Phoenix LLC
- Thread starter Phoenix
- Start date
Secured
Thank you for applying!
Thank you.
1. You're expecting to be able to convince publishers to signup for altcoin exchanges, take delivery of (or send) FCT, convert it to BTC, and sell the BTC for their local currency and deal with all the pain in the ass involved with that process from compliance to accounting / taxation? How is that easier than a wire transfer that requires a currency conversion? The beauty of Factom is it's designed so companies don't have to deal with all that. Why reintroduce it?
2. How would Factom host the platform?
Thank you.
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Thank you for applying. A few questions I am asking all applicants,
- How many person-hours per week do you expect your team to devote to this ecosystem?
- How will these hours be distributed among your members?
- How will this be distributed among your ANO activities (open source project dev, proprietary project dev, protocol level technical involvement, governance involvement, marketing/promotion … )?
- Can you give a list of demonstrable metrics that the community could use say 6 months or a year from now if you are selected in this application to evaluate your ANO?
Xavier Chen
LayerTech
In the application you listed below commitments to show what you bring to the table as an ANO:
Thanks!
- One node successfully running on the Factom Testnet
- Conceptualized and detailed a publishing rights platform and marketplace on the Factom Protocol
- Raised $50,000 of capital to ensure project viability
- Informed high net worth and accredited investors about Factom’s mission and capabilities
- Created diverse and skilled team, participated on Factom Discord
Thanks!
Hi @DChapman, thank you for your question and your interest in our proposal.
1. You are absolutely right - part of the beauty of Factom lies in it's two-token system. We anticipate using 3rd party services who can transact dollars into Factoids (and then Entry Credits) for use on our platform so companies won't have to maintain holdings in cryptocurrency. We understand a new Entry Credit platform for ANO's and 3rd parties is about to be released. That being said, we also don't want to discourage publishers and other users from signing up to exchanges and buying FCT directly if that is within their scope of business. We definitely want to encourage new money to flow into FCT whichever path it might take, and we believe by opening up the publishing rights market, and later the intellectual property market, we are on the right course to accomplish that. We are flexible in our approach and will modify our plan as needed to make the flow of business as smooth as possible for the end-user, and to bring more attention to the uniqueness of the Factom Protocol.
2. Apologies, the terminology used here is not clear and it might be better to say "We plan to build a platform and marketplace for publishers, rights agents, and self-published authors, which incorporates the technological advantages offered by the Factom Protocol"
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Thank you for applying. I have two questions regarding your team’s background.
“Have taken a company public and worked on multi-million dollar financings”
What company did you take public, and what exactly was your role in that process?
“Have taken 25 books to #1 best-seller position on Amazon”
What does “taken” mean here? What role was played?
Also if you could provide a link to a list of those books, or list them out individually—including in which category they reached the #1 position—I’d appreciate it.
“Have taken a company public and worked on multi-million dollar financings”
What company did you take public, and what exactly was your role in that process?
“Have taken 25 books to #1 best-seller position on Amazon”
What does “taken” mean here? What role was played?
Also if you could provide a link to a list of those books, or list them out individually—including in which category they reached the #1 position—I’d appreciate it.
Hi @MattO , thanks for your interest in our proposal!
1. Our efficiency set is related to funding the Factom Grant pool. For 1 node we have pledged our efficiency at 30% and for 2 nodes at 55%.
2. Our plan is to leverage our experience and resources to create a broad range use case for the Factom Protocol. This includes a platform and marketplace for publishers, rights agents and self-published authors to buy and sell international rights for published and for forthcoming books. Later, this could be expanded to include all intellectual property rights. This is a large project and we anticipate using 80% of monthly ANO payouts to accomplish this over the next 6 months to a year. Our team has raised capital to assist in project completion, and we are committing a substantial amount of full-time hours to accomplish this goal.
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Hi @Julianft, thank you for your question and your interest in our project!
Our team anticipates being able to devote 80 hours per week to the ecosystem.
Our 80 hours is based on one of our team members working 40 hours per week and another working 20 hours/week on the technical development side, initially on the node infrastructure and security and then on platform development architecture and implementation. Our other 2 team members will be working 10 hours per week each on growth, marketing, and operations. That being said, as a team we are here to do what it takes, and with our wealth of experiences and network of highly functional people… we will do what it takes to get the job done. If its 80 hrs/week one month or 120 hrs/week the next month, we are committed to excellence and bringing that excellence to the protocol.
Roan will be our project leader and architect for this project working on the design aspects, while Evgeny is our lead programmer and will be building out the publishing rights platform and integrating it with Factom. In discussions with Roan, we are estimating a large portion of our time to be dedicated to open source project development (45%), with 15% being devoted to proprietary project development, and protocol level technical development 5%. Marketing will commence once project development is underway and we estimate devoting 20% to growth/marketing, and 10% to governance. We take a flexible approach and certain areas may require more or less time as we progress.
In terms of metrics, our goals are as follows:
Q1 2019 - to have a web application which interfaces with the Factom Protocol by end of Q1. This will be beta tested by a select number of users and refined.
Q2 2019 - We anticipate having our minimum viable product ready by end of Q2 2019. This includes a web application that allows publishers to store book rights in a hash on the Factom Protocol, as well as a basic marketplace that allows the buying and selling of publishing rights as described in our application documentation.
Q3 2019 - By Q3 2019 we anticipate being ready to bring additional users to the platform. We will increase our marketing efforts prior to Q3, and reinvigorate already established relationships with other publishing agencies to make this project a success.
Hi @xavierwjc, thank you for your question and your for interest in our project!
In terms of the tech and timelines we expect to have a platform ready for beta testing by end of Q1 2019. Roan will be our project leader and architect for this project, having more than 12 years of professional experience in software and infrastructure development.
Q1 2019 - to have a web application which interfaces with the Factom Protocol by end of Q1. This will be beta tested by a select number of users and refined.
Q2 2019 - We anticipate having our minimum viable product ready by end of Q2 2019. This includes a web application that allows publishers to store book rights in a hash on the Factom Protocol, as well as a basic marketplace that allows the buying and selling of publishing rights as described in our application documentation.
Q3 2019 - By Q3 2019 we anticipate being ready to bring additional users to the platform. We will increase our marketing efforts prior to Q3, and reinvigorate already established relationships with other publishing agencies to make this project a success.
Hi @88mph , excellent questions! Both questions relate to Jesse Krieger, our publisher extraordinaire, who also worked as an investment banker earlier in his career. I'll answer your second question first.
Jesse is founder of Lifestyle Entrepreneur Press, and his process/role in taking 25+ books to #1 best-seller was the role of Publisher, in that his company develops the author talent and book content, handles all publishing functions, and executes a multi-pronged promotional campaign to drive sufficient sales in a limited amount of time which results in topping the charts.
Here is the LE press catalog which Jesse has agreed to share with the community, it has all of his company's books and forthcoming titles: https://www.dropbox.com/s/bgmcqf4hyt2ntqr/LE PRESS Catalog.pdf?dl=0
The links in the Catalog aren't live, but you can enter those book names in Amazon (or any retailer) and see them listed, live and for sale wherever books are sold.
Regarding the investment banking work, Jesse was VP of Business Development at WestCap Securities, a (former) NASD registered broker-dealer based in Orange County, CA from, 2006-2008. In that capacity he took Provision Holdings public through a reverse merger whereby they acquired a publicly listed shell company and had Provision be the surviving entity and thereby public company (microcap). In that process they raised millions in financing. He was materially involved in every aspect of that.
I hope that answers your questions! Let us know if we can provide more information.
Of those 39 published books, 25 made it to #1 best seller?
Yes, attached is a selection of a few of the #1 positions Lifestyle Entrepreneurs Press titles have achieved. Enjoy the weekend!
Attachments
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Hi.
1. You put forward the publishing rights project as a centerpiece of what you would do as an ANO. Was this a project envisioned before you decided to apply for running an Authority Node, and is it a project that you plan on building regardless of your status as an ANO?
2. I am assuming that this would be a private, for profit project, is that correct?
3. How would being an ANO help facilitate the creation of this project?
4. You mention smart contracts in your document. Could you speak more on that, please?
Thank you.
1. You put forward the publishing rights project as a centerpiece of what you would do as an ANO. Was this a project envisioned before you decided to apply for running an Authority Node, and is it a project that you plan on building regardless of your status as an ANO?
2. I am assuming that this would be a private, for profit project, is that correct?
3. How would being an ANO help facilitate the creation of this project?
4. You mention smart contracts in your document. Could you speak more on that, please?
Thank you.
Hi and thanks for applying!
In your application you state that two people in your team are able to operate the servers.
Later in the application you try to leverage the fact that you are located on three continents and that this will provide better response time: "Team members are geographically distributed (US, Europe, Australia) to ensure coverage is available at all times."
Quint1)
Could you please explain the discrepancy here?
In your application you state that two people in your team are able to operate the servers.
Later in the application you try to leverage the fact that you are located on three continents and that this will provide better response time: "Team members are geographically distributed (US, Europe, Australia) to ensure coverage is available at all times."
Quint1)
Could you please explain the discrepancy here?
NK01)
In your application document you mention prices on you publishing platform being listed in FCTs and using an oracle to get to local (fiat) currency. Could you explain to me why as a selling or buying publisher I would like to have the rights listed in a volatile cryptocurrency?
NK02)
You clearly state that you will be using the ANO income to fund the platform as well. Yet you list an efficiency of 55%. Could you explain why you came to this percentage that is even higher than the 50% points cap for efficiency?
NK03)
This relates to the question of quintillian above. In the form you mentioned both 15 years and 35 years of professional server management. Which is it and how come there are 2 discrepancies in the application that touch the same subject?
NK04)
Also the team members are developers and not sysadmins. How do we have to rate for instance the 20 years of Roan since he is a developer for 12 years and graduated from vocational school only 11 years ago?
NK05)
NK06)
In your application document you mention prices on you publishing platform being listed in FCTs and using an oracle to get to local (fiat) currency. Could you explain to me why as a selling or buying publisher I would like to have the rights listed in a volatile cryptocurrency?
NK02)
You clearly state that you will be using the ANO income to fund the platform as well. Yet you list an efficiency of 55%. Could you explain why you came to this percentage that is even higher than the 50% points cap for efficiency?
NK03)
This relates to the question of quintillian above. In the form you mentioned both 15 years and 35 years of professional server management. Which is it and how come there are 2 discrepancies in the application that touch the same subject?
NK04)
Also the team members are developers and not sysadmins. How do we have to rate for instance the 20 years of Roan since he is a developer for 12 years and graduated from vocational school only 11 years ago?
NK05)
Could you elaborate on the tools you will be using?
NK06)
What do you mean with Factom team in the above sentence?
Hi Julian, great questions.
1. Yes, prior to applying for an ANO this project was conceptualized as "BookChain". We intend to pursue the development and deployment of this solution for the publishing industry even if not granted an ANO. That being said, we believe that Factom provides the ideal basis for developing this solution and we are genuinely enthusiastic to be in consideration for an ANO.
2. Yes, correct.
3. We feel that by being an ANO we have a vested interest in the Factom community and that that is a solid basis on which to build this solution for the publishing industry. We love that Factom is open-source and built for packaging and sharing data on a network. It's two-token structure , high capacity for transaction volume , and ability to create an immutable audit trail make it an ideal choice . By being an integral part of the Factom network, we feel that we will be uniquely positioned to take advantage of all the benefits Factom provides and have a participatory role in the proper operations of the network, while developing a web application and industry solution on top of it.
4. The smart contracts mentioned simply represent the agreement reached between a rights holder (publisher or author) and a purchaser of those rights. Once the parties agree on the price and rights to be transacted, the smart contract would execute and thereby 1.) create an immutable entry signifying the ownership of rights changing hands, and 2.) the funding of the agreement as transferred from the purchaser to seller.
Hi Quintillian,
Thanks for your question. Our team operates on three different time zones. Roan and Evgeny are based in Europe and Australia and operate the servers. Kris Hawkins and Jesse Krieger are based in the US - all team members have alerts set up; Kris and Jesse just act as an extra set of eyes for the sake of redundancy.
I hope that clarifies!
Hi Niels, thank you for your questions.
1. A publisher would list the rights available for sale in their local fiat currency. FCTs and any oracle function utilized would simply be to provide an equivalent price to potential buyers in other countries with other currencies. Put another way, publishers would not be listing rights priced in a volatile cryptocurrency, but rather the cryptocurrency (FCT) reflects the price set and viewed by others working in fiat currencies. A publisher listing rights for $1,000 is willing to receive $1,000 or the FCT equivalent thereof, regardless of the marketplace of FCT at any point in time.
2. Admittedly, we aimed for an efficiency of 55% in order to be viewed as competitive relative to other ANO applicants. While we do intend to use ANO income to fund the development and operations of the platform we envision, ANO income would not be the sole source of funds for this purpose. We believe the grant pool is a vital component of the Factom ecosystem and we want to give as much as we possibly can. As time goes on and the protocol grows and the price of FCT increases, we will continue to adjust our efficiency to contribute to the community what we can.
3. The 35 years years experience is the combined total of the team.
4. Roan Mooij has 15 years experience, it is Evgeny who has 20 years experience.
5. We intend to use Ansible to automate the process of brain swapping and upgrading Factom safely.
6. We recognize the knowledge and experience of the Factom community. In matters where practical advice may be useful, we would communicate appropriately with members of the Factom community using Discord
Thanks again for all your questions