It was 22 AMA with Dyma Budorin in the last two weeks. HackenAI held an live AMA on the 26 of April at 3:00 PM UTC in the HackenAI Official Telegram Chat. A good material for questions was the recent letter from Dyma Budorin about HAI tokenomics, staking, circilation supply and HKN swap.
Below are the transcript of the AMA. Enjoy your reading!
Twitter AMA Segment
1.Where does the tokens purchased on the site come from? Are they market bought directly from the exchange or team tokens? So could it take away from potential other listings when exchanges look at our trading numbers?
Today we only know the initial circulation supply at OceanEx, It is around 7mln HAI. The main question market about the supply is the how HkN community will swap their tokens. As of today Hacken group tokens are not going to be sold at open market. But we are planning to sell 10 mln HAI in the form of stacking from our website. These tokens are going to be locked for minimum 6 months thus will not affect much the public trading. Fee set this limit of 1% for the development needs at the first place.
2. As we all know that When the total circulation increases day by day, this is a Big problem for investors. Does HackenAi Team have any plan to burn token or increase the lock up period?
The proper disclosure of circulation supply was probably the key factor for IEO results. We didn’t disclose our plans on it, because we were saving bullets for first days of trading. Yes the control over demand is the main success factor. Today we have released the formula how we are going to manage the max supply. Also I can add that 100,000 users benchmark is the breakeven point wich allows us to start be more conservative with the token supply. We have ideas that after reaching this benchmark we will need to start burning tokens that are paid to us as subscriptions to HackenAI. The percentage of such burn will be decided by 4th level staking voting. That will be fair and this is what I want to do.
3. There is only 7% of HAI tokens are reserved for ecosystem development,how that is going to be used? Could you please give more details?
Apart of HackenAI we have other elements of Hacken ecosystem. Previously we had various different projects. But after the crypto winter we had to shut down the ones that don’t bring us revenue. For the ones that gives us profit: HackenProof, Hacken B2B and CER (became profitable around 4 months ago, very hard job), we plan to reinvest in business development and some product development. We have big plans for HackenProof to transform it to SAAS model. Me personally, I will be more focused on HackenAI and HAI projects. And B2B business is managed by Hacken great senior partners team.
4. I saw the #Staking_Packages, it is Eye-Cathcing Benefits for different hierarchy levels, Do you think it is enough to attract investors to your platform? Any plans to give more additional Benefits to Early Adopters as they are ones who are going to set the Base strong, Isn’t it?
So the main benefit is the staking price that is decreased today by half. Second important thing that we still didn’t announce and disclose our Protect a Friend referral program. Main idea when we were designing the staking benefits was to avoid giving away free money. We see lots of examples in the industry. And it is very obvious that such projects don’t live long. Our main idea is to give our stakers an opportunity to make money. By being active. In fact to be our partner. And work on the app sales and promotion. The incentives from referrals will be sufficient to have a good salary and actually work on it full time while sitting at home. Selling HackenAI is very easy. Everyone needs it, we have wow effects in the app. And people quite easy catch the token potential. So it is not like referring link to another cryptoexchange. And it is also important to say that we will give opportunity for the active community members to keep upgrading their staking and make more money. We understand that not everyone can afford to pay 250 usd at once. And finally I want to say that investors who doesn’t want to be active in HackenAI promotion, that should just evaluate our tokenomics. And how we manage he supply by staking. HAI stacking will be very clearly linked with the HAI price.
5. How do you evaluate the outcome of the ieo held on oceanex exchange? Was the demand satisfying?
We did think that demand could be slightly bigger. I would like to underline two factors:
— our small communication about circulation supply;
— general economic environment. People are very scared to invest in crypto especially this days.
But Generally I think the result is very good. We didn’t do IEO at big exchange, the market was awful, IEO showed very bad results for last two years. So the fact that we raised that funds is very very good. It means that people believe in our product and longterm vision. This very important. And our team and me personally are very grateful for this trust!
6. Will the company’s 3.6 and 12 monthly income and expense report be published for transparency? Will the audit be made to third party companies?
That’s very difficult questions. I have 8 years experience at Deloitte. And I know pretty well what is audit. Today there are no reputable audit companies that are doing audits of financial statements of crypto companies. Simply because it is too risky. Also publishing 3–6–12 month income statements is very costly in terms of admin expenses. We do plan to disclose openly the users and stakers number. For financials I think it will be more reasonable to disclose results in annual basis.
7. Why HackenAI is not an Open Source project?
We will open source the application infrastructure. Also we will issue the security paper of the app. But there is absolutely no sense to make opensource of the code. None of the top password managers do that. The answer is — no.
8. According to Tokenomics HackenAI is free to install and to use the first six months after the successful completion of all CyberBootCamp modules, after the 6 months HackenAI take the fee if yes then how much it will take?
We slightly changed the pricing model. More details are here:
Introducing our revolutionary HackenAI Subscription Model in combination with a Powerful HAI…
With the HackenAI beta app now available, everyone now has access to its groundbreaking features. Currently, the app…
So there will be free functions that are basically killing our competitors: dashlane, lastpass, 1password.
9. In Subscription Tiers, I saw there is Centralized VPN & Decentralized VPN, What is the main difference between them?
Centralized is more focused on speed and straightforward solutions. But it is very often subject to Big Brother monitoring. Feel free to read more here:
Five Eyes, Nine Eyes, and 14 Eyes (In-Depth Explanation)
As awareness of global surveillance grows, more people are looking for information about the Five Eyes, Nine Eyes, and…
Decentralized is more for privacy geeks. And usually it is more slower.
10. Does your project have any licenses? If so, what are these licenses and in which jurisdictions are they obtained? Can any regulatory restrictions of certain regions affect the operation of your application?
Hacken OU is a blockchain entity according to San Marino goverment. Also lots of our engineers have various cybersecurity certificates that allow us to perform various tests. For the HackenAI app I guess today the main license is to pass Apple and android stores reviews. They actually have completed them. And you will be able to download the app from official stores tomorrow!
Telegram AMA Segment
1.What are your plans on Burning HAI? What have you planned regarding this to ensure to hit Scarcity target?
After we reach 100,000 users we will start going in this direction.
2. What is the total supply of HackenAI? What is your plan to increase the value and utilities of $HAI such as increasing or decreasing supply, buying programs or burning plan, ..etc?
We need lots of supply in order to get on big exchanges. Probably you know that there are two ways how to get there:
— pay some funds and community voting competition;
— pay some funds and use connections.
In either way some funds are needed. The system works in the way that you can find some sponsors and pay in tokens. It is sensitive topic. But you should be aware about it. And that why it was also it impossible to list HKN at top exchanges in 2018.
3. If demand for HAI becomes excessive, how will you control circulation supply so that it does not cross the calculated MAX supply?
If the demand in HAI growth but userbase is freezed than there will be no increase in circulation supply. It is important to understand the formula. With every 10k adjusted users, the max circulation growth more slowly. This means that the will be more buildup strength for price support.
4. Dear Mr Budorin, In your letter to Hacken community You mention that “HAI token value should be the number of our community and users of the HackenAI application” So, what the plans for increase users and community after releasing the first version of the HackenAI app? Thank you!
— (Stay At Home)
We always love to thing that: “we are comet omg this job, and tomorrow life will be easier”. From one point of view I do believe that it will be easier because we will have a clear focus from tomorrow. All of us. We will start pitching HackenAI and work together on userbase grow. From other point of view — there will be lots of new question and process to manage. So answering your question — yes there will be much more focus on user acquisition.
5. Dyma, do you think the difference in demand for the token between KKN and HAI can affect each other? Do you see another IEO possible in the future? or other rounds?
No more IEO, thank you. HKN swap and tokenomics transformation was really difficult. We had to make difficult decisions. My personal opinion is that. I am very proud of our team and everyone who helped us. It was hard, challenging. A lot of unknowns. And today we are about to finally start a new life of HAI and HackenAI. Very exciting times. And lots of interesting work ahead.
6. If a sufficiently small number of subscriptions to the HackenAI application will be purchased through fiat currency, how will this affect the HAI token, will HAI tokens be redeemed from the market, will HAI tokens be burned?
I don’t think that it will affect much. We will sell portion of the HAI revenue at open market. This is part of the business plan. Important is to always maintain below max circulation supply limit.
7. Hi sir @Budorin If someone wants to become part of the Hackenai movement and communities, what would be the best way to do so? And by the end of this year 2020, what do you hope the Hackenai team will have achieved?
We have collected around 100 CVs for community admins. Thank you so much for this! Obviously there will be a chance to become valuable member of HackenAI community though work. Protect a friend referral program is coming soon. Everyone will have an opportunity to show his skills and be properly rewards. We have build leaderboards — everything will be very visible.
8. When the total supply of HAI is reached, so what next? Will you create more tokens or burn present tokens?
Don’t think we will reach total supply. We will start burning tokens earlier than that.
9. Don’t you think freeing all the locked tokens in 6 months would affect negatively the market, and price? How will you avoid that negative influence?How have you been preparing for tomorrow after having some trouble in IEO Why should I choose your staking program over any other?
Great question! We will see the blocking period very well. Our plan is to synch this dates with exchanges listings. Staking HAI is an opportunity to be our partner and work together. If you don’t want to work but you understand and like our products and business idea, than by staking you are benefiting from general business grow. We are not giving away free money — everyone should understand this. We are long term project: 5–10–20 years. And tomorrow is the start of HackenAI life. You and us are in the very beginning of this story. Hacken was created in 2017 and we became blockchain security market leader. For sure we deserve the right to say that we work with a longterm vision and strategy.
10. How much of the turnover did you plan to allocate to Level 4 stackers?
There is no limit. It is open market. If the demand will be to big, than there will be not so much HAI left on the market which I think is good. Thus let’s hope there will be lots of 4th level stakers. From our side — we will continuously work in order to make 4th level staking valuable and interesting for investment. It is a process.
11. Your tokenomics is good, but obviously it is not your intention to reach ONLY 100,000 users. In the event that your success is incredible, would you maintain this same economic model in the HackenAI ecosystem?
— (Milton “Rockstar” Friedman)
100,000 is a SMART target and I want everyone to unite around it. The more people believe in it, the faster we will reach it. Obviously we target more 1mln HackenAI users and people who use HAI will be really tremendous success reflected on our marketcap. And I also think it is reasonable and achievable target. I am working very hard to reach it.
12. How to keep motivation to hold HAI tokens in the long term?
— (fly mom)
My answer is to have measurable factors of HAI sucesss. In our case it is very easy — number of downloads and stakers.
13. I have read on the internet and some investors see HAI in the same way as HKN in terms of expected profits according to its price, do you think the relationship is direct?
— (Isam Mery)
The market will show very soon. I think people should better compare us with. Enjin wallet project. Brave browser and BAT. I am targeting to compete and partnering (I am using Brave) with such caliber projects.
14. Can your app help me to know if someone has my password email account? What would you do to prevent that a hacker exchange my password?
Oh yes. We exactly mitigate these risks.
15. 1) The latest updates have been focused on the sustainability of the project and the value of HAI. Is there anything new related to security? How have the community’s reactions to the app? Does they feel safer and more informed? Has there been feedback that allows you to detect the project’s weaknesses and strengths?
2) Which Exchange would you like to list HAI? such as MXC, Binance, Huobi … How would this have a positive influence on the project?
After releasing the HackenAI beta we received supporting comments from our network and new security audit requests. Please follow HackenProof twitter. Some bug clients are comming.
16. does HackenAI have an office ??
— (Zombie Z)
Today we work from home. I kind of like it TBH. But only when my daughter sleeps. Right now she is awake and keep disturbing me from AMA.
17. How long will the HKN token swap function for HAI tokens be available? Will information be available on how many HKN tokens went through the swap and how many HAI tokens were blocked for 3 months, 6 months and 1 year?
Yes, we will make this info available. We might decrease the swap ratios in some time. Any decision on it will be officially communicated.
By the way. We are participating in virtual blockchain week. Promoted by our friends bad crypto podcast. Should be fun to follow:
Virtual Blockchain Week
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