COMMUNITY AMA #1
Q1
I assume Farming is essentially the same thing as Staking? I think this needs to be conveyed, or if different, how they are different?
A1
Yeah so staking is locking up your LP tokens on the website, and receiving tokens in return is what’s referred to as yield farming, just farming for short. Essentially the same activity.
Q2
While you continue to create the brand, coin, and various projects around the coin, are you presently more focused on targeting specific countries, or building and growing customers/users/partners globally? If you are presently targeting specific countries, do you have plans for global adoption in the future? In addition, how do you plan to market to other countries where English isn’t a main language.
A2
Well the base is going to just be english because that’s what reaches to the most number of people (English isn’t even my team’s first language ourselves, but it’s the language of defi right now for the most part). There’s not really a specific target as the goal is to just be a decentralized marketplace itself, so it is open to anyone who wants to transact on it.
Imo the internet itself allows for global access, so I’m unsure what people have in mind by “targeting local/global”, I hope this answers what people are truly asking though.
Q3
Do you have any partnerships with other projects or do you foresee partnerships in the future? Collaborations with Financial Institutions or Private Companies?
A3
I see real defi protocols to be partners first. Financial institutions, especially the larger ones are not agile enough to pick up on new technology such as trustless smart contracts and blockchain within a short period of time so I don’t see partnerships with giants in that sense. They also tend to be rough negotiators, pushing their weight around, something I’m not a fan of. Priority is existing blockchain protocols and projects.
Q4
What processes do you have in regards to Disaster Recovery Planning? Do you audit just the programming/security of token and contract, but also server and websites? In general, how are the $WORLD token and contracts secure outside of just auditing (e.g. if security is handled by being built off of ETH, explain how ETH relates to the project and how ETH makes it secure)?
A4
eventually servers will be migrated onto ipfs on the fully released product, when we won’t be maintaining or adding features anymore. so it will be fully decentralized and the smart contracts should power it autonomously without our interference. We secure all the smart contracts via audits because they are the backbone of what we are building. imo bothering with more and more audits past what’s integral to the function of the project/market is a waste of treasury funds.
Q5
Are there any plans to allow others to integrate $WORLD into their own platforms/dApps, such as an api? Is there anything that would restrict this?
A5
There’s currently no plans for this, as our focus will be developing the products on the roadmap first, we’ll consider expansion later on, or as things move along
Q6
Will there be a marketplace referall program?
A6
One is being considered for the initial onboarding for the first wave of whitelisted merchants who won’t need to do a vendor bond. Of course we’ll review these first and the referrer will be awarded should that go well :)
Q7
How do you see $WORLD and/or marketplace workflow/processes being used in the future? What was the motivation behind $WORLD’s naming, and the project coming to life? Vision? Mission? Goals?
A7
I gotta say though a lot of people consider or think of this as a very “corporate” structure but it wasn’t. I named the project world because the goal was to be a borderless currency since bitcoin was unable to fulfill that role, given its ended up being a store of value and people aren’t so keen to spend something like that especially as a transaction takes up to 30 mins to confirm, and is most secure after 3 confirmations. I had an idea, I let it simmer, I worked on it and kept adding to my draft. As it evolved, the idea morphed into a currency with a marketplace to be used on, then thought about security on the marketplace and so on, and here we are today. I wouldn’t say that there’s a concrete mission/vision statement that’s more of the stuff we did in college for our majors. Instead, this is what it will become as it takes a life of its own and it and the community will decide its destiny.
Q8
Do you have any plans for building your own wallet? What wallets are currently supporting for $WORLD?
A8
As of this moment we’re an ERC-20 so I don’t think a custom wallet is needed; that’s more for coins on their own chain. Interoperability is indeed becoming attractive (as its been asked multiple times before).
Q9
Does the price of the token affect you from an operational perspective in anyway?
A9
well most of the time, no not really. However, it will play its part along the way. Because tokens is what we have to raise funds for further marketing, exposure, development (paying the devs) so if we’re able to raise funds at a more favorable price, it helps us out immensely!
We’re not yet at that stage though, and we will be working on a trustless method of raising funds via treasury token sales without hurting the market price and these sales will be vested to boot (don’t worry whoever buys will earn holder yields while they’re vested).
Aside from that, I generally veer away from talking price and mostly answer questions about development.
Q10
May be related to question already answered, but; There are 3 core issues prevalent in crypto and blockchain: Security, Interoperability, and Scalability. How does Your Project plan to overcome these issues?
A10
Security — testing and audits. Very heavily on testing. My team will try their best to break our contracts before releasing, and I myself actually try to come up with exploits to the systems in order to patch them before release.
Interoperability — its gas. I swear the reason we started looking into this at all is because of gas. Can’t be a good currency if people have to spend so much to spend the currency. So the solution is looking to be L2 and/or bridging multiple chains, but we’ll cross that bridge when we get there. For now all possibilities and ideas are simmering in my head.
Scalability — actually closely linked to the above, lowering fees on all transactions should pretty much answer scalability, as well as partnerships for more exposure to feed the growth further.
Q11
Long term investors would like to see benefits. Do you have any plans for providing benefits to loyal investors, outside of current benefits?
A11
Long term investors are able to gather more yield while prices are low, and while there are a smaller number of holders to share rewards with. As we continue to develop and onboard more people into our planned and slowly released ecosystem, these current holdings and rewards will be worth more. Not that I’m making speculation on price here, but people will have to buy in order to pay the vendor bond on the platform, and buy goods on the platform; that’s just how the market works with it. Long term holders trust us to do the work necessary to bring true value into the platform, ecosystem, and project; not just pay marketers to pump us short term gains. We are absolutely not about that here, and I think the loyal community agrees with this!
Q12
What strategies or plans do you have for making $WORLD token more valuable? Will there be additional token burns in the future?
A12
The token burn is passive, the burn address just gains rewards for being a “holder”, but I have no plans to burn a ton of tokens. In my perspective doing random large token burns that the team was just holding is nothing but a publicity stunt and does nothing to seriously increase the overall value of the project; other than perceived scarcity. As for value, just good old demand. Onboarding merchants is going to be key in this phase, looking for partners who want to use the platform to sell digital goods and/or services. When there’s good stuff to be bought, buyers will also come especially if merchants say its a preferred method, or offer discounts, etc. We have an incentive program in the pipeline for merchants at the opening phase of the marketplace too! Money attracts money after all haha, it’s going to be a very exciting next few weeks for all of us together ❤️
Q13
How does World Token facilitate the cooperation and collaborative development within the community. If someone had an idea that would work well on World Token, how can we get support? Would you be open to developers joining the team in the future, outside of trusted individuals? What processes would be put in place to audit the developer?
A13
Oh suggestions are always welcome! I know I won’t be available for an instant chat 24/7 but I do my best to answer the real dm’s I get (But I do appreciate if people leave me the message right away instead of leaving a “hi” then waiting for me to respond). Couple of members have actually already reached out with good suggestions, and some are potential merchants in the future too! So honestly guys, got a good idea? DM us.
As for developers unfortunately a few have applied but we have had to decline. There’s just too many devs that have gone rogue in the past in other projects and we cannot have that risk. As of this moment we are going to have a team of 4 already and I think that will be adequate for what we are building. There’s been a few devs who DM’d me before and I did give them advice about where to go or where to learn more about solidity, since I couldn’t properly grant their wish of working with us.
Q14
Explain further what this includes specifically, in other words, What features are combined to provide this?: “combines the best tokenomics of current frictionless yield protocols for instant rewards with the additional benefits of staking in our upcoming marketplace.” Is $WORLD inflationary or deflationary?
A14
Well the features we were referring to in that statement was frictionless staking, as well as yield farming. There is zero inflation or minting of world tokens, however due to the burn address being rewarded holder rewards, we are indirectly deflationary!
Q15
This was hard to summarize, knowing that $WORLD token is meant as currency, and knowing you can’t control what others do. But gonna throw it out there. Investors are afraid of “rug pull” in price and/or fraud fake coins. Do you have any processes in place for notifying community or preventing these from occurring?
A15
Regarding the rug concerns, I’ve made sure we can’t actually do that. I took an outside perspective when I was adding the security on what we should do to make participants feel secure that we aren’t going to be doing anything shady like rugging them. We have a token lock and I’ll announce when it’s close to unlocking every month. Liquidity is time locked in a smart contract and will be announced when it’s going to unlock soon and to be moved to uniswap v3 or something. I’ve KYC’d myself to the auditors because I essentially hold the keys to the kingdom. All the trustless factors are in as much as we could put them, and for the rest of it, we will continue to build trust as a team as we prove time and time again that we are people of our word. We are doing the work and have taken no shortcuts to get here, we aren’t about to start :)
Fraudulent copies of world token will always be minted I don’t think we can stop that however down the line the BEST place to get world tokens will be the p2p exchanges hosted along with the marketplace. No chance for fraudulent tokens there. But for the meantime, I must remind everyone to be cautious and always doublecheck the contract address you are dealing with, our ONLY official one is 0xBF494F02EE3FdE1F20BEE6242bCe2d1ED0c15e47
Q16
Another question, which also may sum up some questions i skipped, since wasn’t sure how to summarize: You said that you initially wanted $world to be a borderless currency. Even if the marketplace turns out be the main scope, it could still end up being a borderless currency, especially if you want to take marketshare from some of the bigger known entities. How does $world differ from other crypto, such as XRP or Stellar, etc etc that may already be used as “borderless currency” or already have the hype that some of them will become that? What makes your coin stand out from others?
A16
Mainly is that we’re building the foundations for it to be used as such (fiat onboarding via p2p exchange, and the marketplace so it can be exchanged for goods/services)
Stay in the loop with World Token
Community: https://t.me/worldtokenann
Announcements Channel: https://t.me/worldtokenann
Twitter: @worldtoken_
Website: https://worldtoken.network/Uniswap: http://tinyurl.com/UniswapWorld
Coingecko: https://www.coingecko.com/en/coins/world-token
Coin Market Cap: https://coinmarketcap.com/currencies/world-token/
