Q&A with DreamTeam CEO & Co-Founder Alexander Kokhanovskyy
Dear Contributors,
Recently, we’ve received many questions about DreamTeam. So, we caught up with our CEO & Co-Founder, Alexander Kokhavoskyy to get the answers for you. We’ve put together all of your questions into a Q&A that you can read below.
If you’d prefer to read the answers in Russian, you can click here: https://bit.ly/2Op6J3P
According to the White Paper, the DreamTeam Token is the only intraplatform currency. Each transaction on the platform will require the use of DreamTeam Tokens. So why was fiat implemented as a payment option on the platform?
If we take our user base into account, 99.9% of the users have credit cards and only 0.01% use cryptocurrency.
It’s unrealistic to build a business based on 0.01% of a user base, so now there are 2 options:
Option 1: If people pay by fiat on the platform, we have to go to the exchange, buy tokens and pay with those tokens. So on the users’ interface it seems as though fiat is used. However, on the backend, tokens are always bought/sold for each transaction.
Option 2: If a payment is made by tokens that people bought on the exchange and brought to the platform, those people get a discount on the payment, so we encourage all users to buy tokens directly on the exchange.
Why did you change plans and implement fiat payments?
As for the implementation of fiat payments, it has always been part of the internal DreamTeam plan. In the current state of the crypto-market’s development (rate volatility, crypto adoption, legal, licensing, etc.) there is NO WAY a business can operate without fiat currencies. Meanwhile, as we have always stated, ALL TRANSACTIONS on the platform will require DreamTeam Tokens. It will take a while to develop the mechanics. It’s not possible to do it in a single day.
How are the prices of paid features set? In fiat or in crypto? How is the volatility factor solved?
The price will be always fixed in fiat and will remain unchanged. Because of volatility, the price in DreamTeam tokens will not make sense and people will not understand how much the same service costs day to day. If a person chooses to pay in tokens (Option 2 described above), then the price in tokens will be adjusted in accordance with the current exchange rate, and the payment using DreamTeam tokens will always be more efficient.
Will you remove the fiat gateway once DreamTeam Tokens get listed on exchanges?
The fiat gateway is needed to purchase tokens. Without it, users will not be able to use the platform, as 0.01% of our users have tokens, and 99.99% have credit cards.
What happens to the money that you generate through credit card purchases? Will you buy back tokens and burn them?
People will buy services for fiat, and in turn we will take that fiat to buy tokens on the exchange and provide those tokens to users to pay for services on the DreamTeam platform.
So the user will need to have a balance of DreamTeam Tokens in order to pay for any given feature, correct?
Correct! From the begining only on the back-end (like they will pay from our wallet), ultimately they will have their own wallets on the platform with their own balance in DreamTeam Tokens.
How would you avoid restrictions of companies? As far as I know, neither PayPal nor many cc provider allow you to buy crypto.
There are already a couple of possible solutions in the majority of companies with financial licensing and custom-built, 3rd-party gateways.
Is it possible to get a refund?
Refunds after the issuance and transfer of DreamTeam tokens to contributors are not possible according to the Token Sale Agreement.
DMarket and DreamTeam are the same projects. If DMarket is already listed, what is the problem with DreamTeam being listed?
DMarket and DreamTeam are completely different projects. Different concept, different threshold fees, different number of contributors, different listing time, etc. And as the exchange considers each project separately and in great detail, then of course we have to deal with the same amount of difficulties. Also I want to remind everyone, that the listing for DMarket took 8 months, from 1st contact to being listed.
Why couldn’t you share the progress about listing: which exchanges, negotiation stages, any reasons for delays? (are the exchanges slow to reply, are you not delivering all of the documents they are requesting, etc.)
We’ve contacted almost all of the Tier 1 exchanges, including Bittrex, OKex, Poloniex, Binance, Huobi, Upbit, Bithumb, Kraken, Coinbase and Qryptos/Quoine. And we are in active communication with 5 of those, the majority being based in the US. “ACTIVE” means that we receive 1 answer to their request/support ticket about every 2–3 weeks. Sometimes, it takes more than a month. The only way to support liquidity for Tokens is to be listed on Tier 1 exchanges. In ANY other case, the trading volume will be too low and everybody will lose money, at least in the short-mid terms.
If DreamTeam launches paid premium features (by tokens) to the platform, why isn’t there any motivation to list DreamTeam tokens on small exchanges that users can buy it and use?
It’s not about motivation, it’s about the interests of our contributors and the platform. There is no token liquidity on the small/medium exchanges. The only way to achieve our and our contributors’ goals is to list DreamTeam Tokens on Tier 1 exchanges.
So you are still raising money? — is the series A still open for investment and who are you targetting for more funds (VCs)?
The Series A will be about 2–3 times higher than the Seed Round. We are targeting around 40–50 VC funds/Private equity companies, the majority from California, from $100M to $5Bn under assets.
Mangrove got in at the seed round. So what price did public participants from last year get in at? I know it’s hard to establish — I am trying to guage what the opening Market Cap will be and how many tokens will be in circulation.
Mangrove invested in both Equity and Tokens, so Mangrove and ICO contributors can’t really be compared. However, we can say that they bought their Tokens during the Token Sale phase #2 at the same price as all other participants. Furthermore, Mangrove’s Tokens are vested for 2 years.
So right now you are selling equity, can anyone apply to buy in for equity?
No, only Institutional investors -> primarily big funds only.
Where is your full time team located? Is it a big team? How many members?
We have 80 people in our Kyiv office. By the end of the year, we are going to increase this number to 100–105 people. Also, we currently have 3 people in our LA office. The LA office will consist of a small engineering team and C-Level team.
Is it possible for contributors to visit the DreamTeam office? If so, how can we go about doing this?
In November-December, we will create a video from our office with our team, working processes, and share it with you. Everyone in the community will have an opportunity to see our office, employees, and how we work.
What is the company 2SKILLED4U INC?
2SKILLD4U INC is the core company which holds the DreamTeam trademark and platform.
Why register a company on a domain provider in France?
Multiple video game and esports websites use the .gg domain, mainly because “gg” is commonly used in multiplayer video games (especially competitive ones) as an abbreviation for the phrase “good game”, usually said at the end of a match. When dreamteam.gg was registered, .gg was the only option available on the Gandi servers.
Why don’t contributors get any news or updates (emails, newsletters, etc.)?
It was our mistake, as we were very focused on raising the Seed Funding round and on the release of one of the core features of the platform — Practice games. Beginning in November, contributors will be getting one monthly report (milestones, development, roadmap, marketing, HR, etc.) and one digest with general news about DreamTeam (articles, interviews, etc.)
Will there ever be an AMA with the founder?
I think we’ll be able to do an AMA at the end of this year or at the beginning of next year.
About DreamTeam:
DreamTeam — infrastructure platform and payment gateway for esports and gaming.
DreamTeam is the ultimate teambuilding and skill-growing platform that solves problems for hundreds of millions of gamers who want to find teammates, improve skills, manage teams, and earn money. And with the unlocking of blockchain and smart contract technologies, DreamTeam gives esports enthusiasts an opportunity to earn money by building a one-of-a-kind payment gateway for players, teams, tournaments, and sponsors.
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