On 19th oct 2021 , Pentonium had a Ask-Me-Anything session with KCC on their Telegram page with a community of over 6,000+ people. It was hosted by William.
If you missed this event and would like to know what Pentonium is all about, you can find a recap of the interview here. Note that slight edits have been made for clarity, and links in this recap lead to images, documents, or other media.
[ William ]
Alright folks, this is William. I am one of the ambassadors of KCC, and I will be your host for today’s AMA
I am very grateful to everyone for participating in our event. Before we start, let me give a brief introduction of KCC.
Kucoin Community Chain (KCC) is a decentralized & energy-efficient public chain that provides developers with an efficient, high speed and cost-effective on-chain environment. We launched our mainnet on June 16 this year and have been dedicated to growing our ecosystem.
[ William ]
Till now, we have many awesome projects and teams launched on our network such as our Grant Winning projects: Pentonium!Some of you may know them already, but let’s welcome @beingimperfectionist!
Take it away Rupak, and introduce yourself please
[ Rupak Kumar ]
Hi Will, it really nice to be here
[ William ]
Welcome!
[ Rupak Kumar ]
let me introduce myself a bit
This Is Rupak, Co-Founder and Product Manager at Pentonium.
I have experience of 3 years in Product vision, development, and management.
Apart from the professional side, I also like to write stories, poems dipped in philosophy. I have also directed a few short films as a passion. So, I am the kind of guy who can tell you what our product is and what next best movie you should watch tonight.
I and Abhishek are the co-founders of Pentonium, we have previously worked on both crypto and non-crypto space, we recently have worked over Polkally (NFT Market Place), JorrParivar (Community driven NFTs), YNOT finance (AMM with directional LPs) to build their product.
Our team consists of 2 solidity devs working full time to develop the product, we have a marketing team guided by Nikki, while operations and security are headed by Parvez, who is recognized by Microsoft, Sony, and other pioneers of their industries.
I and Abhishek started this full-time last December. From past experience I gave my best to develop the flow of the product. How can we minimize the problems faced by freelancers in the most efficient way. I & Abhishek have invested almost 10 months just for product development. We just did not want to present the dream of a futuristic idea, we wanted to come up with the real product itself.
[ William ]
Your experience sounds interesting! I guess you must have a very romantic mindset. And your team have 6 people in total, right?
[ Rupak Kumar ]
yes
[ William ]
That is amazing. It is a great start, and you guys are pulling heart on this! For sure, we need more of these products in the crypto space to implement crypto to real use cases.
To move on, would you mind sharing more about the project then? What is Pentonium?
[ Rupak Kumar ]
thanks Will
yeah sure
Pentonium is a decentralized freelancing platform backed by XT Labs, with DAO at its core to provide a community-driven framework for dispute resolution. Pentonium is a one-point solution for data manipulation, high fees, and home-to-features like private job posts and P2P chat.
We really thank the KCC team & community for recognizing that we are bringing something valuable to the blockchain. It is really helping us to accelerate the process in terms of developing the product, in addition to that, we have also realized the recognition that we got. We love the way the KCC community is working and the support they have shown since we have applied and got the grant.
[ William ]
For sure, KCC is more than willing to help teams and projects native to the community to build a powerful ecosystem.
Back to the project, adding on to what you have shared, what can we expect from Pentonium as a freelance platform?
[ Rupak Kumar ]
A freelance platform is a marketplace where a client posts his requirements for a project to hire a freelancer or a freelancer posts gigs he usually does which a client can order. The freelance industry is right now valued over a trillion and is growing as more and more people understand the freedom they get by becoming a freelancer. Fiverr and Upwork have driven this sector very well and are growing so far.
[ William ]
Yes, I personally sometimes use Fiverr. I see you also mentioned Upwork.
May I ask what are the differences between Pentonium and Fiverr, Upwork or other Freelancer projects?
[ Rupak Kumar ]
sure
The freelance industry is led by a few of the centralized platforms as so far it’s been a game for trust, freelancers trust them that the website will release their funds once the job is done, while clients are assured by the brand name that they will get their money back if the job is not done or was not satisfactory. The trust was created by the brand hence there was no room for other players to lead it, but decentralization has opened doors for players like us to code the trust and deliver it to the users. We don’t need to push marketing to assure we are trustworthy, we have coded the trust mechanism.
Apart from just that, we have introduced a democratic way to resolve disputes through DAO, a transferable agreement based on NFT which keeps all your previous orders intact even if you change platforms, there is no need for registration, long forms, or waiting time to get your funds. We added privacy and features like private jobs supporting the sponsorship economy and are doing all these and charging one-fourth compared to a centralized platform.
[ William ]
Yes, trust is one of the pain points
[ Rupak Kumar ]
that’s what we focused
[ William ]
Very interesting, a decentralized way of thinking.
Would you elaborate that a little bit more, like how you integrate NFTs and DAO structure?
[ Rupak Kumar ]
A DAO structure is built for resolving disputes, we have a community referred to as Marshals. Whenever both parties raise a dispute and pay the dispute fee, 5 of the Marshals will come together to judge the dispute and vote in the A/B manner, the winner will get the amount back and also the dispute fee.
Our Agreements are basically NFTs hence have several features, they can be transferred just like an NFT, which means you can move your entire gig to a different platform with all the history you have with it, this also makes it possible for the community member to design their own freelance or a similar platform with integrated Escrow and Dispute resolution.
[ William ]
I see. But how do DAO decide who is going to be Marshals? What if Marshals have an incentive to cheat, do you guys have any solution to prevent that from happening?
[ Rupak Kumar ]
Yes, anyone one who wants to become Marshal has to stake min. 1000 PTM tokens in the Pentonium Vault. Once this is done, he/she is eligible to apply for the job, after that Pentonium community will vote for those people in Yes/No manner, the person getting more 50% votes will become Marshal.
Marshal can also get checked through a different structure, an order might get re-evaluated in case of dissatisfaction of either party, in that case, if the previous evaluation doesn’t match with the current one, Marshals engaged in previous evaluation with a different decision will be charged with a penalty collectively to reimburse the current dispute evaluation fee. Which will decrease their PTM stake hence will force them to evaluate orders carefully. This becomes possible as applying a hold on dispute fee for 24 hours to give users a chance to apply for re-evaluation. This structure helps rank a Marshal as he grows with good decisions over the time while loses control over big orders in case of wrong decisions.
[ William ]
Okay, another election process for Marshals, very interesting
Let’s move on to the next question. One user asked this question on Twitter.
[ Rupak Kumar ]
okay
[ William ]
BTW, for users participating in the AMA today. You will have a chance to ask Rupak questions as well. We will open up the chat later for that. So, you can start to write down something now.
Back to our part, this user asks “DeFi is a hotcake while Pentonium is doing very differently from other projects, what value proportion it brings to the market?”
[ Rupak Kumar ]
DeFi is of course a hotcake but we all should remember it’s not the only use case of decentralization, if we won’t create such a platform someone will, as more an have more people understand that they are getting freedom by working on such a platform they feel more comfortable working as a freelancer. Just like blockchain, remote freelancing has just begun and has a long way to go. We are here to innovate and improve how freelance should work.
[ William ]
You are right. Due to the pandemic, a lot of people are working remotely.
Also, someone needs to make the first step.
Awesome, can you share with us what can we expect from your products? Or which stage of the product development is in right now?
[ Rupak Kumar ]
We have developed the contracts needed for the product and are working towards finalizing the UI, the product should be up within 2 months of time. We have been constantly updating our community on what we are working on and what all things we have done yet.
We have partnered with Alchemy, one of the best node providers, Hypersign for providing us the infrastructure of DID and SkyNet for creating P2P encrypted chat.
[ William ]
2 month! Glad to hear that! For sure I will try to post some offers on it when it gets out.
[ Rupak Kumar ]
great Will
thanks
[ William ]
Well, another thing that investors care about is tokenomics.
Would you mind sharing that a little bit, and how you plan to bring value to your token?
[ Rupak Kumar ]
I was looking for this question to be asked
[ William ]
Cool, I assume you must have a very clear answer for it.
[ Rupak Kumar ]
Making product is one thing and making it valuable is another
[ William ]
Agree
[ Rupak Kumar ]
Absolutely to ensure this, we have a proper vesting period and a plan to release them that we have mentioned over the blog.
But to make it work, the token also needs to be intact with the platform to ensure there are proper use cases for it:
1. Freelance platform charges a 5% fee in PTM on each order completion which is locked from the day of order till the delivery.
2. Service Providers can run ads with a minimum of 100 PTM for a day.
3. In case of dispute, both parties pay a dispute fee in PTM which is 1% of the order.
4. Marshals are required to lock a minimum of 1,000 PTM or more to earn a dispute fee.
5. To become a Marshal, one needs to go through voting, the community needs a minimum of 10,000 PTM to vote in or against a Marshal.
[ William ]
I see. Would you mind sharing the link to your blog? So that people can also check it later.
[ Rupak Kumar ]
sure
https://pentonium.medium.com/understanding-ptm-tokens-58914f101f7a
[ William ]
Thank you Rupak for your clarification!
[ Rupak Kumar ]
Welcome
[ William ]
So, next question I want to ask is what kind of role do you think the community is playing in your project, and why Pentonium in general?
[ Rupak Kumar ]
Actually, the main issue in freelancing is that we can’t find quality work. Why?. because the skilled people leave freelancing as there is not enough security and guarantee that they will get what they deserve. By coding trust, we are making an environment where they can make deals carefree and we will secure the deals with our DAO. This will eventually attract skilled people, in fact, we have more than 50 solidity devs in our community who are willing to post their jobs over our platform. And I can confidently tell you that if we don’t do this now, someone else is going to come and rule this industry with this idea because this is not about trends. Trends will come and go, the real economy always exists.
Community is the key to success here, not just of freelancers but of protocol politicians and arbitrators. Freelancers can interact with each other to improve their skills together and share their tips and tricks, while protocol politicians can help us give a direction where we should grow. The most important community for us is of an arbitrator, we have a stretched plan for them where they will be able to earn monthly passive income from Pentonium’s treasury. All these things will be rolled out after the platform is up.
We do have plans for early adopters, for now, we are running campaigns for testers over KCC testnet, where there is a reward pool of $100 for them while we have a plan for a bigger pool with the full-fledged product.
[ William ]
Do you have the link for that? How can people participate it?
[ Rupak Kumar ]
We are in a ideation stage, we will do it when we are on a teastnet with our main product
We will definitely spread this in the community
[ William ]
Sure, please inform the chat when its ready
One last thing, did you guys get any institutional investors yet to support you in this journey?
[ Rupak Kumar ]
sure
[ Rupak Kumar ]
Yes, we are backed by XT Labs, and of course, KCC Grants has helped us a lot in this journey.
[ William ]
Cool. For the next part, we are going to open up the chat for questions. If you have anything you want to ask, get prepared!
[ Rupak Kumar ]
all prepared
let’s start
[ William ]
Sure.
The chat is open now. If you have any questions, feel free to ask Rupak!
[ Phi Vụ Thế Kỉ ]
Each project has special functions to create a brand. Pentonium can tell me some outstanding functions of the project?
[ Rupak Kumar ]
Sure, we have the following key features:
Private Jobs to cater Content Creator businesses, P2P Encrypted Chat between Service Provider and Clients, democratic dispute resolution using DAO, no data manipulation and many more such functionally in a four times cheaper price then a centralised platform
[ laviiii ]
Collaborations and partnerships are some of the most important corner Pentonium to help improve adoption. Can you tell us about Pentonium current partners, plans for partnerships and what everybody stands to gain from these partnerships?
[ Rupak Kumar ]
Thats true, our trusted partners are Hypersign, KCC, Alchemy, Skynet, Polygon & XT Labs
We are regularly in touch to make the platform better and successful
[ Alex ]
Why is so important Pentonium for KCC users? Can you give us some examples?
Why should I buy PTM🤔?
What will be Pentonium in a year?
Maybe a social media platform🤔?
[ Rupak Kumar ]
Pentonium is a next generation freelance platform, to understand why is it so impoortant to tap in this business right now is, we can understand how Fiverr has grown in just these two years. Their IPO of $20 is now valued is aprox $200. And its not just about that, as more people understand how freelancing gives freedom to their work life more and more people would be joining it. In an year Pentonium should be catering for big businesses to provide them quality freelancers at a cheaper price in a trusted way
[ Game Dễ ]
Can you list the most important strengths of Pentonium that make it stand out from other projects? What strengths do you believe in the most in your project?
[ Rupak Kumar ]
We at Pentonium understand this business from top to bottom as we have been a freelancers and have hired them as well. Have got scammed as well as not got paid some times. Our team has made a strong product and paved the way to help the new generation freelancers.
[ Radusch ]
Staking, NFT is very hottest, do you think you will apply NFT technology to your products in the achieved future?
[ Rupak Kumar ]
Of course, we see NFT is a technology which can make our autonomous agreement protcol to the next level. The functionality we have added using NFTs are never been seen before. We have a blog on that. Please go through
[ William ]
Alright, thank you Rupak. And thank you for people who asked the questions. I will take it over now
If your questions are not answered, you can still visit Pentonium’s telegram group and aks them there
Would you mind sharing the link to your twitter and telegram group?
[ Rupak Kumar ]
We are thankful to KCC and the community for such a wonderful support
Please join us: @pentonium
Twitter: https://twitter.com/pentonium_ptm
[ William ]
Congrats! If you are one of the winner, please DM Pentonium on Twitter to claim your reward!
Thank you Rupak for joining us today, and thank you all for being here as well!
The recap will be available soon on Pentonium.
Thank you guys, bye bye!
[ Rupak Kumar ]
Happy to be here.
About Pentonium
Pentonium is a decentralized freelancing platform that will create a global market for freelance talent
offering crypto-related services like solidity development, community management, exchange listings
related services and many more.
Website | Deck | Onepager | Telegram group | Twitter
