Welcome to another episode of our AMA series. Today we are glad to tell you about the AMA session with our friends from Petro Swap, a platform that allows the creation and trading of fuel derivatives, with an architecture managed over four stages: Petro.Pay b2b, Petro.Pay b2c, Petro.Swap, and Petro.Swap Defi. The AMA took place on June 1 and our guest was Robert Martin, CTO at Petro.
The total reward pool was 500$ and was divided into three parts. In this AMA Recap we will try to summarize some of the most interesting points for you.
PART 1, INTRODUCTION AND COMMUNITY QUESTIONS
Mary | Satoshi Club: Hello Satoshi Club! We are happy to announce our AMA session with Petro.Swap! Welcome to Satoshi Club.
Robert Martin: Hey Guys, Great to be here!
Mary | Satoshi Club: we are excited to hear more about Petro.Swap, but for the beginning we will ask you to introduce yourself to our community.
Robert Martin: We are Petro. Petro is fuel trading startup platform, Petro, is seeking to do just that, tokenizing derivatives of oil, gas, and electricity products to leverage the existing fuel card market and introduce fuel trading to defi. It allows fuel suppliers to create liquidity pools to earn additional revenue from their products and consumers to buy futures when price meets expectations, helping create a mutually beneficial ecosystem.
Mary | Satoshi Club: Gotcha, that’s really interesting! What is your role in Petro.Swap project?
Robert Martin: I’m CTO at Petro. I had quite a lot of experience also both in trading commodities and selling them to enterprises/businesses. Fortuitously, it also means that I have connection that will be of a great help when building our vision of Petro! Because partnerships and Capital Investors are really crucial cog in the machinery of every Crypto Project that goes doubly so when we are talking about fuel tokenization and B2B sphere.
Mary | Satoshi Club: Yes, experience is very important to build working project! Who else is in Petro team? I couldn’t find info on your site.
Robert Martin: Apologies for website not being informative. The work on the website functionality is ongoing and you might even see real-time changes 😎. Currently we have around 20 employees. This also includes remote developers, marketing, and advisors. Our team is built on the backbone of both experience in the field of fuel-based derivatives as well as enthusiasm and passion about crypto. We strive to coalesce the two and for that we need both knowledgeable people in commodity markets and crypto professionals.
Q1 from Telegram user @h1drX
The $ PETRO pre-sale will be launched in the middle of June, according to the information from your Medium, the main function of $ PETRO is to buy commoditized Fuel cards. What is the usefulness of these cards? Also, does $ PETRO work as a utility token? That is, a type of utility token that allows anyone who has one in their power to access products and services that are provided by a private party. Something like a promise.
Robert Martin: In basic terms fuel cards represent the fuel you are buying since you can’t really buy barrels. $PETRO token is an integral part of the platform. It is currently the only currency that will act as a financial instrument on the platform and within the ecosystem. On top of that, in the initial stages of the development we will give opportunity to our users to partake in liquidity pool staking adding another layer of utility on top.
There are also some services that can be bought exclusively with $PETRO on the platform. We will provide more info on that further down the line.
Mary | Satoshi Club: Where your pre-sale will take place?
Robert Martin: We are still settling the negotiation details with our IDO platform. We can’t give anything at this point in time. We are aiming at Early-Mid June. Follow our group for the latest updates! https://t.me/petro_official_group
D. | Satoshi Club: and also can you share with us info about upcoming pre-sale? what people need to know.
Robert Martin: Certainly, we will have 3 rounds in total:
Special Token Sale Round. 50 000$ worth of $PETRO tokens are reserved for this round. Details on how the round will be conducted and what are the requirements will be revealed in the upcoming days. Vetting will be spread across 10 months with 10% being distributed each month. Initial price: 0,025$.
Private Round. For Private Round 150 000$ worth of $PETRO tokens are reserved. Private round is, in most cases, an opportunity for Venture Capital investors to have a stake in the project. Vetting will be spread across 10 months with 10% being distributed each month. Initial price: 0,04$.
Public Round. 50 000$ worth of $PETRO tokens are reserved for this round with no monthly vetting. Initial price: 0,064$.
Q2 from Telegram user @Ruttiee
The Petro platform allows for the creation and trading of fuel derivatives, with an architecture managed over four stages which are: Petro.Pay b2b, Petro.Pay b2c, Petro.Swap,and Petro.Swap Defi. To better understand your project,Can you briefly discuss these four architectural stages of the Petro platform? Who are the key players in each stage?
Robert Martin: Our main idea is to cater to every group by singularizing every stratum of people and deliver our promise to make fuel-based trading more accessible to wider audience.
Petro.Pay b2b allows businesses like truck fleet operators, taxi firms, and logistics companies to purchase the fuel they need from suppliers like gas stations and oil depots. The platform consists of Super Admins (the Petro technical team), Admins (business consumers), and Users (the employees or contractors of those businesses).
Petro.Pay b2c also allows retail customers to use the system and purchase fuel. This is the very first step towards opening the gates for retail investors to get into the commodity fuel-based market
Petro.Swap takes things a step further, allowing oil, gas, and electricity suppliers to attract even greater liquidity via tokenized derivatives.
Petro.Swap Defi provides an Automated Market Maker (AMM) on the Ethereum network, creating a liquidity pool for the tokenized oil, gas, and electricity market where fuel suppliers can sell deliverable futures contracts.
D. | Satoshi Club: oil, gas, and electricity things are you mainly focusing, are you have plans to extend sphere and work with other commodities in the future?
Robert Martin: Commodity market is HUGE hence if/when the opportunity to expand on our currently available “inventory” opens – you can be sure we will add more.
D. | Satoshi Club: got it! and are you planning to building your DeFi only on Ethereum? or it possible that you will support other blockchains as well?
Robert Martin: We are concentrating our efforts wholly on Ethereum and its potential in the future. We are not excluding the possibility of enlarging our pool of networks though.
Q3 from Telegram user @Highpee
You will be leveraging on mass expansion and popularity of smartphones to integrate mobile apps as a monitoring and management tool. What type of apps are you planning to build and what distinctive management features will your app have which will allow a transparent and accurate tracking of fuel transaction between clients and customers? Also, will the app be able to carry some blockchain activities in addition its primary transaction tracking functions and can users use it to store $PETRO or any other crypto asset?
Robert Martin: Trading fuel-based derivatives might be confusing and daunting for a lot of people that’s the reason why we’ve decided to create/design an app that will make it easier to control fuel management and motoring expenses. An increase in the adoption of smartphones then will help bring fuel cards into the digital sphere, with the ability to capture mileage, fuel consumption, and vehicle data in real-time. Our app will mostly focus on expanding and supplementing the platform capabilities and making it easier to interact with the market. And yes, you will be able to store $PETRO there!
D. | Satoshi Club: your app will be operating on both systems – ios and android? for using app user should store some amount of your tokens there?
Robert Martin: Indeed. Both operating systems will be fully compatible with Petro app.
D. | Satoshi Club: any plans to create your own crypto wallet?
Robert Martin: As of yet we have a clear focus on the app and platform. Wallet functionality may be added later but we don’t see it as priority right now.
Q4 from Telegram user @Arisabela
Petro Swap is basing its ecosystem on the use of fuel cards around the world and the adoption of these fuel cards in the digital sphere through smartphones, however in less developed countries this system is in most cases totally manual and obsolete, does Petro plan to take on this challenge too? To bring the digital world and improved with tokenization and the use of smart contracts to third world countries?
Robert Martin: With the help of blockchain technology, its decentralized nature, and tokenization feature of Ethereum we plan to transform the current notion of commodity market being inaccessible because of the regulatory measure or/and any other tight restrictions. We want to make commodity market more open to more diverse varying groups of people and nationalities. Our app will be the first step towards making it more accessible.
Mary | Satoshi Club: What is your plans for nearest future? Your biggest goals?
Robert Martin: We are not looking too far in the future. We tend to concentrate more on the goals in the closest proximity. All four stages of development are expected to be complete by Q4 2021 while aiming for 100,000 app installations, 10,000 active users, and 50,000 liters of daily fuel transactions within the same timeframe.
Q5 from Telegram user @victorogb
Looking at the information on the roadmap, a core aspect of Petro’s platform development are scheduled for stage 1, which involves the unboarding and integration of partner companies (oil, gas and electricity) as well as traders in these sectors, to the Petro.Pay B2B platform. Therefore, how does Petro choose the companies and retailers to partner with, what are the underlining criteria? When should we expect the Petro.Pay product to be fully developed and functional, and what are the estimated timeframes to the full development of other Petro’s products?
Robert Martin: We select our partners based on set of criteria: relevancy, notoriety, and them having genuine interest in Petro. Currently we already successfully concluded the first investment leg and secured 500k$ of funding. As was mentioned earlier we expect to accomplish our goals by the end of Q4 of THIS year. Since we have been developing Petro platform for some time now, we are not going to bore you guys with unnecessary drag of waiting for months before the MVP is functionable.
D. | Satoshi Club: do you already have some partnerships with other projects or firms, which you can talk of and share with us?
Robert Martin: You’ll have to wait for the Sales to start. We will be slowly releasing our partners and investors. That’s a marketing choice.
Q6 from Telegram user @kimterbear
Petro Swap introduced an application where users especially those who own vehicles that consume gas for daily transportation will be able to buy gas in advance where the market prices for fuel is low. However, price hike and roll backs are regularly experienced in gas stations nowadays. It made me think if these irregular market movements cause an effect to this application? Wouldn’t it be unfair for the gas stations if the gas were prepaid in the app or are there selected gas stations who made partnerships with you where this app will be available for use?
Robert Martin: We will include only trusted, reliable, and knowing partners who fully realize the unpredictability and caveats that can happen. Fortunately, commodity market is prone to be less volatile than some of the other market ventures. So even if this kind of even happens, there won’t be any massive repercussions for our platform.
Mary | Satoshi Club: What about your platform security? Do you plan to audit it?
Robert Martin: We fully rely on Ethereum blockchain and its innate security measures. We also will be audited possibly by Hacken.
PART 2, TELEGRAM COMMUNITY LIVE QUESTIONS
The chat was open for 120 seconds; a lot of questions were posted by Satoshi Club community. Our guests chose some of them.
Q1 from Telegram user @Kushal85127939
Please share how much money have you raised till now for growth?
Robert Martin: We have already secured an initial 500k$ investment from our private partners and investors.
Q2 from Telegram user @gimogom66
Does your foundation only peoply of your own country or all over the World?
Robert Martin: We are currently hiring people from all parts of the world. No discrimination!
Q3 from Telegram user @shu3638
“STAKING” is one of the STRATEGIES to ATTRACT USERS and HOLD Them long term. Does your GREAT PROJECT have plan about Staking?
Robert Martin: We will have incentivization that will reward users for contributing to Petro liquidity pool.
Q4 from Telegram user @Smaviatalib
Can you share us Tokenomics and how much token is reserved for team and how much will be available for public?
Robert Martin:
Q5 from Telegram user @smelekin
Nice project but electricity prices changes country to country so how do you decide which price will be for electricity?
Robert Martin: We will have oracles that will pull information on the current prices from the database.
Q6 from Telegram user @csgonub
You said currently you have 20 employees so do you plan to hire more people into the project?
Robert Martin: We are! If you feel like you would be a great fit to our team – be sure to message me directly and we can set up an interview!
Q7 from Telegram user @My1queen
You said you rely on Ethereum blockchains for security measures. Why is this choice?
Robert Martin: We see Ethereum as a matured enough blockchain that have all of things we need to bring to life our vision!
Q8 from Telegram user @shi9627
COVID 19 has reduced many economies around the world but as a crypto business has it affected you negatively or positively??? Secondly are you still on track achieve your ambitious targets as the road map says?
Robert Martin: Pandemic has been quite a nuisance. But after a month of working remotely your kind of get used to the whole routine and it doesn’t budge you any way!
Q9 from Telegram user @sheikhhsaab
As i learn #Petro is a Best project for investment in Satoshi Club AMA so tell me how I can invest in #Petro to get $PETRO tokens?
Robert Martin: I recommend waiting for sale and follow our group for announcements. We plan to have Sales start Early June https://t.me/petro_official_group
Q10 from Telegram user @captainprice111
Why should traders trust you and trade oil with you? Also, what infrastructure will companies that want to supply oil with token swap use?
Robert Martin: Our trust will be based on the companies, enterprises, and partners that will support us. On top of that we are veterans of the industry and have already earned integrity.
PART 3, QUIZ AND INFO
As usual, for the third part, Satoshi Club Team asked the chat 4 questions about Petro Swap. A link to a Quiz form was sent into the chat. Participants had 10 minutes to answer. 300$ were distributed between the winners.
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