AMA Recap — GRNGrid
The session of AMA ( Ask Me Anything ) with GRNGrid was conducted on 3 Feb 2023 at 9:30 PM IST (4 PM UTC) and lasted for 2 hours.
Reema Dahal from GRNGrid has joined us for this AMA session.
Please introduce yourself and the team behind GRNGrid?
Hi everyone! Reema Dahal here. I’ve also been here before. It’s wonderful to be back! I’m a crypto analyst and community builder who has worked on a variety of projects and shows. I must admit that I am a nft geek and a part-time host! Being a part of GRN excites me even more because I have always been a nature and environmental lover.
So we have got a pretty solid team and what I believe is that a strong team with a proven track record can mean the difference between a successful venture and a costly mistake. We have a fantastic team of top-tier developers, graphic designers, marketing managers, content writers, technical experts, and so on. So just a little insight into our super-talented team there 👀
Give a short introduction on GRNGrid
GRNGrid is a blockchain solution designed to combat the environmental issues that exist in the current blockchain industry, such as wasteful energy usage and e-waste. GRNGrid uses a novel Proof of Stake v2 algorithm to create a high-performance, low-fee, and energy-efficient smart chain that supports decentralization and security.
Moreover, GRNGrid is the first smart chain that operates solely on renewable energy sources, and it includes features like a payment system, swapping pools, and encrypted chat.
We have a token called $G token that serves as the native currency of GRNGrid and has multiple use cases, including staking, fee payment, and incentivizing validators. The goal at the end of the day of GRNGrid is to accelerate the adoption of renewable energy in blockchain technology and promote sustainability through the distribution of GRN for validation.
So yep that's who we are, what we offer and aim, and our vision. Hopefully, anyone who understands blockchain and the need for sustainability in it in this world will understand this.
Explain why GRNGrid mainly focus on:
• Setting a framework for creative corporate solutions
• Consumer usability
• Deployment and development of WEB3.0 applications
• Sustainability of blockchain
GRNGrid focuses on these areas to address the challenges faced by the blockchain industry and to provide a more efficient, user-friendly, and sustainable solution for the success and widespread adoption of blockchain technology.
Setting a framework for creative corporate solutions allows businesses to use the GRNGrid technology to find new and innovative ways to solve their challenges and integrate blockchain technology into their operations. The framework is always important and we bring quality.
About the second aspect “Consumer usability”, now this is a priority for GRNGrid because the technology needs to be user-friendly for wide adoption. GRNGrid wants to make it easy for people to use blockchain technology in their daily lives.
Next, the Deployment and development of WEB3.0 applications are essential for GRNGrid because WEB3.0 represents the future of the Internet and blockchain technology. GRNGrid wants to be at the forefront of this development by providing a platform for developers to create new and innovative applications.
Lastly, the Sustainability of blockchain is a key focus for GRNGrid because of the high energy consumption and e-waste associated with current blockchain technology. GRNGrid aims to combat these issues by operating on renewable energy sources and promoting the use of renewable energy in the blockchain world. This helps to ensure that blockchain technology can be used in a more sustainable manner.
So all in all, we want a blockchain that is sustainable in the future, represent the internet, and is easily accessible in the future. I don't think any other team is doing this on such an effective note than us, especially the sustainability part
What kind of mitigation measures has GRNGrid proposed to address the present environmental issues impeding the blockchain industry’s ability to develop sustainably, such as energy consumption, e-waste, and silicon scarcity?
GRNGrid is a smart chain powered completely by renewable energy, reducing its carbon footprint and addressing one of the major drawbacks of blockchain. I think we have established that by now, haven't we haha? Now onto the mitigation measures that we have planned!
GRN Energy’s partners, verified users of green energy, will initiate GRNGrid’s validation and run nodes globally. Green certificates are awarded to validators who meet renewable energy requirements. This is very important because this discourages people who promote e-waste through the rapid use of short-life hardware devices.
Rigorous hardware requirements will extend the system’s life, reduce replacement costs, and combat the negative effects of the hardware “arms race” in the blockchain industry.
GRNGrid’s smart contract will penalize repeat hardware changes and register all validators’ devices. The ReCharge initiative will run a hardware recycling program to minimize environmental impact.
So yea these are some of the mitigation measures that we have taken against excessive energy consumption. I mean it's for our future and now that we are progressing towards the green globe, it was demanded that we put these features for the sustainability of the world as a whole.
If I were to talk about how much energy consumption bitcoin mining machines are doing, you’d be surprised. I think it's about time we bring the element of green so that world can be sustainable!
The current blockchain system relies on validators without a clear penalty
System, what is GNRGrid’s view/action regarding this?
So, the current state of the blockchain industry relies on validators without a clear penalty system, exposing institutions and consumers to the risk of losing all their assets due to the lack of security and a transparent mechanism.
Both Proofs of Work and Proof of Stake have their own shortcomings, including the concentration of hash rate in the hands of a few operators and the accumulation of wealth in the hands of high-staking companies, respectively.
GRNGrid is introducing security pools and a new consensus protocol called Proof of Stake2 (PoS2). The security pools and PoS2 aim to prevent destabilization, accumulation of wealth, and 51% attacks.
Validators are required to stake their balance in the security pool and receive an interest in the pool. The stake is held for 24 hours and the validator is penalized if there is any bad faith detected. The validators remain anonymous until the pool opens to prevent any cartels from forming.
PoS2 criteria for selecting a security pool and voting power also encourage new validators and prevent wealth accumulation by rewarding validators with lower stakes with a higher APY.
Also Im pretty sure you wouldn't have seen a method that would really head-on tackle the security issues with the other consensus methods!! This is what we are bringing to the table.
Can we get the overview of the token distribution and the associated vesting plan?
A total of 1B GRN tokens will exist, however, only 130M (13%) will be directly available. So, GRN token distribution includes a community fund of 500 million tokens (50%), which will be released as incentives for validation and staking on the Grid. The tokens will be unlocked using an asymptotic exponential decline function.
15 million tokens (1.5%) will be issued as an incentive after the first year of deployment.
Then there are company reserves and marketing funds as well; marketing funds will be used to attract ambassadors and promote blockchain/Grid usage.
We have a product and tech growth funds reserved as well which will be used to develop the Grid and expand our decentralized tools.
Lastly, we have some tokens reserved for liquidity which will be released only upon the listing of GRN on a new centralized exchange.
Marketing is a central element of every project, so that everyone knows that the potential that a project can bring is vital for goal setting. What is your strategy for attracting new users and investors to your platform and keeping them long-term?
Marketing is indeed a crucial aspect of many projects and businesses, as it helps to raise awareness and builds a strong reputation for the project or brand. By effectively promoting a project and its offerings, projects can attract new customers, partners, and investors, which can ultimately drive growth and success. So yea I do believe it's a powerful tool.
Below are a few things that we adopt for attracting new members to our platform and keeping them long-term:
Creating a Strong Brand Identity:
It's the world of IPs, having your own brand identity. Having a strong brand identity is a crucial aspect of marketing tbh and can help to differentiate us from our competitors. This can be achieved by consistently communicating a clear message and using visually appealing design elements, such as logos, color schemes, and typography, that accurately reflect the brand. This helps to create a recognizable and memorable brand image in the minds of potential users.
Using Social Media and Content Marketing:
Social media and content marketing are powerful tools for reaching and engaging with potential users and investors. We will use these channels to educate our target audience about the benefits and unique features of what we offer, as well as share helpful and relevant information that establishes us as an expert in our field. This can help to build trust and credibility with the target audience, ultimately driving engagement and conversion.
Offering incentives such as loyalty programs, referral bonuses, or early access to new features can help to encourage long-term engagement with users and investors. These incentives can provide a sense of reward for using the platform and motivate users to continue to engage with the project or brand over time. We also plan to incentivize our community members by starting reward based games and trivia and much more. I think that's what crypto players India community will like
Fostering a Sense of Community:
Building a sense of community is an important aspect of marketing, as it helps to create a strong connection between us and our target audience. This can be achieved through regular communication and providing opportunities for user feedback, such as online forums, surveys, or customer support. This would allow us to understand the needs and opinions of our users and make informed decisions about future marketing efforts.
Collaborating with Potential partners who have the same vision as we or our visions align somewhere
Collaborating with potential partners and other projects can help to expand the reach and credibility of our project or brand. By partnering with trusted projects, we can tap into their networks and reach new audiences, ultimately driving engagement and conversion.
So those are the key areas that we are targeting but the primary importance that we aim to achieve with all of this is to build a community that is organic and that stays with us through thick and thin as we deliver to them and the world with our suite of decentralized products.
What is the agenda behind the GRN grid’s establishment? Also explain the term ReFi
The agenda is pretty much evident now, don't you think? We plan to build a sustainable blockchain that empowers the green world. You have got issues like climate change which can severely impact the world in the coming years and what we are building in the blockchain field tackles that and brings sustainability to the blockchain world. And that has been our agenda forever.
Moving onto the term Refi as many of you have not heard is “Regenerative Finance”, you can say a movement focusing on the power of blockchain and web3 to address climate change, support conservation, and biodiversity, and create a sustainable financial system.
Launching Projects in a bull run is much more profitable than during the bear cycle. In a bear run where most of the projects fail and sometimes go into oblivion, how will your project stand the test of time? What strategies do the project employ to mitigate possible losses?
To ensure that a GRNGrid remains viable and successful during a bear market, it is important to have a solid business plan and a robust risk management strategy in place. Here are a few strategies that we will employ to mitigate possible losses during a bear market:
Diversifying revenue streams is an important strategy for any project, especially during a bear market. Having multiple sources of revenue can help mitigate the impact of market fluctuations and provide a more stable financial foundation. For example, a project could have a combination of direct revenue from its product or service, as well as indirect revenue from partnerships, advertising, or other ventures.
Building a strong community is also crucial for a project’s success. Having a large, engaged user base can help sustain the project during difficult times by providing valuable feedback for improvement and creating positive word-of-mouth marketing. A strong community can also help to keep morale high and motivate the team during challenging times. This is our primary goal as of now.
Focusing on product development and user experience is key to differentiating a project from its competitors and making it more appealing to users and investors. By constantly improving the product and user experience, a project can maintain its relevance and attract new users, even during a bear market. Additionally, a focus on user experience can help to create a positive perception of the project and increase customer loyalty.
Having a long-term perspective is critical for any project, especially during a bear market. Market cycles are a natural part of the investment process, and having a long-term investment perspective can help avoid making emotional or hasty decisions during a bear market. By focusing on the long-term success of the project and being patient during difficult times, a project can weather the market cycles and emerge stronger in the end.
One of the most common issues is that most investors nowadays are just concerned with short-term gains and do not consider long-term rewards. Is it possible for you to give them some reasons why they should buy and hold @GRNGRID tokens over time?
Okay so before I type out the exact reply to this msg, it is important to understand that what we plan to build is beyond price and money talk but since price talk will always be a relevant topic for any crypto project, here are a few reasons why G won't be a bad investment IMO. NFA tho;
Strong underlying technology: GRNGrid token is built on strong and innovative technology and an even stronger vision of sustainable blockchain, it can be expected to have good long-term potential as renewable energy technology continues to advance and becomes more widely adopted.
Potential partnerships and collaborations: GRNGrid has the opportunity to partner with other organizations, businesses, or platforms in the future, which could increase the demand for $G tokens and provide additional revenue streams. Our team comes from all parts of the world and so do our connections. Do not worry about that 👀
Strong community: A strong and engaged community of users and devs provides support and helps to sustain the project during difficult times, increasing the chances of long-term success. If you come to our chat, you will see the organic chats there. We plan to build such a community and I do believe we are on the right hope. I also hope that we get similar users from crypto players into our chat who share the same vision or like our vision haha
Diversified revenue streams: $G has multiple sources of revenue or has devised such, so it can provide stability during market fluctuations, reducing the impact of any downturns in the market.
Overall, investing in $G for the long term is a good decision for those who believe in the potential of Green technology, the team behind it, and the demand for the platform over time. However, it is important to conduct thorough research and consider the risks involved before making any investment decisions. At the end of the day, NFA!!
Which of the following feature does GRN grid incorporates? What is the consensus mechanism deployed in GRN Grid?
Which of the following features? I can't see any of the options but there are tons of features that I have described in the chat above. I guess I have covered everything
Moving onto the consensus method, GRNGrid is introducing a new consensus protocol called Proof of Stake2 (PoS2). I guess that's what you are talking about. Although that's explained earlier PoS2 aims to prevent destabilization, accumulation of wealth, and 51% attacks. Validators are required to stake their balance in the security pool and receive an interest in the pool. The stake is held for 24 hours and the validator is penalized if there is any bad faith detected. The validators remain anonymous until the pool opens to prevent any cartels from forming. PoS2 criteria for selecting a security pool and voting power also encourage new validators and prevent wealth accumulation by rewarding validators with lower stakes with a higher APY.
Chung Yin Tang
How do you plan to spread awareness about your project in different countries where English is not good? Do you have local communities like Vietnam, Indonesia, Thailand, Korea,.. so they can better understand your project?
So we had a couple of subcommunities I think, but I believe it's important to have one main chat where all the conversations happen so that everybody knows what's happening. Subdivision of communities can also divide the productive conversations that can happen under the blanket of one group. For now, we plan to have one group then we will slowly translate into local communities when we have a bigger community.
Are you afraid that some day another project with more innovative technology might replace your project?
I mean with what we are building, we are still going to have the tag of being the pioneer that literally changed the game by being reliant on “renewable energy”. Also, the concept of “green energy certificates” and much more that we have discussed earlier is something that is exclusively present in our project. First of all, it would require hard work to match that and secondly, we are the pioneer and parent company that has innovated the tech. We will always be relevant 😋 so not afraid at all. Always welcome progressive innovation.
Did you consider community feedback/requests during the creation of your product in order to expand on fresh ideas for your project? Many projects fail because the target audience and clients are not understood. So I’d like to know who your ideal consumer is for your product?
We do understand how community feedback is important as you get a real insight into what people want. While we do consider what people have to tell and inculcate that in our plans, we have got top developers, and planners in our team who are super good at their job so if there is a possibility that insights are really good our team will definitely take into consideration but if not, we have got a team with great ideas for progressive innovation so don't worry and sit tight haha
Mini Crypto King
Most of users are still not aware with Blockchain & its related projects ! So, How Your Project platform create awareness about their project with NON-CRYPTO users too?
Very interesting. You can tell how big the green movement is and how much of a real issue it is solving. First of all, it brings exposure from that pool of people, most of them noncrypto users especially when we go to these multinational conferences and present what GRN is building in the field of blockchain.
Secondly, we consistently plan to reach the mainstream media via our awareness videos, how renewable energy is efficiently recycling the used energy into making potatoes in Sweden haha so I guess we are just planning to make such content that can bring the attention of users in real-time.
I guess that's how primarily we plan to garnish attention even with the people who don't understand crypto and blockchain through our ideas which are relevant to the people and even to the blockchain world!
What do you think about the market for now? Will it Affect your project?
Don't think so. Our main motto is the sustainability of the blockchain world and we plan to build a product. Product developments go beyond market situations and we are here whether the market goes high or low! Doesn't affects us or our super-talented team.
The AMA recorded many great questions from the Crypto Players India community, as well as meticulous answers from our guest Reema Dahal from GRNGrid. AMA Concluded at 11:30 pm IST.
CryptoPlayers is one of the oldest & largest crypto communities in India since early 2017. We are a group of 23000+ telegram members and growing.