On April 15th, the Tael founders took to Twitter to discuss our recent Q1 Update and share some insights into wider Taeltech ecosystem developments
Amongst the most discussed topics was Project X - a development project expanding the reach of the Tael ecosystem to cover all consumer products. Project X taps into huge markets for WABI, driving adoption through brand partnerships and brand synergies.
Read the full transcript below, and head to our Telegram if you have any unanswered questions left over!
Q: Are there plans for further exchange listings for WABI in the coming quarter?
We do want to list on a few more exchanges, but listing at quality exchanges often requires quite deep due diligence which takes a bit of time. We are continuously working on this and will continue to add to our selection of exchanges.
Q: Are you currently working on further partnerships?
Q: Why not partner with auto parts companies. It is an important market for accident protection.
Sure, our protection technology would work there. But what we are really building is an ecosystem of authenticity around the consumer - that's where the biggest value is.
Q: Any news on the recent partnership with Japanese company which is yet to be unveiled?
All the product features have been rolled out to live and we are just waiting for a good moment for the official launch. The project leverages tourist flows between China and Japan a lot, so it would be a waste to launch now during lockdowns.
Q: I have a question about a new marketplace partner in Japan. I do not know if I understand correctly - is it true that any product purchased in that place will be secured by Tael?
It is definitely one of the features of the marketplace. The bigger picture is to allow our partner to retain the authentic relationship with the consumer after they go back to China so that they can continue purchasing and engaging.
Q: How well do you now know the KOL return on investment? Is the on-boarding time linear, ie: takes time to ensure good quality?
We track a lot of info on KOL performance: number of orders, repeat orders, scan rates, P2P referral rates, average order sizes and a lot more. It takes a bit of time for the info to fill in but we are now introducing a system where we can predict KOL performance by looking at profiles of the first clients that they bring. In this case, if the ROI prediction is bad we can cut them very quickly.
Q: How is it going with the medical license? Are we going to sell medicine on the marketplace?
First devices that required a medical licence have already been added to the marketplace, and just last week we announced our most recent partnership with SmileMakers!
Q: In the academy you mentioned that you pitched your project to Chinese and Russian government. Has there been a response so far?
Our biggest focus is on user and business partner adoption at this point. Government projects can take years to come to life and whoever does best with real adoption and usage has the best chance of supporting large government initiatives.
Q: With Project X - "all FMCG" products, supply chain developments, and traditional protected goods - do you have the capacity to focus on all at the same time?
Yes, there is indeed quite a lot. Thankfully we have 3 established Developer teams working at the same time, with additional support from our Business Development team, to ensure an effective workflow.
Q: When will we see the first results of project X?
Some features are already rolled out to select users.. Things are moving really fast overall and it is not long before we see the results. It would be faster if not for COVID19, but we are moving full steam ahead regardless.
Q: What products do you plan to deliver to the market and your goals in 2020? What utility of WABI can we see there?
The main development focus for now is Project X - We are convinced this will increase the WABI utility several fold. Some bits of it are already in the consumer testing stage, so do stay tuned!
Q: If people are getting a few Tael when they buy products, what happens if Tael reaches 1 euro or higher again. Will they get e.g. a few euros from buying this product? Or will it be automatically adjusted based on price?
Tael points held by consumers are always priced at the current market rate. The percentage rebates that people get are normally priced in percentage of product/order value, so if Tael is at 1 Euro, consumers will be getting a smaller amount of Tael. You can learn more here!
Q: Which CoinMarketCap rank do you expect to see WABI at at the end of the year?
When something is contingent on actions of thousands of other projects, predicting a rank is kind of a thankless endeavour. We definitely see WABI up top in terms of real world adoption, that's for sure.
Q: Are you planning to allow people from all over the world to buy on the Tael marketplace? Is there a Tael mini app in English? Will these features be released with the new website?
Some features will be open to users globally very soon. The first ones will be around consumer research, not the marketplace though. And yes, it will be coming with the new website.
Q: How many months/years runway does Tael have left for the team and the project?
We are actively generating revenues and growing the team, so we are not thinking of it in terms of "runway". That's more relevant for startups without revenues.
Q: Are there any plans in place for additional WABI token features, e.g. staking or token burn mechanisms?
We are significantly expanding the utility of Wabi with Project X. New website should be live in the next week or two - a lot will be evident from it. We didn't build in token burn but there is "stickiness" on the consumer side in the model. More here.
Q: Adoption is one of the important factors that all projects need to focus on to become more attractive. So, what is TAEL's plan for further adoption?
I would say that as of now adoption is the most important single factor for us. No matter the sophistication, unused tech is pretty, hm, useless.. Our product is attractive to both consumers and the brands irrespective of the underlying tech.
Q: The ETH blockchain is very slow, so why did you build Tael on Ethereum? Do you have plans to launch your own Main Net?
Our WABI token is ERC20 which was one of the most streamlined standards back in 2017. Our main system is already running on HyperLedger supported by our pool of Masternodes. Our approach here is very pragmatic, i.e. use whatever works best for the task at hand - no ideology.
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