Once again we are excited to share with you the answers to the questions our community has asked during the last session! We conduct AMAs regularly, and in today’s post we’re sharing the answers from 27 July 2021. Read on to see them!
Q: Can you briefly describe what E$P COIN is ? We would like to know more about it and how it works.
A: The ESP Project was created to support a number of ecosystems with a utility Token called E$P.
E$P is a component of a much larger vision. It will be the mechanism for value transfer in vertically oriented ecosystems. These ecosystems will be in the Educational, Renewable Energy and Digital Payment sectors. Using the decentralized nature of crypto, this lends itself to a wide variety of new and interesting business models and applications.
Q: What are your main features that distinguish you from other projects and what competitive advantages do you have?
A: First, we have a complete operational business model behind the token which means we are building out the ecosystems that will utilize the token. We are keenly sensitive to cost, especially in the education space. We are also extremely sensitive to how the public will use the Token. As such, we have crafted and designed out Token Economics with this in sight. We don’t have excessive taxes or costs for transfers, we are injecting capital back into the coin base on a regular schedule. We have built the token with a deflationary circulation method. All these things, plus strict policies, are to support the holders of the Token.
We believe that every token that is held by the public is an illustration of trust in our project which we take very seriously. So we have taken time to put mechanisms in place to make sure that we do it all as transparently as possible to earn that trust.
Q: How has the experience and background of your team been effective in the success of your project so far?
A: When speaking about the Token Project itself, our speed of development and progress I think speaks for itself. In less than 3 months we have achieved many milestones. Including the certification of our Smart Contract code and the further development of a number of agreements.
On the project overall, we have extensive experience bringing complex products to market. I myself have had over 30 years experience in bringing embedded technologies to market. This requires a multitude of disciplines and project management. Over the last 3 years, we have spent an enormous amount of resources to develop the various ecosystems with developed opportunities in several markets in Asia and Africa. The deployment of the Token is a component to the overall strategy of the entire project and I believe we have performed very well with a truly differentiated offering bringing value to our clients/users as well as to token holders supporting the efforts of the project.
Q: Are you working on any partnerships or marketing initiatives to help build awareness for your platform?
A: Yes. We are always engaged in various networking efforts and have a number of key partnerships for the furtherance of the various business models. In Education we have partnerships in the UAE, and Vietnam ready to deploy and use the platform once fully complete. We have agreements for using the Token for Digital Payments in Vietnam and under negotiation in several countries in Africa. There are two announcements we hope to make on this in the coming week. Last we are working with our business partnership in the USA on renewable energy projects
There are also several marketing initiatives in place to grow the awareness of the ESP Project and the Token. You taking part in today’s AMA is a result of some of that effort. We will continue to grow existing partnerships and engage in new ones that are appropriate. The project is always open to working with others as we believe we cannot do everything on our own. Soon we will have a call out for partners to help create content for one of the Educational platforms. This also has the effect of growing the awareness and utility of the Token.
Q: Could you please provide some progress on your Roadmap and what results ESP COIN has achieved so far?
A: Of course. Specifically for the Token, we are about 10 weeks into the project. To date we already have achieved some significant success. Namely, we have concluded our seed purchase program where we quickly were fully subscribed. The E$P token contract code has been externally audited by Certik with those details being available directly from our website or from Certik’s. The website is live and Tokens can be purchased via Metamask using Ether directly. Marketing awareness campaigns are currently running. Work on the various business verticals continue as this is where the returned value is created. Our next big step is going live on an exchange which is currently under negotiation and expected soon. After the exchanges go live, we are looking at multi chain support, that work has already begun. Soon you will see more information on the website, additional purchase options and features.
Q: Since ESP’s goal is to make a significant impact on improving the effectiveness of the education system through the use of a technology-driven ecosystem of products and services. I wonder, how can they target low-income countries that lack these quality education systems?
A: This is a great question! First of all, we are an enabler by using the E$P Token. Many people in the developing world do not even have a bank account yet they all have smartphones. This means simply by having a digital wallet that supports Ethereum Tokens, they can participate in the various online offerings that we will have, along with the convenience of making online digital payments. Second, our platform is crafted in a way that is very low cost, and therefore a low barrier to entry for the users. We expect the educational authority, be it at an institution or government level, to pay directly for the students and therefore free for the students and parents. This can only be done on scale which the E$P token will help achieve. Lastly, one of the content delivery platforms content consumers will pay using E$P, but can also earn E$P by being exposed to placed content from Advertisers or even government institutions. This subsidizes the content consumer making the content more easily available and less costly, even free possibly. We also allow anyone to create content and earn on the decentralized version of the platform which can enable anyone to earn from a global audience as everyone will be using the same E$P token as a form of payment without having to worry about how to manage international payments.
Q: E$P Coin is a decentralized Ethereum-based project that aims to make supply chains more transparent. With this in mind, will ESPCoin bring it’s transparency goal to life only on the Ethereum chain or do you have plans to take your idea to other chains such as BSC or Polkadot?
A: We have specific plans in our roadmap to be on several other chains. For each chain that we end up supporting we will offer a low to frictionless gateway between the chains. We are considering Cardano, Polkadot and Tezos as possibilities. Longer term we also expect to launch our own native chain that includes additional features so we can launch a chain based decentralized CDN where micro payments are not destroyed by expensive gas fees.
Q: Can you tell us how random allocation works in your transaction tax? Do you think the randomisation is fair for all holders?
A: Sure. It works very simply, we take the 1% tax that is charged and split equally between a burn and a random distribution to an E$P Token holder. We had the choice to favour large token holders with a different mechanism, typically what you would see when you stake your assets. Instead we chose to support the individual. This was crafted to support the community overall and really is not a staking mechanism, there will be other opportunities to do that later, usually through an exchange. There were also very technical reasons to do this. Currently each actual E$P token transfer is 4 chain transactions. To dynamically send to multiple addresses at once based on the total of their holdings will cost far too much in gas fees. We have designed this method such that it is the most economical in terms of gas fees so the cost of transfers do not become a barrier. The project doesn’t receive a portion of the tax.
Q: would like to know what benefits users in developing countries using the E$P token as a means of payment will have and How will the project manage to control the volatility of the native token so that the token will be useful as a form of payment on a day to day basis?
A: First, as I have mentioned earlier, many people in developing countries do not have a bank account. Since they all will have smartphones they are able to make digital payments and enjoy the convenience of being able to do so. By policy, the project will make attempts to moderate any significant downturn in price. Obviously the market will determine the price and we will have limited ability to control the price. Since we are not valuing the token based on hype or the past echo of someone’s tweets, we believe the value of the token will be more stable because it is based on business fundamentals. We also expect that while we’re putting capital back into the coin base that the value of the token will rise at a more consistent and even rate coincident with the ongoing burn.
