Polkapad AMA Session with CEO & Founder Sharif Karmo // Recap from July 1st

On July 1st the Polkapad team ran its first AMA session in the official Telegram chat: https://t.me/Polkapaden. Answering user questions was the platform CEO and founder Sharif Karmo – an experienced venture investor, with a media background, specializing in interactive advertising in TV broadcasting. 

In this AMA Session he introduced the project and provided some basic information about what Polkapad is and how it works.

Q: What is Polkapad?

Sharif Karmo: Polkapad is a launchpad designed to draw attention to your project from the polkadot community.

Generally, launchpads are crowdfunding platforms that consist of diverse users who make crucial commitments (time, money, and effort). These commitments can bring 100,000 highly motivated users who propose very early entry on attractive terms and selected ready-to-go projects. As a result, the leading launchpad platforms can offer up to 40 high-quality projects per year. With this setup, launchpads become the assembly point for new infrastructures. 

Almost 100% of the largest launchpads are EVM-based, with the vast majority based on Ethereum and BNB smart chain. However, there is no Polkadot-specific launchpad at this time. Polkapad’s mission is to solve this and connect the best projects with the best community. Polkapad collects all active members from all the parachains and provides them with the best dApps. It also helps dApps connect to a broader community instead of forking/testing every parachain available. It serves as a one-stop base for all Layer 1 projects. 

Polkapad is parachain-agnostic, thanks to the XCM technology. Additionally, Polkapad is a community-first system that uses a “fair-distribution” model and separate pools for the users.

Q: What are the core features of Polkapad?

Sharif Karmo: Polkapad provides the Polkadot community with access to promising projects that need funds, and most importantly, basic marketing. First of all, we see our role as an accomplice of the mass adoption of Polkadot projects. We want the active community of Polkadot to be able to invest in the most profitable projects as efficiently as possible.

Everyone can apply to participate in the sale, however, we, for our part, conduct an expert assessment of the project and decide whether we can conduct the sale or not. It’s important for us to not disappoint the community and give them the opportunity to earn money, so if the project does not seem trustworthy to our managers, we will not take it for sale.

To participate in the sale, users will need to lock a certain amount of DOT – the native Polkadot tokens. With one and the same lock, you can participate in several sales at once. The rules and conditions of each sale are defined and announced separately.

You can also find the staking feature of our native PLPD token. This feature is not active yet, it will be implemented immediately after the release of the token.

Q: Do you have the event calendar?

Sharif Karmo: Not yet. This is due to both the development of the platform and the onset of the bear market. Unfortunately, many projects are now postponing their crowdsale events due to unfavorable conditions, and we – just like all other market participants – will have to wait out this winter.

Q: What are your active parachains?

Sharif Karmo: As mentioned above, Polkapad is a parachain agnostic launchpad, which means that in the future we will scale to all parachains of the Polkadot system. We started with Gear because we think it’s the best platform for creating dApps on the Polkadot network. The next to be added are Shiden and Astar.

Q: When will Polkapad be available at Kusama and when at Polkadot itself?

Sharif Karmo: We plan this to happen in Q4 2022, stay tuned to not miss a thing!

Q: How do I start with the Polkapad platform?

Sharif Karmo: To register on the platform, you will need to set and verify two wallets: one Web3 wallet (Metamask, Trust Wallet, etc.) with BSC connected and Polkadot.js wallet. You will need a BSC wallet to deposit funds to the locker, and a Polkadot wallet to receive rewards.

Registration is quite simple – follow the steps, they are intuitive. After registration and verification, you will need to pass KYC. This procedure is implemented to avoid scams and multi-accounts, in order to make events on our platform as fair and safe as possible for everyone. Without identity verification, you will not be able to participate in sales.

Q: Tell us about your token.

Sharif Karmo: The release of the $PLPD token is scheduled for Q4 of 2022, in the Gear network. $PLPD is a utility token, it will not have a governance option. We plan to issue 100M tokens, with public distribution implied. For the team, we plan a token lock for 18 months, while for investors — 12 months. Closer to the release of the token, we will provide all the necessary information, do not miss the news!

Q: What is regressive allocation?

Sharif Karmo: The detailed process is described in the whitepaper. Check it out here: https://polkapad.network/docs/general/whitepaper/ 

To put it simply, we give priority to small and medium investors. As the amount of staking increases, the allocation percentage itself decreases, which allows you to have 10 million wallets with 10 tokens instead of 10 wallets with 10 million tokens each. This boosts the project, the community, etc., and people really control the development and growth, there are no monopolists and whales. Today, it is especially interesting from the point of security and attack resistance.

Q: How do I apply for an IDO on your launchpad?

Sharif Karmo: Please, follow the link: https://polkapad.network/projects/

You will need to fill in a short application form and wait for our manager to contact you!

Q: Who is the team behind the Polkapad project?

Sharif Karmo: We gathered a team of people loving the idea of Polkadot. A group of distinguished professionals with deep expertise and interest in the development of the new ecosystem. We admire the community of the Polkadot and really think these people deserve to have full access to all the best projects the blockchain provides. We are constantly searching and hiring new people looking for the best on the market. Within our company we also practice corporate learning to keep our employees educated about the whole technology.

Twitter Section

The Twitter questions were just as good as the Telegram ones! We are really proud of how active our community is already now! 

Q: Hi! Can you cover the sale in more detail please? Is there a way to get into the private round? Also, what are the Kusama distribution and parachain distribution rounds? Thanks

Sharif Karmo: The seed and private rounds are already concluded. Next up are several more rounds. We will be having a standalone pre-launch sale on the platform, which you can already get a hint of if you go to the dApp and follow to the Locker tab. Then we are planning on participating in a Kusama crowd loan together with another company; and there will be more after we launch the mainnet. So keep it locked, there will be updates!

Q: I put some KSM on Metamask but the dApp won’t let me do anything with them. Do I have to wait for the sale to start?

Sharif Karmo: Very cool. Nothing needs to be done yet, we will only be ready to accept DOT/KSM before the PLPD sale begins. I can assure the community that right after our IDO, we will start an absolutely legendary IDO of a huge project with tier-1 funds (this is only between us)

Q: Why are you different from other Polkadot projects?

Sharif Karmo: It is true that there are many ways to fundraise on Polkadot, but we are the first Polkadot and Kusama-native infrastructure, built entirely on and for the Polkadot cluster. We will be connectible to all the parachains, so theoretically we can serve as a layer where any project on any parachain can launch and gain community from the entire ecosystem. We’re designed exclusively and specifically for Polkadot, and this is a future-proof design.

Q: Why Gear, not Moonbeam/Moonriver?

Sharif Karmo: Gear presents us with WASM-based smart contracts on Polkadot which would be essential for smooth, on-chain execution of the decentralized launchpad functionality. What’s more, Gear will have a native environment to help build dApps and deploy them on-chain; so this combination is ideal for what we’re trying to do.

Moonbeam, on the other hand, is EVM-based. It can also execute smart contracts and we could’ve built on it, but then we would struggle to connect to the rest of the parachains and really build our infrastructure the way we envisioned.

Q: Will there be a referral and ambassador program?

Sharif Karmo: Both of these are scheduled for Q3 this year, so please stay tuned! But if you are a public figure in the Polkadot space, you can already contact me, and we can start our cooperation even before the program opens to everybody. Just drop @latoporta a DM in Telegram.

Q: Have you already got some projects to list? Maybe you can share some details already?

Sharif Karmo: Of course we have mind-blowing projects. But we can’t share it publicly yet, the complete calendar of events will be provided later.

LIVE Questions

Q: Are you planning to go for your own crowd loan in the future?

Sharif Karmo: Yes, we plan this to happen in Q4 2022. However, we are not doing it alone – we are going to partner with another project and it will compete for the parachain slot, not us. This is going to be an interesting setup!

Q: Do I have to pass KYC now?

Sharif Karmo: No, you can take the KYC procedure any time. But you will not be able to participate in events until you are fully verified.

Q: How much will be the total supply and the seed / private / IDO price? What is the minimum and maximum to participate in pre-sales?

Sharif Karmo: Total supply is 100mln PLPD, seed price was 0.1$, private 0,3$, IDO price to be announced later.

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