AMA Recap- SOFO Tech.
The session of AMA ( Ask Me Anything ) with SOFO Tech was conducted on 7th August 2021 at 7:00 PM IST (1:30 PM UTC) and lasted for 1.55 hours.
AMA at @CrytoPlayers started with a brief introduction by Azmat Sahaf (CEO & Co-founder), Trading Star, Captain from SOFO Tech. Here are some highlights of the AMA.
ADMIN ROUND
Jonty|Host
Please briefly introduce yourself and also enlighten on the experiences of your key team members and their previous projects?
Trading Star|FOHO
I am Trading Star, handling Crypto Operations for SOFO. Bull Market of 2017 brought me into Crypto 😅🙈 and survived the whole journey of Bear Markets and Back to again bull season 😍😊A full time trader !
Captain|FOHO
Hi folks, I am responsible for DevOps in SOFO. I have been in Blockchain industry since 2016 and worked for multiple crypto companies, some big and some small…
Azmat|CEO
My name is Azmat and I am the Cofounder and CEO of Sofo. I have founded a social commerce startup “Bigly” in 2017 and a service based company in 2014.
Jonty|Host
Could you briefly explain the original purpose of creating SOFO?
Azmat|CEO
Sofo purpose is to create a Solution which can help online sellers to Select Trending and Profitable Products and Directly source them from Micro Factories to Grow their Business Online.
Jonty|Host
What are the token utilities of MSP, real life use cases and total supply? What’s its main purpose?
Trading Star|SOFO
Pretty interesting question 🙂
I was expecting this question in form of multiple sub questions from different community members 😅😜 Pretty important too, one needs to definitely look for all these in any project before investing !
I can keep on writing and explaining the utilities but at this point of time, but with adoption and with growing SOFO ecosystem, it will be interesting to see all utilities in action :
Utility 1) Global Credit Access
Today there are no organised platforms available to maintain the credibility of underrated micro-factories or online sellers. They direly require capital to grow their businesses. On SOFO platform, the users around the globe will pay in a single SOFO token to access features useful for their business. Since all the transactions in SOFO will be transparent, there will be a credit management system for those users. In course of time, SOFO will allow retail investors to lend capital to the best credit score holders on SOFO platform.
Utility 2) Access to premium and exclusive services offerings by SOFO :
All the services like Data analytics, Catalogue, contents for online sellers offered by the SOFO team in SOFO app will be charged in $SOFO
Utility 3) MSP : Minimum support price for $SOFO : Will explain it in more details !
MSP (Minimum Support Prices for $SOFO)
SOFO is built by considering the major stakeholders, maximising their benefits and growing sustainability aspect of SOFO. Any business can not achieve its vision/goals without the support of its stakeholders.
To support its stakeholders (small sellers and microfactories) in their business growth without worrying about market fluctuations of SOFO token, there will be a minimum support price of SOFO for the SOFO app users.
Let me share cases which will appear :
that will give a better understanding :)
Let’s understand the Minimum Support Price (MSP) of SOFO with an example:
A MICROFACTORY X wants to use a paid service available inside SOFO app for their business
growth. In the SOFO app, the service is available for $2. In case of no support price, microfactory will be charged $2 worth SOFO tokens from their wallet for availing that service.
Since SOFO is traded in markets as well, dropping prices for SOFO can be a painful case for
our app users, a different amount of tokens shall have to be paid in case of no support price for SOFO.
We all want to pay less and gain more 😜
And most important being a trader or investor we want to avoid losses !
Now let’s see what happens with a Minimum Support Prices (MSP) for SOFO app users:
(Case A)
Say, SOFO is trading above the MSP of SOFO, the cost of using that service will be charged
based on the current price
Example: SOFO MSP is $0.08 (sample minimum support price), market price of SOFO is
$0.1.Then for using a service worth $2, app users will need to pay 20 SOFO tokens.
If price is above MSP you pay less !!
Case B)
Say, SOFO is trading at the minimum support price of SOFO. The cost of using a service will
be charged based on the current price only.
Example: SOFO MSP is 0.08$ (example minimum support price), market price of SOFO is
0.08$. For using a service worth $2, app users will need to pay 25 SOFO tokens.
Case C)
Say, SOFO is trading below the MSP of SOFO, he cost for using that service will be charged
based on MSP only.
Example: SOFO minimum support price is 0.08$ (Sample minimum support price), market
the price of SOFO is $0.05. For using that service worth $2, app users will need to pay only 25
SOFO tokens at the rate of $0.08. Without the provision of MSP app users would have require 40 tokens
And last sub part : Supply is 100 M !
Jonty|Host
Are you working on any partnerships or marketing initiatives to help build awareness for your platform?
Captain|SOFO
Yes ofcourse, marketing is very important for product like SOFO.
Till now we have focused on social media community building. We have executed many types of engagement activities to increase the SOFO awareness and got success in them. Our next promotion campaign will be focused on influencer marketing, collaborating with best faces in the industry. The goal will be to position SOFO with a defined brand image.
Further we shall also look out for other forms of organic promotion, especially content marketing, viral campaigns etc.
Jonty|Host
Could you please provide some progress on your Roadmap and what results SOFO has achieved so far?
Trading Star|SOFO
We have completed 4 phases out of 9 phases given in our Roadmap, and are currently executing the 5th phase.
We’d started with user surveys early this year. Then we validated the idea by simulating the concept through Facebook as a medium. After getting confident about the product market fit, we moved on to work on feasible business strategy and writing the Whitepaper.
Please do visit our pinned tweet : https://twitter.com/SOFO_TECH/status/1420642438352293888?s=20
It is just one of our first ecosystem partner !
Captain|SOFO
After this in 3rd phase we closed a seed round of $24k and began working on actual technology developments. Then with the launch of our public website we focused on social media in crypto community. We grew to 3000+ members in our Twitter, Telegram and YouTube individually, all were reached organically. Behind the scenes, we worked hard on interacting with hundreds of micro-factories and online sellers, validating the utility of SOFO for their problems. They are ready to be onboarded on SOFO as we go live.
Azmat|CEO
We also did Partnership with Online Brands Like Old Sports, Lariox, Panashe and Orthovedam.
We are Registered as a partner on Amazon for Amazon Sellers Growth. We are also using Aws servers and we’re part of Google Startups Program as well.
Natz|Host
Do you plan to follow alibaba.com format?
Azmat|CEO
We will not follow Alibaba. We are trying to empower Online sellers with deep products performance insights so that they can make more better decision while launching new products and Procuring products to sell Online at Channels and Increase their Profit. In sofo an online seller will be able to explore a products periodic performance such as total sales, market reviews, unit profits, competitors analysis and what customer are saying about that product. These customer are end consumers.
TWITTER ROUND
Nguyên Khang
The most worrying thing about making purchases online is that there is a high exposure to scams, especially if payments are made externally to the shopping platform. What security measures will SOFO Tech implement so that users can safely operate with P2P transactions?
Azmat|CEO
Currently we are not allowing any P2P transactions on Sofo Platform.
Sofo allows to discover and Procure Products for Online Sellers. We do not do payment processing for now.
Trí Thận
I read that currently, SOFO Tech Services are not available in all geographies, nevertheless, can you tell me what your plans to reach a wider audience are at this time? Tell me, what continents and communities would you like to forge strong connections with at the moment?
Azmat|CEO
Currently our focus is India. We will launch Sofo Outside India in 2022 once we have enough number of Indian Micro Factories on Sofo. Success of SOFO will bring more users Globally as we are not Restricted to any Geography.
Aravind
So small bussiness groups and micro factories can list their products in the video form on the SOFO app. But internal errors and manufacturing defects remain unnoticed even in videos. So how does SOFO App make sure that the products are 100% fit in all aspects?
Azmat|CEO
Sofo is connecting online sellers with authentic Micto Factories by doing background checks. Goal of the videos are the authenticity and process awareness of Micro Factories only. Any manufacturing defects and errors can be solved by having a Return or Refund Policy within given time.
COMMUNITY ROUND
M Shopna
Does your project name and logo have any meaning? why did you choose the name your project?
Azmat|CEO
Sofo means sourcing force which indicates that we are product sourcing platform.
Forex Lover
With the products in your project, what do you want to achieve in the future?
Azmat|CEO
We want to become most reliable platform for profitable product sourcing for online sellers Globally.
Shivam Upadhyay
Will you provide your service globally or can be used only within certain countries?
Azmat|CEO
We will launch this project Globally once we have enough Micro Factories active on the platform.
Majuka_Bou
Does SOFOTech has plans for Burning tokens in the future?
How will SOFOTech try to increase the usecases of token?
Trading Star|SOFO
We already have two programs to support $SOFO price stability and value increment : MSP (already answered in detail in Admin round along with other utilities) & Usually Burning (Creating scarcity of $SOFO tokens)
Our well designed economics for SOFO token ensures that with time anyone (traders, holders, stakers, app users etc.) holding these tokens shall be protected from the value inflation.
Công Chua
Is your platform suitable for Crypto beginners? Or does it only appeal to professional users?
Trading Star|SOFO
Our goal with SOFO has been to build a great user experience for the end user. They can use SOFO app for achieving their business goals. We don’t expect them to face any hassle while using the platform. We are using various tech stacks for the SOFO backend, for which users don’t need to bother. Suitable for anyone. Anyone who can use phone, use social networking sites(Nowdays a lot of people do) will be able to use our platform !
Let me share a much awaited announcement for all our community ☺️ alreday hinted a day back on twitter !
Whitelisting form for our Public Sale and An exclusive offer for our IDO investors 😊
https://form.jotform.com/212183480085049 😍
Captain|SOFO
Humbled to answer interesting questions to the Crypto Players India community. We hope to have cleared crucial doubts about the SOFO project.
Special Thanks to the admins for organizing such a wonderful AMA session !!
The AMA recorded many great questions from the Crypto Players India community, as well as meticulous answers from our guests Azmat sahaf, Captain, Trading Star from SOFO Tech. AMA Concluded at 8:55 pm IST.
