EMPIRE PRIME TIME: EMPIRE CEO ‘DULLA’ SHARES THE MOST ANTICIPATED UPDATES 🚀
Hi. Did you know that the name Wednesday is derived from Old English Wōdnesdæg and Middle English Wednesdei, 'day of Woden', reflecting the religion practiced by the Anglo-Saxons, the English equivalent to the Norse god Odin. The names of the days of the week were modeled after the Latin names, cool isn’t it? Neither did we. That's why we googled it. 🤗
Quote of the Day 🎓
"Investing in Crypto is like being married, you have to keep going through the good and the bad, for better or for worse, for richer or for poorer TIL death do us part. HODL"
— Najah Roberts
Hot Take 🔥
Empire Token’s Founder and CEO Abdullah Ghandour, fondly known as Dulla, recently shared the latest updates about Empire Token and its developments in a YouTube session with the Empire community. His optimistic views about the future of DeFi space have provided new hope for DeFi investors and the whole community.
Let’s dive in to learn about the updates.
Crypto Market Speculations
Dulla started the video update with a short introduction before addressing the current market situation. He mentioned that he, along with the team, is actively observing the market.
He said, “We are keenly monitoring the market since it is displaying positive indicators but has not yet been declared to be bullish.”
In recent months, the project has been experiencing delays due to unforeseen and volatile market movements. This has sparked concerns among a few community members, with some of them claiming that Empire is using the market sentiment as an excuse for these delays.
Addressing these concerns, Dulla stated, “Some have made fun of us, claiming that we are exploiting the state of the market as a justification for our delays. This could be a result of their frustration at seeing the chart decline. Be aware, though, that this is also upsetting for our team, and the bear market has been very challenging for us.”
DEVELOPMENT UPDATES
On the matter of several delays in the development of DeFiGram.io, Dulla mentioned, “We have received the beta version, many of you had tested it. I was not happy with it at all, especially with the money and time we have put into this. We are disputing with the development company and are considering our options. We are disappointed, and we feel we have been betrayed. However, we are looking for options, and solutions to fix it.’’
In November of last year, the application was tested on the app stores as an invite-only, and the team was not happy with how it came out. We have also received some negative feedback from the community on the APK that we shared, which helped us realize that we deserve a better-quality app considering the amount of money we have already paid for it.
Due to this, we have come to the hard decision of letting our partner development company go. We will now be working with new developers who can do the job efficiently and provide more consistent updates and better-structured timelines and budget plans.
CRYPTO EXCHANGES
The topic of centralized exchanges has been a pressing issue recently. Being on the small exchanges has not contributed to the overall business growth and market-making of the company. It has only resulted in extra monthly fees without bringing in any sustainable value. Therefore, we will only be focusing on the bigger exchanges after the contract migration.
Dulla said, ‘’Right, at this moment we are not chasing any exchange listings. There are many exchange listings that can be listed in two days, I just don't want them. They are a security risk. The money we have lost trying to be on FTX has caused us a lot of stress.''
When trading on a centralized exchange platform, the fact that the funds are held by the exchange can be risky. Indeed, you do not hold your cryptos and they are potentially at risk if the exchange was to be hacked. This depends mainly on the size and importance of the exchange. Even if nothing is impossible, an exchange platform like Binance runs less risk than a smaller one. In addition, there is also the possibility of centralized exchanges freezing withdrawals and deposits due to various reasons.
Therefore, the CEO of Empire requested the community to vote on this important matter regarding delisting from some centralized exchanges as he believes it to be the best way to move forward because the following reasons:
(1) We can make better use of the liquidity in exchanges
(2) The market-making budget will be allotted to development instead
(3) This will solve security concerns involving centralized exchanges.
CONTRACT MIGRATION
As bugs are discovered or new functionality is needed, we will want a method of migrating from an existing contract to a new refined one with better security. The migration to the new smart contract will go live soon, for users to make crypto more convenient. The community will be able to act more freely on the market with the migration. Doing so will ultimately contribute towards more lucrative incentives to investors and the community in the long run, as the project grows past its previous limitations.
With the new contract migration, Empire seeks to offer trust and transparency, better security, accuracy, speed, and efficiency. By redefining blockchain for the real world, we hope to inform the general public, provide greater value to our holders, and introduce ourselves to the cryptocurrency community.
In the video update, Dulla said, ‘’We have a contract ready, in the past, we faced issues with Certik but now it’s under control. ’We are currently evaluating whether to remain on Binance Smart Chain (BSC), migrate to Ethereum for our smart contract deployment, or bridge to Ethereum and remain on BSC.’’
As highlighted in the video message, the CEO of Empire presented three options to the community to place their vote and be the part of the process to push the company in the right direction. We request you all to please review the options in this voting poll and select the one you believe is the best choice for our contract migration. You may select only one option.
DECISION FOR THE COMMUNITY TO MAKE 🤯
As the decision to migrate has been associated with the community vote, we decided to walk you through the pros and cons of bridging and migration to ETH. Let’s roll down the hill and learn some valuable insights!
Pros of Blockchain Bridging
Blockchain bridges enable interaction between two distinct blockchains. Since they are no longer constrained by their origin, blockchains can now transfer tokens, communicate smart contract execution instructions and exchange data and resources with another independent blockchain. These blockchains can even access off-chain data, like the real-time stock market chart.
Downside of Bridging
Centralization is a hidden drawback of blockchain bridges. Users must relinquish ownership of their currencies for a period of time in order to exchange them for another cryptocurrency, effectively placing their trust in a third party.
Pros of Migrating to Ethereum
Migrating to Ethereum is intended to be inexpensive, open, adaptable, and suitable for multiparty collaboration. While Ethereum performs similarly to a distributed ledger in terms of data coordination, its unique architectural layers also reinforce and open up new possibilities for businesses.
The Ethereum blockchain's strength lies in its programmability: Contracts are built into the code so that transactions run without human intervention. Ethereum is excellent for arbitrating transactional events in many industries. These digital agreements, or "smart contracts," can have endless formats and conditions, and even call on other contracts.
Ethereum has a robust community and developer ecosystem. This ecosystem is constantly working on improving the network, developing new tools and technologies, and finding new use cases for decentralized technology. As a result, Ethereum has a large and growing pool of developers who are able to build on the network and contribute to its development.
The Ethereum network is also equipped with its own programming language, known as Solidity, which makes it easier for developers to build and deploy smart contracts on the network. This, combined with the large pool of developers and the versatile platform, makes Ethereum a powerful tool for building decentralized applications.
Cons of Ethereum Migration
The Ethereum blockchain can only handle limited transactions per second due to an intrinsic scalability problem. Delays and exorbitant costs are frequently the results of network congestion brought on by the sheer number of transactions. Ethereum network fees can become significantly high during periods of high demand. This is due to the fact that Ethereum operates on a decentralized network and uses a system that prioritizes transactions, where users who offer higher fees get their transactions processed faster. When there is a high demand for using the network, the fees can increase as users compete for limited network resources.
WHAT WE’RE UP TO 🤠
SOCIAL MEDIA MARKETING
As part of our social media strategy, we are focusing on reducing our paid advertisement spending and exploring more cost-effective methods of reaching our target audience. To achieve this, we are leveraging a combination of organic growth and engagement tactics. Firstly, we are focusing on creating high-quality, educational content that appeals to our target audience. This content is designed to be visually appealing, relevant, and engaging.
Another key part of our social media strategy is focusing on TikTok content. TikTok is a rapidly growing social media platform, with a large and engaged user base. By creating visually appealing, short-form video content for this platform, we aim to reach a younger and more mobile-first audience. This content will be designed to be shareable, engaging, and educating for a layman, which will help us to reach a wider audience.
2. A REVISED ROADMAP
We are currently in the process of revising our roadmap, as part of a wider effort to adapt to the changing market conditions and ensure that we are best positioned to meet our goals and objectives. Our previous roadmap was developed before the market conditions became highly volatile, and as a result, it may not fully reflect the current business landscape.
The revision process will involve a comprehensive review of our goals, objectives, and priorities, as well as a detailed analysis of the market conditions and trends. This will help us to identify any new opportunities or challenges that we need to address and to adjust our strategy accordingly. The revised roadmap will take into account the current market conditions and will provide a clear and actionable plan for the company's future. It's worth noting that the revision of our roadmap is not a response to any specific market conditions, but rather a reflection of our commitment to being agile and adapting to the changing market landscape.
🚀 THAT'S IT FOR THIS WEEK!
A quick recap - Dulla shared an in-depth review of all the things the team is facing behind the scenes from contract migration to DeFigram.io development, from market-making strategies to getting listed on the exchanges, from bridging to Ethereum or staying on multiple exchanges. Now, just add a pinch of salt and pepper, take a decision on the bridging, send in your votes, and voila!
Ok, we're done. Moving on with zero regrets. P.S. If you’d like us to explore a trend, topic, release, or tool, send us a DM and we’ll literally jump right on it. Literally. See you in 6.5 days. 😍