RECAP#AMA1108
#AMA1108
CryptoFury x Castcle
⏰ Time: July 28th , 14:00 PM UTC
💰 Reward Pool : 100$
💎 Place : https://t.me/CryptoFury_Chat
Question for Part 1- Project overview:
1. Could you please introduce yourself and Castcle?
Evan Vinet : Hello there, I am Evan Vinet, the English Marketing Ambassador for Castcle. Castcle is a social media app in development in Thailand. It’s designed to distribute ad revenue back to the users who see ads and use the app in many different ways.
Our goal is to decentralize social media so that creators, users, and advertisers are able to interact more easily and in a more positive fashion, and solve many of the current problems of modern social media.
Our social platform will be powered by our crypto, CAST token, which is used for all of the features on Castcle and is derived from the advertising activity and the way users promote posts
2 .From where you get the project name? What does it means to you? And why you choose this name for your project? What is your mission and vision to built this project? What you want to achieve Through your project in future?
Evan Vinet : The “circle” represents the social circles that make an online community thrive and “cast” is what we call a post on our platform. When you Cast content, its reach and popularity determines its ad cost, and that cost is passed on to the users.
Social media has several big problems that need to be solved. The first is that they keep all the advertising revenue by selling users data without their consent, and the second is the control of information, which many people find alienates them from their experience. By distributing ad revenue fairly and with a decentralized mechanism, the relationship between users and platform is much more trustworthy. In the future, we want Castcle to become fully decentralized so that users can interact with the platform and become the owner of their own social media data
3 . Market volatility is a very serious problem. Now, could you give a brief explanation about the limitations caused by this? What methods are you going to apply to reduce this to the minimum?
Evan Vinet : The current crypto market is driven by speculation, and its forces are beholden to greater market forces. Since 2020 we have seen the overall crypto market move in step with the S&P500.
CAST token is different from other crypto assets for 2 key reasons
1. CAST token is used to power the many functions on Castcle, so it holds the greatest value in its ecosystem. Its value is multiple through our various functions such as content farming and community moderation
2. CAST token’s value is derived by the demand for advertising on Castcle. The more content and users enjoy Castcle platform, the more advertising will be paid in CAST token, and the value of the token will increase. Which means we all grow our value together.
3. Peoples data is fully consented, so the data you submit to Castcle can increase how much you can make from advertising.
We plan to bring volatility to a minimum by rewarding users much more greatly when they use CAST for the functions on Castcle, and by integrating all of the other social platforms such as Twitter, FB, and TikTok to create an inclusive social media aggregator that creators and users of all kinds can use as their go-to app.
Part 2: Pre-selected questions from our community
1 . What are your goals and what plans do you have for implementing your decision in the future? And how do you think you can reach your desired goal very easily?
Evan Vinet : To talk about the future, let’s start with where we are now. We have a beta app for android and iOS. The beta app allows you to connect your twitter and facebook in order to auto-post to your Castcle feed, which allows you to earn CAST token from our early caster airdrop.
From here, we will soon release the full version of Castcle, with advertising and content farming. This will allow users to multiply and utilize their early caster airdrops to make Castcle’s ecosystem great, and the aggregate of crypto content creators will make it the go-to app for crypto information.
But we won’t stop there, as we integrate more social media platforms, we plan to appeal to different types of content as they see that they can earn a greater share of their advertising revenue than they can with traditional socials, since the monolith is not keeping all of it and continuously changing ToS to squeeze more from its creators.
Reaching the goal can be achieved by two key things: 1 is making the platform’s features comparable to that of the biggest social platforms, and we do this by integrating their API’s to our user accounts. 2nd is by “content farming”, which allows users to invest some of their crypto in a post to boost its popularity, thereby increasing its ad cost, thereby earning them a greater share of the revenue. This will be key in combatting bots and spam, as users will have to invest their digital assets in the highest quality of content to achieve the best result, there is no reward for simply liking and sharing other than increasing one’s own ad cost.
2 . Who is your investor? How do you generate revenue to sustain the project? What are your goals to the end of 2022 and beyond?
Evan Vinet : So far, we are funded entirely by Thai venture capital from members of Thailand’s government, as it is clear the Southeast Asia will be the tech innovator of the future. Our roadmap is carefully planned out so that once the full version of Castcle is released, we will be able to start allowing ads right away. The next step is allowing CAST token to be bought more easily from the app and from exchanges so that we can attract more different types of advertisers.
The key point is that Castcle keeps 30% of the revenue for maintenance and development, no more, no less. 14% goes to users who simply see the ads, and those users will reinvest their minute earnings into content farming to create a greater source of passive income. Crypto creators are already recognizing the value of Castcle as a central aggregate of crypto content and social media features, and the ability to earn from every feature on the app will make it the clear competitor to current social media giants
3 . Asia, Africa and other communities are Non-English speaking communities, how will your project create global adoption to more local communities ?
Evan Vinet : So far, we have seen different communities from different countries establish presence on many new social apps, such as korean communities on steemit and USA communities on parler. One of the key features of Castcle will be to ensure that users timelines’ are populated with a mixture of their first languages as well as others that crypto news is more commonly read in, such as English or Japanese. This will give users not only the ability to find content easily in their own languages, but for content creators to be able to appeal to many different users bases. We want to encourage as many different languages on Castcle as possible to allow our Vietnamese, Indian, African, and USA languages to earn on an equal playing field.
4 . I want to ask you about a project that will definitely give the best to users and the community, So what should I believe from you, because many projects just give nonsense and promises or a false trust. Can you respond to this?
Evan Vinet : Many users take the concept of “decentralization” very seriously, and most crypto users want web3 to be free for everyone and not monopolized by tech giants like Google and Amazon. At this early stage, very few projects are fully decentralized. They all have to start somewhere, and they all have to be built. Or main focus is to create such a tight algorithm and privacy framework for Castcle that, no matter which blockchain CAST assets are transferred from, they are able to interact with the platform securely.
That being said, social media is nothing without the community. Key to decentralizing social media is making Castcle great, and key to making Castcle great is to treat our communities with the utmost respect and freedom by allowing them to appeal their content to other users and to be rewarded for ensuring that only the best content appears frequently on Castcle, which in turn makes it a much better place to advertise. Everybody wins in this case. If just 20% of Facebook’s user base, for example, switched to Castcle, they would already be earning a sizable passive income immediately. So, rewarding the users fairly and giving the advertisers the best deal is how we will create the best platform for all communities.
5 . Do you have room for experienced developer? I mean do you have plan to launch Hackethon program to check the security of your project gradually
Evan Vinet : This will happen once the full version is launched and CAST token starts being adopted on more DEX’s and CEX’s. We will be launching bug reports, bounties, audits, and of course increasing our dev team to accommodate the work load of scaling to worldwide audiences. We also have plans to introduce crypto job postings by integrating with indeed or linkedin in the future, especially when branching out to multiple blockchains. Keep your eyes on our socials for announcements about that in the future.
Question for Part 3: Guests will choose 5 live questions from members and answer directly in CryptoFury Community
1. Which projects are your closest competitors? For example, do you accept Uniswap, Curve or Balancer as your competitors? How will you take to the next level?
Evan Vinet : Obviously we are in a HUGE undertaking, going up against Facebook, Twitter, and the like. Our key features that set us apart from other social platforms are
1) Earning from seeing ads. Just interacting on Castcle will earn you 14% of the ad cost for all the ads you see
2) Allowing users to link their socials to cross-post content, this will streamline the content creation process and allow both established influencers and new creators to start earning immediately
3) content farming based on investment. Since CAST token is used to farm content AND promote on Castcle, there is no reward or incentive for mass bots or spam, and quality content will prevail.
4) Allow assets to be withdrawn on multiple blockchains. As our ecosystem grows we will be adding CAST token to many Sol, Polygon, AVAX, and more. This will give the added option of cross-liquidity, which makes Castcle a useful tool
2. Sir, my good question? Can you list 1–3 killer features of this project that makes it ahead of its competitors? What is the competitive advantage your project has that you feel most confident about..? Verry interasting project today?
Evan Vinet : CAST token is different from any other crypto project because of our various use cases on Castcle
1. CAST token is used to pay out users who see ads and create content, creating a stable and fair advertising and content platform
2. CAST token is used to farm content and promote other peoples’ content, allowing users to multiply their earnings and encourage quality feed
3. CAST can be spent for an ad-free experience
4. CAST can be used to vote on content moderation in the community
5. CAST can be used to buy/sell exclusive NFTs to our platform, from content creator assets to specialized profile pictures.
6. CAST token can be withdrawn to your wallet and vice-versa, making advertising much easier than for people who must set up accounts and use different currencies.
3. What is your revenue model? In which ways do your platform generate revenue/profit?
Evan Vinet : As a decentralized social media, our goal is not to generate profit, but to increase the value of CAST token as an asset. Our team will use the minimum 30% necessary to maintain the system, the rest will be for the users. A savvy user might even be able to make a living on Castcle, if they have a keen eye for what kind of content people want to see. Increasing the number of users, advertisers, and creators will increase the value of CAST token, and everyone will make a profit together
4. Southeast Asia is a very vibrant market and there are many new platforms under development. So what do you think about Southeast Asia and do you have plans to grow there?what your future plan?
Evan Vinet : Like I said before, SEA will be at the forefront of web3 tech and the innovations of the future. We already have a strong community of Indonesian users, and we hope the Vietnamese community will join us on our journey to make web3 a space for everyone, not just the big whales. One of the biggest advantages of being a Thai company is that we can develop at low-cost and appeal to users around the world.
