The following transcript is from the Masternode SCRUM that took place on the INDX Capital Telegram channel on August 17, 2018. Special thanks to Stake & Nodes and INDX Capital for hosting Rupaya. Answering questions for the Rupaya team were Aasim Khan (Mobay), Kevin Maloney (Tooshameless), T R (velk), and Warren Bullock (Web3). The transcript is courtesy INDX Capital.
Allen Hena: Today’s Masternode Scrum is on Rupaya!, RUPX. First question is if the “!” is part of the official spelling, lol
Muhammad Ali: Great!
Kevin Maloney [Rupaya]: Thank you for having us, Stakes!
Warren Bullock [Rupaya]: hello everyone!
Allen Hena: Thanks for joining
Oliver M INDX: Hi Allen. Hi everyone
<>Allen Hena: Rupaya is a community coin focus on developing cryptocurrency utilization in the Southeast Asia region
T R [Rupaya]: Happy to be here on behalf of Rupaya
Allen Hena: They already have a fully functional governance system so there can be proposals and votes. If you visit their website you will see that they have a transparent team which always show a certain level of commitment and maturity: https://www.rupx.io/
Warren Bullock [Rupaya]: Yes, @StakeAndNodes, we pride ourselves on transparency and community!
Aasim Khan [Rupaya]: Hey thank you for having us here today
Allen Hena: As community is a significant part of crypto, especially those with masternodes, I can honestly say Rupaya has one of the most lively and engaged communities I’ve seen
Warren Bullock [Rupaya]: @StakeAndNodes, have you seen our Rupayafest celebration 😉
Allen Hena: Can someone from the team give some insight into the decision to focus on the Southeast Asia region and which countries are included in that focus?
Warren Bullock [Rupaya]: The community loved it and it was our way to say thank you back to the supporters of our project. It’s the least we could do. Raffle drawings, quizzes
Allen Hena: Yes I’ve seen that, a good way to engage with the community and attract others
T R [Rupaya]: Certainly. The eight countries in South Asia that we’re focussing on include Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, and Sri Lanka
Allen Hena: Was there any criteria or rationale for choosing those countries specifically?
Aasim Khan [Rupaya]: The Idea of a South Asian cryptocurrency came to me in 2014, after being involved in cryptocurrencies for the 2 previous years, I made it my mission bringing the message of blockchain to the people of South Asia
Allen Hena: So you’ve been involved for a long time, good to hear
T R [Rupaya]: I think part of the idea behind that was looking at the number of unbanked in the region and seeing a real chance to make a huge difference in peoples lives
Allen Hena: Makes sense, some of those countries have experienced some volatility in their own sovereign currencies. I’ve noticed that there are other projects with a similar intent in that region like RUP and DRS, do you see them a competition or a shared mission? And more importantly any distinguishing attributes about RUPX in comparison?
Aasim Khan [Rupaya]: We would if there was any decent development from them, DRS has been abandoned and Rupee has been called a scam
T R [Rupaya]: Not only that but recently a study came out that said that 70% of transactions and 90% of the value of transactions in parts of South Asia are still done in cash. Partially because people have poor access to electricity and limited to no access to banking.
Allen Hena: fair enough, often a problem in crypto, long term commitment
Kevin Maloney [Rupaya]: There is a high level of truth to this. If there were significant developments coming from those projects, perhaps our mindset would change. Currently though we don’t have them on our radar outside of their names.
Allen Hena: [In reply to Kevin Maloney]: 👍
Aasim Khan [Rupaya]: Developing a cryptocurrency project requires a lot of time and dedication, our team is spread out around the world in different time zones and you can see great dedication in all of us
Allen Hena: I know that talking with many of my Indian friends they say that crypto hasnt gotten the traction in India yet because the government has only given red flags to it there. How would RUPX potentially address these challenges?
Warren Bullock [Rupaya]: I also think it’s important to add to the above that we aren’t focusing on how to remove competition, the platform and mission is and will always be at the forefront of our thought process. We have been spending a lot of time discussing strategic developments within the core team
Allen Hena: There is certainly an opportunity with the population size in the countries you named but obviously there is the gap in tools and awareness to address
Allen Hena: [In reply to Warren Bullock] That’s great to know. Communication is very critical on any project team
Oliver M INDX: How many employees does the company have / are most on independent consultancy contracts due to differences in time zones?
Warren Bullock [Rupaya]: @StakeAndNodes we have poured a lot of resources into rebranding ourselves and focusing on wallet usability as well.
Aasim Khan [Rupaya]: I would say that most of our team members are volunteers from the community
Allen Hena: [In reply to Oliver M INDX] not sure they are considered a “company” and I also wonder if that’s a goal as I think there is a lot to discuss with forming companies and coins in crypto
T R [Rupaya]: Lots of countries are looking at regulation, that’s especially true for cryptocurrencies that governments might see as competing or infringing on their monetary units. However, there’s a very real opportunity to help those bodies shape the future of their governance. And, maybe more importantly, help them see that they can make a technological leap
Aasim Khan [Rupaya]: We have 14 active team members and the team is still growing strong
Allen Hena: Very nice
Warren Bullock [Rupaya]: On the question regarding team members / employees. I am a volunteer, and have been involved in the crypto space since 2014. I’ve been involved with Rupaya because I believe in the mission. I like to bring strategic views to the team. My day job helps me in this way as I am a CIO at non-profit 😉
Allen Hena: With a strong community there’s an opportunity for a grassroots approach to growing your network effect are there any plans for this in the near term?
Allen Hena: [In reply to Warren Bullock] Ah, very cool. Good relevant experience
Oliver M INDX: [In reply to Allen Hena] Of course — I wonder due to long run integration wrt liquidity and transparency
Oliver M INDX: [In reply to Warren Bullock] Awesome
T R [Rupaya]: I think that the RupayaFest example that Warren mentioned earlier is a great example.
Kevin Malone [Rupaya]: Regulation: I am not sure that regulators even know what their concerns surrounding cryptocurrency are. I think as they understand all the aspects more then there may be actionable steps to take, but at this point I see only pushing the total understanding instead of focusing on any particular educational aspect.
Aasim Khan [Rupaya]: We are looking at the opportunities available in different countries to incorporate ourselves potential countries are : Malta, Estonia, Switzerland
T R [Rupaya]: That idea was brought forward by a community member, and we all agreed that it sounded fun and ran with it. When the community feels empowered to surface new ideas, and have them acted on, they are more than happy to bring them forward. And as a result the grassroots effort you mentioned becomes even stronger
Kevin Maloney [Rupaya]: Team: For being primarily volunteer based, our core team is far more active and committed than others I have seen and the level of experience and education is impressive!
Allen Hena: [In reply to Kevin Maloney] Good point on education, I often tell people to focus on understanding and sharing that understanding first and foremost
Allen Hena: I see there is an upcoming swap and collateral change
Aasim Khan [Rupaya]: Indeed our mission is first and foremost bringing a understanding of cryptocurrencies
Kevin Maloney [Rupaya]: Community: There absolutely is opportunity for the “boots on the ground” approach and we certainly have been and are going that route. I always believe that creating a strong local presence and do amazing things for pushing your message at higher levels.
Allen Hena: Can you share with us some of the reasons and strategy behind this? Some people are concerned about collateral changes specifically during coin swaps
Aasim Khan [Rupaya]: The main reason behind the hard fork is to get on to a more secure codebase
Allen Hena: [In reply to Kevin Maloney] Yes I’ve noticed that, I’ve seen the growth of RUPX over the last 6 months myself. I like that regardless of market prices, this community continues to push forward
Aasim Khan [Rupaya]: A codebase we can rely on to build our future products
Allen Hena: [In reply to Aasim Khan] can you share some insight to this? don’t be afraid to get technical 😃
Kevin Maloney [Rupaya]: Side note on the team: 3 of our team members, myself included work at high levels in the non profit industry on the technology side of things. Giving back to the local community is a critical goal in the future.
Aasim Khan [Rupaya]: We have forked the latest Pivx codebase, we are lucky to have great developers in our team. As you might know or not Pivx team leaves a lot of land mines behind
Allen Hena: [In reply to Kevin Maloney] very good to know, shows leadership for the next level of growth
T R [Rupaya]: And as a side-side note on the team: I own a small advertising and marketing agency, so all my volunteer work for the team is on the marketing and communications side of things. One of the best things about our team is that we are driven by passion and all have highly specialized skills that we’re able to use daily
Allen Hena: Did the issues with Deviant drive some of this?
Aasim Khan [Rupaya]: We’ve not experienced any issues as such, our chain is solid. But for future developments we thought it would be better to have a sound codebase.
Allen Hena: for sure, I’ve heard many issues with Pivx codebase and unpatched items.
Aasim Khan [Rupaya]: Implementing new features on the current one would’ve have been a waste of time and resources
Allen Hena: [In reply to Aasim Khan] Surely
Aasim Khan [Rupaya]: [In reply to Allen Hena] Most of those projects were using 2.x.x codebase
Allen Hena: What about the collateral change and block reward structure?
Aasim Khan [Rupaya]:And to tell the truth the devs who made those coins left a little backdoor to get more rewards
Kevin Maloney [Rupaya]: Collateral Change: With the upcoming codebase change we looked into other aspects of the Rupaya project that we saw as “needing improvement”. A critical area we wanted to focus on was the issue of cost of entry and rapid early inflation. The collateral change was discussed and the main reason for the increase is to raise the entry cost for masternode investment to ensure serious investors that believe in the mission. The block reward structure has been reworked to coincide with the upcoming collateral changes.
Kevin Maloney [Rupaya]: A common issue with low cost of entry and high ROI is that you have people looking to reap rewards and dump on a market that doesn’t have the liquidity base yet to support it.
Allen Hena: [In reply to Aasim Khan] wow didn’t know that, so this swap is a great idea
Allen Hena: [In reply to Kevin Maloney] Definitely agree with you on liquidity and ROI concerns
Aasim Khan [Rupaya]: [In reply to Allen Hena] Yep I can tell you more about it later 🙂
Allen Hena: I do agree that sometimes a higher collateral can help bring more serious investors. Do you anticipate tiered masternodes or did you consider this time?
Aasim Khan [Rupaya]: Not something we’ve considered at the moment
Kevin Maloney [Rupaya]: Tiers: We have thrown the idea around but honestly its a gimic in the market right now.
Aasim Khan [Rupaya]: We want this to be the last hard fork/coinswap for Rupaya
Allen Hena: [In reply to Kevin Maloney] generally agree, unless the different levels have a specific purpose on the network
Kevin Maloney [Rupaya]: Tiers: The real point of tiers is to establish some form of function other than different cost of entry and reward frequencies.
Allen Hena: [In reply to Kevin Maloney] Exactly
Allen Hena: [In reply to Aasim Khan] Yes, coinswaps are generally painful for everyone
Robin HM Capital: But you can use that to your advantage
Kevin Maloney [Rupaya]: Tiers: BINGO! I would much rather work towards a SuperNode role that adheres to greater restrictions and policies regarding their security and reliability. These nodes take higher authority and can be trusted to authorize lower functions.
Robin HM Capital: Projects are never so vulnerable as they are in the first days after mainnet launch. I think we underestimate how much hacking goes on
Aasim Khan [Rupaya]: Absolutely
Allen Hena: [In reply to Kevin Maloney] Going off that, have you considered engaging local vendors to run MNs themselves as a way of buying into the network?
Kevin Maloney [Rupaya]: It’s definitely been discussed but we don’t have a target set yet.
Aasim Khan [Rupaya]: We have plans to roll out our own marketplace, to allow people globally and in South Asia specially to buy and sell products
Aasim Khan [Rupaya]: We want to penetrate the remittance market, South Asians are known to send money back home
Allen Hena: [In reply to Aasim Khan] this sounds interesting and I agree on that specific use case being common. Is there anything else you can share with us that may be unreleased news?
Aasim Khan [Rupaya]: And our most ambitious project is a FIAT exchange allowing people to buy and sell RUPX with their native fiat
Allen Hena: We’ve been kind of spoiled by other projects doing so lol
Kevin Maloney [Rupaya]: @ElCrypitan — 51% attack on our network is WAY too costly at this point. We have crossed that worry line. 🙂
Oliver M INDX: [In reply to Aasim Khan] has an appropriate marketing budget been allocated to push the brand out?
Aasim Khan [Rupaya]: 51% in POS you need to control a large supply of RUPX
Aasim Khan [Rupaya]: [In reply to Oliver M INDX] @velk_d is our Director of Marketing, he is the best person for this question
T R [Rupaya]: And Velk is me! We do have a small marketing budget, held in both in RUPX and in BTC, that allows us do things. That budget was funded through governance.
Oliver M INDX: [In reply to T R] Fantastic
Oliver M INDX: Happy to see that liquidity is being provided via this methodology. Have you accounted for the potential of fiat pairings being disabled in some regions in Asia? i.e. Zebpay fiat withdrawals being removed
T R [Rupaya]: We’ve secured partnerships with both PR newswire type sites as well as sites for advertising, and do paid media when we think that it will have the most impact. We also have some very cool sponsored placements coming up, but we’re not quite ready to announce where those will be.
Allen Hena: Great to know marketing and awareness campaigns are active. Does the RUPX team have any questions about INDX Capital?
Oliver M INDX: [In reply to Allen Hena] I concur
Aasim Khan [Rupaya]: [In reply to Oliver M INDX] We are researching about that at the moment, we will definitely need a bank willing to take the risk
T R [Rupaya]: My background means that I understand what things can be negotiated from the advertising and placement sense, and we leverage that frequently to get better deals
Aasim Khan [Rupaya]: But as the dust settles things will get clearer in terms of regulations in South Asia, and we want Rupaya to be ready to face the challenge
Allen Hena: [In reply to Aasim Khan] Preparedness is important so the good to know there’s forethought there
Aasim Khan [Rupaya]: Our message is getting heard in South Asia, @Alitanveer is our newest recruit and he hails from Pakistan
Kevin Maloney [Rupaya]: INDX: Does the algorithm for masternode portfolio selection do all the evaluation or is there manual oversight as well? Could you share some factors that the algorithm looks for?
Aasim Khan [Rupaya]: We have Ravi from India he is our boots on the ground, informing us on the ever changing crypto landscape in India
Allen Hena: [In reply to Kevin Maloney] There is both algo and an investment commitment so yes manual for sure
Oliver M INDX: [In reply to Aasim Khan] Fantastic — agree with Allen. Forethought necessary due to volatility nature of the industry
Allen Hena: the algo gives guidance and measures based on criteria we’ve identified
Kevin Maloney [Rupaya]: Very secretive! 😉
Oliver M INDX: [In reply to Kevin Maloney] So we are automating the processes to spot for fundamental factors that impact the strength of a project. Just think of it as INDX’s black box technology. Naturally, everything is human interfaced as the top layer to provide for oversight
Allen Hena: Community size and mostly important engagement is important, team quality, market factors like liquidity, execution of identified roadmap items
Oliver M INDX: [In reply to Kevin Maloney] Indeed 😛
Allen Hena: The key for us to balance long term investment in a masternode project and generating ROI for token holders finding the best balance well be best for both the projects invested in and token holders, there are use case scenarios we’re working through to optimize our approach.
T R [Rupaya]: How do you gather some of this data points? For instance with projects like ours where we may not list some of those pieces on our site in full? With that in mind, what kinds of information should we make more easily accessible (versus having solely on Discord)
Kevin Maloney [Rupaya]: Thank you, that gives me more than enough information. 🙂 Glad to see a sophisticated selection system in use!
Oliver M INDX: Indeed — our fundamental analysis allows us to diversify our portfolio and hedge for risk appropriately
Allen Hena: [In reply to T R] some of the objective data points will be done via scrapes or APIs where possible. Others will be subjective measures by our analysts and strategists
T R [Rupaya]: 👍
Oliver M INDX: [In reply to Allen Hena] Analysts? Who? 😛
Allen Hena: The other thing to keep in mind is that INDX, unlike other similar project/tokens, is taking the legal and regulatory steps to do this right. For instance trying to go down the security token route. Essentially that is what this operating model is and at some point a regulatory hammer may come down and other projects may be caught in the open and deemed illegal in some countries
Warren Bullock [Rupaya]: So question that would relate to regulation. Was or is there an ICO for INDX?
Allen Hena: The plan for that is late Q4 for public sale
INDX_Gareth,: [In reply to T R] Yes, keen to have more visible and accessible information from projects so we’re hoping to formulate that in time as a kind of industry guideline to work to.
Allen Hena: Currently building the processes and infrastructure for operations
Oliver M INDX: [In reply to Warren Bullock] STO as opposed to ICO
Allen Hena: if you’re raising $50M that is a lot of MNs to run and operation, rewards to handle, etc. Yes, I was just about to say, STO
Warren Bullock [Rupaya]: Okay, so the employees for INDX right now are they paid?
Oliver M INDX: The infrastructure in the space to facilitate the trading of STOs is developing hard and fast
Allen Hena: another key point to make, Security Token Offering 😃
Warren Bullock [Rupaya]: Or volunteer?
Allen Hena: There are varying agreements with everyone, obviously everyone is compensated differently
Warren Bullock [Rupaya]: okay
Allen Hena: The operating model for INDX has this factored in
Warren Bullock [Rupaya]: Also on another note regarding Rupaya… I do not think it was mentioned earlier
T R [Rupaya]: 🥁
Allen Hena: ?
Warren Bullock [Rupaya]: We are well aware that adoption is lacking in most of the industry. this is in large part to lack of usability, so we are working on a larger effort to revamp our documentation system
Allen Hena: [In reply to Warren Bullock] 100% agree
T R [Rupaya]: You can file that under news that’s brand new 😉
Allen Hena: 😃 thanks for sharing. Thanks for sharing this information with us and thanks for joining our weekly Masternode Scrum!
Warren Bullock [Rupaya]: Thanks for having us!
T R [Rupaya]: Thank you for having all of us, and for taking the time
Allen Hena: Really appreciate the engagement from the Rupaya team👍
Warren Bullock [Rupaya]: @StakeAndNodes we would love to be on your podcast too 😉
T R [Rupaya]: Please let us know if you ever need any more information about the project. Always happy to discuss it!
Allen Hena: [In reply to Warren Bullock] Sure, I will reach out so we can schedule it for September sometime 👍
Allen Hena: [In reply to T R] Will do!
Warren Bullock [Rupaya]: Awesome! @StakeAndNodes
Muhammad Ali: Thanks a lot for having us! It was great to see both the well thought question and answers!
Oliver M INDX: Thanks guys. Good discussion. High level.
Warren Bullock [Rupaya]: @mcgarritnt and thank you too! Very interesting project you have. Exciting times.
Kevin Maloney [Rupaya]: Thank you for having us! This was fantastic and we appreciate the opportunity to spread the word about Rupaya!
Aasim Khan [Rupaya]: Thank you 🙏 Indx Team for having us
Allen Hena: [In reply to Kevin Maloney] You’re welcome
— END —
Founded in 2014, Rupaya is the cryptocurrency of south Asia. Our digital crypto asset RUPX is accessible to ordinary users and merchants. Rupaya is governed by a passionate community and a dedicated development team.
About INDX Capital
INDX Capital is the world leading blockchain investment vehicle based in London, England that researches, validates & purchases Masternodes.
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Stake & Nodes performs in-depth masternode and staking cryptocurrency evaluations.