Thank you to the NanoNews Community for participating in Ask Me Anything (AMA) with Green Power on October 26, 2020. This guest star Michael Mathias, CEO Green Power. If you were unable to join the live AMA, no worries, here comes our 80th AMA recap!
We are glad to meet here:
Michael Mathias, CEO Green Power
For taking your time out from busy schedule for the AMA!
Q1: Can you introduce yourself to the community? What is your background and how did you join Green Power?
Sure, my name is Michael Mathias, and I am the founder of GreenPower and the GreenEcosystem, which is a decentralized alliance of companies building out the utility and services around GreenPower. The GreenEcosystem was started in 2016 and our Graphene-based blockchain has been operating continuously since March 2017.
The pursuits of the GreenEcosystem have been influenced by my long-held interests in complimentary currencies, quantum economics and systems innovation. I am heavily influenced by mutual credit systems and believe that with distributed ledger technology and several core principles of DeFi, it is now possible to create a global mutual credit system, which has been the long-term objective of the GreenEcosystem since it’s start.
As for my professional background, I am a long-time entrepreneur who has founded and developed multiple technology-related businesses over the past twenty years. Before that, I worked in the financial services industry for JP Morgan Chase, American Express and T. Rowe Price. So fintech is a natural fit for me professionally given my experience in financial services and technology.
Q2: Can you briefly describe what is Green Power?
GreenPower is a cryptocurrency that serves as a decentralized form of membership for a marketplace network, called the GreenAlliance. Essentially, by simply holding GRN, a series of membership benefits are unlocked within the marketplace network. The GreenAlliance is a newly-created global organization comprised of businesses and consumers that has been designed to operate like an economic cooperative, providing a range of discounts and other value enhancements (such as special privileges or exclusive access) to its members by harnessing the power of Web3 technology and decentralized finance (DeFi).
Q3: What companies/projects do you see as competitors, and how does Green Power stand out compared to them?
We have recently re-positioned our project to pursue the development of this marketplace network I spoke of. We believe this positions us uniquely in the industry.
Historically, the project we probably have been most similar to has been Crypto.com. Both projects have been looking to bring the benefits of blockchain and crypto to the mainstream. Making it easy to come into the world of crypto and use it in your everyday life.
Crypto.com has been brilliant in its execution, particularly in its card offerings. This has led them to amazing growth. However, their approach has been quite centralized. We hope to bring the benefits of blockchain, crypto and DeFi to a wide global audience but through a more decentralized approach and this is why we are so focused on building out a marketplace network.
Q4. What is the use-case of the The Green Power?
The prime use case of GreenPower is to aggregate discounts and other marketplace benefits. GRN is a membership currency that is designed to deliver significant benefits within the global marketplace to the holders of GRN. The more GRN held, the greater amount of value unlocked within the global marketplace. At a higher level, our objective is to develop a global system of blockchain-based marketplace incentives aimed at accelerating economic growth and widening the circle of prosperity throughout the world. The participants in this ecosystem share a core belief that programmable contractual money (made possible by distributed ledger technology) has immense potential for resetting the economic incentives that have been built into the existing global economy. There are better systems of value exchange possible, and we want GreenPower to be leading in the build out of those better solutions.
Q5. What are the major milestones Green Power achieved so far & what are in future pipeline?
During the past three years we have built out a community of 150,000 account holders from over 180 countries and distributed 3.2 billion units of GRN. Our mainnet has been operating continuously since March of 2017. We have brought a range of utility to GRN through various marketplace opportunities, focused initially around health products.
After some recent changes (including the transition of GRN to the Ethereum network), we are now in position to begin the build out of our marketplace network and the wide spectrum of incentives that will be offered. During the next six months, we will be transforming our Graphene-based mainnet into a loyalty points platform (for companies who want to offer their customers blockchain-based loyalty points), introducing vault strategies to our community, launching the PowerDAO (our community governance organization) and launching two new currencies (a universal loyalty point and a marketplace rebate currency), both of which will compliment GreenPower.
Q1. Why has GreenPower recently migrated from the Graphene-based mainnet (Powerchain) to the Ethereum network through an ERC-20 smart contract and what changes has this brought about for your community?
The migration from mainnet to Ethereum has been done to better facilitate GRN’s positioning as a membership currency for the marketplace network, and so that we can more easily integrate a number of DeFi elements into our ecosystem. We are currently in the middle of this transition, but once it is completed at the end of December, there will be a range of new functionality and utility available to holders of GRN.
Q2. In your opinion, what positive impacts started to appear, after $GRN started being listed on Bithumb? And besides Bithump, is there any market exchange that will cooperate with GRN in the near future?
We are very excited about our affiliation with Bithumb Global. Being listed by such a strong exchange with so much alt coin volume is already having a strong and positive impact on GRN and our entire community. GRN is already listed by four other exchanges, most of which we have worked with over the past two years: CoinBene, CoinFalcon, BTC-Alpha, and GokuMarket. We expect to announce additional exchanges in Q1 2021 after our community has completed the swap process.
Q3. For what kind of health products can be used the GRN token? Besides, are you considering expanding into any other industry?
The GRN token can be redeemed for a line of all-natural herbal health products. We are expanding into health tourism, so a number of travel-related opportunities are scheduled to be offered (once travel becomes more relevant). In general, health is just an initial starting point. As we move further into the development of the marketplace network, we will be quickly expanding the discounts and redemption opportunities into a diverse range of other industries.
Q4. How compatible is digital assets payments with e-commerce? Apart from GRN tokens, what other digital assets (cryptocurrencies) are acceptable on GreenPower Marketplace? Any plans to launch stablecoins?
Channel Recap NanoNews, [26.10.20 16:58]
[Forwarded from Michael Mathias]
While I acknowledge that there are some challenges to accepting digital payments in e-commerce (rather than more centralized traditional payment formats), I am hopeful that the percentage of e-commerce accepting digital currencies will increase dramatically over the next 3-5 years. Our marketplace network will be helping to make that happen. It will offer a wide range of cryptocurrencies through its payment gateway, including most of the major stable coins.
Q5. GreenPower serves as the decentralized mechanism for membership within this universal incentive system. What will be the benefits of this membership? Will it be necessary to deposit fees or make annual renewals to continue having access?
Essentially, the presence of GRN being held in a vault contract (which is verified by an oracle) entitles the user to discounts from various business members of the marketplace network. The more GRN held, the greater the value of the offers.
With cryptocurrency as the membership mechanism, there are no fees or annual dues. Membership is determined by the presence of GRN within the recognized vault contract (that links to the oracle). When the oracle determines that there is no GRN held in the vault, then there will be no benefits available to that particular account holder. Again, the more GRN held, the greater the potential rewards. And the collective benefits available through the network will also be increasing over time. Starting on a more focused basis but growing to a wider variety of discounts and offering businesses.
Q1. What solutions do you see to reduce the load on the Ethereum network. Now the high price of gas has become a critical problem for Green Power?
While I am hopeful for 2.0 to alleviate some of the strain, I think that there are several interesting Layer 2 solutions (probably led by Plasma) that can help with this issue. I also think with the advent of Polkadot and other technologies that enable interchain interactions, some of the biggest sources of bottlenecks will be reduced.
Our strategy is to use Ethereum for certain critical areas (like vault contracts and community governance), but to use other more efficient and less expensive solutions (e.g., side chains) for higher frequency transactions like our loyalty points exchange.
Q2. It is very interesting that there was no ICO or IEO. But I am interested to know more about the token distribution. Where can I found that? And besides that do you have any plan for fundraising program in the near future?
Great question, Raj. Our token distribution is covered in-depth in the GRN whitepaper and to a lesser degree on our website: grnpower.io. There will be interesting distribution opportunities available as part of the launch of the two new currencies. Additional distribution with those two currencies will happen as we launch a new license model in Q1. But the supply of GRN is fixed and all units have been distributed, so there will be no more GRN created. We do have plans to massively expand the utility of GRN, so you can draw your own conclusions from there.
Q3. what is Green Power ? Where does ” Green Power ” name comes from ? What it’s stand for?
Our core values for the project are growth, health (in the broadest sense of that word, such as heathy financial systems) and sustainability. That’s where the “green” comes from. And the “power” comes from more of the function or physics definition (the amount of energy transferred or converted per unit time) as well as potency and potential.
Q4. Does the price of the token matter to you from an operational perspective, if the token price is $1 or $100?
Great question. As this is the problem that has ultimately led to the high gas price. And the answer for GreenPower is no, the price of the token does not affect operations or operational efficiency (which is again a problem that vexes many blockchain projects: the success of a token can adversely affect operational efficiency and/or the attraction or usefulness of your platform to your customers). Happily, especially with its current positioning, GRN is not in that predicament.
Q5. Most investors only focus on the price of the token in the short term instead of the real value of the project. Can you tell me the benefits of holding $GRN for long – term investors?
Excellent question, Dani. This is a platform that has been designed to deliver growth over the long-term. As mentioned before, sustainability has been a core value from the start.
We intend to build the largest marketplace network in the world. It will deliver optimized levels of value to both consumers and businesses who choose to become members. The mechanism for membership and the modulator for all benefits derived from this network is GRN. There is a fixed amount of it and no more will ever be created. As the utility and benefits of the network increase over time and subsequently the demand for membership into this marketplace network increases, the fixed number of GRN tokens will increase in price. This is basic economics but it will be played out on a global scale through our marketplace network.
Michael: Need to move on, Deden. Thanks so much to your incredibly engaged community members for all their great interest and questions.
Deden: Its great to having you on our AMA series! Thank you for trusting NanoNews as the organizer of the event today, hopefully everyone can understand about Green Power and I hope we can doing some collaboration or partnership in the future
Michael: I look forward to collaboration with this group in the future. Thanks you so much for inviting me on. All the best to you and everyone in the Nano community!
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