AMA Recap: Morpheus Labs X Satoshi Club
We had the pleasure of joining the Satoshi Club community 2 days ago (13 January 2021) for a 3-part AMA session. The AMA was hosted by Satoshi Club and our CEO and CIO, Chuang Pei Han and Dorel D. Burcea joined the session to answer questions from the community.
Satoshi Club is an educational group about blockchain technologies that conduct quizzes and AMAs with popular crypto projects.
So far, Satoshi Club has had 32 AMA projects and 86 quizzes with partners like Kava, Tokoin, Coinzoom and more.
It was a 3-part AMA with Satoshi which started with questions by the community from the Satoshi Announcement Channel. It was followed by the second segment where Pei Han and Dorel answered the best questions from the community during the live session.
The last segment was a quiz for the community on Morpheus Labs. The community had 7 minutes to answer all the questions and close the AMA session.
The first segment included 6 questions dropped by the community on the Satoshi Announcement channel and the second segment was carried during the live AMA where the top 10 questions were answered.
Note: This transcript has been edited for clarity and readability.
D. | Satoshi Club: @Phchuang @irisee @EncryptUser @dorelb good to have you here guys! Welcome to Satoshi Club! 😄
Pei Han:Hi Everyone in Satoshi Club, thank you very much for inviting us.
Mary | Satoshi Club: Hi, guys!
D. | Satoshi Club: how are you doing today? 😊
Dorel: Hello Everyone! Thank you for inviting us.
Pei Han: We are good and excited to be here. Thank you very much 🙏
D. | Satoshi Club: Great! Let’s begin with the intro! Please tell a bit about yourselves and about your project☺️
Mary | Satoshi Club: Great! So, let’s start with your introduction and, of course, Morpheus Labs intro!
Pei Han: Hi Everyone, my name is Pei-Han, CEO at Morpheus Labs. I’m a serial entrepreneur with more than 10 years of experience in business development and fundraising. Being a business veteran, I managed to expand my previous company with conglomerates in the emerging market. My involvement in start-ups across varied industries enabled me with my network and resources to expand the previous businesses rapidly. I exited my previous company about 5 years ago, and I am currently running Morpheus Labs with Dorel & Bruce, which is one of the fastest-growing low-code, one-stop blockchain application development platforms in the market today.
Dorel: Hi all, I’m Dorel, the CIO at Morpheus Labs. I have more than 18 years of experience in Technology Transformation in the Banking & Financial Sector when I acquired an interdisciplinary mix of technical and business skills. As an IT industry leader in driving organisations towards the adoption of an enterprise solution to scale their businesses, I spearheaded IT initiatives & Implementation totalizing €2B Budget, risk analysis and cost optimisation resulting in remarkable savings, and successfully implemented multi-million dollar projects, some of them were for Amundi Pioneer (ex. Pioneer Investments), National Commercial Bank, Central Bank of Libya, HypoVereinsbank and UniCredit Group. And I became passionate about blockchain back in 2016.
D. | Satoshi Club: impressive! 18 years of experience 😱
Mary | Satoshi Club: How did you get this idea about Morpheus Labs?
Pei Han: More than 4 years ago, we were seated together discussing the potential of blockchain technology, which embodied four core principles: cryptography, distributed systems, peer-to-peer networking, and game theory. We realised that what seemed like a disruptive technology concept was not sufficiently adopted by many programmers worldwide. A quick check online on Reddit, Stack Overflow has revealed the challenge and lack of resources as the main reason many programmers chose to forego learning.
Then, we had this idea, “Why can’t we just have an online platform that allows programmers to learn and develop blockchain-based applications easily?”
Mary | Satoshi Club: That’s so simple and in the same time genius idea😂
D. | Satoshi Club: agreed! 👍 thank you guys for the intro! if you are ready, can we start with the questions from the Satoshi club? 😉
Pei Han: Sure, our team is here 🙏👍
D. | Satoshi Club: nice! let’s do it!
Questions from the community
Q1 from Telegram user @samuelstook
From your whitepaper, I have found that most projects will be in trouble because of the huge cost to develop. And you offer a solution to that problem. Can you tell us how you came up with ideas for solving the problem? How efficient is your solution to reducing costs?
Pei Han: Let me share a slide and @dorelb will further explain
Dorel: Yes. We thought the market would finally need a platform that does the heavy lifting while clients can focus on value-adding work like blockchain application creation and experiment with the blockchain technologies. Morpheus Labs SEED offers development tools, infrastructure, eminent blockchain protocols, and blockchain use case references for enterprises and developers to build, experiment and manage their own applications effortlessly, saving about 75% of cost and time.
Mary | Satoshi Club: How do you save cost?😀
Mary | Satoshi Club: Do you mean by this you will save it by reducing expenses for development?
Pei Han: yes, correct. Let us further answer here in a min.
D. | Satoshi Club:👌
Mary | Satoshi Club: Take your time 😀
Dorel: Good question.
Dorel: The process of discovery, designing, building and implementing blockchain-based solutions takes a-lot of time and resources.
Big enterprises spent millions of dollars on blockchain technology to stay competitive in the market. But they can make use of Morpheus Labs SEED to:
– Easily pick up which blockchain fit better for the problem to solve
– Eliminate hassle to prepare the environment for the project
– It is blockchain agnostic and spins up nodes in minutes
– Application samples and use case can make decision making easier
– Prototyping blockchain application shorting the lifecycle for the GTM
We are the one-stop development and implementation platform
Pei Han: Adoption started with us. Here is what people say
Mary | Satoshi Club: Nice reviews 👍 from famous persons😉
Pei Han: hope this gives a clearer picture of how Morpheus Labs SEED helps our partners to design and deploy blockchain applications
Mary | Satoshi Club: A lot of solutions, which of them are the most demanded now?
Pei Han: a min 🙏
Mary | Satoshi Club: Of course 😀
Pei Han: Currently, we are seeing high demand using MLSeed to build in Defi, and financial solutions in demand which is only the beginning, and next are supply chain, healthcare, NFT related and the list goes on. Many industries are in the exploration and experiment stage to streamline business operations generally.
Mary | Satoshi Club: Oh, no wonder, DeFi and NFT are on fire! Hope Morpheus Labs will help them to bring the best products for their users👍
Mary | Satoshi Club: Sure, it gives😀 i think a lot of people read reviews and only after that dyor😉
Pei Han: That is also a reason many Blockchain protocols are working with us 😊🙏
Recently, we were engaged by our client who was looking for a token issuance solution. We successfully designed and deployed a web application tool for non-tech users to create and launch the three types of tokens. The solution was designed and simplified by the Morpheus Labs tech team where he can easily issue utility tokens by filling out the form with necessary data without the burden of technical knowledge.
Mary | Satoshi Club: Ready for the next question, guys?
Pei Han: Sure
Q2 from Telegram Username @Gutike95
Since Morpheus Labs is responsible for solving multiple problems, have you really managed to solve any of them? What applications developed with BPaaS have been a great success?
– Use our platform in education training and solve Adoption problem: Dream plus/ICON
– Use platform to do workshop bring more community to the Blockchain: Major League Hacking
@bruceluy took the lead in a compliance application project and dived into identifying the challenges in the current regulatory process of our client’s business with an aim to automate the current regulatory compliance process with future proof capabilities. We developed a modularised solution on the Morpheus Labs SEED platform that integrates RPA technology, with Blockchain-based capabilities plugged in, enabling proof-of-process for compliance as required by regulations. RPA’s capability to pull and aggregate data from multiple sources has enhanced work process efficiency, helping to eliminate or reduce the time-consuming processes of handling large amounts of information; streamlining tedious approval processes and improving governance.
Morpheus Labs SEED platform was used to rapidly build blockchain-based Regtech innovation solutions for businesses in their efforts to comply with tax-related regulations.
Mary | Satoshi Club: It’s real success 💪
D. | Satoshi Club: pretty informative and detailed clarification! thanks!
Mary | Satoshi Club: Ready to proceed?😀
Pei Han: 👍👍
D. | Satoshi Club: 🚀🚀🚀
Q3 from Telegram user @Guretxea41
A token burn was recently performed and more token burns are scheduled in the coming months. Why are you burning so many tokens? How many do you plan to bring in the total supply?
Pei Han: 👍 a min
D. | Satoshi Club: sure 👌
Pei Han: To avoid flooding long text
Here is a clear explanation of the token related: https://morpheuslabs-io.medium.com/morpheus-labs-token-burn-update-90f6b2c98f8
Quoting from the article: “Why are token burns necessary?” We burn tokens as a deflationary measure helping to retain the confidence of the utility token holders. The higher is the platform user stake the greater are the platform benefits they can access
D. | Satoshi Club: 👍
D. | Satoshi Club: I noticed you have lots of token holders with more than 111k addresses according to Etherscan, this is an amazing number and achievement for any crypto project!💪
Mary | Satoshi Club: Guys, do you want to add something or we can go to the next question?
Pei Han: Done 🙏👍
D. | Satoshi Club: thank you! next question…
Q4 from Telegram Username @sirdefi
According to your documentation you have incorporated 9 blockchains: Ethereum, Hyperledger, Multichain, NEO, Vechain, Waves, ICON, Fusion and NEM. However, other popular ones like Tron and Binance are not incorporated. Why haven’t they been taken into account from the beginning and when do you plan to incorporate them?
Pei Han: In fact, we have many requests to integrate with more blockchains, currently estimated 7+ in the queue. However, we have our own metrics now to work with the selected one as we are pushing adoption with our business partners at another end. Hence we will gradually integrate more but for now focusing working with biz partners to bring these blockchains to more customers first
D. | Satoshi Club: It makes sense, smart move 👌
Mary | Satoshi Club: How long does it usually take you to integrate a new blockchain?
Pei Han: Technically is not very long, but most of the time is in Due D of their technology, if they have solutions for real usage, is the team supportive in implementing (and not only empty words) etc. We recently sat down with our partner Huawei team to look through some of partners solutions
Pei Han: i think dorel has something to add
Dorel: Aside those supported by large open-source organisations like Hyperledger and Ethereum for the other blockchain the key element was the mutual business benefits. Hence constituting partnerships was part of our GTM strategy, we considered blockchains that have high popularity , large community and enterprise traction. As for Binance we started on first step last year by introducing our BEP2 token and we are looking to ways to integrate BSC (Binance Smart Chain)
Mary | Satoshi Club: We will wait for the news from you, sure, you prepared more in this direction 😉
Mary | Satoshi Club: Let’s go to the next question, guys?
Dorel: Often it comes as a package , not just integration but also applications/solutions after the integration. So will always look to the “after integration” 😊
Mary | Satoshi Club: Everything is complex with Morpheus Labs 😀
Pei Han: We hope and aim to select good blockchain partners to work with 🙏
D. | Satoshi Club: Thank you for answers! let’s proceed to question 5…
Q5 from Telegram user @lzamg
I read on your whitepaper about the Community ‘Nodes’. Can you explain more about the role of these Community ‘Nodes’ and why they are called that way? Also, what are the requirements to be a Community Node?
Pei Han: CN (Community node) is a way we want to get crowd effort to build a more engaging community for the long term, by contributing various efforts hence we called it “community”
It is a Program enabling true supporters to participate in Morpheus Lab’s community governance and collaboration. Establishing Morpheus Lab’s global community nodes is helpful to break the shackles of corporation structure, greatly improving efficiency.
here are more details and requirements
Pei Han: @dorelb anything you want to add 😀
Mary | Satoshi Club: Nice article 💪 Satoshiclubbers, don’t forget to take a look at it👍
D. | Satoshi Club: and give a 50 claps 😉
Mary | Satoshi Club: And join Morpheus Labs community here @morpheuslabs 🚀
Mary | Satoshi Club: @dorelb do you want to add something?😀
Dorel: Short recap of requirements will be
– basic understanding of Morpheus Labs and blockchain technology
– willing to build communities and expand Morpheus Labs influence
– participate in community building, help to solve problems and maintain an active atmosphere for discussion.
– must be willing to learn, develop, and share in-depth observations and reflections on the industry, and help Morpheus Labs optimizing its product
– There’s a minimum amount of 125,000 MITx required to participate to the program
D. | Satoshi Club: got it! thank you for good clarification
D. | Satoshi Club: and the last question from the first part….
Q6 from Telegram user @Highpee
In 2019 and 2020, Morpheus Labs was featured by the Singapore Government as an Enterprise blockchain solution provider. What is the role of the government of Singapore in the Morpheus Labs project? Why has most of your blockchain solutions focus mostly on the Asia Market especially in Singapore and Malaysia? Do you have further plans to spread into the global market and take your blockchain solutions to a wider reach of the global community?
Pei Han: Firstly, we are based in Singapore. We see a lot of opportunities as there are many emerging markets in Asia. yes we definitely have a plan to reach out to the global market, for now mainly due to Virus and geo limitations we are working via sales distributor channels to reach out. It happens that our government strategy and entities (collaboration with government entities such as Sg Tech, IpI SFA , Open Node) in blockchain focusing on growing Asia pac now hence we are riding on their effort too. But we are working with e.g. integration work (a German-based company too), we will also exploring further out reach with Huawei and few new partners (in discussions)
Recently, we got into the top 15 amongst more than 500 startups globally in Huawei Spark, an accelerator program. This is a great opportunity for us to gain direct access to many respectable mentors in various areas of the business. This is the time for Morpheus Labs to seek greater market validation and set foot in the emerging technology market.
Blockchain is one of the key national strategies for China & SG. The collaboration with the Huawei team (of senior positions) has started. We see that there is a lot of synergy between us to move forward in the blockchain space.
Mary | Satoshi Club: Yes, as i remember you have such plans in your wp😀
Mary | Satoshi Club: Didn’t USA sanctions for Huawei matter? If you will have relationships with them? So, don’t you think you can have some troubles because of this?)
Pei Han: Guess that would fall under political conflicts. We are cloud-agnostic hence we would not say no to any cloud provider who comes to us, esp Huawei does have sizable market share in Asia Pac
Mary | Satoshi Club: Got it😃👍 thank you!
D. | Satoshi Club: Very nice! Europe is the next in the list 😉
Dorel:Nonetheless our platform is cloud-based and already allows people from any angle of the globe to work with it.
Pei Han: yes, we are cloud-agnostic too hence working with us would be a good collaboration
Live Q&A with the Community (10 Questions)
D. | Satoshi Club: Thank you for great answers! The first part of our AMA is over! the second part is ahead! @Phchuang @EncryptUser @dorelb @bruceluy we will open chat for 120 seconds, our community will ask you some questions, after chat will be closed, kindly select 10 questions from Satoshi club members! 😉
D. | Satoshi Club:
Dear community, we will open the chat soon. Please prepare your questions. Morpheus Labs team will select 10 of them. Please remember the rules ❗️❗️❗️
-Only genuine questions will be rewarded. Copied questions will be disqualified
Read the rules here
(https://t.me/Satoshi_club/272142) (https://t.me/Satoshi_club/272142)-For Part 2 of the AMA, every user will be allowed to post maximum 3 questions. One message should contain a maximum 1 question. If you post more than 3 questions, you will not receive the reward if selected. Thank you for understanding and good luck!😉
Also, don’t forget to join @morpheuslabs
Mary | Satoshi Club:Ready for the live part?🚀
1. Диего | Diego | ディエゴ | Satoshi Club | BCCore:
Congratulations on your new NERVOS NETWORK partnership which helps fix Morpheus Labs App Library V2.0 from what I understand but can you tell me how it helps fix Morpheus labs problems?
Pei Han: Nervos network is one of our recent partners which has numerous good solutions been used by the Chinese gov and SMEs.
As our aim is to push for industrial implementation, hence our first step is to curate more good solutions hence you will be seeing more renowned partners (not only blockchains but SIs etc) publish their solutions with us. This then becomes a door for all enterprises to pick up, customize. aka we become the door for blockchain and enterprises
2. Carlos: Forbes can be seen that Morpheus Labs has been endorsed and onboarded as a Standard Technology Partner within the Amazon Web Services (AWS) Partner Network. What was the impact of having AWS as a technology partner and what opportunities has this provided for the development of Morpheus Labs?
Dorel: We are technology partners, yes. We are closely working with AWS which is supporting us to emerge into a business offering their top-notch tech. This is a great privilege and currently, in the pipeline we work together to test and integrate new products such as AI and ML (Machine Learning) services. We will keep the community updated about it!
3. Tabor Seawolf: During 2020 I got scammed a few times, rug pulls — soft rugs etc. — how can we investors be sure that Morpheus will not be similar, are your contracts public & somewhere to be seen?
Dorel: yes please check our smart contracts and smart contract audit that were made public a long time ago. Moreover, we have been in the market since 2018 and we are already in the second version of our commercial product 😊
4. Ginger Mila: What is next in the roadmap for MITX? The business side is getting very strong, and marketing seems to be getting some traction: will we get some formal announcements on partners? Is there an estimation usage for the tokens this year?
Pei Han: Here is an internal business road map which we use (and aim for) timeline is indicative. We are moving into a real heavy collaboration to be a go-to place for implementation with Webinar > Workshops > hackathon
5. Why do customers need to use mitx tokens? And if mitx tokens are required for the bpaas platform (for example for subscription) are there also alternatives like using fiat instead of mitx tokens and won’t this decrease the usage of mitx tokens by customers? If fiat does the job then how do we expect massive usage of the mitx tokens? Hopefully, @Phchuang @dorelb will answer my question 🙂
Dorel: yes fiat is possible too. we do offer a fiat gateway for our subscription model, but that fiat then buys mitx through our treasury- the more usage we’ll get, the more mitx gets utilised. Please check about our tokenomics on media. Thank you
6. Mega: I read from your website that Mitx Coin will be used by big companies like Huawei and PwC . Huawei also put Morpheus Lab platform available on their phone user, can you please give clarification about this? How does this affect Morpheus Labs?
Dorel: Our platform will be open to Huawei CLOUD’s customers. It means some Huawei products will be available via Morpheus Platforms for their customers. Implicitly they will need the Mitx token to use the platform. Since Huawei market also means a new market for us we expect good demand in the future
7: Santa077 [Bot]: Any 3 reasons to choose your project rather than others???
Pei Han: I think in marketing now, there aren’t many low codes one-stop development platforms that provide end to end dev tools. Not to forget for Blockchain to go to the next level, the key is mass adoption, this happens to other technology as well e.g AI, IoT, mobile dev in the current market, there are many Defi, protocols or solution layers building on “still” evolving tech which need fast validation then improvement, and the key is still rapid dev tool which is us
8. Zafer Metin: How is the Morpheus team working to design solutions on blockchain and technologies like RPA, AI, IoT, and what are your initiatives to provide incentives with partners like Dream Plus, Conflux and ICON on your roadmap?
Dorel: In fact — few of our customers had used our platform to work with RPA and we have few projects exploring now with AI and IoT. Our platform is designed to cater to easily work and connect with these techs
9. Super-girl Says: How many programming languages does Morpheus Labs support? Do you plan to incorporate more?
Dorel: 20+ languages and not difficult to add new ones. Based on users’ feedback we can create new development stacks for different needs. It can be languages, SDKs, and blockchain specific stuff.
10. Santa077 [Bot]: Any 5 benefits of your project???
11. Alya: What is your partnership with Chainlink platform? What do you provide for them?
Dorel: Chainlink provides a good smart contract oracle concept. We plan to provide, based on customers needs, chainlink sc oracles to make the business interaction between platform/customer application and external world possible in a trustless and transparent way
Mary | Satoshi Club: Thank you once again @dorelb @Phchuang for this amazing AMA!👍 It was a pleasure to have you here! Always happy to see you here again 🚀
D. | Satoshi Club: @Phchuang @dorelb massive thank you for such a great AMA! 👏👏👏
Pei Han: Thank you very much, everyone in Satoshi club
Dorel: Thank you everyone
End of AMA
It was a very exciting AMA for the Morpheus Labs team. There are many good questions and we wished we could answer all of them! We look forward to the next AMA to answer more questions from the community.
About Morpheus Labs
Morpheus Labs is 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. Start building for free on Morpheus Labs SEED!
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