Pinknode x Satoshi Club AMA Recap from 10th of April

Hello, Satoshi clubbers! Another AMA took place in Satoshi Club and we would like to introduce to you the AMA session with our friends from Pinknode and our guest was @ericpnode who is the co founder and CEO of Pinknode. The AMA took place on 10 April.

The AMA session was divided into 3 parts with a total crypto reward pool of 500$

In this AMA Recap we will try to summarise the most interesting points for you.

Part 1 — introduction and questions from the Telegram community

Mary | Satoshi Club: Hello Satoshi Club! We are happy to announce our AMA session with Pinknode! Welcome to Satoshi Club😀

Gold Rocket | Satoshi Club: Hello, dear Satoshi Club!😀

Today our guest is @ericpnode!

EP Pinknode: Good day everyone!

Mary | Satoshi Club : Welcome here 😀

How’s going?

Gold Rocket | Satoshi Club: Hello and welcome to Satoshi Club, @ericpnode!😃

EP Pinknode: Really excited for our first AMA 🙂

Gold Rocket | Satoshi Club: Let’s start!

Introduce youreself please. How did you get to be involved in crypto & Pinknode?

Tell us please about yourself and your position in Pinknode.

we are also very excited about the upcoming AMA😊

EP Pinknode: Sure

Gold Rocket | Satoshi Club: I really like your avatar btw 😍

EP Pinknode: My name is Eric, I’m the co founder and CEO of Pinknode.

I started my career in banking, left shortly after to pursue entrepreneurial interests, namely in digital marketing, e-commerce startup and corporate finance.

I have been an investor in the crypto space since 2014, but only started going full time into crypto 2020.

That was when I chanced upon an article about blockchain infrastructure service provider Infura and it’s vital role is to the blockchain space.

After multiple conversations with investors, blockchain experts and technologists, Pinknode was born.

Thank you! 🙂

Mary | Satoshi Club: What is main idea behind Pinknode?😀

Gold Rocket | Satoshi Club: great journey 7 years long 😁 And a great background👍

Mary | Satoshi Club: 👀

EP Pinknode: Pinknode is an infrastructure-as-a-service project that provides API endpoints and node operation services to developers and projects on the Polkadot protocol.

Infrastructure support is vital for the healthy growth of any network, and we’re positioned to accelerate the adoption of Polkadot.

In essence, we are ‘Infura for Polkadot, the gateway to the Polkadot network.

Gold Rocket | Satoshi Club: How long does it take to develop a project? What plans do you have for the future? And what can we expect from Pinknode?

EP Pinknode: We have been working on Pinknode for past 3 months, and we are at the final stages of finalizing our MVP.

At the moment, our team is laser focused on getting our first version ready and bringing our services out to projects.

We are already in talks with a number of projects.

Some of the features we planned includes, parachain onboarding, DAO governance, decentralization of node network, fractional node ownership.

Mary | Satoshi Club: A lot of features! You made a great job! Did you already tested your services?

Gold Rocket | Satoshi Club: Thanks a lot for the intro! 😃

EP Pinknode: Also, we have finished our private round and in the final stages of our IDO discussions. 🙂

Gold Rocket | Satoshi Club: Wow! Excellent👏👏👏

EP Pinknode: We are in talks with a few strategic partners to work with Pinknode once we are launched.

The platform is currently in closed beta and going through internal testing.

Mary | Satoshi Club: Gotcha! Thanks 👍

Gold Rocket | Satoshi Club: many thanks! you have done a great job and there is even more to come!😊

We have questions from the community ahead😉

EP Pinknode: 👌👌

Thank you!

Q1 from Telegram user @johana0012

As we all know in the DeFi world Polkadot is renowned for having been dominating the multiple open source chains. But, the current support infrastructure is lacking and that represents a great challenge for both projects and users. What solutions does Pinknode bring? What is Pinknode’s goal to solve this inefficiency?

EP Pinknode: Being the first Polkadot focused infrastructure project, we are positioned to grow together with the network.

At first we will be running full nodes for both Polkadot and Kusama, and providing API endpoints for working projects.

Once the network’s auctions are live, we will be setting up collator nodes for the parachains for more comprehensive coverage.

“Project teams would also stand to benefit from Pinknode, as each node is intended to function as a collator, increasing the decentralisation and security of their parachain. Additionally, by streamlining the onboarding process for developers, the rate of adoption for project teams would be improved dramatically, as community developers and service providers increase access to their userbase. This would also reduce the workload of project teams, as supporting infrastructure (explorers, wallets, etc.) would be handled by external parties, which would allow them to focus on their core business model or layerone technical stack.”

Mary | Satoshi Club: When do you plan to go live?

EP Pinknode: We are looking planning our IDO for early to mid May.

Please follow our announcement channel @pinknodeANN for more updates! 🙂

Mary | Satoshi Club: Super! Just some weeks left! Satoshiclubbers, follow Pinknode 🎉🎉🎉

Thank you for your answers! Ready to proceed?

EP Pinknode: Let’s do it! 🚀🚀

Q2 from Telegram user @dudeiebitch

Going through your services enlightened me on your ease of work/interoperability access for computer developers and expert, i will like to know how normal users like us can gain from the platform and how we can really make use of the pinknode platform.

EP Pinknode: There are a few ways users can participate, such as:

1) governance of the platform – nominating parachains to onboard

2) fractional node ownership

3) staking into foray of digital tokens from our nodes

We will also be running a variety of campaigns for our ecosystem.

Mary | Satoshi Club: How will staking work?

EP Pinknode: One of the ideas we’re exploring, is to allow our token holders to vote on the onboarding of parachains before we run nodes.

We will have mulitple smart contracts and our holders can stake their $PNODE into projects they want to support.

The rewards from the parachain will be airdropped back to $PNODE stakers.

Mary | Satoshi Club: Nice! Good incentives!

Gold Rocket | Satoshi Club: Sounds good👍

Thank you for the clarification! ready for the next question?

EP Pinknode: Yes @ericpnode

Q3 from Telegram user @Michelth

Pinknode aims to eliminate an entire layer of inefficiencies and complexities to accelerate the life cycles of its products. What are the various uses of the $ PNODE token? How is network security supported? Are PNODE also used for the incorporation of new parachains?

EP Pinknode: The various use cases of $PNODE include:

ACCESS network via ownership or payment with $PNODE

STAKING $PNODE tokens for API access, securing of network, optimisation of relays and community campaigns

GOVERNANCE of Pinknode, for onboarding of new parachains, role of nodes etc.

We are also considering a burn model to further enhance the value of $PNODE

For external network security, we are implementing SSL and DDOS protection. For internal network security, we have setup firewalls to block out external traffic.

Gold Rocket | Satoshi Club: Thanks for the answer! Btw.. Continuing on the topic of security, did you an audit? If not, is it planned for the future?

EP Pinknode: We are working with reputable cloud providers that has been certified, for our node operations .

On the crypto side of things, token mint contracts and future governance contract will be audited.

Mary | Satoshi Club: We will wait for your announcements😀

Thank you for your answers! Ready to jump to the next question?

EP Pinknode: Lets go!!

Q4 from Telegram user @h1drX

According to the roadmap, the third quarter of 2021, you will be launching a PNODE governance contract, you will incorporate users and parachutes, can you explain a little what these implementations consist of?

EP Pinknode: Previous answer

(https://t.me/Satoshi_club/659050)This has been mentioned, we are expecting Polkadot’s auction to go live soon and implementing this governance initiative.

Mary | Satoshi Club: It’s interesting for me how many people are now working on Pinknode project?

EP Pinknode: 5 currently – Myself, my CTO, project manager, front end dev and back end dev. We are always looking for more talents to join us!

Mary | Satoshi Club: Sure!👍 Btw, is team public?

Gold Rocket | Satoshi Club : not a very big but friendly team. 🤝

EP Pinknode: Yes my linkedin is here

(https://www.linkedin.com/in/eric-poh/)Our core team is also listed on our website.

EP Pinknode: We actively looking out and expecting to grow!

Mary | Satoshi Club: 👍 that’s great!

Gold Rocket | Satoshi Club: Pay attention to Satoshi Clubbers!🙌

Mary | Satoshi Club: Thank you for your answers! Ready for the next question?

EP Pinknode: 👌👌

Q5 from Telegram user @FZayyid

It is interesting project from Pinknode that support innovators and startups with their service. Does Pinknode apply specific requirements to be eligible on the service? Do innovators need to apply for a proposal?

EP Pinknode: We welcome everyone who wants to build on Pinknode.

With larger scale projects, we’ll definitely be more involved onboarding process to ensure that we cover their needs.

Mary | Satoshi Club: That’s great! Do you already have some partnerships?

Gold Rocket | Satoshi Club: earlier you mentioned some partnerships and collaborations.

EP Pinknode: We have a few in the pipelines and finalizing the details. We will be announcing them soon!

Gold Rocket | Satoshi Club: Let’s look forward to the news!

Ready for the next question?

EP Pinknode: I am always ready

Q6 from Telegram user @Andrey_Seleznov

PinkNode is planning to distribute only 1.14% to the public sale. Why such a small amount? Don’t you agree that the more you offer to the public round the higher will be public awareness about the project and later adoption?

EP Pinknode: 😁

Given that we are a small cap project, the amount raised is small. We don’t want to over raise, hence the amount we’re raising is sufficient for planned runway.

We have set aside a sizable amount for ecosystem and community, so eventually we are planning to distribute these tokens through campaigns for our supporters.

Mary | Satoshi Club: Which hard cap you plan to raise?😀

Also, did you already choose how you will sell your tokens? Which platform you will use for this?

EP Pinknode: We’re planning to raise $600k for private and $80k for public. Details can be found on lightpaper (https://pinknode.io/docs/lightpaper.pdf)

Mary | Satoshi Club: 👍

EP Pinknode: We are in discussions with several top tier IDO platforms, but we can’t disclose any information at this stage.

Gold Rocket | Satoshi Club: Thanks for sharing😊

Mary | Satoshi Club: Thank you! And now we came close to the live part of our AMA 😀

Are you ready for it?😉

EP Pinknode: Lets gooooo 🦾🦾

Mary | Satoshi Club: Let’s go 🚀

Part 2 — live questions from the Telegram community

Q1 from Telegram user @Amdrey_Seleznov

Node as a service idea sounds very promising! Will you accept DOT tokens or only PNODE from users of the nodes as a service? What unique application insights can Pinknode analytics dashboard provide to the node subscribers?

EP Pinknode: For a start, we will only be encouraging the use of $PNODE tokens for our service to create demand for the token. In the future we might be looking to accept different payment methods including stable coins and DOT when adoption had reached a certain stage. Part of those revenue will also be used to repurchase $PNODE token in the market.

We are still researching on the analytics that user might like to see on Pinknode app, currently they will be able to see how many request had been called during the different hours of the day so developers may more accurately manage their architecture needs and costs.

Q2 from Telegram user @ CryptoFollower

You said you want to build a fractional node ownership. Is it because of the high cost of creating nodes all around the world? Why fractional node ownership?

EP Pinknode: It is in part due to the reason of cost but also because of the complexities and challenges faced when onboarding nodes. Pinknode plans to reduce the barrier to entry for both aspects, by allowing for fractional node ownership, $PNODE supporters can stake their tokens and “own” a part of a node which supports our infrastructure and the Polkadot ecosystem. A portion of the fees generated by that node would then be redistributed back to the $PNODE stakers for it. This completely eliminates the technical barriers as Pinknode handles this in-house.

Q3 from Telegram user @alptrader

Who owns Infura for Ethereum? Who controls it? And when you create similar system with polkadot who will control the nodes?

EP Pinknode: Infura is run by a centralised entity and its own by a private company. That’s where Pinknode stands out as our objective is to have the platform fully decentralised, run and owned by the community in the future. This is done through the implementation of our tokens and ensuring a fair governance system and rewards via $PNODE.

Q4 from Telegram user @Indomiekuy

i read that PinkNode project still in early stage and build on Polkadot Blockchain. Do you have plan to do bridge to other chain? And why choose polkadot?

EP Pinknode: We believe the future is multichain and we are very optimistic with Polkadot’s unique approach to solving interoperability between heterogeneous chains and having a shared security model.

Polkadot is also showing fantastic growth metrics; outside of the media frenzy and immense fan base, it has outpaced 2 of it’s closest competitors in terms of developer growth in their first 3 years of existence.

We love Polkadot! And we will strive hard to be the leading infrastructure-as-a-service project on it.

Q5 from Telegram user @AmirJosh

The goal of Pinknode is to serve as the “Infura for Polkadot” by providing developers with web API access to the Polkadot Relay Chain. Do you think your system can keep up with daily transactions processed by Infura? What is Pinknode’s TPS?

EP Pinknode: In the beginning, it would be hard to match the daily transactions processed by Infura. However, we have a roadmap in place and we will continue to scale together with the Polkadot ecosystem and all the parachains. In the long run, I am confident that we will not only be able to keep up with Infura’s transactional load, but far exceed it due to the scope and structure of Polkadot.

Q6 from Telegram user @Pirry05Universe

AS FOR TOKENOMICS, WHAT IS THE TOTAL SUPPLY OF $PNODO, WHAT IS THE INITIAL MARKET CAPITALIZATION, WHAT IS THE INITIAL CIRCULATION SUPPLY?

EP Pinknode: The total supply of $PNODE will be capped at 200mil tokens, initial supply will be 14.8mil. Day one marketcap will be below USD 600K.

Q7 from Telegram user @ronaldo_super

Will it be possible for $PNODE token holders to stake tokens to which project they want? How will this system and reward distribution work?

EP Pinknode: Definitely. One of our early rollouts will include a mechanism for PNODE holders to choose which projects to onboard and where we should focus our resources to run nodes / validators. $PNODE holders will then be able to stake their PNODE to support a particular project and the team will airdrop the rewards earned from running those collator nodes back to $PNODE holders. Hence, it will incentivise users to participate on our platform, allowing them to earn some yields as well.

Q8 from Telegram user @Antoni_azx

At Pinknode the pricing model is based on staking and burn structure of your native token PNODE, can you tell us how often is this burning and how does your deflationary mechanism work to ensure the stability of your token and the network itself?

EP Pinknode: We do not have stake and burn time period currently. The amount burn will be based on the market value of $PNODE token at the time of review, we look to maintain a competitors and at the same time provide a minor inflationary pressure on the token price to reward long term $PNODE holders.

Q9 from Telegram user @Ratash99

Does the nodes provide analyses and solution or will the node implement them to optimize the network ?

EP Pinknode: Yes, we plan to provide detailed analytics and statistics into the usage of the nodes and API endpoints. This allows projects and developers to focus on building their product instead of setting up analytics suites. Beyond that, we are also exploring the possibility of implementing custom API endpoints to provide a tailored solution for the Polkadot ecosystem.

Q10 from Telegram user @KhaleesiTheCryptoLady

Can you share to us what are the ongoing and upcoming campaigns that Polkanode is offering to the community and holders as well?

EP Pinknode: Yes, we are working with several marketing agencies and have several campaigns planned in the pipeline. This includes twitter campaigns, AMA participations, etc. Please join our telegram channel @pinknode and official channel @PinknodeANN for our latest announcements.