For all those who missed our Hotbit Ask Me Anything (AMA) session with our Chief Operating Officer, Dr. Kim, on 25 Aug 2021, we’ve reposted the top 10 questions and answers here for our current and future investors.
Q&A
- The idea of the COVAC project is really unique and incredible; how did this idea come about?
Most of our team members come from the travel tech industry and when the pandemic hit, our industry was badly hit. So, we wanted to think of ways that we could help the community a creative manner and adjust to the our new norm. COVACPass+ was one such way, i.e. a digital health pass to store vaccination and test results for location check-ins and travel. Here’s an introductory video from us. - Could you please explain the tokenomics of your project, including the supply and token lock, and release schedule?
There are a fixed supply of 19 billion $COVAC tokens created to commemorate the year COVID-19 was discovered, i.e. 2019, with 3.8 billion in circulation, 5.7 billion will be burned with the token burn schedule following the global vaccination penetration rate. The founding team holds 0.95 billion in $COVAC, and the rest of the 8.55 billion $COVAC will be used for airdrops, marketing, partnership and community-building events. - Can you share the background of your team? How will you and your team carry out this project during this current pandemic?
We are a 7-man team with strong tech backgrounds, including ecommerce, travel tech and gaming. We have been working remotely and collaboratively over frequent calls, enabled by the wealth of collaborative tools available out there, e.g. Slack, Bluejeans, Microsoft Office Suite etc. - Southeast Asia is a very vibrant market, and many projects have been developed here. What do you think about Southeast Asia and do you have any plans to develop here?
Our team is mainly from Asia and Europe, including a strong representation of Southeast Asians. We believe we are in the unique position whereby we can provide localized solutions in this region as we understand the market well. Also, powered with the right product and right team, we aim to build our base here and expand. - How is your roadmap in 2022?
Our growth has been exponential. We launched on PancakeSwap 2 months ago on 18 June 2021, and since then, our price has skyrocketed 200x as of today (25 Aug 2021), and we hit a market cap of $3m. We currently have close to 20k followers combined on Twitter and Telegram and will be launching on Hotbit on 26 Aug 2021. We closely engage our community and hold events like airdrops, and social media competitions. Next up, we have 2 products, of which $COVAC acts as a utility token. This includes TokenBlast, our tool for airdrops or token distribution, which will be 10x cheaper than any tool out there, faster, and with a user-friendly UI/UX. Our second product is COVACPass+, a digital health pass which enables users to store their vaccination and test results for location check-ins and travel. Follow our social media channels for more details! Here’s a sneak peek of our products. This in only Q3 of 2021. You’ll have to watch us closely to see what’s in store for Q4 and 2022 where we will focus on building up our products, token utility and price! You can check out our latest roadmap on our home page. - Revenue is an important aspect for all projects to survive and maintain the project or company. What are your plans and ways to generate profit and/or revenue for the token? In regard to this, please explain your income model?
Our current focus is on community-building and user growth. As you can see, our marketing and growth has been organic. With regards to our products, we will not be charging users during the early stages. Our focus will be on user acquisition and adoption. Users will be required to hold a minimum number of $COVAC tokens to use our TokenBlast tool for free, and unlock exclusive features in COVACPass+. This approach is quite different from other platforms, which typically charge a high upfront cost or subscription fee to use their products. We will then look into increasing revenues and earning profits at a later stage once our user adoption reaches a certain critical mass. - The current market situation is too unstable, holding back investors. Can you give me some good reasons why I should buy your tokens in this market situation? And also why should your token holders keep holding?
If you look at the way we have done our marketing, and analysed our market cap growth, it has been relatively healthy and organic, very much unlike other projects out there. We ran a few token airdrops to gain user traction and worked with some key influencers, like Fomotion (video here) to give an independent evaluation of our token. Our price has skyrocketed at least 200x since launch, and with the #BUIDL mindset with our new products, TokenBlast and COVACPass+, we aim to drive more $COVAC token utility, build up our COVAC community and drive even better returns to our investors. Also, $COVAC hodlers will earn $COVAC rewards as part of our Automatic Rewards algorithm. Every $COVAC trade made on PancakeSwap and wallet transfer has a 10% tax that contributes towards automatically generating liquidity that goes into pools used by exchanges, i.e. 5% to the COVAC-BNB liquidity pool and 5% reward redistributed to existing token holders. So the more $COVAC you hodl and the longer you do, you earn more $COVAC. - Did you consider community feedback and requests during the creation of your product in order to expand on fresh ideas for your project? Many projects fail because the target audience and clients are not heard nor understood. I’d like to know who your ideal consumer is for your product?
Yes, of course! Do follow us on Twitter, Telegram and YouTube. We are consistently engaging our community, getting feedback, and focusing on building up our projects. We also recently started geography-specific Telegram channels to cater for local language, including Bahasa Indonesia, Korean, Iranian, Russian and Mandarin. We keep a close watch on changing market trends in travel and covid to ensure that our product is fit-for-purpose and constantly innovating. Check out our latest coverage in the media, including one on Yahoo! Ideal customers for our products include crypto enthusiasts, users who want to do multi-send transfers for tokens (TokenBlast), and users who are vaccinated and/or tested for location check-ins and travel, or businesses which want to use it for their companies (COVACPass+). - Many projects rug pull and do exit scams recently. Why should investors trust your project to not do the same?
It’s not possible for COVAC, with our Liquidity Pool (LP) locked up for at least 1 year, and we focus on healthy organic growth in our market capitalisation. Most investors also ask us for price predictions. Our team will never know for certain, but our team’s current goal is to get $COVAC to $0.01, i.e. 50x from today’s current price. We believe we have the right team, talent and products to get us there. - Where can I buy $COVAC? Also, can I have all the links to all your social media platforms if possible?
Yes, you can get $COVAC on PancakeSwap and after the listing, you can get it on Hotbit too! Here are videos on how to do it on PancakeSwap,and how to transfer to Hotbit.
Join the COVAC Community
Website: https://www.covac.io/
Twitter: https://twitter.com/covaccrypto
Telegram: http://t.me/CovacCryptoChat
YouTube: https://www.youtube.com/channel/UCF0n3StJRbrM1oSeaXBQ4GQ
