PART 1. Introduction of Props project and community questions.
Hello, Satoshi clubbers and guests of this site. We are happy to present you with a Props project.
Props abstract blockchain’s technological and regulatory complexity for apps, enabling them to easily plug Props Tokens into any app in the network.
The plan of AMA session:
- Part – Introduction and preselected questions.
- Part – Live questions
- The Quiz about Props
The reward pool is 1500$
Leading the AMA our clever and fun admins:
Gold Rocket | Satoshi Club – @GoldRocket27
Andrés M. | Satoshi Club – @AndresM77
The Representative of the project:
Adi Sideman (PropsProject) –Props Co Founder – @AdiSideman
Introduction of Props project.
Gold rocket | satoshi club:
Hello, dear community! We are pleased to announce our next ama with props project! Today our guest is @adisideman – ceo of props project!
Adi sideman (propsproject):
Hello!
Gold rocket | satoshi club:
Hello and welcome to satoshi club😊
Adi sideman (propsproject):
Thank you for having me!
Gold rocket | satoshi club:
Thanks for joining @adisideman!
Andrés m. | satoshi club:
We are glad to have you here, how is going your day?😃
Adi sideman (propsproject):
I’m happy to meet the community. Day is just starting in the us!
Gold rocket | satoshi club:
We are also very excited about the upcoming ama❤️Let’s start!
Introduce yourself please. How did you get to be involved in crypto & props project?
Adi sideman (propsproject):
I am the co-founder and ceo of props. Nice to meet everyone. I come from a background of building communities in the media space, at scale. I co-founded the world’s first online karaoke, k-solo, which sold to fox myspace at the hight of myspace. After that i founder the first consumer livestreaming in the us, called younow, which grew to 120m user sessions/ month
Gold rocket | satoshi club:
You have excellent experience in building a business, i can see👍
Adi sideman (propsproject):
It is there that we introduced, in 2013, non-crypto virtual currency – on the context of a two-sided market where users could both by into it, and content creators could earn it. We sold close to $100m of that currency and became experts at managing a digital economy. Users, however, wanted more than just cash. They would say: adi, you will become a tech millionaire and we earn like coin operated.
Adi sideman (propsproject):
We want a stake in the network. We want an upside.
Gold rocket | satoshi club:
Sounds good😁
Andrés m. | satoshi club:
Wow, great milestone, that is an important platform. And at the time, there was no way to give users stock options or capital or a stake in the network. But when ethereym was mature enough to build on, we started props – a community token that both unlocks benefits and provides a stake in the network.
Today we have over 9 million users who hold the token for the benefits it unlocks across a half dozen participating apps.
https://metrics.propsproject.io/
Andrés m. | satoshi club:
You have created an interesting ecosystem, i personally use you now.
Adi sideman (propsproject):
Amazing – thank you for that! Owe you a beer…
Gold rocket | satoshi club:
Wow! Great number👍
Adi sideman (propsproject):
Thank you. We started in 2017 – and have been adding apps and users since. This week we are announcing a NFT community as our next props partner app.
Gold rocket | satoshi club:
Now everyone loves NFT 🔥 Hot topic🚀
Adi sideman (propsproject):
For sure. The nice thing about Props, is that it’s a community/ loyalty token that can be used by any community.
Gold rocket | satoshi club:
🍻
Adi sideman (propsproject):
We have media / creator communities. Seller and buyer communities and in the days ahead we will be announcing an NFT focused community
Gold rocket | satoshi club:
Many thanks! Your intro was great! Ready to move on to questions from the community? 😊
Adi sideman (propsproject):
Absolutely!
Preselected questions about the Props DeFi project.
Andrés m. | satoshi club:
Q1 from telegram user @amirjosh
The long-term goal is for the props protocol to be fully governed by the community of props token holders. What is your timeframe on when props protocol can be fully governed by the users? How will you slowly transfer the control to tokenholders?
Adi sideman (propsproject):
Great question, amir. Thank you.
We are getting ready to launch our staking governance portal. The first functions that the community will take over are the protocol rewards, whereby the community will decide the ongoing tokens that each participating app will receive from the protocol. We expect an incentivized test staking to start this quarter.
After that, once the test is over, and it goes online, we will slowly over a period of time, pass more and more of the governance to the community.
Thx amir. Next question pls!
Andrés m. | satoshi club:
For sure, thanks for the answer
Gold rocket | satoshi club:
Thanks, 👍
Andrés m. | satoshi club:
Q2 from telegram user @brainchest
In one of your amas, you said you were working on launching layer 2 and it would be ready along with the stacking. So i have a two-part question.
Is there an exact release date for layer 2? I understand correctly, if i move to layer 2, i can save on commissions if i trade on dex?
What is the benefit if i buy coins now? Will I receive a passive income?
Adi sideman (propsproject):
Thank you brainchest. We are indeed introducing a layer 2 alongside the staking launch. We want to ensure that our token holders who come to govern and stake don’t need to pay high gas fees to contribute their value.
As for the benefits: the governance will provide stakers with an APY for their time and effort of participating. The test staking, which is launching this quarter, will also be incentivized. So, users who help test the staking and governance will be rewarded for that as well. I hope this helps answer your question for the most part, brainchest.
(as for DEXes: I believe that over time more and more of them will support layer 2s… So yes – there will likely be an opportunity to save gas fees there as well)
Gold rocket | satoshi club:
Thank you! Clear answer!
Andrés m. | satoshi club:
Is there any other benefit for token holders?
Adi sideman (propsproject):
Token holders receive discounts, status, unlocked content and features, and other utility in the apps/ communities that are on the network. So that is the main utility.
The governance/ staking APY is a unique additional benefit for these users who chose to participate in governance/ staking
Andrés m. | satoshi club:
What is the amount of tokens needed to participate?
Adi sideman (propsproject):
Ha! We have not set a minimum, but it would be very low – so everyone can easily participate
Andrés m. | satoshi club:
Thanks for the clarification👏 Ready for the next question?😁
Adi sideman (propsproject):
Absolutely.
Gold rocket | satoshi club:
It is very good that you thought about different layers of participants 👍
Andrés m. | satoshi club:
Q3 from telegram user @andrey_seleznov
I see that props are a sec-approved token, this is big! How difficult was the process of getting the sec approval and was it worth it from experience? If you were to start again would you apply to sec again or maybe consider skipping the USA market as many crypto projects do?
Adi sideman (propsproject):
Thank you Andrey.
We are us centric org and us is our home market and a very big one at that. So we wanted to be able to leverage our intimate knowledge and network here to get adoption. As such, the sec qualification was important. Mainstream companies with millions of users are risk-averse. The sec seal of approval is very important to them and moves the conversation to their product and community people, rather than the lawyers.
Adi sideman (propsproject):
So, it’s been an important blessing. It was a long process (over a year), but well worth it. Thx for asking.
Andrés m. | satoshi club:
That is an important milestone, how do you deal with the crypto restrictions from us?
Adi sideman (propsproject):
The token can be legally bought, sold, transferred and earned by users in USA and all over the world.
That is the benefit of the qualification we received. And we are proud to be, along with blockstack, the only 2 us companies to get it
Gold rocket | satoshi club:
This is a really big win! 🚀 Your lawyers have done a very good job 👍
Adi sideman (propsproject):
Thx! To be clear – while users in the us can buy sell and transfer – we currently list on international exchanges outside us, as us exchanges get additional licenses to be compatible with sec regulations.
Andrés m. | satoshi club:
You are doing s a great job to increase the adoption👏
Adi sideman (propsproject):
Thank you! Btw – these are our investors:
Gold rocket | satoshi club:
This is an awesome list! Ready for the next question?
Adi sideman (propsproject):
Yes pls.
Andrés m. | satoshi club:
Q4 from telegram user @jensq
Props is an open-source project so if they wish i assume you will accept outside developers to intergrate your token with their app if you are accepting such proposals what are the requirements,that you are looking from the proposer in order for forming a partnership with them and bringing the app to mainstream and finally be used by end-users and how many apps are you thinking to bring to the ecosystem is there a limit to the number of apps that the project decides to run in the ecosystem.
Adi sideman (propsproject):
Good questions jenseq. Anyone can develop on props, without permission. However, app developers who wish to participate in protocol rewards, to help bootstrap their deployment – apply and today, the props foundation reviewes their application (based on community size and proposed use case). There is no limit to the number of apps that can join. And to scale this – in the future, one of the governance functions of the community would be to ver proposals and approve new apps for participation. I hope this answers your question, jenseq.
Andrés m. | satoshi club:
But do you have any other app in plans? I mean, to add to your ecosystem.
Adi sideman (propsproject):
Yes – 5 have launched, each with millions of hundreds of thousands of mau. We announced a few more who are integrating. And we will be announcing another app joining, this week! This is what is pubic today
+ another this week
Andrés m. | satoshi club:
Any easter egg about that one?😁
Adi sideman (propsproject):
I can say that they are an NFT focused business and that we are very excited to see not just mainstream communities choosing to deploy props as their community token, but also blockchain-focused innovators.
Gold rocket | satoshi club:
I understand why they do it😉
Andrés m. | satoshi club:
Thanks for the info, we will be expecting for coming news🥳 Would you like to add something before the next question?
Adi sideman (propsproject):
Im ready for the next one!
Andrés m. | satoshi club:
Q5 from telegram user @meml97
As we know props project works as a work/discount token that unlocks benefits in the apps that use it. But what we often see when we talk about props project is that is destined more towards the social media apps and streaming apps. So, my question is, to which kind of businesses is Props project design for? Will only this kind of app be able to use it or could any business model be able to have props project by their sides?
Adi sideman (propsproject):
The vision of props is to enable value sharing to anyone who contributes value to the network. This value adds by users is most pronounced in two-sided markets, where the users are both the buyers and sellers, the creators and supporting fans, the teachers and students, etc. And the platform simply facilitates the market. In that environment, sharing a token with users who constitute the network and imbue it with value – to garner loyalty and alignment – its proven to be effective
Users who receive both benefits and a financial stake in the network for their contributions are more likely to continue to contribute and contribute more and drive more value. So, the communities that participate are using props to enhance their key traditional KPIs – like revenue and engagement. So, for us – we focus on platforms with a marketplace – as low-hanging fruit. I hope this answers your question.
Andrés m. | satoshi club:
What about the fees? Are they needed to use the apps?
Adi sideman (propsproject):
The target is mainstream users, who are not crypto savvy. So the apps handle custody for the users who don’t have to create. Wallet or jump into any blockchain hoops until they wish to claim and take custody. This is one of our philosophies – to make it simple for end users to engage and educate them through the product itself in a gamified fashion.
Here are some of the interfaces (SaaS like, admin and user-facing) that are available for apps/ communities off the shelf:
Gold rocket | satoshi club:
This is mass adoption in action👍
Andrés m. | satoshi club:
Incredible adi, great work focusing on the communities, that’s what makes strong a project
Adi sideman (propsproject):
Thank you!
Andrés m. | satoshi club:
Btw, what is the main objective in your roadmap for this 2021?
Adi sideman (propsproject):
We are working on staking and governance, enhancing the SaaS like tools that are available for apps to integrate and also looking at community NFTs as an enhancement to the offering.
https://blog.propsproject.com/a-year-in-review-and-2021-roadmap-4e4e36f1e519
Andrés m. | satoshi club:
Thanks for sharing, are you ready for the last question of this first part of the ama? 🥳
Adi sideman (propsproject):
Yes.
Andrés m. | satoshi club:
Q6 from telegram user @highpee
$props is an erc20 token but the props protocol’s smart contract that is utilized for allocating points and reward from app activities is developed on Algorand network. I don’t seem to understand the need and how you combined these two separate networks in props project implementation. What are the roles played by Algorand and Ethereum network in Props project and how does this mutually benefit apps and users? And as an erc20 token, don’t you think that the high gas on Ethereum chain may offer a setback to $props, or do you plan to implement layer 2 and side-chain innovative solutions to tackle this?
Adi sideman (propsproject):
Great question – Ahmed. Algorand serves as our side chain. We have over 100,000 transactions a day and Algorand has minimal transaction fees and can support a huge TPS. So, apps issue users Props IOUs on Algorand. When users wish to claim, they claim into an erc-20 wallet – so the token and the smart contracts are compatible out in the world. That’s the high-level distinction. With regards to gas fees and layer 2s.
Yes – we are introducing a layer 2 in this quarter (first associated with our staking DAAp) – exactly to address the gas fees issue you mention. Thank you for the great community questions!
Pls join our telegram for more discussion: https://t.me/propsproject
And I just reactivated my twitter after a long time – so pls follow me to keep in touch: https://twitter.com/didisimon
Andrés m. | satoshi club:
Thanks for your amazing answers😁, now is time to go with the live segment of the ama
Adi sideman (propsproject):
Shoot!
Gold rocket | satoshi club:
Done👍
Andrés m. | satoshi club:
Satoshi club, let’s follow our guest 💪
Gold rocket | satoshi club:
3,2,1
Andrés m. | satoshi club:
We will open the chat and you should pick 15 questions and answer them
PART 2.Questions about the Props project from the live chat of the telegram community.
In this part, we open a chat for the crypto community for 120 seconds. Then the guests from the Props crypto project choose the top 10 questions. The 15 crypto enthusiasts have earned cryptocurrency in the sum of 150$.
Q – 1 from a telegram user @K2ice
We all believe and hope that 2021 will be an important year for crypto. What do you envision once the staking features are out and how will you encourage token holders to participate more in the ecosystem?
Adi Sideman (PropsProject):
The staking is geared to appeal to both savvy and mainstream users. App users who want to support their apps and get a lef up within their communities by voting for the apps they love. So besides the fact that Staking for governance is an important step towards decentralization – and besides the fact that it enables token holders who are not app users to participate: it also introduces some of Blockchain’s main concepts: financial governance to mainstream app users – and we are psyched about that.
Q – 2 from a telegram user @highpee
You are launching Props 2.0 this Q2 which will take off with a testnet program. What innovative features will you be introducing? When is the incentivized staking testnet for the Props 2.0 event expected to start and who can join?
Adi Sideman (PropsProject):
The incentivized test net will start this quarter, yes. Anyone can join and get test props. to participate.
Q – 3 from a telegram user @topind7
What can you say about your newest recent with Roomi and what you hope to achieve together and how you will both be of benefit to each other?
Adi Sideman (PropsProject):
Roomi is a roomate marketplace for owners who are letting rooms, and people who are looking for a place to live. So it falls squarein the marketplace category. The KPIs we look for are users HODLing props to unlock benefits in the app and we believe roomi will be a strong addition to the ecosystem and introduce strong utility demand value.
Q – 4 from a telegram user @Derazy
Smooth and easy-to-use apps always win the attention of the users when opening or surfing apps. What about Props Project apps? is there an incredible IT team backing the apps to prevent any issues regarding the smoothness of the apps?
Adi Sideman (PropsProject):
you can see some videos here to experience the smootness: https://www.youtube.com/watch?v=qkGaSUFxhXM
Q – 5 from a telegram user @Ratash99
What kind of engagements the users can have and what kind of financial benefects they will gain from it?
Adi Sideman (PropsProject):
Each app decides its own utility for the token. The interests are aligned and the app can run its own show. So the utility apps tend to provide are: Discounts, Bonus rev share, unlock gifts/content/features, higher daily streak stipend and status.
Q – 6 from a telegram user @cryptoneco
Applications such as PROPS must constantly increase the number of users. What are the solutions you have developed to continuously and steadily expand the PROPS user base?
Adi Sideman (PropsProject):
We focus on adoption by mainstream apps that already have a large user base – and drive adoption through them. That is the main tactic that allows us leverage and has been driving growth. That is also a very big market to benefit from: as over the next few years, mainstream apps will be looking for off-the-shelf solutions, rather than write their own solidity code and hire blockchain engineers. that is part of the exciting opportunity.
Q – 7 from a telegram user @neverencryp
Thinking of it, your project is not globally adopted because even in my region some of the apps that adopt props is not available for download, i will like to know your plans for global adoption and how are your plans going on for partnering with global social media platforms?
Adi Sideman (PropsProject):
Our center of Gravity is in the US. So it’s natural that we will start here. that said, the apps we partner with have a global audience and crypto is global. As such, we hired a team in China last year and this year, made our first hire in Korea. So its in our future to get more apps (not just users) from across the globe.
Q – 8 from a telegram user @victorogb
How do PROPS measure the level of success from its services on apps that have been able to fully integrate your features?
Adi Sideman (PropsProject):
Great question: by the net demand value an app provides. ar etheir users valuing the utility the app provides (and HODL and buy) or do the users no value it and sell. (and the app incentives are aligned as they mine tokens based on these KPIs. We plan to expose a lot more data upon staking governance – so those token holders can help funnel any token rewards to the most value-producing and promising apps.
Q – 9 from a telegram user @atillayeni
You said Props is a community loyalty token. What users have done to earn PROPS token?
Adi Sideman (PropsProject):
THis is up to the apps that have complete autonomy (as the incentives are alligned with the protocol) – so an app usually rewards for actions that are most valuable to the app: Like content creation, transaction generation (listing items for sale) Buying product in the app, inviting a friend etc.
Q -10 from a telegram user @Srk_Jacob
Can you list some of the killer features of your project that might scare the rivals? What is your platform’s most unique and innovative competitive advantage?
Adi Sideman (PropsProject):
A lot of people talk about aoption. Our approch in bringing the value of Blockchain to the masses, is to
a. make it smple for apps to adopt – by providing a SaaS like framework that obfiscate the Blocchain and does not require a deep integration and Blockchain engineers (simple REST APIs etc.)
b. Providing the apps off the shelf hamofied interfaces for their users again easy to integrate and good UX for users.
c. Custody handled for users (advanced users can take custody) – so its buttery experience.
A dogged focus on bringing the power of blockchain and crypto in a simple way to mainstream is one of our main secret sauces.
Part 3 – Quiz about project
In the final part, we tested the knowledge in terms of the Props project. They’ve prepared 4 questions for this part, so everyone could be a part and answer. Participants had 10 minutes to answer. 1200$ was distributed between the winners.
Our contacts for more details:
English Telegram group | Russian Telegram group | Spanish Telegram group | Telegram Channel | Twitter | Website
Our Crypto Partner by this AMA: Props
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