3air weekly AMA, 26th January 2022 @5pm CET
This is a transcript from our weekly YouTube live AMA:
Anita Mlakar: 00:27
Hello, everybody, and welcome to 3air’s weekly AMA every Wednesday on our channels. We are happy to have you here. And of course, to be able to give you some additional information about 3air’s project of bringing internets to Africa.
Anita Mlakar is my name and let me invite you to click Like, write a comment, suggestion, write your question in the chat, hit the bell icon to get notifications. Subscribe to our YouTube channel. If you are not yet or invite a friend, be a member of our communities. There are a lot of you already on Telegram, discord, and Twitter. And thank you very much for being with us.
Sandi Bitenc CEO of 3air will be with us in a minute, we will give you some updates on our presale that ended today. And of course, how we plan to go forward. We have a special guest coming up today but just for a minute he will explain for himself, Oliver von Wolff will be with us. And we will give away 1000 tokens to one of you and of course be answering your questions.
But as always, I am starting with a short introduction. So, Africa lacks connectivity and digital resources to scale business causing a detriment to everything from commerce and communications to education and health care. And with the right infrastructure, we can change this course for good. That is why 3air will empower a new upgrade in infrastructure and technological implementation starting with Nigeria, bringing broadband internet, digital TV, and telecom to the entire population. This will automatically unearth new business possibilities, streamline educational resources, the other health care network connectivity, and more. And this will be supplemented by a new platform designed by 3air to foster Global Partnership for development across the region.
Let me welcome Sandi Bitenc. The CEO of 3air.
Sandi Bitenc: 02:32
Hello, Anita, how are you?
Anita Mlakar: 02:34
I am great. Thank you very much. How are you?
Sandi Bitenc: 02:37
I am- let’s say hyped up a bit. Let me turn on the light, to see you better.
Anita Mlakar: 02:43
Okay. Yeah, a better light.
Sandi Bitenc: 02:48
That is really important. I am a bit tired. We have been working a lot these days. And just to have everything set up as soon as possible after the presale ended. So that we can give you all the information or at least all of the information, right here today. That’s the main thing that’s on my mind right now. And probably on everybody’s, right?
Anita Mlakar: 03:22
Yes, I know. So, Sandi, we will be giving updates about the pre-sale that is that has ended today. And of course, be answering all the questions so you can write them down already in the comment section. But we will start with our guests today is just hey, hello. And saying welcome, Oliver von Wolff is with us, the Managing Director of CV labs Dubai and CV & VC but just for a short time.
Oliver von Wolff: 03:53
Yeah, hi, guys. I’m very sorry for this. I really would like to join here the conversation. It’s a very interesting topic. But unfortunately, I got to an important meeting in where I have to join as managing director. So, I really have to apologize but I’m very happy Sandi, I think we discussed it already today in our conversation to have next week. Something together here and I really appreciate this. Thank you. Thank you so much.
Sandi Bitenc: 04:24
Yeah, sure. I know that you have a really important meeting too.
Oliver von Wolff: 04:28
Yeah, very sorry.
Sandi Bitenc: 04:29
And you came on a short notice. So, thank you for, at least saying hello. And we’ll just have you on the next week. And I think the community might even appreciate having more time today talking about the presale and so.
Oliver von Wolff: 04:50
Very much for understanding and for the short notice. And I just would say let’s catch up for next week. Very happy to join then. I will make sure that nothing urgent came up will come up then, yeah.
Sandi Bitenc: 05:06
Anita Mlakar: 05:06
Oliver, thank you very much. Of course, it would do anything to have you here, but we understand that you have other things to do also and looking forward to next week.
Oliver von Wolff: 05:15
I am sorry, thank you very much.
Anita Mlakar: 05:16
Have a great evening.
Oliver von Wolff: 05:17
Thank you. And you have also a great conversation. Thank you. Bye.
Anita Mlakar: 05:22
Thank you. Bye enjoy. Okay, that was Oliver just, short for us but it’s nice that he said hi. It’s really nice, he really said he was looking forward to this AMA but of course we can understand the things coming up. And we do understand them but like you said Sandi today we have now more opportunity more chance to talk about the presale that has just ended of course how it will continue.
I would also like to invite Ruba to this conversation.
Anita Mlakar: 06:00
Ruba Aramouny: 06:01
Sandi Bitenc: 06:05
Anita Mlakar: 06:06
Hello, it’s nice to have you here.
Ruba Aramouny: 06:08
Yeah, it’s nice to be back on.
Anita Mlakar: 06:10
Okay, we didn’t really tell anybody that you will be with us today. So, it’s a nice surprise Ruba. Of course, if it may be you don’t know yet. She’s our social media manager and Ruba, we’re really happy to have you here. So, you will be also answering questions with Sandi.
Sandi Bitenc: 06:29
I need to correct you there, Ruba has actually been promoted to our head of marketing.
Anita Mlakar: 06:35
Oh my God! Ruba, head of marketing. Okay.
Ruba Aramouny: 06:39
I’m crashing the party today. I’m the unannounced guests that like everyone’s like, what’s she doing here?
Anita Mlakar: 06:46
You are the unannounced guest that everybody is happy to see.
Sandi Bitenc: 06:52
Everybody’s always happy to see Ruba, I think.
Anita Mlakar: 06:55
Yes, I know. Absolutely. Now we have already a lot of you here with us today. So, hello to everybody. Now it’s done, of course, also to write down some questions. But I’m sure that a lot of them will also be asked later. Now Sandi, you will be the one starting about today. It’s very important day, right?
Sandi Bitenc: 07:17
Yeah, it is. It is a very important day for sure because our presale ended so we need to make some decisions. Wait, I just you know what I saw that, I am Anita Mlakar apparently.
Anita Mlakar: 07:33
Oh, yes, I did see. Hello, Anita how are you? Maybe I should be Sandi just for today.
Sandi Bitenc: 07:43
Oh, that’s better. So, the pre-sale ended and the ones that been following it, you could also see in the backend that we did not reach the soft cap. So, I think that’s the most important message that we need to bring out today. And that’s, unfortunately, some bad news but also, we’ve been thinking a lot about this, what’s going on, what we can do, if we really should abandon the project now, because the soft cap hasn’t been reached? And what are our other options? And I think we came up with some really good solutions. Of course, who whoever doesn’t agree with our way of going forward, he always has the chance to step out, as it was said before in the beginning, so nobody will be forced to go with us in the future.
We said that if soft cap isn’t reached then we will abandon the project and we will return the funds. So of course, the expenses that have been occurred in marketing it, also the part of the development that we’ve done already, and so on but I don’t really think that is necessary. So, we do have a really good solution for it. In looking at it, we had two parts of the projects. So, one is the expansion of the internet infrastructure in Africa. And the other one is just building the platform that 3air is set out to build and we currently do have clients that are waiting to be connected. Sierra Leone is up and running and they are waiting there to be connected.
So, the funds that we got in they are enough to build the platform, they’re just not enough right now at this moment to actually be opening up Nigeria as a new country or any other new country, so that we’ll have to wait a bit more, but the development of the platform can continue. And there will be demand, since the start, maybe at the start will, there’ll be a bit less of the demand. But in the long term, I think it should be just about the same. Right now, we have a lot of other things that play that can open up new countries. So, there’s a lot of talks going on with private investors that want to fund some telecom expansion, covering the infrastructure privately.
So, once this happens the 3air will actually have the same level of adoption. So yeah, this is just in short, so the project will continue, if you want to step out, you’ll have the chance to do so. And we will provide all the information about this, how to do that in the next two weeks, we won’t be making it really hard. So, but we do want you to stay and go on with us. So, this is also why we will provide you with all the steps that we are taking to make 3air as successful as possible.
And just to give you a bit of an overview. So, we had two things. One was the private presale, and it was also the public presale, or the public sale that was conducted through our website. And we have actually set out to sell $8.5 million worth of 3air tokens in our presale and I’ll talk about a bit more how we structure that and why it’s 8.5 million, and the minimum to reach a soft cap will be 4 million.
Unfortunately, today at 12pm GMT we closed the presale and the total tokens sold were 617,475.6 dollars, so just a bit over $600,000. And that’s far below the 4 million soft cap mark.
Also, because the sales were going this slow, we kind of had to forego the launch pads that we had in plan. So, we had an agreement with some launch pads for them selling up to 3.5 million of our tokens and just because we didn’t hit the soft cap ourselves, this just isn’t happening. So, this is also right at this moment of the table.
On the other hand, the private sale did go a bit better. So that one was filled up quite substantially. Also not been fulfilled yet but there was definitely a better traction there. Although we did have some issues with some VC funds and so on and I will also talk about those a bit later.
So right now, we are at the point thinking about what actually happened and why we didn’t reach this soft cap and I think for us one of the things is for sure that we just started in a market downtrend. I don’t like to use the word bear market. I don’t think it’s really a bear market yet. But the correction the downtrend has been persistent for the past two months, actually, I think that the max market cap of the crypto market was reached that 11th of November and our presale actually started on the 26th and the real downtrend actually started on the 26th. So, this was for sure not something that we have hoped for. And like everybody else, we thought December is going to be a really bullish and crazy month for crypto. Unfortunately, it was the opposite. So, for sure this was a big thing for getting the presale end, but we also don’t think this was the only thing is to blame right now.
Now there was also other things that- for one we did a lot of research into our competition, but we focused really on competition in regards to projects are doing similar things than we are doing and we accounted for this but what we didn’t really account for was the competition in the current crypto market in regards to all the other projects that are competing for funds and all the hype right now is mostly about the Metaverses so most of the money goes there. And we are in the RealFi space. And I think it’s getting more traction, it’s a bit unknown to the general crypto investor. And maybe it’s not so much of interest, because I don’t know people probably think it won’t get us such high and such fast returns, I think everybody here is just to make the quick buck. And probably with a Metaverses and the NFTs and the DeFi, they see they can make more money there. So probably a bit more money went into that.
We also a bit underestimated the acceptance in the Cardano community, we kind of knew that it wouldn’t be really easy to go and just appeared and everybody would love us and be all over us. So, we accounted for that. We tried and we did make some friendships and some partnerships. And there were some agreements in place, although not written and formalized with certain people. And we should have been driven a bit more through the Cardano community. So, it that unfortunately didn’t happen and that set us back quite a lot. Maybe at that point, when this happened, we should have decided and go on other route. But we didn’t we really love Cardano. We love what Cardano stands for what it achieved up until now what it set out to achieve in the future and so on. And we just stuck with Cardano because we want it to be part of it, we also think that our project is really a perfect match with Cardano’s vision, and that we could really bring a lot to Cardano and to the whole ecosystem.
Unfortunately, I’m really sad about that is that we just did not get so much traction within the Cardano community. Actually, there were some projects that were kind of similar. So, we were perceived as competitors. There were some heated debates and some hate thrown towards us. I need to say that the community that’s inside of 3air, I’m really positively surprised about that community. It’s just, I couldn’t expect it to be better than it is right now. Although still small, but I think I really feel like they’re my family. So, this was good. What should I say now?
Ruba, you want to chime in a bit.
Ruba Aramouny: 19:12
Yeah. So, I think you said it really well. It’s a tough environment to be in when like, we’re coming in and we thought we have full support from the Cardano community and then it didn’t turn out as expected. And so, it’s like you’re fighting the normal fight of advertising and getting more people to join and motivating the community but at the same time, you’re also fighting an additional fight which actually shouldn’t be there and really had no foundation, but it is what it is. That’s what happened. And we couldn’t plan for it but we’re trying to make the best of it now.
Sandi Bitenc: 20:08
What I also didn’t kind of expect is that there is such a big gap from the Cardano community towards the whole blockchain space. It’s like, Cardano has its own little universe and they’re kind of competing against everybody else. So, the whole crypto community doesn’t like Cardano and Cardano doesn’t like the whole crypto community kind of almost like this, like really black and white. I don’t think that anything in life is really black or white. So, I would have wished for a bit more interests from all parties together.
So, yeah, that’s about the community and I think these are probably the two biggest reasons that that we didn’t get the sale in. So, the market downtrend and actually not being really accepted and pushed to the Cardano community, although we tried.
Ruba Aramouny: 21:26
So, the ones who are already in the 3air community and are very active, and they are also absolute Cardano proponents and 3air proponents are actually very motivated. And they understand that the purpose is align that the core values align, the target market is perfect for both projects. And there, we did get like amazing feedback, we got people from the community creating maps, showing how 3air fits into the greater Cardano ecosystem and making it more clear to people putting us on the map.
There was also great engagement, if you look at some of those posts of people saying, oh, what is this? You know, I don’t know this yet. Is it a real project, real interest from those types of things? But without like, official support it’s hard to go larger scale with that, especially because we had an ambitious soft cap that we wanted to meet. That needed kind of a boost like that and not anything that like, takes the brakes on it.
Sandi Bitenc: 22:35
Yeah, whoever actually really took the time and read through our white paper and through our website and listened to bit to our AMAs. And chimed into our social channels, and really took the time and read up on it, was positively surprised and I think everybody got engaged with it afterwards.
Anita Mlakar: 23:05
What I wanted to say is, I’m just checking also the comments, and people answering questions, of course, commenting, and they really understand or are supportive about it. Because what you’re doing right now is explaining how things went and where are you at the moment, and you’re very transparent, your transparency is very obvious, and this is what I really like. And we’re really looking now forward to the information, what will happen and there are also a lot of questions about that, of course, we will be answering them later, but just Sandi, now, what are the next moves?
Sandi Bitenc: 23:41
Yeah, we are coming to that. So, there are still some other things that I want to a bit explain, also a bit the other experience that we had in regard to getting the funds in. So, there were also quite some negative surprises once talking to some VCs and some other private investors. It was like when we mentioned we are building on Cardano. It was, you know, instantly a closed door. I don’t know probably because of the history of slow development on Cardano and no really operational applications on it at this moment in time still. So, this is also what contributed a bit towards not getting the all the funds in. But we did get some private investors and equity investors so it’s not so grim as it looks. Although we did miss the soft cap. We do have the funds to continue developing and that’s not jeopardized at all.
The other thing that I wanted to talk about a bit is actually developing on Cardano because through all of this time we’ve been doing development. So, we already been developing our platform, you probably know if you know us, you probably know already that we have a working off chain solution and we are now putting it on chain. And we try doing this with Cardano and, yeah, we did run around into some problems.
Since the start of 3air we were looking for new Haskell developers and Plutus developers. And its stuff right now there is a total lack of really good Haskell developers. We didn’t manage to find any senior Haskell developer. So, we could get two part time developers on board, but they weren’t really proficient. they’re more in the academia mathematics style, but not really able to do quality work on smart contracts and financial things. So, we also all the time, try then put a lot of effort educating our own developers, you probably know that we have over 40 developers on board. And this also proves quite difficult. Actually, we didn’t anticipate that. So, Haskell is a totally different language, and we really have good developers on board, a lot of senior developers. And I can say, a lot of bright minds, they usually can start coding in a new language within two weeks already, at least doing something, but Haskell is so different, that they still struggle even after two months of training and using it or even more.
So, this is when we also turned to M-labs. So, M-Labs was recommended by us, and we had a few calls with them. We also signed an NDA with them and everything and we were positively surprised. So, the guys are really good. Probably the best Cardano developers on the market right now but they’re also very busy. So, everybody is like incredibly busy in M-Labs.
What actually happened is that we are struggling with developing on Cardano, we need to say, and we don’t feel at this point in time, we don’t feel confident that we can do the platform on Cardano. And we’ve been talking about this also with our friends, with our advisors, with some VC funds, with some developers and with some other projects, and so on. And it looks like that all the projects right now are kind of struggling a bit and probably this is also why, it’s been five months since the launch of hard fork that actually enabled smart contracts on Cardano.
The dApps are starting to pop up now, slowly, but they are not without struggles. So, the last one was Sunday swap, really anticipated, a high-level project but it also was- I cannot say anything else that it was a disappointment until at launch. And if anybody says differently, I think they’re really not being true. So, at this point in time, it looks like that Cardano will still need some time and at least have the Hydra update the hydro layer two solution to actually be scalable enough to have enough throughput that any dApps built on Cardano won’t just congest it too much and have really sloped transactions and bad user experience.
Yeah, so this actually has done led us to a decision that we need to break now is that we will be leaving Cardano in the future, so I know that this might come as not so good news to some of you, that are Cardano maxes but unfortunately, this decision has been made, because we don’t feel comfortable or confident that we can do our job on Cardano right now, not with the current developers, and we’re not blaming this on Cardano or anybody else, it’s just our team, it’s not possible for us to develop what we set out to develop on Cardano at this point in time, and we also don’t see where to get the help needed.
So, I think this is probably the toughest news for most of you out there. So, we will be moving to a chain, a EVM compatible chain, that our developers are actually proficient in. So, this will speed up the development. I cannot even say how much because on Cardano, I don’t think we would be able to build it in six months and with a EVM compatible chain, we have so many developers at hand that can do that, that it should really be fast in in developing. And this will also show you and we will be able to show how much progress we are making week by week, definitely.
So yeah, this is kind of the biggest news and it’s not only that, so it’s a lot of other stuff. Not that we didn’t feel welcomed, we actually felt blocked by some Cardano projects, and we don’t want to fight that I really don’t think we should fight that it’s not something that we should be doing. My focus is on developing, bringing the- 3air doesn’t change, not at all. So, the 3air’s mission and 3air’s vision and what you’re trying to accomplish is not changing at all. It’s just It means that we are switching our chain in in regards better do our job and faster do it and easier do it and actually build it more faster and more quality like.
we also in the meantime, we actually been approached by many different chains, offering us grants, offering us official partnerships, offering us marketing help, and partnerships with their own chain projects. So, I was kind of astonished and everything that I actually hoped we would be getting from Cardano we were offered by at least three chains, like big chains and some brands, some smaller brands even by more. So, this is what the decision was.
There’s also one other thing is we were talking about Giga a lot. So, we are following and focusing on making the Giga partnership really official, if possible, it will take some time, but we think that not building on Cardano and building closer to something Ethereum like will probably get us a bit better chances on that as Giga is actually Ethereum founded. And we won’t be building on Ethereum. So just because I know that this question will pop up. No, we will be building on a chain that’s scalable, that has really low transaction fees and that enables us a bit other thing.
We are still looking into a few options. A few options that are maybe possibly closer to Cardano. We have quite a lot of offers on the table we just need to choose the right one. So, this will probably help us a bit in getting that partnership in. Also, we have two big partnerships with some bigger projects that are EVM compatible. So, although this is not a very requirement to do these partnerships, it will be probably a bit easier to make those. Again, they’re at quite late stages. And just I cannot name the projects just to not jeopardize a positive outcome there.
Man, I’ve been talking so much.
Ruba Aramouny: 35:28
I maybe I can also help in. So, it’s a balance between wanting to make 3air happen as soon as possible, as good as possible, as efficiently as possible and choosing something that the community will like and something that we actually went with, because we never actually want to change such a substantial decision. That’s actually the last resort when something like this happens but if we really want because 3air is a RealFi project. So, it’s a real product that people will use, it’s a platform that people are waiting to use, there’s also tradeoff between speed and cost of getting it done and getting it done fast. So, we don’t have unlimited time. There are also people who are invested in the project, their hard-earned cash. They actually believe in it, and they believe in the purpose and that’s why they joined. So, we’re, we’re looking at what can we do now, with everything we know now and everything we have on hand to make it happen as soon as possible for the people who joined the presale and also for the people who are waiting in the countries where we actually said we’re launching this year.
So yeah, it’s not a live decision but it’s a decision where, Sandi, and many experts on the team and advisors and also VC funds and people like high profile investors have analyzed and taken the decision. And now it’s about where do we go and that’s going to be in the next few days. Alright, that we’re going to decide that and publish it. And it’s actually a very exciting time because continuing is trying to continue on Cardano, there’s a whole other world of opportunity that opens up now on EVM compatible chain One is Giga but also just faster development. So, what’s cool is that we’ll be able to see development happen, right Sandi? The team will be able to connect wallet and see tokens that in our wallet, but on the dashboard and the ledger and in the wallet. So, it’s going to be quite good, I think. And then from a marketing standpoint, we’re also opening it up. So, it’s not going to be just one community anymore. We’re really opening up to large communities of people who can join, also for the project, for the purpose of 3air and not just you’re on this chain, you’re on that chain, or I don’t believe that because you’re never going to be ready so we’re going to do our best from our side on development and marketing. And that’s the direction it’s going to go. And we’re like really confident that it’ll be faster and more effective that way.
Sandi Bitenc: 38:41
Yeah, we knew that from the beginning, that we could be faster and more effective that way and I see that in the comments. There are some questions, why we started with Cardano in the beginning? and why we started without the Haskell developers? and so on. So, I would need to give you a lot of background there.
First of all, what was really important for us is Cardano’s mission and all the work that they were already doing in Africa. So, we thought we would really resonate well with them. And I have some friends in the Cardano IOHK, I cannot even say community because they are actually higher up there. So, we kind of were promised more help but that changed at one point without any particular reason given to us. So, that was one thing. So, we really were given a bit reassurance before starting and deciding to go on Cardano. We did think that it will be easier for us to develop on Cardano so that needs to be set. We couldn’t test it before we decided because we thought Haskell would be easier for us, that’s for sure. But we couldn’t really test it before. There were smart contract functionalities on Cardano, and this happened a bit recently. And we also thought that we will be able to get Cardano developers on our team. And we still think that that probably would be kind of possible with some time, we were promised some developing help from Cardano. So that’s also one thing.
So, this is why we actually chose Cardano in the beginning, but it was mostly because of their orientation. Atala PRISM was really something that was in big interest of us. The Atala PRISM is also there, we are on the waiting list for the PRISM pioneers and that’s not moving anywhere right now. We don’t know what’s going on, if it will be available to develop in the near future or not. And that’s also something that’s really important for our platform and it might happen that it will take another six months until it’s developed. So, what should we do? if that happens, so then nobody actually can use it right now. And we really want to launch this in six months and not wait longer. So that’s a bit about that and answering probably, hopefully, some of your questions.
So, what happens now is, first of all, we’ll issue a full report and full accounting in regards of what has been sold, also what costs could have incurred so that we can then also telling you what are the refunds possibilities, would be if you chose to take this way out. But right now, shortly, what we will do, we will update our presale app, the presale app will be updated in regard to connect it to your Meta Mask. And with that you will already put in your- so we will get in the address where the new tokens will be sent to so we will not be sending 3air tokens to your Cardano wallets, but we will send them to your Meta Mask wallets and this will also start a change of the presale app so that the presale app is not bound to any emails anymore. You remember that we had the biggest issues with the presale app was the login. So, because we were using email as the login, so some emails didn’t arrive some went into spam and so on. So, we will now be running totally without emails. Once the changes are complete.
Also, what we will do is we will take six weeks to prepare smart contracts that will vest the tokens that will be publicly announced the tokens will be pre-minted. So, we will not wait for the token generation event just before we put it on a DEX for trading. But we will bring in the token before that and there will be a bit of a change. So, vesting does not start with token generation event but with start of trading so with providing the liquidity and that will happen.
So you will have six weeks to connect your Meta Mask wallet in your presale app so and that will allow you then to get your tokens on your Meta Mask wallet and we will notify everybody over email that registered once this is open and possible to do also you will be able to request a refund through the presale app and that’s going to be available within the next two weeks.
Also, within this time we will announce all the partnerships that we are getting. we will select the chain and announce this properly and I can guarantee you it will be an official partnership with the chain that we are going with and will start a lot of markets. And Ruba can speak a bit more on that.
On March the 31st, we will open up the presale for another week. So, we will now prepare everything we will move to another chain, we’ll try to get in another community. And that’s for sure, it’s finite. So, it is not about if we are getting the soft cap, it’s not about any soft cap. So right now, there is enough liquidity that we can do that. So, there’ll be another week of the presale but at a higher price, it won’t be as low as six cents at that it was now. we will do this and the rest of the presale, we will also redo a bit of the tokenomics but the tokenomics will actually be done so that they’re favorable for the current token buyers. So, the price will go up for the new buyers, this will be known everything will be known before you would get the option to decide if you want a refund or not so that you can make a fully informed and transparent decision.
So, we said on March 31, we are opening up the presale and the presale will run for a week. So, till April to 7th and then on Monday, we will provide the liquidity and start trading on the selected DEX. So, this is Monday, April the 11th. So, I hope, I think these are most of the things. That’s important, right?
Ruba, do you remember something else?
Ruba Aramouny: 47:04
Yes. So, because there are a lot of questions and people saying they’re confused, and this is all already published on the blog post. So, we tried to make it as structured as possible in the AMA, but you also have a full outline of everything we talked about and more details in the blog post. Also, about the dates they are also already published, so you can go and read up on that. And we’re being very, very transparent about everything, you will get all the information, the most important information you need to know about the changes. So now you already know there’s going to be a change, the most important information about the changes is going to come in the next two weeks, we want to have everything set in stone and finalized. So that then we just prepare, whoever wants to get out, get out. And that full accounting will be done. And whoever wants to continue or even increase because maybe they’re super happy about all the changes, there’s going to be a second opening of the public presale, but a very short one this time because we also want to get to the token generation event and the DEX as fast as possible.
Sandi Bitenc: 48:26
I also am reading about the comments, and I came to this AMA today a bit of really, let’s say stressed to break that news. And but right now reading on the good comments, and the support from the from the 3air family. It’s just amazing. And people saying they fell in love with 3air, and it doesn’t matter which blockchain it is. And I really think that’s the point. So, our mission doesn’t change, we won’t be doing anything differently in regard to what we set out to do. And I can just say I’ll actually double down on my efforts to get the value to everybody involved and to continue with this mission that we set out to do and we’ll just make it even better and stronger. And I’m pretty sure we’ll be partnering up with really strong and good projects that will bring a lot of attention to sphere.
We are doing everything transparent so we never hid anything, and we didn’t come up front and I can tell you we’ve been talking about switching and where to go for over a week now for sure. And the deals are on the table for over a month. Just breaking this and as it will just create so much confusion and I think this is now the right point to just really tell everything, but we never were kind of hiding or lying about it at any point. So, our vision is always to be as transparent as possible, and we want to make it even more transparent and more verifiable. So, everything that will be going on with the tokens and the best things and the pre-minting and everything will be verifiable and on chain so that you can see what’s happening. Well, put the smart contracts up for auditing and everything. So, our GitHub should be filling up now shortly.
Anita Mlakar: 50:51
Okay, Sandi and Ruba, you did give a lot of information. Talked honestly about everything that is going on right now and I think that the breaking news, although it is of course, you said Sandi earlier about leaving Cardano, I think the breaking news is actually that the project goes on, and that the goal stays the same and the people around it, whoever wants to be a part of this can stay on board. And of course, get involved and this is what matters. And I’m really going through all these comments. And we have different responses but mostly people think the most important thing is to go on not to give up on such a good project, which is great. And they’re even having some suggestions, which chain to use or to go to, there may be some of them, but I don’t see them a lot who said no. Cardano is the only option for me, but that’s okay, too.
So, what is good to know is that the community is getting informed having all the information and now they can decide what they want to do, and I don’t think it makes sense that I’m going through those questions from the beginning, because you have answered a lot of them. So maybe I will go to the end of the questions, just seeing what are the new questions that maybe you haven’t answered, but I think you did most of them.
Sandi Bitenc: 52:11
So, I still think, there are two more things. One is that right now, we are going full into development of the blockchain. So, it’s not that we haven’t been developing it, we just didn’t make good progress on it, we are honest about this, but we are going full into development and even though we are taking now some time to switching to change and everything we know that we’ll be developing on EVM. So, we can really intensify and speed up the development right now. So, we are still aiming on launching our platform in Q3. And there will be traction because we do have clients that want it already. So, it might not be that will be opening up with a new country but who knows what actually happens, because there are a lot of talks going on the K3 side and the private investor side.
So, we also have some people in Nigeria right now that is actually going around the bigger communities of houses that actually need the connectivity there. So, there’s also opportunity from our potential customers to invest to bring the infrastructure there. So, it’s a lot happening. So once we launch in two months, it will be really close to the launch of the platform actually. And the tokens that are not going to be sold and there’s a lot of tokens that’s not sold, will just be burned. So, we’ll also start with a smaller market cap and with less selling pressure, because there are less tokens out and there will be one change that I can tell you about the best thing procedures. So, the time of the vesting won’t change. It’s just going to be the difference that right now we said we are each month we are releasing an amount of tokens but right now how we are doing it because we are switching chain, we can actually do this that at any point in time when you want you can even each minutes claim the tokens that you’re getting. So, the time of the vesting will be continuous. So, you can go and claim your tokens each month or you can claim them each week or each day or each minute. So, it’s up to you. And you’ll just get the proportion of the tokens that have been bested up until that time.
So, in a sense it gives the token buyer more freedom to do what he wants and on the other side, there will be no dates of big unlock. So, there should not be big selling pressure just before that as it usually happens. So, that’s some, I think, very positive thing that we can do right now with us with the vesting contracts that we are building right now.
The other thing is, I think Ruba has a bit of updates what we are doing in regard to marketing and going forward in the next two months.
Ruba Aramouny: 55:36
So, thanks, Sandi. So, one of the things one of the big conditions for the choice of a new chain is their community support and their official by them. So that we have a full network that’s coming and collaborating with us on growing 3air. So not only we will bring our community and grow our community, but there’s another community and highly motivated team that’s going to join, that’s going to get an influx into our community as well. So that’s going to be one of the big drivers of growth we’re going to see in the next two months.
Then from our side, what we’re going to focus on is giving the community a lot of information and educational value into what 3air is going to do for people on the ground, because after the TGE and after the DEX is actually launching and really becoming a usable platform for end customers. So, we want to put that forward quite a bit, also how 3air is going to change the lives. So, education, work, and eHealth for people on the ground. We have short stories coming out with our 3. So, our Mascot, our 3 robot.
We have a creative writer from Ghana, who’s been writing short stories and that will really show how 3air can actually improve people’s everyday lives, maybe things that you never even think about that will really come to life through that. We also have 500,000 3air tokens available for airdrops and giveaways. So, there’s still a lot more to come. And we can use that to grow the community as well as incentives.
Yeah, we’re going to continue our YouTube AMAs and we also added Twitter spaces. So, tomorrow is our first Twitter space where we have 3air live. If you want to join for that, we’ll be really excited to see you there. We think that it might be a good opportunity to increase the discussion a bit more, maybe it’s easier on Twitter spaces. So, let’s see, Sandi was on an interview last week on a Twitter space and it was really good. So, this is our first 3air hosted one. And of course, there will continue to be all of the things you’re seeing until now. So, the AMA is where you can always come and ask questions. And we’ll have guests who are important to the 3air ecosystem will all continue and then we’ll also have more joint PR, more marketing and communications we have the new website or webpage launching, we have our 3air Merch coming out. So, a lot of things that have already been planned have already been in the pipeline and are just going to continue and also be expanded on.
Anita Mlakar: 58:54
Thank you very much, Ruba. A lot of plants, really a lot meant to the community which is great. Sandi, I’m looking at you that you are a little emotional, like getting all the responses from the community reading it also answering in the community. So, you are.
Sandi Bitenc: 59:14
Yeah, for sure. I am, I really got attached to everybody there right now.
Anita Mlakar: 59:19
Right great. There’s a there’s a question for you Sandi. Why did you start 3air? What was the motivation? I know you have talked a lot about it but maybe people didn’t hear it or don’t know it yet. So, it could be said again.
Sandi Bitenc: 59:37
There was a lot of things around it. First of all, I need to say I didn’t start it for the money, so I made my money, for me it’s not really important if I work or if I don’t work. But the developer of the technology behind K3 is a friend, I know him well for quite a long time. And we’ve been speaking, and a lot and I’ve been speaking to the K3 team a lot during the years because I know them for quite some time. And when I was listening to their stories about what’s going on in Sierra Leone, where people are coming into your offices with cash, and it was like mind blowing, that’s not happening, it can be right, it is so bad that people really don’t have any bank accounts or means of paying with credit card and so on. I was baffled when I heard that you would need to go into offices to pay for a monthly subscription fee. So, I thought, then, maybe what we can do.
And then there were stories that they were telling me how the guys that are going around collecting the money so that people don’t need to come into offices that they get dropped and such stuffs. I’ve heard a lot of stories there. And I was thinking then, blockchain is perfect for something like that. And at that point in time, I just said, if we combine this really good, and we expand to Africa, really good and I’ve been also to Africa, and I’ve seen how it is there, I’ve seen children that are really smart. Just they don’t have the option to educate themselves. And you know that this comes out. So, my main mission, and my main goal here was we need to get internet there for people to have the option to educate themselves, and to really be able to- I’m always asking, you know, how many Einsteins are reducing per year in Africa, just because we cannot educate them. So, and that and also know, why wouldn’t somebody from Africa be able to work for Google or Apple or whatever. So, he/she can do that and comfortably from home. And we’re seeing all the poverty there. And those stuffs this is what I was thinking we can actually make a difference there, we can actually make a difference there with 3air and K3.
Anita Mlakar: 1:02:32
Yes, that is such a good point, staying on a mission and you have a mission, and you’re going on with it. This is great with the whole team and really looking forward to that. There was a question also, I lost it somewhere but if the private investors are still on board?
Sandi Bitenc: 1:02:52
Right now, nobody left yet. So, let’s see, we’ll see what happens in the next two weeks, three weeks. But I am confident that they’ll stay, I am, and I hope that the majority will stay. I really do because nothing is changing except for the tools that we are using in regard to Cardano. So, nothing else will be changed and I don’t think that we are jeopardizing any part of quality or security because of this. So, the platform will still be secure, it will still work really well. So, I don’t think that we are jeopardizing anything in that regards of what the platform will be able to provide.
So, in this sense, I don’t see why people would actually want to live, but I can understand that just some are just seeing the future in Cardano only. And we never said that we will not be, maybe going back to Cardano once it’s ready. Also, Cardano is saying that they’ll do some EVM compatibility. So, at that point in time, it shouldn’t be problem switching back, right.
Anita Mlakar: 1:04:16
You never know. So, we are over an hour today, of course with all the interesting subjects, and we will continue this conversation also tomorrow on Twitter. And I’m really looking forward to that. But we did promise Sandi also to give away today 1000 tokens, right? and we are doing that on every AMA and why not also today. So, I think the honor of this Sandi will be yours or Ruba’s.
Sandi Bitenc: 1:04:47
Let’s see you. what I would like to do is, so I would like to answer a bit more questions. It is an important AMA. We’ve been talking a lot we didn’t answer, what we answered now Two questions. So, I think I haven’t been following the questions at all. I’ve been talking all the time, but I think Ruba has been following a bit the questions you have been following a bit the question. So, though I would like to answer the tough questions. So, if something you found that should be answered, as I said, we are never afraid of answering any, but really, any questions, so, and I would also like to prove that, so whatever it is, even if it’s really a tough one, you know, let’s bring it forward. And let’s stay a bit if you’re up for it and answer a bit more questions. And Ruba, wasn’t there. So, so she can make somebody happy with 1000 tokens.
Ruba Aramouny: 1:05:50
I’m going to take some time then to go through because sometimes I choose someone, and then it’s the wrong person, or someone who’s already received it. So maybe I can then pick because this one’s been repeated quite a bit is, why go with Cardano in the first place, if you didn’t have the developer skills in house, at that point, I think you’ve already mentioned it, but maybe just make it clear. Again, I’ll repeat it for the people who are asking that question, why did you go with Cardano? And maybe also, in intend them, Like, why are you confident that it’ll work better on EVM? So, who do you have in house? Who can make this a success on an EVM compatible chain?
Sandi Bitenc: 1:06:34
Yes. So yeah, I answered the first part of the question a bit earlier. So why we went through I will just make it short. We went with Cardano because we were promised support that was first, and we didn’t think that it will be so hard to actually educate our own. So, there was the Plutus, Pioneer program, that didn’t work very well for our developers. So, it’s not enough, you need a different way of thinking, and we just didn’t know that. And yeah, it was a mistake from our side, for sure but we did, we were expecting more help from the Cardona community. And we did think that it will be easier to onboard new Haskell developers.
We said, we won’t be, fool into developing the platform up until we actually hit the soft cap. We did start developing it, but we just were struggling so much, and we thought that up until we get to the soft cap, we’ll be able to onboard new Haskell developers. So, this is why we went and why we went with Cardano. As I was saying all the time, it’s just, we really like what Cardano stands for. We like how the platform is being built in regard to having everything proven and with all the papers behind it, backing it and so on. So that’s, a lot of good things about Cardano and we are sad about leaving them and why we think we’ll be doing better on an EVM compatible chain is just because we have senior developers that have been working on EVM smart contracts on solidity they’re in house, we have them.
Anita Mlakar: 1:08:31
Okay, Sandi, there was a question says the toughest one Nicillya, will we get the ADA back one to one? And if not, why?
Sandi Bitenc: 1:08:41
No, that’s impossible. There is no one to one ADA. So, we did spend money from the presale for marketing or part of the development and other stuffs and we will show all what has been spent and how it’s been spent and nothing- I myself, I didn’t take one pay. So, you’ll see that the money spent was really spent well and we didn’t overspend at all. So, we’ll be laying out all the everything in detail. What has come in, what has come out, what’s left and how much you can get out if you get out. So, and that’s also something that’s been laid out from the beginning. We said if we don’t hit the soft cap, we will offer refunds, but minus expenses. So, you’ll see that the expenses are really reasonable, but we cannot offer one to one, that’s for sure not.
Ruba Aramouny: 1:09:56
And it’s also written in the blog post that if you don’t leave, then nothing will be deducted because you’re not trying to get anything out. So, then you just keep your buy in and you’re there in the next presale, and you’re there for TGE.
Anita Mlakar: 1:10:11
Okay. Bruno is saying, makes no sense to me to change chain seems like a decision made purely by private investors and not the community.
Sandi Bitenc: 1:10:23
No, the decision is mostly based on us being able to do quality development and being ready with a platform within six months. That’s the decision. That’s the biggest part of the decision is that. And to be honest, also, my personal opinion is that nobody is able to create what we set out to create without platform within six months on Cardano. Nobody right now, I don’t think that Cardano is ready to have such a big project on chain at this moment in time, not up until they have Hydra. And also, we do need a Atala PRISM prison for it. And that’s also not operational right now. So, there are a few things at this moment in time that we didn’t anticipate. we thought we assured Atala PRISM will be ready. Cardano won’t have really problems with throughput. It should be a fast chain, but right now with one DEX on it, it’s really getting slow already. So, it’s not in any way, a private investor decision, that I guarantee you.
Anita Mlakar: 1:11:44
Okay, Richard is asking do you think our 3air project is killed by IOG open support for World Mobile?
Sandi Bitenc: 1:11:55
It’s not killed. So, it’s our fault. It didn’t work, I need to take the blame here. So, we should be able to anticipate that but yeah, we did rely on some help from them that didn’t come. So, we did get some blockage somewhere. Although I cannot pinpoint it. It’s really hard. I also cannot talk about World Mobile because we have an NDA with them. So, it’s also something that I cannot talk about at all.
Anita Mlakar: 1:12:28
Okay. Which are the most important steps of marketing next? Are you ready Ruba to explore the RealFi world, this project has strong keys of marketing?
Ruba Aramouny: 1:12:42
Good question. So, yes, definitely. And that’s also one of the focuses that we’re going to lay over the next few weeks. So, we’ve already started with our last blog posts, and one that’s coming about what the current situation is stages of connectivity in the countries that we want to launch in. So, we had our top three countries that we laid out in the white paper, which is Nigeria, we have the Democratic Republic of the Congo, and Sierra Leone is already going with Q3. So yes, we are wanting to put a focus on the RealFi aspect and the actual service and platform that end customers will use because we also believe that this is something that is a big differentiator for 3air as it’s a real thing, it’s going to have real customers, there’s a real-life demand for it. It’s not a virtual project, like something that somebody invented, and it’s not going to really have utility, it’s actually very useful. And something that is the best of both worlds. So, you have a real demand, you have a huge market potential, you have a very nice purpose. And then you have the blockchain aspect, which is amazing because you can solve a real-world problem with the blockchain solution. So that’s for sure something that we want to focus more on. And what we’re also really looking forward to is joining forces with the community that we’re going to launch on.
Anita Mlakar: 1:14:28
Thank you, Ruba. Another question, what skills is 3air is lacking?
Sandi Bitenc: 1:14:38
Right now, if we want to develop on Cardano for sure, Haskell developers. I think moving to another chain solves our biggest flaw and the biggest lack of skill and with this, I’m feeling far more confident right now in regard to being able to develop and present what we actually said that we will do. So, we do have a working telecom system the K3 last mile has been proven to work. It’s operational in Sierra Leone, we have developers that have built the software, off chain versions of the software already. So, now we are putting a part of it on chain with our developers that know how to code in solidity and have been working on smart contracts already. So, in that regards, I think we are really well covered right now. I think you can trust Ruba that she’ll do a good job in marketing.
So, it’s that we have the funds to develop, we have the funds to market. we are looking into, and we’ll be coming out really soon with a good partnership with a chain that’ll be an official partnership, official endorsement from them with a grant with promoting us through to their community with joint marketing efforts. So, it’s going to be a game changer in that regards for us. And I don’t know so and then you need to also just assess if I’m a good enough leader, if I have the skills to do that. So, I hope that I also convinced you that I am that guy and with that, I think that we are good with the skill set but you never know.
We also thought that we’ll be able to manage the Haskell that was a bit of a question. I don’t think that that’s a question right now, we do have developers who have done already the work. We didn’t have those before we just assume that that will go well. So, I don’t think that in regard to development. That’s a question anymore.
Anita Mlakar: 1:17:21
Let’s go to another question. Based on your journey so far, how long do you think 3air needs to achieve its goals? will chain change lead to project delay?
Sandi Bitenc: 1:17:34
Yes, and no, in regard to developing the platform, we won’t be changing a lot, maybe there will be a month of delay. Or not even that, I think that we can right now develop faster that we set out in the beginning because we did calculate in a bit more slow, slower development. So, I think we’ll still hit the Q3 launch of the 3air platform but what might get a bit postponed is the launch of Nigeria because there are not the funds there yet that we would need the funds right now, we would need to start the investment right now if we would want to open Nigeria within six months. So that’s not here right now. There is a really big important meeting coming in Ethiopia tomorrow, which might bring in a big investor, then we won’t be even so far off of timeline, just that instead of starting in Nigeria, we would be starting in Ethiopia but there might be delays there in opening up a new country.
Anita Mlakar: 1:18:53
Okay. Lawrence is asking, so when is TG actually happening?
Sandi Bitenc: 1:18:59
TG will happen within six weeks.
Anita Mlakar: 1:19:06
Sandi Bitenc: 1:19:07
Anita Mlakar: 1:19:11
Looking, if there are any more questions. Okay, now we have one, what are you missing to reach your goal? Like what is the real challenge for you? Is it the support from the community? Or is the tech side of the project that needs more attention? Michael is asking.
Sandi Bitenc: 1:19:32
So, if we would stay on Cardano that would be for sure something that would be missing, but just because we don’t see the option of getting this we are switching away. So, on the other side. Yeah, we are hoping to get that, and we already have been sent over a signed letter of intent from one of the projects or offering us all this. And we just need to take it.
What’s missing? It’s still missing the funds. So, if we would want to have everything as we set out in the beginning, we are still missing the funds. So, we are now regrouping, reorganizing, and we’ll go for another try and who knows, next two months, we’ll be working even harder than up until now. We’ll be working in a bit of a different ways. We also hope that the market will pick up now slowly. And that’ll also bring us some positive changes.
Anita Mlakar: 1:20:47
Okay, let’s go to another question. Why did you wait till the presale ended to say that that’s a huge change?
Sandi Bitenc: 1:20:56
We didn’t take the decision before that. So, we were still thinking, you know, maybe everything picks up and then what we should say, two days before when we actually made the change. I think, right now we have all the data, we can say we didn’t hit the soft cap. We got in so and so many funds. So, this is not happening. What if we would reach the soft cap in the last, what then? so then we wouldn’t be changing? If we would hit the soft cap, we would stick and then we would just do the development probably a bit slowly, probably hiring some or pressing a bit more on Cardano and so on. I don’t know but if we would hit the soft cap, we would be staying on Cardano we wouldn’t be making that change to the investors but right now, we didn’t and we were far off.
So now it’s the decision, either we go as we set out and we stop the project altogether and return the funds to everybody or we are just offering the ones an exit under those terms that were set out in the beginning. So, we’re not changing the terms for anybody actually. And but for the others that want to continue with us. We are also offering that option.
Anita Mlakar: 1:22:36
Okay, Nicillya is asking, where can we find the blog post that you were talking about Ruba?
Sandi Bitenc: 1:22:44
Medium are our Medium channel.
Ruba Aramouny: 1:22:47
And someone already posted it in telegram now already.
Anita Mlakar: 1:22:51
Okay. Do you know your customer? If you’re talking to everybody, you’re talking to nobody, says Create it with Michael, do you know your customer?
Sandi Bitenc: 1:23:06
Ruba, you want to take on that one.
Ruba Aramouny: 1:23:09
And yes. So there’s a whole outline in- so if you’re talking about the customer in the target market, yes, there’s a whole outline on the current alternatives in the target countries and also who has the actual buying power of using 3air and the K3 last mile solution, what the pricing will be and yeah, who was the first target, then once the pricing will be able to go down? Who can be the expanded target market? So yes, we do know who we can approach first and then who we can approach once and market to once we have more mass scale adoption.
Sandi Bitenc: 1:23:58
And on the other hand, we were targeting the Cardano community so our Twitter and everything that we were doing was, all the all the posts that we were doing all the PR and the paid articles, or anything was actually focused on Cardano community.
Anita Mlakar: 1:24:17
Okay. Moving to another block chain, your tokenomics will stay the same and the pre buyed token amount will stay the same too? that’s the question.
Sandi Bitenc: 1:24:28
Yeah, the pre by token amount will stay the same. That’s not changing but we are changing a bit the tokenomics will take some tokens away so there will be less tokens for sale and for the next round of the presale that will be for just a week the price will be higher. So, we are actually setting now a bit of a higher price point for everybody. So, this should be good for the current investors. We’re not changing anything for the worst.
Anita Mlakar: 1:25:03
This is a question for Ruba. How do you think your brand 3air, of course, compares to your competitors?
Ruba Aramouny: 1:25:13
Create it with Michael is on fire today. So well, first of all competitors is a big word, I think because since we’re purpose driven, we really like our overarching thing is the purpose that we’re following. And we’ve said it in an AMA before, the more ways that people can get connected, the better. So that’s something that we really want to put forward in all of our communication. But when I, what I think are the USPs for 3air is that we’re broadband solution. So, a lot of the alternatives that are on the same, connectivity journey or mobile solutions, or, or satellite solutions. And here, it’s really a broadband, high speed solution. We’re talking about, something that the three of us are on right now. So, something that you need to do online work, and online education and streaming and all of the other parts that come with having not just internet, but really using it in your everyday life and for work and for businesses. What I also think we’re different in or are good at, I think we have a very strong community. So, the ones who buy in into our mission are very engaged and that’s really good. And, yeah, I had another one that just dropped out of my mind, but I will think about if I remember, I will come back to.
Anita Mlakar: 1:27:07
Okay, thank you. Ruba.
Sandi Bitenc: 1:27:09
I think, now we are an hour and a half, I think we can wrap up slowly now give away the 1000 tokens and we’ll continue this on tomorrow Twitter spaces, and then there, you’ll be actually able to just post your or say your questions live. We’ll be doing it the first time. So, I hope everything runs well.
Anita Mlakar: 1:27:40
Yeah, that will be a challenge, but Ruba is the one who will give the 1000 tokens away now.
Ruba Aramouny: 1:27:49
Yes, so I will give it to Create it with Michael because he asked a lot of really good questions. And yeah, it’s funny and interesting.
Sandi Bitenc: 1:28:01
Okay, so Create it with Michael, congratulations, you’re getting 1000 tokens from us. Please, enter your details, nothing personal please into the chat. So that we can actually contact you. The best is a Twitter handle or a Telegram handle something like that.
Anita Mlakar: 1:28:28
Yes, we need the information so that we can give you the 1000 tokens and you can say thank you to Ruba.
Okay, now, this was an awesome AMA, we explained so much and give so many answers. And of course, we will continue this conversation tomorrow, on Twitter looking forward to that, too, it will be a little different. We won’t see each other, but we will hear each other, and you’ll be able to write. So that’s another challenge. And of course, thank you for being with us. Thank you for all the support and all nice comments, also the ones who are not so nice, but asking a lot of questions, which is good for the community, and to receive all the answers you want to know.
So, thank you again for staying with us to being in our communities, Telegram, Twitter discord, we are there also answering your questions, like you said, Ruba. There’s also a paper, a blog about everything that we were talking about today. And that’s great, too. So, looking forward to hearing you tomorrow and prepare your questions. We will continue these conversations.
Sandi and Ruba. Thank you very much.
Sandi Bitenc: 1:29:35
Thank you and we are not going anywhere. So, we’ll be here. We’ll answer all your questions that you have. So, I think I’ll take some more time now and go to our social channels and try and answer I see that there are already 63 comments in Telegram unread so yeah, I’ll stay around for some time.
Anita Mlakar: 1:30:01
It will be a late night, thank you and 3air is continuing the journey. Bye.
Sandi Bitenc: 1:30:10
Ruba Aramouny: 1:30:11
Anita Mlakar: 1:30:12
Thanks to all of you, bye.