After publishing the answers to your product-related CoinPoker questions last week, we will continue the Q&A session in this second set of answers. Paulius Mikaliunas, our Head of Poker Operations, will continue where he left off in Part 1, which you can have a look at here if you haven’t already.
Part 2 of the Q&A session will focus on the business side of things. Namely, the rewards programs that are in the works and current cryptofinance environment.
#1 Cryptocurrency Market Fluctuations
Concerns and questions rose regarding the ETH price drop, which has had a negative overall impact on the crypto market. The slump seen earlier this year continues on as the summer progresses, and while many hodlers and investors are ill at ease it is a natural, albeit extreme, part of the volatile world of cryptocurrency markets.
Note that around this time last year, ETH price experienced a similarly extreme drop albeit for different reasons. The market bounced back with a vengeance as the winter months approached, and in light of the popularity of ETH as the go-to platform for blockchain startups we are optimistic about the long term future of its market value.
Startups are likely not done cashing out on Ether, but longer term, continued demand to build and hold ICOs on the platform should cause the coin to rebound. Ethereum remains the most popular platform for startups to build blockchain-based applications, as it’s used by more than 90 percent of projects.”
The harsh reality of the cryptosphere is that despite so many startups and ICOs popping up, close to 95% of them will fail (or already have) by the end of the year. Nevertheless, our team remains focused on the factors we can control and improve to combat this market-wide setback and steadily work towards our long-term vision.
#2 Rewards for Referrals and Affiliates
One of our top priorities right now is finalizing our affiliate back-end and dashboard. The affiliate program will offer progressive revenue share, and comes with a dashboard that allows affiliates to track income and spend from referrals, as well as access to media resources for CoinPoker promotions.
Our development team is perfecting and testing the backend interface, and from a software standpoint the service is just about ready to release. However, what remains to be determined and worked out is the best possible way to finance rewards as our team is still in the process of perfecting a method for revenue generation.
Because this is a delicate matter, and must reflect both our need for growth and the demand for cost-effective gameplay, we feel that this is a crucial decision that needs to be as faultless as possible before releasing to the public. We are excited to launch this as soon as possible, and thank you for your patience (we know many media partners and fans are eager to collect their rewards).
#3 Future Markets and Expansion
Alongside decisions related to internal revenue structures and games, we are in the process of exploring important markets with appropriate regulatory and legal environments. Because of the sensitive nature of online gaming and cryptocurrency payments, this is something that takes time and patience from both our community and team.
In addition to translating into bigger promotions, including satellites to renowned poker events and tours, we are also working towards making CHP a payment option on other gaming platforms and establishments. We feel that these projects will have a very positive impact on CHP value if conducted appropriately, which is why we are taking great care to explore the best possible opportunities and markets for growth.
#4 Roadmap Delays
One point that concerns community members is our current schedule of activities compared to the roadmap published in our whitepaper. While our team is doing their best to adhere to initial expectations, please bear in mind that these exact dates are intended as rough guidelines rather than strict deadlines.
Certain projects such as our decentralized RNG and affiliate programs are not stand-alone activities; meaning that in order to be done successfully many other factors need to be taken into consideration. While we continue to do our best to minimize these delays, and to keep our community informed about what’s in the works, giving exact timelines is not something we can do with 100% accuracy.
As we continue to strive towards our goals, we ask for your continued support and patience, and to trust that we are focusing on a quality end-product rather than rushed and premature outcomes.
#5 ETH to CHP Feature
The ETH to CHP feature was introduced a few months ago in the hopes of offering players an alternative method to depositing CHP directly. The key objective was to make payments more convenient, while also staying to true to our brand as a crypto poker platform.
That being said, we will not be introducing non-crypto financing options for player accounts. Moreover, the exact formula for this exchange service will not be disclosed to the public. Please note that the yield of CHP is marginally lower than market value, which can be regarded as a fee for the risk and work our team undergoes to make ETH deposits possible.
Our exchange rate can easily be viewed in-app by entering the amount of ETH you want to deposit, and players who prefer not to use this service are more than welcome to purchase and deposit CHP directly.
A Big Thank You to Our Community
Thank you all for your questions and interest in CoinPoker projects. We understand the frustration from players as some ambitious deadlines for unreleased projects passed during the summer, and we want to assure you that we are fully committed for long-term growth and will be executing all plans to the best of our abilities very soon.
We appreciate the ongoing support, as well as the constructive criticism received from both new and longtime players. We hope to bring more big news in the coming weeks as we continue to strive towards our long-term goals.