we hosted an amazing AMA with SOFO Tech on the 9th of August
And here we will put some of the best questions:
Q1) Can you please introduce yourselves as well as SOFO Tech ?
Trading Star : I am Trading Star, handling Crypto Operations for SOFO.
Bull Market of 2017 brought me into Crypto and survived the whole journey of Bear Markets and Back to again bull season.
Azmat Sheikh : My name is Azmat Sheikh and I am the Cofounder and CEO of Sofo.
I have been in E-commerce Industry since 2012 and Started an Ecommerce Consulting Company in 2014 which helped traditional business to start and grow Online.
Later in 2017 I have started a social commerce startup “Bigly” and acquired 1 Million customers within 1 month of launch.
We have found an opportunity in the form of Sofo post Pandemic when number of online sellers increased to more than a million on Indian Ecommerce Channels.
Captain : Hi folks, I am responsible for DevOps in SOFO. I have been in Blockchain industry since 2016 and worked for multiple crypto companies, some big and some small.
Azmat Sheikh : SOFO is the world’s first cryptocurrency-backed platform for B2B E-commerce and micro-factories. SOFO App will help e-commerce online sellers to source products from micro-factories and sell on different marketplaces like Amazon, Flipkart, eBay, etc.
This app will have a video interface where micro-factory owners can post videos of their products and online sellers can discover products from the videos. To make online selling more profitable and convenient for online sellers, SOFO app will also provide Product data analytics, product catalog and content.
Sofo is the short form of sourcing force which means that it is a Product Sourcing Solution.
Q2) What are the advantages of Your project ?
Azmat Sheikh : Major Advantage of Sofo for an Online Seller is Product Performance Analytics. In sofo app an online seller can explore a product sales and Performance Analytics such as Total number of product Views, Sales, Unit Profit, Competitors and What customers are saying about the Product.
These datas will help online seller to smartly select products to sell at online Marketplaces. This will grow business and profit for an Online seller.
An integrated option to directly procure that product from micro factories makes it very easy for online seller to have Trending and Profitable Products in their Offering.
Q3) please tell us about the goal you want to achieve in this year?
Captain : To focus on this year’s major goal, it’s to build the app infrastructure quickly and onboard maximum online sellers and micro-factories on the SOFO app.
We have completed 4 phases out of 9 phases given in our Roadmap, and currently executing the 5th phase.
We’d started with user surveys early this year. Then we validated the idea by simulating the concept through Facebook as a medium. After getting confident about the product market fit, we moved on to work on feasible business strategy and writing the Whitepaper.
After this in 3rd phase we closed a seed round of $24k and began working on actual technology developments. Then with the launch of our public website we focused on social media in crypto community. We grew to 3000+ members in our Twitter, Telegram and YouTube individually, all were reached organically.
Behind the scenes, we worked hard on interacting with hundreds of micro-factories and online sellers, validating the utility of SOFO for their problems. They are ready to be onboarded on SOFO as we go live.
Q4) Every project has a story behind their name, Can you tell us more about the story?
Azmat Sheikh : Sofo is the short form of Sourcing Force which Indicates that its a Product Souring Platform. We wanted to have a name which can be easily understood Globally and Also representing our vision to become no.1 Product sourcing platform Globally for Online Sellers.
And here we will put best questions from our members and SOFO Tech fans:
Q1) As you charge zero commission,Buyers and suppliers can freely communicate,and close the deal directly through your chat platform without being charged astronomical commission fees for every transaction or deal completed. How does your platform generate revenue if you charge zero?
Azmat Sheikh : We do not have transaction cost on our platform currently and we are connecting online sellers directly with micro factories to do the business for now. However we will be charging on
1) Subscription to use the Platform
2) Premium Product Analytics Tools
3) Product Cataloging and Content
4) Commission for Closing Orders for Brands
Q2) In your whitepaper, I saw a token utility feature called Minimum Support Price (MSP) only ideal for SOFO platform. What is the main purpose of MSP & how will it impact on micro-Factory & SOFO app users in a profitable & secure way?
Trading Star : SOFO is built by considering the major stakeholders, maximising their benefits and growing sustainability aspect of SOFO. Any business can not achieve its vision/goals without the support of its stakeholders.
To support its stakeholders (small sellers and microfactories) in their business growth without worrying about market fluctuations of SOFO token, there will be a minimum support price of SOFO for the SOFO app users. While brainstorming for bringing a solution in order to maximise market gains to users but to prevent from negative side of price factor of SOFO for it’s real app users, this idea of MSP originated !!
Let’s understand the Minimum Support Price (MSP) of SOFO with an example!
A MICROFACTORY X wants to use a paid service available inside SOFO app for their business
growth. In the SOFO app, the service is available for $2. In case of no support price, microfactory will be charged $2 worth SOFO tokens from their wallet for availing that service.
Since SOFO is traded in markets as well, dropping prices for SOFO can be a painful case for
our app users, a different amount of tokens shall have to be paid in case of no support price for SOFO.
And most important being a trader or investor we want to avoid losses !
Now let’s see what happens with a Minimum Support Prices (MSP) for SOFO app users!
(Case A)
Say, SOFO is trading above the MSP of SOFO, the cost of using that service will be charged
based on the current price
Example: SOFO MSP is $0.08 (sample minimum support price), market price of SOFO is
$0.1.Then for using a service worth $2, app users will need to pay 20 SOFO tokens.
If price is above MSP you pay less !!
Case B
Say, SOFO is trading at the minimum support price of SOFO. The cost of using a service will
be charged based on the current price only.
Example: SOFO MSP is 0.08$ (example minimum support price), market price of SOFO is
0.08$. For using a service worth $2, app users will need to pay 25 SOFO tokens.
Case C)
Say, SOFO is trading below the MSP of SOFO, he cost for using that service will be charged
based on MSP only.
Example: SOFO minimum support price is 0.08$ (Sample minimum support price), market
the price of SOFO is $0.05. For using that service worth $2, app users will need to pay only 25
SOFO tokens at the rate of $0.08. Without the provision of MSP app users would have required 40 tokens!
Q3) According to your website, that seed sale has ended at March 25th, next one is Public Sale. Can you tell us when the Public sale will be held? What is the requirement for participate on the public sale? how much token will be sold and what is the minimum buy?
Trading Star : Public Sale Whitelisting started on 7th Aug, form is available on our social media channels/groups. Instructions regarding Public Sale will be shared via our official channels ! Total 30 M tokens are available for sale at a rate of 0.015USD per SOFO token. Softcap for the Public round is 250K USD, while hardcap is 450K USD ! One can buy a minimum of 100 USD !
This Public Sale has an exclusive offer, might be un seen in Crypto World
An exclusive offer for our Public Sale investors !
Whitelisting form for our Public Sale is now open :
https://form.jotform.com/212183480085049
You get products worth of your investment along with SOFO tokens !
This is just the beginning ! In futures, we will have many such partnerships, which will add value to $SOFO !!
Q4) You mention that the enhancement users of online shopping platforms occurred very significantly during the Covid-19 pandemic. So, what if this pandemic is Ends? I want to know what are your specific plan to maintain or even increase the number of users when the pandemic ends?
Azmat Sheikh : Pandemic led the digital transformation of small and medium business. The consumers started to buy more online than offline. And to keep this behavior Ecommerce companies keeps offering better deals and options for buyers. Such as Buy now and Pay Later Option.
I don’t think that End of Pandemic will have any Impact now. Consumer will be buying online because of the convenience, savings and experience getting delivered by Ecommerce Companies.
And thus more online sellers will try to cater the demand of these consumers where Sofo will help them to differentiate from competition and grow business.
To increase number of users even after Pandemic we have formed strategic partnerships and taking community driven approach.
We have already Joined Amazon India and Flipkart India as a product sourcing partner for their Online Sellers.
Similarly we did Partnerships with the Companies already working with Online Sellers to grow their business.
Q5) It would be too much contrast if I compare SOFO platform with Amazon which is already global. So, in context of local technology in your country, what makes SOFO platform different from others online shopping platform? What special features that provide by SOFO platform?
Azmat Sheikh : Amazon is a B2C Marketplace for end consumers and Sofo is a B2B Platform exclusively designed for Online Sellers.
This means a buyer on Sofo app is a Seller on Amazon Marketplace.
This totally differentiates Sofo from Amazon and other similar Ecommerce Marketplaces.
Sofo helps Amazon and other Marketplace Seller to explore Product Performance Analytics in Sofo App and directly procure Trending and Profitable Products from Micro Factories to Sell those products and Grow their Business on Amazon and other similar channels.
Q6) Is your project a local project or a global project? Can anyone use your services from anywhere in the world? Is there any restrictions of using your service?
Azmat Sheikh : Currently Our Project is available in India Only. We will launch Sofo Globally in 2022 Once we have enough number of Micro Factories Onboarded from India.
Sofo does not have any Geography Restrictions.
Our Target Audience is Online Sellers who generally sells in Ecommerce Marketplaces such as Amazon and Ebay.
We are creating Sofo exclusively for Online Sellers and Giving them Tools to grow business Online.
Currently there is no such solution designed for Online Sellers exclusively.
Q7) Do you have user manual or short videos that would guide potential users of project of #Sofo to safely navigate your platform ?
If so plz share us !
Trading Star : We have prototype of App : https://bit.ly/3zLMUfX
This will help our app users to understand and give feeling of our upcoming app !
Along with that, we will have Manuals regarding each and everything like how to connect metamask, how to buy, how to stake. etc !
Q8) Hello sir, Do you have a Token Burning plan to increase Token value and attract Investors to invest?
Trading Star : Yes, SOFO token is deflationary by virtue !
We already have two programs to support $SOFO price stability and value increment : MSP (Minimum Support Prices) & Usually Burning (Creating scarcity of $SOFO tokens)
For every usage of services in the SOFO app, SOFO tokens will be charged. 20% of the collected tokens will be burned forever from these SOFO tokens. With more users and usage
of SOFO platform, this burnt token amount could be a bigger percentage of circulating
supply leading towards the scarcity of SOFO tokens.
Our well designed economics for SOFO token ensures that with time anyone (traders, holders, stakers, app users etc.) holding these tokens shall be protected from the value inflation.
Q9) These last few days I have monitored $SOFO and it has a considerable increase, do you think that is due?what makes it so good every day?
Captain : I think the real crypto investors can easily identify the rock solid projects from a sea of useless projects.
SOFO team has worked on the actual product and users in the past few months. After launching our App demo publicly, it’s clear to the investors that SOFO is on the right track in its roadmap.
Again SOFO has made partnership with industry players like Panashe, and other brands.
We are working hard behind SOFO!
And this was the end of our AMA with SOFO Tech.
If you have any other questions you can ask here:
ℹ️ℹ️ Useful links ℹ️ℹ️
Website :- https://sofo.tech/
Medium :- https://sofotoken.medium.com/
Twitter :- https://twitter.com/SOFO_TECH
Github :- https://github.com/SOFO-Token
Youtube :- https://www.youtube.com/channel/UChdFULx02ZK4uMJq4mKaylg
Discord :- https://discord.gg/4XjeUTKBzZ