“Morpheus Labs AMA Recap : Cryptoscreen Community”
Earlier today the Morpheus Labs team joined the Cryptoscreen Community Telegram to connect with the community and answer any questions they had relating to MITX mission, tech, progress on our journey so far, recent updates and our plans moving forward. Mr.Tommo Ambassador of Morpheus Labs took part in a particularly exciting AMA session which included introductions, questions from twitter, and a live AMA session with the Telegram community. If you missed the AMA live, have a read through this recap to gain some deeper insights into MITX, You also need to know that our AMA this time has a $100 prize in MITX Token.
Abiel : Hello sir @TommoNL welcome in our Community😊😊
Tommo : Halo semuanya, senang berada di sini dan saya senang bertemu dengan Anda semua.
Abiel : all right, before we start the first session. I’ll ask a little about your background. @TommoNL
Tommo : Hey everyone, I’m Tommo – one of the ambassadors for Morpheus Labs (MITX). I’m 32 years old and live in the Netherlands. My main occupation is clinical research regarding nutrition (I have a near full time job in the hospital and my own company). Crypto got my attention a few years back though and I love the opportunities in here.
It’s my absolute pleasure to be here, thanks so much for the invite and the enthusiasm you’ve shown in the preparation of this Ask me Anything. Bare in mind, I’m not a core team member, but I’ve been working at ML for the last 1,5 years and I’m privy to a lot of the things happening there, so I am well informed and help/aid the team in whatever capacity I can. If after this AMA the CEO wants to rectify something that I’ve blatantly misjudged, I’ll come back with an edit!
Abiel : Thanks for sharing your background, In this session I will ask a little about MORPHEUS LABS , after you have finished giving answers. you can say "done" sir.
Tommo : Sure
Abiel : Can you tell us what is Morpheus Labs ?
Tommo : Headquartered in Singapore, we are a Blockchain-Platform-As-A-Service (BPaaS) provider offering mission-critical tools, infrastructure, various blockchain protocols, and blockchain use case references for enterprises and developers to build, experiment and manage their own applications effortlessly at minimal cost and time. Armed with relevant capabilities, the platform offers a multitude of intuitive solutions that enables developers and enterprises alike to take advantage of its platform to build effective solutions for various use cases.
From Proof of Concept (POC) and pilot projects for blockchain solutions to large scale enterprise applications to improve and automate business processes, we help businesses to move towards digital transformation and innovation by providing consultation and implementation services in Digitalization, Process Automation and Technology Innovation, mainly in areas of Blockchain, RPA and IoT related technologies.
The Company was accelerated by SGInnovate and we are a member of SGTECH. In addition, we were featured in the Singapore Blockchain Landscape Map and Tribe Accelerator in Singapore in the Enterprise Solution and Consulting Sector alongside enterprises such as IBM, Oracle, PwC and Microsoft.
With a cross-functional team that has a combined 70 years’ experience in artificial intelligence, blockchain, mobile applications, cybersecurity and IoT across Europe and Asia, we help idea originators create their own blockchain innovation lab, by providing the knowledge, necessary infrastructure and set of integrated tools.
Our ICO was in 2018 and we’ve come a long way ever since. We’ve used most of 2018 and 2019 to enhance and add integrations to our BPaaS (V2: SEED), build our ecosystem and resource network, and made sure the foundation for growth was firmly put in place.
Abiel : What is the Product and Vision of Morpheus Labs?
Tommo : Our main product is the BPaaS, also known as Morpheus Labs SEED which stands for Solution Environment for Enterprise Development. It’s a platform for developers, companies, enterprises and students to develop, tweak and launch blockchain applications on in a fraction of the time it would normally take and at a much lower cost. We make blockchain development easy and fast. A user simply creates an account in the platform, selects a blockchain protocol to work on and Morpheus Labs BPaaS stacks from the Collaborative Development Environment (CDE) dashboard; selects his/her preferred programming language, development frameworks, SDKs, off-chain and on-chain technology components with just a few clicks. Enterprises and developers can onboard to learn about various blockchain protocols, its functions and capabilities to discover the best solutions best suited for various business needs. Our platform is a one-stop solution center for end-to-end blockchain development to materialise mass adoption.
This year we’ve upgraded our BPaaS to version 2.0 after going through extensive feedback with our partners regarding optimizations. We have added features to not only empower the developers, but enterprises to have better team management functions, interoperability solutions to connect external resources, and also to help our users to accelerate their innovation process by providing reference templates.
2020 isn’t over, we’re planning hackathons, updating our marketplace (the App Library) with Dapps from partners and developers to facilitate the creation of DeFi growth, create new curriculums for educational purposes with potential education institutions and we’re preparing to release new tools that are co-created with big partners to penetrate the Asian enterprise market (and global after).
Having a product that we can easily work with allows us to shift our focus towards advertisement and marketing of the BPaaS, which should bring growth towards the product. We’ve used most of the bear market to focus on the business side, so that we can focus on the crypto side more now (normal business growth doesn't hinder this, it will aid it). This will include a marketing ramp-up that is going to be rolled out in September and a new face for the company in the form of a new website. I'm authorised to give a few screenshots of the very early work in progress regarding that, which will follow later in this AMA.
Abiel : For Tokenomics: What are MITx Tokens?
Tommo : Our token (ERC20 and BEP2) is used for platform subscriptions, App library purchases, a listing fee for integration by blockchain partners, community nodes, product council and staking for subscription discounts.
The design of a token economy refers to the design of a token and the rules that govern its use between participants within an ecosystem. A successful token economy revolves around the correct design of incentives to ensure the use of the native token is desirable by all ecosystem stakeholders. To bring it further, the design of a token revolves around the study of game theory, behavioural economics and mechanism design. Elaborating on our MITx design philosophy, we focused on a few key considerations:
- Ensure that platform participants are strongly incentivized to use and hold MITx
- Maintaining demand for MITx
- Demonstrate utility within all platform services
- Lower user acquisition costs for Morpheus Labs
- Align the value of MITx with the success of Morpheus Labs
- Reduce price volatility
we have decided to go against making MITx a simple payment currency for Morpheus Labs services. Based on our decades of experience in the enterprise software space and consulting our partners during the design process, it was concluded that forcing customers to directly buy MITx tokens for the open-market will add unnecessary friction to the onboarding process. As such, we have developed a model with our treasury and liquidity partners to purchase MITx on behalf of our customers in an automated fashion. It is important to once again iterate that the MITx token is not a settlement or payment token. The design of MITx is centered around the access/work token model.
The more subscriptions we have (or integrations) the more our token is used. Since our business model is geared towards that, our token is integral to the succes of Morpheus Labs. We'll remain an ERC20 as long as it makes sense to be on the ethereum blockchain (so we have no plans to switch). We're blockchain agnostic ourselves as a product, and the token is used for the above.
Edit: here's our tokenomics link: https://medium.com/morpheus-labs/mitx-token-economics-38b17d870ab9
Abiel : DeFi is very popular right now. Are there any plans for Morpheus Labs to go to DeFi?
Tommo : We’re already in DeFi with a few partners such as Redblock Capital, Unicsoft and Sota Tek. Meanwhile, we are working with our blockchain partners to list their dapps onto our App Library to facilitate DeFi innovations which are relevant to the demand of the market in the blockchain space to solve real world industry challenges and work towards defi products with several companies to enhance their corporate compliance processes.
If a company likes one of these Defi dapps, but it doesn’t fit them perfectly, we can help towards changing it, so it’ll be an existing dapp that is going to be custom tailored to that company alone. This way, they don’t need to develop something from scratch and spend a huge amount of resources.
We basically act as a curator between the DeFi solutions and customers, while we can facilitate or aid in the development. We will also offer courses that go towards DeFi development for educational purposes. The market (while hyped) is in it's infancy and it's going to take a long while before it's really adopted, we want to be the facilitator to make this happen and speed it up.
Abiel : Can you please describe the growth potential and the Roadmap of Morpheus Labs?
Tommo : Roadmap for 2020 is mostly geared towards getting interoperability ready (i.e. build a dapp on ethereum and switch it to NEO or WAVES or Vechain blockchain) and finally launching more partnerships with enterprises that we’ve been working with for a long time, after successfully completing several proof of concept projects. In the end, our revenue is coming from integrations and platform subscriptions, so we focus on getting more usage too.
I’ll address the NDA issue right here aswell, because we’ve been getting a lot of questions regarding when the NDA expires.
The tough part about working with established and bigger parties is that they’re often slow (which isn’t necessarily bad). Any small decision has to go through several channels, vetted by marketing, upper layers of management and lawyers. Any change thereafter will go through the same layers, until everyone is pleased.
We’re happy enough to get the chance to work with some of these, since it’ll accelerate our potential growth exponentially, but it is taking more time than we anticipated. We’re often the waiting party and can’t give any time-frames on when a certain NDA will expire.
Trying to please the community and giving out more information than we should will only give a huge backlash and the potential to break a deal already made. If you like our product, please give us some leniency regarding this, we’re working very very very very hard with a relatively small team. A lot of work is being done, even if it’s not always visible for the community. I'm tremendously exited for the future and consider myself lucky to be a part of this.
Question 1: What do you think about Indonesian as a crypto market ?
What willing $MITX give to your community as a feedback for being a good supporter community to $MITX, any opportunities will be given to community supporter ?
Tommo : Good question - hard question.
I'm not too familiar with the Indonesian crypto market, since I'm mostly in the western channels myself. If any of you have a good mutual business opportunity, we're always open to look at it. For investors, we obviously can't give out rewards for investing, but we will (and we are) do our best to keep everyone informed as best as we can, as demonstrated by this AMA. I won't leave this channel afterwards, so feel free to nudge me if you have any questions or join our channel to see how our progress is.
Right now we're finalising information regarding our 'community nodes' which can give incentive (and financial aid) for everyone to host a MITx event in their own country. More on that will follow.
Question 2: Exceptional market opportunities will always attract competition, and Morpheus Labs is not the only project in this area. services like Morpheus Labs are something that can be emulated easily and from a technical standpoint. So, what efforts did Morpheus Labs make, to compete with other projects?
Tommo : Yep, we have competitors. We feel the market isn’t saturated with relevant BPaaS-es like we have though. We monitor our competitors and still feel we have an edge over our competition. Our V2 (SEED) of the BPaaS has a lot of features that competitors don’t have. I've included (a wee bit old) infographic that compares us to a few.
Another advantage that we have is that we're predominantly in the Asia market and Singapore is very open for blockchain solutions.
Question 3: Are there any prototypes you created in collaboration with proximaX and Hyperledger? if yes how is the result.
Tommo : Current prototypes we work on with enterprises and SME customers are mainly with integrated and established chains on our platform such as Ethereum, NEO and Hyperledger (and a few others).
The results have been good so far as our clients have been dabbing with it for a while. ProximaX doesn't have an integration yet onto our BPaaS, but we're looking into doing that once we have our next 'expansion offering'. We'll need to see who can use it and how they can use it.
In order to scale correctly, we focus on the existing ones we offer and make sure we excel in these, before we move further. It's extremely important not to rush things and deliver half-work to customers; they won't come back.
Question 4: These are some of the first steps in expanding into different regions. Can you talk more about your expansion plans and target markets/industries? Are you focusing on any particular industry or sector? Education, commercial/enterprise?
Tommo : Education, commercial (developers, users who aim to put products on our app library) and enterprise are exactly the areas that have our main focus.
I think one of the mistakes we made last year was wanting too much in a short time (i.e. different areas) but it's important to realize that we need distributors in every area that can aid us into getting the above (education, commercial and enterprise in). Making these connections and making sure they're meaningful will take time and money.
Right now, we mainly focus on Asia and we have a few side-projects with European and American companies.
The beautiful thing about blockchain is that it's not culturally tied; a Dapp in Asia will work in Europe if companies work in the same fashion (not 1:1 but remotely so). But.. resources (manpower) also play a factor in this. We'll grow as we go.
Question 5: Does Morpheus Labs BPaaS Version 2.0 have any interesting features? And are those great features just for developers or just for companies?
Tommo : The list is pretty long, so here's a medium about V2 (bit lazy, but if I were to summarise all of this, it would take long. https://medium.com/morpheus-labs/introducing-morpheus-labs-seed-ee2e685a38e1
We've added features for both the developer community and customers.
Question 1: DeFi is one of the hottest topic in the blockchain space right now. Can MORPHEUS LABS share your opinions on DeFi with us? Do you think that DeFi will disrupt the existing financial system? What is MORPHEUS LABS approach towards the DeFi sector?
Tommo : DeFi isn’t new, but it can be important. One of the reason cryptocurrencies as a whole exist, is because people want to have a decentralised currency (or means for transferring data) while not needing a middle service. If DeFi comes bigger and more globally adopted, it’ll change a lot in the world. The financial world is massive - and it’s not exactly stable. The economy right now is showing just that. Our approach (as asked above) is trying to decrease the hurdle between thinking about DeFi and actually using it. It’s not just something that huge enterprises can use, it can also be a small change in a company to drastically improve processes. We’re pro DeFi if the solutions make sense, even if the current hype would die down.
Question 2: Q. Can you tell us where Morpheus Labs/ MITx will be in the next in 1Year, Future plans, Milestones.
Q. It was recently announced that MITx will partner with a marketing agency (Cryptobrandlab). What exactly will they do?
Tommo : The marketing agency (cryptobrandlab) wasn't recent though - it was somewhere early last year. They redid our website and we've run with that for some time. We've had our focus on traditional business above crypto, which wasn't always great for the crypto-investors, but it kept us above water during the bear-market and made sure we finished the neccessary products and connections.
In September, you'll see (finally) the start of a marketing campaign that's been in the works for a while. This doesn't mean fireworks everyday, but it does mean more exposure for the masses. We'll focus on giving Morpheus Labs the identity it deserves by a website overhaul (I'll post a few very early work in process pictures here). We'll work on making sure if we have news, that it'll hit more news-outlets, participate more in AMA's and work together with a few of our partners on select pieces of news.
Question 3: Morpheus Labs announced entered into a partnership with Natsoft Corporation, can you describe how you intend using Natsoft technology to create unique solutions, combining blockchain and associated technologies in ways that increase business value for clients?
Tommo : Natsoft is a consulting firm (like integration works) and our collaboration together is about how they can use our platform for future implementations (and discovering new potential implementations through proof of concept). We refer customers who are in need of consulting and business management to them in return. They’ve been great so far!
Question 4: As a community driven project, how can I contribute my quota to your success? Do you have a Global ambassadorial Program or Referral Reward System? Do I get any benefits from holding token in the $MITX ??
Tommo : I've seen the near finished 'ambassador' program which will allow contributors to apply for. Right now we have a few ambassadors that aren't tied to any country or group (though since Robbie and me both speak dutch, we do have a dutch channel). This ambassadorship program will have financial incentives for certain tasks, and you can apply if you have the right connections/skillset.
For holding the $Mitx token, right now the main benefit is subscription discount to the platform, until we give out more information about the community nodes (as mentioned above; we'll aid in hosting community events).
Question 5: I see big company names like Eos, Waves, NEO, VeChain, Wanchain, Tomochain Icon, Chainlink, Harmony, Nem, and many more, are partners of Morpheus Labs. How exactly is the relationship between Morpheus Labs and these companies? What is the role of Morpheus Labs in each of these companies? What strategic partnership was built with them?
Tommo : For a lot of these, we’ve integrated their blockchains onto our platform. Meaning developers can go onto the BPaaS and start developing on any blockchain they want. Some of these partnerships move beyond that; we’ve asked a lot of partners to start listing their dapp solutions on our marketplace so they can be purchased by customers who are in need of it. We’re acting as a middleware solution that offers their product to the masses. Other partnerships can go towards offering their blockchains to educational providers, and we’ll create the curriculums with them. In the end, they can receive a certificate and use these to get employment. Hanwha (dreamplus) and Tsinghua (University) play a big real in these. We were pretty far regarding hosting a hackathon but COVID stopped that for the time being.