Ask Zeex CMO Apan Damri Anything — Solo Telegram AMA!
Zeex CMO Apan Amos Damri just held his first (mostly) solo Telegram AMA! We had a ton of participation and way too many questions and answers to list here, but we’ve done our best to include the most important ones. Topics ranged from what brands we’re offering now to the upcoming public sale and Whitelist applications, so take a look at the transcript and check out the full AMA on Telegram (t.me/zeexme)!
Q: Will you be taking suggestions on what brands people are most interested in or just the ones you guys pick?
A: Definitely! And in the near future, ZIX HODLers will have an integrated way to influence our business decisions.
Q: Why Zeex? Why not work on integrating this technology with your existing company Zeek?
A: Zeek is a fiat based company, and they’re centralized. There’s lots of great assets there, but Zeex is going to be much bigger than any one company or supplier, our list of suppliers is constantly growing, and we’re decentralized.
Q: How will the discounts work?
A: Gift card suppliers are obligated (within the smart contract) not to exceed the face value, if they want to be attractive, they offer discounts, but it’s never more than the face value. (GC suppliers buy in bulk and therefore get significant discounts on their stock).
Q: If I’m a reseller can I set up a storefront within Zeex?
A: Great question, we’ll talk about our long-term vision soon. That’s the thrust of it, including local and smaller retailers in the economy!
Q: Your soft cap is $14m, so why is your hard cap so high at $50m? And what would it mean for us if you hit your hard cap? Would we have access to even more valuable products such as football game and concert tickets etc?
A: The main difference between the caps is geographical; the soft cap allows us to open only US and Europe, but reaching the hard cap would allow us to launch globally at kickoff!
NOTE: The hardcap has recently changed to $23M as explained fully in this Medium post: https://medium.com/the-zeex-protocol/announcing-our-new-contribution-model-8b172f75ee6c . The hardcap was lowered to open the Working Capital Fund, which will replace the $27M of the $50M hardcap that would have been used for working capital.
Q: Most crypto currency holders that I know use their currency more as investments, either to hold or flip, but not to spend. How do you plan to make it more attractive for cryptocurrency holders to actually spend their crypto?
A: It’s about both value storage and currency. Currency cannot be real without the ability to use it simply. This is our feeling (also me personally) and the people that we talk to to on all channels. In my opinion you have to make it simple and attractive, so the potential discounts and staking are certainly attractive, and our app is super simple. We believe that most crypto holders would spend at least some of their crypto if they could, especially at places like Amazon. True HODLers will probably HODL no matter what, but if anything can convince them to spend their money it’s Zeex.
Q: Can you tip people like waiters and delivery men with ZIX?
A: If the waiter has an ETH address, then yes of course! ZIX functions like any other ERC20 and can be quickly and conveniently stored at and sent to any ETH address.
Q: Do you expect users to hold much ZIX or do you think they will use Zix as a middleman type currency as they shift their BTC for example to digital gift card currency?
A: We think they’ll hodl because of all the benefits ZIX tokens confer on them, from priority to payment!
Q: In your white paper you mention one of the problems with gift cards/vouchers being more susceptible to counterfeiting and double payments. Does this mean that your sister company, Zeek, has been losing money or been a victim to these issues?
A: On the contrary, the state of the art fraud prevention systems that Zeek developed kept them safe and gave us an amazing starting point that would have taken us years to accomplish without them.
Q: When will you be releasing token supply information?
A: Token supply will be determined shortly before the public sale. We’ve already set the ether rate at 1 ETH = 5000 ZIX, and right before the public sale we’ll lock in an ETH price which will give us a total supply.
Q: If the store employees don’t know about Zeex or crypto, can I still pay with Zeex? Is it complicated?
A: The store employees don’t have to know anything about crypto or Zeex, all they need to do is scan the bar-code on your phone with the scanner they already have. The only thing the store employees have to deal with is their own specific gift card! You can walk up to the cashier and buy a gift card while they’re ringing up your purchase, then just flash your phone screen to be scanned and be on your way with your products!
Q: How does Zeex make money if you don’t charge fees?
A: Zeex doesn’t make money from the gift card margins, if we’ll do that, we’ll be centralized. Our business model includes provision of financial services to the gift card providers, marketing, onboarding, support etc. This way we don’t have to charge users any fees.
If you have any questions we haven’t answered here, let us know! Join us on Telegram (t.me/zeexme) and get quick, simple answers to your toughest queries today.
