Matrix AMA — February 2022
Link to the AMA video: https://youtu.be/PWQgk46QXis
Eric: Hello Matrix community members.
It is February, and what makes February special is the Chinese New Year in the beginning of the month, and also the winter Olympics. I’m not sure whether you have watched any sports there and also followed any other sports.
And I think Eileen Gu has just swept the whole market or whole sports space by storm. She’s now an idol around the world.
So as usual, we have our monthly AMA for February, and again today we have our CEO Owen to join us. And today we have a total of 8 questions that are selected from those who submitted. And thanks to those who submitted, just keep submitting whatever suggestions or questions, etc.
So Owen, without further ado, let’s start with the first question. The first question comes from Mr. Malik:
“Hi dear Owen. I’m wondering about the inflation policy on the MAN coin. Right now, there is a suitable amount of circulating MAN in the market and it’s been stable for a long time. But for the future, when the new listings come at the different platforms, how much inflation will occur on the MAN coin? Is it going to reach its max supply in the market quickly?”.
So I think he’s worrying about the circulation when we get listed on additional exchanges. Owen, anything to share for this question please?
Owen: Okay, the answer is no, we won’t do the inflation when MAN coin will be listed on new exchanges. There are some situations where we will increase the total supply of MAN coin.
The first one is the foundation invested in some eco-project by MAN coins. And the second situation is that every month we will pay some fees in MAN ecosystem, or we will buy some marketing or advertisement in MAN coin. And the third one is the most MAN increase: the mining. So I think we won’t do the inflation when MAN will be listed on the new exchanges, the total supply won’t increase.
Eric: Thank Owen, I think the answer is quite clear, so the answer to Mr. Malik’s question is no, there will be no additional MAN coin added into the circulation when we get listed on additional exchanges. However, Owen mentioned there will be 3, maybe more, circumstances where we will have new MAN coins added to the circulation. One is the ecosystem investment. I mean the investments in ecosystem projects. And the second is about paying for events or advertisements, and the third is about mining.
So this answers the first question and thanks Owen for the clear answer. And the second question is from @TheElk: Elk is admin in the Masternode Telegram group and his question is about the GPU mining and also other things, so the question goes like this:
“In what stage do the team see that MANAS, MANTA, GPU mining etc will be released in main net? I think a lot of people would love to hook up their GPUs and start working on Matrix chain”.
Owen: Okay, we estimate it will be released to the Mainnet by the end of the middle of this year. But I think, before that, we will invite some selected partners who have some demand for AI computing power. In this period, I think some of our miners who have provided GPU computing power to our partners, they will get rewards in MAN coin.
Eric: Okay, sorry I just got distracted by a colleague asking me something. So Elk, Owen has mentioned the estimated timeline is about the middle of the year, which is by the end of June, that is the estimated timeline, and before that we’re going to invite partners to join the test. And then the GPU mining will be used for these kinds of tests, and then there will be rewards.
So this is the reply from Owen. If it doesn’t address your concerns, please PM me again.
And third question comes from Sercan: “Metaverse definitely needs artificial intelligence. The Matrix can show itself in this market. We can launch AI-based NFTs, can we open our first AI-powered NFT exhibition. Is it possible for the Metaverse if users can create and animate 3D avatars using the Matrix’s AI, and develop them?”.
Do you have any answer to this Owen?
Owen: Yes, we have some plans in the AI NFT industry. For example, I used to mention there will be one of our eco-team who will develop an AI based art NFT project which is named AIRTIST. In that project I think they will use our AI algorithm and computing power from the Matrix Mainnet to create arts such as painting or music, which will be minted into NFTs. So I think we can do some exhibition with those kinds of NFTs. And also, I think it’s a very good suggestion.
I think maybe we can discuss using our AI algorithm and our AI computing power to do some art creation by our algorithms, and to make them as NFTs, I think it’s a very good suggestion. I will discuss with our AI team to see what we can do about this.
Eric: Okay good, thanks Owen. Second, so Owen’s answer to you is there is an upcoming ecosystem project called AIRTIST, I think you have read the articles that were published I think late last year. So it will be using the AI algorithms and also the computing power from Matrix. And then you can use the AIRTIST platform to generate [art] and then to have the exhibition for yourself or for anyone.
And you had a suggestion about the avatar and I think Owen replied positively again, so we will move on to the next question. This question comes from @sbblc:
“Hi, is it possible to tell the community about the holders on BSC? There is 1 wallet with 992,000,000 MAN tokens and I think one person is holding it all. Newly potential buyers are afraid of this.”.
So Sbblc is asking: there is one wallet holding a lot of MAN coins. Do you have anything to share with Sbblc please?
Owen: Okay, thanks for your question.
And this wallet is not held by anyone, this is a smart contract address. That means the only way we can get the BEP20 MAN on the BSC is to transfer the MAN with our wormhole from our Mainnet, or you can buy on the BSC directly. So if there are more than 8 million MAN coins that have been transferred from the Mainnet to the BSC, there will be… Some MAN will be sent out from this wallet. So the smart contract wallet won’t be used directly for marketing, so I think don’t worry.
Eric: So you are saying that it is not held by any particular individual investing the project, it’s just kind of a reserve pool for people to transfer.
Eric: Right, okay cool, thanks.
The next question comes from @budspencer469, again a frequent pattern. Thanks Budspencer. “Can the employees of the Matrix team go about their work despite the covid situation in China?”.
Owen: In fact, I think China is the best country that can treat the covid situation very well. Until now we don’t feel too much difference with the time when there was no covid. Even during the worst times, maybe last year, we still work hard to achieve our milestones in our roadmap.
So, I don’t think there will be too much impact on our team with the covid-19.
Eric: Okay that’s good. But it is a total different story in Hong Kong, the situation gets worse and worse every day. So thanks to Mainland China, there is a group of experts and also medical teams that come to Hong Kong to provide additional support. The numbers just increase significantly every day, the schools, and also talking about the work, people are encouraged to work from home. So the situation is getting worse. So maybe next month I will be shooting this AMA from my home.
So move on, question from Kaya. I think it’s the first time he’s asking a question here.
“Would you invite the Turkish manager Sercan to China?”.
So I think I have replied to this question in the main group. We had this planned just before the covid-19, and now it’s kind of settling down. But you have to consider the 21 days of quarantine, you have to just lock down in the hotel room, just things like that that are always required. It’s not nice before you can just go to Beijing, and then you go to offices, and then around, things like that, it’s just not simple, but we’re open [to it], because we have already initiated that kind of idea long before.
And do you have anything to add, Owen?
Owen: No, I think after the covid-19 we will invite the crew from our community to China. We used to have this plan but the covid happened and it disrupted our plan. So I think in the future we will do this.
Eric: Okay cool. So don’t worry Kaya. The next question comes from Sercan again, this is a long one. So I will ask one by one because the question is quite long.
“Will there be a launch of our upcoming NFT platform? For example, many new competitors are coming to the Opensea NFT platform. What will be our advantages in this regard? Will it be preferred as a better use of all?”.
So I think this is the first part, and after this first part I will go on to the second part of the question from Sercan. Owen?
He’s talking about do we have any advantages over OpenSea NFT platform, or what’s our strategy about working with OpenSea NFT, I think it’s just part of our roadmap, right?
Eric: So I think you had mentioned before, we have the roadmap, and I think we revised the roadmap slightly. Because right now the NFT platforms are quite mature and it doesn’t make much sense that we develop our own NFT trading platform, but instead we work with the NFT trading platforms just like OpenSea etc, because they are all very mature already. So could you share more in this regard please Owen?
Owen: Yes, in our opinion, because OpenSea, and there are some other very successful NFT marketplaces right now such as OpenSea, I don’t think it’s a very good idea for us to develop or publish a new platform for the customers to trade their NFT assets. Because we need to teach the customers to use a new platform and also to change their habits for the NFT trading.
So I think in most situations we will… When the Matrix AI based NFT ecosystem grows up, maybe we still keep the customer habits. We will use the successful and already existing marketplaces for the customer to trade the NFTs such as OpenSea. I think we’re not going to develop a new NFT platform for the AI based art for the customers to use. But in the future, I don’t know how it will go on.
Because you know, the AI has a lot of parts, such as the AI based art. Or there are also lots of AI… Maybe the data or algorithms. So if there is no place for the customers to trade their AI algorithms or personal data or something else, I think we would like to build one marketplace for this kind of customers. But for the AI based art NFT, or the AI based game NFT, I think we’d like to introduce the customers to use the existing platforms such as OpenSea.
Eric: Okay, so about the art and game, we prefer to work with the existing and mature NFT platforms. And I think I haven’t said that our platform remains the same, our key, our core, still remains the same, that is the AI stuff. For example, AIRTIST, AI algorithms, things like that. So they will still remain the same.
And then the second part for this question is: “Do you plan to deploy airdrop with the platform? Will there be a stake phase? The Lookrare platform claims to be a community-driven marketplace that rivals OpenSea and that will develop new features based on the wishes of its users. What will he do? What about the marketing stage?”
I don’t quite get this question to be honest. So maybe talking about the airdrop, any airdrop coming up from ourselves or from our ecosystem projects, do you have any idea of that?
Owen: I know for the projects, AIRTIST, maybe they have some airdrop plan in their beginning stage, and also maybe they will offer some NFT staking function in their ecosystem. I think in our NFT eco-projects there will be some functions such as the ones you said.
Eric: Okay, so we’ll leave them to their hands instead. And then that question comes from @budspencer469 again:
“Companies like TBEA pay for Matrix services in MAN coins. Do these companies buy the coins via exchanges like any private investor or do they have other options?”.
This is the number one question. Number two: “Have these large purchases already been made or will they be made as the services are deployed like MANITO?”.
Owen: Okay, let me explain this cooperation. The core assumption between Matrix and the TBEA is that we have signed a development contract: we will offer some AI and blockchain technology to support the TBEA and they will pay the Matrix team in FIAT currency, not in cryptocurrency.
But after this cooperation, we will put the services we have already supported to the TBEA, we will keep these kinds of services in our MANITO platform. So after that, anyone, any company, who wants to use the services from MANITO, maybe they’ll have two choices.
The first one: they’ll need to buy the MAN coins by themselves and use them to buy the services on MANITO, this is the first choice.
And the second choice, I think until then, I think there will be one or two agency companies who will introduce the companies to buy the services from MANITO, and they will do this exchange. This agency company will get the currency from the customers and they will use the currency to buy MAN coins and they will pay for the services from MANITO. I think this is how it will work.
Eric: Okay so for now the TBEA just pays us in terms of FIAT, right? *
Eric: Right, okay. And for additional partners, they can buy MAN coins, or the agency companies can get them from the exchanges and then to pay in terms of MAN, I mean all the users of MANITO they’ll have to buy MAN coins to use our services, so that is the answer.
So that concludes today’s AMA. And I know there are many more questions that we haven’t selected. And don’t give up, because some of the questions are just repeated ones, and also because a bit of people … Mister A has submitted a question and Mister B has submitted the same question and we will just pick one.
And some other questions have already been addressed before, so then it’s why we haven’t selected them. And other people are not in the scope of Matrix and we didn’t select as well. So today we have answered the eight selected questions.
So thanks to Owen, and Owen please relay our thanks to the dev team, they have been working hard to try to deliver as per roadmap, and just keep up the good work, thanks for them.
Owen: Okay, bye bye Eric.
Eric: Thanks community, bye, see you in March.