Amasa’s AMA with Attrace, 28 September 2022 — Recap and Prize Winners
Once again, thank you to our partner, Attrace Network and Erwin Yerring, for allowing us to host them in our recent AMA in the Amasa Community Telegram on the 28th of September, 2022.
And thank you to all that could join us. We really appreciated the question submissions and the engagement from our community.
Both Erwin and Will provided us with some great insight into the development and future visions for Attrace and Amasa. We hope you enjoyed the AMA.
For those that missed out, please see the recap of our conversation below.
We are also pleased to share the winners of our question submissions for both the pre-selected and live questions asked on the day, below.
Part 1 — Amasa’s questions for Attrace
Sarah (Amasa): Okay, let’s kick-off! Welcome everyone to today’s Attrace Network AMA, we’re so glad you could join us! And a special welcome to Erwin Yerring, CEO of Attrace Network, and Will Birks, Founder & Core Contributor at Amasa. Thanks for your time today guys.
I’m Sarah, Amasa’s Social & Community Coordinator, and I’m thrilled to be hosting today’s discussion. 👋 😊
How are you Erwin? Can I ask you to introduce yourself by explaining your role at Attrace and a bit about your background?
Erwin (Attrace): Hello everybody my name is Erwin.
I have a background in M&A and accounting at Deloitte, after that, I had a career as a Financial Analyst, investor and advisor on behalf of Morgan Stanley CI in London for 8 years.
Followed by co-founding three start-ups, one in web2 affiliate marketing for gaming companies, one in web2 online performance management for CMO level of retail banks and since 2018, I’m working full-time for Attrace, which focuses on referral marketing for web3 in the blockchain space.
Sarah (Amasa): Great, thanks for that Erwin!
Now we’re going to jump into part 1 of this AMA: Amasa questions to Attrace!
Q1. Can you briefly explain the Attrace Network and how it works?
Erwin (Attrace): Yes can do
So Attrace is a referral protocol for web3…
As we all might have noticed, online marketing in web3 has a complete disconnect between marketing spend and true on-chain value add…
Any web3 project currently only has one marketing option, they give (huge!) fixed fees to promoters or websites, without any guarantee that those promoters add real ON-CHAIN value.
In other words, web3 does not have performance-based marketing for assets being sold in a decentralized environment e.g. like a DEX!
How to do promotion (performance-based) for assets sold on e.g. Uniswap?
On June 25th, after more than 3 years and millions of investments, Attrace.com launched the trustless referral protocol for web3, a huge huge undertaking. 😅
The protocol is able to connect outreach (referral links) via any social channel (Twitter, Telegram, Facebook, websites etc.), cross-chain, cross web2/web3 and the Metaverse, with true on-chain activity (e.g. buy and hold crypto via a DEX).
Now with Attrace, you can be rewarded (performance-based ) for promoting an asset that is sold in a decentralized (!) environment like Uniswap or a decentralized NFT marketplace.
Sarah (Amasa): Thanks for laying it out for us Erwin!
Q2. What product development is the Attrace Network team focusing on at the moment?
Erwin (Attrace): Well, the MVP of the protocol is now live on Ethereum with the world’s first referral links for assets being sold on a DEX, either Uniswap or Sushiswap.
Projects and promoters can very easily work with the app https://app.attrace.com/farms in a couple of steps via a wallet.
But we also have an SDK for full integrations with websites. For example, we recently integrated with Mask.io — a browser plug-in to connect Twitter with web3 — and some other platforms.
We are currently working on integration with DappRadar and one other with a partner we cannot disclose yet.
Sarah (Amasa): Very good, I personally really enjoyed the Attrace UI!
Erwin (Attrace): Thank you!
Sarah (Amasa): Onto the next question.
Q3. What role does the $ATTR token play in your ecosystem?
Erwin (Attrace): We have allocated a lot of time into our tokenomics, considering any gaming or governance situation possible.
$ATTR is used for Staking and Governance:
- Ensure security and guarantee trust by staking $ATTR with Oracles
- Earn protocol fees (5% of farms) and staking rewards in $ATTR when staking
- Receive $ATTR by joining Attrace Referral Farm
- Govern the network through a voting process > this will happen once Attrace becomes DAO in about 18 months
Sarah (Amasa): Thanks Erwin, it seems like you guys are really checking the boxes with your tokenomics!
Erwin (Attrace): We think so, thank you.
Sarah (Amasa): Q4. Can you explain the Attrace Network’s development roadmap in the short and long term?
Erwin (Attrace): As mentioned, the MVP of the protocol is now live with the world’s first referral links for assets being sold on a DEX Uniswap or Sushiswap.
It is now a matter of rolling out other use cases. Use cases that we have discovered by talking to 100’s of projects. Use cases that are partially, also very relevant for Amasa:
- Refer users to NFT Marketplaces (DEXs live already on ETH), e.g. referral links to NFTs being sold on decentralised NFT marketplaces
- Refer users to a smart contract (!) e.g. staking, farming and lending protocols, for example, referral links to deposit tokens into AAVE lending pools
- Refer users to a blockchain/network e.g. referral links to bridge tokens to BSC network > another huge business on itself
The aim is to be a first mover in all these verticals on all main networks (ETH, BSC, Solana etc.), which would make Attrace a web3 marketing infrastructure play.
We are now working on referrals for a smart contract (use case 2) and after that, we want to connect the Oracles to the Binance Smart Chain.
And as mentioned before, at the same time we are also working on integrations for performance-based. Because in web2, performance-based marketing never worked perfectly (data privacy issues, trust tracking and transparency issues etc.), so we are excited about this
Sarah (Amasa): Very exciting indeed!
Next up, Q5. Can you please update us on some of Attrace Network’s recent news and events?
Erwin (Attrace): Well, we have only been live since the 25th of June, after years of development.
The first conversion numbers after a couple of weeks — a completely new marketing concept in a bear market — look promising:
- We can announce that Attrace already has more than 350 promoters that signed up via the app
- Thousands of potential buyers for the tokens promoted (sign-up conversion rate 17% and buyer conversion rate 8%)
- And a total of 118 projects in CRM wanting to connect.
So the Amasa referral farm should get some traction!
And more importantly: at some stage, we should be able to connect some of the projects in our CRM with the Amasa protocol.
Sarah (Amasa): Great, thanks so much for sharing that Erwin.
It’s fantastic to understand more about Attrace Network and how you guys see the future of referral farming heading!
Part 2 — Pre-selected community questions for Attrace & Amasa — selected questions will be rewarded $AMAS
Sarah (Amasa): Now I’m going to move us on to our pre-selected community questions. These questions were submitted to our Telegram announcement last week. We’ve selected five. A lot of the submitted questions were about Amasa, so we ended up selecting a mix of Attrace and Amasa.
Let’s start with the questions about Attrace.
Q6. What is the most complex challenge that you encountered during this bear market period, and how are you planning to solve it? From @Yvond2
Erwin (Attrace): Of course, the bear market does not help, since marketing is especially important for altcoins.
But our main challenge is not so much a bear market thing. As the bear market will pass
Thing is, the Attrace Protocol is a completely new methodology of online marketing. The challenge is to educate the users, to educate the market on the following:
- Firstly in terms of tech, we are not using any of the web2 technology like cookies or fingerprinting, the concept is that everything happens via the wallets of the project, promoter and buyer and verification happens based solely upon public information via the Attrace Oracles (this is superior tech but completely new).
- Secondly, in terms of rewards for promoters and buyers, with the launch of the referrals, Attrace has also introduced the Referral Farms, a farming-style reward structure for promoters (and buyers) to create Defi-style urgency to join early.
It takes some time to sink in how that works in practice for those not familiar with DeFi. The solution is simply to continue delivering educational content and to let end users test the protocol.
Anybody can test from the perspective of a project, promoter or buyer, it takes only a couple of minutes.
Sarah (Amasa): Beautiful, thanks for that great question @Yvond2 and thank you for your response Erwin!
Next up — Q7. How does Attrace aim to reward people for word-of-mouth marketing? Sounds complex in my opinion. Would there be a plug-in or extension? I’m just curious how it’ll be tracked. From @Yacobadrianne
Erwin (Attrace): Very good question!
Firstly, you are not being tracked! 🥳
That would be very web2 😎
The concept works via creating a three-party relationship between public wallet addresses of Project, Promoter and Buyer, in combination with a Network of Oracles that can “observe” any asset on any blockchain.
First Oracles identify public wallet addresses:
- Whenever a project sets up a referral farm for promotion, they need to lock rewards. Set up a referral farm 👉 and the Attrace Oracles know the public wallet address of the project 💥
- When a promoter is interested to promote — they like the Yield of the referral farm — they need to connect their wallet for a unique referral link 👉 so Attrace Oracles know the public wallet address of the promoter 💥
- When a buyer clicks on the promoter link and wants additional rewards (buy to earn) they need to also connect public wallet address 👉so Attrace Oracles know the wallet of the buyer 💥
Then the network of Oracles will “observe” any asset on any blockchain connected to those wallets. When they see a sale — an asset moving from project to buyer’s wallet as a result of a referral link — they see this as a (trustless!) verification that a sale has happened, so they unlock rewards for promoter and buyer.
The Oracles basically says: okay, because of this referral link > that transaction (between a project and a buyer) happened > and because I can verify that > I will give the promoter and buyer access to farming rewards.
So there is no cookie tracking, no fingerprinting, nothing happening in your browser = zero data privacy issues.
The protocol does not have any of the issues of marketing in web2.
This is why we loooove web3!
Web3 is the future.
Sarah (Amasa): Wow, great explanation Erwin, and excellent question @Yacobadrianne 👏
Now, before we move on to pre-selected community questions about Amasa, @wbamasa I might ask you to introduce yourself and your role at Amasa 👋
Will (Amasa): Thanks Sarah! Sure, so I’ve been involved in the space since early 2017, and developed the initial idea for Amasa in early 2018.
There are 5 Core Contributors who came together to form the initial project team, and we each work across complementary aspects of the project.
My focus is on project management, product development and ecosystem development.
Sarah (Amasa): Great thanks Will. Now on to our pre-selected community questions about Amasa 🔥
Q8. What kind of abilities will users have on the Amasa platform? Can we have a short summary of the features that will be available? Also, what’s the next step for the platform? Thanks! From @ianpolanskii
Will (Amasa): Sure! Thanks Ian for the question.
- Users will be able to connect web3 income streams from integrated platforms and have their earnings sent directly into their Amasa accounts.
- When users set up their Amasa account, they can select their preferences for an automatic investment of those funds into a portfolio of DeFi protocols with different risk-reward profiles. The user can choose what percentage of incoming funds to send into different protocols. Here are a couple of screenshots of that process from our working MVP, which we are currently running internal testing on the Polygon Mumbai testnet.
- Users can change these auto-allocation settings at any time
- Users will be able to view their balance (a) by DeFi protocol and (b) in total on the dashboard
Regarding next steps for the platform:
We’re at a really exciting stage, to be honest! We’re currently nearing the completion of internal testing on the Polygon Mumbai testnet. All functions are looking great — you can see our recent dev update for more detail on that, and we’re starting to publish more frequent updates on Telegram and Twitter this week.
Amasa Product Development Update — 5 September 2022
Latest updates on Amasa platform development, including new designs, UI screenshots and info on back-end progress.amasa.medium.com
After the testnet phase is done, we’ll move to internal Polygon mainnet testing — this should be in the next fortnight. And after that phase, we’ll start to involve the broader community in testing and user feedback, before working to full v1 release.
Alongside that technical development, we’re working with a number of partner projects to integrate with as income providers. And we’re also finalising the selection of DeFi protocols, with the current group we’re already working with being Uniswap, Quickswap, Aave and Index Coop.
Sarah (Amasa): Thanks for that response Will!
And thanks for the question @ianpolanskii 🔥
Q9. Can we get some information about the fees Amasa will charge users? Will there be a community vote about it? From @mrholdencaulfield
Will (Amasa): Platform fees on Amasa will be percentage based and yes, the final % of those fees will be decided with community input via a vote.
A small processing fee (estimated in the region of 1–3% ) will be charged on funds coming into the contracts, and a withdrawal fee on funds (2% estimated at this stage) will be charged.
Fees will go towards improving and building out the platform, and benefits to tokenomics, so we anticipate all fees paid will end up benefiting users.
Sarah (Amasa): Beautiful, thanks Will! And thanks @mrholdencaulfield
Q10. My question would be if Amasa would at some point add support for select Web2 income streams? From @Mporfas
Will (Amasa): Great question!
We’re very much focused on web3 incomes and the growth of the sources of earning in web3.
That’s what drives us and we see it being a much larger opportunity for users than web2 incomes.
But, there is potential for things like bank card roundup models (like web2 app Acorns) to connect into Amasa as well, and this is one use case we think could work and be appealing to users — and could help bridge new users over from web2 to web3 income streams.
So it’s definitely something we’re looking at on the roadmap!
Sarah (Amasa): Thanks Will, and thank you @Mporfas for that one!
Thank you to all that submitted questions, I will be reaching out to those of you whose questions were chosen this week and we’ll be distributing those rewards soon after.
Part 3: Partnership questions for Attrace and Amasa
Now moving on to a couple of partnership-related questions that I’ll invite both Erwin and Will to answer.
First to you Erwin 👋
Q11. How are Attrace and Amasa currently working together as part of the partnership?
Erwin (Attrace): Firstly, about the partnership, we are very excited about this partnership as both projects seem a perfect fit.
We are convinced this will show in the near future.
The first stage of the partnership will be that Attrace’s Referral Farms will empower the Amasa community to promote the Amasa project.
So hereby, to anyone out there wanting to promote the $AMAS token (which is for sale at Uniswap):
- Go to the Attrace app and get your own unique referral link!
- Use referral links when recommending crypto or NFT projects and earn referral farming rewards!
Use referral links when recommending crypto or NFT projects and earn referral farming rewards!app.attrace.com
Here’s a short video of how it works, getting the link takes about 2 minutes max: Refer to Earn flow.
Creating a referral link with Attrace.
So I’d say, everybody, let’s start pushing the $AMAS token 🎉🛫🚀
For this, Attrace will also leverage the promotional outreach of the Attrace Project of course.
And this is only the short term…
Sarah (Amasa): Well said Erwin 🔥🚀
Now onto you Will!
Will (Amasa): Great response, thanks Erwin!
Just to add on the $AMAS referral farm on Attrace — we’ve got a ‘how to’ guide available on Medium for those interested in taking part. It’s a seriously easy and great process — so well done Erwin and Attrace!
Amasa launches $AMAS referral farm on Attrace to reward word of mouth recommendations
Amasa has launched our first $AMAS referral farm on Attrace Network, rewarding project supporters for their social…amasa.medium.com
Aside from this, Amasa is currently working on a project to promote awareness of web3 earning opportunities.
This will launch in October, and will both feature Attrace referral farms and aim to raise awareness of earning opportunities across the whole web3 space.
Outside of this, as partners, Amasa and Attrace are in ongoing discussions about synergies and how we can add value to each others’ products and communities.
Expect more announcements in the future!
Sarah (Amasa): Very exciting. Thanks Will, onto the next last question —
Q12. How do Attrace and Amasa intend to develop the partnership in the future?
Will (Amasa): We think Attrace’s referral farming is awesome and a superior way to reward effective social promotion. We see a bright future for it and we intend to keep utilising it to reward our community.
Further to that, Amasa and Attrace intend to integrate on the upcoming Amasa dapp in the future. This will likely be after the full public release.
Beyond this, as you’ve picked up already, Amasa and Attrace are fully committed to web3 and helping its mass adoption. We will continue to develop initiatives to promote the adoption of web3.
Sarah (Amasa): Great, thanks Will. Onto you Erwin!
Erwin (Attrace): We think here the real potential of the partnership comes into play. Amasa is developing the world’s first web3 income stream investment app.
There are many ways where Amasa can leverage referrals for income streams, e.g. by making referrals part of the income stream:
- via referrals for tokens
- via referrals for NFTs
- via referrals for smart contracts (lending staking farming)
- via referrals for different networks
on all main chains, ETH, BSC, Solana etc.
In this structure, Amasa users can become a promoter (or the buyer) as in both cases rewards are being earned.
This makes it completely flexible for Amasa how to leverage the outreach of the Amasa community
Given the basic concept of Amasa, there are numerous opportunities and for sure some will have not so much traction, but others will become huge. It is simply a matter of product-market fit for the Amasa community.
This is going to work 🛫🚀
Sarah (Amasa): Beautiful, very exciting! Thanks Erwin.
I am certainly looking forward to the development of this partnership and seeing how referral marketing and web3 income streaming come together.
Erwin (Attrace): So are we!
Will (Amasa): Same here!
Part 4: Open community question session — selected questions will be rewarded $AMAS
Sarah (Amasa): Now finally, I would like to give the opportunity to the community to submit any questions they may have about Attrace. We will be opening up the conversation for 1–2 mins. Selected questions will win a share in $100 of $AMAS.
Thank you for taking the time to submit your questions! We will now select questions from the submissions 🔥
Question from @BOBSTON28: Do you have already listed your tokens on any exchanges or not? How can we buy your native token? Is it suitable for small investors?
Erwin (Attrace): You can find $ATTR on Sushiswap, Uniswap and Bittrex.
Uniswap Contract Address:
Question from @Crystal067: I couldn’t find info about your token. Where can I find your whitepaper so I can get more information?
Erwin (Attrace): There is no more whitepaper as we are live.
The best would be to check this video: https://www.youtube.com/watch?v=AECkUgysPpY&t=107s
Or go to the guides: https://attrace.com/guides/category/referral-farming
Question from @BOBSTON28: Do you have any new partnership plans to drive adoption of your platform in the near future?
Erwin (Attrace): We have 118 projects waiting to connect, of which 11 promoter platforms. A large part of that we can also integrate with Amasa at some stage.
Question from @ieo_alert: A staking programme is very important for any project, Can i stake your token? Do you have any plans of starting a staking programme?
Erwin (Attrace): You can find our staking program here → https://app.attrace.com/staking
Question from @BOBSTON28: I like your project, but is your team anonymous or public? Many projects abandon later, starting with a good impression. How can we be sure your project team is strong?
Erwin (Attrace): This is our team: https://attraceteam.com/ and we are fully transparent, registered in the Netherlands, audited by Deloitte and you can also see the data processed by our Oracles.
We are 100% transparent.
Because that is what you do in web3 we think 🤓
Question from @BOBSTON28: What are your marketing plans? A successful project requires a good marketing team and partnership too. How can we be sure your project is good?
Erwin (Attrace): Here we differentiate a bit from other projects.
Because we are a marketing tool ourselves we do not need to go down the same route as most other projects.
Other projects can use Attrace as marketing also. So there is a 2nd channel. Besides that we have an SEO play and……. at this stage it is very simple. We are currently the ONLY operational referral protocol, so projects will find us regardless.
Question from @Crystal067: What are your plans to increase and ensure the global adoption of your project? How do you plan to attract institutional and individual investors-users?
Erwin (Attrace): We believe Attrace is not a bet on a project going well.
Rather, it is a bet that eventually people will realise that we need web3 marketing based on web3 fundamentals, by which time Attrace will be — at the very least — one of the main protocols capable of facilitating this essential service.
This is how we see the web3 world.
It is simply a matter of time.
Question from @shinchan_045: Do you guys feel satisfied by seeing your progress and achievements till now, when you look back to the day when you started the project?
Erwin (Attrace): Very much so. In 2017 we had a vision, and for this vision, we first developed our own blockchain from scratch. After 2 years we decided that is not the end game. So we developed the current Network of Referral Oracles that can observe any asset on any blockchain. And on June 25th, after many years and millions of investments, we pulled it off.
We are the first and it works flawlessly.
So we are very proud.
Now just a matter of waiting for the bear market to end, after that, Altcoins are going to look at promotion again 🛫🚀
Which we can then also do with Amasa 🚀🚀
Our app looks very simple, but it is exceptionally complicated to develop a performance-based marketing tool with THIRD PARTY VERIFICATION.
Question from @Kingben101: Trust and security is the main concern for investors, so will you please tell me how your project gives high security to the assets of investors?
Erwin (Attrace): We are fully transparent, registered in the Netherlands, audited by Deloitte and you can also see the data processed by our Oracles.
Question from @Hennry78: What are your plans for worldwide expansion? Which market are you now focusing on, or are you constructing and expanding in order to win consumers, users, and partners?
Erwin (Attrace): We are the first to have delivered performance-based marketing in web3.
Our main aim now is to cover all use cases (as mentioned before) on all networks, after that, we are an infrastructure. So basically a pretty safe bet on web3 marketing.
Question from @BlinkBilbo: Has there been or will there be integration with metaverses? Which metaverse projects do you aim to collaborate with? Can you tell us about your partnerships in this field? Also, what plans do you have to grow your Community?
Erwin (Attrace): We can connect the metaverse with web2 via referral links.
Sarah (Amasa): Thanks Erwin and thank you to all those who submitted questions!
Erwin (Attrace): Yes thank you too, so many questions!
Thank you for your interest 🙏
Sarah (Amasa): That concludes our AMA with Attrace Network. Thank you to Erwin for joining us and giving the Amasa community insight into the world of referral marketing. And thank you to Will, for sharing Amasa’s development and plans for the future.
Erwin (Attrace): Thank you all, and if I missed a question please reach out via Telegram.
This is the official Attrace (Attrace.com) Telegram Group.t.me
And thanks again to Amasa for having us!
Will (Amasa): Thanks Sarah! And thank you Erwin.
And big thanks to everyone who joined, and asked questions!
Sarah (Amasa): We appreciate everyone that could be with us and hope you all have a wonderful morning/evening ☀️🌙
Just a friendly reminder for our community, our Referral Farm with Attrace is officially live.
The campaign will award a total of 20,000 $AMAS over 20 days. So if you talk tokens with your friends online, this opportunity’s for you 🗣
For more information on how to participate, please see our walk-through on Medium 👈
Gm or Gn to you all!
End of AMA.
Prize winner recap
$AMAS has been distributed to winners via Polygon.
Pre-selected question Submissions -
Live Questions -
Attrace is currently the only operational trustless Referral Protocol for web3. It empowers Word-of-Mouth marketing for all assets across the blockchain universe.
The protocol is able to connect outreach (referral links) via any social channel, cross chain, cross web2/web3 and the Metaverse with true on-chain activity (e.g. Buy-and-Hold crypto).
It connects communities across various blockchains and platforms within a single ecosystem and unlocks rewards based on their true value added to a project.
In practice, the protocol enables crypto and NFT projects to incentivise referrals of their tokens, while rewarding those who contribute to their growth and adoption. Attrace App is envisioned as a referral marketplace where anyone can become part of the ecosystem and interact with the protocol, while direct integration and development of other decentralized apps will be possible in an open-sourced manner.
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Amasa’s mission is to empower people everywhere to capture and capitalise on the wealth building potential of web3 income streams and DeFi. We are working to inspire mass adoption of web3 platforms that reward participants for their gaming, time, energy, attention, content, data and interactions.
We’re doing that by building the world’s first web3 income stream investment app. The Amasa app will make web3 income streams easy to capture, combine and access as a stabilised income, then amplify through user-selected DeFi investment options.
Combine. Stabilise. Amplify. All in the background of everyday life.
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