So, we only had a few questions come through on social media which we will answer. We’ll give just a few more minutes to see if people will be joining live and answer any question as they come through.
I understand that it has been quite a long time since last Monday even though it has just been a week — it just feels like it’s been longer than usual. I do understand that it has been a difficult time for a lot of people. Please do keep in mind that, in our Medium, we are making sure that we publish updates about what’s going on with the $PKR token much more regularly than usual. Please keep an eye out for that so that everyone is up to speed with the situation with the token right now.
As it stands, we are in a good situation, I think. Hopefully, everyone knows what’s going on.
Let’s just give it a few more minutes — I can see that we already have about 5 people join us — before we answer those questions.
Okay, I can see that there’s quite a lot of people jumping on this AMA already. I will just start with Fomo Prince who just asked a question here on Twitter regarding the timeline of the distribution of the new token.
> So, I don’t have a date for you regarding the actual distribution yet nor precisely on the Tokenomics regarding that. So it is something that we’re gonna endeavor to do, obviously, as soon as possible. But it is also something that we don’t want to rush. We want to make sure that everything is done properly, correctly, and nothing is missed. We need to make sure that, firstly, everyone gets the token. And secondly, that it is the token is definitely something that we don’t have to do twice.
This has to be done properly and carefully. It is a pretty unfortunate situation that we happen to be in. We are fortunate enough that we managed to pull the liquidity, at least, from PancakeSwap and UniSwap in time before the entire project was crushed completely with this. However, it does leave us in a bit of a predicament of how we would move forward with them so just give us a bit of time with that. Once we have a date, we will let you know. We just need to make sure that everything is ironed out; and every i is dotted and every t is crossed. And all the details are perfect before we move forward. So, not yet at this point.
But as soon as we have a date, we will make sure that you guys know. We won’t leave you waiting forever; it’s just something that we can’t just rush, unfortunately. I hope you understand that. It is important, not just for us, but for you, that this is done properly. And not just some copy and pasted “here you go!”. So bear with us in that one. I know it’s a bit of an annoying time; but, luckily, some of the things have calmed down a bit. Of all the times that this could have happened, this is probably the best time it could have happened. Obviously, it would have been better if it wouldn’t have happened at all. But, silver linings and all that. We’ll move forward as best as we can.
I see here that there is a second question from Fomo Prince regarding the maximum supply of the new token. We’ll just go into that slightly.
> I don’t have a full answer regarding the Tokenomics and how that’s going to work. Perhaps it is possible that we just launch with exactly the same 1 Billion tokens max supply launch, where it was and go for it that way. Or maybe we go with half. Honestly, there’s so many details that we need to look into before we move forward with that. I don’t really want to give an answer, because I’d be making it up.
We’ve got quite a lot of ideas on the table right now. So once we manage to iron them out and get them narrowed down a little bit, then maybe at that point we’ll start asking people what they think. However, there’s so many nuances. Small changes here may have bigger changes down the line. And we also need to take everything into consideration. I can’t give a definitive answer. But it is possible that it would be the exact same supply as the previous token. But it is being considered that it’s not as well. So give us a little bit of time and we’ll get back to you on that one.
Questions that have come up in Social Media; we do have one from Cryptarc Maniac:
Would it be an idea to rebrand to spades, and make actual usability of the spades? Then we have an actual in-game and external utility for the token. I mean we need to make a new token and contract, so why not redirect to a new and correct pathing.
> I’ve kind of mentioned this before, we won’t ever have Spades as a token that is, in any way, in a user-dictated volatility. They need to be fixed-price. We can’t have it if it’s the equivalent of $2 one day and it’s then $20 the next day if it goes up. I don’t feel that’s fair. So we do want to make sure that Spades stay as they are. I do see the merit in doing so and why people would want that. However, I would say that we won’t be launching the currency as Spades and making the in-game currency Spades the token. It simply causes much more problems than benefits in the long-term and the short-term, to be honest. Though I do see the merit, and it does bring utility in some ways, it is very detrimental to the game in the long-term. So it’s not something that we can be doing.
Will we re-brand? I don’t know. That’s also part of question A. I don’t know if it will have the same name as the token. My first thoughts are likely yes but there’s still a chance that we don’t. But what I can say is that it will not be Spades and it will not be used as the Spades in the game. It simply doesn’t work. Tokenomics-wise, it simply is not functional.
From Nishnish we have a question here:
Can you suggest burning because some of us have lost a lot of money in this project. Wishing the team a successful recovery I understand hacks can’t be helped.
> Complete annoyance on the side of Poly Network and the way they handled it. I don’t know. I can’t give you a definitive answer. Same as the first answer of how many tokens we will launch, right? Because let’s say we launch with 750 million instead of 1 billion. That’d be equivalent to burning 250 million. But I don’t have a definitive answer right now. It’s definitely on the table. It’s something that we, quite likely, would do. But it’s NOT something I want to say we will definitely be doing because I don’t want to go back from that. It’s being strongly looked at. I just need to check all the implications down the road. So, most likely, yes. But it’s still possibly “no”. So, bear with us on that one. We need to make sure that we do this well thought through and carefully before we move forward.
And we have a question from Juls:
Team should launch the new contract together with a full game launch and not migrate the CMC listing but a new listing. CMC migration takes longer than a new CMC listing.
> This is where it’s coming down to — from a community standpoint, all of you have so many different ideas of what you think would be the best way forward. And I understand that we’re never gonna make the choice that pleases everyone right now. And I do apologize, but that’s because not all of you have the same ideas. Some of you want us to do it as fast as possible, some of you want to wait for the launch of the game before we even launch a new token. I can tell you now, not everyone is gonna be pleased because all of you have different ideas of what you want. We’d love to listen and please everyone but since everyone wants different things, then it’s just not the way it’s gonna work. It’s not possible, right? So, we will try to do the most fair things in the most fair way possible. We definitely won’t be waiting for a longer point in time to release a new token. This needs to be done as a priority even though we need to do it slowly and carefully.
On CMC migration and CMC listing, it is true. To be honest, the time spent updating them is negligible. It depends on who is working on our CMC at the time. Having it on CMC is not the be-all and end-all. The be-all and end-all is that it’s live on the exchanges and live for swaps. CMC comes after all of those.
There’s quite a lot of things to look at. I do understand that everyone is asking and is hoping for answers on Tokenomics. The reason we can’t give you a direct answer is there is so much feedback coming in that we’re reading, and we’re also trying to work out what is best for you guys and what is best for the company — whether it may be to copy-paste and put out what we had originally , the simplest, and potentially the most fair option, or maybe there are ways that it could be more beneficial for you guys. Just bear with us. It is still early days.
Once we get all things clear, put all your feedback in if you do have things that you want us to hear. Let us know. We are always reading everything. We are listening to everything, we’re taking all the questions that come through. And we’ll do our best to take smart steps. If we see something that’s a great idea, we will consider or even implement it. It’s not like everything that we see, we do; but there are things there that we would do. So let’s wait and see.
Another question here just came through on Twitter from ShortDodge:
Which steps will you take to prevent this from happening?
Again, one thing I can tell you is that we will not be working with Poly Network in the future. I’m not even going to say that we will be using a bridge in the future. Bridges are still the biggest point of failure for projects. It is very unfortunate that they don’t have more secure methodologies right now. It’s a shame since we have had very secure ones for a long time. And yet, even some of the bigger ones go down. I mean, if you look at Harmony, their entire blockchain — which was one of the potentially leading blockchains of the future — got destroyed because of their bridge. The lesson we’ve learned is we need to be very, very diligent of what we’re using. If we do use a bridge, it would be something that we know is very-well trusted — some of the contracts from something like Polygon Labs. They’ve been running their bridge between Polygon and Ethereum — which is an EVM-compatible bridge — since they launched in 2019.
There are a few things we need to be careful of to make sure it doesn’t happen again. We’ll make sure that we don’t take any third-party dependencies that we are not fully reliant on and that we can naturally put all our trust in. And it is possible that we may avoid them completely — which may be the way forward. If we can’t do it ourselves, then perhaps we shouldn’t be using it whatsoever. That is something being thought about right now. Because, obviously, we do have people who are on both chains. That is one of the issues that is coming up at the moment.
Another question that has come through from Twitter:
Will the ticker name $PKR remain the same? Will it be different?
> I would say, probably, it will remain the same. We have considered actually changing it just to move forward and away with what’s happening right now. Again, about 90%, it would probably just still remain as $PKR. But there are a few benefits for us to change the name. For you guys, too, not just for us. Which I will be going into detail the further down the road we go. But bear with us on that decision before we get there.
So that is all of the questions that come through on social media. I hope that has clarified the situation for you guys as to where we are right now.
We have the snapshot coming up. Remember, that is going to be midnight tonight Eastern Time US. That 4AM UTC tomorrow morning.
I do recommend everyone withdraw from the staking pool. That way, you will get not only your tokens but you will get your rewards. For anyone who has tokens in the staking pool and doesn’t withdraw them, you will still be able to get the AirDrop. However, it will not count for the rewards. Until your wallet interacts with the Smart Contract and those rewards, it’s not visible on our end when we take a snapshot of the node. So, for us to be able to pull that data, we need for you to actually interact with the node — withdraw the rewards. And that way, when we take the snapshot, they will be visible. At the moment, there is no way to get the script to pull that data from the end point.
So, it’s a bit unfortunate but at least, you’re not actually losing anything — you’re losing unrealized earnings. But I do understand that it’s annoying. So that’s why we have been asking you — it’s been a week at least, that we’ve been asking you to take the tokens from the staking pool. I do recommend just withdrawing. All the exchanges have agreed to work with us, so that’s good news. If you are holding on an exchange, they will re-distribute and they’ll be there. However, I can’t control the speed that they distribute. But at least, all 3 of our main exchanges are helping with that.
So on that note, let’s stay strong, keep moving forward and stay positive! I hope everyone does have a good week. Keep an eye out on our social media for news and things coming. And we will make sure that we get this sorted so we can move forward from this and leave this in the past. Everyone take care and thank you for staying with us and sticking together. Wish you all a good week; and I’ll speak to you all at the same time, same place next Monday!
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