Dear EMIREX Community,
Thank you for participating in the AMA Session held on November, 12 on the Telegram group with Founders of the Amplify project - Giorgia Pellizzari and Eugene Tan.
Giorgia Pellizzari - a former corporate profile that went the “startup way” almost 6 years ago. Her passion for technology and building digital products led her to embrace a steep learning curve when she moved to Hong Kong and lead teams of designers and developers to launch innovative digital products.
Eugene Tan - co-founder of Amplify project, has been involved in another blockchain and token listed in OTCs. He has also experience in B2B platform and the shipping/logistics business. I also have had working experience in Africa, Asia as well as Indian Subcontinent, and the Middle East.
For those of you who may have missed it, below is a transcript of the questions revealing the project and those that came up from different members of the community:
Can you briefly tell us what is Amplify? And what problems Amplify aims to solve?
Giorgia: The problem Amplify aims to solve is an old and known one: the outdated contract credit system in the supply chain space results in 45% of credit applications by SMEs being rejected. On a higher level, this prevents the global economy from growing as it could. AMPLIFY proposes a decentralized supply chain financial B2B2C infrastructure that provides contract credit or asset mortgage credit to companies that normally are left out of the traditional credit granting system.
Which stage is this project at? What are the upcoming roadmaps/plans for Amplify?
Giorgia: We are at a rather early stage as the projects started in mid-2020. However, we feel we are proceeding at a fast and steady pace. We put together pretty much a dream team covering any area of expertise needed to give AMPLIFY its best shot: compliance, technology, branding, business development. AMPLIFY 1.0 is in the making and, while that’s happening, we are focusing on partnerships, marketing, and fundraising. We are currently having our private round and once that’s done we will be launching our public sale. The funds raised will go mostly into Product Development and Marketing/Business Development. We plan to roll out our first solution in Singapore and China first, followed by Asia, and eventually, further down the line, go global.
Eugene: If I might further add this. We are working on some collaborations which are in the pipeline and real business cases will also come along soon.
What are your major goals to achieve in the next 3-4 years?
Eugene: In 1 year, we aim to target the Singapore & China market with a transaction value of about $100m, in 3 years, the Middle East and Asia, transaction value about $1B, 5 years, the rest of the world, more than $3B.
How would Amplify refine its design in the future? Who’ll be handed to the decision making?
Eugene: We will very much like the direction of the project to be in the hands of the community by your votes through the governance tokens (AMPT). As the project owner, we only prepare the necessary ingredients and evaluation. the road ahead will be dependent on the token owners who have vested interests.
How do you plan to compete with other projects?
Eugene: For us, there will always be competition, and is healthy. It keeps us on our toes and constantly close to the market. our principle remains to hold true to our philosophy in keeping supply chain financing reasonable and safe for all the stakeholders.
How can we be sure that Amplify is fully Decentralized? Can you please tell us what AMPT's working method is?
Giorgia: Amplify runs on Ethereum so it’s hard to centralize that! Remember though that we are trying to work WITH traditional systems and bridge them with new ones. So it’s tricky to answer your question as traditional institutions will take some time to get decentralized.
We could see that several big countries are not yet regulating or even banned crypto. So, how Amplify will respond regarding this issue?
Giorgia: True, good point. We plan to work first with countries that are either crypto-friendly or progressive about it. And we have strong profiles in our team within regulatory and compliance matters. So we want to work with the system, not against it.
Emirex and Amplify recently announced a partnership. What makes this partnership different from other projects?
Eugene: We believe we can leverage on EMIREX influence to help us in the MENA and Europe region.
Nowadays there are some useless projects growing up, what makes this project unique and might be worthy?
Giorgia: Our core strength is the core knowledge the team has about the business case. Eugene and others have a massive experience with supply chain finance and Amplify is being built to serve the business case, not just a piece of technology. So we plan a PoC within a couple of months and we want to have real use cases happening as often as possible to learn and refine our efforts.
What is the most ambitious goal of the project? I would appreciate it if you could share with us any upcoming updates? What should the community look for?
Eugene: In our white paper, we have mapped out the roadmap which defines what we want to achieve. what the community should be looking for is our announcement of the collaboration with other partners to realize the vision and actual POC (proof of concept). It will not just be lip service but we will show the community true biz applications.
Can you please share the main functions of AMPT (AMPLIFY)?
Amplify will bring governance and financing liquidation on-chain — this is definitely our top feature. Eventually, we will also tackle the digitalization of assets as collateral.
Once again, thank you all for your continuous support and participation. We are grateful that you have expressed an interest and the activity in chatting!
If you would like to find more information about Amplify (AMPT), you can check out our review article: https://blog.emirex.com/deep-dive-into-amplify-ampt
Stay tuned for more updates!
Amplify website: https://ampt.tech/
Amplify Telegram group: https://t.me/ampttoken