At 10:00 AM ET on Telegram, the AMA began with Natasha Bans, our Co-Founder and COO and Sang Lee, the Co-Founder and CEO of Konstellation and DarcMatter.
Q: The price has not changed compared to the previous CEO’s answer on April 4 that he would make efforts for the price. Rather, it went down to 50 satosi. Please answer what you’re thinking.
Sang: Thanks for the question. We can’t speak to the pricing but there’s been general market movements which are part of the effect. We are pushing for new community internationally and new exchanges which we believe will help bring in new participants.
Bans: And also, it’s probably helpful to contextualize time frame here, as we have been live on the exchange just short of 2 months, and are still actively working on the new/next exchange listing and announcement.
Time-frame was provided as a reference to continued work with exchanges. To be honest as we have mentioned before, though Exrates hasn’t performed as we anticipated, it was the first exchange we went forward with and are being especially cautious as we pursue the next exchange listing
Q: Do you have any plans to go public on the Korea Exchange?
Sang: Yes, we are working on Korean exchanges currently.
Q: What is the role of the Hashed team?
Sang: Hashed is one of the core Korean investors for our project and we work with them on blockchain strategy, Korea market and other matters.
Q: I have some questions. May be few hard words. (1) No info on coin burn, circulating supply; (2) no exchange after first shitty exchange; (3) still no liquidity partners you have; (4) price is also a part of cryptocurrency, why don’t you work on price; (5) your marketing team is still same. They are very slow. How can anyone buy your token that already-20x and still getting their low every day.
Bans: (1) We will share this information in conjunction with the announcement of the next exchange; (2) Correct, we have not listed on another exchange yet. To be clear here, we have actually said NO to other exchanges actively pursuing us and/or that we were once considering, due to the experience we and the community had with Exrates. We are proceeding with caution, but we are actively pursuing the exchange front. (3) See above, we will have proper plans to address this with the next exchange. (4 & 5) We are in the midst of executing agreements with local marketing agencies focused on crypto/blockchain market in South Korea to aid with the announcement of the next exchange.
Q: Again, that answer doesn’t address the reason why it was done without any preparation and promotion.
Bans: We approached the ANN for this exchange, incorrectly. We have learned from this and will apply what we learned to the next exchange. I think we have been pretty straightforward is saying that we didn’t approach the exchange listing in the best manner. We’ll take your comments into consideration here, and this is the first step on a longer road, so we have to focus on optimizing the path forward via the next exchange.
Q: When listed on CMC?
Sang: We believe that will occur with the next exchange timing re: CMC
Q: Will it be paired with fiat money on next exchange?
Sang: These announcements will be tied along with the exchange announcements. It’s good feedback we will also take into consideration for Korean market.
Q: Don’t you have any plan to change from NEM based token to other?
Sang: As we are a hybrid system, we can engage with compatibility with multiple public chains. Anything that is beneficial to the overall system can be explored, but if there are anticipations of change we will keep folks posted.
One of the main reasons that we have focused on the DARCwallet to make it more convenient, but also as the primary interface for the network. We are hoping to target rollout next week, but will announce the exact date shortly.
Q: What’s going on with this wallet tho, DARCwallet, beta tests who’s using it
Sang: We are looking to release the wallet soon and will keep folks updated on the exact date.
Q: What is the relation between konstellation and DARC?
Sang: We created a dedicated blockchain division Konstellation, but is still core part of DarcMatter. DARC is the token that powers the network and will be utilized through the DARCwallet. The DarcMatter platform will also shift to the Konstellation Network and become a part of the blockchain system.
Q: How are the conference speakings been going? Any chance for making other nice partner like EVT?
Sang: Yes, we had a great meetup in Shanghai with our partners, followed by a meeting in Seoul with the largest financial product association and then concluded with our invitation by the Luxembourg government to speak on FinTech and blockchain for asset management. Large financial associations in these regions are a great way for us to gain visibility and reach a wide target simultaneously.
In Luxembourg, we met with the Luxembourg Private Equity Association and Luxembourg for Finance both of which are excited for the potential of Konstellation and DarcMatter in the EU region.
Also as a side note, I was selected as a delegate to represent FinTech and attend the “Blockchain for Impact” conference hosted by the United Nations, yesterday in NYC at the UN. It was quite interesting and we were able to meet with leaders in government supporting blockchain initiatives. I hope to share more on that front!
Q: Where can I find the details on the wallet etc, or is that only released next week?
Bans: We have some minor updates to make to this, but here is where you can find more details on the DARCwallet: https://medium.com/@KONSTELLATION/presenting-the-2019-roadmap-for-the-darcwallet-a83bc79776c1.
Q: Don’t you have any plan to burn or airdrop?
Sang: Yes, we will announce the burn specifics prior to the next exchange.
Q: At the Luxembourg event, they can to make DARC network bigger?
Sang: Yes, they can definitely make the network larger and gain more long-term users of the token as well.
Q: Also, am I right that the first vesting period is just short of 2 months were millions of DARC tokens will be released? 2018–07–27 09:48:57 assuming this is the TGE. After a year it’s for. Management, developers and seed investors.
Bans: The vesting period for employees is complete as of mid-August. The TGE is when we created the Mosaics. The employee pool of tokens, is just that, a pool of tokens. Not all tokens from that pool are distributed as of the official vested date.
Sang: Yes, we have spoken with seed investors are looking at long term holds and Management and Developers are both pools of tokens that permit for compensation after the first vesting component.
Q: Can tell what nodes are join yet?
Sang: Can’t announce the names as of yet, but the majority are funds within the blockchain or cryptocurrency industry.
Q: Are you going to be listed on the new exchange within a few quarters?
Sang: We cannot specify the exact date, but our goal is within that time frame
Q: What are you doing to solve the liquidity issues for trading of the token? Don’t you think that one of the biggest problems with this token is wrong platform (NEM)? No one is building on it.
Sang: We believe that this issue was primarily driven by the initial exchange as we previously mentioned above along with the pre-work leading up to the exchange, which is something that we will focus on for the future listings.
As we mentioned, from a technology standpoinrt we are exploring other options as better choices are available. NEM was set out to be an enterprise platform. As the tech is evolving pretty quickly, we will keep the community updated on any changes.
We will continue to explore other options including binance chain.
Q: So, what does that involve? How exactly will you resolve an issue issue so critical as liquidity?
Sang: Market visibility and new community is a critical part of this as well. The nodes and our promotional activities will support the market aspect there.
We appreciate the community’s participation in this AMA and will be holding another in the near future.