On May 1st, AMC team @askmecrypto had the fantastic opportunity to interact with official BUZZcoin CORE team on our telegram. The AMA was organized and promoted by @kaliju and from BUZZ team, official Maxim Polyarniy (Team Leader), Kevin Sorrell (Social Media Expert) & Claudia Durrwachter (Bee Educator & Community Management) were present to take your questions. The AMA was very successful, thanks to AMC community and BUZZcoin team's transparency.
BUZZcoin project is a non-profit initiative to save the declining bee population through its innovations in Organic Bee Farming Sector, creating a foundation for a global network powered by latest blockchain technology. Bee Hives will be continuously monitored and maintained using BUZZcoin Hive Mind Device (BC-HMD and BC-QMM devices).
Whitepaper can be read from the official website of BUZZcoin at https://www.buzzcoin.info
About the BUZZcoin CORE team:
Maxim Polyarniy is BUZZcoin's head strategist, whose dependable insights, stellar network and expert decisions have built a solid foundation for BUZZcoin and its future to come. After the old dev team abandoned the coin he put together a team that comes from corporate background to realize the device the BUZZcoin old dev team was planning.
Kevin Sorrell from Australia is an online sales and social media expert veteran since 1994. He also specializes in SEO and is responsible for managing the official BUZZcoin facebook group.
Claudia Durrwachter is currently working on the bee education series of articles and do other various community oriented duties.
We tried to summarize the AMA in a simple and effective manner. Important Q&A is kept as they were recorded.
Maxim, could we have another take on why the old team left and what made you join BUZZcoin? What is BUZZcoin? How did this project come about? What was the source of your inspiration to build BUZZcoin blockchain? We heard that there was another team before you took over the project. Could give us a little glimpse into the past?
Maxim Polyarniy: It was back in September when i was talking to Azurikai for the first time, he had this idea of transforming the buzz super staking coin into a real world project after he told me what he is planning, I was sure I had all the contacts and people on hands to realize it, this was when I started working on it. I was amazed by the idea of using a blockchain to actually help save the worldwide bee population. Since I come from a corporate background like most of my core team, we got our team together quickly. I used to work with these guys on large real world projects for years. It was a lot of work.
Trust me, the old dev team abandoned the project after 2 faulty patches, this was when we decided to take over BUZZcoin and within only 3 weeks we got a whole new infrastructure, website and everything needed to run the project professionally.
So many people are wondering what is the use case for BUZZcoin - I’m sure that can be found on the website and you just answered that...so here's the question: The use case for BUZZcoin is unique. How many other nonprofit blockchain organizations such as yourself that you are aware of that are in direct competition with what you're trying to accomplish here?
Maxim Polyarniy: There are many projects out there that do hive sensors, as said, we are working on the prototype since almost 8 months now, and this gives us a nice advantage. We are trying to get as many beekeepers as possible to use the device - that is not going to be expensive as some people might think. Today it’s not uncommon to use hive sensors, it gives you a great insight into your hive health, by implementing our device the BC-HMD you benefit in 2 ways, first of all the device will reward you in BUZZcoin depending on how healthy you keep your hive, and 2nd the hive sensor device is like a hardware dongle, secured by the blockchain- if it gets stolen its rendered useless. It will be affordable, it depends on the amount of devices being produced, but what i can say now, it will be in the 3-500$ range per device.
Great, here's another one to expand on the actual usage of BC-HMD: How will you commit to the ledger at full supply? What party or device will be handling the processing? Many would like to know the maintenance costs for such devices?
Maxim Polyarniy: The problem with buzz is that it is currently based on very old code that had many patches and forks implemented, this is why we are doing a core upgrade, we called it that way since it was not clear if we could rewrite it or if we would have to do a coin or chain swap to get all the modern features we need to get the BC-HMD implemented.
It's been mentioned that a core upgrade to the way staking works is on its way as per the whitepaper. This new blockchain will be a big upgrade and no one in the competition has that new, game-changing algorithm. Can you comment on this?
Maxim Polyarniy: What i can tell you today is that we will do a coin swap. Fixing the max supply and getting the new features ready for the BC-HMD test phase that should start soon.
We were wondering /speculating if this was why some exchanges use the old wallet. One user staked: Why hasn't yobit moved to the new BUZZcoin chain? Is there any discussion going on with yobit team to update the coin? Can we expect more exchanges in the future?
Maxim Polyarniy: The old wallet is not a problem; the BUZZcoin 3.1.1 that my team developed is super stable, only yobit is a exchange people should really stay far away from. We sent them at least 50 requests to update the wallet, they just never did they never answer any tweet, message or support request. Coinexchange for example did an outstanding job; they updated the wallet to the latest version in only a day and guess what- they answer emails and requests within a day
The devices are supposed to be connected to Internet. Would they be connected 24 x 7 to provide real time data? Wouldn't the WIFI waves be harmful for bees?
Maxim Polyarniy: The device itself doesn’t need a permanent connection, since power and Wi-Fi are mostly not available on a hive location, the device will be connected over 4g if cellular network is available, and the connection time is only around 5 to 8 minutes per day!!
We are also testing a cloth based shielding for the devices, but this is a very complicated task since the temperature in the hives must be kept stable.
Is the coin swap is going to be in 1:1 ratio?
Maxim Polyarniy: The coin swap is definitely not going to be 1:1 since we want to create a coin that has real value. To explain it: the BC-HMD sensor collects the data in the hive, then it either uploads it directly to the chain, or the beekeeper downloads the data on location, this creates the reward for the pos wallet that is the masternode device the BC-QMM these two interact, the health data from the hive is visible in a cloud based app on the pc or the mobile. all the BC-HMD devices and the BC-QMM devices will create a worldwide network that governments and organizations can access by paying BUZZcoin - !!! this means they must buy the coin to get access to the data also some percentage of every sold device will be used to buy BUZZcoin, this will ensure a rising price and a constant payment to the beekeepers for sharing their data
On staking: What is the intrinsic value of BUZZ within the ecosystem proposed and mentioned in the whitepaper? Furthermore, how does this compare to any other beehive monitoring device and independent POS staking of any of the coins since the way apiarists would make money is by staking and the BC-QMM is kept next to an internet like a masternode.
Maxim Polyarniy: BUZZcoin won’t be a normal staking coin, yes there will be a staking reward for normal wallets, and yes there will be super-nodes that need a certain amount of coins to stake, but the rewards will be lower than the rewards for the bee-keepers. The way we will do it, will ensure that every sale of a BC-HMD will be a buy of BUZZcoin on an exchange, this will ensure a price rise, but BUZZcoin won’t be a regular high reward staking coin.
Is the battery replaceable? Who will offer support for the devices once bought?
Maxim Polyarniy: The devices we do are basically plug and play, since any electronic device sold on the market comes with a warranty, this will be the same for our device. Battery is user replaceable.
C. Durrwachter: If I might break in, regarding the power supply and network questions. you can see from the blue prints in the whitepaper that there is a battery that doesn't require charging for 6 months
In the white paper you state that you're trying to create a worldwide Data Network that collects beehive Health Data. How will this data then be available to interested parties? Do you have any working or planned partnerships that will give you such a broad reach into the bee farming industry? In what way will this data be unique compared to other solutions outside of the blockchain?
Maxim Polyarniy: Yes we are not doing this all alone, but i can’t tell you more at the moment, the info about the partnership as well as the details about the prototype will be released later on as soon as the NDA allows it. If you really plan a pt2 interview with us i suggest you ask it then, since i can’t tell you more about partnerships and such at this stage
When the current supply is close to max supply and staking rewards are lower, how will using the HMD benefit beekeepers? How will they make extra profit from it that's significant enough to make using the HMD worthwhile?
Maxim Polyarniy: The new chain won’t be at max supply after the core upgrade this will be a whole new coin but it won’t be a high reward staking coin, it will be a coin with real value
What is your marketing strategy?
Maxim Polyarniy: Regarding marketing - we will not start any huge marketing efforts before we can present the device, since we are not interested in announcing an announcement and re announce it later.
Coming back to master nodes: How is your masternode different compared to the DASH model? Is it true that only bee keepers will be able to benefit? Some people worry about that.
Maxim Polyarniy: The important thing is that you will hold a coin that has a real connection to the market not a coin that is a useless token without any real connection to the project.
Curious-Bee asks: when staking, a 5% developer fee is automatically sent to the dev fund. how is this fund being used? Will this change with the new core upgrade?
Maxim Polyarniy: It is only used for paying the servers, and infrastructure as well as some external developers.. But this never happened, since we never sold a single buzz, we paid all the development servers and equipment from our own pockets. The dev fee was implemented in January only, that’s the reason why we are most likely one of the poorest dev teams in the whole crypto scene.
Do you have plans to list on more exchanges? Can the #buzzfam community help in any way collectively? Also someone asked if you were planning to do giveaways or something similar for marketing (when the time is right) to incentivize the community to create more buzz - no pun intended!
Maxim Polyarniy: Yes, we even have a green light on several exchanges, but since the latest bips can’t be implemented in the old code, this will come along as soon as the core upgrade is live
No, we are not planning to do giveaways since this is not clear with the SEC and the current situation regarding the laws, the dev team will develop the coin, but we will not engage into any financial things except producing and selling the device, but even that has to be done as a corp. not as a dev team.
Final word from @kaliju:
We will participate in your discord and be in touch. I'm sure many people will leave this chatroom happy hearing so many great key points. Amazing!
Maxim Polyarniy: Thank you AMC, you guys are doing an amazing job!!
C. Durrwachter: Thank you so much! Good evening everyone!!
We heard BUZZ team live and tried to get answers for every aspect of their project in our AMA. We are satisfied with all the information and could see a bright future for the tech as well as BUZZcoin. What do you think about the project? What will be the price of BUZZcoin after prototype release?
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