AMA Recap: Mega Ventures x WhereAbout Social
Host: Q1. Please start by giving us a brief overview of yourself and the WhereAbout team.
Logino: My name is Logino Dujardin, co-founder at WhereAbout since 2018. I am in the crypto space since 2016 and worked for the first VeChain dApp named Safe Haven for 4 years as CEO. I resigned my position to help the team expand. The WhereAbout team exists of highly experienced people who worked previously for other big blockchain projects like OceanEx, Polygon, Verge, etc. Some of them worked in the traditional market for companies like IBM, Microsoft, Uber, .. We will soon put the entire team in our whitepaper.
Host: Q2. Now, on to the important stuff: tell us about WhereAbout and why you came up with it. What exactly does it do, and how can consumers take Make the most of it?
Logino: WhereAbout was founded back in 2018 and launched the first IOS and Android application in 2019.
With WhereAbout you can connect with your friends, find venues around your location like restaurants, pubs, cafés,… and invite them to join you.
Within the application it is possible to write reviews, recommendations etc. We came up with the idea because every time we wanted to go out with friends, we had no inspiration where to go or we always go to the same places we know. This means you leave many cool places behind, places you can have a great time at.
With every move you make in the application cou can earn $WAT tokens. The more you are active, the more you earn.
Thats is why we call it Party-to-earn. The more $WAT tokens you have, the higher your place will be on the WhereAbout leaderboard. You can become the WhereAbout Social influencer and we are basically the decentralized Foursquare, TripAdvisor and Yelp.
WhereAbout venues or business owners can accept these tokens for free drinks, meals, or you can just hold them.
Host: Q3. What are the current usecases and utilities for the Token, and how and where do we obtain it?
Logino: The first one is like we said before “Party-to-Earn. For every action you take in the app you earn. Invite a friend, like a post, check-in, write a review, etc…
The WhereAbout venues can at the same time use the $WAT tokens to push promotions in the application to the WhereAbout users. This is based on interest, location, gender, age, etc. We gather these tokens and burn 50% from the ones we receive; This makes it deflationary as well while we built our revenue.
Host: Q4. May I inquire whether you have any Partnerships lined up at this time? And do you have any intentions to integrate NFTs into WhereAbout, which is currently the trendiest topic in the crypto world?
Logino: Yes we have. We are speaking to several market leaders who are highly interested in our Web3 application. We are just back from the venue in Paris and talked to Travala, Huobi Labs, Coinbase Ventures, Binance Labs, Gate Labs, Alpha Dao Ventures and several others.
We see that these kind of applications are popular. We probably all know how GMT (STEPN) did on Binance Launchpad and we believe that our SocialFi Web3 application could be the next big thing.
Within the application you can earn badges. The higher you get on the ranking, the better your badge. These badges will be NFT’s and will be tradable within the WhereAbout marketplace. If you are holding the highest badge, you are one of the rare influencers within the application. We believe NFTs will play a crucial role in the coming years, WhereAbout will use them as well to integrate the gamification in the application.
Host: Q5. In terms of your current roadmap, can you tell us how far you’ve progressed and what we can expect in the coming months?
Logino: We now started the development of the application V2 where the token and BNBChain will be integrated. We expect to have the MVP live for closed beta testing in 2 months. Meanwhile we opened the strategic sale. Coming weeks we have the private sale and IDO.
We are speaking to several launchpads right now and hope to move forward as fast as possible. At the moment we are building our community and you are all welcome to join it! 😊
TWITTER QUESTIONS :
Twitter Q1) From Ellasi12
I believe that WhereAbout Social is a really great project and has very big Potential to Thrive in the future. Can you please Tell me how I can do the Investment in $WAT? Do you have any ICO or maybe presale now?
Logino: We are now in strategic sale ment for our partners. We will open our private sale soon. I suggest you join our official telegram to stay up to date: https://t.me/WhereAboutSocial
The people who joined our community from the beginning will always have a chance to participate in one of the sales.
Twitter Q2) From AnnyXBT
Currently attracting real users and mass Adoption is a problem for Blockchain projects. So How will $WAT solve this problem? And What are the benefits of holding $WAT tokens in the long term?
Logino: The challenge here is to develop the application in a way so the users can use the application without experiencing the hustle of integration wallets, tokens, etc. We are confident that we will succeed in our mission. The benefit of holding the token if you are using the application is that you can grow on the leaderboard and being asked from restaurants, pubs, themeparks to write honest reviews. You will be able to earn for your hard work. So you benefit from holding and not go directly to the open market and sell them. Put your hard earned tokens to work 😄
Twitter Q3) From SafiaKaramat
Many projects have different types of token economics to maintain the ecosystem. Usually systems like Staking/Burn/Buyback are used, but do you plan to use a system like staking?
Julia: Yes, the WhereAbout venues need to have $WAT tokens for being able to push promotions to the users. They will be able to purchase these tokens linked to credits and payable with VISA, MasterCard, Paypal and bank transfer. For every purchase we receive we will buy 50% from the market and burn the tokens. The other 50% is company revenue. The credits in their account are linked to the token price so we know exactly how many tokens to burn.
If you want to have a verified tag you need to pay 6$/month linked to your creditcard after verification. Here we will use these revenue streams as well to buy back and burn the token
We saw Elon and CZ discussing about that yesterday so its quite funny because this feature has been on our plans since weeks.
Twitter Q4) From HippoSol
What needs to be done to ensure that users support $WAT in the long term, and not just for temporary profit? How do you plan to increase user engagement with your products and your project capabilities?
Logino: Like explained above, the leaderboard will play a crucial role in here. The more you hold, the more you can earn. The fact that you can earn money by using an application, can earn money with writing reviews, we will see many influencers coming on board.
We launched our KOLs & Influencer Program last week and over 300 influencers from around the world have submitted their details to help WhereAbout grow. This is really amazing
Twitter Q5) From Babahvoss
WhereAbout’s goal is to create an open, honest and decentralized platform where users can meet at their favoritespot nearby and give recommendations. But being backed by blockchain, doesn’t this defeat the whole Point of blockchain technology which is anonymity? Please explain.
Logino: The problem now is that the market leaders in the traditional market don’t have transparent reviews, it’s even so bad that you can buy fake reviews from these companies to place them on your competitors profile. TripAdvisor was fined 500,000€ for fake reviews in Italy. If you google these things, you will see same problems coming up frequently. Blockchain solves this, our application solves this.
LIVE AMA QUESTIONS :
Q1. Smart contracts are prone to failure, and many projects fall victim to it, costing user funds and discrediting projects. How reliable and secure are your smart contracts? Did you test it with either party?
Question by Tranhatton94
Logino: We have made a partnership with Hacken in Paris. We will announce that one very soon. Hacken is a marketleader in audits and security and they will handle all our security audits.
Q2. Can you explain how is your Tokenomics Distribution? How many tokens Will be minted ? And How many tokens Will be locked by the team?
Question by mcguire24a
Logino: Only 100M tokens will be minted. You can check full details from our tokenomics here: https://whereaboutsocial.gitbook.io/whitepaper/whereabout-token-distribution-and-allocation
Q3. Do you have any plans to attract non-crypto investors to join your project? Because the success of a project attracts more investors who haven’t yet entered the crypto world. What are the plans to raise awareness about your project in the non-crypto space.
Question by ominguez
Logino: Yes we have. Our application will be designed in such a way that non-crypto users can use our application without all the hustle. We believe that UX will play a crucial role in the future of our application so thats why we will hire professionals to help us with that.
Q4. Is your project A community only for English speaking an countries or for users not of other languages? Thanks?
Question by KD_798
Logino: If you join our Discord (https://discord.com/invite/whereaboutsocial) you can see several other languages we support. Our application will be available in the language you have in your phone settings
Q5. What gives you hope for the survival and long-term success of Your initiative in the near future? Do you consider community comments and needs as you develop your project?
Question by Shazilnew
Logino: Yes we are! Our community will have governance in some of the decisions we will make. Thats why we will start with a closed community beta test before we go public.
Host: And that wraps up the session!
Thank you for your precious time
Before we call it a day,
Anything else you’d like to add?
Logino: It was a pleasure. I hope you all like what we are doing. You can find more information in our channels and our documentation or on our website. https://whereabout.social