Scamlink Official :: Scamlink AMA: All your questions answered!
November 8, 2022First off, here’s the Twitter Space hosted by Tezos Common.
Olivier answers some of the questions asked by the community as a Part 1 of this AMA:
👉https://twitter.com/TezosCommons/status/1588946504399876097?s=20&t=B22MYeTSVNNq4rRCA3ELvg
As a Part 2, here are detailed answers to the community’s questions asked through the Google Form that was submitted recently.
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We also want to remind the community that what’s important for any business is Product-market-fit. It is not something you can make up out of the blue with simply money or a CEX listing. These are for speculators and expecting a token to skyrocket in the current market conditions would be dellusional. Product-market-fit can take time and multiple iterations until we get it right. We are focusing on the products, feedback and we know where the pain points are and what has to be improved. We released our MVP a month ago and now our product is being delivered in phases. Each one of them is prioritized as per the amount of work it takes to deliver.
Scamlink ROADMAP
What is the Roadmap for Scamlink V1 Marketplace? Open API? ETH Support? Standalone Escrow? New features?
Scamlink V1 is not finished and new features are still in progress, such as:
Marketplace Admin (back-end)EVM Smart Contract integration (ETH): under development, expected in December 2022Public Open API (Escrow Standalone): under testing and publication, expected by end of November ‘22Paid Ads: Coming but still waiting for more transactional volumeB2C retailer integration (Merchant accounts)
We are also considering your feedback for any features that might need improvements.
What is the current status of ICO funding? How funds have been spent?
Scamlink published a post on Medium back on May 8th and 13th, 2021 to give full transparency on the usage of funds. (shorturl.at/begin & shorturl.at/anPZ1)
100% of Ethereum and Bitcoin tokens were sold.30% of Tezos tokens were sold. 60% were staked and withdrawn gradually to finance upcoming development needs and operations. 10% was used to provide liquidity to decentralized exchanges.500k$ were refunded to unallowed country users or undone KYC.
Here are the details:
Scamlink raised $2.5M during its public sale on May 5th, 2021 market prices.
On May 13th, 2021 (cf. Medium), we decided to sell some of the crypto assets for Stablecoins. We made the transactions on May 28th, 2021.
After the transactions and Market correction, Scamlink’s funds were worth $1.7M and not $2,5M as of May 5th, 2021.
Out of the Stablecoin converted (worth 1.1M$), we spent the funds as follows:
60% on Technology developments20% on Marketing, Communication, and Community Management5% on Legal and Accounting firms15% on Operations (OPEX)
Scamlink still holds 153,000 XTZ from the ICO (62.7% of the ICO collection, here : Staked: tz1Z2jrFLnQnKwYxt2Tt7HGqt6o3yXjdBNi2, Baker: tz1YiuvpfeVAHbnU8akcWErNfQGFHNQ7F45z, and LP on Vortex).
Our treasury being made up mostly of XTZ (52%), Scamlink’s total cash/crypto assets as of 11/07/22 is $403.5K.
SMAK is also solely correlated to XTZ at the moment and could be an additional future catalyst should the market pick up.
👉 All details can be found here: Spreadsheet
If the extra funding won’t be a success, how do you plan to continue the project?
If finding new investors take more time than expected we’ll keep collecting users’ feedback, continue marketing in the Tezos and EVM Chain ecosystems (Once Ethereum is implemented), and work on partnerships while developing the features.
If the extra funding will succeed, how do you make sure it won’t dilute the current holdings of SMAK users?
Scamlink’s team members are also SMAK holders and believers. The goal is not to make a bad deal but rather strategically align the interests of all stakeholders. Given the harsh market conditions, investors are much more interested in an equity investment than in acquiring tokens. We will make a deal that is beneficial to all historical investors and if SMAK tokens are part of the deal, there will be a lock-up period to avoid any market manipulation.
You have “offices” in Canada, France, and Madagascar. Who is working from there? How many people and their roles? Blockchain developers?
Our team is working remotely with the company being incorporated in Estonia. The Scamlink team is comprised of 3 full-stack developers, two community managers, one CTO, one product manager, and one CEO. We also have 2 people in Madagascar who are working on business development in Africa.
We are also working with Freelancers all over the world for specific purposes (Marketing, Finance, Legal, Dev, R&D…).
Blockchain partners and Freelancers are mainly based in France and the number varies depending on the development tasks.
We are working on our recruitment needs for our next phase of fundraising so this will change over the next year.
Do you plan to make a Cardano contract?
The next contract integration will be announced depending on traction opportunities and what our priorities are on the development side.
How will the ETH escrow work exactly?
EVM Smart Contract will work exactly like Tezos Smart Contract but with a standard 1% commission fee and no discount on the fee. In order to benefit from SMAK utilities (Discounts, Ads etc) users will have to switch to Tezos Smart contracts to make the transactions.
Vortex-related questions
Vortex has been co-managed by some of the Scamlink team members and two partners (Pyratz Labs and Smartchain). The v2 still requires some work to be done by developers to be functional as our indexer ran into complications multiple times which delayed the delivery. The different teams have had internal issues and turnover which didn’t help the development side. ANTI has therefore also suffered from that and the current market conditions. Vortex has been granted by the Tezos Foundation and most parts of what was agreed on in the deal were delivered i.e the DEX Smart contracts, automatic burning system, and the FA1.2 deflationary token.
We are currently discussing with the different initial partners to find the best way to manage Vortex in the future. Once we have all the details, an announcement will be made on Vortex socials. We are working towards finding the best possible way to improve the situation.
Why did you promote the SMURKS launch as if it was really close and all of a sudden it stopped?
First of all, there was an issue with the developers who worked on the contract and the project has been extremely delayed. In the meantime, priorities have shifted and the SMURKS will remain in the oven until the market gets better and an opportunity to go live arises.
The team members, ambassadors, and project partners/backers have seen a lot of changes since ICO, for example, there is not a lot of interaction from Adrien, Bilal, and others. Why is that?
We still have regular interactions with the main ambassadors/advisors. They are advisors nonetheless and we don’t control their day-to-day activities. Some partners/bakers have gone their way for known or unknown reasons, but it doesn’t impact our activity. It was quite the opposite and for the better.
A lot of knowledge and people who work(ed) on Scamlink are also involved and are used in projects like Bloometa, Cardashift, Vortex, Dogami, and The Blox. How do you make sure there is no conflict of interest and key contributors to Scamlink won’t shift their focus away from the project?
Cardashift, Bloometa, Dogami were never our projects. Moreover, what’s open source is available to anyone to use. Dogami used our open-source Staking contract and we are glad it helped them put together their app faster. Bloometa is an NFT marketplace that has its own team, there’s no need for Scamlink R&D to pull this off, really. Hashi protocol is a consortium that aimed to help the ecosystem with an open-source NFT cross-chain bridge that anyone can use. The Blox is an accelerator run by Ben and has 0 conflicts of interest with Scamlink, if anything it might help the project through its network of investors down the line. We try to create synergies, not divide interests. We genuinely think positively about those things, and not the other way around. We also don’t have a say when it comes to preventing someone to participate in or run other businesses as long as it is not impacting us negatively. Besides, the Web3 space (especially in France) is not that big of a world. People go their own way, they come and go, that’s part of it. We work with partners and we create initiatives, period.
