Sicoba AMA Session Recap
📌 Today We are going to have an AMA Session with Sikoba project
The Agenda of today’s AMA:
1. Start. AMA speaker's self-introduction.
2. Project Introduction by speakers
3. Question from ICO Speaks team
4. AMA with Community.
Ask any question you have about Sikoba Network project and our speakers would answer on them.
1️⃣The first Block on our AMA, is self-introduction from today’s speaker.
Alex Kampa — Founder
Guillaume Drevon — CTO
Dragan Postolovski — IT Development
Katsiaryna Lupachova — SikobaPay Product Manager
Margareta Reshetar — Marketing
👨💻Admin Hello and welcome to ICO Speaks Community 👏
Guys drop us a few words about your self!
Alex Kampa, [16.07.20 19:03]
Hello, I’m Alex, the founder of Sikoba ))
Margareta @Sikoba, [16.07.20 19:04]
Hi, I’m Margareta! It’s been 2 years since I’ve joined Sikoba. I’m in charge of marketing and community relations :)
Gui Public, [16.07.20 19:05]
hello, I’m Guillaume, CTO of Sikoba, I have a mathematical and IT background. I joined Sikoba 1 year and a half ago to work on a cryptographic research project and now I am involved in this exciting SikobaPay network.
Postolovski Dragan, [16.07.20 19:05]
Hello everyone!
Thanks for having us here! My name is Dragan, I’m a software developer and I’ve been working on the sikobaPay platform for close to a year now.
2️⃣The second Block of AMA is a Project Introduction by speakers.
💬Give us a few sentences on the following questions, which I will drop in a chat one by one💬
👨💻Admin, [16.07.20 19:07]
📍Can you briefly describe what Sikoba is?
Alex Kampa, [16.07.20 19:07]
Sikoba is a system to register, track, and clear debt. Its main goal is to make what we call “informal credit” more efficient.
Informal credit is when people who know and trust each other promise to pay at a later date, instead of paying immediately in cash. Especially in developing countries, this is often used because it allows people and businesses to use less cash.
The sikobaPay app gives users legal certainty for their transactions (debt is registered on a blockchain) and the ability to expand their circle of trust via trusted intermediaries. It also reduces the need for cash settlement by clearing circular debt.
Sikoba can also be adapted to support many different applications, for example, local currencies, mutual credit networks, micro-lending, basic income programs as well as digital cash programs.
👨💻Admin[16.07.20 19:09]
📍What technology stands behind Sikoba Network, why did you choose it?
Gui Public, [16.07.20 19:09]
sikobaPay is a decentralized system based on blockchain technology. The first iteration will not be on the blockchain, the addition of blockchain will be transparent. Having a blockchain for SikobaPay is great for security (redundancy) and to fight fraud (nobody will be able to steal you, even administrators) for instance, but users and SMEs will not use any crypto-currency, IOU are created based on fiat money
👨💻Admin, [16.07.20 19:10]
📍Where do you plan to do your listing and IEO?
Alex Kampa, [16.07.20 19:11]
Let me answer about listing:
We have recently announced that we’re going to be listed on ProBit exchange, the trading pairs will be SKO/KRW and SKO/USDT. Probit is one of the top Korean exchanges with over 300,000 active monthly users. We are also in touch with other exchanges.
We plan to do an IEO in early November, and trading is expecting to start in mid-November 2020.
👨💻Admin[16.07.20 19:12]
📍Can Sikoba be used in developing countries?
Alex Kampa, [16.07.20 19:12]
Yes, micro- and small businesses in the developing world are actually our main target. They already use IOUs instead of cash quite often, and we think the sikobaPay can help them do even more with the little cash they have.
Specifically, Sikoba overcomes the limitations of informal credit in the following ways, which will all be useful for users in developing countries:
1) Because debt is registered on a blockchain, users obtain proof of transaction and thus potentially legal recognition;
2) Users can transact beyond their immediate circle of trust, as Sikoba will automatically identify trusted intermediaries;
3) Circular debt is cleared automatically, reducing the need for cash;
4) Sikoba produces a verifiable audit trail, and thus credit history.
👨💻Admin, [16.07.20 19:13]
📍What are the main goals of Sikoba until the end of 2020?
Alex Kampa, [16.07.20 19:13]
We have three main goals for the remainder of this year:
* Launch mainnet (including complete blockchain layer and web interface)
* Complete IEO and listing before the end of the year
* Have at least 2 large user groups onboarded
Of course, this is a complex project, so we still have MANY other points that we need to improve. Right now we’re working on a web interface for business users, are working to add community authentication, improve the user interface, etc.
3️⃣Third Block of AMA. Question from ICO Speaks team. Our team has prepared a few questions which we are interested in 🧐
💬Give us a few sentences on the following questions, which I will drop in a chat one by one💬
👨💻Admin, [16.07.20 19:15]
📍How do you guarantee the security of the Sikoba users against scammers?
Postolovski Dragan, [16.07.20 19:16]
The main point is that users are supposed to already know and trust each other in real life. This significantly reduces the potential for scamming. If someone claiming to be a business partner sends you a connection request, you should contact them directly to verify that it’s really them.
To increase security, we will soon be introducing a “community authentication” feature, where users can verify each other’s data such as picture, telephone number, email address, city of residence etc.
Finally, we will also introduce an optional KYC process later on.
👨💻Admin, [16.07.20 19:17]
📍What is the business model of Sikoba project? How does it generate revenue for development?
Alex Kampa, [16.07.20 19:18]
In order to transact, Sikoba users will need to spend Sikoba SKO tokens. SKO token demand will, therefore, be proportional to transaction volume. Rising transaction volume will tend to drive the price higher, given a limited supply of SKO.
The P2P IOU market is largely unexplored, while P2P lending has been growing exponentially over the past decade. It reached $68bn in 2019 and is expected to exceed $500bn during this decade. We believe that P2P IOU systems have similar potential.
So bottom line: network transaction fees will pay for the continued development of the platform.
👨💻Admin, [16.07.20 19:20]
📍How do you plan to achieve mass adoption of the app?
Margareta @Sikoba, [16.07.20 19:20]
We will achieve mass adoption because we are addressing something that people do already, i.e. informal credit. So we’re not asking them to start doing something new, with crypto etc. We are giving them a tool to improve on what they are already doing.
We already have several potential partners, for example:
Bogota, Colombia: microloans, our partner is targeting 1 million users within 12–18 months
Philippines, Manila: credit cooperative project. The pilot planned for 1000+ people and micro-businesses, the potential of growing this to a very large scale in many cities in the Philippines
Guatemala: the large company wants to manage credit lines for several 10,000 small shops. These shops can then introduce sikobaPay to their clients
👨💻Admin, [16.07.20 19:22]
📍Will it be possible to hold crypto in the Sikoba wallet?
Postolovski Dragan, [16.07.20 19:23]
The Sikoba wallet will natively hold SKO tokens, but yes we will also look into supporting additional crypto-assets.
👨💻Admin, [16.07.20 19:23]
📍Is Sikoba a DeFi Project?
Postolovski Dragan, [16.07.20 19:24]
Yes, Sikoba is DeFi for Business. We are addressing traditional peer-to-peer decentralized finance in the real world on a massive scale.
We bring decentralized finance to the countries with limited financial access by reintroducing blockchain-based IOU credit systems.
👨💻Admin, [16.07.20 19:25]
📍Can You mention 3 reasons why we should invest in Sikoba?
Alex Kampa, [16.07.20 19:25]
a) Market potential:
There are hundreds of millions of micro-enterprises in developing and emerging countries. So we are aiming to reach millions of users within 1–2 years after launch.
b) Social impact:
We believe that Sikoba and the sikpobaPay app can help small and micro-businesses in developing countries to at least partly overcome their lack of cash. So there is a significant social impact aspect which may be of interest to buyers of SKO tokens.
c) Sikoba is a DeFi project, and Defi is hot right now (as you probably all know) 😁
4️⃣ Forth Block of AMA. Community Voice.
📍 The community can ask any question about Your project and your speaker would answer on them.
❓Ijinlelomo, [16.07.20 19:29]
How can I participate in your Post-MVP Token Sale? What’s the minimum I can purchase?
🅰️Margareta @Sikoba, [16.07.20 19:37]
[In reply to Ijinlelomo]
There is nothing complicated, follow the link: https://sko-pre-registration.herokuapp.com/pre-registration
For more info :point_right::skin-tone-3::point_right::skin-tone-3: https://tokens.sikoba.com/
❓Rembrandt | Lucky 🇲🇨, [16.07.20 19:29]
Does Sikoba Network has any plans to overcome the possibility of the inability of users to repay their debts in the SikobaPay application??
🅰️Gui Public, [16.07.20 19:37]
[In reply to Rembrandt | Lucky 🇲🇨]
Not really, but users not re-paying their debt will be flagged as such and will not be able to generate IOU anymore. Our community authentication feature will prevent them to create new identities in the system
🅰️Alex Kampa, [16.07.20 19:39]
Answering “Raghav, [16.07.20 18:29]
DeFi is one of the hottest topic in the blockchain space right now. Can you share your opinions on DeFi with us? Do you think that DeFi will disrupt the existing financial system? What is #SKO approach towards the DeFi sector?”
Most of the current DeFi projects are targeted at crypto users, which still constitute only a small fraction of the world’s population. Sikoba is DeFi for a real business, the sikobaPay app supports p2p / distributed finance as it’s done by small and micro-businesses all over the world, independently of crypto.
❓Chinthaka93, [16.07.20 19:30]
Do you have any plans to attract non-crypto investors to #SKO Because it is the success of a project to get more investors who are still not in the crypto world. Especially as a new entering project to the crypto world, What are the plans to increase awareness about #SKO in non-crypto space? And what region is in your plan?
🅰️Margareta @Sikoba, [16.07.20 19:39]
[In reply to Chinthaka93]
In terms of users, Sikoba is already targeted at people who do not necessarily know about crypto.
Many of these users will be small businesses, small traders, artisans etc who will be interested in the functionalities, not so much the blockchain aspect.
But they can learn a bit about blockchain because of Sikoba and the sikobyPay app.
We are targeting micro-small companies in developing countries :)
❓Nilanga -bandara, [16.07.20 19:29]
What is mean by IOU and its specialty? On which types of Industries & user base Sikoba project is mainly focusing on? Do you plan to establish partnerships with local cryptocurrency developers in each country to make the use of Sikoba more global?
🅰️Gui Public, [16.07.20 19:40]
[In reply to Nilanga -bandara]
IOU means I owe you, we refer this as informal credit. We target small business (SME) and have a potential partnership depending on the country (shops, haulier). Integrating cryptocurrencies will be done in another step.
🅰️Alex Kampa, [16.07.20 20:00]
Answering to: “Akash ©️, [16.07.20 18:29]
Can you briefly explain how the Top milestones that the Sikoba team aims to execute before the end of this year or going to execute in the future, will help you succeed and What you may look like in 2020 and beyond?”
As written earlier our main goals until the end of this year are:
*Launch mainnet (including complete blockchain layer and web interface)
* Complete IEO and listing before the end of the year
* Have at least 2 large user groups onboarded
🅰️Alex Kampa, [16.07.20 20:03]
Replying to: “Dayuna Putu, [16.07.20 18:29]
Every industry is severely affected by the egregious situation of the Covid-19 outbreak. Does it affect the growth of $SIKOBA and its? What are your plans to turn challenges into opportunities for $SIKOBA development?”
Because of COVID, many companies have cash flow problems. We think Sikoba can help with that, and we have published a brief article about this here: https://medium.com/sikoba-network/re-learning-the-use-of-credit-in-times-of-covid-19-how-can-governments-help-ac1b97338bfe
📝THE AMA TIME IS OVER📝 Thanks for joining Sikoba team
The Chat will be unmuted. The team can keep going with the answering on the rest of the questions.
Sikoba post-MVP token sale will start in late July 🎉 🎉 🎉
Register to purchase #SKO tokens at a lower price✨: https://sko-pre-registration.herokuapp.com/pre-registration
For more info 👉🏼👉🏼 https://tokens.sikoba.com/
