Here’s a recap of the SEA Token AMA, held at AMA LOVERS CLUB.
Date: Monday, 3rd May, 2021
Time: 14:00 UTC
SEA Token team was represented by Hame Mostubar who judiciously shared with us detailed knowledge and information about SEA TOKEN PROJECT.
1st Segment: INTRODUCTION
Q1: Can you please introduce yourself and your background, also introduce the team working on Sea Token?
Sure. Hi everyone, I’m Hame, I’m CTO of SEA Token. I’ve been working in blockchain since 2013, and I’m a keen diver and paddler, hence my passion for this project.
SEA Token is a CIC — that’s a Community Interest Company — registered in the UK. Our team is small, but growing fast — we recently hired our Project Manager, Teodora Smith, who was previously at Google. Our founding Director, James, has a long track record of working in the charity and nonprofit sector, mostly in the arts, but also in environmental and activist organisations. I think it’s really important to emphasise the fact that we’re a registered nonprofit — trust is very low in cryptocurrency right now, and with good reason, so we want people to know that we’re a transparent nonprofit organisation with long term goals.
I should also say that there are so many people who have contributed to getting the project this far, and who will contribute to the development of the dApps and other elements of the project in the future — we rely on a global network of marine scientists, activists, environmental organisations, AI devs, blockchain devs, marketing experts and others. It’s a huge community!
Can you introduce Sea Token, what critical problems does it solve that existing solutions are not solving and what’s the competitive advantage?
Ok, this is a huge question, but I’m going to try to give a very succinct answer because I could go on for hours about this.
I’m probably going to say this about 20 times during this AMA, but we have just 10 years to save our oceans. The environmental organisations on the front line are underfunded and struggling against an exponentially growing catastrophe, and the technology available to monitor and address ocean degradation is centralised and largely inaccessible. If we don’t push for a sudden and widespread funding increase, and empower people to contribute to ocean data gathering, we might be too late — and the consequences of that for all life on earth are disastrous.
SEA Token, as a solution, is a two strand blockchain project — (1) a suite of dApps enabling people anywhere, on the simplest tech, to gather, process and distribute environmental data, and (2) a deflationary token designed to raise funds for our partners fighting ocean degradation.
The Sea/Ocean is in danger? Can you please give some insight into the kind of problem the Sea is having now that can be devastating if not attended to?
It is indeed. There are multiple threats — ocean warming, pollution, overfishing, destruction of habitats, endangerment of key species such as sharks and rays… the chain reactions caused by each of these problems resonates in all the others. I think people are becoming more and more aware of this — some of the problems are easy to see — just look at the plastic waste on most coastlines — others are more hidden, but equally urgent. I thoroughly recommend that everyone reading this right now watch Seaspiracy — it’s on Netflis right now, and it’s a great way to learn some of the stuff that’s threatening our oceans.
Now, there’s more — Without healthy oceans, we can’t have healthy life anywhere else on the planet. This is not just about saving the oceans for the species that live there — without the oceans, all life on earth will die. As Syvia Earle put it — “No blue, No green”. The oceans die, we die.
I would encourage everyone to check out the learning resources on our partners’ websites — OPS (Oceanic Preservation Society) has a really great learning library, and most of the others have some great stuff too, including videos, papers, and other resources.
Can you briefly describe the top milestones you have achieved and your target milestones with timelines, also share your roadmap?
We can split our goals into long, medium and short term. In the short term, now that the token is launched, we’re focusing on getting as much support as possible, getting the message out and making a lot of noise about our project. We want coverage not just in cryptocurrency media, but in mainstream media too. We’re working on getting listed on websites like CoinMarketCap, CoinGecko and Blockfolio, and we’re starting initial exploratory conversations with CEX’s. We are not rushing this stuff — it will be done properly, and we will see steady, organic growth of SEA Token over the coming weeks and months.
In the medium term, we’re working on a number of new utilities for SEA Token including mechanisms to kickstart new environmental projects using SEA as a supporting finance, partner merch stores, and more.
In the longer term, we’re focusing on developing our dApps — this will obviously also add value to the token, as well as solving the environmental data problem.
For full details of our roadmap, check out the whitepaper (available at www.seatoken.org)
Can you briefly describe your PARTNERSHIPS so far?
Yes! We are working with eight partners at this point: Sea Shepherd UK (as featured in Seaspiracy), Oceanic Protection Society, GreenWave, FishAct, Coral Reef Alliance, Project AWARE, 5 Gyres, and Gili Eco Trust. These organisations are all very different — they very in size, in precise focus, and in methodology. But they all hold one thing in common — they are on the front line of the fight against the destruction of our oceans, and they need support. Our goal in working with these partners is twofold — we want to supply them with financial and technical resources, and we want to amplify their message.
We are in discussion with a number of other potential partners, and we predict that this list will grow as our ability to support them grows.
Looking at the list of the current partners, they are all going to benefit from the Sea Token project. However, considering the nature of this project its not far fetch that a lot of sponsors will be needed to support. Do you have plans to partner with some sponsorship organizations? Could be some big investors in the cryptospace.
Our partners already have active fundraising in place, they have sponsors, pools of donors (some huge, others more modest), patrons, and some of them even occasionally benefit from government funding (though this is famously difficult to get hold of for environmental activism). Our channel for raising the funds is SEA Token. Yes, there are big investors in the crypto space — our way for them to support these organisations is by investing in SEA Token — that way, they not only support our partners financially, they contribute to the development of SEA dApps, which will be another critical piece of the puzzle in saving our oceans.
We want to stay focused, make SEA Token a success, and make that success work for our partners. That’s our focus.
Can you give an overview of your Tokenomics, and the UTILITY of the $SEA Token?
We wanted to design a token which would be a great investment, as well as generating the resources required by our partners — that’s how the balance of the 2% donation + 2% reflection came about. It has to work well for your wallet, as well as for our partners. So, with every transaction, 2% goes to our partners, 2% is shared between all holders proportional to their holdings, and 1% is locked in the liquidity pool forever. We burned 80,000,000 tokens on launch — that’s 40% of the total supply. This means that whenever we divide up the 2% to all holders, the burn address gets 40% of it. This in turn means that the total supply of SEA is ever decreasing, encouraging a rising price floor.
I should also mention here that the liquidity is locked with Unicrypt, the project development wallet is locked into a 6/12 month vesting schedule, and the contract was successfully audited by Techrate. All this stuff is on the website (www.seatoken.org), and there’s a lot more detail about the tokenomics in the white paper.
In terms of utility — SEA Token has two use cases at launch — to raise funds for ocean conservation, and as the driving investment of SEA dApps, to ensure we get the best possible solution to the environmental data problem. In the near future, as I mentioned, we will be adding new use cases in the form of finance pathways for new environmental startups (a sort of Kickstarter for ocean-saving), and a way for our community to access merch, services and special deals from our partners.
2nd Segment: LIVE Questions
Q1: While looking at your website i find an interesting feature name AUTO FARMING. Can you tell me how it work? And what extra facilities can it provide compare to traditional farming?
Ok but this one briefly — we covered it a little. This is a great question — I’m a big fan of staking, but it has risks. We wanted to get round this, so we implemented a 2% reflection on every transaction — that means every transaction, 2% is shared between all holders of SEA. It’s similar to staking in terms of the rewards you receive, but there’s no risk — your tokens never leave your wallet. You can just sit back and watch your balance rise.
Q2: Given that the pollution of the seas is quite extensive, which are the places where they focus the most? What are the most polluted sites according to the parameters, how far does Sea Token go? And above all because they consider that the cryptographic industry is an excellent financial expansion to combat pollution, with the cryptographic industry being a very polluting agent?
This is an awesome question, touching on some really important issues. It’s a few questions in one, but here we go — we do not select the places to carry out conservation work — we select the partners, provide the resources, and they make those decisions. The last part of the questions — I think you’re talking about the widely publicised energy usage of the Bitcoin network? I’m really looking forward to the publicity which will come when journalists start to understand how other — lighter — chains operate. Crypto doesn’t need to be energy intensive, and most of the newer chains emerging address this really well.
Sea Token team have ten years to save our oceans, after 10 years what they will do? Is Sea Token project is only for 10 years , not stable project?? Is the team will do not work in this project? What do you think in this 10 years and also after 10 years? Clear it with us.
I want to be 100% clear on this, because the message we receive from the media is frequently off-target when it comes to environmental conservation. We hear a lot of about 2050, 2060, targets for reduction in pollution, warming etc. However — there is a large scientific consensus that by 2030, at the current rate of warming, pollution, overfishing and habitat destruction, our oceans will have been damaged to such an extent that they will not be able to recover. All life on Earth relies upon the oceans — we all know that — so this 10-year window is our chance to save ourselves, not just our seas.
So let’s consider scenario 1: we succeed, and our oceans are saved. Ten years from now, we can look at our healthy oceans and say — look what we did. However, our partners will not stop at that point. Ocean preservation will be required forever, or we will find ourselves back where we are today. So, our project will not stop either. And we hope that the dApps that we’re building will be needed beyond these 10 years, to provide ongoing monitoring of environmental data.
Now let’s consider scenario 2: we fail, our oceans are not saved, and life as we know it on earth ceases to exist. Obviously, in this scenario, I cannot offer any guarantees that SEA Token will continue as a successful project!
So the ten year window is about much more that the lifespan of our project — it’s about the lifespan of, well, everything.
Q4: Sea Token project are building a suite of three groundbreaking Dapps for achieve their goal.
How these 3 Dapps will help you to reach your goals? How those dapps will work and what’s the benefit of those for the community?
SEAscore, SEAhub and SEAsignal work as a combined system, to gather, classify, analyse, filter and share environmental data. The idea is simple — right now, if you live in a coastal community you’re in a position to gather daily information which could be critical to the fight against coral reef destruction, for example. But how do you gather it? If you could gather it, how would you make sense of it? Who would you send it to? Would they take any notice?
SEAscore will allow anyone, anywhere, with the simplest tech, to record environmental data (such as pollution levels, temperatures, species count, ecoacoustic data, etc) and upload it. SEAhub will allow the processing, grouping and analysis of the data supplier, using AI algorithms to filter and classify data. Finally, SEAsignal will allow key metrics and important signals which emerge from that analysis to be flagged, and distributed to media, the scientific community, governments and the public.
The benefit for all of us is huge — we will be able to recognise critical situations before they reach disaster stage, identify positive and negative trends in ocean quality, and much more.
Q5: How will #SEA TOKEN use the charity fund? Was it chosen by the community or by the project management team? Can you give me some examples where you’ve used charity so far?
We do not directly make use of the charity fund — our role is to provide our partners with resources to fight ocean degradation, then they decide how those resources will be used. Our partners do amazing work — watch the Seaspiracy documentary on Netflix for examples of the work being done, it features Sea Shepherd. For more examples of the types of work being done by our partners, please check the supported organisations section on seatoken.org
Q6: From total supply of $SEA token 80,000,000 was burnt and that a proportion of the 2% yield from every transaction is also burnt. That’s mean the token will be no more available one day.
In website Sea Token’s team mentioned the total token will not finished until 2037. Now 2021 remaining, why Sea Token team focusing only for 10 years to save our oceans and planet? They still have 16 years for do this. Why thay are telling that thay have just 10 years to turn things around?
To clarify — the ten year window is not the amount of time before SEA is all burned, it’s the amount of time left before, if we continue at the current rate, our oceans will be “dead”. We say “dead”, we mean that all ecosystems will have collapsed to the point where no recovery is possible.
Q7: Is there any plan for SEA token to become a utility token that can be used to purchase branding merchandise in the website Market place, paying for diving courses with partnered diving centers…
You’re thinking on exactly the right lines! Yes, as I mentioned we’re working on a number of use-cases for the token outside of what we already have. These include a kind of Kickstarter for new ocean-saving projects, partner merch purchaseable using SEA, and discount hookups with our partners. Watch this space!
Q8: One of the problem we have in the Blockchain who works on funding some certain activities is the mismanagement of funds sometimes on the part of the project dev and some other times on the part of the beneficiary organisation.
How can this be curbbed? Is there a way the community can follow up on how the beneficiary organisation are utilizing the funds?
Yes, there are two levels of transparency to this process. First, we publish details of all donations on our website. Second, as a regulated CIC, we submit our accounts every year, and those accounts are public. You will be able to download them, and look at every penny, where it went, what it was used for.
Ok, I think I answered the most interesting questions — if I did not answer your question, maybe I answered one which was very similar — if you still have not received an answer, please feel free to head over to our Telegram group (t.me/seatokengroup) any time and I’ll be happy to answer it there!
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