Dear PolyAlpha community,

We’re super excited to share this Update on our progress since February.

TL;DR we are making profit via our fiat on ramps and planning phase 1 on the next iteration of the “chat commerce” product.

The progress

Fiat on ramps

We have launched the ability to accept fiat to use Polyalpha which positions us for exponential growth. With this feature, you can buy Polyalpha codes in exchange for tokens to be used inside the app. Of course once you have tokens you can bid for anyone’s attention and services.

Since launching this feature on the 16th of June, $3090 dollars has been transferred in over 70 transactions meaning the average purchase is around $45. We expect the transaction volume to reach $10k by the end of the quarter (Q3).

Post-fundraising landing page

Our seed fundraising was successfully completed earlier in the year so we have no replaced the old landing page to cater to the new users that have found out about Polyalpha. Check out the website and you’ll see that we now focus on the product features rather than details of the company and the team.

Incase you’re in a hurry, here are the main features from the website:

Say anything

Send private texts, transactions, documents, picture messages and voice clips to anyone with an internet connection.

Send private texts, transactions, documents, picture messages and voice clips to anyone with an internet connection. Pay or get paid

Shop or sell any goods and services on a simple chat based marketplace with a range of international payment options.

Shop or sell any goods and services on a simple chat based marketplace with a range of international payment options. Stay private

No phone numbers or emails, just pick a username. We can’t read your messages or see your pictures, and no one else can either.

The product

More and more users are joining onto our product

You can see that more and more users are using our product by looking at the visualised metrics that are a reflection of what is on the Ethereum blockchain

Version 1 of Polyalpha

It has been a year since we build the proof of concept (poc or version 0) product and we have spent many hours talking to the community and reflecting on how to make the chat experience better.

We need to continue building the vision and enable image and video media. Many of our community bid and interact with merchants who work with pictures and interactive content and they have been requesting this feature since May.

After long discussions with our CTO and development team, we have decided that until Ethereum scaling technologies have matured, we will be using a secure database to improve the speed of messages.

Transactions involving tokens will remain on chain. End to end encryption using Ethereum private keys will remain the default method for data transfer.

Expect to hear from us soon!