AMA Recap: Meme Cake x The Crypto Blade
Host: Hello Dino welcome to The Crypto Blade community
Dino: Thanks, Adam. Happy to be here
Host: Let’s start the AMA session, Are you ready?
Dino: I am Díno. I am the co-founder of Meme Cake. Yes. I am born ready!
First Segment: Introduction:
Host: 1: Please introduce yourself, Your background and share an interesting story of how you got into crypto?
Also, please share some information about your team? How big is the team right now?
Dino: I am Díno. I am the co-founder of Meme Cake. I worked as a Sr. Product Manager for Cardano Blockchain and have over a decade of experience in software development.
Before becoming a Product Manager, I was a front-end developer. I used to mine Bitcoin back in 2014, but I didn’t understand the ultimate vision for the blockchain and how it can change the way the internet works.
But after the ETH blockchain launch, I was super interested to learn more about decentralization and how it can create a better internet 3.0. This, to me, was fascinating. I had the opportunity to work with several great crypto companies and exchanges in the past, including Vechain and Ocean Ex. I am glad to launch my project over Dfinity, another great technology with a more excellent vision.
Our team currently has eight people, including me. Meme Cake is a project developed by former NEM, SYMBOL & VeChain developers, The team has over 30 years of software development experience combined and has worked in the blockchain industry for the past five years.
Host: 2: Can you please provide detailed information about Meme Cake Project and How long you’ve been building this?
Dino: Meme Cake is the world’s first decentralized comedy platform for creators and artists to share their memes, comedy videos, or GIFs and register their Proof of ownership on the Internet Computer. Think of it as a 9GAG but decentralized. People behind this platform love to laugh, and it’s for the global audiences, predominantly Generation Y and Z.
We started working on Meme Cake in Feb 2021. Our business model is based on data integration. Our first step focuses on application-based integration since the plan is to support decentralized and centralized systems using API integration. You can visit our website here — https://memecake.io/
Host: 3: Why is Meme Cake NFT special?
Also, tell us more about NFT characters?
Dino: Apart from the beautiful art, our NFT has a unique value in our platform. We provide NFT staking rewards. We use a Proof of Importance consensus protocol to define the validators voting power in our platform. Your activity determines this POI score within the platform and the amount of NFT or token you are staking. Proof of importance only counts NFT that have been in an account for a set number of days. Each activity (above a minimum size) contributes to an account’s Proof of importance score. More significant and more frequent actions have a greater impact on the Proof of importance score. Accounts with a higher importance score will have a higher probability of being chosen as Prime Validator. The rewards are paid using native tokens i.e., MCK.
Our main characters of NFT are Dick and Balls. The backstory of Dick is pretty straightforward. Dick had a hard time growing up, and one day, Dick disappeared from his town Wachatoota. After twenty years, Dick reappears in Wachatoota with his pet “Balls.” Dick is now an internet sensation, and he aims to conquer the town of Wachatoota with Dick memes. He is a lovely human being from inside and a total Dick from outside.
We are launching 7,777 NFT’s of Dick. All Dick NFT holders will get airdrop of Balls NFT on a 1:1 ratio. All you need to do is hold the NFT in your Plug or Stoic wallet, and we will credit it. If you want to see our NFT art, please visit our Discord Server — https://discord.gg/jjWZD9Tybq
Host: 4: 4: What benefits do you think the Internet Computer has over other L1 blockchains when it comes to creating NFTs?
Dino: One of the primary reasons we are launching Meme Cake over IC is the power of the Internet Computer’s non-interactive distributed key generation (NIDKG) protocol. This is probably something that the community never discusses, but we strongly recommend anyone building private multi-assets or private NFT platforms to examine the NIDKG aspects of IC. In IC, each old signer only needs to broadcast a single message to the new signers. To ensure that this is done securely, many concepts from advanced cryptography are utilized, including encryption with forwarding secrecy and non-interactive zero-knowledge proofs. These non-interactive methods are ideal for an asynchronous environment. Internet Computers do not have to keep track of changing public keys. The advantage of this method is that the other parties on the Internet Computer do not have to keep track of evolving public keys.
The gas fee is another reason. We have $0 gas-free.
You can also build a complete decentralized solution right from hosting the website in the IC. Currently, it’s not available in another blockchain.
Host: 5: Do you have any token sales planned for the future? If so, when? Can you give details?
Dino: Yes. We do. MCK will be the native digital cryptographically secured utility token of the Meme cake. As the native platform currency, MCK will play the role of the settlement medium, Platform Incentivization, Community rewards, governance, and Platform utility token within the entire meme cake ecosystem. We plan to launch the platform beta in Q1 2022. We are anticipating the token launch via reward programs for the beta members
All NFT holders will receive tokens via airdrop through Proof of Burn participation.
Questions from the Twitter announcement:
Host: 1: What are your top 3 things for priorities in 2021? Could you share some plans for the upcoming year?
Question by ellieyourname
Dino: Good question. The top priority for 2021 is
1. Get the platform alpha version ready with self minting module so any MEME creator joining our platform can mint an NFT.
2. Make sure we have the backend ready to handle the big database. Current it’s managed by AWS but we go full decentralized in 2022
3. Build a strong community.
Upcoming year goals
1. Build NFT marketplace where creators and users can trade NFT
2. Build a featured launchpad for good projects
3. Token Launch in Q1 2022 and airdrop our tokens to existing NFT holders
Host: 2: What #Realmemecake revenue model? In which ways do you generate revenue/profit? So many projects just like to speak about the “long term vision and mission” but what are your short terms objectives? What are you focusing on right now?
Question by itx_Aainee
Dino: Our revenue model is based on data integration. We are building a decentralized database that can be indexed from any social or messaging application. For example, we have GIPHY for Facebook. Using the GIPHY service you can send memes or GIFs. We have a similar model where our API will support decentralized or centralized applications. You can also use our MEME creation tools to build a marketing campaign for your product.
The other revenue model is marketplace platform fee and sponsored content.
Our Short term objectives are to build the community and ensure we have creators onboard. We are reaching out to MEME pages on Instagram and Tik Tok and asking them to produce similar content on our platform in return for our native cryptocurrency. The top 5 Instagram pages have more than 100 million followers combined. Our platform will be a great success if we manage to onboard at least 20% of people within Q3 2022.
Host: 3: So many investors just focus on the price of tokens in the short-term period instead of the real technology of the project. Can you tell us the motivation and benefits for investors of your project in the long term?
Question by @Greyhair_08
Dino: Great question
If you are holding our NFT, you can basically stake it in our platform and get rewards. The OG’s holders will get better rewards than the latecomers. The long-term goal is to build a sustainable business and ensure that our investors who invested in the project get value and good returns.
Our revenue model is proven, and our business model is pretty straightforward. We have a solid technical background, and we are confident that our investors will get rewarded better than what they currently see in the market.
3rd Segment: Community round
Q1: Q. NFT is a hot topic right now, but NFT isn’t just for art. Does your project think there will be many NFT use cases? Why should we take NFT seriously?
Question by nanic51
Dino: Our NFT is used to staking rewards. We are introducing NFT staking so it’s not just about the artwork. You can use the NFT for staking rewards or you can burn these tokens using our Proof Of Burn consensus and get tokens in return with a certain bonus.
Q) Where I can get all the latest news about? Do you have Twitter/Telegram/Discord community? If yes can you share the link here because there is a lot of fake telegram/Twitter groups?
Questio by Pinky008
Dinu: Our Discord channel is — discord.gg/vr2ATGMdug and our Twitter is — https://twitter.com/realmemecake We do not have a telegram group
Q2: You only see a handful of the project that is built under DFINITY. Why have you choosen the DFINITY network for building your project? Can you describe DFINITY’s advantages and benefits especially on NFTs and NFT related products?
Dino: I believe Dfinity has a different approach towards decentralization, and if we can achieve it, it’s a game-changer for the whole world. At the moment, I don’t see any other blockchain that offers blockchain ethos to the next level.
Dfinity also has a GAS-free ecosystem. So you can transfer your NFT 100 times without gas fees.
We basically use some of the distributed decentralized architects to create an entirely new cloud and completely new internet and that’s a huge advantage for any platform. You are replacing Google and Amazon services.
Q3: Can you List 1–3 Killer features of your PROJECT that make it ahead of Competitors? What are the Competitive Advantages of your platform Has that you Feel most Confident about??
Question by faijot
Dino: some of the killer features are — 1. NFT staking 2. Self Minting (users can do it just like the open sea) 3. Meme-focused market (think of this as 9gag but decentralized). Our competitive advantage is that we do not have gas fees and our ecosystem rewards better than any centralized platform using the native crypto
Q4: How many team members do you have? Do they have enough experience in the blockchain field? Do they have any experience working in crypto and non-crypto project?
Question by MdSopon999
Dino: Yes. I am the Sr. PM for Cardano Blockchain. All of our devs come from blockchain companies. Some of them have developed complex backend architecture. We also have a Data Scientist from IBM who is helping us to get the data indexing and algorithms.
Q5: How important is the community to you? and how can we collaborate or help you with the development of the project?
Question by kzjhshs
Dino: Community is everything for us. The reason why we are building a staking reward program is to build governance and promote community. This is a public project and we listen and take actions based on community decision