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! First part of AMA — foilteam.medium.com/247f92cee4d7.
Question: What is the logic and philosophy of Foil? And what makes Foil special? What makes Foil NFT special than the rest of NFT’s? And I think we can gathers question up with what makes Foil great? What is like they used to the project and why they should be a next disruption of the NFT market or any markets on blockchain side?
Answer: I hear a few questions in one so I will go step by step. So first thing is what is difference and why new blockchain? I guess. We have in the market right now a lot public blockchain such as Solana and more. Basically, most of them are public, public blockchains. And the main problem that is coming to the to my mind is permissionless and a lot of scum if you’re able to create your crypto coin or NFT or whatever. You can see that in this ecosystem in each of them. There is a lot of scam projects, there’s a lot of fake NFT’s, stolen NFT’s abuse of aftership rights and more. And this is main problem of public blockchains. If we speak about private blockchains, we will not see this problem there, but also the people not able to use private blockchains because of their concept. Our idea was to create something in between. We take best from the both sides, from the both concepts and created public permission blockchain system. It is not new idea, but so far no one have built such a system that because anything that you can find on the market is only for enterprises. They say that they’re public permission blockchain. But the truth is they’re allowed to use only for enterprises with the contract and everything and people not able to interact. And for NFT’s and cryptocurrency the main important thing is to be able to interact in this ecosystem. So in our blockchain, we build the permission level only for some particular type of transactions. From anonymous account, you can buy NFT, you can send NFT, you can sell it on the secondary market. You can buy cryptocurrency, you can transfer it. But to create NFT or another public content, basically to save some data in the blockchain and the public way, or you must have responsibility. And that’s why we have proof of identity for a protocol to put this responsibility on the content creators. So if you’re an NFT, artist, or an owner of the crypto project and you want to create a token in our ecosystem you are keep the wallet that will be used to create the smart contract must be verified with KYC standard. It will prevent use blockchain technology in the bad purpose to create stolen and NFTs or fake NFTs. It will protect our users that want to participate in the projects. But they don’t have for example enough knowledge or maybe this project are hiding their best and bad ideas quite good. And they will be sure that NFTs or cryptocurrency that they are buying that they have passed a KYC verification. This is main difference from many other blockchain ecosystem. Another thing is, we use our blockchain technology and blockchain system as decentralized storage. So it’s allowed us to create really two NFT’s were everything, the content, the information about artists, the information about NFT itself and license that giving you rights to own this NFT are in store in the one token as one unique digital entity in the whole digital space.
Question: Yeah, I think you answered many more questions too. So that’s great. Thanks. We have a couple questions about token the token of Foil. So what is the main use? What are the main use cases of native token? Which benefits does provide for long term holders? Will it be stablecoin on Foil? And many other questions. So, what plans have Foil team for the token itself? And of course when will be the ido? And when it will be the next private sale? Everybody wants to buy it but don’t know why when and where. And what the exchanges where will it be launched?
Answer: Thank you. Okay. So yes, I will step by step answer this question. First, what is Foil token and what is the purpose of it and what benefits it gives to it holders. Foil is a native governance token of our ecosystem Foil Network and with proof-of-stakeconsensus, basically, it’s tokens that allow you to control the whole system. The owners of this token will be able and able right now to support an ecosystem by run validator nodes and validate transactions create blocks, get rewards by these in Foil and in the mega world, that is basically the token was created for paying for the transactions. The idea is that in the future, our network will be as one big most decentralized autonomous organization, where there will be many different participants who will be responsible of evolution and grow of the whole network, new updates and new decisions, the price for transaction cost, and other important things will be decided by this decision by this big, big DAO that is basically controlling support whole ecosystem. So a part of it for many projects will be run on foil network. The foil token will allow you to participate in such projects. So for example, there are upcoming two NFT games. And to participate in private sale, for example, you will need to hold foil, or to use foil to buy their tokens. As well, it will allow you in the future to vote for the DAO, for example, maybe you don’t have big amount of tokens in your wallet, but still you’re part of the ecosystem. And with this foil, you will be able to vote. And we’ll in the DAO we’ll see the what majority think of this, this or another decision. Actually, right now the our partners and individuals who have access to full node, they can see they’re all instruments and tools. And the one of them, it’s decentralized elections and the holding platform that we already have as NDP one. In the future, there will be the interfaces that will where we it will be easy to participate about preparation for private sales and further IDOs public sales. Right now we were running the second private round, or as we call the private round of decentralization, where we invite a future validator validators. This package is contain a minimum investment of $2,000. And it’s for to be part of forging pools, or you can buy a package of 50,000 FOIL for 10,000 USD to run your own node. After that, we are preparing right now to unboard some venture capitals were discussing and getting advice help from them to prepare everything, all our project to work with them. And one of the main thing it was open court is one of the biggest requests and as soon as we finish this process, hopefully I think it’s will be in the beginning of April, we’ll be able to work with them. And then as well have announced the ideal for the end of May or beginning of June. There will be ideal, but more information will be announced I think in next two-three weeks.
Question: How all can work its developer. And I‘d like to also know about how about acid borrowing and lending?
Answer: First question was for the developers how the developers can join right to the project. And for others, also, please write questions in the chat. And we’ll be able to answer a bit later. So first question for the developers. Right now you can request in private message, you can request access to our code. And we’re assigning the NDA with everyone who wants to have a look to our code, and suggest some ideas and the changes or try to experiment. But very soon, the code will be open and you will find everything in the Gitlab. And we’ll work hard a lot. And building open source community of developers to improve our ecosystem in general. But right now, actually, we have a lot of documentation. You can find it also in our Gitlab. How to Create a decentralized application by using our API is DK RPC. This is for developers.
To be continued…