AMA with Park Token

On the 26th of March, 2022 at 16:00 UTC, Decentralized Club had the honor of hosting Jared Lim from Park Token ️ for an Ask-Me-Anything session on their Telegram page with a community of over 70,000 people. It was hosted by DC Admin, May.

The session was divided into three segments. Introductions were made in Segment 1, questions from the Twitter community were answered in Segment 2, and live questions from the community members in attendance were answered in Segment 3.

If you missed this event and would like to know what Park Tokens is all about, you can find a recap of the interview here. Information here should be researched and should not be taken as investment or financial advice. Also note that slight edits have been made for clarity, and links in this recap lead to images, documents, or other media.

Segment 1 - Introduction

[May]
Hello, 大家好, नमस्ते, Selamat!

It’s another AMA session with the Decentralized Club.

My name is May and I will be hosting Park Token in this session.

Let’s make welcome our guest

[May]
https://t.me/decentralized_club/767924

[Jared Lim]
Hi everyone! Thanks for having me :)

[May]
Thank you for joining us!

You’re welcome to the Decentralized Club.

How’s your day going?

[Jared Lim]
Very well! I'm been looking forward to chatting with everyone all week

[May]
Same here!

Hopefully we have an amazing session!

Could you please introduce yourself to our community and tell us your roles at Park?

[Jared Lim]
Yeah. My name is Jared and I'm the founder and CEO of the project. I have a background in business, engineering, blockchain, and product management. I've been a part of dog communities all the way back before Dogecoin was on the map and have participated in...more dog communities than I care to admit, so I guess you could say I'm a big fan of the whole movement.

[May]
That’s awesome!

Let’s get right into the session!

Can you tell us the inspiration that birthed Park Token and what the project is about?

[Jared Lim]
Park is really a project with two main components—Park Token and Dog Park. What inspired their creation was simply being a part of the dog communities like Dogecoin and Shiba Inu and even newer projects like Saitama. We noticed that a large portion of these dog communities essentially just hold their tokens and wait for them to 10x or 20x and in the meanwhile the tokens don't offer much utility. So Dog Park was inspired as a means to give more utility to people's favorite dog tokens that they are just holding. We let people deposit their tokens in Dog Park to earn an APY paid in BUSD and also to win a grand prize each week.

[May]
https://t.me/decentralized_club/767940

[May]
Can you tell us what innovative solution Park Token is bringing to DeFi in cryptocurrency?

[Jared Lim]
Park Token has exciting tokenomics and an amazing utility. It’s tokenomics are as follows:
4% of every transaction is reflected back to holders. In this way, you benefit from just holding the token and makes it a powerful investment
2% of every transaction is added to the liquidity pool. This benefits all holders and raises the price floor over time
3% of every transaction goes to the developer wallet to help fund the project and pay for marketing etc. This tax reduces to 1% over 2 years.
We have also put in anti-whale tokenomics that limit transactions so you won't see huge sell offs

That alone makes this token incredible but we also added some utility that is exciting.
- When you deposit Park into Dog Park, your odds to win the grand prize are increased. Quite simply your investment is treated like it’s 20% more than it really is. So for example, if you were to deposit $1000 worth of Park token, it’s treated like $1200 as far as your total pool ownership and odds to win. This is massive.
- We do not tax you for depositing Park into Dog Park. If you want to buy Park and deposit it right away, you are only taxed for the initial purchase.

[May]
https://t.me/decentralized_club/767944

[May]
Can you briefly talk about the features of your platform and how dog communities can gain rewards from it?

[Jared Lim]
Dog Park is simple–stake tokens, access all the rewards. There are four main benefits of staking in Dog Park
1. When you’re staked in Dog Park, you are entered into a weekly draw where we pay out 5 grand prize winners. And because this is a no-loss protocol, if you aren’t chosen as a grand prize winner during one week, you’re just re-entered into the raffle for the next week. As long as you’re staked you always have a chance to win this life changing money. Our goal during year 1 is to give away 100k per week in this prize and that’s just the start.
2. When you’re staked in Dog Park you earn an APY on your investment. This APY amount varies depending on the week but as we’ve been tracking it it’s averaged between 3-9%. We pay the APY weekly in BUSD which is a massive upgrade from a typical application that pays in its own tokens.
3. When you’re staked in Dog Park you help with token burn. Don’t worry, none of your tokens are burned. Instead, we use a portion of the interest gained from the investments and convert it to the token of your choice and burn it. In this way we’re able to reduce the circulating supply of your other favorite dog tokens and boost your investments.
4. This is a no-loss protocol. At any point, you can withdraw your original investment. Obviously, if you fully withdraw from Dog Park you are no longer eligible to win the grand prize or earn APY.

[May]
How do we acquire your native token and why is it important to be held from an investment perspective?

[Jared Lim]
The token officially launches in May 2022 but the public presale starts on March 28 (THIS MONDAY!) and will only be open for 3 days. You can participate in the presale by going to www.parktoken.com anytime during the three day window. If you choose to participate in the presale, you receive a 25% discount on the token price and you are not taxed. We already have over $100,000 queued up to purchase the moment the presale opens because people are that excited about what we’re building.

[May]
Yesssss!!!!

Great news!

What are the major plans on track for completion this year by Park?

[Jared Lim]
There are two major things happening this year. Number one is the launch of the token itself which comes with all the benefits I mentioned before. Number two is the launch of Dog Park which is the application that really puts so much of this into motion and gives added utility to Park token and many other dog tokens. We are queued up to launch Park token in May 2022 and Dog Park will come later in the year. Park Token is currently under audit and Dog Park is already under development.

I would also just add that we have some massive marketing projects happening this year too and you can expect to see huge community growth in 2022.

[May]
https://t.me/decentralized_club/767957

[May]
Hahaha! Looking forward to it all!

It’s now time to take questions from our Twitter community!

Ready?

[Jared Lim]
Yes we're looking forward to it too!

Yeah let's hear the twitter questions

Segment 2 - Twitter Questions

[May]
Every project has an interesting story before it is created. What motivates you to build and develop great projects like this?

Twitter Username:
@MiraAtker01

[Jared Lim]
Thanks for this great questions Mirai Kyoko. Simply, we want to see people prosper. A lot of these types of projects are about putting funds towards dog shelters or something like that (and I think that's wonderful and has its place). But I guess you could say we wanted to get back to the heart of what dogs are all about— "man's best friend". We want to see YOU prosper. We really believe that if we can empower people through financial freedom they will go and do amazing things. And that's why we are in love with the prize model, because every week we get to give away life changing money to members of our community. And I hope as people prosper they help others and share with the community about the good they were able to do in their own lives and the lives of those they love because they were part of this project.

[May]
I read in your RoadMap on Phase 1, That "Smart Contract Audit" has been released. Can you explain more details about the audit process? Which major companies have done a full Audit for PARK Token? And how will you provide total security, your funds & user data?

Twitter Username: @ArumiChannn

[Jared Lim]
We are currently going through a smart contract audit with Certik, which if you've been in the crypto game for a while, you'll know that they are the best of the best. We will not publish our live contracts until we pass their audit with A+ scores. Once the audit is complete you will be able to read an audit report and gain a greater sense of security in using our Token. The same will be true for Dog Park. Once it is ready for release it will also undergo a smart contract audit from Certik and you will be able to see their assurance of total security with both funds and user data. So I suppose in summary I could say, Certik is auditing us and they're the best.

[May]
Yes! They’re professional and high ranking auditors!

Most projects nowadays include NFTs and Metaverse concepts as part of their future plans and developments. Will Park Token also be having its own Metaverse and NFT products in the future?

Twitter Username: @0JeanWayne

[Jared Lim]
Okay I love this question but it's also a complicated answer so I'll do my best to give some insight here without going off the deep end. I feel that the NFT and metaverse market are flooded with bad projects. That's just my opinion, you are free to disagree. What NFTs need is utility beyond just being tradable art. We are interested in creating NFTs that have utility within our application and add value to the owners. So yes, this is definitely something we think about but we want to do it right. And right now our main priority is Park Token and Dog Park but a spicy NFT-type model could definitely be in our future, just not 2022.

[May]
Looking forward to seeing a Park Token NFT in future🤑

How many team members do you have? Do they have enough experience in the blockchain field? Do they have any experience on working in crypto and non-crypto projects?

Twitter Username: @HejabPore

[Jared Lim]
We have over 20 team members actively working on this project and we're growing each week. They come from a variety of backgrounds such as blockchain, legacy banking, Wall Street investing, web development etc. These are people with decades of experience who are accustomed to dealing with hundreds of millions of dollars every single day. We're talking about people from fortune 500 banks who have built automated loan and investment systems for millions of users—they are experts. Their top priorities are security, fund management, and creating an amazing user experience.

[May]
Impressive!

Thank you for your well-crafted answers so far!

It’s now time to take questions from our live audience.

In this 3rd segment, I will open the group for some seconds for the live community to shoot you some pressing questions.

Please pick five original questions to answer.

Try to ignore generic, vague, and copy-paste questions 😊

[Jared Lim]
Okay! Also, I just want to thank the audience for sticking with me as I answer all these questions. I hope I've been able to add some clarity and excitement about the project. I'll do my best to respond to as many of your questions as I can

[May]
https://t.me/decentralized_club/767982

[May]
A minute for the community to prepare their questions

Dear community, as a measure to deter bots and reward hunters, please include one of the primary colors of the Park Token logo and the animal in the logo in your questions so the guest can tell original questions apart!

DO NOT TAG THE GUEST

The group will be unmuted now.

---Chat was then opened for the live community to send in their questions---

Segment 3 - Live Questions

[May]
Please prioritize questions that have one of the colors in your logo and your project mascot.

You can answer now.

[Jared Lim]
Okay give me a minute as I find some questions to respond to

[May]
https://t.me/decentralized_club/768036

[Lovely DC]
PARK Token distributes 4% among every hoarder $PARK of every transaction, that means that every transaction counts for your token holders, What is the incentive system for the most loyal users on your platform? What other facts can attract users to BUY & HOLD $PARK tokens?

Blue
🐕🐕🐕

[Jared Lim]
4% reflection to all users is absolutely massive and only benefits the community so that's the first major plus. But here's two other bonuses of Park Token:
1. When you stake Park in Dog Park, your odds to win the grand prize go up
2. When you stake Park in Dog Park, we KEEP giving you your 4% reflection. This is unheard of in the crypto space as it rewards our community with reflections no matter what action they take

[JJ]
Hi Mr. Lim

Blue 💙 Dog 🐶

Do you have a bug bounty for hackers to find bugs in your Park Token contract or are you 100% certain that your contract is bug free especially after the ongoing audit with Certik?

[Jared Lim]
You can never be too careful with security. For this reason we have Certik auditing us AND we have a bounty program so that we can reward community members if they do find any kind of outstanding issue and bring it to our attention. But beyond those basic precautions we have brilliant blockchain developers internally who also keep an eye on things daily.

[Ayesha]
The most exciting Step in Park token is that the holders of park tokens will receive 4% on every transaction, but in the same way, by this the circulating price will increase which will decrease Park value, how will you manage this? Any burning mechanism of park Tokens?

Blue 💙
🐕🐕

[Jared Lim]
The 4% reflection doesn't increase the number of tokens in circulation as it comes from a tax based on transactions so there's no concern for increased supply. As for your question about the burn, we have a portion of the initial supply set aside to be burned with the release of Dog Park, so you can expect that burn.

[Topind]
How is it possible that I get to see my $PARK tokens increase everyday when I am no longer buying more tokens?

Blue
🐕🐕

[Jared Lim]
4% reflection means that every transaction of Park benefits holders. So just by holding Park token in your wallet you will see more Park token accumulate.

[May]
One more to go 🥳

[Lovely DC]
I saw on your website that Bet tokens guarantee weekly rewards in BUSD. But, Many projects give their native token or some exchange token like BNB as a gift. Why did the PARK token decide to give away BUSD as a reward? What was your motivation for choosing BUSD?

Blue
🐕🐕🐕

[Jared Lim]
This is a great question and speaks to your brilliance. As you said, most exchanges or apps reward users in their native token. The issue with that is, what does the token do? All you can do is hold their token and hope other people want it. This is a major issue with most crypto applications. To avoid that, we pay all rewards in BUSD which has a stable, guaranteed value. And what about our native token then? It has "front-end" utility, meaning it can actually do something rather than just be given as a reward. What can it do? It boosts your odds to win the grand prize when you stake it in our application. This is the cutting edge economy of crypto—it adds incentive to buy Park which lifts the whole community.

Can I answer one more? hahaha

[May]
Sure :)

[Al capone]
Blue
🐕🐕

"All transactions are limited to 0.1% of the total supply. This prevents big wallet holders from price manipulation."

How do you know that limiting each transaction will prevent price manipulation? Have you done your research?

[Jared Lim]
This is a good question I wanted to also answer. We have modeled out price manipulation with our CFO and simply put, placing a limitation on buy and sell orders like this causes whales to have to sell or buy in smaller increments. This gives the LPs a moment to recalibrate and adjust the price on buy/sells which means their ability to manipulate is stifled. Can people still buy or sell millions of dollars of our token? Yes, but it happens slowly and in a controlled way.

[May]
Aaaaannd it's a wrap! 🥳

Thank you dear guest for your time with us today 😊

Your answers were brilliant!

Any closing remarks for our community?

[Jared Lim]
Thank you for letting me participate. For the guests I want to thank you for taking the time to listen to what we're creating. Your time is precious and we so appreciate you giving it to us today to learn about this project. I hope to see you all in the discord and I can't wait to give away tons of money to you all hahaha https://discord.gg/kSYYGh6KU2

[May]
Hahahaha

Can you also please share your Telegram links with our community?

[Jared Lim]
We're just focused on Discord for now so please join there or follow us on twitter @theparktoken

[May]
Okay, beautiful

A standing ovation to you and the rest of the team at the Park Token HQ for their time and effort in making this project a success!

[Jared Lim]
Thank you @MsMayMay

Thank you everyone

[May]
https://t.me/decentralized_club/768058

https://t.me/decentralized_club/768059

[May]
Until next time, do have a great day!

The AMA with Park Token is now over.

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