KuCoin AMA With Morpheus Labs (MIND) — Enabling Web3 Transformation Powered by AI Technology

2024/01/09 02:45:19

Dear KuCoin Users,

Time: January 8, 2024, 12:00 PM- 1:44 PM (UTC)

KuCoin hosted an AMA (Ask-Me-Anything) session with the Founder and CEO of Morpheus Labs, Chuang Pei-Han and the Co-founder and CTO, Bruce Lu in the KuCoin Exchange Group.

Official Website: https://morpheuslabs.io/

Follow Morpheus Labs on Twitter, Telegram and Medium

Q&A from KuCoin to Morpheus Labs

Q: Can you give a summary of Morpheus Labs, the core team, the products and your token?

Bruce: On behalf of the project core team, I'm excited to introduce you to Morpheus Labs, a pioneering force in the Web3 space. Founded in September 2017 in Singapore, our mission at Morpheus Labs has been to streamline the adoption and implementation of blockchain technology for businesses. We offer a Blockchain-Platform-as-a-Service (BPaaS), which is continuously evolving into a comprehensive low-code platform. This platform is essential in developing and deploying Web3 solutions, effectively integrating the capabilities of AI with blockchain technologies.

Leading our visionary path is our core team, which includes Pei-Han Chuang, our CEO, Dorel D. Burcea, our CIO, and Bruce Lu Yang, our CTO. Their collective expertise in technology and strategic business planning is propelling Morpheus Labs to new heights in blockchain innovation.

At the frontiers of our innovation are two key products: the AI-powered Smart Contract Studio and the Web3 Workflow Studio. These offerings are reshaping the future of blockchain application development, making the creation, testing, and deployment of smart contracts and automated workflows more efficient and user-friendly.

Turning our attention to the MIND token, the cornerstone of our ecosystem, it presents more than just a token, it’s a unique opportunity. It is closely linked to our platform's growth and expansion, meaning as Morpheus Labs grows, so does the potential of the MIND token. Its utility in governance, access to premium features, and its role in our innovative products make it a dynamic asset in the rapidly evolving Web3 ecosystem.

Our commitment at Morpheus Labs extends beyond technology. We aim to bridge the gap between blockchain technology and real-world business applications, making it more accessible and beneficial across various industries. We are excited to share our journey, the innovative solutions we've developed, and the bright future of the MIND token with you.

For more in-depth information about Morpheus Labs, Morpheus Labs Platform and the MIND token, please visit our website and explore our litepaper.

Q: What are your plans in bringing more adoption and users to your product?

Pei-Han: 1st (Integration with Tech partners solution)

Morpheus Labs aims to carry the widest range of web3 solutions by integrating partners solutions into our platform from Solutions layer to tools and infrastructure to create a wide range & coverage of Web3 solutions. Fortunately, with all our tech partners' commitment and support, they are ready to move to this step. At the same time, we have an agreement with our partners and are getting “skin in the game” by agreeing to (Bundling & packages) by offering bundle packages to users, our users will be able to get the best value offerings in our platform, and we will be pushing out various packages in coming months.

We have also on the calendar and schedule to Start (Go-To-Market) on these 3 main focus areas:

1. We are rolling out regular training and sharing sessions for our tech partners' Business Development and sales team to equip them with information/materials to sell the bundle packages to their customer base.

2. We will jointly (with tech partners) bring these bundles with service partners (consultancy firms) and conduct regular training and sharing sessions to equip them with information/materials to sell the bundle packages to their customer base.

3. A regular private Event where all partners will bring in their potential customers to network. for customers to learn our offerings and jointly sell to them while we leverage on partners' customer acquisition resources.

Q: What is the value and benefit with the partnership?

Pei-Han: This question is related to the previous one. Unlike B2C, which we see every day, and which is often price comparison, although it has the potential to capture buyers fast, it has low brand loyalty.

B2B (or B2B2B) strategy often would rely on credentials. Branding and business network references. It would take substantial time to get an agreement on a partnership as approval with these big names takes time and much due diligence, and a lot of work behind the scenes to sync on tech, business, and marketing for joint sales to customers.

We are establishing the above and getting ready to move to accelerating adoption and customer acquisition in the coming months, and the approaches that we have defined in the second question. You will see partners coming in to support these executions, and that is the benefit of riding on their branding, vast network, and support.

Q: What is the tokenomics of the MIND token?

Bruce: Let me share some details about the MIND tokenomics. MIND token is the utility and governance token for the Morpheus Labs platform. It is an ERC20 token available on both Ethereum and Polygon. The tokenomics of the MIND token are meticulously designed to align with the growth and sustainability of the Morpheus Labs Ecosystem. Let me share the key aspects:

1. Total Supply: The MIND token has a capped total supply of 2.1 billion tokens. This finite supply is crucial for maintaining the token's value and preventing inflation.

2. Token Distribution:

-50% for Token Swap: 50% of the tokens, amounting to 1.05 billion MIND tokens are allocated for swapping with the Morpheus Labs previous MITx tokens. Swapping from MITx to MIND is to align with the expanded capabilities and growth of the Morpheus Labs ecosystem, enhancing the token's utility, governance features, and overall value in the evolving Web3 space.

-18% for Foundational Fund: This fund is dedicated to token sustainability, community events, and CSR initiatives, ensuring ongoing engagement and development.

-11% for Business and Marketing Development: Used for business growth, marketing activities, and community outreach, driving the platform's adoption and visibility.

-11% for Product and Research Development: These tokens are invested in continuous innovation and advancement of our products and services.

-10% for Team Incentives: Allocated for motivating and retaining the project team, aligning their interests with the long-term success of the project.

3. Current Circulation: The current circulation is 1.05B MIND tokens.

4. Utility and Use-Cases: The MIND token is the gateway to accessing and utilizing the Morpheus Labs platform (Morpheus Labs SEED platform), including our AI-powered Smart Contract Studio, Web3 Workflow Studio, and Blockchain Platform as a Service. The MIND token plays a vital role in governance, giving token holders a voice in key decisions and directions of the platform. The MIND token is also used for accessing premium features on the platform, fostering a sense of exclusivity and value for token holders.

5. Deflationary Model: With capped total token supply, token burn (a portion of tokens used for platform fees or tokens received as rewards can be burned), buybacks (a portion of the platform's revenue generated from subscriptions and pay-per-use services is used for token buybacks), and long term token staking, the MIND token operates on a strictly deflationary model. This approach ensures the long-term viability and relevance of the token, especially in relation to the growth of the Morpheus Labs ecosystem.

6. Token Release and Vesting: Tokens not in circulation are under vesting and are scheduled for release over 3 years linearly.

7. Additional Token Mechanisms:

- AI-Powered Platform Features: With the integration of AI functionalities, MIND will play a crucial role in web3 workflow executions, driving consistent demand for the token.

- Dedicated Staking Pools: For each of our partners, we'll dedicate staking pools, incentivizing more users to hold and stake their MIND tokens, effectively reducing available supply in the market.

- Monetizing Token Mechanism: tokens are procured from the market by users or on their behalf when they pay in fiat, which will consistently apply upward pressure on token demand and its valuation.

In conclusion, through these tokenomics, the MIND token is not only a digital asset but also a cornerstone of the Morpheus Labs ecosystem, offering multiple utilities and being a key driver for engagement, development, and governance within our platform. The strategic planning behind the tokenomics ensures that as Morpheus Labs grows and evolves, so does the value and utility of the MIND token.

Q: How do you position Morpheus Labs in the market?

Pei-Han: We are setting our path to be the #1, "One Stop Implementation Platform for Web3", which not only fast-tracked development to help developers to complete quality work but also to application deployment and then to running/operating the application to solve cost/headaches for business owners. With some 3 Keys below:

1. Rapid Development via AI-Powered Smart contract Studio by making coding easier and simpler from design > code > test > deploy

2. Seamless Implementation via AI- Powered Workflow studio by drag & drop different applications components and building blocks to create a full application.

3. Our partners are now joining forces to offer a wide range of solutions where tech solutions partners integrate and contribute their solutions into our Workflow studio for users to pick up to use, and then deploy then run on Morpheus Labs Platform.

Users can choose from our different cloud partners on various infrastructure solutions from Cloud (such as Huawei | Tencent | AWS | Alibaba), to Node, RPC > To Code audit solution (Zan by Ant Group) > To real-time Database solution (PingCap) > to gamification/Metaverse/RWA and other solutions that are offered by our other partners.

Through our in-house dev tools and solutions, and with our growing partners continuously contributing their solutions by integrating into our platform. Morpheus Labs SEED platform is growing to be a Go to platform for web3 users and solutions providers covering their different stages of needs - Design | Development | Test | Deploy | Operating.

I believe we are the only Web3 implementation chosen by these names as a sign of their confidence, and with many of them having been tested and amazed by these features, we will start to onboard customers soon.

Right now, our whole team is working hard to launch all these in the coming weeks and syncing with partners for a launching event as well as filing not 1, but a few Patents. And we see that the vision and positioning that we set from day 1 are coming into place with a stronger and stronger B2B Partner Ecosystem. And yes, many have approached us, but for us to ensure quality, we have set up our filter requirements.

Q: Do you provide staking for MIND tokens?

Bruce: Yes, Morpheus Labs provides staking opportunities for MIND tokens. Staking is an integral part of our ecosystem, offering token holders a way to earn rewards and participate more actively in the platform. Through staking, users can contribute to the platform's stability and governance while potentially earning rewards for their commitment. This mechanism is part of our strategy to encourage long-term holding and engagement within our community. We are planning to roll out various staking programs starting by the end of the 1st quarter of 2024.

Q: Are you going to list the MIND token on other exchanges?

Bruce: Yes, increasing the visibility and accessibility of the MIND token is a priority for us. As part of our tokenomics strategy, we've allocated 18% of our foundational fund towards enhancing the token's market presence, which includes potential listings on additional exchanges. Our approach is focused on fostering project adoption and increasing token volume, as these are key factors that exchanges consider for listing. This strategic allocation is intended to meet and exceed these criteria, encompassing decentralization, adoption, and volume.

By ensuring the MIND token is structured to maximize both its utility and value, we aim to create a compelling case for exchanges and holders alike. Our commitment to driving adoption and utility, coupled with our ongoing project growth, significantly boosts the likelihood of the MIND token being listed on multiple exchanges. This not only expands its reach to a broader audience but also enhances the liquidity and potential value for our token holders. We are continuously working towards these goals and are optimistic about the future prospects of the MIND token in the global exchange landscape.

Stay tuned for the announcement of the new exchange listing soon!

Q: (What is the) marketing plan to promote MIND tokens?

Pei-Han: Yes, we have a list to do, while some of the list will need to sync with the Product/Business side to activate. We are also rolling out some in the coming weeks, as we scheduled internally.

1. Campaigns and competitions

- Planned Campaigns with KuCoin and new exchange(s)

- Community Campaigns

2. Outreach programs and activities

- Telegram and/or X (Twitter) campaigns to reach out to more audience

- AMA with Crypto Groups

- Cross promoting/activities/campaigns with Crypto projects (Partners/Customers)

- Use cases & product updates with partners and customers case studies

- Launch New Ambassador Program

- Investing more resources on internal team and external partners

Q: Can you share with us your key milestones for the year 2024?

Pei-Han: First of all, for Business development (sales) we will focus on designing a model, testing and improving, then implementing it from 1 country first, and then replicating on to more countries.

[Business Development & Marketing] in Progress and have already agreed

1st Quarter (build up Brand: Go to Platform for web3 implementation)

1. Roll out regular sharing/training sessions with partners

2. Regular Private events with existing partners and potential customers

3. Formulating joint product deals and packages

From these, you will see we are leveraged on partners' sales team and why they would commit to push for us, the product is integrated, they sell ML products, and their solutions are also bundled in.

2nd Quarter (Strengthen Brand: Go to Platform for web3 implementation)

1. Accelerating GTM - online product packages promotions

2. Use case-focused marketing with various partners

3. Acquire more Tech and service partners - and replicate 1st Quarter to strengthen

3rd Quarter & 4th Quarter is planned to focus more on regions across Asia.

Above 1st Quarter, it has more focus on acquiring businesses as customers, and in 2nd Quarter, we will start to move into individual user base

Bruce: 1st Quarter: A few key milestones

1. Launch product marketing and community programs:

- Product champion program

- Product bounty program

2. Integrate Cloud native functions and Web3 solutions from our partners, such as AWS, Ant (Zan)

3. Launch Peer-to-Peer Marketplace

This allows platform users to buy/sell smart contracts and workflows using MIND token.

2nd Quarter:

1. Launch Blockchain RPC Consolidator Service

This provides the most reliable and cost-effective blockchain RPC services

2. Launch Morpheus Labs Platform Leaderboard

This shows the ranking of users who have created more smart contracts and workflows from the platform. The top-ranked users will be eligible to receive rewards from the MIND Product Development Fund.

3. Launch the following new features of our existing Collaborative Development Environment (CDE) tools:

- Support Web Applications to embed the CDE

- AI Code-assistance for Web3 Applications

- Support DevOps for multi-clouds

- Live share of CDE workspaces

3rd Quarter: Launch AI-assisted workflow generation and configuration.

4th Quarter: Launch AI-powered workflow optimization.

In addition, regularly (Monthly or Quarterly):

(1) Monthly progress update of product development

(2) Quarterly release of new features of Smart Contract Studio and Web3 Workflow Studio

I have covered most of the planned key milestones for the product-related development.

Free-Ask from the KuCoin Community to Morpheus Labs

Q: Can you provide more details about your products, such as AI Smart Contract Studio and AI Collaborative Development Environment? How do they contribute to the Morpheus Labs Ecosystem?

Bruce: AI Smart Contract Studio is leveraging AI and our own web3 knowledge model for users to design, build, test, and deploy smart contracts without any coding. The AI Collaborative Development Environment is an advanced tool for developers to build web3 applications with certain coding but with AI-assisted code generating, and error correction. These are the core products for the Morpheus Labs platform, we will change how users will design and build Web3 applications, and we expect these tools will help onboard more users to the Morpheus Labs platforms.

Q: How does Morpheus Labs plan to stay ahead of the competition in the rapidly evolving blockchain industry?

Pei-Han: We are in the key space to enable Web3 adoption, without a Dev platform - web3 would not go mass adoption. Imaging to create any web3 application (not Smart contract), will take us 3 months to more than half a year.

We see that the competition will get stronger, and the only way to have a better chance to be ahead is what we believe adoption "openness" framework for our product. It means making it easy for tech partners to come in, plug and play their offering with our solutions or solutions within our products to form a wider offering and cover broader scope/industries.

Q: How do you engage and educate your target audience and potential users, and what are the marketing and outreach strategies that you use to promote your project?

Pei-Han: As a B2B SaaS platform— we have 1st win over most (competitors) as we have most of the renowned partner's endorsement and support— after they DD our product, business strategy, and more.

We have an agreement to work together with them while providing our web3-focused solutions and our domain expertise. They are committed to supporting with their resources, leveraging on the Sales team, and providing a valuable offering to our users.

Q: What is a revenue model? In which ways do you generate revenue/profit? Many projects are focusing on the "long term vision and mission", may we know what are your short-term objectives?

Bruce: Users pay to use the tools and services offered by the Morpheus Labs platform. It can be a subscription-based— pay per used based. The short-term goal, onboard more users to the platform and increase the MIND token utility.

Q: What are the key features and benefits of Morpheus Labs' platform? How do you differentiate it from other low-code automation platforms?

Bruce: Morpheus Labs platform is an AI-powered low-code Web3 platform, it is a Web3-built solution leveraging on both AI and Blockchain technologies. It automates workflows, automates integration that involves both Web2 and Web3 applications, and this is unique in the market.

KuCoin Post AMA Activity — Morpheus Labs

🎁 Participate in the Morpheus Labs AMA quiz now for a chance to win 4,260 MIND!

The form will remain open for five days from publishing this AMA recap.

Morpheus Labs AMA - MIND Giveaway Section

KuCoin and Morpheus Labs have prepared a total of 714,000 MIND to give away to AMA participants.

1. Pre-AMA activity: 210,000 MIND

2. Free-ask section: 20,500 MIND

3. Flash mini-game: 164,000 MIND

4. Post-AMA quiz: 319,500 MIND

Sign up for a KuCoin account if you haven’t done so yet, and ensure you complete your KYC verification to be eligible for the rewards.

Follow us on Twitter, Telegram, Facebook, Instagram, and Reddit.