PART 1. Introduction of Cribnb project and community questions.
Hello, Satoshi clubbers and guests of this site. Let’s talk today about the first decentralized and interoperable platform for renting and sharing.
Cribnb will be the first decentralized home-sharing network built on top of a set of Crib Protocols on Polkadot that connects hosts with guests.
The plan of AMA session:
- Part – Introduction and preselected questions.
- Part – Live questions
- The Quiz about Cribnb
The reward pool is 500$
Leading the AMA our clever and fun admins:
Mary | Satoshi Club – @Satoshi_club
Gold Rocket | Satoshi Club – @GoldRocket27
The Representative of the project:
Kirk Fernandez – @Krik_fr
Introduction of Cribnb project.
Mary | satoshi club:
Hello satoshi club! We are happy to announce our ama session with CRIBNB! Welcome to satoshi club😀
Gold rocket | satoshi club:
Welcome to satoshi club @krik_fr😊
Kirk fernandez:
Thank you very much everyone for having me here today! For the great opportunity
Gold rocket | satoshi club:
We are delighted to have you here today.😁
Mary | satoshi club:
Hello, welcome here! How’s going?😉
Kirk fernandez:
Its going great! Thanks again guys 😊🤝
Mary | satoshi club:
So, let’s start 🚀
Kirk fernandez:
Yes, let’s do this 😊
Gold rocket | satoshi club:
Introduce yourself please.
Mary | satoshi club:
And tell us more about CRIBNB😀
Gold rocket | satoshi club:
How did you get to be involved in crypto & CRIBNB (https://t.me/CRIBNB_discussion)?
Kirk fernandez:
Our core team is composed of former engineers and product managers who have developed and maintained software programs for major world-wide recognized hospitality companies such as hilton, marriott and ramada software programs include system 21 (onq), pms (property management system). We bring years of experience in software engineering, entrepreneurship, and business development especially in hospitality industry. I, myself, kirk fernandez have worked closely with hospitality industry companies for years. I had the opportunity to open my own business (network installation company) at the age of 22 in Oklahoma city, employed fellow programs to work with small businesses to help them run own intranet, customer relationship management (crm) and collaboration software. I have had a chance to set up and participate pre-opening events of many well-known hotels around the world, some of them include hilton bomonti in istanbul, hilton hotel in middle east.
I have been involved with crypto and blockchain technology for the past 4-5 years and always had a goal to build something big on blockchain until CRIBNB idea was introduced by one of my fellow team members. CRIBNB will be truly decentralized community governed ecosystem which will bring p2p share, short term renting into blockchain by introducing 0% commission fees to its users.
Mary | satoshi club:
When did you start to develop CRIBNB?😀
Gold rocket | satoshi club:
You have a great background and a great business idea! Well, tell us about the tools! 😉
Kirk fernandez:
We have started building CRIBNB since November 2020 and have been building since.
Mary | satoshi club:
Kirk, thank you for your intro! Are you ready to go to the questions from our community?😀
Kirk fernandez:
Thank you very much, Mary. Yes, I am 😊👍
Mary | satoshi club:
Let’s go 🚀
Preselected questions about the Cribnb DeFi project.
Gold rocket | satoshi club:
Q1 from telegram user @konditer_rolex
How was the name of the project born? What is “CRIBNB”? And how did the idea of creating such a startup appear? During the pandemic, the flow of tourists decreased, and there are fewer people who want to live in hostels. Your project can be insanely useful for travelers, but what are you ready to oppose to competitors in these harsh conditions?
Kirk fernandez:
Very excited 😊
I have been working in the technology and hospitality field for years. I and my team members have been traveling a lot for a job around the globe. While traveling I always fascinated by blockchain technology and wanted to integrate this technology into the travel industry but at the same time create additional value. Especially, when used services like Airbnb, so the idea was born. We want to create value for hosts, guests, and as well as early investors in our project. CRIBNB is a decentralized short-term rental ecosystem that will use blockchain technology to make the rental process less costly and more convenient and secure. The transparent ecosystem with verified information on hosts and guests will foster trust between the parties and help build additional value for users. CRIBNB’s decentralized platform will reduce traditional frustrations, scam rates, time delays, and friction points in the rental process to benefit both hosts and guests.
Gold rocket | satoshi club:
Great answer👏
Kirk fernandez:
Thank you very much 😊
Mary | satoshi club:
Why we need blockchain for this, can you explain to our members?
Kirk fernandez:
Building sharing system on the blockchain will eliminate the need for middlemen and data silos across thousands of platforms selling users personal details. Users will be in control of their own information and transactions.
There are so many reasons why the blockchain is perfect for the home-sharing network that CRIBNB has positioned itself into. Here are 5 main ones:
- Can’t be controlled by any single entity
- Can’t be corrupted by malicious attacks
- Are fully transparent, trustworthy & immutable
- Have fast transaction speeds & low fees to any internet enabled computer in the world
Mary | satoshi club:
Yes, these reasons sound logical 👍
Kirk fernandez:
Thank you
Gold rocket | satoshi club:
Thanks for your answers! Ready for the next question?😊
Kirk fernandez:
Yes, I am 😊
Gold rocket | satoshi club:
Q2 from telegram user @korryl
CRIBNB is a decentralized rental ecosystem using the power of blockchain. But can you explain in a simple way how the rent system work inside your platform? For example, I want to rent my house, how will I able to use the service that CRIBNB offers? How is the payment system and verification in CRIBNB?
Kirk fernandez:
In order to use CRIBNB, users have to first sign up and go through a basic KYC (know your customer) process to ensure that users are real and authenticated. We will be integrating a third-party verification system for KYC. To ensure privacy and keep gas costs at a minimum, reviews are encrypted and stored off-chain with only a hash of the review being posted on the blockchain. Once users initiate a transaction it goes thru the payment system and funds will stay in transaction protocol until service is fulfilled. In order to receive the full benefits of the CRIBNB system users need to stake CRB tokens.
Mary | satoshi club:
Sounds easy 😉 when do you plan your platform to go live?
Kirk fernandez:
Our MVP is scheduled to launch by end of July and early August, and our initial staking around the same time, the mainnet is planned to launch at the beginning of next year.
Gold rocket | satoshi club:
Great concept in my opinion👍
Kirk fernandez:
Thank you very much for your positive feedback.
Mary | satoshi club:
Will it be in the beta version for the beginning?
Kirk fernandez:
Yes, the beta version will be launched in q4 of 2021. So far, we are on track with development. Looking into hiring an additional 2 more dev team.
Mary | satoshi club:
Will early users have benefits? 😉
Kirk fernandez:
Yes, for early users benefits include passive income from our staking protocol, and 0% fees for platform usage when they use CRB tokens, also speed and security as well.
Mary | satoshi club:
That’s great! And my favorite question 😂 do you plan to audit the platform before it will be available for use?
Kirk fernandez:
Yes, we have already audited our CRB token contract with certik.io and we have partnered with them to audit all our smart contracts.
Gold rocket | satoshi club:
Safety first! 👏👏👏
Mary | satoshi club:
Fantastic 🚀
Kirk fernandez:
The audit report is available on our website and certik.io as well.
Mary | satoshi club:
That’s great because it shows that you care about your users security! Thank you for your answers! Ready to proceed?😉
Kirk fernandez:
Yes, that’s our priority. Therefore, we have audited the contract before starting our public sale.
Gold rocket | satoshi club:
Thanks for sharing
Kirk fernandez:
Yes, I am 😊
Gold rocket | satoshi club:
Q3 from telegram user @indomiekuy
CRIBNB claim to have zero fees for all of your service in CRIBNB platform, so my question is how CRIBNB get fund to maintain the project and create new development? How is your business model to get income for the project?
Kirk fernandez:
Currently, centralized home-sharing platforms heavily rely on multiple intermediaries to conduct transactions which add additional costs to hosts and guests using their services. The costs end up being between 10 to 20% which include platform fees, financial institution fees, foreign transaction fees and currency conversion fees. However, CRIBNB will charge 0% commissions to hosts and guests utilizing our CRB token. Thanks to our smart contracts automating transactions will bypass commission-based platforms, financial institutions and currency denominations because using CRB token will avoid foreign transaction fees or currency conversion fees, and all savings will be passed on to hosts and guests holding the token. The cost which users have to pay will be small “gas” fee in addition to a nominal insurance fee to help cover host liabilities. Users also will have a chance to utilize fiat or other cryptocurrencies for but for small commissions. For example, using BTC, eth or other utility erc20 tokens users will have to pay 0.75% commission and for fiat 2.50% commission. These commissions will be charged to guests when they choose other payment methods than CRB token and or for hosts who prefer to get paid-out in other than CRB.
In order to maintain the platform and further project development, we also have allocated CRB tokens which is locked for 720 days with vesting to four years which will be utilized small percentage at the time to develop our ecosystem and keep adding value.
Mary | satoshi club:
Why did you decide to build CRIBNB on Polkadot? What advantages did you find in it?
Kirk fernandez:
CRIBNB will utilize Ethereum and Polkadot tools to build a custom parachain and create our DAPPs using substrate framework for reducing the time to market. Building a blockchain from scratch can otherwise take years. Using Polkadot, our developers will focus on business logic and features instead of blockchain infrastructure development. Polkadot interoperability with other blockchains made possible by bridges (a special form of parachain), make Polkadot an ideal blockchain for a project like CRIBNB which will need to interact with other blockchains like Ethereum and Binance smart chain.
Gold rocket | satoshi club:
Indeed! The benefit is obvious! 👍
Kirk fernandez:
Yes, thank you 😊
Gold rocket | satoshi club:
Ready to proceed to the next question?
Kirk fernandez:
Yes, I am 😊
Gold rocket | satoshi club:
Q4 from telegram user @nataliyakil
The public sale of CRIBNB began on May 17, 2021, at 19:00 UTC, and it was planned to sell a total of 1,560,000 CRB tokens during this event. Following the sale, the token will be listed on uniswap and liquidity will be locked automatically for 99 years. So, tell us about this, please: what is the minimum number of tokens a person can purchase, in what currency do you accept payment, and why liquidity will be blocked exactly for 99 years, isn’t this a very long period?
Kirk fernandez:
Yes, once the sale is finished liquidity will be locked for 99 years (permanently). The minimum price users can invest is 0.10 eth and the maximum amount is 3 ETH. Our project is long long-term, we hope to tap the multibillion-dollar market, so a permanent liquidity lock is ideal for our investors. It means they will be able to trade tokens for their whole lives, as long as blockchain exists CRB will be traded.
Mary | satoshi club:
So, we still can participate in your public sale?
Kirk fernandez:
Yes, it’s life and will be closed on the 22nd or as soon as we reach our hard cap.
Mary | satoshi club:
Where can we buy your tokens? Can you give us a link?
Kirk fernandez:
https://www.safu.investments/sale/61
Gold rocket | satoshi club:
Share please with us your tokenomics btw.
Kirk fernandez:
Investors can purchase from here.
Our hard cap is 400 eth and soft cap is 75 eth (50 eth already has been raised from our private sale)
Gold rocket | satoshi club:
Thanks for your answers and for sharing! Ready for the next question?
Kirk fernandez:
Yes, I am 😊
Gold rocket | satoshi club:
Q5 from telegram user @highpee
You have a decentralized dispute resolution system that can resolve issues that may arise between host and guest such as refund claim, damage, additional payments notice etc. How are the 5 arbiters that review disputes selected among the community of $CRB stakers and holders? How will they be able to verify on chain whether a guest actually show up to an apartment after booking, the duration of stay in case an additional payment is needed by the host as well as physical damage claim? How will these arbiters know that they have been chosen to review a case and will there be an appeal window in case a user is not satisfied with their arbitration decision/judgment?
Kirk fernandez:
The main objective for CRIBNB is to create as little chance for disputes as possible. However, disputes are inevitable, so arbitration system is implemented. Every system of transaction that requires trust (i.e., Exchange of physical goods and services) needs a third party to mitigate misbehavior. The arbitration protocol acts as the hub for dispute resolution. Participants stake CRB tokens to the arbitration protocol contract in order to participate in the arbitration network. The stake amount will be based on the current USD value of CRB and corresponding.
Arbiters can sign up on CRIBNB to join the arbiter pool by staking tokens to the arbitration protocol. All arbiters have rating scores that fluctuate based on decisions made. When a dispute is initiated, a panel of at least 5 arbiters will be selected from the arbiter pool. The likelihood that an individual arbiter is selected to join an arbitration panel is calculated using the following formula
Upon the conclusion of the smart contract, the dispute is closed and the option to review is available for both parties
The amount in contention is the collective sum of the security deposit between the host and the guest.
Upon the conclusion of a dispute, the losing party has a 72-hour window to appeal, but must stake a larger amount of tokens.
Gold rocket | satoshi club:
Sounds like a legitimate system 👍
Mary | satoshi club:
So, how can a user become arbiter?
Kirk fernandez:
Arbiters will be randomly picked by the system depending on the amount of CRB tokens they have staked.
Mary | satoshi club:
It’s interesting 😉
Gold rocket | satoshi club:
Btw… Are you planning to release a mobile app?
Kirk fernandez:
Yes, of course, we will have a mobile app 😊
Gold rocket | satoshi club:
I’m sure the traveler will be grateful to you for this!👍
Kirk fernandez:
Thank you very much for positive feedback 😊
Mary | satoshi club:
Thank you for your answers! Ready for the 6th and last question from this part?😉
Kirk fernandez:
Yes, I am
Gold rocket | satoshi club:
Q6 from telegram user @brainchest
The level of a large number of people owning and being able to use crypto for payments is not as high compared to fiat money. The token itself is subject to market manipulation, which can greatly affect the value of the service and as a negative consequence lead to an outflow of users to platforms using fiat, and crypto only as an alternative.
Question:
Your opinion on the stability of the price of the service. Will the prices be linked to a stable currency and change dynamically in accordance with the market?
Kirk fernandez:
Through decentralization, CRIBNB is able to disrupt the currently available sharing economy models. At the same time, tokenization creates benefits for early adopters and token holders, thereby aligning user incentives toward further growth of the CRIBNB network. We can accelerate user participation by giving everyone in the network the opportunity to earn tokens through referral programs and arbitration. Additionally, CRIBNB corrects for market saturation by continuously incentivizing guests and hosts to contribute to the network by utilizing the CRB token. The CRB token is used within the crib network to incentivize good behavior and punish malicious behavior. This creates network effects by aligning token holders’ goals and attracting early adopters through referrals.
As the number of users (guests, hosts, 3rd party devs, arbiters) increases so does the transaction volume, which increases the amount of staked tokens in the protocols. This means the number of CRB tokens in circulation (not staked in the protocols) goes down with user adoption, which decreases the total supply.
Number of transaction: throughout any booking on our platform, a certain amount of CRB tokens (booking cost, security deposit, cancellation fees) is held in the transaction protocol until the checkout date.
Arbiters stake more tokens to be picked more often for judging by the arbitration protocol.
Users with poor or no rating can build trust with other users by staking tokens on their transactions.
We’ll allow hosts with a high ratings to promote their listings for a fee in CRB. Therefore, many CRB tokens will be staked thus decreasing the amount in circulation.
Mary | satoshi club:
Sounds good! Can you tell me what is your first goal in the number of users?
Kirk fernandez:
Our first goal is to implement our product in 3 different countries, starting with 3 southern states in us, then 3 major cities in turkey, after Dubai and Seoul. So, our hope is to have huge traffic of users and mass adoption, we already have a plan to create incentives for users to start using our DEX platform.
Gold rocket | satoshi club:
Yes! This is a good tourist market!
Kirk fernandez:
Yes, and we have food connections in all these mentioned locations
Mary | satoshi club:
We wish you to achieve your goals as soon as possible 👏
Gold rocket | satoshi club:
Thank you very much for your answers! Get ready for the most exciting part of our ama!
Kirk fernandez:
Thank you very much, we are working almost 24/7 😊 Thanks a lot for the great questions too. I am ready 😊
Mary | satoshi club:
You will have even more with the live part 😉
Mary | satoshi club:
Let’s go 🚀
Kirk fernandez:
Perfect 👏😊
PART 2.Questions about the TradeStars project from the live chat of the telegram community.
In this part, we open a chat for the crypto community for 120 seconds. Then the guests from the Cribnb crypto project choose the top 10 questions. The 10 crypto enthusiasts have earned cryptocurrency in the sum of 100$.
Q – 1 from a telegram user @Mrcrypto_killer
What is your most outstanding characteristic that you think will make your project successful and can be maintained in the future?
Kirk Fernandez:
Cribnb will build a smart platform that serves a growing market segment. The platform will develop tools that will make the market grow in a more transparent, user-friendly manner. Cribnb will attempt to resolve the technological gaps in the current short-term rental platforms. The Cribnb platform will aim to significantly improve the user experience within the peer-to-peer rental market by aligning incentives. Our protocols are designed so that existing centralized sharing economy applications like Vrbo or Airbnb can hook into our protocols to tokenize their offerings if they choose to give them access to a larger and untapped market of crypto-enthusiasts.
Q – 2 from a telegram user @surendra040
When I look your website on ongoing public sale, you have meet your soft cap but its showing 25 ETH already with 63 investors but the hard cap amount is very high compare to soft cap? why have you such a big gap and can you provide more details how long will be the public sale continue?
Kirk Fernandez:
Our hard cap is 400 ETH soft cap is 75 ETH (50 ETH already has been raised from private sale and locked for 45 days)
Q – 3 from a telegram user @vedamatrix
How do you plan to build trust between hosts and guests?
Kirk Fernandez:
We will build trust by creating a rating protocol. Initial step is to go thru basic KYC (basic identity of a user or host) then users can improve their rating by providing additional details, and their trust score, users with high trust score can get better deals when they book their stays or hosts can use promotional offers and promote their listings with improved rating score.
Q – 4 from a telegram user @Garrinepotter
I have never participated in a public sale. But your project interested me because I love to travel and know a lot about hostels and their quality. Tell us how to participate in a public sale and what are the restrictions. If you can step by step?
Kirk Fernandez:
Thank you very much for your positive feedback and trust in our project. The public sale is still live and there are no restrictions to participate, in order to give a fair chance of participation for all investors including those from the USA we are using a decentralized platform where investors don’t have to go thru KYC or hold another project’s native token to participate.
Q – 5 from a telegram user @atillayeni
What are the differences of your project from the AirBNB project?
Kirk Fernandez:
AirBNB is centralized platform while Cribnb is decentralized, also AirBNB charges high commission fees between 10-20% while Cribnb charges 0% when users use its native CRB token. Closes platform is Travala but they are also working to become truly decentralized bit they also charge 10% commission fees for bookings.
Q – 6 from a telegram user @cryptonation2
I would love to know what does your project name CRIBNB stands for?
Kirk Fernandez:
Cribnb stands for crib is a place where you usually chill and relax or your home. If you remember ages ago there was a TV show called Cribs in MTV where celebrities showed their homes. So its basically a place for relaxation.
Q – 7 from a telegram user @cryptofollower
Currently governments are cutting from rentals services either it is commercially or just personally. But Cribnb is standing there without any tax and commissions. How will you solve the government regularities with your services? Are there any country that this system is live in right now? How do you deal with renting contracts?
Kirk Fernandez:
Yes, each country is unique and has their own systems and laws for regulation. We have done lots of desk research so far about our initial listing locations, more field research will be started next month. Since Cribnb is a decentralized dex, users will have their own declarations for their generated income when they file taxes.
Q – 8 from a telegram user @Xusuo
I read that CriBNB will operate on the Polkadot chain and ETH, can you explain the reason for using those chains? And do you have a plan doing integrate with another chain, maybe with BSC, Matic, or cosmos?
Kirk Fernandez:
yes, we are trying to build multichain dex platform by integrating several blockchains, initially will be used Polkadot and ETH, reason for Polkadot is speed and low gas fees but hopefully coming ETH2 will solve issues with gas transactions. We will be integrating BSC at later stage and already looking into Matic. We are looking into hiring 2 additional developers.
Q – 9 from a telegram user @nitrogenpower
In order to ensure that early adopters who participate in the public-sale event and holding the token for long term does not lose out, what measures have Cribnb put in place and how will these early investors benefit greatly from the project?
Kirk Fernandez:
Actually, I didn’t not work at Hilton and Ramada, I was contracted to work on their software systems, I have worked on OnQ (formerly known System 21), PMS (Property Management System) and Fidelio, and went to many of these hotels to set up the network for preopening.
Q -10 from a telegram user @Indomiekuy
I think NFT is a really popular topic for now, what is your opinion regarding NFT? Do CriBNB have a special feature regarding NFT?
Kirk Fernandez:
yes, NFT digital art, I love it. I have always been a big fan of art in any form. Cribnb will not limit itself just for single product or product line, we have already thought about including some fascinating NFTs which would represent our ecosystem and traveling.
Part 3 – Quiz about project
In the final part, we tested the knowledge in terms of the Cribnb project. They’ve prepared 4 questions for this part, so everyone could be a part and answer. Participants had 10 minutes to answer. 300$ was distributed between the winners.
Our contacts for more details:
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Our Crypto Partner by this AMA: Cribnb
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