LBank AMA Recap with $FLAG
On 20 January 2023 ,LBank held an AMA with the $FLAG Media team in the LBank official telegram group those ones who had missed this session can see the recap of the AMA here and can read the transcript of the session again .
GUEST INTRODUCTION :
1. Can you introduce yourself a little and the project you are representing today in the community ?
Guest Answer : Yes of course! So great to be here. Mike Magolnick, the founder and CEO of Flag Media and the founder of Flag Token.
We minted the FLAG token back in 2021 as a support and rewards program under Flag Media
A great way to “tokenize” our publishing business.
Question / Answer Segment
1. Many projects are currently short of breath due to lack of experience and roadmaps. Can you list the outstanding characteristics of the project that make it different from its competitors? What competitive advantage does your platform have that you feel most confident about?
Guest Answer : I’m very confident that our project has the key, competitive advantage, which is simplicity.
So many projects, as I’ve mentioned before, are really over complicated. Our project is very simple.
We aim to develop a token that has plenty of use cases and utility not only with our own ecosystem, but also within a strong network of partners that have already started to integrate the flag token into their commerce.
We firmly believe that, if you’re going to develop a token, you also need to provide a way for people to use that token in real life. This was foundational for me.
We know we’re not going to change the world because of our technology or security, although both are very good, our goal here is to provide a token that people can use and grow in value because of the utility.
2. What are your growth plans? Are you currently focused on markets, customers or users? Are you forming a partnership for growth or expansion?
Guest Answer : Our main focus is the core business which is owning and managing dozens of high-quality digital publications, newspapers, and online magazines.
We primarily want to show people that we have a real business to support the token and everything that we’re doing with it.
The second part of that is the Blockchain, which is a massive project and we’re very excited about all of the great features and functionality that this blockchain will have over others.
Security and technology will be a primary driver of the new blockchain as well as awesome features.
We will have a bridge portal to allow people to easily transact between blockchains, we’re developing the Flag Naming Service similar to Ethereum’s naming service, we will have a native wallet that will function a lot like MetaMask with iOS and Android applications and a browser extension, plus an NFT marketplace that will not only support our own internal NFT collections, but allow others to develop great creations on our blockchain.
3 Can you explain how is your Tokenomics Distribution? How many tokens Will be minted ? And How many tokens Will be locked by the team?
Guest Answer : This is one of our biggest competitive advantages
We only minted 37 million tokens
29 million of those are locked in a cold storage wallet.
Of the remaining 8 million tokens, at least 3 million of those are locked for the next year, so with only about 5 million tokens in the market total, and the demand that we are building, we believe that the value of the token will reflect these numbers !
4. Can you tell the investor how many people are currently working in the team, their experience and qualifications and their achievements? What companies do you work with or plan to work with in the future?
Guest Answer : I am sure that everybody that you talk to will say that they have the best team.
I can say that we have the best team for us and that includes many internal employees as well as part-time contractors.
We also have an outstanding technology team based in London that works with us on managing exchanges as well as developing a lot of the technology projects that we have coming including the Blockchain. They have quite a few people on their team, located all over the world as well.
Our team, both contractor and full-time, is mainly in the US but we also have team members and partners in Morocco, London, Singapore, Spain, Japan, Estonia, Dubai, as well as a few people that travel regularly to multiple locations.
Guest Answer : We have an excellent community right now, and it is growing very quickly.
We’re using social media as well as our own PR efforts to drive the growth of the community.
I saw people asking about an app to help entrepreneurs and when Spire Social launches, we will have a platform LIKE NO OTHER where people can do everything under one umbrella — so we will be able to bring in people from Telegram, as well as from our social channels and our PR channels into one place to manage and share great information.
Tens of thousands of people in one place with great channels and groups and all
Keep in mind that FLAG owns dozens of digital publications, including Crypto Times Register, Global Business Daily, PR Daily Wire, and many others with just around 4 million views per month so we have a substantial community ready to be engaged.
Question / Answer Community Segment :
1. Do you allow suggestions and feedback from the community? Are we allowed in decision making, do you put community into consideration ?
User : Winford seeley
Guest answer : 100% always talk to the community about their needs and wants from FLAG. It’s why we’ve been able to run a successful business so far and we will keep that going!
2. When will your tokens be listed on the exchange and which exchanges do you plan to list on in the future? @mikemagolnick
User : Mel Broderick
Guest answer : FLAG already trades on LBank and we are very happy with the relationship!!
3. Do you guys feel satisfied by seeing your progresses and achievements till now, when you look back to the day when you have started this project? @mikemagolnick
User : Prudence Mccoy
Guest answer : This is an excellent question! In some ways I’m happy with our progress and in some ways I question and challenge the roadmap every day. I think if we stay focused on the plans then I will be very happy and so will our community!!
4. How can users stay updated with this project? Are there channels, including local communities where users can get the latest updates? @mikemagolnick
User : Maricruz Gladden
Guest answer : Stay updated on our websites flagtoken.com, flagmedia.com, and our social channels @flagmediagroup
5. Currently a lot of people are looking at NFTs, metaverse, and games. Can you tell me what advantages will you have in this field future?
User : Laree Hughes
Guest answer : We are building the FLAG blockchain, which will have metaverse, Web3, and NFT capabilities. We now also own Royal Society (Royalsociety.world), which has 11 NFT collections still pending.
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