Hello! BlockTalkers & Blockchain Enthusiastic!
We recently hosted an AMA with Props Project, on February 17th at 02.00 PM UTC. Many of you might have participated or many of not. But we make sure no one missed out from the knowledge shared by Adi Sideman, Co-Founder & CEO at Props Project so here we are up with the AMA transcript, for those who missed the live session, this blog post will be a saver & feeder of knowledge for them.
Introduction Questions Asked By Team BlockTalks
Q1. Could you please introduce Props Project to our community in layman’s term?
Ans —Props is a work / discount token that unlocks benefits in the network of apps that use it.
Props is a work / discount token that unlocks benefits in the apps that use it.
One way to think about Props is as a cross between traditional loyalty points and capital. Another way.. is tokenizing loyalty points and imbuing financial value into them.
Props value is backed by the aggregate utility it provides to its millions of users across all participating apps.
Today we have a Half Dozen apps that have signed up and 4 that have launched, each with Millions or hundreds of thousands of MAU
Q2. What are the advantages of Props Project to other alternatives in the Blockchain field?
Ans — Props is a solution for Apps, not Dapps.
For mainstream web 2.0 apps that want to use regular APis and not program in solidity. We make it make it simple for them to integrate a token
That is key — as we are entering a period in which many busineses will seek to leverage the power of Crypto and blockchain — but will not wish to fully decentralize — and would, frankly, not be able to
So they can use a decentralized token layer on top of their enterprise to allign with their users And we provide them Regular REST APIs and tools that are SaaS like and familiar to them, to integrate and Manage.
Q3. What are the major milestones Props Project achieved so far & what are in the future pipeline?
Ans — Just to finish the above thought : If an app provides valuable benefits (like discounts, or premium features), and users chose to buy or stake Props to the app to get these benefits.
Then the app receives more rewards from the smart contract.
If an app simply rewards users with Props but provides no benefit, and the users don’t stake it:
the app will mine little or no Props at all. The incentives are aligned to drive demand.
Moving on to question 3…
We started the project in 2017
We launched on Main net in March 2019.
In July 2019 we were qualified by the SEC
By Sept 2020
4 apps that have launched each with millions of users
In Q1 of 2021
2 new apps joined and we will launch one of them this month
Last month — we listed on exchanges: OKEx, Gate, KUCoin
We we are growing at about 1M new token holders / quarter.
In terms of what we can expect in 2021:
First: network growth:
We are looking to add dozens of apps in 2020 and 2021, each with a significant user base.
Ensuring that Props apps are seeing value — and publishing case studies — and educating other mainstream apps — setting an example. Here are some published case studies.
of the success of apps that launched a token to allign with their communities
Thank you — Comrade! Secondly: This year, we will be introducing Staking and governance.
So that’s a bit on our past and looking forward on development in 2021
So that’s a bit on milestones and 2021 outlook
Questions Asked on Twitter For Props Project Team!
Q1. In-app benefits of Props vary between apps, but is there a limit of tokens that can be obtained in a certain time?
Ans —There is no limit… its up to the apps to decide the value of user actions within their apps and reward the users for it in a way that is both incentivizing and economic to them
Its an app level Protocol. Each app mines the tokens from the Props protocol based on the demand they drive for the Token
So the apps have a lot of flexibility, but they will remain rational and not remit what they dont have.
Q2. Why, in the age of WEB 3.0, would you create a solution for applications instead of DApps called Props? What advantages do you see in this?
Ans — Today we have a 7 apps that have joined and 4 that have launched each with Millions or hundreds of thousands of MAU
And we have 8 million users across these apps who are holding Props for the benefits they unlock.
We arrived at the inevitable conclusion that:
The power of Blockchain and crypto is so valuable that existing mainstream, web 2.0 business…
Majority of all apps and users will want to leverage it But it will not be practical for these apps to fully decentralize but BY adding a decentralized, trustless asset class layer that enables partnering with their users they can align with their users with to achieve business optimizations — grow revenue and engagement And the apps dont need solidity or blockchain engineers or blockchain lawyers
They dont have to restart their businesses from scratch — BUT — add on.
That’s our focus in Props: - partnering with Mainstream apps and capturing the value of their utility offering into our token.
Q3. Given the approval of the SEC, which congratulations for that, do you plan to expand to other markets in the world such as Asia? where the loyalty system is stronger than ever
Ans — Props has a network development advantage in the US and the west. this is where our center of business Gravity is, Where we have a regulatory advantage as you suggest (mainstream apps are risk averse and an SEC qualifiaction is key to working with them)
So we are focusing bizdev efforts where we have an advantage
we cross the Chasm where we have most impact in network development
- in the US and the west
crypto markets are global in nature so we have people from all over the world getting involved And we are working on governance and staking to include them, as a first step And later, we hope to also see apps from Asia join.
Q4. What types of business models on the Internet would you like to work side by side? At the moment we have streaming, social networks, does Props have any target towards other types of platforms on the internet?
Ans — Thank you for mentioning this. Props Can work with any business model, in theory.
Props Comes to complement and not to replace.
Its Not Transactional — but equivaklent to Loyalty, Experience points / aurline miles that also have a financial value and potential upside (scarce).
That said: Such additional incentives as Props Provides tend to work best in a businesses that have communities, two sided markets. …where network effects can take place. As opposed to publishers, where readers dont register or create content or significantly contribute value.
So its good to have a focus around 2 sided markets at this time
There are so many of them and that is where Props shines
An example of an Ecommerce, BTW — is Listia — where buyers and sellers come together.
Its a two sided markets for used goods — and Props works very well there, incentivising the community to be more active and participate more. Since Props — item listings are 20% up and Sales are 10% up
Q5. Props had once conducted a token sale back in 2017 where it raised about ~5.99 million dollars, so why did you decide to conduct another token sale in 2020? What happened to the funds raised back in 2017?
Ans — We Are very fortunate to be on stable footing 3.5 years into the project. We discussed the milestones earlier — building the network, launching it, getting half dozen apps and millions of users, and getting qualified by the SEC, all require resources.
We kept heads down, building during the crypto winter : building — developing the technology. now that our product is more ready for prime time — and the adoption is starting to be meaningful — we are stepping further on the gas.
Its an exciting time to expand and we see a market that is much more curious, open and welcoming to blockchain tech
Questions Asked by our BlockTalks Community Members during live Session to Props Project Team!!
Q1. Currently “Staking” is a very popular topic. Can you please explain the details about the token staking plan and the benefits of adding “staking”?
Ans — With Props 2.0 we are working to add Staking.
Its the first step towards passing governance to the community of Token holdres
In this first stage the community will be able to stake towards any of the apps on the network and by that, signal / vote, to the the protocol about which app should get more props rewards.
All apo data and usage will be externalized to allow the community to govern the protocol rewards.
Q2. Are you planning to spread awareness about your project in various countries where English is not spoken well? Do you have a local community so they can better understand your project?
Ans — We have communities in the US/ English. and China / Mandarin ATM.
We are working to add Korean next.
But the biggest impact is from the users of the apps themselves
Those users are mainstream users and not blockchain Savvy
Many of them dont understand the value of the asset they are elidgable for so the work is to provide the apps tools / interfaces that break it down for users in simple ways
like showing Dollar value next to the Props every time they show up or simple progress bars to show: tyou need 50 more Props to reach the next level and unlock a discount or a gift
Once the masses of mainstream users start internalizing the value and be motivated to speak about it
We will benefit from serious amplification
We are pushing towards that reality, slowly but Surly.
Q3. Do you think year 2021 will be ground breaking for Props? We see that you are signing great partnerships, working on some “secret” service that soon you will announce. But all this will be fully implemented in Q1–2021. Do you think then we will start to see the full potential of Props regarding price and token as a heart of your tech?
Ans — A few things are coming together in 2021:
a. The market is much more receptive. We see a direct correlation between the price of Bitcoin and incoming queeries by apps who are interested to learn how they can leverage Props.
b. Tools: We are optimizing the tools available to apps to easily launch
c. Capital Markets: Users now (Non -US) have the option to claim and get Cash — so they are starting to understand tha value proposition and “get in the game” and be more motivated
So we expect the cadance of Apps joining Props in 2021 to increase and build substantive value into the token, over time.
Q4. How easy is it for apps to integrate with Props? Can you tell us some of the enhanced tools you plan introducing to make the integration further simple and stressfree?
Here is a screen shot from the Props admin. Apps use a WYSIWYG interface to author thier rewqards and benefits, colirs etc.