RECAP AMA EPID COMMUNITY X PARA
🕖AMA Timing : 28th December 3 PM UTC | 10 PM (GMT +7)
🏚Venue For AMA: @EPID_Community
💰Reward Pool : 100$
➡️Part 1: Project Introduction.
Q1: Can you briefly introduce what PARA is? What is its goal and what is it intended to address in this industry?
The Para Ecosystem aims to disrupt the show and entertainment industry in a multi-dimensional way. It’s time to bring this industry into a new era. The blockchain era.
In 2021 the popularity of NFTs grew and now the space processes billions of dollars per month in transactions. A few percentages of the transactions always flows back to the initial creator of the NFT which serves as a new sustainable stream of income for artists.
Especially in times of lockdowns and quarantines artists are looking into new ways of generating revenue. Especially in the music and entertainment industry this problem grows larger. This means that people with millions of followers have issues monetizing them.
Para wants to take this unique opportunity, create a new lucrative income source for influencers and entertainers and use the publicity to market the whole Para Ecosystem and especially the Ecosystem Token, the Para Token.
Q2: How did you know and get into crypto? What made you/your team decide to start PARA??
I first became aware of the blockchain world 5 years ago.
At that time, I was first a silent investor, but discovered early on the potential of blockchain technology.
I decided to learn everything I could about this technology and started writing my own blog.
For the last 2 years I have turned my hobby into my profession and became a Blockchain strategist.
I am the CEO of Para and responsible for both public relations and internal processes.
Through our team's great contacts with the music and event industry, we have witnessed how much Corona affects it.
So we decided to create a platform that helps artists through this difficult time and at the same time provides tremendous value to their community.
Q3: Currently, there are many scam projects that make investors lose money. So, Why should we choose and trust PARA?
That's true, unfortunately, and the very fact that we have to deal with this issue in this AMA shows that it's a huge problem for the entire industry right now.
For this reason, we have decided to take a few precautions.
1. the tokens of the team are locked
2. there is only one presale with minimal token supply, which is also locked.
3. we had an audit of our smart contract done and spent a 6-digit amount just for the security of our token alone.
4. we have multi-year contracts with our advisors as well as with the artists who publish their NFTs on our platform to keep the interest and attention on our product on a constant high level.
➡️Part 2: Question From Twitter (5 best questions).
Para Foundation has a fundraising platform called "Crypto Thrill". Can you please elaborate to us how does the process of raising fund in this program works? Are all allowed to donate and support charities on Para Foundation's network?
Crypto Thrill will be our way to support heart projects of the community.
Especially in times like these, many people are in need of help and we see it as the crypto market's duty to donate parts of its enormous profits to charity.
At the moment, we are completely focused on the development of our NFT platform and the connection of the Para Token as a means of payment in the event industry.
However, we will release a roadmap to Crypto Thrill in Q1 2022 explaining everything in detail, so follow our social media channels to stay up to date.
Can you describe the“governance model” of the #PARA? Who is responsible for managing the system, what is required to qualify for authorization? On what types of decisions can they make about the project?
At this stage, the full decision-making power is in the hands of the development team.
We work with programmers who have years of experience in the crypto market and some even have a degree in blockchain.
Therefore, the management team is in constant exchange with our extremely competent programming team and puts their advice into practice.
However, this project is not completely centralized.
We have always and will always take suggestions from the community, discuss them and if we see added value in them, put them into action.
Especially when it comes to the usability of our NFT Platform, we rely on feedback from the community to provide them with the best possible user experience.
Since the majority of NFT's have little or no value, it is difficult to survive liquidity because people do not constantly trade them in pairs, so it is difficult to liquidate NFT. PARA have NFT ecosystem, Can you tell me how PARA plans to solve this big problem?
We are aware of this problem and have found a solution very quickly.
As I mentioned before, we have contracts with the biggest stars of the German Hip Hop, Influencer, Youtube and Sports scene, who list their NFTs exclusively on our platform.
So we are not the 1000th NFT platform selling worthless NFTs, but the NFT platform used by fans of the biggest artists in Germany (and soon in the world).
This is our absolute unique selling proposition in the industry and will help our token to both short-term and long-term success.
I've found out that Para will not be doing any buybacks and burning mechanisms for its tokens because it is considered by the project "unnecessary". Can you please explain what could be the disadvantage of conduct token burns and buyback programs?
Basically, it's simple math.
When demand is greater than supply, the price goes up.
When it's the other way around, the price falls.
The fact that buybacks and token burn programs have such hype in the crypto scene is an indictment, because it shows that supply must be artificially tightened to create a rising price.
Our token does not need such mechanisms.
We rather rely on a real use case, strong selective marketing, years of experience and next level design to guarantee a price increase of the Para Token.
Instead of burning tokens senselessly, we are working on a kind of play to earn, whereby loyal members of the Para community can win tokens.
Security is at the forefront of all old and new projects, attacks are frequent and even with the best known blockchains, how does your project prevent this from happening? Do you plan to expand your business in the region
As I said before, we put a lot of emphasis on the security of our token and spent a 6-digit amount on that alone.
Furthermore, we are working hand in hand with security experts in the industry. Some of these people have been winning the Hackatron for years and know what to look out for.
Furthermore, we were audited by Hacken and no bugs were found in the smart contract.
Security has the highest priority for our project and will always be a standard that we are not willing to lower under any circumstances.
➡️Part 3: Free asking (5 best questions)
how do you attract investors to be interested in Your project ? because some investors only focus on short-term prices rather than long term?
I would love to answer this question first, because I love the answer 😄
We (the Team) don`t need to attrcat short term investors, because the Artists will do that for us.
The artists have great interest in promoting their NFTs and of course our platform, so before launch, there will be a marketing tsunami all over germany, Austria and Switzerland, were everybody will be talking about Para NFT and the para token.
In order to guarante a long term steadily rising token price, we will keep on doing great marketing and working on other usecases of the para token, like the implementing of our token as a payment method in clubs, bars, restaurants and events
Can you share to us your tokenomics? How much is the total and circulation supply of your tokens? Will there be buy back system or token burning in the future?
The Para Token will go live on the Polygon Network which makes sure everyone can participate in NFT sales because of the low Gas Fees. The alternative would’ve been Ethereum but buying an NFT and paying the same amount just for Gas Fees might irritate new users which Para is also targeting.
Liquidity for Exchanges
50% of all tokens will be used to provide liquidity on Sushiswap. The 50% will be paired with $250’000 in WETH to ensure there is enough Liquidity for new users to get in. To ensure a perfect balance between security and flexibility, 50% of the initial LP tokens will be burned. The other 50% can be withdrawn from Sushiswap to be able to provide liquidity for other exchanges like Kucoin and Binance.
10% of all tokens will go to the development team to fund the future development of the Para Ecosystem. The tokens will have a linear vesting period which will take 1 year to complete.
30% of all tokens will be used for marketing. The reason why this pool is larger than the dev pool is because these tokens will be mostly given out to Influencers and Stars to motivate them to talk about the Para Ecosystem and especially about the Para token.
10% of all tokens will be locked in a smart contract as reserves for later use like liquidity mining rewards or other mechanics which might come at a later point in time.
Is your platform suitable for crypto beginners? Or does it only limited for professional users ?
it will be a perfect platform for beginners, too.
I want to mention one example.
It will be able to buy NFTs withn ETH eventhough we are on the Polygon Blockchain, so people dont really need to deep-dive into the cryptospace in order to buy NFTs
Will your project support nft in future or if already support. Can i send one?
This is a beautiful question, because it brings me to a key advantage of our NFT platform.
The stars and artists, which have millions of followers, wont be the only persons, which will be able to sell Their NFTs on our platform.
It will be possible vor everybody to sell their NFT on our platform and participate on the hype of the stars
If you want to take a look at our Pre_NFT-platform, here is the link:
Do you guys feel satisfied by seeing your progresses and achievements till now, when you look back to the day when you have started this project?
I think this is a great question to end this AMA session.
If I look back to the first days of Para-Nft, I am very proud, where we are standing right now.
Our Token is ready;
The platform is ready,
Marketing is ready
and the Community is ready
We will start big marketing in the next days and will launch in January, so this are the final steps and we are thrilled go live now.