Hi ApeCoin DAO Community,
Our team has reviewed and discussed @chaps’s AIP Draft and have sent a list of initial questions. We await answers.
Follow this Topic as further updates will be posted here in the comments.
Kind Regards,
Hi ApeCoin DAO Community,
@chaps has responded to our questions and they are in our review once again.
Follow this Topic as further updates will be posted here in the comments.
Kind Regards,
Hi ApeCoin DAO Community,
@chaps has responded to our questions and has provided consent to share them in this forum for the community.
Click to expand Q&A with @chaps
1. “Participants will pay an entry fee (in ApeCoin), which will be used to cover operational costs and fund the prize pool.”
a.) What percentage of entry fees would be set aside for “operational costs?”
b.) How is the entry fee determined?
There are two types of events in “Skin in the Game”; Challenges and Competitions. Every user of the platform can create their own challenges with the following structure, including the entry fee to the challenge.
- Activity
- Challenge
- Duration
- Entry fee
- Capacity
Challenges will be moderated and reviewed by the admin. Once a challenge has been approved, a push notification with an invitation to the challenge will be sent to users of the platform.
“Skin in the Game” will take a 30% cut on each challenge which will be used to cover operational costs, the remaining 70% will be used for the prize pool which will be distributed 70% to the first place, 20% to the second place and 10% to the third place. If 2 or more users successfully complete the challenge, the prize will be assigned to whoever completed the challenge first.
Here is an example of a challenge where users must complete 40 kms of running in one week with an entry fee of 50 ApeCoin.
Competitions are pretty much the same as Challenges but organized by “Skin in the Game” in collaboration with MBA´s, Athlete Clubs, Brands and/or sponsors.
2. Since your app would require token holders to connect wallets, what are the plans for security audits of the app?
“Skin in the Game” will be a web app open to participants both within the Web3 and Web2 ecosystems. Connecting a wallet will only be necessary to:
- Create and customize their profile
- Sign a tx to create new challenges
- Sign a tx to join existing challenges
“Skin in the Game” is committed to adhering to industry standards security and audit practices to ensure a safe and secure user experience for all participants. We plan to use WalletConnect as our third party service for the front end experience. We plan to use Hacken as our third party service to audit our Smart Contracts.
3. Your timeline begins in Week 3 of December 2024. Considering the average time spent in Administrative Review, please revise your proposal to include flexible dates that are contingent upon approval.
We totally understand the time spent in the administrative review of the AIP, voting processes, funding, etc… Taking that into account, our AIP is very flexible on the timeline and we can move the starting date to the fourth week of January 2025.
4. Regarding the staked ApeCoin:
a.) Who would custody this ApeCoin?
b.) Would the team use this staked ApeCoin on any DeFi protocols or voting within the ApeCoin DAO?
We are not planning to stake ApeCoin from the challenges or competitions, therefore “Skin in the Game” has no plan to use any ApeCoin on DeFi protocols and/or to vote within the ApeCoin DAO. As for the ApeCoin requested for the AIP it will be under custody of the project leader; Carlos Alcocer and stored on a cold wallet.
Each challenge created by users will create a proxy smart contract which will function as an escrow, entry fees will be “stored” on the smart contract. Every time a challenge is completed the prizes will be distributed to the winners via a disbursement function which can only be triggered by the admin. Prizes will be sent on a weekly basis.
5. If you have already begun auditing the platform, please provide proof of the audit(s).
We haven’t started to audit the platform, “Skin in the Game” is committed to adhering to industry standards security and audit practices to ensure a safe and secure user experience for all participants. We plan to use Hacken as our third party service to audit our Smart Contracts. All results of the audit will be available for the ApeCoin DAO and all of our users.
6. Do you have any estimated costs for users to use the platform’s features, or any premium features?
“Skin in the Game” will have an ios and android app, both will be free to use for all users, there will be no premium features and both versions will be free of ads. The only fees users will have to pay are those related with the transaction gas fees for attesting their activities and joining challenges.
7. Do you have plans to protect any collected user data? Please elaborate.
“Skin in the Game” will be located in México where we have a strict policy on collected user data. Even Though no sensitive data will be collected or stored we will be compliant with the “Ley Federal de Protección de Datos Personales” which is mandatory for all sites/apps in México. This law requires all users accepting the terms and conditions of use and publicly displaying a copy of our policy upon data collected.
8. “Phase Four: Launch (Mainnet) - $60,000” includes monthly compensation for brand ambassadors and advisors. Please disclose this monthly compensation breakdown.
“Skin in the Game” will include in its core team 2 advisors who will help us with the UI/UX, strategy and usability of the app and 2 ambassadors who will help us promote the app on their social networks (Strava and Instagram).
Advisor will be an “Honorary” role with no compensation while ambassadors will receive a monthly compensation of $750.00 USD for a period of 6 months each one. Ambassadors will start working once we have the UI/UX designed and we can start promoting the app on their social media. Ambassadors will work on alternate months to cover 1 year of promotion.
9. Regarding your Reporting Expectations, when would your reporting end?
As long as “Skin in the Game” is operational we will provide automated reports on our website. These reports will include among other things:
-
User metrics (new users, daily usage of app, attestations, etc)
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Competition Metrics (challenges, collected fees, distribution of prizes, etc)
-
Activity metrics by users and app.
We are considering setting up a Dune Analytics panel to track this data and make it publicly available in real time.
10. “After successfully launching we will apply for a second round of funding via the Banana Bill to secure at least 1 year of challenges sponsored by Banana Bill, ApeChain, ApeCoin DAO in different sports and activities.” Does the success of this proposal depend on your subsequent BANANA Bill approval?
No, the success of this proposal does not depend on a second round of funding to secure sponsored competitions. It will be our responsibility to secure those sponsored competitions via Athlete Clubs, Brands and/or sponsors.
11. What consequences would failure to be approved for the BANANA Bill have on the implementation of this proposal?
We would have to work towards securing sponsored competitions.
12. As per the ApeCoin General Guidelines, “proposals will not be put up for vote if they involve illegal activity, hate speech, pornographic material, or are at odds with the mission or values of the APE Foundation.” Can you ensure that the content on the app would be in keeping with these guidelines?
Yes, you can be completely sure that the content on the app would be within the guidelines and will never involve illegal activities, hate speech, pornografic material or anything that goes against the mission and values of the ape foundation.
13. Do you provide consent to apply updates to the relevant areas of your proposal based on your responses to the questions above?
Yes, you have my consent.
14. Do you provide consent to share these questions and answers with the community in this forum?
Yes, you have my consent.
A DAR package is being worked on and upon completion this AIP will move into Administrative Review. Follow this Topic as further updates will be posted here in the comments.
Kind Regards,