TOP Network 3rd AMA Recap
TOP Network is chosen to be the first project on Huobi Prime, and it was officially launched on March 26, 2019 (GMT+8). For this breaking news in blockchain industry, TOP Network has drawn extensive attention home and abroad. In order to cater to TOP community’s enthusiasm and strong desire for more information about TOP Network, we held our 3rd Ask Me Anything (AMA) this week in our Telegram group. Here’s the recap of this AMA:
Q1: TOP Network is going to be the first project on Huobi Prime. How did that come to happen? How come you chose Huobi over other exchanges?
Huobi wants to choose the very best project as the first project on Huobi Prime. They checked over hundred projects. In the end, they chose TOP Network as the first project. We decided to list through Huobi Prime because we value the partnership with them and their active user base. Also, the communication with the Huobi team has been very smooth.
Q2: How will the launch on Prime benefit TOP Network?
The bear market has slowed down the development of many high-quality projects. The goal of Huobi Prime is to support high-quality projects that can bring real values. Other than the listing on Huobi Prime, Huobi Prime also provides us with services including consulting, marketing and trading. This will really help TOP Network develop and realize our vision soon.
Q3: What is the goal of TOP Network launching TOP Token?
TOP is purely a utility token. It needs to circulate in the public market so people can use it in the TOP ecosystem. We have real use cases for TOP Tokens and we have real users. We also have novel technologies. TOP Token will have strong value support as a utility token. Getting into CMC 50 is very possible.
Q4: The price of TOP Token on Huobi Prime is lower than that in seed round, why is that?
In the several rounds of private fundraising, TOP Token is pegged to ETH price. For the seed round, 1 ETH = 122500 TOP. It is far cheaper than the Prime price. In the past nine months, there has been a big bear market, so the price of ETH has dropped a lot, and it seems like that the cornerstone round investors have lost money. However, since we have chosen a pricing system, we should stick to it, because this makes it fair to everyone.
Q5: What is the value of TOP Token in TOP ecosystem? How can we mine TOP?
TOP Network includes two parts, decentralized communication cloud services, and a high-performance public chain. In the decentralized communication cloud service, users pay for the services with TOP Tokens. Users also need to deposit tokens to reserve services as the resources on the communication cloud are limited. On the public chain, TOP Token is used as currency like in other public chains. Mining will be available upon the launch of Mainnet in Q2. There will be two types of miners on TOP: service miners and ledger miners. Service miners get token rewards by providing communication services. Ledger miners verify transactions and execute smart contracts to mine tokens.
Q6: Video conferencing company Zoom is planning IPO, and Eric Yuan, CEO of Zoom is one of the advisors of TOP Network. Do you have any comments on that?
Eric is the chief advisor of TOP Network. We were together in the team I built for Zhu Min, former CEO of WebEx over 20 years ago. Zoom is now basically a 10 billion dollars company, and you can see how big the communication market is. TOP is building a decentralized communication cloud service offering all kinds of communication services, including VoIP, proxy, messaging, storage, CDN, live streaming and more. We believe that there is a huge market and huge potential for TOP Network.
Q7: Telegram is also working on decentralized communication. How is TOP Network different from Telegram?
Telegram has not released any updates since the private fundraising, which is totally against the open, transparent nature of blockchain. TOP Network will launch the Mainnet in Q2 this year, and TOP chain will be the first public chain in the industry to have a massive user base. Telegram is actually not building a decentralized communication network. At this moment, nobody knows what Telegram is doing. All that we know is from the whitepaper they released more than one year ago. Based on their whitepaper, they will build a decentralized proxy network, aka, VPN. TOP Network offers messaging, calling, VPN, CDN, storage and IoT services, A full-stack communication network.
Q8: How do you put communication services like calling and video calling on the blockchain? How to ensure the quality and timeliness of communication?
This is probably a misunderstanding. TOP Network is a decentralized communication network. in plain English, it is a P2P communication network. This part has nothing to do with the blockchain. However, this P2P communication network needs a ledger, a super fast ledger, which is how TOP Chain kicks in. Basically, TOP Network has TOP Chain, which is a general purpose public blockchain platform. The important thing is that TOP Chain has to provide over 50K TPS.
Q9: When will the whitepaper be available in other languages? For example in Chinese.
We are going to release translation bounties soon to let the community help with material translation. Stay tuned! We really welcome our community members to translate the whitepaper to multiple languages.
Q10: What is the vesting period for team members?
Team Vesting Period: 12 months lock-up, then vest over 24 months
Foundation Vesting Period: 12 months lock-up, then vest over 24 months
Mining Release: Mined in 20 years after Mainnet, halves every 4 years
Partners, Market and Advisors Vesting Period: Initial release of 5%, remaining 12 months lock-up, then vest over 24 months.
You could click here for more details.
Q11: Can you tell something about the partnership with Quark and Beam?
Quark and Beam are very interesting projects. However, they are not our official partners at this moment.
Q12: What will the tokens start out as? Erc-20?
Yes, TOP Token starts as an ERC 20 token. After the Mainnet is launched, ERC 20 tokens will be mapped to the native token.
Have more questions for TOP? Join our Telegram group and you can talk directly with TOP team. We are always here to hear your voice.