AMA Recap 404 Daily Crypto with SpacePath
Hello 404 Daily Crypto Community
On 30th May 2021, Spacepath conducted an AMA in the 404 Daily Crypto. Our guest is Spacepath team.
Lots of questions as usual from the Community about Spacepath progress. The Spacepath team took part in a very interesting AMA session which included Project introduction, Questions from Twitter and a live AMA session with the 404 Daily Crypto community. If you missed the AMA in person, read this recap for a deeper insight into Spacepath.
Let’s take a look at the most interesting points of our conversation.
📍Session 1 » Project Introduction
Can you introduce yourself and your team please? We want get to know you and your team. What you did before crypto, and how you got into crypto
SpacePath Team: Me and my cofounder met in college at the University of Texas. He was a Computer Science major, and I was a business major. I started investing in cryptocurrency last cycle, and both of us were fascinated by the blockchain technology and how new everything was.
Even now 4 years later we are just beginning to see the potential the space has. I began coding Python for a Statistics class and had a great time with it. These past few years I’ve spent learning React Js and front-end web development, while my cofounder learned Solidity and how to code and publish smart contracts.
I noticed that almost everything is run through OpenSea in terms of NFT’s right now, and it’s really hard to get your artwork noticed on the huge platform. SpacePath is hoping to give artists tte opportunity to post their work to a community centered around them. That’s the idea behind SpacePath and how I got into cryptocurrency.
Also, my cofounder had a family conflict so he can’t be here today unfortunately. We are also adding another fullstack developer to the team next week as well. So for those of you who are interested in the project and join the Telegram. You will get to be introduced to the full team then.
Can you briefly describe what is SpacePath project? We would like to know more about it and how it works.
SpacePath Team: SpacePath is going to be an NFT marketplace centered around space art and media. For those of you who choose to invest in SpacePath you will receive .5% of all the marketplace transactions through the same technology that RFI static rewards uses. You will also receive a discount if you choose to purchase any art on the platform.
Initially when the beta version is released only our partnered artists will be able to post art. When the full marketplace is released anyone will be able to post their work on the platform.
How was the idea to create this project born? It is very interesting. What do you want to achieve?What are your expectations?
SpacePath Team: Looking at OpenSea and their platform I found that even artists with big following on platforms like Instagram were having a hard time promoting their work.
SpacePath is trying to solve that problem by partnering with professional artists and promoting their work on our platform. We want to initially sign 25 artists under contract for the beta version.
In the long run we would hope to work with Space Agencies such as NASA, and get them to mint their images on our platform and sign them under contract. NFTS are just now starting to get recognition. I believe once we release the marketplace and partner with artists SpacePath will absolutely blow up.
NFT marketplace volume is still up significantly despite the rest of the crypto market being down . I believe that once the crypto market corrects and our platform is launched SpacePath could see a 9 figure market cap easily.
Can you give an overview of $SP Token tokenomics? Will the design of the token rise and fall with the success of the platform,does it include any scarce paths,such as equity, storage or burning?
SpacePath Team: We loved the concept of Safemoon’s deflationary tokenomics. We have impleted the same technology into our smart contract to help SpacePath hold it’s value.
Each transaction is split up into 2 parts, 5% will be redistributed automatically to all the holders proportionally to wallet size, while the other 5% is split into half BNB and half SP, and automatically added to the liquidity pool.
If you are a SpacePath holder, you will passively receive token on every single transaction. Anytime there is a buy or a sell your wallet size will increase.
The Automatic Liquidity function also will always ensure that there will be liquidity in the liquidity pool. That means if you ever decide you want to sell SP you will always be able to do so as there is always a supply of BNB to trade it for.
We have also implemented manual burns. So far 7.5% of the supply has been burned forever. We have a full burn map on our website going into detail on our burn plan.
For those of you who are interested here’s the link to that on our website: https://www.spacepath.net/burn-map
Could you please provide some progress on your Roadmap and what results $SP has achieved so far ? And any sneak peek into 2021 plans for SpacePath?
SpacePath Team: Absolutely, we have already completed our smart contract development, along with our beta website which you can see here. We will have our full landing page and website up within 10 days with customized SpacePath artwork which we are really excited about. We also have completed all of our solidity smart contract work for the NFT Marketplace.
We are working on developing the front-end of the marketplace still, and I’m brining on some more React developers to speed the process up. The new dev member is a back-end developer so he will be handling all of the databases along with hosting the website.
Looking into the future, we will be releasing a full font end mockup for the marketplace within the next two weeks. Once we have all of that completed along with our new landing page I will be reaching out to artists about partnering with us and minting their artwork on our platform.
Hopefully we can bring on 25 artists to the team and have them promote their artwork and SpacePath on their own platforms respectively.
We also have some huge announcements with geting SpacePath listed on exchanges. I’ve been in contact with HotBit about a listing opportunity there. We have also been talking with WhiteBit! We have an AMA scheduled on their Telegram this Thursday.
Quick Trades, a crypto TikToker with 180K followers is doing a giveaway on his channel June 1st. His giveaways are notorious for increasing coins marketcap by 1M+. I can’t wait to see how his community reacts to a real project with a real development team behind it.
What is the plan SpacePath to ensure sufficient liquidity on exchanges to fill market orders, especially as adoption increases and clients begin multiplying year-over-year ?
SpacePath Team: As I mentioned earlier with the Automatic Liquidity function built into the smart contract we don’t have to worry about this problem. We just have to provide some initial liquidity for buys.
There will always be a sufficient amount for buys or sells in the DeFi pool. It fills all the market orders and determines the price automatically. This process just happens naturally, which is part of what makes crypto so much better than the stock market.
📍Session 2 » Question from Twitter
— Question from Twitter @JODAsf
SpacePath wants to be the leading art exchange, so what strategies have they developed to achieve this, what are they doing to have the best opportunities, the best liquidity, the best transaction rates, the best security and the fastest system of all?
SpacePath Team: As I mentioned we have already completed all of the Solidity coding for the website. We built in a royalty system which is something very few exchanges have. It allows artists to continue to make money even when there art is being resold. We think with our verified artists section, and the royalty implementation along with our low tax rates most artists and buyers will choose our platform.
Also partnering with a company like Matic will allow us to avoid the incredibly high gas fees the Etheruem network can have. This means we can be on the best network while still getting to pay BNB gas prices.
— Question from Twitter @Monisona10
Which projects are your closest competitors? For example, do you accept Uniswap, Curve or Balancer as your competitors? How will you take to the next level?
SpacePath Team: OpenSea, Refinable, BakerySwap and AirNFTs are our closest competition. When creating the business model for SpacePath we looked deep into the competition and the different rates and techniques they apply. I think we were able to take the best piece from each of the platforms and apply it to SP. For example, the artists royalties, the low minting fees, and the SP holder discounts should be really helpful in building traction/ adoption for our marketplace.
— Question from Twitter @Alvaridam789
Will there be a need for more team members and ambassadors?And what ways can token holders earn? Are there any staking program?
SpacePath Team: We are adding another developer to the team this week to help with the backend and server hosting. Our verified artists section will act as an ambassador program for us. With their artwork being sold on our platform and us promoting them it will be in their interest to bring traction to the platform as well. In terms of a staking program we have applied for a syrup pool on Pancake swap. Hopefully it will be fully operational in June.
— Question from Twitter @DavidGa6969
Right now issuing a token is a fairly simple process. However, building systems & ecosystems is the hardest part. My question is, how will the demand for tokens increase & how will this token be used in the ecosystem?
SpacePath Team: The growth of the SpacePath marketplace will directly correlate with the price of the SpacePath token. With holders statically earning 0.5% of every transaction on the marketplace SpacePath token will gain more value with every single transaction on the platform. Being a holder will also lower the platform tax from 2.5% to 1.5%. Initially in the beta version you will be available to purchase NFTs with Etheruem. With the full marketplace launch SP will also be a utility token on the marketplace, and you will be able to purchase any kind of NFT on the platform with it.
what about SpacePath BSC how can we buy NFT in SpacePath BSC?
SpacePath Team: We just have to add it as an option in he Solidity smart contract code. The contract code itself doesn’t change too drastically when you interface with different blockchains. Just have to have it swap from on wallet address to another. That can be done with any coin/token.
— Question from Twitter @Monisona10
Nowdays the main problem of crypto market is high gas fees and scalability. How do you plan to overcome this issues? Will you focus on L2 solution like Matic?
SpacePath Team: Yes, we will be using a solution like Polygon-Matic to get rid of the gas fees the come with minting NFTs. I feel that this is really the biggest problem NFT marketplaces have. So solving that on SpacePath could really help push us past the competition.
when is this NFT ready to trade?
SpacePath Team: I want to get the beta marketplace out in early June. I feel that if people see a fully functioning marketplace that would get the NFT community really excited.
📍 Session 3 » Community Questions (Live AMA)
— Telegram User @Edwards24
What makes SpacePath a project with a secure environment, what methods have you implemented to protect both the platform and the users from possible malicious attacks, have you performed assessments to ensure such an environment?
SpacePath Team: We are going to give our Beta marketplace to InfoCyte, a software security provider. They do full end to end security checks and will go through every single endpoint in your system. We take our projects security very seriously. Especially after the Trust wallet hack which just happened a little over a month ago.
— Telegram User @doctorofyou
Is your project DEX or CEX based?? Also give some features of Security of your project. How investors are assured that they will not be SCAMMED or RUG BULLED?
SpacePath Team: It is DEX based, and to ensure everyone that we can’t rugpull or scam investors we partnered with UniCrypt and sent a majority of the liquidity pool to them were we won’t be able to touch any of it for at least a year. The link to the lock can be found in our whitepaper on our website.
— Telegram User @Zidny_Lathifa
Can you give an overview of $SP Token tokenomics? Will the design of the token rise and fall with the success of the platform,does it include any scarce paths,such as equity, storage or burning?
SpacePath Team: Sure, as I mentioned earlier we have a 10% tax on each transaction to help incentivize holding. 5% is done through RFI static rewards which is distributed proportionally based on wallet size to everyone who owns SP. The other 5% is the Automatic Liquidity function which takes 5% of the transaction and splits ip up 50/50 into SP and BNB.
This will help ensure that there is always liquidity for investors to buy and sell. We have a full burn map implemented on our website in the whitepaper section as well. If anyone is interested in checking out our exact burn plans you can do so here. The static rewards will also be implemented with any transaction on the marketplace. So .5% of every purchase will be added to the liquidity pool which will directly increase the value of SpacePath.
— Telegram User @Sabbarr13
could you please tell me what competitive advantage your project has at the moment? what makes your project different from other projects? are there any special features or competitive advantages that differentiate your project from other projects and where can i see it sir?
SpacePath Team: Absolutely, with our verified artists program we will be centering the marketplace around them. Right now on places like OpenSea it is really hard to get organically discovered. Most of the time someone is searching for an artist they have discovred on Instagram or Reddit. I believe that centering our marketplace around these artists would really help boost our platform usage and following.
Artists like Visual Don have well over 500K followers on Instagram. If we sign them under contract to post their artwork on our platform we would then be adding a huge following to the SpacePath community. This section will make more sense once our marketplace mock-ups are released as I understand it’s hard to visualize all of it in your head. I think this and the royalty program will really push artists to want to be on our platform.
— Telegram User @bizon53one
What are the list PLANS of your PROJECT ? What will you do in the future so that your project can list other exchanges and moreover dramatically increase transaction volume?
SpacePath Team: Once we have built a solid community around Space digital artists I want to try and expand SpacePath outside of the crypto community. The key to a truly succesful marketplace lies in widespread adoption. I think trying to work with different countries Space Agencies , NASA for example, would be incredibly exciting.
If we get NASA to mint some of their Hubble images on our platform SpacePath would be worth well over 1 Billion dollars. Something like this would pick up national news and really take this marketplace to the next level. We also have a WhiteBit AMA coming up this Thursday on their Telegram. We have worked out a listing plan to be listed on their exchange by mid June. That will significantly increase the transaction volume.
Thank you for answering questions from our Community. Before the end of the AMA, Would you like to give an opinion to our Community?
SpacePath Team: Thanks to everyone who participated! If you have any questions that I didn’t answer feel free to join our Telegram and ask me there.
For more information and future AMA, join our Social Media channels:
► 404 Daily Crypto Group: https://t.me/DailyCrypto404
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📍 More information on SpacePath:
❇️ Website: https://www.spacepath.net/
❇️ Twitter: https://twitter.com/SpacePathHQ
❇️ Telegram: https://t.me/spacepathtelegram
❇️ Discord: https://discord.gg/3PSVUmT7Mj
❇️ Reddit: https://www.reddit.com/r/SpacePathCrypto/
❇️ Instagram: https://www.instagram.com/spacepathhq/
❇️ Whitepaper: https://www.spacepath.net/whitepaper
