Polkalokr AMA Recap

02 Sep 202011:08

AMA

Polkalokr AMA Recap

Cryptodiffer Team

Hello, everyone!😁

We are glad to meet here:
Imran Ashfaq - CEO & Co-Founder
Anis Chohan - CTO & Co-Founder

Anis Chohan

Hello everyone, thank you for having us here today.

Imran Ashfaq

Hey everybody - Thanks for having us. It's great to be here

Cryptodiffer Team

Welcome Imran and Anis, thank you for taking your time today!
Our team has prepared 3 questions for you to start with!
Let`s start with the introduction !
Q1: Can you introduce yourself to our community?

Imran Ashfaq

I'm Imran, CEO and Co-Founder of Polkalokr. I've been in the space since 2017 as a trader, investor, miner and educator. Despite working primarily as a consultant for some of the UK's largest organisations, leading technical teams on multi-million dollar projects, crypto is where my heart really laid. Anis and I originally came up with the concept for Polkalokr in 2018, but it wasn't until 2020 that we decided to give up consulting and put 100% of our efforts into building Polkalokr. Since then, I don't think we have had a single day off. Honestly, I now understand what is meant by the cliche 'if you are doing something that you love, it doesn't feel like work!'

Anis Chohan

Hi @makscryptodiffer sure I am Anis Ahmed Chohan, CTO and Co-Founder of Polkalokr. My role is focusing on the day to day delivery of the products and service we are building out in the blockchain space.

Cryptodiffer Team

Amazing, thank you for replies!
Let's talk more about Polkalokr now
Q2: Can you introduce Polkalokr to us?

Imran Ashfaq

Sure
The Defi space is growing at an exponential rate. However, along with this rapid growth come a new set of challenges. Rug pulls, exit scams are a daily occurrence. Anon projects are also increasing. In addition to this, project tokenomics are almost impossible to find. Many projects bury this information deep within their white papers. We aim to bring trust, transparency and simplicity to a complex space.

Cryptodiffer Team

Now, the last question from our team
Q3: Let`s now talk about the milestones you have achieved so far and about your upcoming plans?

Imran Ashfaq

Okay. We had a fantastic private round and brought on some of the biggest and best funds/VCs in the space. Next is our IDO which will be held on Polkastarter on Wednesday 7th. The whitelist has now closed, but we will list on Uniswap shortly after the IDO closes.

Beyond that, we are on track to launch our first product, Lokr (multichain token-locking solution) in Q2. Swapr will be launched in Q4.

There will be announcements over the coming week which will provide more details on how our staking program will work. We're partnered with some fantastic projects to put a twist on the mechanics, so look forward to revealing more very soon.

Cryptodiffer Team

Thank you for such detailed and interesting answers!
All right, I think we have a lot of people awaiting
It is time to move to the community questions part.

Anis Chohan

❤️ love it so many questions :) lets do this

Cryptodiffer Community

Asia, Africa and other communities are Non-English speaking communities, how will POLKALOKR create global adoption to more local communities ?

Anis Chohan

Hi So Far Binzi, great question. Our plan is to role out using International English for both Lokr and Swapr products. Over course of time this year we will be hiring localisation teams from where we find our community and user base is growing fastest ensuring we have versions of our products available in the most relevant languages according to who our user base is.

Cryptodiffer Community

How does Polkalokr strategies to compete with other launchpad out there? Are all Polkalokr products guaranteed?

Imran Ashfaq

At the moment, we have no intention to create a launchpad of our own. There are many existing launchpads and we are in conversations with some of the biggest and best about ways in which we can work together to help protect their customers through potentially locking projects tokens using Lokr. I think it’s obvious that coupling our service offerings with a launchpad would give additional assurances that they are well protected. Lokr, for instance, can be used to automate the vesting of token releases. Through integrations with our Oracle partners, we no longer need to have 'time' as the trigger for vesting. Imagine, instead of saying seed investors are unlocked after x months, projects could lock them until a particular price, i.e. seed tokens don't start vesting until the token hits $10. This would solve the problem that some projects face where early investors sell irresponsibly and dump on the public

Cryptodiffer Community

What idea brought you to this amazing concept?

Anis Chohan

Honestly great question. For us it was about being able to work on bleeding edge technology and blockchain enabled us to be able to do this. The next question was what do we think is missing from the space and how do we plan to tackle it. We found the space is highly complex, developer centric, lacks trust and doesn't have the enterprise adoption needed to take it to the next level. So thinking about this we thought coming from blue-chip enterprise working backgrounds we are best placed to bring in simplicity, trust and the enterprise scalability to help make the space more main stream. Thanks The Chirag.

Cryptodiffer Community

Ethereum gas costs are really high but for example binance smart chain gas prices are so small and it is faster. In the future can you implemented bsc?

Imran Ashfaq

Polkalokr's products will initially launch on ERC20 and then migrate to Polkadot as DOT's ecosystem matures. That said, our technology will not be limited to just these two chains. We intend to eventually roll out to all chains. The community will have the opportunity to vote on the chains that we prioritise through a governance process.

Cryptodiffer Community

too many projects promising bright hopes for the future. but never released a product that worked or proved any revenue, can you tell us, What makes the Polkalokr different from other projects?

Anis Chohan

This is one of the reasons we came about. To many promises but no delivery. We want projects to lock their tokens with us and have sensible vesting schedules to help sustain their projects for the longer term. We planning to support future projects in their vesting schedules and tokenomics so they can survive the market sensibly.

As for us Imran and I both come from an enterprise background having successfully supported and delivered on projects costing from the 10 of millions to the billions. Not only this we've brought on an A Team from the traditional markets and the blockchain space to support us in delivery. Our processes to delivery and our team are what make us different and capable to execute our vision.

Cryptodiffer Community

One of the most positive things that Polkalokr offers is the reduction of complexity through its simplicity access and high customizable contract, so even user without technicall knowledge are able to operate with Polkalokr?

Imran Ashfaq

That's right - Great summary. Transparency of a project's tokenomics are vital for investors who are looking to make a decision on a long-term investment. Investors what to know project token emission schedules and have peace of mind knowing that tokens are actually vesting as per the project's statement.

The Lokr Dashboard will also provide the public with a one-stop information source for project tokenomics, emission schedules and allow users to track actual emissions vs what the projects have publicised. Users who have tokens vesting in several locks can create a profile which will allow them to easily track their unrealised portfolio value and expected future token releases

Cryptodiffer Community

Ambassadors play a very important role in every project, Do you have an ambassador program? If yes, how can I be one?

Imran Ashfaq

Yes - Keep an eye on our Telegram. Details will be revealed in the coming weeks

Cryptodiffer Community

What are the requirements for staking? What are the daily returns? Is there any lock-period for withdrawing my asset? And for claiming my rewards do I need to pay extra fees?

Imran Ashfaq

Details will be revealed this week!

Anis Chohan

We are developing our products using MACH architecture. Which is Microservices, Api-first, Cloud native and Headless. So everything we build is connectable via an API, and we will be ensuring the infrastructure if not on chain then it is in the cloud and scalable. We are going release a series of these API for enterprise development to use so our products can be used without our own platform if required. We'll also give developers access to this so they can build awesome dApps for our ecosystem.

Later in the year we'll be looking to work with developers to do bug bounties and hackathons to really push the blockchain space and help contribute to its growth.

Cryptodiffer Community

Smart contracts are vulnerable to bugs, and even recently three big new DeFi projects were victims of this, costing users funds. How efficient and secured is your smart contract, and did you ever audit it via any external party?

Imran Ashfaq

Smart contract security is paramount, especially when operating in an unregulated and decentralised space. Our smart contract has recently been audited by Hacken and there were zero issues of any priority level. Despite this, we have instructed a second, well reputed, independent auditor to also review out smart contract for potential vulnerabilities. Reports for both will be available online for all to see.

We are non-custodial, but users will lock tokens using our smart contracts, so they will have to be water-tight. Prior to launch, we will conduct closed beta testing with some of our partners, run a hackathon and re-audit the code.
Many of our team members and advisors can be found on our website. The website itself will be updated in the coming weeks with bios of newer members of the team as we have now grown to over 20 members. Keep an eye on our socials as we have recently brought on a number of advisors with a wealth of knowledge and experience in both crypto and traditional markets

Cryptodiffer Community

Q3.As Education for crypto currency is necessary nowadays , what’s your plan to to attract those people who don’t know about cryptocurrency?

Anis Chohan

Great question, this comes down to simplicity. To really enable blockchain adoption we need to review habits of people and understand why they do the things they do. I truly feel that to help get blockchain mainstream we will need to get rid of terms like "blockchain", "crypto", "erc-20", "on-chain" and more it gets really confusing and very developer centric all that can stay at developer level.

People will adopt blockchain eventually mass market but they won't even be aware they are using it. Their card will contain a currency for example that is digital and managed on blockchain but they'll use their debit card like an everyday card something they are familiar too. It's all about how can we remove these background centralised processes and replace them with decentralised ones without making it difficult for the end user.

Cryptodiffer Team

Thanks for your time @Imran_LKR @Anichogram
Great answers, I am really looking forward to your launch 🚀🚀🚀

Anis Chohan

@makscryptodiffer Its been a pleasure, thank you for having us and we are looking forward to sharing the journey with you all :). Thank you to the amazing community and the fantastic questions today they were greattt!