RECAP AMA EPID COMMUNITY X CORITE
🗓️ Date: 11th August 1 PM UTC | 8 PM (GMT +7)
🏚Venue For AMA: @EPID_Community
💰Reward Pool: 100$
➡️Part 1: Project Introduction.
Q1. What makes the CORITE project stand out more than the projects in the same direction at the moment?
A:
Good question. So, in Oct 2019 we successfully launched corite.com, which is our current FIAT model. Being up and running since has given us many important insights that we now bring into the world of blockchain. We believe in the power of fans and communities - which has been one of our biggest focuses since day one.
Tapping into blockchain and all the possibilities that come with it will only open up even more opportunities for both artists and fans. We know that our model works, and now it's time to add even more value to it! 🚀
Q2. What are the memorable milestones of CORITE in the research and development process?
A:
We always thought our platform was "made for blockchain" but we didn't feel the timing was right. With the joint power of all projects in this space, not least the NFT boom earlier this year, it is breaking into the mainstream, where we started. Finding a perfect match between non crypto and crypto has been the most challenging as well as rewarding. We're going to use Chromia for our blockchain (although our token will be ERC20) to be able to have low costs, speed and, equally important, easier development. Merging our FIAT team(which already handles millions of streams payouts for thousands of backers and artists each month) with our blockchain team and seeing the first beta coming together is both fun and makes us proud!
➡️Part 2: Question From Twitter (5 best questions).
Q1: @HONGphc50627894
Is #Corite designed to be in a completely decentralized environment, or are you also planning to add FIAT on-off ramps, connections between networks such as twitter, google, facebook and access from #Corite to third-party applications?
A:
We definitely will use FIAT on-off ramps and other integration points. The reason for this is simple: the artists and fans don't yet operate in the crypto space only. We're actually distributing music to all the major services such as Spotify, YouTube, TikTok and so on, and for artists to be able to get the revenue from this you still need FIAT and an element of centralization in collecting that money for sharing. This means it will be a gradual process, but the decentralized project will be designed to allow it to grow and live on its own, where our current service may be one of many in the future, using the projects tech and protocols. ✨
Q2: @XiaoHu2311
Artists delegate major role in your platform. Which services do you promise to integrate within your platform that facilitates NFT artists ? How will they benifit commercially from #corite rather than other NFTs & gaming platform?
A:
I'm not 100% sure if you're referring to "artists" such as musicians and performers or visual artists, but still a great a question. Artists in our world typically refers to the musical perfomers and we will be supporting them with automated production of NFTs that they can sell both on and off our platform. NFTs will not only represent what we call "Corite Originals", what can best be described as a unique digital copy of a track, but also include other dynamic features showing off fans' and artists' engagement and how the music is performing. We will work on building out these features over time as we believe this is a great way for artists to create value from their art. Inviting other creative people to this process, such as visual artists, will be key and collaborations between music and visual artists has always been an integral part of the music scene.
Q3: @wINGDAO4RR
There are already so much project who have art NFT marketplace. So why do you think #corite can compete with NFT marketplace that already exist? What makes you confident that Corite can become the top NFT marketplace in DeFi world?
A:
Truth be told, we don't aspire to be the top NFT Marketplace. This is not what Corite is about at its core. We will use NFTs together with our blockchain based functions such as staking of tokens to get early access to music investments, engaging and pushing music to earn token rewards and create challenges for the community. If and NFT created through Corite representing a popular release has the potential to attract a lot of attention and value elsewhere, we couldn't be happier. 🤩
Q4: @XiaoHu2311
On Corite, is it the Artists that set the duration of a campaign or is there a default duration for campaigns? Finally, what happens in situations where the set campaign funding goal is surpassed? Who keeps the excess funds?
A:
As you mention, we let artists create campaigns for their music on our platform and fans can back these artists and in return share the revenue from streaming services such as Spotify, YouTube and TikTok. In our current model, the campaign is 30 days long by default. Once the campaign goal set by the artist is reached, the campaign is closed meaning there won't be any excess funds. With that said, we are flexible and sometimes the campaign period can be longer. Thank you for your question!
Q5: @SLiomie
Safety is of course Crucial for any platform where many projects gets hack & bugs in the earlier period What Security Measures are adopted by #Corite? will there be an audit from Third Party Company ??
A:
We have not planned on a third party audit at this stage, but we've made external code reviews before. The core blockchain technology is Chromia, built by industry veterans ChromaWay, which were part of the first token spec project back in 2012 so the experience in the team is huge. This is not to play down the risks and we've just seen a massive steal so this is something that all platforms that handles other people's money need to be aware of and stay on top of.
➡️Part 3: Free asking (5 best questions)
Q1: @Kudo1997
What is PROJECT's revenue model? In which ways do you generate revenue/profit?
A:
Corite charges 5% of the capital we help finance and also 5% of the revenues generated from the streaming platforms for all music we release. In our new blockchain platform we will also have revenues from NFT sales. We will be a decentrelized platform ruled by the artists and backed by the fans, cutting a fair share of the revenues. We think this will be a very competative model that will disrupt yhe music industry in its foundation.
Q2: @tieuthu1221
Can you please tell us about your Project? When and where will it start? Share your pre-sale Link if possible?. Does your project have any events before Listing?
A:
We'll launch our project site shortly! Please join https://t.me/corite_announcements to be the first to know! Our own token, the $CO, will be launched during Q3. Details will be announced along the way!
Q3: @bonnava
The COVID-19 outbreak has affected every business in the world. Is your project affected by this? Is it in a better way or a bad way?
A:
Good question. We only know what we have experienced so far which is the fact that when live tours and merch sales on concerts have been shut down, we have been able to help artist raise funds, and given them ways to stay connected to their fan base and keep up the engagement online. We don't know what it would have looked like without the pandemic hitting us all, but it hasn't lead to any major issues so far. But we do miss concerts, meeting partners and backers and all of that ofc. But we have also used this period in time to become really good in our team across the globe to communicate and work from all over the world!
Q4: @Mayawwwww
Partnership is always an important factor for every project. So who is your partner? What are the benefits you get from those relationships?Partnership is always an important factor for every project. So who is your partner? What are the benefits you get from those relationships?
A:
Hi Maya! Of course you're right. We believe we have a strong team and network already. We are music business insiders as well as serial entrepreneurs. We're also doing this together with ChromaWay and the Chroma platform, which is also powering one of the most successful launches on Binance this year: the social building game My Neighbor Alice. We're also partners with high profile independent music label Hitco Music in the US. Multiple advisors in the crypto space and music business have joined so far. Perhaps even more important are the artists and the fans themselves which already are using our platform. This all being said, we are working hard to expand our partner network in all areas of what we do!
Q5: @asa9901
According to the roadmap, What are your most important next priorities? Does your team have enough funds and strong community to achieve those milestones?
A:
Hi Asa! We have a lot of hard work ahead of us, but we’re off to a really good start. We have secured capital for the initial phase already and are now ramping up our team further. Our most important priority is getting our MVP launched and opening up for sign ups. This includes allowing holders of our $CO token to get early access to investing in music projects as well as rewarding engagement on our platform. We're also working really hard on our concepts around NFTs and new ways for fans to be in control together with the artists. Leading up to this, we will do a number of pre releases that will a part of the full launch later.
