Paparazzi (PAZZI) was listed on TomoDEX on 6 October, 2020 under PAZZI/USDT trading pair. Now this time, Sungmin decided to take his time to share a bit more about their project and business with all the TomoDEX users.
Below is a summary of the AMA.
Sungmin Yoon is the CEO and Founder of Paparazzi. As a seasoned entrepreneur, he has extensive experience in the gaming industry. Before starting the Paparazzi project, he was the CEO of Netmarble IGS. Netmarble is one of the top four leading gaming companies in Korea. He is dedicated to decentralizing the content sharing industry and leading blockchain mass adoption with his experience of upscaling projects.
Host: Could you tell us a bit more about Paparazzi? What kind of platform are you building exactly?
Sungmin: Paparazzi is a photo-centric blockchain-based platform to provide a seamless process of capturing, sharing, and trading a graphic memory.
Within seconds, people can capture the moment they are in and share it with friends and families across the borders. These personal moments are not limited to an individual entity. For instance, travel guides, photographs, and artworks are all commercial merchandise.
Host: Who do you think are the major competitors within and outside of the blockchain space? What are your main strengths compared to them?
Sungmin: There have been a lot of attempts within the blockchain space to create a social media platform using blockchain technology. However, due to the technical barriers and lack of user-centric functionalities there are not many successful social networking platforms on blockchain. Paparazzi team is focused on delivering features that the current major platforms outside of the blockchain space cannot provide. Our competitive advantage is that Paparazzi provides a UI/UX designed for users. We also allow for users to have autonomy and generate revenue in a decentralized manner.
Host: Could you share with us how you plan to achieve that goal? Like your roadmap from the past to the future?
Sungmin: Until now, Paparazzi has been focusing on completing our application and blockchain development. Concurrently, we have dedicated efforts to increase Paparazzi’s presence in the blockchain space by continuing our marketing campaigns and major exchange listings. Our plans include further expanding our ecosystem through in-depth partnerships with other blockchain companies. We are also exploring more options to implement Tomochain’s technologies to our application and ecosystem.
Host: For marketing side, Paparazzi is based out of Korea and you are doing great in the English market too. But going forward, how do you plan to reach out to more countries in the future?
Sungmin: We will be expanding our global communities through an ambassador’s program that we are planning for this quarter. For effective user acquisition, we will plan intensive nation-specific user acquisition campaigns.
Host: As you know TomoChain has a strong Vietnamese root, do you have any specific plans in the Vietnamese market as well?
Sungmin: Yes, until now the Paparazzi team has been operating a Vietnamese community on Telegram. We will begin an intensive marketing campaign in Vietnam after our application release. As a beginning, we will add Vietnamese language option for our application. Further details will be announced along the way.
What are the plans to educate and raise awareness and adoption among the community to make more people understand about #PAZZI project easily (even for beginners)? (Twitter user @NaufalRf6)
Sungmin: Having vibrant community events to inform about Paparazzi project is most important for members to learn about the project and its vision. The application development is focusing on simple user experience so that users can learn about what the application emphasizes without reading into our documents or participating in the community events.
Can you list 3-4 killer features of $PAZZI that make it ahead of its competitors? What is the competitive advantage your platform has that you feel most confident about? (Twitter user @BoyJumri)
Sungmin: Our three major features are: photo-blur function, full-screen user interface, and IPFS implementation. IPFS allows for photos to be stored securely on a distributed file system. Photo-blur function allows for a customer-merchant relationship to be established within the ecosystem. The full-screen user interface allows users to be seized in the photo-centric memories.
What are the main roles of Paparazzi tokens? Can you explain in detail about Project’s Work and Mission with work of Token in the Entire ecosystem? (Twitter user @semogaberkahXD)
Sungmin: PAZZI tokens are used for payments, governance, and trading rights. Our goal is to increase the use cases of the $PAZZI token within the ecosystem. Maintaining organic demand for the token for the ecosystem is important for the users and holders.
Why did the Paparazzi platform choose the Ethereum ERC20 blockchain for its platform? Why not a more scalable blockchain as Ethereum has many scalability issues? (Twitter user @R7Clover)
Sungmin: $PAZZI chose ERC20 tokens as a start as Ethereum is one of the most widely used platform amongst exchanges. Scalability of Ethereum does not hinder our application because our application is powered by IPFS technology. However, we are expanding our tokens onto other platforms like Tomochain for faster transaction speeds and lower costs.
At present defi is a very popular and lucrative sector. Does pazzi have any plans to involve itself in the defi sector? (Twitter user @MDKawsarChowdh5)
Sungmin: Paparazzi is currently incubating a DeFi application focusing for mobile users: Passport Finance. Our plans with DeFi sector is to implement within the whole ecosystem that Paparazzi is involved in. Our team is focused on building our application and ecosystem stronger.
How can users stay updated with this project? Are there channels, including local communities where users can get the latest updates??(Telegram user @nsnur10)
Sungmin: Users can join https://t.me/pazzi_en or follow us on our social media channels like Medium and Twitter.
Although ETH 2.0 is delayed to next year, but it will solve all exist problem of ETH and become the best choise for dApps in future, so do you think this is a threat for Your project and how could you overcome this barrier? (Telegram user @hobbs9)
Sungmin: Ethereum’s platform speed does not affect Paparazzi. Paparazzi uses IPFS system to power the application, thus our application speed will not be hindered by the hosting platform’s scalability issues. This approach was done to ensure user experience.
As You know, Many people judge a project by the token price, What do you have to say to investors? What’s the plan to increase the token demand? (Telegram user @Loss1122)
Sungmin: While many people are sensitive to token prices, if a project quality is determined by the prices… it will never become a major project. We are determined for an organic demand of the token by consistently expanding use cases.
Are you a global project or local project? Can anybody anywhere use Your project without any restrictions? (Telegram users @professor099)
Sungmin: Paparazzi will launch first in Korea and the United States. Later it will be available across all different markets.
What is total supply? Are your plans to focus on market or to grow community? (Telegram user @nsnur10)
Sungmin: We are always focused on providing a good service for the users. Users make Paparazzi stronger.