SoMee AMA April 2021

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Phillip, CTO

Well, it was another awesome AMA - we had Chris Kramer, who is our CEO; myself, Phillip as the CTO and AC, the Cat as Marketing guy answering questions from the members. We even had a member come up for a few minutes to discuss his question. Thank you Jatin! We love when our community members ask us questions!

This month was a major update month (in fact, on the 30th, we are updating 9 parts of the application at once!) Such a major update has many talking points, so let's get to them!

Major Talking Points

1. Mobile Apps: We have released our beta app to the Google Play store, but not to Apple IOS store - Apple rejected the beta app. This is to be expected though, as apple doesn't allow non complete apps to be listed on the production IOS Store. So, we are going to most likely release the IOS app after the end of NEXT month, and let the test flight still work for testers.
2. Private Messaging: We are introducing personal, private messaging on the platform on the 30th. This update will include the ability to send messages directly to another user (very simply), and it be encrypted end, to end, and secured in the database. If you wish to remove the chat, the data is gone. Simple as that. We are adding the ability to start a Video Session from a text chat, as well as adding the ability for group text chats later on as well.
3. Video Capabilities: Video capabilities are coming in the May 28th update - which includes all of the main video functions you all have been asking for:
   1. Live Video: Able to do live video streams right from the news feed
   2. Video Conferencing: Able to do live video GROUP chats!
   3. Video Snaps: Able to do small video format videos from the news feed
   4. Video Filters/Audio Filters: Able to have audio/video filters applied to your chats. By default, we have over 48 default video filters, and 15 audio filters out the door. We also have the ability to add custom SOMEE branded things as well!
   5. Upload Videos: And, we'll support the ability to upload videos to play on the platform as well!
4. Partnership Announcement: We are proud to announce a partnership between SoMee, Genesis Shards, and Card Starter! This new partnership will allow for an IDO for our new SAT token - which can be earned initially after the IDO by staking ONG for the new token. This partnership is also the prelude to our new blockchain updates, as well as our introduction to the Cardano spectrum of sidechains! What an exciting opportunity for SoMee! Such a great partnership! Initially, the offering of SAT will be at $0.005 during the IDO!
   1. IDO proceeds will go to support a SoMee integration onto the Cardano blockchain and a custom CardStarter IDO integration that SoMee will release in the SoMee app and web platform once it's completed.

Questions & Answers

• Jose P: I take the opportunity yo congrats all the team for the great work they are doing. My question is… How do You see the project by the end of the year?
  • I think it's going to be, by the end of the year, to anticipate full marketing scale, end of next month (may) we baked in all the social media features, and released the apps and everything else. By May/June we have the blockchain and ad revenue. June/July is advertising. July/August is additional marketing and remarketing, and partner connections. August/September/October/November are partner and sidechain implementations and other project links, and December most of these things will be updated and ready by.
• Kevin V: Has there been any breakthrough with regards to funding since the last AMA?
  • Yes; there are a lot of things happening on the funding side of the house - we have had major talks here with partners, and our round isn't closed yet. But, yes, we have some great funding requests coming in. This partnership with the AP program we announced raises quite a bit of capital for us as well.
• Kevin V: Has there been any breakthrough with regards to funding since the last AMA?
  • Yes; there are a lot of things happening on the funding side of the house - we have had major talks here with partners, and our round isn't closed yet. But, yes, we have some great funding requests coming in. This partnership with the AP program we announced raises quite a bit of capital for us as well.
• Madam AK: Great work team. It's all finally coming together. The AMA is always reassuring and showcases the efforts you guys are putting in and the upcoming exciting updates!
  • Woot, we love our community; thank you AK 🙂
• Kevin V: With the open beta coming up May 3rd.. how are we thinking about supporting adoption of Somee.social for the open beta?
  • We have several connections with various celebrities and influencers in the community - Just wait until the marketing kicks off - even on open beta, honestly, we are not going to do anything major for marketing, we are just going to get people using the app showing what it can do. Once everything is baked in with blockchain, then we can do the marketing.
• Ian W: Staking ong guarantees to you to buy SAT in the IDO?
  • No, it's just that you can buy it like everyone else at 0.005 for the IDO release; once the IDO is over, you can stake IDO to a yield farm contract to get more SAT
• AweSoMee Facts: If the SAT token will replace Gbucks. What will happened to our current gbucks holdings?
  • You will receive the SAT in place of your gBucks - in addition folks who chose to double down on their points, will receive a portion of SAT as well in there, and get another token as well that will be able to interact for power up for content and voting power. This way, you have all the pieces in the new ecosystem.
• Tim U: Why Cardano network? It's not a functional with smart contract yet?
  • Cardano is not fully functional with smart contracts; but they are working with PLUTS right now, and they have 5 development teams working on it. They are doing the hard work that it takes to prepare anything. Plus, with the cardano network as a side chain, it's just a great network to have the integration with. Having the IDO over there just makes sense for the metadata features, lower fees, and just faster transactions.
• Cesar S: What's the progress on the catalyst fund 5 submission so that i can help you guys by using my big voting power? Also,can i ask how much money are you applying for?
  • Initially in fund 5 we lowered it to 75k - initially we asked for the full round because our goal was to lay out all 5 phases of our integration and we estimated it'd be about 300k for that integration. And through discussions with the team, and funders, we went ahead and said let's lower it and work on it per phase. So the fund 5, see here: https://cardano.ideascale.com/a/dtd/Integrate-SoMee-social-onto-Cardano/350634-48088#idea-tab-attachments
• Inigo L: When IDO details?
  • In the next 1 to 2 weeks
• Cesar S: Is ONG staying on as Somee official Token?
  • oNG is like our OG token - it's our original token, it'll always be around, and always have it's uses. And, we'll always keep it around and have a special purpose and use for it. While the new SOMEE token may be different, ONG will still exist.
• SoMee Says: Are there other exchanges that will be added for us to purchase ONG on or what exists at the moment is how will it will remain for the foreseeable future?
  • We always have people approaching us having us to list on their exchanges; we haven't really considered anything major, but we may going forward. Plus our bridges to other networks are in development as well.
• Stuart M: When staking ong do you keep your ong or will it be burned?
  • ONG -> ADA will burn ONG
• Vitlus V: Is ONG moving to Cardano as well? Will it stay on DEXes if that is the case?
  • If you swap to ADA, it'll burn the ERC token and mint and back and forth.
• Kevin V: Great news with respect to the IDO with Cardstarter, and the ONG/SAT yieldfarming - Cardstarter launches are getting quite a bit of attention from from the market. What is the timeline for the IDO and Yieldfarmingcontract?
  • It's basically right around the corner. On 4/28 they are announcing it; and the sale will open around 5/3 or 5/4. So it's literally right around the corner for the IDO
• Vitlus V: What is the total supply from the new SAT token?
  • It's 1 Billion max supply
• Zachary S: Since we have Ong and SAT, there will be a 3rd/main token tied to gfuel correct? Will that be released after SAT, or around the same time?
  • It is right around the corner and May/June is our BC development month. Once we are ready, you'll get all the details.
• Madam AK: When will the 'Affects' launch which you just displayed?
  • It's in our design phase at the moment, so probably 3-6 months.
• Madam AK: When will the 3x and 2x rewards be distributed and when will the blockchain be added?
  • May and June are our BC development months.
• Jatin C: is there any update on the tokenomics? by when can we expect to have the total supply and initial circulating supply?
  • We will be releasing tokenomic information coming in May/June as we develop the new BC services
• Tim U: If ppl are gaining SATs for more likes, it creates an inflationary ecosystem, can you speak about the tokens plan with regards to inflationary/deflationary tokenomics?
  • That's a different token; SAT isn't for that. Points are what we award for likes and such.
• Roj O: There was talk about NFTs a while back, will SoMee be launching it's own NFT marketplace on Cardano?
  • Yes! In fact, if you click https://cardano.ideascale.com/a/dtd/Integrate-SoMee-social-onto-Cardano/350634-48088#idea-tab-attachments on idea scale, you can see the designs for NFT's. We will be releasing Social NFT, which allows you to get Social NFT's right in your feed.
• Alexander U: excellent team work, what alternatives have you thought about the limitation of venezuela with Skrill?
  • We are working with partners to allow for restricted countries to still be able to use it as well - we don't have any additional information on this right now, but we are working on it.
• Tomer S: More of a request than a question. Can you put important information in the SoMee announcements telegram group? Partnerships and basically anything that is cool. It will help me to keep in track of what's going on.
  • We'll try to post it there - usually we announce it on our dev blog 🙂
• Tomer S: Can u link to your proposal? I have ADA?
  • It was linked in chat: https://cardano.ideascale.com/a/dtd/Integrate-SoMee-social-onto-Cardano/350634-48088#idea-tab-attachments
• Ian W: what's happening may 7? seen it passing by in telegram
  • May 7 was originally the date that the card starter IDO was going to start, however that's being announced 4/28 and 5/3 for the IDO
• Roj O: Oh yeah, is Somee still intending to integrate charity donations?
  • Yes, indeed we are! We are working on the ability for you to send or transfer crypto to charities in the future!

Other comments from the Q&A:

• Alastair M: Great AMA guys. See you next time!
• Inigo L: Adding intellectual property functionalities to NFTs
  could be great

Chat Transcript

Video Recording

You can see the video recording here, on our official SoMee YouTube channel:

Slide Deck

You can download our official slide deck below: