We talked about the influencer outreach process.

It’s quite tedious - we have to filter through a lot of noise to get to the actual genuine influencers.

There are two types of accounts that we are filtering out: we call them the “fans” and the “salesmen”.

The “fans” are influencers who are dedicated to promoting a specific asset. We’ve seen multiple channels focused squarely on XRP, HEX, CRO. Obviously, such channels are not a good match for us.

The “salesmen” are influencers that basically sell out their channel - they have a large follower count but abysmal engagement rate. Most comments are fake. It seems that the followers are fake, too. Basically, they just pumped their channel artificially to trap the unsuspecting marketers into buying their services.

By contrast, we’re looking for genuine influencers engaging with their audience. It’s hard, but we keep doing it, because we believe that the profits will far outweigh the costs.

We’ve discussed an idea to increase the response rate in our influencer outreach process.

We’ve started contacting the influencers through the influencer-specific marketplaces, went to a local meetup, asked some friends for influencer contacts.

The approach with the influencer marketing managers didn’t work out. We’re not ruling out the approach in general, but we are ruling out that specific freelance marketplace where we found them. Most likely, there are more qualified managers out there - we just need to find them.

Also, since we want to avoid the mistakes made during the previous product launches, we’re spending a good amount of time on developing an internal decision making system. It’s different from other systems because it requires to write code in a formal language instead of sentences in a natural language. This way, we can leverage the compiler to point out some kinds of mistakes. Another important benefit is that it makes the decisions more objective, which will hugely improve our decision quality when the team gets larger.

Please listen to the AMA if you’re looking for more details about why we’re doing it.

We’ve hired 2 people to help us with the influencer outreach. We’re open to hiring more people for this job, so if you’re interested - let us know!

Also, we’ve brainstormed more ways to contact the influencers. Some ideas include:

* Post comments on their content (crazy simple, might work anyway)

* Buy ads in the engagement pods (special groups where micro-influencers share content to increase engagement)

* Contact the social media managers who act as virtual assistants for the influencers (helping them reply to comments, etc)

We’ll try these ideas one by one, gathering statistics to see which one works better.

We’ve started the Fairpool Agents program: if you refer an influencer to us, we’re going to share 50% of revenue with you.

Specific terms:

* The influencer must create a token & publish a link to the token page on his/her social media.

* You will receive 50% of the commission that we will receive from the influencer’s token contract. Since we receive 2.5% on every sale, you will receive 1.25% on every sale.

* The referral reward is capped at 50000 USD.

* The referral reward is offered for the first 25 influencers who create a token (we might increase the limit in the future).

* We reserve the right to update the terms. However, we promise to maintain the same revenue share percentage. For example, if we change the Fairpool contract code to take commission in a different technical way (e.g. split between buys and sales), we’ll update the terms to match the way the contract works. In this case, your reward will still be the same amount, just charged in a different way.

Specific estimates:

* Assume 5000 USD daily sales volume (super-low-end estimate).

* 5000 USD daily sales volume = 150000 USD monthly sales volume.

* Your commission is 150000 USD * 1.25% = 1875 USD monthly.

Please note that most tokens have a significantly higher daily volume than 5000 USD. So most likely, you’ll get more than the estimate.

If you’d like to join the Fairpool Agents program, please send a message to the group.

We discussed the recent case where Kim Kardashian has been charged by the SEC for promoting an unregistered security.

It’s not a problem for Fairpool because:

We discussed our progress (2 influencers signed up) & talked about supporting fiat payments via credit / debit cards.

Our influencers told us that most of their followers don’t have crypto, so they need to buy the tokens with credit cards. That’s an issue because the tokens must be bought through a smart contract, and you can’t call a smart contract with a credit card.

One solution is to implement centralized trading - accept credit cards on our website, keep the balances in our database, execute trades on our server (just like a centralized exchange - like Binance, for example). That’s not web3-style, but that’s going to get us mass adoption. Also, it’s easier to implement & upgrade. The only downside is that we become custodians of user funds.

We think that benefits outweigh the disadvantages, so it’s a viable approach.

We talked about charitable tokens - an idea that could help Fairpool reach a wider audience.

We’ve started working on the frontend app for Fairpool.

We've finished the smart contract code & moved to the testing phase.