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AERGO 09/01/19 Telegram AMA Transcript & Key Takeaways

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On January 9, 2019, 09:00 GMT, we hosted an AMA (Ask Me Anything) session in our AERGO Official Telegram group with Phil Zamani (Chairman and CEO), Hunyoung Park (CTO), and Kyle Owens (Community Lead).

​Hello everybody — Phil here.

Before I kick off this AMA (our first for 2019!) I would like to say a few words to our community. As with previous ones, my goal for this AMA is, to be honest, clear and frank, whilst answering as many questions as possible. I am very serious and passionate about our project and I want to make sure people fully understand what we are aiming to build. I also care deeply about our community (that is why I personally run these AMAs and do not delegate this task to others in my team). I know in our last AMA, some of you may have found my answers (or English) a little too direct and my tone overly harsh.. I want to apologise that it may have came across like that. I will try my best to alter my communication style — whilst still remaining open and honest (but perhaps not as direct). ​ ​I try to answer and type fast (but am not very good at this!) So I may take a little longer in responding to questions on AMAs from hereon.​

Based on the questions already submitted to #AERGOAMA I now expect that this AMA will be busy, varied and we will have lots of great questions. I will do my best to cover them all. All questions submitted previously to #AERGOAMA (and not asked today) will be answered in full at the end of this AMA. I’d also like to direct you to my latest Medium article and our first Quarterly Progress Update (QPU). These pieces of content are detailed and far-reaching. We believe they provide the transparency needed to give everyone deep insight into AERGO and how we plan and operate. I plan to allocate extra time for today’s AMA so I will stay on for at least 90 minutes to answer your questions.

Before we start, a summary of the latest AERGO token circulating supply (as of 07/01/2019) since it will come up is as follows:

  • 34,798,968 Tokens already generated and available for release to all contributors/holders (i.e., max supply) (7.0% of supply)
  • 24,808,925 Tokens received to date in validated wallets of contributors/holders (i.e., total circulating supply) (5.0% of supply)
  • 0 AERGO reserve or foundation team tokens sold to date on a market or over the counter (OTC)

 


Will there be any changes to your roadmap?

> No major changes — just that we may reorder some of our roadmap to ensure we hit or key objectives for 2019 — like mainnet in a few months

Answer By: Phil


Hey Phil, a kinda unpleasant question but a question nonetheless: How do you address the fact that there is at least one or more leakers among your employees? It seems that the mood within the company is pretty poor, given everything that has happened.

>Thanks for your question`. We can confirm that this is not true. There was some purported leaked information, however we found that this information was inaccurate and not true. This tells us that there was no actual leak in the first place.

The team goes from strength to strength. Sometimes we do make minor adjustments in leadership roles, but this is standard practice for fast-moving and agile startup projects like AERGO. We are growing the dedicated headcount working on AERGO by 28% during 2019 as described in our ‘Financial Plan’ for the year in our Q1 QPU.

Answer By: Kyle

> I’m not sure where you got infos, but Last week, I interviewed all engineers with 30 hours(really tired ^^), and most of them are happy and proud of their work. About token price, yes maybe but we can understand bear market.

Answer By: Hunyoung Park

I would kindly suggest everyone check the facts before you jump to conclusions — we have many scammers faking chats and using names that do not belong to them — I have also been victim of this (once -hopefully never again!)

Answer By: Phil


#AERGOAMA @philzamani

Hello Dear Phil,

Dima here, top 10 ambassador, speaking from russian-speaking AERGO community and ambassadors team.

Hope You had nice holidays with family and had nice rest!

First of all I would like to mention that team of ambassadors and russian-speaking community still have high believe and big expectations for the project in mid/long term. And I am pretty confident our daily work had huge impact in building positive reputation of AERGO project in one of the most active communities in crypto sphere.

Since the initial listing of AERGO tokens we (ambassadors and loyal community) are having hard fight everyday with fe1ar, uncertainty and doubt spreading in russian-speaking and international telegram channels. It is hard do deny that things went not in line with everyone’s expectations (as well as team’s expectations I believe) looking at charts. Unfortunately I know that people are afraid of buying tokens from the exchanges right now, tho they believe project is technically good, there is big pressure of uncertainty in community. Now, on this market, you can’t rely only on good tech and development of project to be competitive on the market.

Now to the today’s AMA questions. First of all, I would like to mention that I have read in detail today’s articles and have few questions.

1) You write that you established partnership with “leading treasury firm”, which led to ongoing process of diversification of ETH holdings into Bitcoin, different assets and Fiat currencies. Can you please provide any info on this treasury firm and why they/you choose to invest in Bitcoin?

Moreover in previous AMA you mentioned that you doesn’t hold any cryptocurrencies and believe only in AERGO. Taking this into consideration can you please explain, why AERGO choose not to instantly convert ETH into Fiat currencies? (you write that it is pretty trivial task nowadays).

And why in September, when your team saw that market keeps dropping — you decide to apply to treasury firm and play “investing game”, including investing in Bitcoin, instead of going full Fiat.

You write, that AERGO is non-for-profit organization, please explain team position about decision not to convert ETH to Fiat but instead go for risky investments (Bitcoin, other non-fiat assets).

2) You write in your article, that you managed to agree with 8 out of 10 private investors considering new vesting schedule. What is with 2 other private investors? Do they have their vesting changed or left with old ones?

3) You write that BLOCKO will loan tokens from AERGO for ten years for stacking and public chain maintaining. Can you determine amount and from what reserve it will be taken?

Best regards,

Dima

We have explained our strategy in detail in our QPU and recent Medium post — treasury is there to ensure amongst other things
1. you don’t run out of cash in short term
2. if you don’t need cash soon — invest in other assets that are liquid and can be

converted quickly and

3. if you have surplus diversify — we do all of these

Answer By: Phil


Is the marketing going to be more aggressive? I think AERGO is quite unknown outside Korea.

The marketing will be more focused — we have identified certain markets to target outside of Korea in 2019 — like China/parts of southeast asia and Europe

Answer By: Phil


Will you consider a token buyback to support the price? If no buyback, token burn, or other similar mechanism is in the cards?

We will leave any decision on potential token buy back to our treasury team

Answer By: Phil


Thank You very much for answers Sir Phil, can You disclosure name or any details about this treasury service firm by any chance? I think that would have huge impact for adding confidence.

It is a young and leading from South Korea — I need to check with them if they want to be named — I will revert to the community once I know

Answer By: Phil


Hello Dear Phil, When will start active work with ambassadors? Best regards, Dobrodel

Hi Dobrodel — next week — I am sending a message to the ambassadors later this week to kickstart a jew regular communication and engagement program — thanks for asking btw!

Answer By: Phil


Is it true AERGO is running out of money? How much runway do you have?

> No this is NOT true…We can estimate that we have enough runway to put us past the end of 2020 at this current point in time.

Answer By: Phil


Phil Zamani

Just want to go back to the question on roadmap to provide more colour…

We are looking to ship our mainnet by the end of Q1, but it may take to perhaps the first month of Q2. It is difficult to exactly time any software project, especially one as complex as we are pushing out. We will definitely try to do it as soon as possible yet also inform our community about any precise changes in a timely fashion. We’re also planning on throwing a wonderful launch party as well as some other fun online and offline events for our mainnet launch….pls stay tuned!


Hello Phil. Always thanks for your good job.

I am curious that Is there additional partnerships excluding already said with BLOCKO.

Sorry for my lack of English. Thanks for advance to your kind reply.

Yes -we do have more partnership in development…two things to be aware of….we are focusing on fewer and more impactful partnerships and customers…and we can only talk about them when the time is right (and agreed with each partner)…you will see the first large partnership soon.One thing we strongly believe this industry needs is “proof” so we are working on exactly this with real customers/partners and real business problems they want to solve with AERGO…less PoC and more PoBV (proof of business value!!)

Answer By: Phil


Hello Phil. Does the AERGO team plan to organize and conduct meetups for developers? Best regards, Sergii.

Hello Sergii — yes in fact this one of our most important tasks this year (and where our ambassadors can help and play a part)…we are going to announce DevDrop soon

Answer By: Phil


Hi Phil, Are there any suspicions on who had created those FUD pieces and the motives? What mechanisms are in place besides these transparency talks (which are amazing) will you have in place? As things can come in a breeze

We don’t want to speculate but yes we have a good (validated) view of where some of the FUD has come from — our approach is to rise above this and other FAKE news and focus on execution execution execution — if there are concerns we want to hear them and address them openly — our QPU will be a regular process form here and used to catch and address such concerns — we believe in openness and transparency!

How did we do with our transparency and openness approach with the QPU report and medium articles Tyler and rest of community if you have had a chance to read these? If not please do read them and provide feedback — we want to continuously improve here

I got a chance to take a good look but it was rather lengthy, but structured. It’s necessary

Perhaps when something happens, an early mention that you guys have noticed what’s happening and are preparing a response would keep the community calm on your take!

Answer By: Phil


Hello Sir Phil! Thank you for a very friendly attitude to the community !!! It is a rarity. How much a bear market delays the work of your team on the development of the AERGO ecosystem and the emergence of new partners? In this regard, probably there are problems with the access of tokens to large stock exchanges?

> Hi Albert — our development and execution roadmap is actually completely not affected by the bear market — in fact having a lean budget helps with focus and prioritisation — the market for AERGO will develop over time — just like I saw when I was at Red Hat and Vmware and Novell and SuSe Linux…it takes time to build things that work at scale…our plans are built to a support a 2–3 year “prove it”model.

Answer By: Phil


Many people are concerned that the value of the token is going to be unstable, regarding the fact, that that many tokens are not released yet. How to you plan to address this problem?

> We are carefully monitoring this and will have a plan of attack to address this, our release plan is gradual and steady to help with this fact…we will try our very best here.

Answer By: Phil


Please save money for development rather than throwing wonderful launch parties :pray:

Same goes for AERGO tour in my opinion, tho I would love to meet in Kiev, but better save money for project, than traveling. Funding for only two-three years (“past end of 2020”) is a bit frightening.

Great suggestion. One thing I would add to Phil’s answer here is that by that time the AERGO network could potentially have attracted significant clientele base that brings in significant revenue. In other words, by that time the development and initial phases will be over; it will be all about building a strong business which could potentially support the AERGO Organization’s ongoing efforts in growing the AERGO developer ecosystem.

I’m sure you’ve read and heard about our open-source mantra. We are looking to build a self-sufficient developer ecosystem around AERGO. Akin to that with Linux had, or perhaps which now Bitcoin has, we want the AERGO technology to see use from so many developers that it could live on. This is just one thing to keep in mind. The team is here for the long-run.

Thanks for your very kind and thoughtful statement.

Answer By: Kyle


Hi Phil Amec here… My question is quite simple

Is there any business model around the AERGO system for investors/holders to make active/passive/potential income by holding AERGO tokens/coins APART FROM PRICE INCREASE DUE TO SPECULATION AND PROGRESS OF THE PROJECT OR MARKET FORCES

We have a detailed token economics model that is being tested with early and friendly partner and customers…we will publish the results once we have a great long term valuable and sustainable model for all token holders…especially the ones that 1. deliver services in the ecosystem 2. stake tokens to become part of the network and 3. provide the needed hosting services for side chains in a hybrid deployment…this needs a bit more time but will be ready before our mainnet launch (we think!)

Answer By: Phil


I got a chance to take a good look but it was rather lengthy, but structured. It’s necessary

Perhaps when something happens, an early mention that you guys have noticed what’s happening and are preparing a response would keep the community calm on your take!

> Good point but we have to balance the need to keep our eyes on the project execution vs. dealing with rumours and fud — questions and concerns that are asked in an open and transparent manner and backed with some validated facts will get responded to very quickly — the rest will simply either be ignored or dealt with when they are worth addressing

Answer By: Phil


Is AERGO planning to go full scale on marketing? I mean the traditional channels. I see lot of the limitations of crypto-focused marketing methods

Have you seen the IBM blockchain ads going around? That’s the kind of stuff in BLOCKO’s playbook for once it begins full scale commercialization on the technology

Answer By: Kyle


is there very certain estimate on main net?

> End of 1Q or early 2Q — see response above about why this takes time.

Here is answer on mainent again. We are looking to ship our mainnet by the end of Q1, but it may take to perhaps the first month of Q2. It is difficult to exactly time any software project, especially one as complex as we are pushing out. We will definitely try to do it as soon as possible yet also inform our community about any precise changes in a timely fashion. We’re also planning on throwing a wonderful launch party as well as some other fun online and offline events for our mainnet launch….pls stay tuned!

Answer By: Phil


Will AERGO be looking at working with Government projects, or are you more looking at private business?

> We already are working with two of the top 20 governments in the world!..and a few very large customers and partners

Answer By: Phil


Are there any updates on the reward drop token release?

> Remaining RewarDrop tokens will be released within 30 days of the first release which was on December 27/28. That’s when the remaining 50% of tokens for those who did not claim tokens on Korbit will be released yet did share our “AERGO: Powered by BLOCKO” video. If they didn’t share the video, they’re getting 100% of their tokens at the next distribution date.

Answer By: Kyle


Is there very certain estimate on main net?

Engineers are more focused on building stable main network, we need security, stability, and strategy for token swap. We will release more info soon.

Answer By: Phil


Why didn’t AERGO list on Huobi, I thought you won the competition?

We actually cannot acknowledge or address private matters like this. However, we can say that we make sure we conduct all commercial matters in a professional manner and will always refuse to do anything illegal or potentially harmful for the future of the project…if we find a partner who does not have the same sense of compliance we move on to others that do

Answer By: Phil


Any news about new exchange and partnership in q1,any announcement?

We don’t like to answer questions like this because we prefer to “do” rather than “say we will”. That being said, we’ve heard the community feedback about our initial exchange listings. We are fully aware of the landscape when it comes to cryptocurrency exchanges, which ones are the major ones and what the community wants to see. We have a sophisticated, multi-stage plan for matters like this. We have formed very strong relationships with many of our investors and key advisors who will give us the firepower we need to execute on our plan.

Ensuring liquidity in accessing tokens is naturally vital for a truly sufficient decentralized network that is powered by a sophisticated token economic model. We know where we want to be and plan to ensure the very best for all of our key stakeholder groups in the coming months.

Answer By: Phil


Hi Phil,

First of all Best Wishes for the New Year and best of luck in accomplishing your personal & professional goals for 2019! Moreover, congratulations on the successful launch of AERGO and in my opinion setting the benchmark for the blockchain industry in terms of transparency!

Q: You have indicated that you are looking to expand your marketing efforts to Europe…could you be more precise in which countries you are focusing on? Thank you!

Thanks Serge — our main target countries are UK and Germany but we are in discusions about projects in other countries — it is hard to be to prescriptive about this — why UK and Germany (we have local people and may=ny large potential clients and partners)…but we will be flexible here as well

Answer By: Phil


Hi Sir! Happy new year to you,Hunyoung and the rest of the team.

Do you know that some details in the AERGO QPU LEGALLY is not supposed to be shared with the community and the public?? No Gigantic Project have ever dropped a tokensale Use of Proceeds as detailed and very very deep like you did.

What was your thoughts? Why choose those actions sir?

> We have been very careful with the information we have shared — we wanted to balance the need for transparency and accountability but match these with commercial sensitivity and compliance…we will adjust our approach accordingly and will try to lead the industry with transparency

Answer By: Phil

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