AMA With passport.finance || Oct-09–2020
Daniel Kim- CMO-Passport Finance has taken AMA in Crypto Avengers TG Channel . you can check full session details below.
Crypto Avengers: Hi daniel, can you introduce yourself, talk about your role, your background and previous projects?
Daniel(PASSPORT):Surely, I’m Daniel and I hold a degree in Marketing. I’ve been in the blockchain field from last 5 years and have worked with couple of projects which are Top 100 and Top 150 on CMC rank. Passport is our new venture and I’m very much excited to be part of the team
Crypto Avengers: That’s nice Daniel, you have rich experience in this space! can you talk about team behind PASSPORT?
Daniel(PASSPORT):The team behind Passport has some real good people from the industry. We have few individual contributors who are working in different departments but are anonymous. Our Lead Dev is Zuran Cuckovic, he has contributed to MakerDAO.
Our advisory board has, Younsung Chong- CEO of Axis Labs and Dreamchain, Emil Sterndoff- CEO & the found of The Capital and Sungmin Yoon- CEO of Paparazzi Project
Crypto Avengers: cool ,Team looks very good! so can you explain PASSPORT FINANCE in layman’s terms?
Daniel(PASSPORT): Passport is a DApp on the Paparazzi’s blockchain platform Vitae. Vitae, a latin word for life, is built for scalability and simplicity. The technical architecture, based on the Tender mint framework, is designed to power applications like Passport. Passport is a mobile-focused DeFi dApp with features designed for the users: global rewards, minimal transaction fees, exchange, payment, and more to come. Passport is creating a payment ecosystem
Crypto Avengers: can you talk more about your partners / backers? who really help to build and support you
Daniel(PASSPORT): We have been selected by the Paparazzi team to be incubated. We will receive assistance in branding, design, and development. As we are built on the Paparazzi ecosystem, we have also committed to build a structure to have our transaction fees to help the stabilization and growth of PAZZI tokens. Later, our team will also implement the DID system being built on the Paparazzi ecosystem to further decentralize our platform.
Crypto Avengers: Nice! so you are going to use Vitae blockchain platform which is owned by Paparazzi. can you talk more about VITAE? what are the advantages and how can you leverage vitae to build passport ?
Daniel(PASSPORT): Yes, but it is still in early stages to talk about it.
Crypto Avengers: How PASSPORT is different from existing defi products?
Daniel(PASSPORT):Passport’s aim is to make DeFi easier for users by focusing on user experience on the mobile application. We plan to provide financial services powered by blockchain.
In the payments sector of the market, many mobile payment applications are quite similar in features. The winner of the competition eventually becomes an application with high usability and simple, rewarding functions. Our priority is the UI/UX of the blockchain-based payments application. However, we also have a novel feature of global rewards aggregator: a system for merchants to easily issue rewards on the blockchain and allow for users to exchange rewards on the decentralized marketplace.
Crypto Avengers: Whom Do You Think Your Main Competitor In This Crypto World?
Daniel(PASSPORT): I could say Binance’s Swipe is one of our main competitors.
From the business perspective, Passport.Finance has more potential than Swipe because of its strong ties to the co-incubator Paparazzi. As Paparazzi is a photo-centric SNS (similar to Instagram and Tiktok), the user adoption and acquisition will be much easier for Passport compared to Swipe. Swipe is an amazing project, but as a sole ‘payments app’ it will be difficult to challenge against PayPal, Venmo, and more. Passport team made the right decision to expand their ecosystem through in-depth partnerships.
Crypto Avengers : Investors seem to only care about the price of the token instead of the real value of the project, how does your team attract newcomers and keep members long-term with the project? What is the real value of $PASS?
Daniel(PASSPORT): Our team has been researching on the issues of mainstream payments application since 2019. Recently, we have done further research and development on DeFi. With our aspiration to resolve the issues within this industry, Passport has begun.
$PASS tokens will be used for crypto conversions, payments, governance, staking, yield farming, and fees. Our goal is to create the token as decentralized within the next three years. In addition, 25% of our total supply is allocated for liquidity mining.
Crypto Avengers : Liquidity mining on Ethereum involves high gas fees. Also, transactions are very slow. Why is PASS token still issued on Ethereum then? Are there any layer 2 scaling solutions that PASS is using?
Daniel(PASSPORT): As we already mentioned earlier, once Vitea is live we will move to that platform. Paparazzi’s blockchain platform Vitae is a layer-2 solution itself. At the moment Pazzi team is constantly working on it and will be releasing it very soon.
Crypto Avengers : Currently not only the apprehensiveness in using crypto as a currency but also some legal complications involved in many countries, can you give some clarity or plans about this, especially for cross country payments?
Daniel(PASSPORT): As of the moment, we are working with our legal advisors on the compliance for adding fiat currencies to the payment application. In the roadmap, we have the plans to add KRW first for the application in Korea. Other fiat options and card service will follow
Crypto Avengers : What value PASSPORT DEFI will bring in DEFI space and what are the advantages for long term holders?
Daniel(PASSPORT): We are contributing the DeFi ecosystem by building an application focused on the mobile usability. Services such as non custodial lending and yield farming are novel and innovative within the crypto space. However, non crypto users are not aware of the benefits of DeFi because blockchain is still very difficult for them. We will resolve this through our high priority on UI/UX.
The utilities of $PASS includes Staking, Yield Farming, Payments, Governance, Exchange.
Crypto Avengers : can you talk little bit over private & public sale details and when is expected listing date(TGE)? and how can users participate in private/ public sale?
Daniel(PASSPORT): Sure thing, our private sale is heavily oversubscribed with soft commitments, we should close by this weekend or early next week. After which, we will announce our public sale date along with instructions. I can’t reveal the date yet, but we’re planning to hold our public sale by October 25TH. It could be even early :)
Crypto Avengers : cool, can you talk about tokenomics and expected TGE?
Daniel(PASSPORT): Raise and Tokenomics Information
(i) Total Raise: 2,700 ETH
Private Sale: 1,200 ETH
Public Sale: 1,500 ETH
(ii) Sale Details:
Private Sale Price: 0.000080 ETH per token(Vesting)
Public Sale Price: 0.00010 ETH per token
{iii) Token Allocation:
Total Tokens: 100,000,000 PASS
Dex Liquidity: 5,000,000 PASS
Private Token Sale: 15,000,000 PASS
Public Token Sale: 15,000,000 PASS
Marketing & Partnership: 10,000,000 PASS
Company Reserve: 20,000,000 PASS
Team & Advisors: 10,000,000 PASS
Liquidity Mining: 25,000,000 PASS
TGE will be by October 25th.
Crypto Avengers : ok cool iam done Daniel, mostly i got repeated questions from users. before we wrap it up please invite our users to your channels to learn more about PASSPORT.FINANCE.
Daniel(PASSPORT): Thank you very much for the opportunity Narendra, community can find us here: Passport Finance
More information:
Crypto Avengers TG Channel: https://t.me/CryptoAvengers1
⭐️passport.finance Social Links:
Website: passport.finance
Twitter: https://twitter.com/passportfin
Telegram announcement: @passport_ann
Medium: https://medium.com/@passportfinance
