Recap of Reddit AMA with Morpheus Labs CEO Chuang Pei-Han
Thanks for all your questions during our Reddit AMA this week. We hope we were able to fully answer all your questions and are looking forward to your next Reddit AMA. Here’s a summary of the most insightful Q&A’s:
Q: When will we know when the token burn will take place and how much will be burned?
A: There will be only 45% of the total MITx supply (360m = 800 millions MITx tokens x 45 %) remaining after burning. This will happen in stages after we have set up the ecosystem (successfully listed MITx on desired exchanges, secured partnerships etc.).
The exact time of burning tokens will be determined soon after the commercial version of our platform is launched. Currently, the market is still uncertain and we are waiting for exchanges and other ecosystem-stakeholders to show signs of maturity before we execute our plan.
Q: There was an article in December 2017 that Morpheus Labs is a part of building an ecommerce platform with some huge organisations. Until recently, Morpheus Labs hasn’t communicated this partnership themselves. How come it took so long to share it with the community?
A: Operating in the B2B space naturally means we are talking to big companies who are interested in blockchain. Many of them see a blockchain strategy as a competitive advantage and are seeking to differentiate themselves versus competitors. Due to the sensitive nature, most of the news can’t be shared early. Also, most of time, it takes many layers of approval to publish this kind of news.
Regarding this specific case: It is common with big MNCs (especially here in Singapore) that the procurement process often involves a minimum of 3 bids before a project is awarded. They started working with multiple parties but collaboration did not turn out well, so they came back to engage us. It was only then that we could share the news with our community.
Q: Are there any partnerships coming up? I know you guys are hard at work behind the scenes.
A: There are numerous partnerships currently being discussed with clients, blockchain partners, distributors or even R&D centers. We are carrying out multiple discussions in parallel and will announce these partnerships as and when they are finalized.
Q: I understand that Morpheus Labs is aiming to help people and enterprises that help them to use blockchain technologies, saving time, money etc. Will Morpheus Labs focus on co-operating with NEO, Cardano, XLM and other big blockchain companies, so Morpheus Labs will be the one-stop solution for people and enterprises?
A: Morpheus Labs is a platform that bridges 3 parties together; 1.dapps /developers, 2. blockchain protocols and 3.users or consumers. By virtue of our positioning, we are open for more interesting blockchain protocols to be part of the ecosystem. We are currently working on selection requirements and building an automated listing engine.
Once the automated listing engine is live, blockchain protocols will be onboarded via self-serve system based on certain criteria. As of now, the criteria for blockchain protocol listing needs to fulfill criteria like: github activity, strength of developer community, use case viability and market positioning.
Q: Where do you see yourself in short-term (1year) and long-term (5years)?
A: Within 1 year we aim to stabilize our revenue model by clearly identifying where our revenue will be coming from and capture at least 30% of market share of blockchain projects.
In 5 years we should already have reached a mature stage where we are one of the main market players. Naturally, we will also be on the lookout for inorganic growth should there be companies out there that could boost overall organisational efficiency and status.
Q: How are you planning to take on the marketing part with Grace Lim as the Head of Marketing?
A: We had Grace Lim joining Morpheus Labs in June this year in order to support our leadership team in developing a 360 degree of marketing and PR strategy. In the coming months, Grace will be implementing and improving a comprehensive set of marketing initiatives online and offline. This includes our social media engagements, continuously execute offline marketing, PR activities, events/conferences in China & Asia Pacific region. This will establish a stronger brand presence of Morpheus Labs and ensure top of mind when it comes to blockchain. Furthermore, she will be working closely with me, supporting change management & transformative programs in order to have a highly performing and engaged team.
Q: Is there a date in August when the public beta will be released?
A: The beta release will be an important stage for us to collect feedback from users. Our team is working tirelessly on the beta and the on-boarding procedure. We estimate a release in the last week of August
Q: What are your current and/or future plans for marketing both in crypto space and in the business world?
A: First of all, we bootstrapped since day 1, hence we were lacking consistent marketing efforts in the beginning which we realised as well. Morpheus Labs is currently gearing up the entire marketing team across the region and worldwide in order to ensure the effectiveness of our marketing activities. Consistency of community engagements, regional partnerships and collaboration will be our primary focus. Once we phase into commercialization of our products and services, digital marketing, online media and participation in blockchain events and conferences will be our core marketing agenda.
A well planned and comprehensive marketing strategy with clear and open communication will take time to deliver optimal results as time is crucial for seeding and building a solid foundation in marketing.
For crypto, we hope to leverage on our current close knitted community to educate more on what we do and will do, how we will create impact and then achieve virality and thus significantly grow the community. We also plan to do more frequent updates, AMA, Events and even training session collaborating with our partners.
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