AMA Recap with Shawn Tan

We held our first official Ask Me Anything (AMA) session with Shawn Tan, last Friday evening [25 March 2022, Friday 11pm (GMT+8)], with the attendance of our founder, Walter Tan and co-founder, Pat Law. The session was initiated to bring the community together to allow everyone a chance to raise their concerns for the project as well as ask about future plans for NELO, milestones and more. Held in our Global Telegram chat, NELO network, the session was hosted and led by Shawn.

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Before we begin, we would like to thank our community for the continued support and enthusiasm shown on all of our social media pages. We are currently holding a giveaway for all of our community members on Gleam.io. Where we are giving away 1,800 USDT to our community members! So join us today and welcome onboard!

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Now onto the recap:

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To start off, NELO’s Head of Business and Marketing, Shawn, introduced himself and the NELO team.

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Segment 1

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Shawn: Hello everyone! Happy to be here. My name is Shawn, and my role here at NELO, as a Head of Business and Marketing, is to allow people to understand what we are about and to expand our partnerships in the blockchain and crypto space.

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Today, I have my marketing team as well, Sook and Ker Ting, moderating the session. They have been working at NELO to increase our reach in the community space as well as to continue to expand NELO’s footprint globally.

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When will NELO be listed on another CEX exchange?

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Shawn: As we looked through the form, a lot of you are asking when we will be listed on another centralised exchange. Our response to this is that, for a centralised exchange listing, we want to be very strategic towards this. We understand that being listed on a centralised exchange will bring us a lot of new investors, which in turn will benefit all our current holders. And there is a reason why we have not chosen to implement it yet. It is because we want to be very careful in which CEX we are going to be listed on. And as of right now, I can share with everyone that we are in fact in talks with some of the exchanges out there. These exchanges that we are in talks with are the Top Tier 2 exchanges. Unfortunately, I am not able to share the names of the exchanges at the present moment. But if you head over to look at the list of Top Tier 2 exchanges, mainly there are a few and we will be looking at KuCoin, Gate.io, Huobi. So, once we have a more concrete and finalised decision on which exchanges we will be signing with, we will then update the community, somewhere in April or May 2022.

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This brings me to our next question: When will our whitepaper be released?

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Shawn: So good news for everyone, we are on track for the release of our whitepaper by the end of next week. This whitepaper that we have been carefully conceptualizing will be ready by the deadline and you will be able to find them on our website and all our social media platforms.

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NSC and BSC $NELO supply: Will there be an increase in the total token supply? How will it impact the current price for $NELO holders?

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Shawn: There has been a lot of speculation on the topic of the increase of $NELO tokens as well as the revision in price. I am here to clarify that once we launch our mainnet, the supply increases for the $NELO tokens, however there will not be any changes in terms of price. There will not be a reduction in the price, meaning to say that even if we increased the overall supply of tokens to 10 billion, the current price of the $NELO BSC tokens will still remain because we will be doing a bridge-migration to NELO Smart Chain (NSC) when our mainnet is live. This migration will be a 1-to-1 swap and there will not be any price impact on your end.

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For more information, do not hesitate to check out our recent FAQ post here.

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There will not be an increase of $NELO supply on NELO’s BSC contract but on the NELO Smart Chain, there will be an increase of 5 billion tokens. And out of the 5 billion tokens, 4 billion tokens will be reserved for PoS mining.

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What is PoS Mining? And how will this 4 billion token increase affect you?

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Shawn: It will not affect you in the overall supply, because this 4 billion tokens will be mined over a period of 12 years and under 4 cycles of halving as well.

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Stay tuned for our whitepaper release this week for more information on the tokenomics and the distribution of $NELO tokens before and after the launch of our mainnet, NSC.

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So for those of you who are new to us and are unsure of what NSC is. NSC is short of NELO Smart Chain, our plan is to launch our native chain in September 2022. And the finalised date will be shared once we have it. NELO Smart Chain is currently running on its testnet as of now and our mainnet is set to be live in September, we are planning for the announcement to be shared at the Token2049 convention in Singapore. We will be attending the convention alongside many big crypto and blockchain brands such as FTX, whiteBIT and Celsius just to name a few.

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Generally, we are progressing rather quickly and many of you are aware that we are developing a Metaverse game. And that will be supported by NELO Smart Chain as well. Neloverse has been in development since December 2021, last year, and we will be expecting the first version of BETA and testing to be open to the public in June or July this year. The game will be a virtual reality game where you, as the player, will be able to utilise our published NFT collection in the game. The game will allow players and producers to design their own game experiences and take the lead in monetizing their works within the game. One can picture a mix of the popular Minecraft, Roblox and Sandbox, however NELO plans to incorporate many new collective spaces for brands to claim their place in the metaverse - the Neloverse. We will also be releasing an in-game currency for Neloverse and intend to build a greater future of both NELO and Neloverse.

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In regards to the recent sell off activity, you guys should not be too worried about it as based on my own analysis, it is a panic sell. And we are progressing as a team in NELO, so what’s very important at this early stage - that we are focusing on - is the way NELO will be adopted in the years to come. Here at NELO we are a very dedicated team of experienced professionals trying to build an ecosystem that everyone will adopt. We are trying our very best, in terms of marketing as well, to grow the adoption of NELO Smart Chain. In terms of NSC, right now in its testnet phase, we are progressing quite smoothly in correlation with our timeline. Maybe for the Technical side of things, we will be sharing more details so that everyone in the community will be involved in what is going to happen for the development of NSC.

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Segment 2

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Opening up the floor to our community, Shawn continues:

1. What’s the total supply of $NELO?

Shawn: The total supply of $NELO is at 5 billion on the BSC contract, so once we launch our mainnet, NELO Smart Chain, there will be an increase of 5 billion $NELO tokens. This increase in tokens will bring the total supply to 10 billion tokens, and out of the 10 billion tokens, 5 billion tokens will be on BSC, 4 billion will be reserved for PoS Mining and will allow for bridge and migration to NSC. 1 billion tokens will then be reserved for strategic investment and venture capitalist sales. And lastly, our migration period, all tokens will hold a 1-to-1 conversion rate. 

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2. Will our NFT be suitable going forward after August 2022?

Walter: Yes, we have estimated the total amount of NELO tokens to be mined out of the NELO token pool by the end of August. Thus, we have settled on that specific date. We will definitely continue to run our NFT mining pool on BSC if there are tokens that have not been mined from the pool by the set date in August.

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3. When will you launch NELO Exchange?

Shawn: Great question! We have our exchange in the pipeline, and this exchange will be a centralised exchange under our NELO Smart Chain (NSC). And we are still in the planning phase and more information will be released once we have concrete details on the operating mechanics of the exchange. So stay tuned! We will be launching our own centralised exchange after listing on well established centralised exchanges by the end of Q2 and early Q3. Which I shared earlier, we are in talks with centralised exchanges, rest assured that these are not small exchanges. We will be partnering with top tier exchanges in the market. I can confidently tell you that they will be exchanges which rank in the Top 10 centralised exchanges on CMC (CoinMarketCap) and CoinGecko.

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4. Is CZ Binance a part of the project? Or a friend of the founders? 

Shawn: CZ Binance following us on Twitter could mean only one thing - he is very interested in the development of how NELO will turn out be. Whether he sees us as a competitor or if he sees potential in NELO to be the next main blockchain in the crypto space, that we are unable to comment on for him. It’s great that CZ is very selective in following quality projects such as NELO so we are appreciative of this observation. And we will definitely work towards more achievements to not only get more recognition from CZ and perhaps a collaboration with Binance in the future.

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5. Which/What project is your competitor and what is your target?

Shawn: This question is very sensitive, I would say, as we do not want to create any competitors in the crypto space, per say. We are our own competitors. We are doing this for the community and ourselves, not because we would like to compete with other competitors. And as much as possible we do not want to bring down other projects in the crypto space. We are only seeking to improve ourselves in our own development of NELO, to ensure that everything is answerable to the community and to deliver all of our promises.

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We will be a blockchain that will be having mass adoption in its own field, especially in the gamification and metaverse. 

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6. Are there any investment institutions in touch?

Shawn: Yes. We are in talks with some of the institutional investors. We can't disclose the information (as NDAs have already been signed) but in short we are in talks with quite a few VCs so we will be looking at investors to grow alongside us. We will be sharing more information on this matter very soon, in June/July.

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7. What type of technology is used for solving the problem of scalability?

Walter: Scalability is a common problem to target in Layer 2 blockchains. When we speak about the changes in technology for Layer one, it includes Binance, Ethereum, etc. Which is why there are a lot of talks about their traffic bordernet issues. Which is why Ethereum is doing their best to upgrade their blockchain to Ethereum V2.0. Similar to Polygon, we are adopting a layer 2 system which inturn aims to solve the problem of scalability while Ethereum is still on layer 1. 

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Shawn: Yes, to add on to what Walter has said, NELO is a EVM (Ethereum's Virtual Machines) compatible blockchain, we use solidity for development in our environment. So our core in NELO is to build a solid ecosystem for the metaverse. As a result, we want to differentiate ourselves from other blockchains available in the market. So what is important to us is that we will be developing a metaverse game so stay tuned for that. We will be using Neloverse as a working example in the use of our technology in an EVM environment, as there are many games that have been deployed into EVM environments in the past and would end up having a very slow throughput and high fees. In NELO, we have an advantage over that because we are focusing our resources on the gaming environment and the gaming market. So we will also have a developer support programme (DSP) which will be launched when our mainnet is ready. So this DSP, is to invite a whole ecosystem of developers to build on NELO Smart Chain’s dApps. And that’s where we will grow the adoption of NELO Smart Chain and the ecosystem.

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8. What are your plans to ensure organic and gradual growth of the project?

Shawn: So as mentioned, we have a very consistent marketing team that is working very closely with me. And we are in talks with some partners, for potential collaborations in the crypto and blockchain space, as well as venture capitalists and investors. This will definitely bring us more resources to continue our development. And as for the organic and gradual growth side of things, we are aggressively expanding our marketing plans to reach more regions and more parts of the world. To show the world what NELO is about and why they should be a part of our journey.

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9. Will there be analysis reports posted about NELO? Like by CryptoDiffer or CryptoRadar?

Shawn: For the analysis side of things, for them to remain impartial it is out of our control. Once our brand starts to grow there will be more attention on the project itself and that would bring in more discourse about the project and our technology.

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10. Can you talk more about the NELO Team?

Shawn: Rest assured, you will be able to see and view our members public profiles very soon in our official whitepaper and we will be adding in a team page to our website - this will include the Core Team members such as the business development team, marketing team, development team and the game developers. 

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11. Why is the market cap not updated?

Shawn: We have vested tokens in pink sale until August so it is a bit tricky for CoinMarketCap and CoinGecko to abstract the API as well as the circulating supply. However, we are definitely in touch with them to have our circulating supply reflected.

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To conclude our AMA session, we would like to applaud Shawn for hosting NELO’s very first session as a blockchain. We hope that with this, you will be able to get a better understanding of our project as well as what our future plans are moving forward. We are very excited to be able to share our white paper with you this week. For more updates, do follow us on all of our social media pages!

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About NELO (NSC):

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NELO is a protocol and framework for building & connecting Ethereum-compatible blockchain networks, overcoming the limitations of Ethereum blockchain networks.

Speed, security, and scalability, are the priorities and principles of NELO. If this is what you are looking for, then you are at the right place.

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