Founders AMA Recap (Feb 16th)
Hello Sonarians, it’s been a while….
Discussion points in order
- Elias, the Sonar Director of Education, announces the start of a new Twitter and social media engagement campaign. Community members are encouraged and incentivized to share the charts of other projects while viewed from the Sonar Platform. Full instructions are near the beginning of the video. PING rewards for completing these tasks are given out weekly. Please join the Sonar Raid Army telegram channel to participate!
- Elias will be hosting the NEARNauts NFT Founder on the next Blockchain Education episode, Monday the 21st at 5pm UTC. See the Twitter post HERE.
- Jacob shares some development updates. One of the major obstacles our team has encountered while building the Platform is the poor quality of currently available blockchain data sources. It has been the cause of earlier delays, but now has been mostly solved with workarounds. In light of this, Sonar sees an opportunity to become our own API data provider and to add this service as a potential future revenue stream. While the work required to complete this will take significant time, it has already begun and the talent to do so has been brought aboard. Our relationship with Chainlink will prove to be a fruitful asset in this endeavor.
- Jacob also shares Incorporation updates. We have completed all the requirements from our end and submitted all paperwork. Again, we have experienced delays beyond what we had anticipated. We face no major problems, but the scope of the personal materials each Founder has had to provide has proved difficult and cumbersome in certain countries. We have had the Maltese authorities already respond to our application and ask for just a few more documents which we have provided. We await to hear news that we have been approved. Since the Founding team is from 8 different countries, it has complicated the logistics of creating the business in a speedy fashion. Now, we are very close indeed to the completion of the process.
- In addition to the acceptance of the business application and legal entity, we have begun work with another partner at Justine’s firm and with our in-house Security Officer to meet the requirements of the comprehensive MFSA audit to become MICA compliant. This will open many, many doors for Sonar and allow us to not only license our tech that is under development but also qualify for Tier 1 exchanges. No other crypto analytics project will be as stringently registered and regulated as Sonar. We are intend to set the standard in this area as well as get ahead of the curve with coming regulations.
- Cristiano gives details about the latest update to the Platform update 0.1.4. Major optimization and performance improvements have been implemented with the chart loading and search functions. The UI has been cleaned up significantly with some new buttons added such as “buy”. Overall has a cleaner look and feel.
- Extra timeframes have been added to the chart! Timeframes down to 1 minute are now available on the chart. Because of data sourcing issues as stated above, this caused a delay with having these smaller timeframes available in the initial beta release. The transaction feed columns have also been re-arranged and cleaned up to be more readable. A “Pin to top” button has been added to the chart to re-align it instantly for an optimal trading experience. Chart candles are also custom stylized now and have unique deep bright coloring. See the full list of changes HERE.
- In the next update, we will deliver the next AI feature which is Social Sentiment Analysis. It will scrape data from YouTube, Reddit, Twitter, and Telegram to give sentiment scores for top coins and tokens. This will be a powerful new tool in the Sonar arsenal as we begin to get to a place development-wise which separates us from the competition. Nothing else on the market is like this upcoming feature.
- We announced several months ago the inception of a Sonar Founders NFT series. Finding a competent NFT Developer to help us with launching the series has proved challenging, but we now have secured one to work with us. The supply will be very limited, less than 100 total. More details about this coming soon.
- Cristiano shows a sneak peek of the wallet loading screen! The wallet backend is currently functional and being tested internally on the dev environment.
- Mike speaks some about our research of expanding into physical assets as well, such as various mining opportunities. He is currently putting the finishing touches on our newest pitch deck and we are exploring opportunities as soon as our incorporation is complete.
- Lastly, we speak about wallet security. Unfortunately we hear all too often of security breaches and hacks on individuals. Usually by being fooled by malicious dAPPS or airdrops. Good security hygiene is to separate your crypto holdings into multiple wallets. Use a trading wallet to hold only your DEX assets and for connecting to dAPPS you are unfamiliar with. Use another wallet to keep your long term holds and never connect that to anything for safety.