AMA Recap of Dude’s Army x Polkalokr

On Wednesday, March 31st, Dude’s Army community had the great opportunity to host an AMA with Polkalokr’s team, very instructive and educational. We will share with you a little bit of what this experience was like.

Dude👨‍💼:

Pleasure to have you with us today and super excited for this AMA. I actually have a lot of questions to ask you

please feel free now to intro yourselves and share a bit of your background!

Anis Chohan | Polkalokr:

Hey @dude56 thank you for having us here really glad to be apart of the AMA with your community.

I’m Anis Ahmed Chohan co-founder and CTO of Polkalokr.

I first heard about btc back in 2009 when I was a student in Computer Science, I didn’t know what it would become back then but kept track of it. Over the years I specialised in developing great digital experiences for some amazing blue chip companies. As 2016 approached I got involved in investing in btc and few solid projects and learning more about the blockchain space and how DLT work. I continued from there learning how to build blockchains, smart contracts and more as a hobby and now with Polkalokr I’ve committed myself full time to the ecosystem.

Imran Polkalokr:

Hi @dude56 Good to be here. I’m Imran, CEO & Co-founder of Polkalokr.

I’ve been in the space since 2017 and have a broad experience. In addition to investing and trading, I set up an offshore mining farm in an ex-Genesis mining facility and worked within the community as a Blockchain educator. Despite working primarily as a consultant for some of the UK’s largest organisations, leading technical teams on multi-million dollar projects, crypto is where my heart really laid. Anis and I originally came up with the concept for Polkalokr in 2018, but it wasn’t until 2020 that we decided to give up consulting and put 100% of our efforts into building Polkalokr. Since then, I don’t think we have had a single day off. Honestly, I now understand what is meant by the cliche ‘if you are doing something that you love, it doesn’t feel like work!’

Dude👨‍💼:

Let’s dive now into the project!

Explain our community what Polkalokr is doing in a simplified way! After that we will dive into details

Imran Polkalokr:

The Defi space is growing at an exponential rate. However, along with this rapid growth comes a new set of challenges. Rug pulls, exit scams are a daily occurrence. Anon projects are also increasing. In addition to this, project tokenomics are almost impossible to find. Many projects bury this information deep within their white papers. We aim to bring trust, transparency and simplicity to a complex space.

Anonymous projects are not a problem per se. Bitcoin is the best example of how anonymous projects can flourish. However, there are bad actors that take advantage of the anonymity and decentralised nature of the space. Lastly, transparency of a project’s tokenomics are vital for investors who are looking to make a decision on a long-term investment. Investors what to know project token emission schedules and have peace of mind knowing that tokens are actually vesting as per the project’s statement.

We have two products:

1) Lokr. The first all-in-one, multi-chain token locking solution. Our products help build trust within the Defi space by removing the human element and focusing on governance through code, with a seamless, omni-channel digital experience platform accessible via mobile, tablet and desktop

Projects can lock in their tokens and provide investors with confidence that emission schedules will be adhered to, whilst simultaneously making them publicly visible

In addition, through integrating with Oracles, we can set the release to not just be time-based. For example, if there are seed investors that have tokens at a considerable discount, rather than release after a set period of time, projects will be able to lock them in until their token reaches a certain value, therefore projecting public investors from dumps until a certain price point is met.

2) Swapr — multi-chain escrow platform with built-in privacy functionality

Dude👨‍💼:

Perfect intro! Truly great!

And Let’s now dive into projects

I will start actually with Swapr

How will that work out? What will I be able to escrow/swap there?

Imran Polkalokr:

We aim to, where possible, remove the middle-man and introduce governance through code. Swapr is designed to be an escrow service, but with a twist. Using Oracle feeds, you can have anything that you can get in through an Oracle be the trigger for the swap.

Users can create private swapping contracts and anything from England winning the world cup to the temperature being 25 degrees in Alaska can be the trigger for the swap

As Oracles become more mature, you may even be able to load your tokens into a contract which, in the event of a person’s demise, release to their children’s wallets.

The use cases are endless

Dude👨‍💼:

Understood! Very interesting! So you will leave it open for people to define that?

Imran Polkalokr:

Absolutely. It can be an instant, time-delayed or event driven swap through an Oracle feed

Dude👨‍💼:

Perfect let’s now dive into Lokr!

Projects will have to adopt Polkalokr to give that safe environment to investors?

I believe if projects the strategy is to have projects adopting Polkalokr and then creating this trend of trust for investors right?

Imran Polkalokr:

Yes. Rather than holding onto tokens and manually distributing them, Projects can automate the vesting and make it publicly visible. This way, it reduces the project’s workload and ensure investors receive their tokens on time, every time

Yes — We feel that there will two main reasons why projects will use Lokr. From a project’s perspective, it will be to automate distribution… and from an investor’s perspective, it will be because they want the peace of mind knowing the tokens they have paid for will be released to them on time and have been stored safely.

Dude👨‍💼:

Loved it! Sounds really great and I hope you start getting adoption from projects asap. What about LKR token? What can you tell us about it?

Imran Polkalokr:

Great question. The token will have many use cases within our ecosystem: Governance, Payments, Discounts, Staking, Rewards and access to Premium analytic data that we will capture. In addition, we are working on a number of ways in which we will monetise locked tokens that our native LKR token will play a role in.

Community Questions

Q1 from Harsha Prabath:

So, basically Locker is more kinds of launchpad for token sale? Then how can you Compete with other launchpads out there? What makes you better than them?

Imran Polkalokr:

At the moment, we have no intention to create a launchpad of our own. There are many existing launchpads and we are in conversation with some of the biggest and best about ways in which we can work together to help protect their customers through potentially locking projects tokens using Lokr.

Q2 from Ⓢ Ⓜ️ Ⓓ:

About the Staking. Is there any lock period for the token? And what about non-stakers? Do they need to pay fees to use your services?

Anis Chohan | Polkalokr:

Hi S M D, thanks for the question. For public sale participants there is no lock on token. Make sure you get your whitelist spot secured its open now as we speak for our polkastarter IDO.

As for staking more details about this will be released in the near future, so stay tuned. Details about lock periods, and rewards for locking tokens will all be revealed.

For paying for our services, we are looking at incentivising token lockers with numerous options where they may get access to certain functionality. How and what that might be we aren’t ready to release yet but we are working on this and can’t wait to share the information with you.

Q3 from Dr Mohit:

So, basically it’s an escrow platform right? How do you plan to both parties to keep honest in place while you are fully Decentralized?

Imran Polkalokr:

Well, at the moment, there are many OTC groups that people use to swap tokens. These often rely on a trusted third-party who takes custody of both parties tokens and then swaps them (for a fee). Even if the third-party is honest, there’s always a risk when you introduce the human element. For example, what if he pops to the shops and gets hit by a bus! All of the tokens would be lost. We are looking to remove middle-men and introduce governance through code. Our solution is non-custodial and token swaps are managed by transparent smart contracts. Swapr will be truly P2P

Q4 from 404 Page not found:

Products are essential to project success. Polkalokr currently has 2 products, namely:

• LOKR

• SWAPR

With only 2 products, of course it will not be enough to help the Polkalokr ecosystem in the future. Does Polkalokr have plans to add more products in the future? So that the $ LKR ecosystem can increase and run better

Anis Chohan | Polkalokr:

Absolutely, LOKR & SWAPR are only our foundational products. Imran mentioned above about numerous use cases coming from just these products. As we develop over the next 12 months, 24 months to 5 years and beyond we have a massive product road map where we will expand existing products and introduce new ones that compliment what we already do or really help bring in trust, simplicity and enterprise adoption to the crypto space. Can’t wait to be able to share more about this down the road.

Q5 from Al Bianco:

I saw that Polkalokr currently has the whitelist open and the IDO will be on April 7th. Can you give us more information about how we can participate in both and until when we have the opportunity? What are the requirements to participate?

Imran Polkalokr:

Hi — Yes, we will hold our public sale on Polkastarter next week. All of the information that you require to apply to our whitelist is available on our Medium and Twitter. You can find links to both our our website and Telegram

Dude👨‍💼:

Polkastarter IDO is coming up in 7 days correct? Has the whitelist process began?

Imran Polkalokr:

Yes — It started a couple of days ago and will run till Friday

Dude👨‍💼:

Can you share more info for it?

And what else is exciting that can we talk about?

Leaving that open for you guys to pick but I have some more topics here.

Imran Polkalokr:

Sure — The whitelist ends on Friday. Winners will be emailed on Monday and will need to KYC ahead of the IDO. Thereafter, tokens will be distributed and liquidity will be added to Uniswap. Due to the demand, we increased the size of the public sale to allow more people to participate and will be using a portion of the additional funds to provide more liquidity to our Uniswap liquidity pool

We have announced four of our close advisors this week. All of whom are juggernauts within the crypto space and there will be more revealed over the course of the next few weeks. Our team has also grown to over 20 members and will be adding them to the website so that community understands the strength of the team delivering the project

Dude👨‍💼:

Will projects pay fees to use LOKR?

Imran Polkalokr:

There will be two options for those wishing to use our products. 1) one-off fee for those who want to use this option, 2) staking: by staking tokens, all of our products can be used for ‘free’

Dude👨‍💼:

Also another question: When can we expect LOKR and Swapr to be ready?

Imran Polkalokr:

Lokr is currently in development. We aim to launch in Q2. Swapr will be launched in Q4

Dude👨‍💼:

Perfect! Sounds great! This way either they pay or support ecosystem.

Imran Polkalokr:

exactly. Rather than cost a user money, by staking tokens they will be able to use our services and make a profit. Win-Win

Dude👨‍💼:

If I want to launch a token on Polkalokr will I be possible?

Like launchpad style + lokr?

Imran Polkalokr:

No — This is something we have looked into, but will not be offering in the near-term

About Polkalokr

Polkalokr’s mission is to bring more trust and security into the crypto space through its all-in-one multi-chain token locking and escrow platform, with a focus on privacy, simplicity and governance through code.

More information about Polkalokr:

Website: http://polkalokr.com

Telegram: http://t.me/polkalokr

Twitter: https://twitter.com/polkalokr