Foil Network AMA Session. Part 1

FOIL Network
5 min readApr 3, 2022

Today we present you the transcript of the AMA conference from March 30, 2022. Our ambassadors asked questions, and our CEO Evgeny was happy to answer them!

Question: Evgeny, tell everybody, please, a short story about Foil Network, the history of it. I know that you can speak about it for a long time, but please be quite briefly, because we have a lot of questions from our ambassadors.

Answer: I will shortly say a few words about the project in general, what is it, what’s going on right now and the big validators program. So as everyone knows, Foil Network is a layer one blockchain. It’s a new technology it’s built. It was built for almost five years. And now already for almost one year we’re going to the market is our solution. We call Foil Network public permission blockchain ecosystem. Its new ecosystem where people will be able to build new products, new decentralized application. And in 2021 and 2022, we are focused on the solutions for NFT and all related projects, mostly on GameFi. And art industry. So this is a bit about Foil Network. So why we’re doing now on a session. And it’s because we have right now, validator program early validators program, it’s early private sale. Second round, were people able to buy packages of tokens to run full nodes while we’re doing needed because we started to open our court. Finally, and we want to secure more our network and decentralize it. So for this program, we have allocated 6% of all token supplies, it’s around 86 million FOIL. And that will be possible to run around 120 nodes to support our network. For this, we started early validator Support Program, where all our validators will be rewarded handsomely. And in the demos joining us in the beginning that’s what I would say.

Question: Okay, great. I think I have something to add about the validators program, because it’s also a question from our ambassadors. So what are the specifications of this program and how much you can really earn with if you’re when data of the Foil Network and maybe some juicy prices for it? You can tell something about it?

Answer: Well, on our website, you can find all the information that basically are explaining how does this program work, or even the only day in even the calculated ROI for our investors and the people who staking the FOIL for it will validate transactions. Basically, we expected return on investment from 136% that was done together with recalculating the tokenomics of the whole project, we have borned 20% of first supply that will be issued during this validator program. In fact, whites will be even more than 136% is because while more validators will come on board to our project, we will lower the power of the nodes of our own machines. So to fairly distribute decentralization of the network. Um, yeah, I guess this mostly the important things and let apart the rewards and FOIL validators will now start to earn the tokens of their partners projects that will run their new GameFi projects on our network because of our protocol where all the tradable transactions are giving the reward to the note holders.

Question: Okay, sounds great. I think I want to speak a little bit about our partners, because I partner with several great projects. And before that, I asked the admin of telegram group to dublicate the site of FOIL with the lending of validators node. So everybody can check up the ROI and other other certification about validators. So can you tell us a little bit more about this great companies that FOIL partnered with and plans with them?

Answer: Yes, sure.We were running hot tests of our network and our blockchain was holding quite good. All the transactions and the proof that our technology so it since beginning of 2022, we started to build our partnership with other projects. Right now we have announced a partnership with one company from digital fashion industry. They’re doing digital clothes as NFTs — ECOOLSKA. You’ve seen it in our telegram group and other social media. Together with them we will announce a bit later, the partnership with cross project is cyberlegacy. E-sport platform for people who like to play Fortnite and together with ECOOLSKA and them we’ll create first NFT collection of our partners. Soon we’ll announce another partnership with another eSports platform. And right now for next few months we’ll be focused on the eSports industry and their NFT collections. We will develop different tokenomics with them. You will be able to participate and get rewarded in new type of projects. The main purpose is to show to different businesses and to our users that our network is totally secure and that we follow the main concept of public permission blockchain and that everyone can be sure in the NFTs that they’re buying and the project that they’re participating in our ecosystem is not possible to have anonym scam projects or anonym tokens that are just disappearing after successful fundraising. Also, another two main projects that are coming is two games that created by our by our partners and other partners that one is creating the NFT collection for the metaverse Doge planets, you already saw some announcement. And another is collectible card games Meme The Gathering that is actually running the airdrop campaign right now. This is very close projects to us that will show a lot of functionality of our ecosystem of our products as a web and mobile wallets, you all will be able to fully use full network ecosystem. And the last one for at least for now for the focus is pure NFT Art Gallery is a concept of new type of marketplace with all pure NFTs from the Foil network and great artists that will provide you totally pure NFT with all the concepts that we have created and fully ownership rights of these energies.

Question: Okay, great. You answered my second question too. So I think we can go to our ambassadors questions. And to some of them you already answered. But I like really like this question. Where does the project name Foil come from? What does it mean to you? And why did you choose that name for your project?

Answer: What does Foil mean? It’s a material that usually people use to wrap some food or something. And we did use this concept because as we have the whole build whole functional ecosystem where you already saw that you can deposit all the type of currency such as Bitcoin, Litecoin, Doge, Ethereum, and more and more will be joining later. The idea is all of them, you will be able to use all of these cryptocurrency on the Foil network in the safe and secure way without possibility to steal your currency or buy for example, stolen NFT or fake NFT. And because the technology that allow you to send Bitcoin to Foil network, it’s called wrapping and with this concept, we call it Foil network. Because basically, there will be a lot of different cryptocurrency from outside of our blockchain that will be wrapped and used in our ecosystem with really low transaction fee.

To be continued…

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FOIL Network

FOIL Network is a new breed of interoperable, high speed, and elastic blockchains.