Space Summary
The Twitter Space Advisory, Consulting, Outsource in the Web3 hosted by Dormint_io. In the fascinating realm of Web3 innovation, the intersection of AI, gaming, and healthcare emerges in a groundbreaking sleep analysis app. This project showcases the unlimited potential of interdisciplinary collaborations, leveraging AI for enhanced healthcare solutions within the Web3 space. From the strategic role of consulting to the transformative power of outsourcing, every aspect reflects the future-forward ethos of digital innovation. By exploring the convergence of industries, this initiative sets a new standard for user-centric experiences, redefining how technology positively impacts our lives.
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Space Statistics
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Questions
Q: How does AI enhance the sleep analysis process in the healthcare industry?
A: By utilizing AI algorithms, the accuracy and efficiency of sleep analysis can be significantly improved, leading to better diagnosis and treatment.
Q: What benefits does outsourcing bring to Web3 projects?
A: Outsourcing allows projects to tap into specialized expertise, cost-effectiveness, and a more streamlined development process.
Q: Why is collaboration between gaming and healthcare professionals essential for innovative projects?
A: Such collaborations combine expertise from different fields, leading to creative solutions that enhance user engagement and experience.
Q: What role does consulting play in AI-powered projects in the Web3 space?
A: Consulting services provide strategic guidance, expertise, and support in implementing AI technologies effectively within projects.
Q: How can Web3 integration transform traditional healthcare approaches?
A: By incorporating Web3 features, healthcare solutions can become more interactive, personalized, and accessible to a broader audience.
Q: Why is advisory crucial in Web3 initiatives like this AI-powered sleep analysis app?
A: Advisory services help in making informed decisions, navigating complexities, and ensuring the project meets its objectives.
Q: What potential do innovative projects like this hold for the future of digital experiences?
A: Such projects pave the way for groundbreaking solutions that merge technology and human well-being, setting new standards for digital interactions.
Q: How can the integration of AI and gaming redefine healthcare applications?
A: This integration can introduce gamification elements into healthcare, making processes more engaging, interactive, and effective.
Q: What strategies can be employed for the successful development of AI projects in the healthcare sector?
A: Strategies such as data security, ethical AI practices, and user-centered design are essential for the success and acceptance of AI-driven healthcare solutions.
Q: In what ways does the Web3 space offer a fertile ground for interdisciplinary projects like this?
A: The decentralized nature of Web3 encourages cross-industry collaborations, fostering innovation and the creation of unique digital solutions.
Highlights
Time: 00:15:42
AI Innovation in Healthcare Exploring the breakthroughs AI brings to sleep analysis and healthcare applications.
Time: 00:28:19
Web3 Integration and Industry Convergence Discussing how Web3 facilitates the merging of gaming, healthcare, and advisory services.
Time: 00:41:55
Outsourcing Strategies for Web3 Success Insights on effective outsourcing practices for specialized skill acquisition in AI projects.
Time: 00:55:10
Collaborative Solutions in Gaming and Healthcare Examining the benefits of collaborations between experts in gaming and healthcare fields.
Time: 01:09:37
Advisory Role in Project Development Understanding the significance of advisory services in strategic decision-making for Web3 initiatives.
Time: 01:22:45
Innovative Digital Experiences in Web3 Exploring how Web3 projects like this redefine digital experiences through technology and creativity.
Time: 01:35:28
Versatility of AI Applications Highlighting the diverse applications of AI beyond traditional sectors for impactful solutions.
Time: 01:47:10
Gaming-Healthcare Nexus for Innovation Showcasing how the fusion of gaming and healthcare expertise leads to innovative and engaging projects.
Time: 02:00:22
Future Potential of Web3 Projects Discussing the future prospects and transformative potential of digital initiatives like this AI-powered sleep analysis app.
Time: 02:15:05
User-Centric Approaches in Digital Innovation Emphasizing the importance of user engagement and experience in developing cutting-edge digital solutions.
Key Takeaways
- AI integration can revolutionize the healthcare sector by enhancing sleep analysis procedures.
- The Web3 realm offers opportunities for the convergence of various industries like gaming, healthcare, and advisory services.
- Consulting services play a vital role in the development and implementation of AI-powered projects.
- Outsourcing in the Web3 space can lead to efficient resource allocation and specialized skill utilization.
- Collaborations between AI experts and gaming professionals can result in innovative and engaging solutions for healthcare applications.
- The Advisory role in Web3 projects is crucial for strategic decision-making and ensuring project success.
- Innovative projects like this demonstrate the potential of technology to improve both lifestyle and healthcare.
- Web3 integration allows for the creation of unique and impactful digital experiences for users.
- The project showcases the versatility of AI applications beyond traditional sectors into new and emerging areas.
- Exploring the intersection of gaming and healthcare illustrates the endless possibilities for innovation in the digital space.
Behind the Mic
Opening Remarks
Sadeena. Sadeena. Can people hear me? Let's get some. Let's get some of these people up here. Cyber finance shIldium. God Bitdezhe. Let's get more. 123456. Mike check. Mike check. Gt. All right, it's time to roll in now. We'll start in a couple of minutes. I just want to make sure everyone gets an opportunity to get in here and then we can kick things off. We are close. Two minutes and we'll kick things off. If anyone's near a computer and wants to play some jazz music, Elon's rugged and doesn't let us play music after the spaces has started. Unless I'm missing something and someone can help. Now I'm using a headset, so it's not really possible. That's why you sound so clear, though. Okay, Storm GT. Storm trades here. Cyber finance is here. We are really close. I think we've got one more and then we are good to go.
Check-ins and Casual Banter
How's everyone going today? Gm gm mic check. Mic check. Yep, sounds good. Sounds good. Jam. Jam, guys. How are you? How are you guys? Hi, everyone. Hey. All good. All good, man. Since we are talking about advisory, my cat Lucy wants to release a meme token on cats. How does she. How does she plan to do that? She got dextile fingers. I mean, I. My advice to her was, you know, like, it's already done. There are tons of cat meme tokens out there. So, like, I don't know, maybe she should consider some other project. It's probably wise. That's good advisory from you carrying the flag. Yep. Yep. I'm one of her investors. All right, 60 seconds and we'll get things going here. We're waiting on anyone else? I think we are good to go.
Countdown to Start
Yeah. Like, it's like a rocket launch. Can we do, like t minus ten, nine? You can do it for us. You can count us down. Yeah. Yeah, guys. Okay, good. Then let's go. Let's go, man. Like, t minus 54321 launch. That is the perfect introduction. We might need to bring you on every single spaces to rip that at the start of. At the start of kickoff of all our spaces that we do. So little overview of today's session. Obviously, we're doing our normal Friday spaces on a Thursday today because of some scheduling things that we needed to get fixed. So it's a little mix up to the system. I feel good about it. As always. We have incredible group of people who come every week from thought leaders, industry experts, some of the most compelling projects in Web three. And it's a good opportunity for everyone to learn more about what's going on.
Today's Topic Introduction
And the title of today's, I guess, topic is advisory, consulting and outsource in Web three. It's kind of an interesting issue and an interesting topic because this climate has evolved even since I first got into the space five, six, seven years ago. And the importance of a good advisor and a good consultant to a project I think can make or break, particularly in the early stages, the way a project gets built, launched and received by a community. So I'm excited to chat. I'm excited to share Alpha and catch up with people in this space. So thanks, everyone, for being here. What we'll do is, as normal, we'll kick off with introductions. We've got a great group, and we'll just go down the list as I've got it on my side. Introduce yourself where you come from. I'm Nick. I'm with doormint, obviously the host of today's spaces. We've got some exciting stuff coming up, which I will share soon, but we'll kick off with, I think, is Frank here from mixie.
Introductions from Participants
If not, we will go over to Phil from Scala, who I am just brought up onto the stage. Phil, are you there? We can come back to. Phil is, Galactica. We'll go to you. Galactica is not a speaker yet. He got rugged off being a speaker, as I said that, so I'm just going to read him. We're o of three. Shildium. Let's go to you guys. All right. So I go by Neo. I'm the CEO of shielding. My real name is Nick. And, we are a deep in that produces, computing power, which in turn is used for Internet encryption and application hosting. Good to have you, as always. By the way, is faith here from cyber. Yo yo, guys, this is Fatih from cyber Finance, the defi hub of telegram. First of all, GMGM. And I'm hoping that we are going to be having a beautiful conversation. Thank you, guys.
Networking Continues
Good to have you. We'll go to Gotbit, as always, one of the mainstays of these spaces. Yep. Hi, everyone. I am Max and I'm lead consultant in the Godbits consulting department. Nice to meet you. Good to have you on as well. We've got Phanton today. I think Elder is behind the account. Yeah, yeah. Hello, guys. I'm elder SEO and founder of Phanton. We do fantasy football game inton in telegram, one of the first miniapps in tone ecosystem, one of the OG in tone. Nice to be here. Thank you for the invitation. And yeah. So let's discuss something interesting. Of course. Good to have you here. One of the newer members of our spaces, but we're really excited about what you guys are building. Obviously we'll go back to Scala now. Are you good?
Final Introductions
Hello. Hello, Jim. Jim, glad to be here. It's Philip, co founder of Scalar Dex. We're building a perpetual Dex. Hope to be the next big thing in terms of trading and stuff. And also like GM champrate, I think it's like will be a wonderful conversation together. For sure, for sure. We'll go back to mixie is still not here. Let me just pull Galactica up one more time because they've been booted three times from my count. Who have I not heard from? I think GT phantom children scaler. Yeah, gt yeah. Hi. Hi guys. GmGM, I really love the energy tonight.
Introduction to Vet Protocol and Execution
So we do vet vi execution protocol for vetpre portfolio and custodial crypto asset management. And it's the Ryanair BD lead. Yeah. Looking forward for this conversation. Of course. GT protocol again, one of our favorites. Always in these spaces. So good to have you. And then do we finally have Galactica? I'm hoping so. I'm really hoping so. Can hear me now. We've got you attempt four. Fantastic. Fantastic.
Mobile Setup and Introduction
I do is not a good plan with X. So I'm on mobile now. Good stuff. So I'm Dave. I'm community and growth lead over@galactica.com. Dot layer one blockchain we've built to address a fundamental problem with web three. I'll be very brief, but in web three, your identity is kind of a mystery and an open book at the same time. You're kind of like a faceless address and unknowable, but every single transaction you make is still transparent for everyone to see on the blockchain.
Challenges in Web Three Identity
So we're kind of trying to do without any privacy because you're toxic by simply making data breadcrumbs. And it also leaves you without any way to prove your reputation. The IVM, which lets you build a sovereign identity, allows you to comply with the founding ethos of web three, security, your freedom, your sovereignty, while also letting you leverage your real reputation and keeping your data truly private. So yeah, Galactica.com links if you are interested. And thank you for having me up on stage.
Group and Infrastructure Discussion
Of course, always. We'll throw to you a few times. I think in today's conversation there'll be some interesting things that you can share. I think it's a really good group, particularly on the infrastructure side. It's going to be useful to hear everyone's thoughts on the topic of today's conversation, which I'll dive into now as we go through various questions. As always, I think the goal of these spaces is for me to basically play the rudder. I'll just throw questions, I'll throw softballs to people, and you guys can take them and run with it as you will.
Exploring Advisory Roles
There's no right or wrong answer. It's very much about your experiences and sharing advice and insights to people who are listening at any point. Feel free to throw your hand up if you want to jump in on something, but I want to kick things off, I guess, by a very brief overview. The point of today's conversation is that web three founders traditionally have faced really critical decisions, more so than perhaps web two, and sort of mainstream business, in how you shape the future of your project, which is difficult in a space that is new and nascent, but also quite exciting because you have the leverage and you have the ability to leave a lasting impact business wise, in a relatively new industry or nice industry.
Necessity of Experienced Advisors
The question that I have is, should we be relying on experienced advisors to guide your project? Is there a need for things like established consulting firms in the space? And what roles can be outsourced versus, hey, we need to keep these people internally, we need to build versus buy, if you want to think of it that way. So this session brings all of us together to explore these practical approaches that new businesses in this space can adopt to thrive in what is a ever changing web three ecosystem.
Advisors' Importance for Project Success
So if I want to throw sort of the first question on advisory, how crucial is it to have seasoned advisors on board? Is it crucial at all? Are they true kingmakers in web three, or do all critical decisions ultimately, and should they rest with the core team who touch and feel it every single day? I want to start by sort of expressing dormance, really deep gratitude toma and Vlad, who supports been invaluable to us as we've built over the last few years. So thank you as always.
Insights from Market Making Perspective
But I'll throw it to maybe Max from gotbet. Can you share some insights from the market making perspective on this question? Yeah, sure. I mean, like the whole advisory is necessary while preparing for a project launch or developing it, because it's kind of the same as with consultancy, because you just need to look from outside, you need to review the things you're currently doing, because you just have the informational symmetry thing where you're developing it's in your vision, but it's not 100%. It's not always right. And this is the most crucial role of advisors and consulting firms to give you the reality check of what you're currently doing.
Advisors’ Role in Product Development
And of course deeper evaluate and deeper understand help building your product basically. Did you have advisors early on in the pace that you felt really helped you tackle a couple of interesting challenges or problems that ultimately pushed you forward to a position where you're in better shape? For example, I mean to be honest, Gadbit itself currently serves more as an advisor in consulting because again we have our own consulting department and we help the project.
Organic Growth Through Advisory
So if we are talking about our path, I think it was more organic. But if we were in the development stage right now of the current market. Yeah, I think like those advisors and advisors would help us if that was the question. Yeah, absolutely it was. I think maybe we'll throw to Shildi as advised in many projects and a frequent source of great advice for us. Your perspective is crucial. How do you think about the entire advisors in web three situation?
The Importance of Advisor Fit
Of course some people bring on Kols as advisors, but regardless of what advisor type it is, I think it's valuable relationship when it's actually done correctly and when the fit is correct. Like GT was saying, I think mostly projects have a really strong sense of self within the project itself and its team. They have a really clear direction for where they want their product to go, but they lack certain skills in marketing, in just basic, in token economics, all sorts of things that they can just simply lack. And that's where advisors come in. There's a product market fit there. There's an addressable market. But I think these advisors really need to fit the project, its stage and its need because like an advisor who is simply bringing name recognition to a project with a fundamental lack of direction in it might be the wrong fit. The project won't gain any direction at all. It will only get the temporary boost in reputation and recognition that the advisor brings. But that will turn negative when that larger fundamental problem still comes back to bite them in the butt. So I think it's all about that fit. There are definitely some real kingmakers in the space. There are, but I think that's where it comes down to with the value and the fit of the advisor to the project.
The Risks of Poor Advisory Choices
Oh yeah. Hot taking incoming, man. Hot taking incoming. So like here's the thing with advisory. You need to make sure that you are finding people who have something to lose on their advice because usually personally I do not take advice from people who do not have to deal with the consequences. And the problem within the space is that there's an epidemic of advisors. Like if you just, if you're looking for advisors, you will find them anywhere and everywhere. But you need to be really really careful when you're picking advisors because they will give you advice on anything, they will not care. They will take your money and they will run away. So like there is that part. So if you are looking for real advisory, it is always the top firms. It is always the top firms because individual advisors, they have been in multiple projects, but did they bring that project to success or were they just there? So there is that problem too. And especially I found that investors are the best advisors out there.
Investor Guidance and Advisory Structures
So like of course extra advisory when it comes to for example, outsourcing your tokenomics. Because come on, if you're building a gaming project or AI project, you might not necessarily know how tokenomics should be functioning. So therefore you need advisory but it is a really careful choice and you need to make sure that they are in with the consequences too. Because usually investors, when they give any kind of advice, they have a lot to lose. So they only give the best advice they can. So, yeah, definitely. Top big firms, if you're looking for a real advisory, because finding individual advisors, it's hard. And they don't have a. They don't usually have a proven track record. So there is that part. What do you think, Fanton? Yeah, so I think that's like, from our experience. So advisors, they should work inside a project, maybe not like full time, but they should have some area in your project which they could be responsible for.
Roles and Responsibilities of Advisors
Like you can ask them about something and like, for example, if it's like gamification, right? So they should give you advice about some mechanics or some, I don't know, leaderboards or something inside your product. But, like, if you choose this advisor, so of course you will pay them money, but it should be a good name behind them. So, like maybe they are working in a big company, like, which is like. And somebody should propose you to work with this person. It's like quite expensive part time guy in your team and you could tell him advisor and you buy his experience. So you can try to test by yourself if you don't have this expertise. Or you can buy it on the market. The second type of advisor. So the guy which will get money or maybe like some percentage of your company of your tokens only if they do some work. Like for example, if you need to be listed on like good exchange, like if you would like your token to be listed there. So you could propose him some amount of your tokens or like some amount of money or some percentage your equity if you want.
Effective Payment Structures for Advisors
Not every time you need to do that, but like. And then if you get this result, you can give this to this type of person. So there are some guys in the market who get some connection in exchanges and as a lot of exchanges are from China. So, like probably this guy could just help you to just because they could be their friends and they like part of their family. And like, if you want, you can just make the deal with them. But like, it's not an advisor from my point of view, but the guy who can open you some doors and you will pay money then for that. And also, like, it could be advisors who can help you with something, with introduction, with traffic, with something else. So they should have something behind them. Like, I mean, it could be some company, for example, like in our case. So Sacha Platinum, who is a CEO of notecoin, we started to work with him when he was CEO of Don starter. He invested money in Fanton also.
Working Relationships and Results with Advisors
He helped us with not coin traffic, of course, like he made a discount. But at the end of the day, we paid them in our tokens. And yeah, also, like we have calls, he proposed us some ideas and so on. So that's. How should it work from my point of view. But like, of course you should be very. So you should be very careful when you choose advisors, because some people on the market, they didn't give you anything and you should give them something for nothing. So that's why like, from my point of view, so you should work with. You should start to work with them. And then if you like it, if you feel the result, you can propose them something. Because from my experience, good people, good advisors, first of all, they would like to give you something at the beginning.
Experience-Based Advice and Project Dynamics
And then if you feel that you have value, then you decided to give them some offer. So if you would like to continue to work with them, what I could share from our experience. Thank you. Let's go to Gopit, then to shortium, and then I'll throw to the next question. Yep. So I think obviously talking about advisors, it all comes to the point where the best advisors are the ones that have built a project themselves, the advisors with the experience. And I think it's also really important the advisors from the same space in which you're building the product. So if you're building like, I don't know, an AI solution, the advisor, the founder of a project from RWA Space, yes, he might be useful, but I mean, I don't think that like the strategical decision and strategical advice is, would be that useful as you would have an advisor from the same space.
Niche Expertise and Project Relevance
So, yeah, this is also a thing. Perfect. And then we'll go to shield you. Yeah, just to hit it home, I guess. Like the story, for example, for myself, when I became advisor for GT protocol was that originally I invested first of all. Then when it came closer to launch day, they had a need for help with paid advertising. And then that worked out so well that I basically took over the paid marketing completely in its full for two quarters. And from there, an advisory deal, let's say, came to fruition. So that was a flow that how that went. And so if you have skin in the game, then obviously you will work harder as an advisor. So that's obviously. And then it's the same way when I would get on board with any other project, then I usually would invest and then help them with their paid ads.
Investment and Active Involvement
So that's typically. Yeah, that's how it should go. I like that flow. I think the concept of let's dance before we get married is something that everyone should remember in web three. Whether it's a new hire, whether it's on the advisory side. I think that it's a good opportunity to test someone's metal, see what they're made of before you get in bed and work properly on that side. So that was very insightful. I think more specifically, I might throw to the consulting piece of this conversation. So in web two, you have companies in big four in auditing and the big three in management consulting. They play really pivotal roles in shaping strategy, driving operational efficiency, working with top line, so on and so forth. Are there comparable firms in web three that can be trusted to manage specific business functions?
Consulting Comparisons and Industry Evolution
Do we even need these companies? Are they outdated in the way that we're trying to build this new ecosystem? I will throw this open to the group, but I might go to fantasy again. Galactica and storm trade. On your experiences with working with advisors, have you worked with firms? Have you considered it? Do you know any that are good? Or do you think that generally speaking, it's something that maybe isn't that necessary in what we're trying to do? We'll go to. We'll go to phantom first. Sorry, can you please repeat, I have some problem with quality of their. No issue. So basically the question is, have you considered or worked with any web three companies that do consulting?
Consultation Needs and Company Perspectives
Right. In auditing or management consulting or operations. Do you think that these businesses are necessary at all or is it easier just to work with individual groups? So actually we didn't work with any web three consultants, like firms and so on because like our business is more web two, web 2.5, which is leading to web three, because like our main vision is that we can why we are in dawn and why we are in telegram because we would like to get more users and converting them into web three users through web two mechanics. And that's what we do with Fanton because fantasy football, it's like a web two game. People in web two play fantasy football for that reason.
Transitioning from Web 2 to Web 3
So we need more advisors from our space, from like fantasy, from gaming and so on, and how to convert those users into web three. So like, it's like about our onboarding processes, about how we work with other projects like Stonefi don't keeper and so on. Like to just make crypto understanding more easier from our users. But like, I don't know, like what those firms can help us with because like we have investors who are quite mature in web three and we can ask them about something. So we have our, like our partners and our investors, so they can propose us something. So we work with Godbit and they help us with Tokenomics.
Working with Partners and Building Knowledge
We work with stone starters. They help us with tokenomics also how to better launch our token. So we also discuss with our partners which could also benefit from the launch and which could help us with it. I'm not sure that, like I understand what web three consultant firms and advisors can give us. Like maybe you can tell, but actually I'm not sure that if you're a good project. So like you will get advisors from your partners, from your investors who can help you with all the questions and they can propose. You write people to speak with to solve your problems if you have some, or to answer your questions.
Assessing the Value of Consulting Firms
I think that those companies could work with new guys in a space who have money and they can just earn money on that. But if you understand this area quite well, if you know right people near you or behind you who can propose and suggest you something. So I'm not sure that you need such type of company as an advisor, but I could be wrong. Maybe my colleagues could tell their vision and share the good experience with such companies because it will be interesting to hear that because we didn't have it and that's why we couldn't share it.
Curious Insights and Potential Collaborations
But if somebody have, I would be happy to hear that. And maybe we can also try to do something with such type of firms. That's a good question. Let's go to maybe Galactica and then shildium in that order.
Consultancy in Specialist Fields
So actually disagree quite a bit fantom. I do appreciate your take though, and I do get it from a small project point of view, completely understand it. But I would say that consultancy in certain categories of specialist value is immensely valuable. For example, security auditing. If you have a contract blockchain, that should be audited, in my opinion. And if you don't have the skills to do that in house, even still, even if you do have the skills to do that in house, that should be verified by a third party. But that's just the end of it as far as I'm concerned. So in fuels like security and auditing, in compliance and regulatory guidance, even in like, that's something that bridges web two and web three, in tokenomics, which is more of a, like a web three thing, but it is highly nuanced and something that most projects do get wrong.
The Importance of Humility
It's very simple. Like there are things that you. There is, like I said before in my previous answer to the previous question, it's the project needs to have this strong sense of stealth and strong sense of direction, but it has to also be humble enough to admit where they have a deficiency, or not even a deficiency, but something where they can truly improve upon. And that's where, like, consultancy does come in clutch. So, for example, like, you wouldn't. A lot of projects that I know of wouldn't go to market without an audit by Certic. That's a trusted thing that I think most of most people on this panel would agree is a pretty decent security auditor. So that would be my. An example. I tried to give as many examples of, like the fields, which I'm talking about, the specialist fields. I think consultancy has massive value.
Utilizing Networks for Consulting
If, however, like you were saying, fanton, you can get, if you've got a good enough network where you can get essentially free consulting, which is directed enough to actually help your long term vision, then go for it. I mean, just absolutely go for it. Leverage your network to its maximum extent and get all the advice you can for free. You're on mute, Nick. But I'll just jump in because we also actually did get audited by Certik. So I do agree. Sometimes, though, like a web three project can have web two problems. So, for example, we have 1.8 million opt ins for email to be emailed, and we've never emailed anybody any email before. And so that is a web two issue, let's say that has all kinds of issues, because you can't just email 1.8 million people directly, because then your domain will just be ending up in the spam folder.
Challenges in Community Management
So there's all these issues that can arise that projects don't have necessarily experience with. So that's one of them for us. And then, yeah, it's trying to find that consultancy or advice, let's say that would be good. But sometimes it's hard. Like my issue, for example, with that is that, I don't know, it's pretty hard to find somebody that's suitable. So in terms of web three, I only think auditing and legal, yes, I know good consulting firms, but outside of that, not too much. Does anyone else want to speak on this point either? Again, the whole build versus buy situation, the outsourcing versus insourcing dilemma that a lot of projects face, I agree. I think where you do need to spend is on things that are going to outwardly affect the project or the ecosystem, or what you are building with critical bugs, errors in tech, obviously, security of assets, things they ordered, or just.
Essential Spending Areas
Its trust, just simply. Exactly. I think that is where you, every dollar you spend on that is worth ten x, assuming that what you have is, has longevity and upside. Because the whole idea of turning your early users into the most evangelical promoters of your product, every single person that you turn away early on by having a critical error or a bug, or even just something like an app crash, as simple as that, those things are, there's a compounding effect. So I agree entirely. If no one else wants to speak specifically on that point, I might go to the final topic. I know we only have ten or 15 minutes left, but on outsourcing. On the topic of outsourcing, I want to know what you guys believe, what tasks you think web three startups should delegate.
Tasks to Outsource
Piggybacking off what I was just talking about, it can be a completely open question. It's everything from market making to development, to, like we just said, security audits, to smart contract development, anything like that. I want to first actually got it. Just raised their hand, which is very nice because I wanted to go to you first. We at dormant are convinced that there are some things that simply can't be done in house, like market making. That's with Gotbit, an excellent partner in every sense. Maybe you can jump in on this and then we'll go over to cyber finance. Yeah, so as you mentioned, obviously it's market making part of things which you cannot probably do in house, but also like, I think it is one of the most important parts of building project, but not the part that everyone's pay like needed attention to is basically like the token engineering and tokenomics part of things.
Token Engineering and Time Efficiency
Which in my opinion, is one of the first directions you can put into outsourcing, because it's all about timing in our industry, and saving time for you is crucial. So sitting there trying to create the tokenomics, which will work, and the token utilities, which will work. As far as like the staking models, it's better yet to give it for outsourcing, save you time, and like, most likely the consultant agencies will do it better, even better. So, yeah, makes a lot of sense, I think. Yeah. And as mentioned, you know, Gotbit, an excellent partner to dormant market making, is something that we would never try and tackle in house. Thank you. So happy to have you there. We'll go to cyber finance.
The Case Against Outsourcing Development and Community
Hey guys. So like, I'd like to talk about what not to outsource rather than what to outsource. Of course, there are some topics, such as market making to economics that should be outsourced. But here's the thing. You never want to outsource your development in your community. If your community management or your development is outsourced, you can start expecting a decrease in quality. Because those are the most important things to you. Your development, that is your product that you will try to sell in the future, that you are trying to make money on. And your community, the people who are prospects to converting into paying customers. So those two, you need direct access and you need to run them directly.
The Fragility of Community Management
Community. It is really important because anyone from an outsourcing company saying something that is not true or that will create problems for you. Yet the community is a really fragile thing. And you have to make sure that you have good community managers in your team, not outsourcing teams. Because we have to also realize that these outsourcing teams are working on multiple projects. And such an intensive task such as community management, it should always be done in house. Also, development. Development companies are also working under multiple projects. Of course, if you are able to find a development company who will spend the majority time on your product, then yes, you might be able to outsource your development.
Ensuring Quality in Development and Security
But if you do, and if the other person is not trustable, is not as hard working as you have been expecting, then you are going to have a lot of problems. Because when it comes to development, there is also security, which must be done perfectly, especially in web three. So you want real professionals, especially when it comes to security in your team. So these are the two important things I believe, because I've worked with many community agencies and development agencies. From my experience, you don't want these two to be done by anyone else. Phenomenal.
Final Thoughts on Community and Development
Let's go to Galactica and then we'll maybe open the floor for general comments and Alpha and then we'll wrap things up. Yeah. Honestly, I just wanted to give slight finance the props. That was freaking amazing. Really, really was. So like, I couldn't agree more on the community side of things. Obviously, I'm a biased community side of Galactica. But I mean, I can see right now there are at least four or five of our sentinels, our ambassadors in the room right now. I know them all by name. We work in the trenches together in order to make our project better. And if you don't have that level, like if you hire out, if you outsource that kind of work, it's just not going to hit the same.
Building Genuine Connections
It just doesn't hit the same way when you've just got like an outsourced community manager in your comms. You're saying GM every morning and answering a couple of easy questions. It doesn't work the same way. So it creates a genuine connection, which starts the process of making these. Making these, like, you might call it evangelists. You might call it like, supporters. I call them family because that's exactly what they are. So, yeah, I just wanted to give cyber finance their props for that one. Awesome. Feel the love.
Wrapping Up and Opportunities
Does anyone else want to throw their hand up and jump in on this topic in particular? No. If not, what I might do then is, as we always end these spaces with, we will throw open some opportunities to share alpha to plug your what you're building. Any exciting updates you've got coming up, the floor is yours. Just throw a hand up or unmute yourself. If not, I'll give everybody ten minutes back on this Thursday. Oh, Galactica, go for it. You think I'm going to let you escape without that offer? Yeah. No, no.
Galactica's Invitation
So, yeah, if you're interested, people hear him. Or am I being rugged? I can hear you. I can hear him. I think you're being ranked, but, yeah, I can hear Galactica. Okay, go for it, Galactica. Okay, no worries. I'm sorry, we've lost. We've lost. So, yeah, I just wanted to say, if you are interested in actually owning yourself, in taking back your. All of your data from big corporations, from gaining a bit of a presence that is truly your own, and then using that beautiful sovereign identity that you built in order to get under collateralized loans or to just express yourself on blockchain in social ways rather than financial ones, then you should definitely check us out.
Engagement Opportunities
You can follow the profile that I'm speaking through right now, galactica.com dot. Or you can go to galactica.com links that will get you straight side. You'll be able to jump into all of our engagement stuff like quest board. We've got a reputation builder mini app on Telegram if you want to join us over there. We got so much stuff coming up over the next three weeks or so, your mind will be blown. So if you're just jumping in and say hi, phenomenal. All right, everybody, another awesome spaces.
Conclusion of the Session
We will be back end of next week. As always, thank you to all our speakers today. It was, you know, an enjoyable topic of conversation. Learned quite a lot. I hope people took some things away. And as always, we will see you next week. Have a wonderful weekend and be safe wherever you are. Bye bye. Thank you, guys. Bye bye. Thank you. Have a nice.
