VAIOT Infinity Gainz AMA Recap!
We are proud to say that our AMA with Infinity Gainz was a massive success! Community members and new faces to the project came together to ask the team questions and $500 in prizes were given out.
Here are the top 5 selected questions from the AMA:
QUESTION 1 by user Adelaide Rahma:
How does it feel being the first (crypto) startup to be regulated under the Maltese Virtual Financial Assets Act? How were you able to achieve this?
Hi Adelia. Being regulated in Malta was the plan since the very foundation of VAIOT in 2018; we always said that if we’re gonna jump into the crypto space we’re gonna make it in full compliance to ensure the credibility of the Project. Malta offered this opportunity. There were hundreds of applicants. The process was demanding and took a lot of our time, but the result is great and exciting for the company and the team members. We were extensively audited, there was a lot of due diligence, we had to prove that we have proper AML/CFT procedures in place. Our business plans, prepared together with GT, were audited as well. We had to write the Whitepaper in a certain way to be compliant. We were interviewed personally and checked by the authorities. We had to appoint financial and technical auditors authorized by Maltese regulator. We now have Grant Thornton as our VFA Agent and this is helping a lot. The project is now under the full supervision of both GT and the Maltese regulator MFSA. We are monitored and we have to report on our developments. Plus, very important for the investors, we are held accountable — we have to deliver what we promised! To sum up, very demanding, very strict but gives us a lot of credibility and positive energy to move forward
QUESTION 2 by user C R I M I N A L:
Will your upcoming partnerships be related to AI Technology or something else?
1. Real “use-case” implementations partners (we’re gonna implement our tech for other crypto and non-crypto projects).
2. Partnerships with insurance protocols for our Business Line 2
3. Partnerships with validators for our network (legal firms, local regulators, research bodies etc.)
4. Legal partnerships for the business line 3
5. Big partnerships with other crypto projects on integrating VAIOT tech into their ecosystems etc.
QUESTION 3 by user Teaket Bahvnager:
VAIOT is fantastic, but without the proper tokenomics, all incentives for successful growth can be ruined. What are the incentives managed in VAI tokens to make it valuable, scarce, attractive, and usable?
Thank you for your question. Actually, the token economy around the VAI token is designed in such a way that the more the users utilize VAIOT solutions the bigger the impact is for the token (demand) but I guess it’s obvious. With our Payback Program, part of each payment is denominated into VAI Tokens and bought back from the free market. With the increased demand for services offered by VAIOT, there will be more transaction volume going through the platform- we offer VAIOT Value Assurance System that guarantees the stable exchange rate during the payments and needs VAI Tokens as a part of collateral. In the VAIOT Bonding system, one can lock tokens in order to get access to the services in the subscription model. With mass adoption, all of that should lead to a high level of scarcity and usability. We have more utilities to come with our DeFi appearances soon ☺️
QUESTION 4 by user Asep Suryana:
For project development, the main priority is to have sufficient funds. Is your team financially able to carry out this project? Do you have sufficient funds for development? Can you tell us how your project is turning a profit?
Yes. The project is financially secure. We are backed by some strong investors who will be implementing VAIOT solutions into their businesses as well. This is an important part for all VAI Token holders to understand that our private investors are mostly our future clients (deals were agreed as part of the investment agreements). So yes, we have sufficient funds for the development. In regards to the profit, we intentionally made VAIOT dev process a gradual dev process; meaning we have intentionally designed three business lines where the first business line is the one developed now for B2B2C purposes. Thanks to this approach we can now offer the solution to clients, get commercial deals (like the one we got last week), earn money on implementation projects and keep developing and delivering our ultimate goal — AI Legal Assistant.
QUESTION 5 by user CryptoCrabLegs
Will we be seeing the AI assistant used for retail users in the future or will it be solely catered towards businesses?
Glad you asked! VAIOT solutions can fit with both B2B and B2C use cases. The first Business Line, meaning the Intelligent Service distribution channel is solely dedicated for the B2B or as we like to call it B2B2C sector, serving various businesses in their operations. Retail use cases are the company’s ideal goal to be fulfilled with the AI Legal Assistant creating both paper-like legal contracts as well as its digital representation in the form of smart contracts going live.