SuperNode Community’s 1st AMA

SuperNode Community (SNC) held our very first AMA (Ask-Me-anything) session on Telegram on 8th October 2018. The AMA is an open Q&A session between the SNC team and our community members. We were super encouraged by the response and keen interest in the project from the community.

Here are the key highlights from the questions asked, organized by category, if you missed the AMA session today.

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PROJECT BACKGROUND

Q: Please tell me about your project.

A: SuperNode Community (SNC) is a decentralized Venture Capital ecosystem. It is powered by a congress of 21 SuperNodes to bring blockchain unicorns to life. Traditionally the VC world has been only for the 1%. SNC aims to unlock access for the 99% to participate in the VC world. You may find more detail on our website https://snct.io (Answered by Jessica Sit, Strategy Lead of SuperNode Community)

Q: How did you come up with this brilliant idea?

A: I have spent more than 16 years in the fund management industry. Throughout this time, I have observed that nothing much has changed in this space. There seems to be a lack of transparency, the costs are high and assets are illiquid. When I joined the blockchain industry, that’s when I started thinking what would it look like for the VC industry to be disrupted. Since no one seems to be doing anything about it, that’s when I thought why not us? (Answered by Bing Lin, Founder & CEO of SuperNode Community)

Q: Why did you create this project?

A: We developed SNC because we observed that existing solutions out there are inefficient. We have seen many protocol/infrastructure & networking projects in the past year. Most funds are focused on supporting the protocol layer but few wants to support DApps on the application layer level. It’s the application layer that will help us achieve mass adoption of blockchain. It’s time to lay the foundations to support the growth of the application layer. And that’s why we have developed this project. (Answered by Mun Shing Cheong, Community Lead of SuperNode Community)

Q: Why did you create your own token?

A: This is an utility token, which SNC Token holder can participate in the voting and the ecosystem. We have our own token mechanism, and native behaviors of the token e.g. inflation reward model. If we use another cryptocurrency, the volatility and market size might be too big for us to handle. The value of SNCT will properly correlate with the value of the ecosystem of SNCT and not be too heavily influenced by other tokens. (Answered by Jessica Sit, Strategy Lead of SuperNode Community)

Q: What stage is the team on the roadmap?

A: We’re currently in the private sale stage and the technical team is starting to work on the prototypes. You can refer to the detailed roadmap available on our website http://snct.io/ (Answered by Mun Shing Cheong, Community Lead of SuperNode Community)

SUPERNODES

Q: How often do the SuperNodes get re-elected?

A: The SuperNodes will be re-elected monthly, a snapshot of the SuperNodes will be taken on the 15th of every month. However, community voting for SuperNodes will be continuous from the 1st until the 15th. (Answered by Tim Lee, Token Ecosystem Lead of SuperNode Community)

Q: What do they (the SuperNodes) get for their effort on project selection and decision?

A: For their efforts, SuperNodes will receive monthly inflation (5% per annum), around 0.4% monthly, to keep them motivated and keep contributing! (Answered by Tim Lee, Token Ecosystem Lead of SuperNode Community)

Q: What are the monthly token reward dependant upon?

A: The SuperNodes will get a fixed percentage of reward. (Answered by Jessica Sit, Strategy Lead of SuperNode Community)

Q: How can the SuperNodes incubate so many startups?

A: With blockchain technology, the incubation is virtual. The task required to get the business running can be scaled through crowd wisdom (the other SuperNodes). At the end of the day, more projects can be reviewed for less individual effort than before (decentralized). Within the SNC ecosystem, SNC is also building a service marketplace where the selected projects can use SNCT to exchange services provided by SuperNodes and SNC community members. (Answered by Jessica Sit, Strategy Lead of SuperNode Community)

Q: What are the responsibilities of the SuperNodes?

A: SuperNodes are required to vet projects in order to garner community confidence in order to receive nodes. They are also tasked to vote on which projects should receive funding and marketing themselves as a SuperNode to the community. (Answered by Alan Chow, Operations Lead of SuperNode Community)

Q: What’s the minimum requirement to be a SuperNode candidate?

A: The minimum requirement is 0.25% of total circulating supply of SNC tokens. An algorithm will be used to ensure that there is sufficient decentralization and a voting power algorithm will be used. (Answered by Mun Shing Cheong, Community Lead of SuperNode Community)

Q: How are the 21 Supernodes selected and who might they be?

A: Anyone with 0.25% SNCT circulating token supply can become a SuperNode candidate. The community members i.e. SNCT holders will vote for 21 SuperNodes. The top 21 with most votes will become SuperNodes. (Answered by Dylan Kwan, Engagement Manager of SuperNode Community)

Q: What’s the reason for 21 SuperNodes and not a smaller or larger number of Supernodes?

A: Reference has been taken from the EOS model. This provides a maximum candidacy pool of 400 potential SuperNodes. This also allows for majority voting decisions for projects and other governance decisions. (Answered by Alan Chow, Operations Lead of SuperNode Community)

Q: How do the Supernodes make the decision on incubation of a project?

A: There will be 2 layers. First, SNC provides a simple framework, including but not limited to business ideas, use cases, technology, and scalability. We are also looking into project selection using AI technology to do project selection and initial scoring as a reference for the community and SuperNodes. SuperNodes will make final decisions on the incubation by majority vote. (Answered by Jessica Sit, Strategy Lead of SuperNode Community)

ECOSYSTEM & TOKENOMICS

Q: May I know the advantages of holding SNC tokens? Are there long term benefits of holding the native token?

A: The advantages of holding SNC tokens is something we think about a lot here at SNC. SNC tokens are full of utilities for our users. This includes the ability to vote for Supernodes who behave in the interest of the community, voting for projects to provide community feedback to the Supernodes, engagement with the startup founders, partcipation in our unicorn circle and payment in our services marketplace. I can’t see why you wouldn’t want to hold SNC tokens?! (Answered by Tim Lee, Token Ecosystem Lead of SuperNode Community)

Q: Can SNC token holders participate in community voting or not?

A: Yes, SNC Token holders can participate in community voting. On our ecosystem, this is called a “popularity vote”. However, community voting does not carry any weight in the final incubation decision by the SuperNodes. (Answered by Mun Shing Cheong, Community Lead of SuperNode Community)

Q: What is the real use of SNC Tokens?

A: You can use your SNC tokens to stake for access to the platform. You can spend the token on the services marketplace, or pool together with other community members in the Unicorn Circle to participate in backing the vetted blockchain projects. In addition, you can stake and vote for SuperNodes using your SNC tokens. (Answered by Mun Shing Cheong, Community Lead of SuperNode Community)

Q: What is Unicorn Circle? I don’t understand Unicorn Circle. Please provide a brief introduction to the Unicorn Circle.

A: Think of the “Unicorn Circle” as a feature on the SNC ecosystem which allows community members to “pool” together to back vetted blockchain projects. A Unicorn Circle can be formed for any project after being vetted and voted for by the SuperNodes. SNCT holders can obtain access to the Unicorn Circle by staking a nominal sum of SNC Tokens. All SNCT holders will qualify for enrolling in the Unicorn Circle to participate in blockchain projects at preferential rates. The more SNCT the participant stakes, the higher the level of membership they will qualify for, giving them access to higher contribution caps. Projects accepting incubation support from the SNC Foundation will also agree to a discount, bonus, or otherwise economically incentivized schedule that can be linked to factors like the amount raised by the Unicorn Circle. (Answered by Mun Shing Cheong, Community Lead of SuperNode Community)

Q: What are the use cases for the native token?

A: We have many use cases, and they are detailed in the whitepaper. You may refer to page 16 of our whitepaper https://snct.io/downloads/SNC_Whitepaper_English.pdf (Answered by Jessica Sit, Strategy Lead of SuperNode Community)

Q: What is the lock-up period for purchasers?

A: There are two separate lockup periods, for the main contribution part, tokens will be locked until the mainnet is launched (around 6 months from the token private sale); for the bonus part, tokens will be vested for 1 year after the mainnet is launched on a monthly basis. This applies to purchasers of all tranches. (Answered by Max Hsu, Partnerships Lead of SuperNode Community)

Q: Total supply is 1 Billion. Any plans for token burn in the future?

A: One of our founding principles is to create a utility token that enables the entire ecosystem to engage with venture capital, as such, our token is structured is a way that only behaves like a utility under the most stringent of tests. (Answered by Tim Lee, Token Ecosystem Lead of SuperNode Community)

Q: Why do you adopt an inflation model? Does it impact the value of the tokens I hold?

A: Digital assets have some interesting traits, one of these is that they can leave circulating supply quite easily. An inflation model accounts for lost supply. More importantly, this is to make circulating supply relevant to the community by having the right supply and ensure community engagement is high (holders are staking and participating). We anticipate that the community will grow, and want to keep the token accessible to new members of the community for the near future. Once token supply hits 1.5bn the inflation mechanism will stop and a scarcity model will be adopted. We have observed that inflation models and token depreciation is not strongly correlated — see EOS for example. (Answered by Tim Lee, Token Ecosystem Lead of SuperNode Community)

Q: How can I benefit from the inflation model?

A: The SuperNodes will receive the inflation, but it’s in their interest to redistribute to their voting community. This is a bit of game theory, but would you vote for a SuperNode who’s not going to give back to its community? (Answered by Tim Lee, Token Ecosystem Lead of SuperNode Community)

OPERATIONS

Q: How do I creare an EOS wallet?

A: Hi there, to get an EOS account, you need to generate public keys with an EOS wallet. After that, you can use the keys to create an account. We have a step-by-step guide for the setup: https://medium.com/p/7a75635e43fa/edit (Answered by Dylan Kwan, Engagement manager of SuperNode Community)

Q: After the campaign ends, will the (SNC) token be transferred to my EOS wallet or some other wallet?

A: After ICO completes the SNC tokens will be distributed/transferred to your EOS wallet, to the account you whitelisted and used for the contributions. If you contribute via ETH and don’t have EOS account the tokens will be held in escrow account. You be able to claim them when you have EOS account. (Answered by Rafal Czerniawski, Technical Lead of SuperNode Community)

Q: Does SuperNode Community have any partnerships with exchanges

A: We are working on different partnerships to make the SuperNode Community ecosystem more robust. We are speaking to incubators, protocol projects and higher education organizations to form partnerships. At this point however, we can’t say anything yet about exchanges due to legal sensitivity. When the time is right, you will hear the good news from us. (Answered by Max Hsu, Partnerships Lead of SuperNode Community)

Q: Can I complete KYC with my ID card? I do not have a passport.

A: Yes, you can pass KYC with government ID card. Kindly note that you also need a separate address proof, such as bank statement or utility bills that show your address. Driver license is not acceptable. (Answered by Alan Chow, Operations Lead of SuperNode Community)

Q: Why is driver’s license not acceptable? I am from the U.S. and do not have any other form of ID.

A: Apologies, lawyer recommend that in general, driver’s license is not acceptable. But this can be reviewed on a case by case basis. For example, if it shows your photo and also your address, then it is acceptable. (Answered by Alan Chow, Operations Lead of SuperNode Community)

Q: Will there be a coin airdrop?

A: There is currently no airdrop going on. There is a bounty however on https://bounty.snct.io. We are not doing any airdrops for this project. (Answered by Mun Shing Cheong, Community Lead of SuperNode Community)

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Stay tuned and follow us for our next AMA session. We love hearing from you, our community!

To find out more about this project, please visit https://snct.io and be sure to follow us on our social media channels:

Telegram: t.me/SuperNodeCommunity

Twitter: @SuperNodeCom

Facebook: fb.com/SuperNodeCommunity

LinkedIn: linkedin.com/company/supernodecommunity/

Instagram: https://www.instagram.com/supernodecommunity/