Read here the results of the first ApolloCurrency AMA

in #apollofintech2 years ago

 1. The primary reason I came to Apollo was because of privacy. So I  was  disappointed when Private Ledger was removed from the updated  roadmap.  The current privacy features of Apollo is no doubt  World-class. But as  readily pointed out in the Technical Paper, Private  Ledger was the final  implementation that would guarantee 100%  anonymity and privacy. So  what's the team's final decision on  implementation of private ledger? If  it's still on the table, at least  when should it be expected?
 

 2.  Initially Apollo was considered a DAO with the Team charged with  the  fulfillment of the roadmap and further development of the project.  But  now the Team is becoming a corporate body (a company) and hence a   for-profit organization. What's the relationship between this company   and the project? How's the company associated with the project? How is   the company different/separate from the project?

  3. Last update  you gave regarding FAST APOLLO PROTOCOL was that  there's just one  element left for the implementation to be complete.  Has this been  released? I ask because it's now marked as completed on  the roadmap but  the effect is not visible on the blockchain. FAST  APOLLO PROTOCOL is  supposed to enhance Hermes blockchain with  sub-seconds transactions  confirmation speed. Of course we're already  fast enough ATM but FAST  APOLLO is beyond speed - it's the protocol  that allows development of  distributed exchanges among other t 
 

 Steve McCullah :  Business Development Director - Apollo Currency 

  1. We have had to make some tough decisions on which features to   prioritize. In regards to private ledger,  we chose to hold off for a   number of reasons, one of which is that the move to DAG will make it   obsolete, as it is a post blockchain DLT and that requires it’s own   solutions. We had originally considered changing the direction for   Apollo to fit where we are going with Fintech, but after much   deliberation we are going to work to keep Apollo’s future within our   original vision.
 

 2.  The connection between the Apollo  Blockchain and the new  company, Apollo Fintech, is simple. As with other  cryptocurrency  founding companies, Apollo Fintech will hold its  copyrights and IP, it  will be the entity that represents it, develops it  and pushes it. The  biggest benefit of this is that large investors,  especially those at  the institutional level, place a major
emphasis on IP and the value that adds. It protects the value of the project and adds value to the managing company.
 

 3.  Yes, the majority of it has already been launched. Elements of  fast  Apollo are meant to work with dex transactions for example, this  has  been implemented. The interesting part about it is that even now  our  transactions are much faster than they look. Elements including the   refresh rate of the front end, latency and other variables can keep  the  user from seeing  a transaction as complete and appear as though  it’s  taking longer than it is. We have had a significant amount in our  dev  queue, but we will be releasing something in the near future that  will  allow the user to experience that speed by reducing the variable   mentioned. 

 4- My AMA question please Steve.... “is there any reason why we couldn't have a small coin burn to help increase the value of  #apl ?”

   Steve McCullah 

4- A coin burn wouldn’t help the value of APL unless those coins were  in  circulation already. We could burn Foundation coins but those  aren’t  being sold on exchanges anyway and are designated to support  Apollo’s  development for the long term.   


5-Hi Steve thank you for doing this AMA! I was wondering if there are any updates regarding oracles for your upcoming smart contracts?  

 Steve McCullah :

 We are working on smart contracts now. We have a new tech paper that   will be launched with our big release. This will detail our approach  and  reveal the direction.  

6- Steve...Will you be doing more video interviews with news of our updates and new direction?   

Steve McCullah :

 As far as me personally, we are working on a potential media plan  for  Africa, where certain elements are documented and released to the   community.
 As far as the project in general, we have quite a bit lined up. The next big media Appearance is AJ on NASDAQ early next month. 

7-  Who are main competitors with new strategy? Can you describe why APL will beat them out? 

 Steve McCullah :

 I love this question, although to answer accurately requires a very complex answer.
 Remember,  we are releasing information on 9 new products publicly  and working on  others behind the scenes. These products fall into three  major  categories: government, commercial and consumer.
 From a business  standpoint, as a whole,  we have competitors in a  number of industries. 

 The thing to remember, however, is we are never  going to spend  resources developing a product that is not better than  the best solution  available at that time. Everything that we have  designed has been  designed in a way that improves on existing  solutions. Apollo has given  us a truly remarkable leg up on nearly all  of our blockchain products,  not just because of its speed but also  sustainability. Sustainability is  critical in the government sector  specifically, which limits competing  solutions drastically.
 From a category standpoint, we have no  blockchain based competitors  within the government solutions category.  We are the only blockchain  company we are aware of that is currently  designing the solutions we  are designing.
 On the commercial  side, Ripple will be our main competitor. We are  better for a number of  reasons, however, all of which will be revealed  with our new products.
 On  the consumer side, we have to obvious products that everyone  knows  about, such as the CEX. Regarding the exchange specifically our  biggest  competitors are Binance and Coinbase. We are implementing a  great number  of things that will make us much more attractive than  either and  realistically even both combined. A few of those things are  physical  locations, a customer service team equipped to process KYC and  user  requests near instantly, better UI, regional bank accounts for  instant  deposits and withdrawals, significantly more fiat options and  much more  that will be revealed soon.
 I will go ahead and release the hint regarding our new product here as it ties in nicely.
 As  far as the overall vision, we are designing Apollo Fintech in a  way  that every product we add increases the overall value of all the  others.  
 The thing that gives us the biggest advantage, and ties much of  what  we are doing together, is our new product, which has been  confidential  until now.
 What Apollo has been commissioned to do  with Blockchain, this new  product will do for the internet. Together  they will be a very powerful  ecosystem providing a large number of  solutions and services, both  centralized and decentralized. Once we have  fully finished development  of both it would be easier to list who we  are not in competition with  than to list who we are.

 Unfortunately it’s  impossible to explain why  we will be significantly ahead of the  competition without revealing  more information, but I can say there is  no product on the market that  is similar to the vision we have for this  new product.   

8-How will Fintech set us up for success ? 

Steve McCullah :

 If you read my previous answer you will have a rather complete answer to this question.
 In  summary, it adds enormous value for a number of reasons, one of  which  is that almost every product is tied into Apollo, so with its  success  comes Apollo’s success.
When we go to a government to pitch an idea  for instance. Every  solution we have to offer increases the chance that  they will utilize  our product ecosystem.  

9- You've said that APL won't be used like Ethereum gas to process  national  currency transactions. Presumably, there will be a transaction  fee.  Where will those fees go (ie. to forgers holding APL, forgers  holding  national currency, somewhere else)? 

 Steve McCullah:

  Fees would be in the currency itself and they would go to the  forgers  and node owners. It may not use Apollo for transactions fees,  but it  will utilize Apollo’s mainnet. What this means is that the  current  blockchain will power everything and each user and merchant  will have an  Apollo ID, along with the ability to exchange instantly to  APL.  

10- Should do this more often, been good to see some answers to peoples   questions, rather this on a fortnight basis then the weekly updates we   use to get 

 Steve McCullah  :

We will do it once or twice a week  


11- Just a little more clarification please. As regards your reply to  the  1st question: do you mean that the private ledger can't work with  DAG?  If so, which of the current privacy features will still remain  relevant  after transition to DAG? Why hasn't Coin Mixing been restored  since it  was taken down for maintenance some months ago, or will it  also become  obsolete on transition to DAG consensus?

  Steve McCullah :

 We took coin mixing down in order to do maintenance after some   complaints regarding the time it took to receive a transaction. We are   in the process of improving how it functions as a whole now so that it   

12-will function nearly as effectively as a private ledger. It’s in the   queue and will be re-released soon!   Will any of the new products that are coming out use APL coin in  anyway  possible, such as fees to operate or apl balance needed, if not  why not ?  this could of added value for apl if the products was to  become a  worldwide success.  

Steve McCullah 

 Nearly all will use it or promote adoption of it and all achievements could have an effect on Apollo’s market.
 If price is your main priority, then look at Ripple for example.
 When  Ripple signs on a new major customer, like moneygram, even  though  Moneygram is not utilizing XRP and instead using Ripple’s  centralized  technology, the value of XRP still goes up significantly.  That is  because the perceived value of Ripple as an organization goes  up.
 The  same has happened in hundreds of instances, including Cardano’s  MOU  with Ethiopia. It has to do with agriculture, not Cardano’s coin. 

 13- Is there a strategy for the confidential internet product towards mass adoption? How will people know about it?  

Steve McCullah :

 People will know about it.. lol 

  14-the fees on cex will they be in apl ? can they be forged or used to cover the cost of running cex  

Steve McCullah :

 We will eventually have an option to pay for the fees in APL, yes.  


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