Last month, the project entered the final straight in preparation for the first release and enhanced its external communications and interaction with Waves Platform.
Partnerships and Communications
The Q&A session of Eugene Dubovoi, a Founder of the project, were the main information event. We made the wide announcement of this session and of the project progress in the community of the Waves blockchain platform, the SIMDAQ partner and an accelerator. We present answers of Eugene Dubovoi to the key questions of the session in our monthly review.
You can read an article for the Waves community on how the project develops at this link: SIMDAQ on the Way to the Launch — Your Entry Point to the Digital Assets. The active community of crypto-enthusiasts arranged around one of the most successful blockchain projects in the world, is interested in appearance of such a tool for the development of the digital assets market as our platform, and we are preparing to more intensive cooperation.
The use of Smart Contracts of this platform when creating the marketplace for SIMDAQ will be another effective example of interaction with Waves. In early May, Waves announced the launch of non-Turing complete Smart Contracts, and Turing-complete Contracts will be launched in the future. Our team is studying and preparing to apply these new tools when creating a platform for cryptotrading.
We widely announced the news about the application of Smart Contracts and received a response in the media and in Waves’ community channels.
The SIMDAQ team develops its own channels of interaction with the community, laying the foundation for the active stages of the marketing campaign. We have started publishing more detailed articles about the project and the features of the product, as well as educational content. The presentation of our IT Director Igor Ryabkov, who promptly took the technical part of the project to a new level, implemented the development environment according to the agile principles and formed an effective team of programmers, is among the first blog posts about the team.
The content component of the external communications started with a series of posts about the choosing of exchanges in the digital asset market. The content is an important part of the project; it will actively develop both within the platform and as an external marketing tool. You can read more details about the marketing plans and project development strategy, as well as other issues of interest of the community in the Q&A session right after the development news chapter.
Development News
Last month, we made the transition to a new level in the project development. Over the past month, we were able to almost completely document the association between the interface and server logic. The only thing we need is to complete it for the quest support system.
We developed the platform modules separately from each other at the first stage after the design. We moved along the way “from the bottom upwards”, and then we partially tested the modules for compatibility.
The design development also was performed in a parallel course. This approach was objectively required, as in fact, we prepared the basic things for launching the platform prototype. Earlier, at the output of the IT team, we could see mostly web services, sometimes supplemented by a simple functional interface. Their complexity and functionality was huge, but not obvious to people who are not engaged in the IT field.
The functionality and interface integration achievements that have been developed to date allowed us to launch the development and tracking environment on an ongoing basis. Project participants may see the developed functionality in the form, in which it will be presented to users of the SIMDAQ platform, in online mode in this environment. Within the agile philosophy, new opportunities, which are put in the target system, constantly appear in this environment. This approach to development helps each participant to see the results of his/her work, realize the importance and usefulness of his contribution, timely correct deficiencies and make correct functional decisions.
Currently, in addition to authorization, the basic user parameters, such as name, experience, balance, avatar, etc., have been already worked. Such functions of the trading simulator, as the process of trading itself, statistics collection and report construction, are in the process of filling. The development of the functionality of the main menu has begun, and works to construct transition animations are underway. The layout of the main page of the personal account is actively being conducted.
Key answers in the Q&A session
Eugene Dubovoi, CEO and founder of SIMDAQ
About project strategy
We are saving our best marketing weapons for the product release to make sure that we spend our investor’s money 100% efficiently. Once we are closer to launch we’ll have lots of thing to tell people to make a batch of organic marketing.
We could start doing it now, but we are trying to get the right timing so that we are able to keep people warm right till the release date.
We all believe in SIMDAQ because it’s about the economy of future. We don’t advertise the ‘holy grail’ that will make everybody rich in couple of days but we are sure that in the nearest future skills for living in digital economy will be required for everybody same as maths and people will start learning it in schools. Our idea is to put SIMDAQ in this position when it really helps people and this is what we believe is a key to success besides strong marketing plan and product itself.
The whole idea of the SIMDAQ marketplace is that the platform will grow organically letting people to create the content promoting the platform itself. We are working on creating a group of dedicated content creators first and after that will go to everybody we could reach.
After the ICO the situation was pretty complicated. We had certain plans for creating pump and pushed a lot of resources on that that helped us to finish the crowd sale in 28 hours. And the plan was to keep pumping it, quickly release the product as is (mainly a little bit updated beta version) and keep up the momentum. But during the day of our ICO ETH went from 1250 to 950 and 30% down in the next week. In this case we couldn’t risk with investor’s money putting them into marketing activities that may not bring the result. We believe it was a right decision as 90% ICOs fail now. Most people want to stay in crypto cash position. So we had to change the plan and focus on building a solid product and very cost efficient marketing. Building the product in a proper way now will help us to get the required momentum after the launch not fighting with bugs and focusing on improving the product. The marketing activities will serve both token price increase and user acquisition.
After the release we need to be fast for developing new features and content. We got some brilliant minds on board who will make a flexible and well managed technical system that will ensure the product growth. Our current timetable shows that we should definitely make a release before the summer ends.
SMQ market and exchanges
We are getting prepared for listing now. The situation with exchanges is not so easy, there is a big delisting risk if you are not well prepared and we take it seriously. As a part of preparation activities we are finishing testing of our own trading bots that will help us to keep trading volume. Once we are a little bit closer to product launch will definitely add Tidex. The turnover has already exceeded $100,000 per day for a considerable time and we’re negotiating the addition of a token to the Coinmarketcap list.
After the launch or at the moment of the launch our plan is to get listed in some big exchange. Due to the specifics of the product our preliminary talks with exchanges are pretty fine. I can’t guarantee it will be Binance, probably will have a community voting to get the rating of desired exchanges.
Project details and plans.
Data
We are expecting to get 10 biggest exchanges on board for data from the release date. Our CTO did great job, some kind of magic for extracting data.
Tournaments
SIMDAQ concept is about being your entry point to the digital assets world. We have certain gamification mechanics that help people to get into crypto world. Tournaments and different challenges are here to keep you entertained and help you get into. The winner gets a reward and you could bet your SMQ to increase the prize pool. This is a very good mechanic and we hope to make it decentralized with smart contracts.
Mobile app
This is not included for initial release, but we understand the world goes mobile and we’ll have the app eventually.
Collaboration
We are opened for collaboration with everybody, but we are more focused on building connections with companies like Bloomberg. We need to reach people from real world and be an entry point for them to a crypto world of digital assets.
Bounty
The reward based campaign is coming. Moreover, as a part of gamification engines you will be able to earn some SMQ in the platform and unlock platform features with that. We’ll be expanding on gamification mechanics in the next updates.
Derivative trading
We have a big roadmap and we will be adding lots of features for trading. The first step that we’ll be doing is connecting and aggregating existing crypto exchanges for the SIMDAQ tools and we may later think about derivatives.
Open code
We are not yet sure if we should make the product open sourced or not. This is basically a commercial platform with business basically made in SMQ turnover. Usually commercial product don’t open their code. But this is something we still think about. Being opensourced has its own benefits and drawbacks.
