Our ICO has gone through some major changes. Throughout our journey so far, we’ve been taking feedback from the community and investors. And thanks to you, we have brought our value proposition to the next level. Digital Way Ventures proudly present to you the Wenable Platform.
We at Digital Way Ventures want to empower 4.0 companies by fulfilling their specific Needs by connecting them to relevant experts for solutions via our purpose-built community platform, The Wenable platform. I am excited for you, our community to see our final iteration of our WEI Token ICO. If you haven’t, do download it at ico.digitalway.net .
The AMA will go live for 2 hours on Friday March 2nd from 9.45am Singapore time to around 11am Singapore time, but you may start asking away now.
Edit: Thank you everyone for your enthusiastic questions! The AMA is now over. We’ll be happy to answer any other questions you may have on our telegram chat. Below Q&A is taken from the AMA Session held previously.
QUES: Hi, just curious how exactly are you guys planning to use blockchain to improve the product or products? And what will be its unique selling point?
Wei Chuan Beng: The USP of Wenable is to take in ‘Needs’, break it down automatically into specific deliverables, extensive marketing engine will reach out to the most relevant communities with WEI tokens as bounty thus facilitate fast resolution. “Quick Wins, Fast Results”
We use a smart contract to bind the ‘Needs’, deliverables, bounty and stakeholders. The bounty will be released automatically upon completion. This is the use of the blockchain.
QUES: What is a 4.0 company? And from what I am reading here, you are only fulfilling needs from companies that have needs specifically for ‘4.0’. Would that not be a very limited amount of target group?
Wei Chuan Beng: 4.0 companies have very broad meaning. It could be 4.0 technology companies developing and expanding the business or any company looking to adopt 4.0 technology. So it covers anything from technology development to sales and market access, test, operation, users of 4.0 technology etc. So hence this purposeful community can be huge. We envisage this to be more than 100 million people!
QUES: 4.0 may have complex needs to be solved rather than simple gigs. How does your platform address complicated management of a project where automatic verification is not possible? How does the platform verify whether a good job has been done or not?
Wei Chuan Beng: First, Wenable Platform will automatically break down the ‘Needs’ to atomic level of deliverables.
Next, the extensive marketing and matching engine will reach out to the community and find the relevant people with the expertise to address the ‘Needs’.
Thirdly, we also engage the community to verify the needs and verify deliverable with a rating system. At the completion, the bounty will be released to the wallet of the stakeholders automatically.
Each ‘Need’ is bite-sized, very much like a Twitter post that has a limited length, and specific deliverables for the possibility of fast resolution. That’s what we mean by ‘Quick Wins and Fast Results’.
QUES: How does community be able to verify the deliverables for something that is delivered offline or behind the scene?
Wei Chuan Beng: The verification is required only when the owner of the ‘Needs’ are not satisfied with the deliverable and require the verification from a specific community with relevant expertise. The owner could elect the verifiers in the community. This is a pseudo-arbitration process. The verifiers are to be rewarded with WEI token. Deliverable is in the form of measurable outcome ideally. A rating system is also built-in to allow transparent participation.
QUES: So I just saw your whitepaper and your tokens are WEI tokens. This WEI tokens will be used as the ‘currency’ for what you’ve termed ‘Needs’ and in your WEI Tokenomics section I see that your tokens would be listed in Exchanges.
My questions are: 1) Are there any specific exchanges you plan to list on? 2) I don’t quite understand how you plan to provide liquidity for your tokens, could you elaborate further? 3) “Wenable will charge a … fixed amount of WEI token…” for your platform usage. What is this “Fixed” amount based on? Wouldn’t a dynamic value be better as I’m sure you expect WEI Tokens to rise in value, won’t the usage of Wenable eventually get too expensive? 4) How do you plan to increase the value of WEI Tokens?
Wei Chuan Beng:
- We definitely plan to list on at least 2 major exchanges.
- WEI token holders could sell the tokens at exchanges to those entities who have to use WEI tokens as bounty to solve their ‘Needs’. There are millions of large companies and SMEs who could take full advantage of Wenable and get the purposeful 4.0 community to solve their ‘Needs’ at their different life cycle especially relating to development, deployment and usage of 4.0 technologies. In the coming years, if we imagine 1 million ‘Needs’ to be resolved and each offer a 10,000 WEI token as bounty, it would demand supply of 10 billion WEI tokens.
- The fixed amount is to cover the operating cost of maintaining Wenable Platform and to encourage widespread usage. So it going to be affordable. The fee could also be adjusted or even waived for ‘Needs’ involving social enablement programme.
- The bounty using WEI tokens is to solve specific ‘Needs’ of which is very well defined with relatively short time-frame. ‘Needs’ are bite-sized and voluminous since it is open to the entire industry and community of 4.0. The demand of WEI token as bounty would increase according to the volume of ‘Needs’ to be solved through the Wenable Platform. Hence you could imagine strong demand for our token.
1) What is the planned value of WEI token in USD & ETH?
2) The fee is going to be affordable but it will be fixed and could be adjusted, does that mean the adjustment isn’t automatic? Won’t that risk the possibility that the fee could be too expensive like that happened with bitcoin’s transaction fees? Say the demand of WEI tokens does go up and it is likely to be very volatile, how would the fee of system cope with such fluctuations? Do you have something like Ethereums Gas price adjustment?
Wei Chuan Beng:
- We will announce pre-ICO and ICO dates on 15th. Then we will publish the token offer and value in ETH. Please go through the eKYC on our website and we will definitely keep you informed.
- That’s a good point. Our objective is to make the fee very affordable for widespread usage. We are very open to adopting mechanism to ensure this objective is met.\
QUES: Wenable sounds like a crowdsourcing platform using tokens to incentivise the participants. There are others out there like freelancer, fiverr, crowddesign which just use fiat directly. (1) Why would people take up your token first to use your platform? (2) Why is there a need for blockchain for this? What problems does it solve?
Wei Chuan Beng:
Thanks for your question!
- Wenable a 4th Generation Crowdsourcing Platform that is very outcome driven to match ‘Needs’ with the most relevant 4.0 community. See this to illustrate the development of 1st to 4th generation crowdsourcing with increasing functionality and power. WEI tokens are used as bounty to reward the 4.0 community globally with ease.
- Smart contracts are deployed to bind the ‘Needs’, deliverables, bounty and stakeholders. Bounty is also kept in escrow until solution is provided satisfactorily. Bounty will be released automatically to the wallet of the stakeholders upon completion.
- We address the development and adoption of 4.0 by any company globally with the purpose to benefit the industry and society.
The platform only has value, as long as we have partners participated in the ecosystem. Good for now, we have 5 existing working products MedicalOpinionAsia, Whoopy, Rezeeke, Favouriot, and Redone. Aside from these,
1) what are you working on to bring more to the platform?
2) why these companies would like to join the platform? what kind of benefits they will get?
3) will you have in-built fiat/wei exchange? if not, sometimes it is very discouraging for users to go to fiat/crypto exchange, then crypto/crypto exchange to get wei token to get to be involved.
Wei Chuan Beng:
- We are bringing in more 4.0 communities that comprise of entrepreneurs, professionals, accelerators, incubators, universities, NGOs, companies, retirees, displaced communities by 4.0, government agencies, 4.0 users etc.globally. The target is to have at least 100 million strong community in time to come.
- “Quick Wins, Fast Results” Every company loves it, especially in facing in embracing the era of 4.0 disruption.
- Thanks for your thoughts and suggestions, we will consider that. Current WEI tokenomics is very well thought out too. We will use WEI token as an efficient mean to facilitate the 4.0 communities on Wenable platform to achieve “Quick Wins, Fast Results”.
Hi, very interesting project targeted at industry 4.0 technology. I do have some questions:
When is the ICO?
Any exchange listings confirmed yet?
If there are any unsold tokens in the ICO, what is the plan for it?
Wei Chuan Beng:
- we will officially announce the dates of pre-ico and Public sale by 15th. We are now open for strategic and value-adding contributors for a possible private round.
- we plan to list on at least 2 major exchanges
- we have a pool of reserve pool for value-add which is for the Social Enablement Programme for the benefit of underprivileged and displaced communities with 4.0 technologies
QUES: Been following this for a while – what are these ‘major changes’ you mentioned in the OP?
Wei Chuan Beng: The change is necessary taking into consideration the feedback from various experts in the crypto and 4.0 community. Now we have devised the entire plan and design based on real needs of 4.0 industry, community and Digital Way Ventures portfolio companies.
I am an entrepreneur since 22 years ago and have been very active in local and global ICT Associations. I’ve been also been active in CEO organizations such as YPO. I’m equally involved in universities.
The needs of companies, industries, and communities vary at different stages of life cycle and thus requires different expertise and resources to solve those needs.
Our ICO is to develop Wenable Platform that solves those needs.
QUES: What aspires you to build the Wenable Platform?
Wei Chuan Beng: In the last 22 years as an entrepreneur, leader, champion of industry, management of public and private companies, I find that there are numerous ‘Needs’ especially in development and adoption of new technology. In todays context, 4.0 revolution would bring unprecedented change to all industries. Every company or entity would have various ‘Needs’ that would require the collective expertise of purposeful 4.0 community to provide fast resolution or be left out.
This inspires us to conceive and develop the Wenable Platform to deliver ‘Quick Wins and Fast Results’
QUES: How do token-holders receive the reward? What drives the token value on exchanges?
Wei Chuan Beng: WEI Token holders will expect appreciation of value. The appreciation has to come from a strong demand for WEI tokens. The token holders may sell their token at exchanges.
WEI token holders could sell the tokens at exchanges to those entities who have to use WEI tokens as bounty to solve their ‘Needs’. There are millions of large companies and SMEs who could take full advantage of Wenable and get the purposeful 4.0 community to solve their ‘Needs’ at their different life cycle especially relating to development, deployment and usage of 4.0 technologies. In the coming years, if we imagine 1 million ‘Needs’ to be resolved and each offer a 10,000 WEI token as bounty, it would demand supply of 10 billion WEI tokens.
QUES: Hi, How is this ICO going to help all of your companies?
Wei Chuan Beng: All the companies will have their ‘Needs’ published on Wenable Platform and engage the community to solve the needs at the different stage of the company.
Digital Way would also grant some WEI tokens to the portfolio companies to offer as a bounty to reward the community that solves those ‘Needs’.
Each need is very specific in terms of the required outcome and deliverables with a reasonable time frame to ensure quick wins and fast results. The ‘Needs’, stakeholders from the community, deliverables, and bounty are governed by the smart contracts.
QUES: What is this?? What did I miss out? Can anyone gives me a TL;DR?
Wei Chuan Beng:
- Industry 4.0 is the buzz word that supposedly is gonna have a lasting effect over the next 50 years.
- Wenable is the first crowdsourcing platform that serves the Industry 4.0 market specifically, entities both big and small. It is apparently aimed to solve “needs” in this space that current platforms e.g. fiverr, freelancer cannot solve.
- Wenable is the platform. Digital Way is the developer. The first four companies who will onboard Wenable and float “needs” onto the platform will be the four existing businesses in Digital Way Ventures. This will create the first wave of velocity of token usage in the ecosystem.
This my understanding thus far. They’ll need to clarify.
QUES: Hi…appreciate if you could advise what would be the value of using your token for the services compared to just fiat?
Wei Chuan Beng:
The design of the Wenable Platform is to only accept WEI token. We would like to see more demand for WEI tokens and appreciation of value for the benefit of token holders.
What’s your strategy on advertising? how many conference or roadshow have been planned? Has ads on any other major platform likes etherscan.io and coingecko.com?
Announcement thread [ANN] not seen in bitcointalk forum yet? when do you plan to start one?
Wei Chuan Beng:
- We intend to advertise in all major news sites, price volume sites, ICO notification sites and social media.
- Thank you. We are putting up the announcement thread i in the next 24 hours.
QUES: What is the community acquisition strategy to make the wei platform go globally? As the few company in the whitepaper still relatively south-east Asia base
Wei Chuan Beng: