AMA Recap Crypto Library with PropsProject

                                         

On 20th May 2021, PropsProject conducted an AMA in the Crypto Library Community. Our guest is Mr. Adi. Lots of questions as usual from the Community about PropsProject progress. The PropsProject team took part in a very interesting AMA session which included introductions, questions from twitter, and a live AMA session with the Crypto Library community. If you missed the AMA in person, read this recap for a deeper insight into PropsProject.

Let’s take a look at the most interesting points of our conversation.

INTRODUCTION
Crypto Library Team : So, before we start the AMA could you please introduce yourself to our community?

Mr. Adi (PropsProject) : My name is Adi Sideman. I am the Co-founder of Props, a community loyalty token. Pror to Props I built consumer networks at scales. I co-fouded the worlds' forst online Karaoke (K-Solo) that was sold to Fox/Myspace and YouNow, the first livestreaming mobile app in the US that grew to 120 Million user sessins / month. Started Props in 2017 as a way to enable power users to earn not just dollars for participating in online marketplaces, but also a financial stake in the network.
Today at Props we have 8 Partner apps, all mainstream, and close to 10 million users who hold Props to unlock benefits across the network of apps. 

https://metrics.propsproject.io/, I hope tihs helps as an introduction.
FIRST SEGMENT (HOST)
Crypto Library Team : What is PropsProject? And what makes PropsProject different from all other project out there?

Mr. Adi (PropsProject) : Props enables any app/ community to share value with their users through a utility token that unlocks benefits in the app and also provides the user a financial stake in the network.
Our unque approch is to provide mainstream businesses with millions of users easy to use SaaS and Webview tools to integrate a token ane leverage the power of Crypto without them needing to do blocjchain engineering. Mainstream businesses are not goingto decentralize anytime soon, but can benefit from sharing wealth and value with their users today.  Here are some of the interfaces that apps access to deploy Props: 

We are also one of two tokens in the US to be SEC qualified (blockstack is the other) - so that is a unique advantage in attracting mainstream businesses to adopt a token. You can see a video of a CEO  of an App that adopted props, here: https://www.youtube.com/watch?v=VRmZ4L0tk9g.

Crypto Library Team : Could you provide some information about your Roadmap, and what are some achievements that PropsProject achieved so far?

Mr. Adi (PropsProject) : The roadmap is here: https://blog.propsproject.com/a-year-in-review-and-2021-roadmap-4e4e36f1e519We started in 2017, launched on Main net in 2019. Today we have Milliojns of users and new apps joining at a rate of ~1-2 per quarter, all with Millions or hundreds of thousands of users. This year we are focused on launching the first phase of community governance, through enabling token holders who stake Props to vote on Protocol rewards allocations We are also exploring expanding the Protocol to enable NFTs, as NFTs are another great way for apps and users to share in the value created. I hope tis helps. Here is another video: this one of a user who reflects on using Props inside participating apps: https://www.youtube.com/watch?v=Pt7dmJ85Qdc.

Crypto Library Team : Please tell us about $PROPS token! What are the token utilities, price, distribution, and where we can buy it?

Mr. Adi (PropsProject) : Props is an app level protocol. The apps earn Tokens based on the value of the utility it unlocks withn their apps. So each app can imbue unique utility into the token: Discounts, bonuses, higher rev share, status, exclusive content or features etc. Users HODL or buy token to unlock more benefits within the apps. So its driven by supply and demand. Props is available outside of the US on KuCoin, OKeX, Gate.io and other. Here is an example of an integration into an app: https://www.youtube.com/watch?v=EopOQtEmZ0w. And here are some of our investors: 

Crypto Library Team : Could you give us some information about your team and PartnerShip?

Mr. Adi (PropsProject) : We are 18 people, based in the US and Asia mostly. About half are in product and engineering and half in Marketing, bizdev and opps. We partner with mainstream apps to create adoption for the tokens.  The apps, Like YouNow or others are often two sided markets, whereby the users are breathiing all the life into the platform and its clear that the apps can benefit from sharing wealth with the users who constitute the netwirk And indeed, the participating apps see dramatic improvement of their Key business results - once they better allign with their users by rewarding them for value created. 

Here are some case studies from apps that deployed Props. We also recently announced first integration into an NFT marketplace. 
(Superworld): 
Crypto Library Team : Could you give us an insight about the strategy and the future of PropsProject?

Mr. Adi (PropsProject) : We are working to add more partner apps to increase mainstream adoption.  That is the main effort.  On the product side, two strategic initiativs:
  • A. enable community governance through staking.  that is a priority WE ARE FOCUSED ON THIS YEAR.
  • B. Adding support for NFTs: that communities can enable for their users and share in the value created
That is the main focus.
SECOND SEGMENT (TWITTER)
Crypto Library Team : Your site says PROPS is an SEC-approved token. How did you do it? What were the requirements? What does it do? Are the possibilities somehow limited?

Mr. Adi (PropsProject) : Props is one of two tokens in the US to be Qualified by the SEC.  This is a result of a long process in which the SEC reviews all the materials of a company and wualifies it to sell, rewards and enable users to buy sell, hold and trade tokens in the US and worldwide. It comes with transparency requirements, so that we must publish in detail every aspect of the token business. As our goto market strategy is to partner with mainstream apps, that are highly risk averse - the ability to have an SEC qualified token is a blessing: as our partners can pick up props and work with it, without much legal worry. 

Crypto Library Team : You have a Staking Program for holders. Are there specific criteria for participation in the Program? how many rewards do users get?

Mr. Adi (PropsProject) : We have not yet launched the staking portal - and are going to start with a staking testnet in the near future. Users who will help test will be able to earn rewards yes.  Pls look out for announcements and deails on our twitter https://twitter.com/PropsProject.
THIRD SEGMENT (LIVE QUESTIONS) 
Crypto Library Team : One of the things that is important is platform defense! how do you maintain your platform? is it true that your platform is protected from hackers ? And can you explain, how will you be if there is an attack on your platform, including your platform user data? Is your platform ready for this?

Mr. Adi (PropsProject) : Agreed. We never had a hack. Our stamrt contracts are audited by amrquee firm, Zepplin.  Details here: https://blog.openzeppelin.com/props-rewards-engine-contracts-audit/

Crypto Library Team : In the App Rewards it will only be possible to Staking with Props? or can it be done with any cryptocurrency?

Mr. Adi (PropsProject) : Great question.  The plan is that Staking with be in Props.

Crypto Library Team : What do you think about the boom of the NFT + DeFi association that is causing so much interest in the world? How does Your project take advantage of and exploit this reality?

Mr. Adi (PropsProject) : As there is more awareness of the value of decentralized media, more and more users will seek it: for the value share they get, the value of owning your own media and the control the user gets. NFTs and community tokens like Props are ways to share value with users who contribute value today. We see this every day in Mainstream apps seeking solutions to do just that:  saying: short of fully decentralizing overnight, what can I do to better allign with my users?  and we provide the tools to do that today.

Crypto Library Team : In my opinion, the current project seems to be undervalued in terms of price. What do you think and what are the countermeasures?

Mr. Adi (PropsProject) : We are here for the long term. The team is a veteran team from startups and so building adoption, one step after the other, and building value over years is our focus.  As such, we are less focused on token price in the short term - focused on building for the mass market opportunity that is coming in the years ahead.

Crypto Library Team : NFT is not just a trend! It is going to rule this decade and innovation has just started. So, with NFT what is your future plan?

Mr. Adi (PropsProject) : Agreed. Which is why it is our strategic focus to enable apps to easily turn their user media into NFTs that are owned by their users.  Its a win win: for the app - its an additional revenue model and for the user - it provides financial recognition and ownership of thier social media for the first time. Such an exciting technology and opoortunity in the market. The demand is there.  Now the solutions and infra needs to catch up.

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