Core Team AMA – Section one
Moderator: Let’s begin with the first section which are the questions submitted in the form. Thank you for all the submissions. We selected the most interesting ones to answer here.
Q: When creating a social media platform you need to have an addictive factor, so users will spend more time in it, how do you keep users hooked after they know the platform? What makes Coreto interesting as time passes?
Iustina Faraon: We don’t consider Coreto to be just a social platform. Yes, there are the usual components of a social platform like comments, status updates, disagrees or agrees (similar to Like/Dislikes). But, the concept of Coreto is much bigger than that.
When we started to work on the idea and plans for Coreto, we wanted to give anyone interested in crypto a useful, easy-to-use, and trustworthy tool, but also a unique experience as a user.
One of the components of this “unique experience” is the whole gamification system that we are planning: from the basic leaderboards & achievements to trading challenges events, badges, or NFTs, all of which are intended to empower you to create even more quality content.
Another important aspect that will keep the user engaged in creating content and using the platform is the monetization part of Coreto:
- Opinion Pools (SOOPs)
- subscription-based content
- auctioning your 1-on-1 time
Coreto will constantly evolve. Plateauing is not an option 🙂
Q: The idea behind Coreto is great. Do you think that with this idea you can revolutionize the entire crypto world and make it more trustworthy for anxious citizens?
Vlad Faraon: That’s the plan! Some of you may know that we’ve started as retail investors ourselves.
We got scammed, we entered bad trades, we lost money because we followed influencers that were shilling projects, not because the projects were good, but because the influencers were paid heavily.
We’ve experienced all of the struggles and frustrations of the retail investor. We believe that it’s not the best decision to listen to someone’s opinion and follow their calls just because they have a big number of followers.
Influencers need to prove their knowledge and have a trackable record. Coreto is a much-needed project for crypto mass adoption.
Q: People care about their privacy and data. The latest incident with WhatsApp proved this. Many WhatsApp users abandoned WhatsApp due to privacy issues and moved to other apps which provide better privacy. Please give some information about the privacy level of Coreto project. How private will be the users’ data? Does Coreto project use the data from its users?
Andrei Balaianu: This is a great question!
We are strong believers in user privacy!
We collect as little information as possible about our users. The (very) little data we do collect is mostly anonymized and only the bare minimum of user data is made public (username, display name). Other personal information is never made public and is only there for things like age limit verification and legal compliance and the ability to provide the functionality of the platform.
Information like the user’s current balance on the platform and other information that might be needed or derived in the future is and will be under the control of each user.
Moderator: I personally know we had some private talks about privacy, and I know how important it is for you, Andrei 👍🏻
Next one I think it’s for our Head of Design, Vali Tronaru:
Q: You announced some time ago a new design language for the platform. Is this used for the rest of the project (website, social media…)?
Vali Tronaru: I feel this question might come from a designer! 💪🏻
The Coreto Design Language is proving to be an incredible help for the team. We’ve managed to bring a sense of continuity in our development and communication, and our work is increasingly efficient. ⚡️
To answer your question: yes. CDL is applied to the new website, and the general look and feel are also kept in social media.
The real power of this decision will be seen in the next phase of development. After we build our main features, a redesign is planned for our core features, bringing in front of you an experience you’re more familiar with. Simpler, more intuitive.
Moderator: Not my field of expertise, but I know it will be WOW 😁
Q: What is your plan to market the Coreto platform to regular crypto investors who currently use Reddit, Twitter and YouTube to do their research?
Iustina Faraon: Reddit, Twitter, Youtube, Telegram, or other similar platforms weren’t built for guiding people in their investment journey.
These are social platforms that can’t limit
- fake news
- unrealistic hype
- or pump and dumps.
There are people who make the decision to invest their money based on a Twitter post or ad. We personally made these mistakes as well, and we want to protect others from doing the same.
Don’t get me wrong. It’s normal to promote your project through ads on social media platforms, but you should not make the decision to invest based solely on an ad. People are skipping the DYOR process, unfortunately.
Imagine this: John sees an ad on Facebook about a crypto project. The ad catches his attention. But before he jumps in investing, he checks if that project has a Coreto page, who’s talking about it, who’s supporting it, and how knowledgeable are these people.
It should give more clarity in your due diligence, right?
Moderator: I totally understand what you mean. I got this question from my friends as well… 😅
Q: Any plan to have the notification system? if yes, what type of notification will user be able to customize and receive? Will it cover all transactions activities involving their wallet, or can user sets selected notifications on crypto prices and product? And How will users be notified to receive these notifications?
We already have the basis for a notification system in place, providing a limited number of relevant events that take place in the platform right now. In the future, we plan on expanding this event list with all the necessary notifications that relate to every relevant event relating to the platform and connected systems.
It’s difficult to have a comprehensive list at this stage, but as we keep adding new features and expanding the platform, more and more will be available.
As for the notification channels, we now have the options of internal (platform) and email notifications, with plans to expand to web based push notifications, as well as mobile push notifications, when we’ll get to building the mobile app for the platform. Other channels are also being taken into account, but we’ll get into them a bit later on.
Users will have the ability to control what to receive and where, with the sole exception of internal notifications, as they are not in any way intrusive.
Q: I think Coreto is still at the stage where the traffic and development is under control by the current core team. However, at what stage/do you have a number of users in mind for when you will look at expanding the current team? What sort of roles will you be looking for and are there plans for a customer help team? Nowadays customer help is a top priority for the average user (especially since Coreto is targeted at those new to crypto) and if this is lacking it’d be a shame for it to affect the long term goals of the project.
Vlad Faraon: A couple of months back we took the decision to list on our website just the core team, the ones who shaped the idea of Coreto. But we are not the only ones behind product development, marketing, and business development.
At the moment we are working with
- 2 development companies
- 1 marketing agency
- 2 solidity devs
- social media manager
- growth strategist
- security specialist
- blockchain lawyers.
Customer support isn’t a priority in this early stage. After the final release is launched and our user base will grow, and if from the collective feedback we’ll identify the need to develop such a department, we will certainly act.
Our focus is on product development, feedback, filtering it, and implementing it.
And of course, Coreto doesn’t target just those who are new to crypto. We target every crypto enthusiast. Coreto will be for everyone. 💪🏼
Q: What is Coreto’s multi-chain strategy as it relates to displaying data from all the chains it is deployed on? Will it be aggregated centrally into single profiles? When will the smart contract code be made available for review? Will it be audited? The current platform has very specific variables (duration, entry, stop loss, profits) – how does the team plan to engineer decentralized SOOPs of a variable nature such as opinions, rumors validations, and things of that nature and how will it be validated? Can you explain how the Coreto team plans to scale the platform and its development as it becomes increasingly complex and more widely used? Is there any intention to create a DAO structure for participation in development and direction?
Andrei Balaianu: Wow, this is a mouthful 🙂
This is a very complex question, so the answer will also be to some extent.
There are multiple layers of blockchain interactions that need to be taken into account. Things like monitoring blockchain events, extracting meaningful data and interpretations, interacting with user wallets on different chains, smart contracts providing functionality, and so on.
Each of these have their own processes and needs, so we also have different approaches for each type of interaction. Depending on the use case, we will need everything from standard APIs to 3rd party implementations and partnering projects like Parsiq, and from in-house oracles to smart contracts and more.
Being a very complex discussion, as I mentioned, I can’t go into specifics in the limited scope of this AMA, but what I can say is that every new implementation will be documented, tested extensively, and when required, audited by trusted 3rd parties. Especially when talking about smart contracts.
As we are still early in our development, and our code is still closed source for now, that’s about as in depth as I can go, but as we progress towards the full product launch, more information will be made available.
Q: What is the difference between performance and trust ratings – what impacts each currently? Could we get a little elaboration on that topic? Could we expect a lowering of minimum COR staking quantity?
Andrei Balaianu: Let’s take them one by one.
The Trust score is based on other users’ interaction with the content you create. Let’s take SOOPs for example: the Trust score you get at the end of a SOOP depends on things like agrees, disagrees, COR pledged by other users on your Opinions and other metrics relating to how others interact with your Opinions. Each type of content has different metrics that influence your overall Trust score in different ways and with different overall impact.
Where the Trust score is somewhat subjective and represents something like a consensus of the community towards the quality of the content you provide, the Performance score is based on hard data, that is not impacted by how others perceive it.
Returning to the SOOPs example, each Opinion you make will influence your Performance score based on your actual trade accuracy. It takes into account your realized ROI based on the market evolution and how your Opinion fairs against it, as well as the COR pledged by you and your backers and how your Opinion’s results compare to your challengers.
Information about the exact logic and math of the algorithms will be made available at a later (yet undetermined) date.
As to lowering the minimum COR for the current staking pools, that’s not possible. Future staking pools will have different minimum values based on the relative market conditions.
AMA – Section two
Now let’s move on to segment-2 that is Live Questions from the community.
Chat is Now unmuted guys! Shoot!
Community question: Coreto will be used globally. ENGLISH is the default language currently. Will Coreto provide users with other language options?
Sancus: We read every feedback that we receive. We’ve always encouraged feedback and we appreciate it every time. We have the Feedback plugin in place on the platform, and we also get a lot of quality feedback in our DMs.
At the moment we rely on the English community, but as we grow, and the demand comes, we sure will consider specific language communities as well.
Community question: What is the most ambitious goal of your project? What is the ultimate vision that Your project is trying to achieve within the cryptocurrencies market? I would appreciate it if you could share with us any Upcoming Updates?
Andrei Balaianu: We gave an ambitious vision ahead! The goal of Coreto is to become THE main source of community driven, trusted and accurate information and interaction for the whole crypto world and beyond!
As cheesy as it sounds, we really DO aim to bring TRUST in this trust-less ecosystem by building and providing the tools necessary for every player to provide, validate and consume quality content and accurate information.
Crowdsourcing Information and building a Reputation for the crypto world is the first major step we take. But the journey doesn’t end here, as we intend to expand our system into other industries in the future.
Community question: Can you share some sneak peeks from the new designs?
Vali Tronaru: Keep in mind that some of these designs are “work in progress” and might change until we release them. These most probably will be developed as seen, with adjustments to text or some minor elements. Screenshots incoming in a minute. 👇🏻
Community question: Will new staking pools be available after this latest batch?
Vlad Faraon: These last staking pools still have a lot of room to be filled 😉
We did get a few requests for staking pools on BSC and we’re analyzing this possibility internally.
But hey! We’re a community oriented project, so yes, I believe there will be other staking pools
Community question: Because I still don’t fully understand about your project, what is your project’s revenue system like, sir? How can your project generate Funds or income for Future Development?
Iustina Faraon: The platform has several revenue channels. The main ones will come from the projects’ teams that will access different advertising tools we’ll provide.
As Coreto will also transition into a Marketplace at a certain point, we’ll also have a % fee from the services that projects or influencers will provide.
Community question: Many investors hold tokens for short term and sell after getting immediate profit. So how can you ensure us that holding onto your tokens is more useful and that you have a good plan for increasing demand and token scarcity?
Andrei Balaianu: The $COR token is the fuel of our platform. As it’s a currency, it’s used for everything, from payments, content monetization, rewards, and so on.
There are many different ways these are available: direct payments for accessing certain features, HOLDing tokens for accessing others, user-to-user payments for premium content (both one time and subscription based), staking and so much more.
As we move forward with the platform development, we’ll make all the details public for each type of use case of the token.
Community question: Do you feel you’re on track with the current roadmap?
Andrei Balaianu: The overall development timeline remains on track. We had to reorganize and readjust the priority of certain tasks and features, but as of now, I see no impact on us reaching our goals.
An updated roadmap will be made available along with our new website version soon, so keep an eye out for that.
Community question: I’m interested in your project, can I become a Merchant on the Marketplace? If so, what are the requirements to become a Merchant?
Vlad Faraon: We won’t have merchandise to be sold on Coreto, if that was your question. But if you are talking about “How do I get to monetize my content?” then the answer is: You must grow your Reputation through your Performance and Trust. Once a certain level is reached (TBD) then these options will become available.
Community question: Does the team plan on having Coreto listed on a major exchange, such as Coinbase, before or after product launch? The Coreto token will need to be easily accessible/purchasable in order for mass adoption.
Vlad Faraon: This is a question we get pretty often. And my DM is also full of exchange listings offers 🙂
But to be honest, in order to move to a bigger Tier exchange, we need to get our numbers up. Both holders and volumes.
Crypto is a very fast-moving space, and we know that most users want everything to be fast, fast, fast. They have the same expectations when it comes to exchanges…. They will come, but at the right time
Community question: Does the new website cover the mobile version too? We’ve had people asking about this.
Vali Tronaru: 100%. Fully responsive.
Community question: You said before that coreto will reach $ 5 by the end of 2022. Do you advertise to reach this figure ????
Andrei Balaianu: I KNOW for a FACT that nobody from the team has made ANY price predictions regarding $COR.
We all feel that the worth of our token can only be determined by the market.
Our only focus is delivering the best product possible and the greatest utility for our token.
The rest is up to everyone else 🙂
Community question: Does the team plan to create and publish a full fledged whitepaper? The litepaper is great, but people really want to dig in to the details a white paper can provide, it also looks better professionally.
Vlad Faraon: We do have in plan to do a redesign of our Litepaper, to be more “direct”. A full whitepaper will also be released but at a later time.
Moderator: Guys, I think we can wrap our AMA with the core team!
Thank you, Iustina Faraon, Andrei Balaianu, Vlad Faraon and Vali Tronaru!
The 2 winners will be announced shortly! 🙌