BANANATOK AMA Summary
DAY 1— AMA
Q. Please introduce your project briefly.
A. SmartKey is a project that aims to standardize communication between Internet of Things (IoT) devices and blockchain.
In fact, we are establishing an ecosystem that connects IoT devices and blockchain in smart cities through partnerships with large and small businesses. Through a partnership with global telecommunications company Orange, SmartKey’s solution will be firstly implemented in 80 cities in Poland and then other cities in Europe and around the world.
Q. What is the background of this project?
A. SmartKey was partially born out of the frustration with the current IoT system and the fact that the devices don’t communicate with each other. We decided to make a universal standard for communication using blockchain. The idea is to make a system that will be free for the end-user. In practice SmartKey allows end-users to rent scooters, cars, and hotel rooms as well as open their garage or apartment doors. Our project concentrates on access management through blockchain.
Q. What is the difference between this project and other projects? Any competition points?
A. SmartKey is a unique Oracle project that merges NFT and DeFi with the biggest business partnerships in the crypto industry. Our technology was chosen by a global telecom company Orange in order to manage IoT devices in at least 80 cities. Orange is a company with 266 mln users around the world. This company is also operating in at least 26 countries. As all of you know most blockchain projects make partnerships without any real value. The SmartKey ecosystem is made in such a way that each real world partner that will implement the technology will impact the price of the Token. SmartKey is a utility token that will be used by corporations as well as city authorities to provide services on our blockchain network.
Q. Share marketing & mass adoption strategies.
A. Nowadays it’s quite hard to market crypto projects using google ads or youtube ads. Recently also Tiktok banned crypto. Most crypto projects’ only product is their token. However our project is quite unique because our product connects to the physical world and is implemented by real world companies. That’s why we plan to divide our marketing efforts into two. One will be traditional crypto marketing. The other marketing will be focused on our product and its use cases.
Q. Explain token economics of the project.
A. SmartKey is a utility token that will be used by cities and corporations to provide services on our blockchain ecosystem. Each company will have to purchase a SmartKey technical token to provide their services on our Blockchain. Those technical tokens can be only bought with SmartKey ERC20 units. A big advantage for the holders is the fact that the ERC20 tokens used to buy the technical unit will be frozen and will never come back to the market. This way every new implementation as well as usage of our blockchain will help to increase the price of the SmartKey ERC20 token. This system can be compared to our Investors buying the fuel source that will be needed by companies to power up Smart Cities.
Q. Explain overall roadmap and short term plan.
A. For this year SmartKey is planning huge implementations of the technology with our partner Orange Telecom. We will start the implementations in Poland and gradually expand to other countries in Europe. Those implementations will most likely start happening in September. We are also working on partnerships with other Telecom companies and other Internet of Things cloud providers. We have also planned expansion towards the Chinese market. Next year we will focus on partnerships with big car companies. The talks are already underway. We are also developing a car access management system with our partner Teltonika. Their solutions are already used in many car brands around the world and these new solutions will help with further adoption of cars into the SmartKey ecosystem.
Q. Listing Plans
A. For now SmartKey token is listed on Kucoin, Probit and Uniswap. We are planning at least one new listing this year. We are also thinking of listing our Token on one of the top Korean exchanges. However we don’t want to talk about dates before everything is prepared.
DAY 2 — AMA
Question by @juin10
I would like to know in detail how the utility and infrastructure connections for smart city construction work.
SmartKey is a system that connects businesses and cities, and the cost of using it is borne by cities or businesses. We’re also discussing the use of our system with the Polish government. Each city that will join the SmartKey ecosystem must set up its own NODE to validate transactions on our blockchain. Currently our system will cooperate with water meters and electric meters. In addition, it will expand its scope to include barriers, doors, street lights, and traffic light control for ambulances or other pro-social urban services such as emergency services. In addition, SmartKey will be integrated into parking lots and parking gates to automate the parking payment system for end-users, making it easier to pay with SmartKey and other virtual currencies.
Question by @newage119
SmartKey is known as the Internet of Things (IoT) project, but in a recent white paper, it has expanded its scope to NFT. Why did you expand to NFT?
SmartKey is a project that combines three technologies: Oracle, NFT, and DeFi. The NFT portion will be linked to the key that will be created in the SmartKey blockchain. Each of those keys will be generated in the form of an NFT Access Token. I will share a video of Medicalls, a partner of SmartKey that uses NFT tokens as access keys.
Question by @twoline90
I wonder if SmartKey is planning to develop its own mainnet.
SmartKey’s own blockchain already has a testnet in operation. The mainnet will be released with its first implementation in a metropolitan area, which is planned for the end of Q3 or Q4 of 2021. As you all know, blockchain such as Ethereum is too expensive and slow to use it for giving commands to IoT devices.That’s why we needed a SmartKey’s own blockchain. If our mainnet is launched, we can remove these obstacles. In this case, cities and companies will make blockchain nodes themselves. The more the nodes the safer and faster our ecosystem will get. Also we want to create an ecosystem where end-users can use it for free without having to pay transaction fees or key generation fees.
Question by @wingsign
I want to know if there is a plan, a schedule or a method for making holders to have “diamond hands”. I’m looking forward to SmartKey working with Orange Telecom. I’d like to know your plans and schedule for the next partnership.
Regarding the benefits for the holder, we can promise the investors that all companies that want to generate a key will have to purchase SmartKey tokens from the market. After some time, the key usage period expires. This means that all vendors that build solutions based on SmartKeys will generate keys periodically. For example, you must create a new key batch every month. As a result, the SmartKey ERC20 token will disappear from the market and affect the price. In the future, we will introduce staking but it will be different from the commonly known method. We’re thinking about a system that will allow users to invest in partnerships, solutions, hardware, and applications. This enables you to generate revenue from the real businesses that will be built on the SmartKey ecosystem.
Our main goal now is to implement technology with our partner Orange. Although SmartKey has prepared a few new partnerships, we have a policy not to announce the partners until it is 100% ready.
Here’s another easy explanation for staking. For example, when a new “corporation” in the “ecosystem” buys hardware, “normal investors” can stake their SmartKey tokens helping the corporation to develop their solution. (It’s similar to the concept of company development investment.) So when a company earns revenue, investors get revenue as well.
*Company purchases hardware — ->SmartKey investor does staking — ->Corporation generates revenue — ->SmartKey investor earns revenue*
Question by @see_honey
I’m curious about the distribution, management and SmartKey plans for the future. (token burning, buy back, additional issuance plan, etc.)
We recently updated a white paper describing token use and deflationary economic models. In order for companies to use SmartKey blockchain, they must purchase SmartKey tokens in the market, which are exchanged for the technical tokens that SmartKey blockchain needs. After this swap, the SmartKey token is locked up (frozen indefinitely) In terms of distribution and token issuance, we plan to release a small amount of tokens every quarter. This process will begin next year to manage marketing funds. Please refer to the image below.