Updates
Martin: I brought on a team to handle the CM (community management) work and delegated the duties to them. So that it'd free me up to work on the rest of the work with the others. The work that's supposed to be bringing in the launch and success of the project. We've been putting out more updates, even videos and announcements. We've completed our PowerPod MVP. Working on the completion of the first phase of Synergy now, so we can carry out the Alpha test in a couple of months (official will be made, since I was the one who sanctioned the calendar) We've also been busy engaging the big energy cos... so yes, the team has been busy.
Q: So late September should be the testing for the marketplace and PowerPod
Martin: PowerPod test went well. we're ready to deploy them as part of the alpha. Alpha will test out Synergy and allow for simulated trades.
Tokenomics Update
Martin: We shot 2 more vids today. One is a precursor to the tokenomics update. The other is an intro to two new team members. First of a series of blogs about them will be out... reckon, this week. My vid about it should be ready next week. These couple of weeks will see them in writing AND in a vid
Q: Martin, people want to be assured that the tokenomics will work in a way that is beneficial to the price moving forward, and will have added incentives to make the circulating supply drop and demand go up, and accordingly, price go up
Martin: Oh, it will. It's been designed from the get go for deployment on a main grid. hence the need for large partners. We've been talking to grid operators in 3 countries.
Main Grid solutions
Martin: This isn't a solution that's like an app that delivers, say ice cream on block chain. This is energy trading ACROSS a main grid! Like seriously, grid level solutions take ages to deploy. Projects dealing with microgrids are still struggling a year after they were launched. So really, give this some time. There are weeks upon staggeringly slow weeks of meetings and spec-ing before we can even scope the solution... and these are backed by days of research.
Because EVERY deployment will have to take into account each operational scope's regulatory and grid operational requirements. Microgrids operate in small scale amounting to 10s of users A main grid operates across a city wide scale able to touch thousands, if not millions of users. Think for a second... if you had a project... that could scale... would you be bouncing everywhere in the world, deploying microgrid after microgrid, instead of just sinking roots in at least ONE city and scaling? We're not a get-big-fast project. We're a utility level project. And ANY impact on utility that involves integration with any grid infrastructure will take time. It's not a matter of hunkering down in a little basement and hammering out code. If it were that easy, we would have done it by now and "delivered"
People challenged us months ago when I announced TEPCO... why do we need to work with a big boy? Did we sell out? Etc... The fact is if we want to make a change to the grid, we need to engage the grid level guys. That's regulators and the grid operators. Build a micro-grid and you can pretty much throw money at the problem. On a main-grid... it's just a hard grind every day
Exchanges
Q: Hello Martin I want to ask about exchange did you arrange to add more exchange because KuCoin and other exchange is full of bot.
Martin: We've been talking to different people for ages about exchanges
Q: We also want exchanges with liquidity. Asian exchanges especially considering the location of the project.
Martin: Add my vote to this statement
Token price
Q: people are upset about price, and want to know about tokenomics ASAP.
Martin: Yeah, I reckon that was the case. But the truth is even if I draw out the tokenomics, the price won't go up I wish I could but I really can't move the market.
Q: Any comment on your token ranked lower than BitConnect?
Martin: Yeah.. it sucks. I didn't move the price down. None of the team did.
Token price and retailers
Q: Are they more pleased when the price is sub 1 cent?
Martin: They have no idea what that means. We're looking to solve the problem across a main grid. Even from a token use perspective, you can understand that with such a volume of transaction, the use of token will be significant, especially when coupled with a deposit mechanism
Deposit
Q: I think a good token staking model that works for small and large prosumers (non-linear) will answer almost all investor concerns.
Martin: Yup. There's a deposit model. It's been mentioned in the whitepaper. AND we're addressing it in even greater clarity over the next couple of weeks.
Q: How exactly will staking for producers work with a varying token price?
Martin: Deposits will be made in a fixed amount of ELEC. We're putting a paper out on that with the calculations and the details. Stay tuned.
Q: The amount of token needed to stake per kWp will constantly be adjusted.
Martin: Nope. it will be reviewed at a set period. Right now we're hoping to do an annual review. But if the price is volatile, like if it keeps rising, we may have to carry out a 6-monthly or quarterly review
Q : What if you let the big companies stake tokens in USD equivalent value?
Martin: The operative word is "equivalent". Grids operators transact in the order of Terawatts of power a year. Regardless of which valuation, in USD, SGD, Yen, ELEC, (or) ETH, the amounts will end up HUGE.
Q: I thought perhaps that might be where the AI component could come in.
Martin: We toyed with that idea but a constantly fluctuating/adjusting price would make it impossible for a new entrant.
Jun Hasegawa as Advisor
Q: Martin about Jun OmiseGO it continues to be our advisor
Martin: Yes, he does.
Token Model and Equity
Q: Token provides friction and volatility makes it a nightmare.
Martin: Ironically, tokens are supposed to reduce friction.
Q: Have you considered scrapping the counterproductive token model and just giving token holders equity?
Martin: That come sooooo close to being a securitised token it actually IS!
Q: Go through security regulators, you have the funding.
Martin: From a philosophical position, it's this transitional period that could take years that's inefficient.
Q: Securities are not evil.
Martin: They're not. But this ICO is done and dusted. Would you prefer we suspend everything indefinitely while we attempt to teach regulators about tokenised securities and THEN get back to business?
Q: Just hand out regular shares
Martin: Just. Hand. Out. Shares. There are laws and regulations about that
Q: You have the money to psy lawyers.
Dude, it's not about lawyers. It's about lawmakers. lawmaker > lawyer
Q: There is no way to justify valuations for "utility" tokens. Now that the bubble popped and the market is sobering up either we are holding worthless tokens or the tokens have to change
Martin: That's ONE way of looking at it. Or you can trust that the token will have utility and the move in valuation will occur according to Keynesian economics and the quantity theory of money.
Token Burning Q: Would you be open to a buyback and burn like Binance?
Martin: We have a finite amount of tokens, so burning is out of the question. BUT In the tokenomics, there is a mechanism for locking up of a large amount of tokens, effectively taking them out of circulation.
Token Sale
Q: Did any of the team sell tokens?
Martin: Dude, I haven't even got my tokens yet! What do we have to sell?
Q: The reason why people ask this question is because it seems some of the big investors from the ICO decided to dump a large amount of their tokens. It seems a couple of them sold over 10m+ each
Martin: No one on the team has. Presale? That's wholly up to the early contributors.
Locked Tokens
Martin: The presale contributors had their tokens split up into 2 tranches. 50% was distributed 7 days after ICO closed, and the remainder was distributed 90 days later. In effect, they had no access to them for 90 days
Q: (Suggestion of locking of tokens) 6 months minimum. 100% of allocation. as they received big discounts
Martin: No one received a discount from us. Heck, I even got a ton of crap for it before the ICO
Publicity
Q: Price doesn't concern me right now because I know there's not enough liquidity. What I really want is enough publicity to crypto community about electrify so that when bull run comes back in oct 2018 or January 2019 then it reaches minimum 1$
Martin: We're doing what we can with publicity. That's what Korea was for: getting the interest of one of the largest retail crypto markets around
Electrify.Asia and competition
Q: Is there anything else besides the MOUs? What are you trying to do better than your competitors? Hardware? Marketplace? Your take on it would be interesting
Martin: This has been answered a great many times. SO let's looks at just ONE thing we're doing different: SCALE. We got the interest with the 4th largest power company in the world. And the 2nd largest energy storage company in the world wants to explore deployment of our solution. like, guys, this isn't MS Office here. These big guys aren't going to waltz up and just buy a license and deploy.
Linking Electrify.SG with Electrify.Asia
Q: Would you be able link or mention electrify.asia on your main electrify.sg website by any chance?
Martin: Yup we definitely should. Would help our SEO/SEM We're regularly mentioned in the press as one unit, so shouldn't be a problem.
The public and Cryptocurrencies
Q: But surely there must be some advantage in pitching a 1 cent token to a 20 cent token.
Martin: >90% of the world, the population, don't give a damn about crypto. They don't know and they don't care. So how do we apply a blockchain solution for them with a working tokenomic fundamental if they don't care? How do we "sneak it in" as it were?
Q: Or you keep your tokens rate fix for them?
Martin: No. That's not fair to our community. And it's a disincentive to participate. Also opens up a HUGE problem of arbitrage by taking away exchange risk.
Q: And the price must concern them if they’re forced to purchase tokens.
Martin: These operators, like >90% of the world, operate in fiat. The reality is that most people don't know and they don't care.
Q: I don't think it is too much to ask a large power company to understand how crypto works. They have some bright people. It’s not beyond them.
Martin: Nothing is beyond anyone. But right now, the space is still too undeveloped and no one wants the risk.
Q: I struggle to believe a commercial entity would not ask about how much it would cost to buy your tokens and by pleased by the sharp drop.
Martin: Well, however much you want to make expectations about how another company would operate or behave, the realities can often be disappointing.
Q: Why use a token-centered solution then?
Martin: because it works. an economic incentive is what assures good behaviour on a model like this. I've spent several days over the last few weeks carrying out blockchain 101 sessions for various people connected to TEPCO... You've no idea how hard it is for the uninitiated to wrap their heads around the concepts.
Q: Omg dex will seamlessly allow fiat crypto exchanging. At least that’s the goal. So essentially you could get electricity on electrify never having to touch a crypto coin. That's also the purpose of the Electrify eWallet. Nobody using the system needs to understand exchanges or crypto at all.
Martin: exactly. Like when you use Uber or Grab or Lyft, you don't know the mechanics of how the wallets work... and you shouldn't have to!
Q: It’s surely less frightening to say you have to buy 400,000 tokens at 1c as opposed to 20c or 1 dollar.
Martin: It is, but a token is divisible. Surely you're not suggesting we're keeping the price depressed because of these big guys! Holy crap, that's like saying I should slice my nose off because it's ugly. 18 decimal places, dude.
Related article: https://www.google.com.sg/amp/s/cointelegraph.com/news/how-many-americans-really-own-crypto-skewed-results-of-polls-and-surveys/amp
Marketing and potential investors
Q: Is an aspect of the marketing strategy to limit exposure to potential investors because of the onslaught of questions/pressure on team to answer to more investors? I ask because it seems like the team is overwhelmed by us and our questions sometimes.
Martin: I'll admit, we are.
Business Model
Q: (Electrify) want to piggyback off existing electricity grids, other projects are going building from the ground up microgrids?
Martin: A main grid operates across a city wide scale able to touch thousands, if not millions of users.
Q: Devil’s advocate here but isn’t that essentially the goal of most power projects, get used on a main grid?
Martin: You'll have to ask them. We designed our solution from day one to operate on main grids.
Electrify’s Revenue
Q: I hope you’re getting paid in USD and not ELEC.
Martin: As a measure of good faith, we're getting our rev in ELEC.
