Decentralized Club Ama with ETHForest AI.
On the 16th of April, 2023 Decentralized Club had the honor of hosting Alex and stefan from EthForest AI for an Ask-Me-Anything session on their Telegram page with a community of over 60,000 people. It was hosted by Auria
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 ETHForestAI 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.
I’m Auria, your host for this AMA session.
Apologise for delaying
For today’s AMA session, we have invited the Alex and Stefan from ETHForesetAI to help us learn more about this awesome project.
Let us all give a warm virtual welcome to our guest , @Analizator69 @StefanG26 👏
Hello everyone 👋
It will be only me today, Stefan was urgently called in another meeting.
Okay , no problem
It’s pleasure to have you here with us.
Likewise and thank you for hosting us! :)
Before we dive into the project, we will love to know about your role and day to day work experience in project
I am the Co-founder of ETHforestAI, together with Stefan.
For a few years now, alongside him, I am actively engaged in the crypto space as an investor and product owner.
As a co-founder of the project, I work hand in hand with Stefan on a daily basis and overall take care of the PR and business side of things.
I am a business owner irl and have experience in the IT/automotive sectors as a QA and programmer.
Also, I am the type of guy who doesn’t take no for an answer and my sole purpose in life is to be the best possible version of myself, physically and mentally. I enjoy doing and building quality work and products, this is why me and Stefan decided to create this project and bring value to the space.
So far this is the best thing I have been a part of ever!
Thanks for introducing yourself
as you already know, this AMA will have 3 segments.
And in the last (3rd) live segment , I will unmute the chat to allow questions from our dear Community!
So let’s start our AMA with basic introduction segment.
Here’s the first one for you
Q1. Can you start us off with the vision behind EthForestAI, a brief description about the product and its current major investors or partners ?
Kindly type ‘’Done’’
After answering the question.
The vision behind ETHforestAI is to make the exciting world of Web3 accessible and understandable for everyone. Our product is a Web3 learning platform with an integrated AI chatbot that provides comprehensive education on all things crypto.
We aim to bridge the gap for people who are new to Web3 and provide a fun and interactive way to learn about decentralized technologies, investing in cryptocurrency, and the latest trends in the crypto industry.
We also have a unique approach to education, which includes a Learn-To-Earn, Real Yield, and Creator Economy programs that motivate our users to engage with the platform and increase their knowledge in a fun and rewarding way. By completing various educational activities and challenges, users and creators can earn $ETHFAI and USDC from the prize pools.
Regarding our investors and partners — our main partner is Oxbull.Tech, where we were launched on Arbitrum via their Launchpad, exactly one month ago today.
Besides them, we have many smaller partnerships with various influencers, marketers and Twitter threaders.
It’s worth mentioning that we do not have major investors (VCs) and we prefer to keep it that way. Our project is a community centered one and we like to keep it fair for everybody.
Moving on to the next question
Q2. Can you elaborate about how a user can leverage Web3 easily through your platform?
At ETHforestAI, we strive to make it easy for users to leverage Web3 technology and participate in the decentralized economy.
Here are some of the ways in which we make it happen:
1. Comprehensive Education: We provide in-depth education on all things crypto, including, but not only, the basics of blockchain technology, crypto investments, and decentralized finance. By taking our courses and quizzes, users can quickly gain a deeper understanding of the Web3 ecosystem and learn the skills they need, to participate in the space.
2. Interactive Learning: Our gamified learning platform makes it easy for users to learn in a fun and engaging way. Through various educational activities and challenges, users can earn $ETHFAI while also increasing their knowledge of Web3.
3. Real Yield: Our Real Yield mechanic incentivizes users to stay engaged with the platform over the long term, earning a share of our revenue based on their performance. This encourages users to learn more and deepen their involvement with the Web3 ecosystem.
4. Creator Economy: Our Creator Economy program empowers individuals with knowledge and expertise to create and share valuable educational content with the community, while earning $ETHFAI and building their personal brand in the process.
5. AI Chatbot: Our AI chatbot provides real-time support for users, answering their questions and helping them navigate the Web3 ecosystem. This is only the first stage for the AI!
By leveraging these resources and features, users can easily gain a superior understanding of the Web3 ecosystem and its potential applications.
Let’s give few seconds to read to our audience
Q3. Can you tell us about any current running pormotional activities like giveaways etc. for new users?
A few days ago, we finished our 1-week long Crew3 campaign and rewarded the top competitors with our very own unique NFTs, which in turn will have various benefits within the learning platform and outside of it.
Before that we had other Twitter and Crew3 campaigns on a daily basis, rewarding the most active community members and keeping everybody engaged.
Our next big thing, which will feature prize pools and quizzes, is the alpha version of our platform, which we plan to release within a day or so, might even happen later today if we manage to test everything and there are no serious issues found.
Overall, we are constantly on the lookout for marketers and communities like yours, who would like to host us and spread the word of ETHforestAI and our vison!
Q4. What is the utility of $ETHFAI and how does one acquire it and also how its holders will be protected?
$ETHFAI is the native token of ETHforestAI, which can be used to access premium content, pay for platform services and be traded on Arbitrum DEXs platforms. It is also used to incentivize and reward top learners and creators on the platform through our Learn-To-Earn, Real Yield and Creator Economy programs.
$ETHFAI can be acquired through various means, including participating in the platform’s educational activities, purchasing it on decentralized exchanges, or receiving it as rewards for contributions to the platform as a top learner or creator.
We are committed to protecting the interests of $ETHFAI holders!
To that end, we have implemented various measures that include smart contracts and audits to ensure the security and reliability of our platform.
We also implemented a liquidity lock mechanism, AKA our Staking mechanic, to keep the price stable while we continue building the product and keeping the people who staked, well rewarded. In addition, our team is always monitoring market conditions and developments to ensure that our platform and holders are well-protected.
It’s a good time to mention that we work under strict rules, rules that are monitored by our partners at Oxbull.Tech, because we were launched under their F5 flagship program, which features many investor protection mechanisms.
You can read more here — https://oxbull.medium.com/f5-739d8add7f9e
And here you can read about our project’s specific F5 set of rules — https://oxbulltech.notion.site/oxbulltech/OXBULL-x-ETHforestAI-4e71e6ecf4e544a584a77d99a0e1d123
Moving on to our last question of this segment
Q5. What are your major priorities in 2023?
One of our major priorities for 2023 is continue to grow and enhance our platform, to make it even more engaging and useful for our users. We will be working on introducing more advanced educational tools, interactive content, and features that incentivize learning and collaboration.
Another major priority for us is to grow our community and expand our reach, both by attracting new users and by fostering deeper engagement with our existing community. We will be working on expanding our marketing efforts and building partnerships with other projects and organizations in the Web3 ecosystem.
Lastly, we will continue to focus on innovation and staying at the forefront of the rapidly evolving Web3 and AI landscapes. This means keeping a close eye on emerging trends and technologies and finding new and exciting ways to incorporate them into our platform.
Overall, our primary goal is to continue to provide high-quality, accessible education on Web3 and to empower our users and creators to become leaders in the space, finding their niche and success in the process!
That’s wraps up the first part of the Ama session .Thanks Alex for your Answers!
Let’s now proceed to the twitter segment
Here’s the first interesting question from twitter
Q.1 Hello ETHFOREST TEAM
How can we participate in Learn2Earn? Whats requirements?Is there an upfront cost we should pay?
Twitter question from @shariirao
Within a day, possibly might even happen today, we’re releasing our first iteration of Learn2Earn. It will feature cases studies on our platform, which you’ll need to pay an access fee to unlock for reading or you can subscribe to Premium and have access as well. You’ll have around 48 hours to study and understand it.
After the timer expires a Quiz will be available for the next 24 hours, those who are at the top ranks on the leaderboard, will get $ETHFAI rewards and a percentage of the USDC pool fees for the particular case study.
The prize pool is designed in such a way that all the winners will be able to cover their expenses from the taxes and even have $ETHFAI and USDC left to keep or trade.
When we release the full version of the platform, we will have to paid subscription models and a free one, where you can still access many of the courses, but wont be able to participate in some of the campaigns and designed mechanics.
Q.2could you please throw light on How does Ethforest AI plan to promote collaboration and innovation in the AI and machine learning communities?
Twitter question from @sonniisin
ETHforestAI will foster collaboration and innovation in the AI and machine-learning communities by:
1. Continuously refining the AI chatbot to provide personalized learning experiences, recommendations, and real-time answers, which encourages users to explore AI and machine learning topics more deeply.
2. Facilitating knowledge sharing and joint projects among AI and machine-learning enthusiasts, fostering a cooperative learning environment.
3. Introducing AI-specific educational activities and challenges, which inspire users to innovate and experiment with AI and machine learning concepts.
4. Continue to develop and add more functions to the AI, besides being a chatbot.
Join the community and stay tuned for more news on that!
Q.3 As we all know that how token burn is beneficial for project. Do you have plan about token burn? are there any staking and farming features available ?
Twitter question from @Zonnyjazzz
We have recognized the benefits of token burning for the project and have incorporated it into our tokenomics. According to the token distribution model, 5% of the $ETHFAI tokens are designated for a burn event, which helps maintain token scarcity and value.
More on the tokenomics — https://docs.ethforest.ai/tokenomics/tokenomics
As for staking and farming features, we offer a Stake program designed to incentivize users to hold onto their $ETHFAI tokens and contribute to the growth and development of the platform. The program offers a consistent 30% APR, with an increased 100% APR for the first month of its launch to encourage long-term commitment to the platform.
The Stake program is accessible to users of all levels of experience with Web3 and blockchain technology.
A glimpse at the Staking — https://docs.ethforest.ai/overview/stake
Q.4 Can you provide a comprehensive explanation of the purpose and significance of ETHFOREST AI’s token issuance, the contribution to the success of ETHForest AI’s ecosystem for machine learning and AI development, and the alignment of incentives among ecosystem stakeholders?
Twitter question from @jeonjuunn
$ETHFAI token issuance incentivizes users to hold tokens and support the platform’s growth, stability, and development. Staking tokens earns rewards, demonstrating belief in the team and product. This alignment of incentives encourages long-term holding, benefiting the platform’s success.
The $ETHFAI token is crucial for funding our machine-learning progress and AI development, promoting innovation and offering a stable funding source. Integrating the token into the chatbot further incentivizes user engagement and adds value.
In summary, $ETHFAI token issuance unites our ecosystem’s stakeholders, stimulates user involvement, and secures ongoing development funding, fostering long-term platform success.
Moving on to our last question of Twitter segment
Q.5 What’s your Plan to make your project strong ?as we can see that Right now market condition is not as good do you see it as an opportunity?
Twitter question from @Asiliann
We plan to strengthen the project through continuous improvement of the platform and content. By refining its features, incorporating user feedback, and expanding the range of topics, we ensure a high-quality learning experience for users.
Building a strong, dedicated community by incentivizing participation, fostering collaboration, and offering engaging programs, is another way of how we aim to create a thriving ecosystem of learners and creators.
By forming strategic partnerships with industry leaders and collaborating with experts in the AI, blockchain, and education sectors, we can access valuable resources and expand our reach.
Doing effective marketing and promotions by leveraging targeted marketing campaigns and community engagement, will raise awareness of the product and platform, attracting new users in the long run.
Overall, adapting to market conditions and capitalizing on opportunities, staying agile and responsive to changes in the market, we can seize opportunities to grow and establish ourselves as leaders in decentralized education.
Thank you for answer all the Twitter question. That’s so informative for our community
You are most welcome, it was a pleasure!
Moving on to our last segment LIVE Q&A
In this session we will unmute the chat for 60sec so everyone can send their questions
Open the gates, let all hell break loose
I noticed that you are preparing the #alpha version of the learning platform. Can you explain in more detail about this learning platform? Also, how can we participate in your #alpha test?
Yes, we aim to launch the alpha within a day, most likely today.
I shared most of the details in the AMA, but here is a link to our Gitbook.io explaining most of the planned and prominent mechanics. — https://docs.ethforest.ai/web3-learning-platform/what-to-expect
In regards to the alpha version, we have not uploaded it’s details there yet, but are planning to do so later today. Follow our socials to keep track of that.
You can participate in the testing by subscribing and participating in the quiz challenge in the end. The more of you that you participate and compete, the bigger the chance flesh out all the minor details with the smart contracts and back-end logic of the platform, since the beginning.
Q.2 Vairal Queen
Have you met all your goals in the roadmap till now? And were there any difficulties that you didn’t expect and were not prepared for? Does pay much attention to users’ feedback to improve and upgrade in the time to come?
That is a great question, we do get it a lot on most AMAs that we do.
Yes, all of the goals that we’ve set so far, have been met in due course and all that are planned will be completed with time too. We plan to deliver on our promises, this is why we never overpromise and try to keep it as real as possible!
We are a community centered project and people’s opinions are of high value to us. We tend to listen and communicate with our more prominent followers.
For instance, the crypto currency price tracking function of our AI was proposed by a fellow member, the Staking mechanic too.
These are just a few of the good ideas the community has suggested.
It’s not like we wouldn’t implement them at a later point, but since they were in high demand by the community and were great ideas overall, we prioritized them, so all sides are happy.
Have you launched any local community groups for those who don’t understand english?how important is local community for you?
This is another good question that is of high importance!
Actually, we have multiple non-English channels for our non-English speakers.
Our Turkish community, for instance, is the most prominent one by far. We are not based in Turkey or affiliated with any Turkish project, but this community is by far the strongest and acts like the backbone and core of the whole social side of the project.
You can view our available rooms here — https://t.me/ETHforestAI.
Also, our AI works very well with various languages (Turkish included), we have tested it, but for now we will limit it to English only for the model’s accurate training sake.
Why did you choose the name you for your token? What is the story behind it? Can you share with us your next big milestone?
We derived our name from 3 key aspects — Ethereum (since Arbitrum, the chain we are launching on, is L2 of the mainnet), Forest (which is a part of our original name ForestFriends, linked to our mascots) and finally AI, because of our chatbot and the things we want to accomplish whilst it evolves.
We have battled the rough markets and prevailed — ETHForestAI is here to say!
Our next big milestone, actually they are 2 that will happen at the same time, is the launching of the alpha version for our learning platform and having at least 5 active subscribers at the start.
After that comes the new version of the AI chatbot!
You can view our F5 framework milestones here — https://oxbulltech.notion.site/oxbulltech/OXBULL-x-ETHforestAI-4e71e6ecf4e544a584a77d99a0e1d123
Almost every investor holds the token for the short-term without understanding the long-term value. So, how can you ensure for us that holding this token is more beneficial for long-term and what is your plan to increase the demand and scarcity of the token?
Yes, we are well aware of that, it is one of the downsides of the crypto space.
People still think that its a bull market, or even if it isn’t, they might still jump ship daily, doing x10++ profits. Doing this, 90% of them are hurting their pocket and the project they pump and dump.
This is why we would like to bring education on the table, to show people that it’s not always easy to make a quick buck, but instead it involves deeper understanding of the blockchain technology and Web3 space as a whole. An understanding of how digital finance works and how one can do a good background check for the project, track its activities on-chain and devise a solid investment and risk management plan.
As I’ve mentioned, we have set a side 5% of our total supply to be burned, to deflate the token and increase its scarcity. We’ve also implemented the Staking mechanic to lock part of the liquidity and keep the price as stable as possible.
With all the integrations of our $ETHFAI token within our ecosystem, current and future ones, we aim to increase the demand for it and make it an inseparable part of our product.
I can ramble a lot more on this topic, but time is of the essence here.
As always — join our community, buy & stake $ETHFAI, follow our daily updates and reap the benefits! 🚀
IMPORTANT LINKS :
Website : https://ethforest.ai/
Medium : https://medium.com/@ethforestai
Git Book : https://docs.ethforest.ai
Twitter : http://twitter.com/ETHforestAI
A glimpse at the Staking