increasing the token price? 2) Empowering platform development? 3) Building community trust? 4) Expanding partnerships globally? In what order.
Shane Benjamin: To be honest, token price is not our primary focus, our primary focus is adding value.
We believe that once we add value, as we said earlier, that will reflect in the token price. What we really want to do is build trust in the community because, at the end of the day, the community is who adds value to our products and our platform.
You are the reason we are who we are. We are allowed to do what we do. Building your trust is definitely a primary focus for us. In order to add value, we need to empower developers and build out the community and then expand partnerships to continue to add value.
Just to answer your question, in order: 1) Build community trust 2) We want to empower developers 3) Expand partnerships. Finally, we believe that price and value will take care of themselves if we do those things properly.
Q6 Any plans for buybacks or burns? What is in the pipeline for marketing? We need to push price exposure and get in new holders.
Shane Benjamin: In terms of value and burning. Just to reiterate, the price will come as we add value. We plan to add value to the community by creating great, strong products with seamless experiences that make you want to use the blockchain and to make people that don’t understand blockchain want to come over to the blockchain and use Web 3.0 products on a day-to-day basis.
Buybacks could happen if we feel they can actually be valuable to the community, but we don’t plan to burn any tokens. That’s, that’s not in the pipeline. That’s not in our direct vision.
We don’t think it works with our overall vision to burn tokens. With the buyback, we’ll see how we can work on that if ever there is a time, where it would actually work for the community and then we will be happy to move ahead with that.
Emmanuel Aremu: From a marketing perspective, I joined a company in May. The most important thing for me was engaging with the community. I didn’t want to put out a tonne of content and not talk to you all and have the opportunity for you guys to ask us questions directly. It would be silly of me, as I’ve told Shane many times, frankly, he’s sick of me saying it — we are nothing without you guys.
The community has held us down. You supported the project to this point. Are you going to continue to support the projects in the future. The very first thing is establishing that community relationship and we just opened up our Reddit. We got plans to expand to Discord and Discourse in the future.
Plus trying to bring on dedicated community managers to help grow that relationship even more. From a community perspective, we have got a lot of things in store for you guys over the next couple of months and beyond. On top of that, again, more content. Content for people who are enthusiasts, content for the investors in the community and content for the developers we want to build relationships with as well.
Additionally, we’re also going to be obviously incentivising you guys with improving staking and airdrops, as well as incentivising people to hold on to the token, because ultimately we’re looking at a lot of intrinsic value to not only token holders to the community, but everyone essentially that’s what we’re aiming for.
We’ve got different partnerships in the background with various ecosystem players we’ll be announcing over the next couple of months as well. As quite rightly some people have suggested in Telegram Group, we’ve got quite a few relationships with influencers.
Influencers we respect in the space, because they have honest views about different projects are coming through. We’ve got those in a pipeline as well and we’re pushing a button, quite a few of those over the next couple of quarters. As well as, you know, trying to get Shane out of the office to many places as possible. Shane is going to hate me in a couple of months time, that basically, I’m basically going to run him ragged. He will be appearing on a lot of podcasts you guys love and making as many appearances as possible in many places as possible.
Q7 How will the project handle regulations?
Shane Benjamin: That is an interesting question. We’re just basically staying in countries that are happy to have us there at the moment, we’re not interested in heading into any types of legal battles. We are basically just trying to get into the right position for the community right now.
In the future, we definitely want to be able to expand out to reach these communities and to reach people in places like China and the US. But we want to do it the right way. When the time comes, we’re going to go into those places as regulated as possible to enter into these markets.
Q8 Where do we see the project in 10 years?
Shane Benjamin: Let’s just keep in mind that the blockchain is just over 13 years old or 12 years old. For us 10 years from now, I have no idea what we’re going to be. We do have big plans for everyone involved and everyone who is trusting us with their time and being holders — we have big plans and we believe that we’re going to make them and hit them.
As long as you guys continue to trust us and to work with us, build with us, we can do big things in the next 10 years.
This is not a short-sighted contract by any means. We want this to be the biggest thing that we could possibly do and make sure that we can flourish and reach as many people as possible. We would hope that we could potentially be the foundation of Web 3.0. We hope that we could potentially be one of the primary drivers for the new Internet.
Q9 Do you plan to add more use cases to $KIAN on top of the current ones?
Shane Benjamin: Since we’re going to be transitioning over to $PRTA anyway will definitely have more use cases because it’s going to actually be the coin of the blockchain. What we actually want to do is create our own products as well. As we said, we want to create the platform and we want to have new developers that can integrate with that platform.
Our vision is honestly that you don’t have to build the hold the whole blockchain product yourself and that you would be able to use services and products that are already being provided by other blockchain developers and then be able to integrate that into your DApp to just make it easy DApp development. That is the vision we have for Porta over the next couple of months and years to come
Thank you, everyone, for participating. Thank you for joining us and thank you for being a part of the community because we really couldn’t be doing this without you. If it wasn’t for you, guys wouldn’t be able to have this product being developed in the first place.
We are going to open up a few other channels for you to reach out to us and we’re looking forward to seeing you. Thank you. Stay tuned, we have big things planned.
Visit Porta to learn more about the company and follow us to not miss anything.
