AMA: Session with SmartOne (17.10.2017)

The SmartOne Team was preparing a token sale with start date 30th of October which is still going now in November. In an “Ask Me Anything Session” in our Altcoin Telegram Channel at Tuesday 17th October 2017 the team was one hour available to answer all questions from the community regarding this new project (Names of community members are anonymous):

Mr. A, [17.10.17 20:59]

Good evening Ladies and Gentlemen. Lets start with the AMA Session for SmartOne

Mr. A, [17.10.17 20:59]

Samuel, how would you describe your project in a few words?

Samuel Dionne, [17.10.17 21:00]

Hi everyone! \@cryptopat, Reto and myself are really happy to be here.

Samuel Dionne, [17.10.17 21:01]

[In reply to Mr. A]

In a few words; oh well! I love to describe it as making a bridge between traditional laws and the blockchain.

Samuel Dionne, [17.10.17 21:01]

A force of digital lawyers. Basically, we are trying to build a marketplace where members will be able to buy legal services with our tokens and that for a discount.

Samuel Dionne, [17.10.17 21:02]

We are also believing in the automation of processing and think that it has a big part to take in the future of the digital regulations. Therefore, we are trying to minimalize the time usage of such steps.

Samuel Dionne, [17.10.17 21:03]

You said a few words but I could keep on for a long time!

Mr. A, [17.10.17 21:04]

So you buy legal advice with this token from you?

Mr. B, [17.10.17 21:05]

question: you say it is about "making a bridge between traditional laws and the blockchain." but then it is a "market place to by legal services". So it is a bridge between law or lawyers?

Patrick Salm, [17.10.17 21:05]

Hello everyone, glad to be here.

Patrick Salm, [17.10.17 21:05]

[In reply to Mr. A]

Initially, support will focus on the creation of white papers and the legal assessment of tokens in preparation for TGEs. From December onwards, we envisage that the expertise available on the SmartOne marketplace will also include tax, regulation, compliance and token security.

Mr. E, [17.10.17 21:06]

Hello Samuel. you say "digital"? should the legal information be automated or from human to human (of course, online)?

Mr. C, [17.10.17 21:06]

Where is the advantage of using your token compared to a well established one like BTC?

Reto Stiffler, [17.10.17 21:07]

[In reply to Mr. A]

It`s not only a means of payments for our services, depending on your membership status you also get a lot of advantages.

Mr. D, [17.10.17 21:07]

[In reply to Samuel Dionne]

When you say „by a discount“, how do you accomplish this exactly? Why should lawyers do work for less?

Samuel Dionne, [17.10.17 21:08]

[In reply to Mr. B]

Both actually! Bringing lawyers who are aware of the current regulations being put in place into a marketplace where they can offer their services. There is a lot of different adaptations to be made.

Reto Stiffler, [17.10.17 21:09]

[In reply to Mr. C]

It`s much easier to create a voucher on a platform such as Ethereum. We use our own token, because Ethereum has an inflation of 11% (at least at the moment) and it goes to the miners. We have a very low inflation of 1% and it goes to the LEGAL community.

Reto Stiffler, [17.10.17 21:10]

[In reply to Mr. C]

And supply/demand is really dependend on the LEGAL ecosystem. Even Ethereum created two tokens: Ether and "Gas".

Reto Stiffler, [17.10.17 21:11]

[In reply to Mr. D]

It all about CRM (customer relationship management). Lawyers offer a discount and get more clients.

Mr. B, [17.10.17 21:11]

Question: the whitepaper makes a long description about the ICO, but in the paragraph (5.3) about the protocol (which should be the most important part) it only states that the will be a protocol.

  1. Can you give more details about this protocol?

  2. how can you convince people to invest in the ICO if there is no description of the protocol you are building?

Samuel Dionne, [17.10.17 21:12]

[In reply to Mr. E]

Automation is a big part of the game (terms of services and what not). We just believe that the demand is so high that it wouldn't be scalable to do human to human for many kind of services (KYC is an example).

Samuel Dionne, [17.10.17 21:14]

[In reply to Mr. D]

They are not working for less; they are getting the access to a huge market of digital projects who need legal services. Therefore, the price is lower since we are providing them with a platform to get an higher volume of clients.

It's a win-win situation.

Patrick Salm, [17.10.17 21:15]

[In reply to Mr. B]

The protocol is at the moment in audit phase. It will be released once the security audit is completed and publicly available on Github.

Mr. B, [17.10.17 21:16]

ok. good. so it will be available before the ICO?

Mr. E, [17.10.17 21:16]

problem. At the moment, there are no laws on cryptosis in many countries. how do you manage the volume when laws come? in the whitepaper are only 2 lawyers.

Samuel Dionne, [17.10.17 21:16]

[In reply to Mr. B]

Indeed! Should be available in the next few days. Hacken.io is currently reviewing our code.

Patrick Salm, [17.10.17 21:17]

[In reply to Mr. E]

We have more than the lawyers in our team, as mentioned before we have a marketplace for legal services: https://www.skuani.com/en/blockchain

Mr. B, [17.10.17 21:18]

too bad to do the AMA without the code :(

Mr. E, [17.10.17 21:18]

Okay

Reto Stiffler, [17.10.17 21:19]

[In reply to Mr. E]

And we will work together with foreign law firms.

Reto Stiffler, [17.10.17 21:21]

[In reply to Mr. B]

The code will be soon on Github. Please feel free to contact us afterwards. Or we could do another AMA before the launch.

Mr. E, [17.10.17 21:21]

OK. and how is it ensured that the "service" is 100% good. the quality of the lawyers from the market place?

Samuel Dionne, [17.10.17 21:22]

[In reply to Mr. E]

Law firms who are registering into the marketplace are reviewed and hand picked!

Samuel Dionne, [17.10.17 21:22]

Therefore, I would say that yes the quality of the lawyers and their knowledge is a big insurance, aswell as the rating system that will be put in place.

Reto Stiffler, [17.10.17 21:23]

[In reply to Mr. E]

Lawyers are rated. It`s a bit like on Ebay. And before we work with a company, we will do our due diligence.

Mr. E, [17.10.17 21:23]

even if the code is not there. it sounds like a central system.? or is your ecosystem as decentralized as many other cryptos?

Mr. B, [17.10.17 21:25]

Question: based on my personal business experience, and private experience (my wife is a lawyer too - never marry one😱 ), a lawyer is most of the time more close to a psychologist. In case of stress, he can take over some processes (litigation or even negotiation). How do you factor in the protocol, this very basic human interaction ?

Reto Stiffler, [17.10.17 21:25]

[In reply to Mr. E]

Because we will work with third party lawyers, the counterparty risk will diminish. You will be able to also buy services from other law firms.

Patrick Salm, [17.10.17 21:27]

[In reply to Mr. B]

He will get more for his services (for example for consultation phone calls such as https://www.experty.io/en)

Mr. E, [17.10.17 21:27]

[In reply to Reto Stiffler]

What i mean: where is the legal-blockchain executed? absolutely decentralized?

Samuel Dionne, [17.10.17 21:28]

[In reply to Mr. E]

It is an ERC 20 tokens and a mean of access to a service.

Mr. E, [17.10.17 21:28]

Ah erc20. Okay

Reto Stiffler, [17.10.17 21:30]

[In reply to Mr. E]

There is no legal-blockchain. Our ecosystem is built on Ethereum. We are building smart contracts or apps on Ethereum, for example our KYC protocol. It`s a bit like the internet and webpages.

Mr. E, [17.10.17 21:30]

All right. I understand.

Mr. E, [17.10.17 21:32]

Ico details? There are only 2 phase?

Mr. E, [17.10.17 21:32]

7+7 days? Then end?

Reto Stiffler, [17.10.17 21:33]

[In reply to Mr. E]

Yes, we realized that many ICOs have high volume at the beginning and at the end, but only low volume in between.

Samuel Dionne, [17.10.17 21:33]

The first processing will allow users who do verifications to have a 10% bonus.

Mr. F, [17.10.17 21:35]

Can u elaborate a bit about the reason(s) why you plan to do a crowdfunding platform and a marketplace for legal services in the same project?

Samuel Dionne, [17.10.17 21:35]

[In reply to Mr. F]

Is your question concerning the reasons why we are raising funds?

Mr. A, [17.10.17 21:36]

Any plans to oboard some known firms as froriep or MME?

Mr. E, [17.10.17 21:36]

where can you buy the token later? (who did not buy at ico) directly on your platform exchange usd?

Reto Stiffler, [17.10.17 21:37]

[In reply to Mr. A]

We know the people from MME very well and appreciate there work. Hopefully we will work closely together. The cake is enough big ;-).

Mr. F, [17.10.17 21:38]

[In reply to Samuel Dionne]

no not because of the funds more because of business operations.. i think its quite a different "animal" to run a crowd funding platform or a services marketplace but curious what were your thoughts behind this plan..

Samuel Dionne, [17.10.17 21:38]

[In reply to Mr. E]

The tokens will be tradable on exchanges later on. We believe that with the membership schema that we have and the rewards that are given to those who are holding our tokens; a certain rarity and demand will be quickly created.

Mr. A, [17.10.17 21:40]

Any reasons to buy the Token without needing a Whitepaper or Legal Advice?

Samuel Dionne, [17.10.17 21:41]

[In reply to Mr. A]

Actually, there are quite a lot; but I'll let Reto explain that one.

Mr. C, [17.10.17 21:41]

[In reply to Mr. A]

+1

Mr. E, [17.10.17 21:41]

[In reply to Mr. A]

+2

Reto Stiffler, [17.10.17 21:42]

[In reply to Mr. A]

Sure. Depending on the membership status you will be prioritized and get an additional bonus on ICOs organized by SmartOne.

Samuel Dionne, [17.10.17 21:42]

It's a good question and something we are trying to explain. Reto has been working on writing down the investment benefits aswell.

Samuel Dionne, [17.10.17 21:43]

[In reply to Mr. A]

From a point of view of an investor (if I was to look at the project from a distance); I'd say that a good reason is basically the upcoming wave of regulations and needs for legal services.

I can't predict the future but I believe those services will widely be needed later on in a more controlled Blockchain and is therefore a good investment opportunity to secure.

Reto Stiffler, [17.10.17 21:44]

[In reply to Reto Stiffler]

As an example (it really depends on negotiations with the clients/sponsors of ICOs): Someone launches a 50 m USD ICO with us. 1 m USD will be reserved for LEGAL token holders and it will be granted an additional bonus of 30% to them.

Mr. A, [17.10.17 21:46]

Ah I see. So one example: of you organize an ICO a Part of it Token-Holder will receive as Airdrop (Like Ethereum Guys received OmiSe)?

Reto Stiffler, [17.10.17 21:47]

[In reply to Mr. A]

You still have to pay for it. But, you will get an additional bonus.

Reto Stiffler, [17.10.17 21:48]

[In reply to Reto Stiffler]

You will be better off then anybody else.

Mr. A, [17.10.17 21:48]

OK, got it

Samuel Dionne, [17.10.17 21:48]

[In reply to Mr. A]

A special bonus is given to the token holders.

Samuel Dionne, [17.10.17 21:49]

This, in different ways, is a great way to access interesting ICO's in the later run for a cheaper price than what the public would pay.

Mr. E, [17.10.17 21:49]

have I understood that correctly. you speak of icos of future customers of legal?

Reto Stiffler, [17.10.17 21:50]

And you will be prioritized. Should an ICO sell out in a few minutes - you will be part of it.

Mr. C, [17.10.17 21:50]

[In reply to Mr. E]

Same understanding here.

Reto Stiffler, [17.10.17 21:50]

[In reply to Mr. E]

ICOs we will organize for third party sponsors / clients.

Manuel Zeiler, [17.10.17 21:51]

[In reply to Mr. E]

+1

Mr. A, [17.10.17 21:51]

How many Token you need to own to get this ICO Bonus? Similar to investment amount?

Mr. E, [17.10.17 21:51]

yes the price is good. the legal situation certainly also. but whether the project is good? risk remains

Reto Stiffler, [17.10.17 21:53]

[In reply to Mr. A]

For the gold membership (prioritized access) 1000 tokens have to be locked, for platin membership (additional bonus) 10000 tokens.

Samuel Dionne, [17.10.17 21:53]

[In reply to Mr. E]

That is of course always a question of point of views. We were proud to be listed in the Curated list of Smith & Crown sooner this week and just had an amazing interview with them before this QNA.

I believe that we have a strong team with enough knowledge and passion to build this project up.

Mr. A, [17.10.17 21:56]

What will be the price of one Token?

Mr. E, [17.10.17 21:57]

[In reply to Samuel Dionne]

not your ico I mean. the later of the customers. third parties

Reto Stiffler, [17.10.17 21:57]

[In reply to Mr. A]

The phase 1 fixing will be such that 1 token equals about 1 USD. It will be fixed a few hours before the launch and communicated on our webpage or via our newsletter.

Mr. E, [17.10.17 21:58]

And phase 2?

Reto Stiffler, [17.10.17 21:59]

[In reply to Mr. E]

Of course, we will do our due diligence.

Reto Stiffler, [17.10.17 22:00]

[In reply to Mr. E]

Phase 2 fixing will be such that phase 1 contributors got a 10% bonus (say a kind of malus for phase 2 contributors).

Mr. A, [17.10.17 22:01]

Thank you. 1 hour has passed. Any additional question?

Samuel Dionne, [17.10.17 22:01]

[In reply to Mr. A]

Thanks to you for having us here Mr. A; really!

Reto Stiffler, [17.10.17 22:01]

[In reply to Mr. E]

About 1 token = 1.1 USD

Samuel Dionne, [17.10.17 22:02]

It was and it will always be a pleasure for us to answer questions or to provide intricate details about our project.

Samuel Dionne, [17.10.17 22:02]

Since we can't talk for hours and hours in here (I mean; we don't want to block all your things!); we are inviting anyone who have additional questions to contact us.

Mr. E, [17.10.17 22:02]

for me it is currently good thank you guys

Samuel Dionne, [17.10.17 22:02]

By email or directly via Telegram!

Reto Stiffler, [17.10.17 22:02]

It way pleasure to answer your questions and feel free to join our telegram channel and ask more.

Mr. A, [17.10.17 22:03]

Many thanks Gentlemen. It was interesting to get further detail regarding this project. Merci!

Samuel Dionne, [17.10.17 22:04]

[In reply to Mr. A]

Thanks to you once again. Wishing you all a wonderful evening!