Launchpool AMA Recap — PolkaCipher
Date & Time: May 21st, 2PM UTC.
Guests: Tim Rainer CEO of PolkaCipher.
Host: Roxana, Head of Community, Social, and Outreach, at Launchpool.
Launchpool was excited to host Tim Rainer (CEO), of PolkaCipher for an interactive Ask Me Anything session with the Launchpool Community. The AMA comes in anticipation of CIPHER’s $400k Allocation Mining Event on the Launchpool launchpad. The session lasted for 1hr, and consisted of questions from Launchpool Team and questions from the community “on the spot”.
Questions from the Launchpool Team
Roxana: Let’s give a warm welcome to Tim Rainer, CEO of PolkaCipher! Great to see you again in this bull run. I know you’ve personally been involved in crypto for a long time, would be good to tell us a bit about yourself, about the project & team, and your involvement, and maybe some nostalgia of the previous bull run haha.
Tim Rainer: Of course. great to connect with you once again Roxana and a pleasure meeting your community. I am Tim Rainer, CEO of PolkaCipher. I have been in the Blockchain space since late 2015 and took an involved approach in 2016 as a business and financial advisor with a few startups. I have continued to evolve my work and life around the Blockchain industry and continue to look for ways to provide complete use cases to consumers and businesses alike. Some other team members which you may know are, Laurence Diederich — Chief Strategy Officer, Isabella Szabo — Marketing Lead, and James Draven — Operations. Apart from management team, we have 4 developers. 1 Blockchain developer, 2 Backend developers and 1 Front end developer. All of our developers come with a solid background in the industry and have total of 20 years of experience between them. We have 5 people to handle community and social media. Of course, this will grow in the coming weeks.
Roxana: Tim, walk us a bit through PolkaCipher’s unique selling proposition. What makes the project unique, what’s the vision here?
Tim Rainer: Yeah sure, PolkaCipher is a cross-chain privacy preserving oracle network built on PolkaDot. We’re taking NFTs way out of its current paradigm, which is just for art collection right now. We will wrap data into the NFTs which opens up a floodgate of use cases. Off-chain data can be served on-chain by oracle nodes in from of NFTs. Our products will allow for users whether business or consumer to enable privacy features on their use of Blockchain. Whether this be legal contracts, insurance policies, real estate ownership, the list goes on. All while allowing them to stay compliant with their laws. Things like the facilitation of business transactions via NFTs will be another major-use case of PolkaCipher. These business transactions can be pre-written by initiator and the corresponding NFTs can be put up on a marketplace and traded like commodities or services but Roxana, our primary goal is to make privacy an option, a right and not a choice! We do this by using our business focused NFTs (bNFTs). Users will be able to move their NFTs over multiple EVM chains to leverage the technology they offer.
Roxana: That’s interesting to hear. As you said, most NFT use cases are for art collectibles, metaverse, entertainment, sports. Data wrapping into NFT could help with data integrity and data flow across different chains. That’s a way to do it when it comes to privacy.
Tim Rainer: Yeah for sure next steps. Privacy as an option. Not fixed, optional on permissionless and public blockchains rather than a closed option like Facebooks idea or IBM.
Roxana Agree, as private blockchains are a different story. What made you choose Launchpool as your launchpad partner for the AME?
Tim Rainer: That’s a no-brainer. Launchpool gives everyone the ability to get involved with projects at an early stage and are equal. They have the ability to be there from day 1 and not get out shadowed by larger funds or whales. You know my thoughts on crypto and blockchain. Equality is what decentralization is all about. Launchpool offers just that and egalitarian should be the market standard.
Roxana: Thank you. We’re pretty great at standing by our egalitarian investment mission. On behalf of the Launchpool community, I want to thank you for choosing to do an allocation on BSC instead of ETH. Everyone has been hit hard by the gas fees. Diversity opens the path to investment inclusion.
What is the total allocation you’ve set aside for the LP community? Are there any KYC / AML limitations or is the AME open to everyone? Please list any countries that are excluded from the allocation event due to regulatory reasons.
Tim Rainer: Ok, let me break it down. We have set aside a total of $400,000 worth of $CPHR tokens at a price of $0.012 which is in sync with our private sale rounds. The countries excluded from this sale are: United States of America, Canada, New Zealand, People’s Republic of China (but not including the special administrative regions of Hong Kong and Macau, and the territory of Taiwan). That’s it right now.
Roxana: This is a generous offer, and we’re very excited to see the total $LPOOL amount that will be staked to claim an allocation into CIPHER. We will be including these numbers in our May Launchpad Report
Tim Rainer: Same here, looking for great support from Launchpool Community.
Roxana: Let’s look at the post AME part. Walk us a bit through the tokenomics: total supply, initial circulating supply, initial market cap, initial vesting, total vesting period (from launch until when will the last token be vested for), etc. These are important metrics for our investor community, and we want to give AME participants the right info.
Tim Rainer: After the Allocation Mining Event users will be awarded tokens through Launchpool at a price of $0.012 for the amount staked. Total supply of the token is 1B CPHR. (1,000,000,000,000.00) Initial Circulating Supply will be : 52,760,000.00 $CPHR tokens, a total of 5.276% of total supply Initial Market Cap will be : $896,920.00. *Initial vesting will be 13% at TGE followed by 1 Month Cliff and 10 Months of Linear Release. Also, all tokenomics can be found on the website. www.polkacipher.com
*Vesting update 20/07/21: changed from 0% at TGE with 9 month linear to 13% at TGE with 10 month linear.
Roxana: Do you offer any bonuses for those that hold the token for a certain period of time, btw? we keep getting this question from the community in most AME cases.
Tim Rainer: We do have plans for staking and that will be released closer to the IDO dates. Keep following our announcements channel and twitter for those updates.
Roxana: Roger that! Tell us please where does the CIPHERpunk community live? Where can we find you (social, web).
Tim Rainer: All our links:
Our community is live on @polkacipher
Announcement channel : @polkacipherann
twitter : twitter.com/polkacipher
Medium : polkacipher.medium.com
website : www.polkacipher.com
Roxana Thank you for sharing those. Any Youtube channel available for product videos?
Tim Rainer: No Youtube yet, but we will be updating with some explainers once we go through IDO. We want to make sure that the people backing us fully understand the technology so that will help in the future.
Roxana: Fair point. Please share more on the development & product roadmap, milestones etc. What’s Completed? What’s In Progress? What’s Scheduled?
Tim Rainer: We plan to list alpha in next 30 days along with a staking program for our community to take part in it. We have secured some partnerships as well which will be announced in coming days. Stay tuned for that. Additionally, we are in talks with data vendors to help secure the network in coming days. Our first and foremost goal is to list our tokens on PancakeSwap, release alpha, cross-chain bridge for NFTs and then list on few more exchanges along the way and you can read more about our detailed roadmap on our website : www.polkacipher.com or follow us on our announcement channels : @polkacipherann.
Roxana Any bug bounty programs for devs and privacy geeks?
Tim Rainer: There will be but not at this stage.
Roxana: Thank you, we’ll keep an eye out on upcoming developments and share with the community. Any strategic partners (aside from LP) that you can share? and who is helping with the Audit? That you can publicly disclose.
Tim Rainer: Yeah, i can say some. We are partnered with quite a few notable VCs and projects. Some of them are Alphabit, Node Kapital, Varys Capital, X21, LupaX, Blockpact etc. In terms of projects, we have secured some partnerships which will be announced at a later date after we announce our IDO platform and the date for the IDO. Audit; our contract audit is complete and was done by the industry leader in Blockchain Security. As said, once we announce our IDO dates and Platform, all details will be shared publicly.
Roxana: Any commercial partnerships available or on your pipeline? If you can’t share names, industry verticals also help. Since you talk about NFT commercialisation, what would be a first industry you’d like to target?
Tim Rainer: Yes, shared at a later stage. Well, as a cross-chain privacy oracle network, we can target any business from insurance to supply chain. Ecommerce, car ride apps, data security etc. NFTs
Roxana: Any specific regions / markets?
Tim Rainer: Every platform building in this current NFT platform. Crypto is decentralized, we dont have any specific geography first but will focus on our segment of the industry. NFT platforms, nft loans, any platform that uses NFT as main products.
Roxana: May the odds be always in your favour. Okay, next question… How did you fund the project before considering an allocation mining event, and how do you plan on using the funds?
Tim Rainer: We bootstrapped initially and the team is currently spending our personal funds to make sure that project development and other areas of business move forward smoothly. All the money raised so far will be used after the IDO to ensure maximum push in terms of development, marketing, exchange listing and partnerships. We will also use this money to fund other projects who will come on board with us to support our ecosystem.
Roxana: If I remember correctly, you’ve been working on this idea for the past year, right?
Tim Rainer: Longer, but the last few months we really got in to development and understanding. We just needed other problem solving technologies to be there and now with the current boom in NFTs and major corps using the tech, we are at the pinnacle point in our involvement. Without privacy as an option, dapps cant work to their full potential
Roxana: Feels like you guys are in the right place at the right time. What is the expected cap at TGE? How do you expect your token to gain value over time, any mechanisms to support the DeFi component (staking, burning, earning, spending, others)?
Tim Rainer: 100% The fact we are cross chain and spread on the most used blockchains puts us in good stead. You know me, I only work on problem solvers.
Roxana: Now, Tim, walk me a bit through the privacy options. You know I’m a privacy advocate and a fan of privacy by default. While Polkacipher has that as an option, who exactly enables the privacy component: the business or the user?
Tim Rainer: Great question. The user and the business have the option. It can be switched on and off based on what they want other users to see their own suite application.
Roxana: But would you say who has more weight in this decision: the user OR the business?
Tim Rainer: The one who is initiating the transaction. It can also be mutually decided.
Questions from the Launchpool Community
BerlinCryptomalluCommunity asks: Collaborations and partnerships are some of the most important cornerstones to help improve adoption. Could you tell us about your current partners, partnership plans and what benefits everyone can gain from these partnerships?
Tim Rainer: Of course. we understand partnerships are key. Not only for us but community awareness. Our goals are to unite and partner with some of the most well known projects and companies in defi and blockchain. Once we launch our products, we can execute even more partnerships with our business development team at first. With Laurence leading strategy and Bella as marketing. The incoming requests for partnerships are already mounting. More will be announced on this at a later stage. And when Polkadot goes live, yes.
Anas asks: Is there any partnership with any of polkadot projects? Or a plan to participate in parachains auctions?
Tim Rainer: Currently, there are many projects building on Polkadot and we are speaking to many of them.
Community member asks: Good progress and project Being a sustainable one is what Investors look out for. How do you intend to keep users more interested in project, what facilities and other blockchain utilities are you creating? Would they be bug bounties or airdrops?
Tim Rainer: Products. our products range from cipherdex, truss, staking and reward incentives inc cross-chain implementation for multiple EVM compatible blockchains. More details are on the site and to be announced as we progress.
Cryptokoosha asks: I want to ask questions but i still dont get what is the project doing. can you give a real life use case of this project?
Tim Rainer: Privacy for users wrapped in NFT technology. It’s not just images and gifs, there is a whole lot more lets say insurance for example, If you have signed an NDA with insurance company, if you hold the NFT for that insurance, you hold the ownership. Details need not be public, but for car ownership, Once you sell your car you just need to transfer NFT to the other person, and ownership is gone. This data can be public. Other than that, salaries. Lets say you join an organisation. They agreed to pay you $2000 a month, they can give you an NFT that will give you ownership to collect salary 1st of month from their treasury without interference of the other parties. Once you give away your NFT or organisation put lock on NFT, you can’t withdraw anymore.
Roxana: Agree, you can even wrap health data in NFT, and use it as a form of proof that an institution purchased that data set.
Tim Rainer: Yes but people only see them as images and gifs atm but the value alone in non fungible is massive. The example of IBM with patents is a 1 trillion dollar industry. They are doing that on a permissioned blockchain. We can do it on permissionless and public blockchains. We are the only company and project to be able to offer this (ATM). using the NFT technology.
Roxana: Well, patents on a blockchain is another story, are tied to the legal system, but agree on multiple use-cases of NFT that have not been yet explored.
Tim Rainer: There are lots of things that can be explored. Data ownership and proof of authenticity. Not just pngs and jpegs.
Berlin|CryptomalluCommunity asks: Do you have any plans to expand your project to various blockchains like matic, algorand, cardano, etc?
Tim Rainer: EVM chain compatible chains and substrate based chains for our cross chain ecosystem.
Cryptokoosha asks: Will this be legal? just transferring NFT give the other person the ownership? or everything has to be done legally then the ownership papers are in the form of NFT? and what happens if someone accidentally burns the NFT?
Tim Rainer: Yes, it will be legal if minted by the owner and persons who are involved in the transactions such as governments and businesses. If they burn the NFT, they lose the ownership. but from the blockchain, you can see when, how and who the owner was.
Roxana: There is a company in the US that is looking at creating smart documents (basically this allows automation of contracts), so there’s a future there to combine legal contracts (automated) with smart contracts. There is a shift towards digitalisation, including Central Bank digital currencies (CBDC), and at one point that won’t be sustained by bureaucratic systems (existing ones), but will require full automation. Until then, nothing stops businesses from taking hold of upcoming trends, NFT transfers could be big. Nothing stopped businesses from running ads on centralised platforms like Adsense, Adwords, Facebook etc. (that was 10yrs ago).
Tim Rainer: Yes However, privacy should always be a right, not a choice. No matter what monetary system is in place. Businesses already are, we just haven’t released Cipherdex yet to show even more potential.
Roxana: Well, I’m very interested to see where the project goes and what the future holds.
Tim Rainer: Glad to have Launchpool backing us to progress. I’d recommend reading our wiki:
Data Reception - ADR (Application Data Requester) can obtain data services during the mining cycle without paying…
Full disclosure and info about everything we have now, right there. We will also update as we progress
Roxana: Thank you for joining us today, Tim and PolkaCipher. Wishing you and the team success in your future endeavours, and hope the AMA today helped our Community understand your product offering better.
We will announce when the staking is open for the CIPHER token $CPHR #AME. Stay close with Launchpool!
PolkaCipher is a Polkadot-based privacy-preserving oracle network focused on bringing the use case of private NFTs to off-chain businesses and be a bridge for seamless integration to on-chain Defi apps.
PolkaCipher’s unique offerings help push the use-case of the NFTs in real-world scenarios while still being connected to a cross-chain network that is fair and accurate. PolkaCipher intends to achieve business goals by helping users transact privately and securely using NFTs as a mode of access to different decentralized apps (dapps) and real-world businesses rewards.
Launchpool ($LPOOL) leverages communities, knowledge, expertise, contacts and capital to provide crypto projects with the best possible start to life, maximising their chances for success in this fast moving & dynamic space.