Chinese AMA — English Translation

Pledgecamp had hosted an AMA on the 13/3/2020 in the Chinese community.

We have the pleasure of bringing the translated transcript for the English community.

Q1. What is the growth potential of the crowdfunding market?

A. Currently, the crowdfunding model grows 15% (CAGR) every year, and as of 2020, only transaction volume has increased by 25% compared to last year, and about 10,940,000 projects have been raised and raised. Compared to the first quarter alone, it shows a huge difference and growth compared to last year, and China is currently overwhelmingly ranked as the transaction value.

The global crowdfunding market in 2018 was priced at about 10.2 Billion dollars, and the forecast for growth to about 28.8 Billion dollars in 2025, but the current growth rate is well beyond this range.

Q2. Is the service provided by the platform legal in all regions of the world?

A. Currently, all services that have similar properties of e-commerce, such as product crowdfunding, are legal. However, in the case of ownership / equity investment in real estate, companies, etc., laws vary from country to country in the current situation, but there is no problem in the progress of the platform. We will proceed by verifying the demanding KYC and accredited investor titles. According to the financial law, you must prepare Form C, such as Reg CF, but each country’s tax laws are the responsibility of individual investors and users.

Q3. What are the unique advantages of Pledgecamp compared to other crowdfunding platforms?

A. Kick Starter is one of the most recognized brands in the world and hosts the most influential projects like Oculus. We plan to address and overcome all of their shortcomings in the crowdfunding market. At the same time it is important to consider different competitors from different countries

One of the main weaknesses of kickstarters is that they only service about 11% of countries around the world, so other small competitors can exist and grow. We want to relive the kickstarter’s edge while using blockchain to solve possible scale and scope issues. We aim to be the most influential platform in the world.

Q4. How will you compete with well known companies like Kickstarter?

A. On Kickstarter, less than 33% of their users ever come back to support a second campaign. Their project failure rates (over 85% delay) leads to users abandoning the platform and stagnating overall growth. In addition, Kickstarter only accepts projects from 11% of countries in the world. Pledgecamp fixes the core problems with Kickstarter and their model, which remains unchanged since they first tried it in 2009. The opportunity to disrupt a large but stagnant industry is why advisors such as Randi Zuckerberg and more are so excited about Pledgecamp’s potential. We will leverage a superior product, our famous advisors, and our global approach with the community to establish ourselves against Kickstarter, and then eventually grow to be the #1 crowdfunding option in the market over time. We are already signing numerous projects to launch on Pledgecamp and will demonstrate Pledgecamp’s effectiveness with our 2020 launch.

Q5. Why blockchain?

A. Blockchain and crowdfunding are a perfect match due to the distributed nature of the communities in both. Through blockchain, crowdfunding can finally reach a global scale instead of fracturing into mostly local platforms by region. In addition, blockchain brings security to financial transactions in crowdfunding and for the first time can truly protect the whole “crowd”. A platform such as Kickstarter that has stated that they will not use blockchain technology in the future is limited by their failure to embrace the possibilities of new technologies.

Q6. Which features have you applied blockchain tech?

A. Numerous key features of Pledgecamp rely on blockchain technology. Primarily, the Backer Protection feature which is the key innovation of the platform. By performing escrow via smart contract, the exact terms agreed upon by the creators and backers can be encoded for free, without needing lawyers writing contracts or institutions charging for custodianship of fiat, and they can be 100% safe and reliable. All of the power rests in the backers themselves due to their ability to vote democratically on the blockchain, eliminating the cost of mediators or risk of endless appeal and arguing. In addition to Backer Protection, the PLG token allows users to back campaigns from anywhere without worrying about currency conversion, it allows payments between vendors on the platform, and it creates a gig economy where users can earn tokens by performing tasks for creators or the platform, turning the platform into a complete ecosystem that helps people make real money.

Q7. Specific roadmap?

A. Our #1 focus this quarter is launching successful projects with the opening of our platform. This involves sourcing, coaching, and technical setup of these campaigns. For most campaigns, preparing and executing a marketing plan takes several months of planning. Moving forward, the main priority will be to optimize our platform and services based on our experiences with these early campaigns, and use that information to grow our platform. We will execute our global marketing plan involving our advisors in order to gain mainstream acceptance of our brand. Our goal is to raise over $1M total for projects within this year, something Kickstarter took many years to accomplish. On the technical side, we will continue to build out features that help our users such as the Knowledge Center and Vendor Network, which will also serve as additional revenue streams.

Q8. Do you plan to localize the platform in Chinese?

A. Yes, we are currently launching in English, but we will be localizing in many languages. I think the first country is China.

It will be smoothly localized, and is expected to be available for about a year after launching, but basic functions will be localized in Chinese from launch.

Q9. What are your plans to acquire users?

A. Each project that lists on our platform will execute a marketing plan that brings traffic to their project pages. They are highly incentivized to spend their own ad budgets and PR plans to market their own goods, and we are using our years of experience marketing crowdfunding projects to help them spend more efficiently and connect them to other agencies and partners to help. Thus, every project on Pledgecamp will be its own marketing and PR boost for the platform itself. In addition to these projects bringing their own new customers to Pledgecamp, we will execute our own strategy to grow our user base. Gaining attention in the media as a “Kickstarter Killer” will be our focus, helped by our advisors who are established in the media industry (Randi Zuckerberg, David Ambroz [Executive Director, Disney TV Group], Keith Teare [Cofounder, TechCrunch]).

Q10. Alipay and wechatpay?

A. Yes, we are currently preparing for PSP-payment system processing with a focus on Asia, but we plan to build alipay and wechatpay through launching API to allow Chinese users to easily participate in the platform on the app / website at launch.

Q11. Is it a centralized platform? So how do you prevent illegal transactions from happening on that platform?

For example, if there is a possibility that token laundering may take place with precious metal as funding target,

Are there investigative procedures for investor’s funding sources?

A. The platform is decentralized, although individual transactions using credit cards are usually subject to the typical processing time as determined by people’s banks. We will cooperate with authorities in the case that they have valid warrants or subpoenas like any other company operating according to the law. In cases of illegal activity or other clear violations of the user code of conduct, the user’s account may be disabled to prevent misuse.

Q12. What mechanism would a decentralized platform automatically prevent such illegal transactions?

A. Could this user specify what they mean by automatically preventing illegal transactions? If a user is using a credit card, and the source of funds is from illegal means, then the user credit card issuer and payment processor hold liability for that user getting that cash into their credit card account in order to pay by credit card, which is legal. If the user is using blockchain currency which they owe taxes on, we can cooperate with their local tax governing body. If the user asking this question can please specify a more concrete example of an action they’d like to see happen automatically, we can certainly answer if it is possible or not.

Q13. Crowdfunding platform requires KYC process for creators to support stable investment.

However, there is also a risk of the creator’s personal info being leaked. What is the creator’s information that will be disclosed to the public and how is the rest of private information protected?

A. KYC is not required (and it is not required on current platforms either, such as Kickstarter), but KYC is encouraged as a way for creators to demonstrate their trustworthiness to backers. It is up to the creator to determine what information they are trying to share publicly, and they do not need to share anything beyond that. We use third party KYC firms that encrypt and secure all information so that there is little risk of users’ information being leaked, at least no more so than any other example where KYC is used in thousands of other instances in financial and blockchain applications.

Q14. What is the team’s plan on token price drop?

A. In the current situation, the platform will be operated through business-related progress, and future users will be able to participate in project listing and crowdfunding using PLG, stabilizing token prices and increasing demand.

As the business progresses and the platform is launched, users will be able to participate in project listing and crowdfunding using PLG tokens.

In addition, by continuously listing potential projects, we are creating an environment where users can actively participate and increase their chances of participation, and this will lead to an increase in demand for PLG. We are also preparing a plan for recovery.

The main goal after platform launch is to increase platform users and create sustainable business.

A beta version of the platform has been released, has been released to the public and is ready. Right now, we are actively recruiting project creators and future sponsors.

In addition to the United States, Asia will be an important strategic market for us.

In particular, Shenzhen, the center of China’s manufacturing and technology startups, is an important area for project sourcing and expects the project to play a significant role.

Our office is located in Hong Kong, which is an hour’s drive from Shenzhen to Shenzhen. We expect the first project group to start this quarter and continue to grow.

New features such as knowledge centers and vendor networks are also being developed and progressed along the timeline.

2020 is the year that Pledgecamp will become known to the global consumer market, and will reach our token and business achievement goals.

Q15. Is token trading legal?

A. Pledgecamp is registered as a corporation following the laws of the Cayman Islands.

In addition, we received legal comments from Malta, Singapore and US law firms to prove that PLG tokens are utility tokens rather than securities.

Since we haven’t yet published a clear guide to cryptocurrency in the United States, we cannot say that PLG will be treated as a utility token in the United States, but we have a clear opinion from a US attorney that we have clearly followed the guidelines of all regulations and guidelines. You have.

Singapore law firm-Dentons Rodyk emphasizes that he has issued a legal opinion in consideration of US regulations.

Q16. How is PLG used within Pledgecamp?

A. PLG can be used to back campaigns, pay users for services in the gig economy, hire vendors, and fuel mico rewards to grow the platform and user base. In addition, PLG is the key component which allows Backer Protection to be possible. As the platform grows, the amount raised by projects will presumably increase, and with that, so will the number of Backer Protection wallets filled with PLG increase. Finally, PLG is necessary in order to become a Moderator. Users must stake a minimum of 100,000 PLG to become a Moderator, although those who stake more will be compensated proportionally with listings fees according to the size of their stake, due to their increased investment in the health of the platform.

Q17. How is the CS transformation going and how is it used?

A. Currently there is in excess of 151.6 million CS staked and over 85 moderators, even before the platform has launched. While the platform is live, Moderators who retain their status will be compensated by the listing fees generated by the platform. Their job is to keep the platform healthy and act on violations of the user policy, and therefore protecting their stake and income stream.

Q18. Distribution schedule?

A. “Since we know that the current distribution is different for each investor, if you divide it and answer it,

Private Round 1: 3% distribution in August 2019, 38.8% distribution in November, and 9.7% each from the month of December for 6 months

Private Round 2: 3% allocation in August 2019, 14.55% allocation in November, 14.55% allocation in December, 24.25% allocation in January 2020, 24.55% allocation in February 2020, 9.7% allocation in March 2020, 4 in 2020 9.7% monthly distribution

Is going to proceed. “

Q19. Circulation?

A. As of January 2020, accelerators, listing fees, airdrops, marketing, supplier payments, private investors, and public investors are estimated at about 1.2 billion. Each month, 300,000,000 tokens will be additionally distributed, and for reference, the amount of circulation in January was 1.2 billion, and it will be 1.55 billion in February (see the distribution schedule).

And so far there are no official incineration plans. However, the quantity of PLG team part can be CS staked to prevent circulation.

Q20. Listed exchanges?

A. Currently, it is listed on the following 7 exchanges.

OKEx, Bittrex, MXC, Bilaxy, Bithumb global, Piexgo, and Bitsonic

Q21. Any plans for additional listings in the future?

A. The listing has been delayed due to recent accidents and regulations in China. Please note that unlike the team’s will, the market situation does not allow.

I know that some of the community has already traced the token’s path through Etherscan.

As you can guess, it’s hard to reveal the exchange you’re contacting publicly because, as you know, the exchange listing efforts so far can be frothed.

We plan to launch the platform first and list it on the exchange to provide additional liquidity once a response to regulations in China is in place.

For reference, the listing of the exchange is currently designated as one of the priority tasks of the plg team.

Q22. The current funding status of the cryptocurrency industry is not good.

How do you select good crowdfunding projects, launch them on the platform, and reach the expected return?

A. The focus of Pledgecamp is to fund products and companies of all industries. The majority of projects will be to fund physical goods that will be created and shipped to consumers. Blockchain plays a role as the underlying technology that enables our innovative features, but we are not catering to cryptocurrency projects and so do not expect to be affected by the funding status of the cryptocurrency industry as a whole.

Q23. Can you participate in crowdfunding campaigns with PLG and CS? What is the specific use case for each?

A. PLG can be used to participate in crowdfunding campaigns. It is a utility token and medium of exchange which is currently trading on several major coin exchanges, so it is a liquid currency. It is used to enable Backer Protection (the escrow feature) and as payments on various areas on the platform, including as payments to CS holders. CS is not a tradeable asset and it is not transferable among users. It is acquired by staking PLG to non-trading, so it is a measure of a user’s long term commitment to the platform. CS holders are empowered as user Moderators that help remove spam and user violations from the platform. In return for maintaining the health and growth of the platform as Moderators, they receive the resulting listing fees from projects in the form of PLG.

Q24. Due to China’s policy some early crowdfunding platforms are almost gone. While most IEOs aslo ban Chinese Participation, how will projects listed on Pledgecamp respond to these policy risks? Can Chinese participate in Pledgecamp crowdfunding?

A. Pledgecamp will not be hosting IEOs for the near-term future as the focus is on products-based crowdfunding. Chinese are able to participate in Pledgecamp crowdfunding and receive products as a result, because our crowdfunding does not result in the sale of securities.

Q25. What is the total supply of PLG?

What is the distribution plan?

How do you encourage users to participate in the project?

A. Total supply is 10B

“Since we know that the current distribution is different for each investor, if you divide it and answer it,

Private Round 1: 3% distribution in August 2019, 38.8% distribution in November, and 9.7% each from the month of December for 6 months

Private Round 2: 3% allocation in August 2019, 14.55% allocation in November, 14.55% allocation in December, 24.25% allocation in January 2020, 24.55% allocation in February 2020, 9.7% allocation in March 2020, 4 in 2020 9.7% monthly distribution

Is going to proceed. “

Q26. How much money do you have to deposit to launch a project? When can I get the deposit after the project is completed?

A. At this time, campaign deposits will no longer be required as part of the listing requirements.

Q27. Can the funding status of projects launched on Pledgecamp’s platform be seen on the public chain?

Can you help some projects get listed on the exchange?

A. If we do host token-projects in the future, we can certainly help as much as we can to get them listed and be successful. The same goes for any projects on our platform even if they are not token projects. We will use our position to help them succeed and deliver as promised to their backers. The funding status of projects can be seen on the public chain for payments through cryptocurrency, but because funds can be collected via credit card, those will not be visible. Backer Protection is powered by PLG and can always be viewed on the public chain of course.

Q28. If a dispute arises between a user and a project, what meditation does Pledgecamp take?

A. Pledgecamp does not take a mediator role because we empower the users to mediate the dispute themselves. Backers have the ultimate power because a 51% majority of voting power among the backers of a certain project can trigger the refund of the Backer Protection amount. Because this vote and refund happens through PLG and the blockchain, users are guaranteed to have this power without needing to go through the platform, submit appeals, etc. They can simply vote to the smart contract. It is therefore in the project creator’s best interests to set realistic expectations and deadlines from the very beginning, and maintain constant communication and trust so that 51% of backers do not lose faith and vote this way.

Q29. In a previously announced content, it is said that sponsors provide money to creators by voting, so how do you prevent malicious reading by some large-scale users?

A. I am not sure what “sponsors provide money to creators by voting” means. If I can understand the question, are you worried that malicious actors may sabotage the Backer Protection vote and use their voting power to cause a refund of Backer Protection? It is important to remember that Backer Protection is a last-ditch option. When a project is funded, a portion of funds is used by the creator right away to get their project started, while some portion is held in Backer Protection. If a manipulator votes to refund the portion remaining, they will still not get a 100% refund, and if they cancel it for no reason, they will also not get any product. So there is no incentive to manipulate the vote in this way.

Q30. How is the proportion of crowdfunding funds committed to Ethereum smart contracts calculated?

A. It is set by the project creator. If there is 0% committed, backers will see that they are not protected and possibly prefer to back a different campaign. Creators are therefore incentivized to offer as much Backer Protection as they can realistically afford. They also receive a discount on listing fees for offering more, so it is win-win for a responsible creator.

Q31. Why not to unite with the same token, but to pursue a dual token system of PLG and CS?

Isn’t the user’s convenience lowered? Please tell me the advantages of this?

A. CS represents a non-trading stake of PLG. PLG needs to remain liquid to be a unit of exchange, while it is important that CS is non-liquid and cannot be freely traded among users. Once a user has a sufficient stake of CS, they are trusted as a Moderator to keep the platform healthy and they are rewarded accordingly. Because CS takes 30 days to transfer back into PLG, the user cannot just come and go on a whim. They are making a commitment, and that is why they deserve compensation.

Q32. How do you verify the authenticity of the information provided, such as the progress of the project?

A. Because backers have the ultimate power with their vote on the smart contract, the burden is on the creator to supply enough proof to keep their backers happy and away from voting to cancel the project. Ultimately, proving yourself to a large and diverse group of financially invested customers is much harder and demands legitimacy rather than submitting proof to a single Pledgecamp employee for verification. Therefore, the creator will likely need to post verifiable documents, and more often than not real photos and videos that show real product progress in order to convince the crowd that they are authentic about their progress.

Q33. Why do you need to issue your own cryptocurrency without relying on existing cryptocurrency?

A. Creating our own cryptocurrency allows us to create the CS staking mechanism and creates a self-contained token economy where the success of PLG is tied directly to the success of the platform and the growth in platform listing fees. Because listing fees are collected in fiat from projects and used to pay our Moderators, this value motivates demand for PLG as more people seek to stake PLG into CS to become Moderators. There is an influx of real-world fiat value into the token economy and a cycle of increasing PLG demand in order to capture it. Using Ethereum for example would not allow us to have this token economy, and we would be more vulnerable to price shocks outside of our control, such as if Ethereum had a bad news story some day.

Q34. We know that some funds will be released when the project launched on the platform is achieved on schedule.

Does the sponsor evaluate the condition of the project?

Do you proceed with a complete decentralization process? Please tell me the specific process?

A. The funds are released on a schedule that is set by the creator before they collect any money from the backers. This is encoded into a smart contract that defines how much of the campaign funds will be held as PLG and on what schedule it will be released. After funds are collected and the project is funded, backers are then given 100% control over whether this schedule is to be interrupted or not. If the backers feel things are going according to the plan promised by the creator, the funds will continue to get released. If the backers decide that the creator has grossly mismanaged their funds or will be unable to complete the project, a 51% consensus at any time will immediately stop the schedule and release remaining funds back to the backers. There is not a specific voting day; each backer gets a “proceed” or “cancel” status button that they can change at any time, like an on/off switch. The creator can see how many backers have set their vote to “cancel” at any time while it is under 51%, so it can serve as motivation to provide better updates and communication when they notice more and more backers are losing their confidence. This process is completely decentralized because the control of the smart contract is in the backers’ hands via this voting mechanism, not ours.

Q35. How is the randomness of the 12 managers kept?

Is there a possibility of manipulation like steam?

A. The random call for the 12 moderators can be seen on the public blockchain so anyone can verify that it is truly random and not manipulated. There is no incentive for us as the platform to choose any one moderator over another, because the purpose of the moderators is to remove spam and violations on the platform, which is something that we want to happen in order to maintain the health of the platform. If there is a violation, a majority vote from the random moderators will clear it for us.

Q36. Actions like Backer Protection are good for sponsors, but the more these validations,

the harder it is to attract projects.

How will you attract them? In fact, isn’t it their unfavorable environment?

A. Any high-quality creator knows that a happy supporter is a profitable customer. If they do not trust you, they will not purchase from you. We’ve seen this first-hand from our years of experience on Kickstarter. The average funding volume is decreasing, trust is eroding, and less than 1/3 of their users ever come back a second time. If the creator is legitimate and sets a realistic schedule, they will receive all of the money anyway, and they will have benefitted from customers who feel safer supporting them with their money in the first place. Secondly, the more a creator is willing to put into Backer Protection, the lower their listing fee paid to the platform is. So a legitimate creator will have more trust, pay less actual fees, and still collect all of their money if they simply set good expectations and keep their word. It is win-win for everybody. Only creators who make unrealistic promises, can’t keep them, or are trying to scam people will find it is an unfavorable environment, which is why Pledgecamp is safer and more innovative than Kickstarter.

Q37. Many crowdfunding projects are unfamiliar with blockchain,

So how do you get them to accept the blockchain insurance mechanism?

How will you encourage them to process the PLGs they receive?

A. As we are recruiting projects, the blockchain aspect of Backer Protection has not been an issue or roadblock to their commitment at all. Some are curious how it works and we educate them, but most simply want to know what will happen to their money and how it works. Like using the internet, most people just want to know what the end experience will be for them without caring about understanding the underlying technology layers. Our aim for Pledgecamp was the same; use novel blockchain technology to bring new benefits to mainstream users without requiring them to know or understand blockchain. That is how we feel blockchain technology and dApps in particular will ultimately succeed in the market. To answer the last part, the platform assists them in processing the PLG they receive in whatever way they see fit.

Q38. As mentioned in the white paper, if the percentage allocated to Backer Protection is 0%, you will receive a 5% commission?

What is the difference between direct funding?

It is unlikely that they will be running crowdfunding with a 5% commission.

My understanding may be wrong, but please tell me the meaning hidden here?

A. 5% commission is the industry standard for crowdfunding platforms, including Kickstarter, Indiegogo, Gofundme, and more. If the creator offers Backer Protection in any amount, they will find that they will save direct costs by listing on Pledgecamp instead of anywhere else. They will receive a 1% listing fee discount for every 10% they offer in Backer Protection. In the end, if they make realistic promises and keep to their word, they will receive all of the Backer Protection funds, make their customers happy and loyal, and they will end up paying the least fees compared to a different platform. Everyone wins in this scenario, including Pledgecamp, because only with positive outcomes like this can the crowdfunding industry grow and be sustainable. Our goal is to become the default #1-option in the multi billion dollar industry, prioritizing a model of sustainability and growth as opposed to squeezing out the most fees here and there. With that strategy, crowdfunding can finally achieve its global potential and we can achieve a scale not seen before.

Q39. What is the random election process or formula of the moderator?

A formula using random numbers,

There must be a process of how the probability of being elected, etc. is calculated.

A. When a project is flagged by users for violations and requires Moderators to come review, the platform will randomly choose 12 Moderators out of all of the existing active Moderators. Each Moderator has a unique ID, and each Moderator has an equal chance of being elected. The Moderator then has 48 hours to perform their duty, and vote “yes” or “no” for whether the project is in violation of the community guidelines. If the Moderator fails to act in this time, they are replaced by another randomly selected Moderator and given a strike on their record. Three strikes and they will be suspended as a Moderator and no longer receive pay. You can read more about the process in our white paper and in this blog post: https://medium.com/pledgecamp/how-moderation-works-9c61161924

Q40. In the case of blockchain projects, ICO or IEO said that they would not proceed immediately, so how do you plan to fund?

A. In the current situation, it is currently pending because there is legality between ICO and IEO. Our Pledgecamp is not a platform for fundraising only for IEO & ICO, but will initially crowd-fund products similar to organizations such as kickstarters, and later for corporate stock fundraising, charity raising and p2p lending. We plan to launch with many verticals. IEO and ICO will proceed when it is deemed reasonable in the legal field, and Pledgecamp is a crowdfunding platform that emphasizes that it is not only a blockchain company.

Q41. What is the screening process of the blockchain project?

If the HQ judges first, then the moderator judges again,

Not only does the moderator’s role decrease, but the meaning of decentralization fades.

A specific selection process is required.

In addition to the blockchain project, is the general product campaign similar to the process?

A. Blockchain requires at least consultation and review with our legal team. Whether or not it is legally legal may be overwhelming for moderators, and since the moderators are randomly decided, only companies that are legally legal in the company will proceed. The role of moderators is still the same, but only the legal side has been reviewed by our company to decide whether to pass or not, and the company has been legally passed to the moderators.

Product companies are a little different. In this case, the moderators will decide. All companies must go through kyc when registering.

Q42. Is CS or PLG required to be selected as a moderator?

A. Staking PLG to CS is required. CS is required to be selected as a moderator.

Q43. Readability deteriorates from the current Chinese white paper.

In this state, it is difficult to appeal in China. How much effort do you want to make in the Chinese market?

A. Currently, the Chinese market is one of the markets we consider very important. In the white paper section, we will take care of a third party company, and we will be re-adjusted from the current white paper section to become a government official with many problems. Currently, the platform will be launched in English, but the second localization will be in Chinese, and the reason for the opening of a subsidiary through a Hong Kong subsidiary is based on companies located in Shenzhen, China. In addition, we plan to inform PLG to many people through community building and meetups, and we are first trying to recruit many good companies to launch on the platform and make it an ecosystem that can be successfully fundraised in the future. Currently, China is aware of the biggest crowdfunding market, and many marketing and efforts are now focused on Asia or China.

Q44. What will you do if similar projects copy open source?

A. Our priority is building our user base and crowdfunding community, and we are launching our first projects very soon. Just like for a social network platform like Facebook, the value of the product is in the community we build, so even if another project copies our features, they will be far inferior and behind us. We will use our first-mover advantage in the market with our new model of crowdfunding and utilize our A+ board of advisors to build the go-to crowdfunding platform of the future.

Q45. In the process of campaign pros and cons, when and how will moderators participate?

Need a specific instruction. I need to know if it’s after funding or before?

A. Moderators are called before the funding period is over. They do not evaluate whether the project is a “good” or “bad” product. They simply validate whether a project is in violation of the platform terms of service as reported by the community. In this way, curation of the platform is decentralized and owned by the community, not arbitrarily by us. These Moderators are required because we need a trusted subset of dedicated users to trust this power to (they have demonstrated their commitment because of their financial stake in the platform). Regarding whether a project is “good” or “bad”, or likely to keep their promises or not, that is up to each individual consumer to judge before giving their own money to the project. Evaluating how much Backer Protection the creator is willing to offer can be a good indicator of how committed and prepared this creator is. Ultimately, it is up to the crowd “voting” with their money whether or not a project is worthy of getting funded — not our team, not individual moderators.

Q46. How will you succeed if a project or product campaign is listed?

I wonder if you have a special strategy that is different from other platforms?

A. We are providing full support to projects that list on our platform in these early stages, including marketing and PR help with the help of our advisors. We also include numerous software and marketing tools that the other platforms lack, which you can read about in detail on our blog. But ultimately, it is up to each individual project to make their best first impression and market their own projects, same as on any platform. However, we fix the biggest problem that we saw affecting Kickstarter and other platforms, which is that so many projects fail that backers are getting tired of coming back and putting their money in. Less than 1/3 of Kickstarter users back a second campaign. By creating a new model that emphasizes responsibility, fairness, and decentralization, trust can come back into the model and therefore, more good experiences, more repeat users, and ultimately more money flowing into our projects.

Q47. Before the project or product campaign, I am aware of the HQ team and moderator judge projects…

How is HQ and moderator’s voting divided and how is the order organized?

Please explain the role of the moderator and the role of HQ accurately.

A. The platform’s role is to help these projects, many which are new to crowdfunding, understand how to best present and market their projects. We take on a role as host and mentor to these projects, almost like an advisor free of charge. We do not judge projects in the sense that we will prevent a project we don’t “like” or think will succeed on the platform. It is up to the community and crowd to decide if they “like” a project by demonstrating it with their money contributions. We also do not take a centralized role in removing projects we feel are violating policies. We believe in decentralization, and that is why Moderators are recruited and paid to perform this role of verifying and removing clear violations of our policies. These include things like provably fraudulent statements, illegal items, projects that exist to harm others, etc.

Q48. How to solve the lack of moderator expertise?

A. Moderators do not need expertise in projects in order to do their jobs: let me explain. Our team does not perform centralized “evaluation” either. There is no single team that can be an expert in every possible product now and in the future, and it is a flaw that Kickstarter has because when they “approve” projects, their users assume it means Kickstarter has validated the project and is safe to support. This is not true; they only validate that the creator has a legal bank account. We believe that recruiting the power of the crowd is the one true way to harness enough expertise to keep the platform healthy. Any user can spot a violation on a project page and report it. Perhaps in the community, there happens to be an expert in the project’s industry that knows what they’re saying is false, and can prove it with evidence. Perhaps there is some flaw with the project that is easy for one person or team to miss, but when thousands of strangers visit the page the flaw becomes obvious. If it is a case of outright fraud or false claims, users can flag the project and attach their evidence for the Moderators to review. They are not experts in the product; they are simply a jury of your peers that review the evidence and vote yes or no that the evidence is convincing, just like a jury in the court of law in the real world. In this way, the expertise is actually the combined skills and expertise of the entire community, which will only grow more powerful as the community grows, while Moderators are simply verification officers that are paid and motivated to uphold order. One final thought — if the project is not committing a clear fraud or violation, then it does not match the criteria to be flagged and the Moderators will not delist the project. If it’s just an issue that the project creator seems unprepared or the product is unlikely to work, then the community and any experts involved can voice their concerns and convince the community in the comments section. But ultimately, each member of the community has the freedom to decide with their own money if they are convinced or not, and is not up to a single entity whether or not this project should have a chance to succeed.

Pledgecamp would like to thank everyone who had participated in the AMA and look forward to hosting more in the future.