12Ships team held an AMA event in their Telegram community at 21:00(UTC+9), October 16, 2020. It’s the first time that the new core team has shared their vision and responded to the questions from the community in person.
- Session 1: Welcome and Introduction
- Session 2: Frequent Questions from Communities
- Session 3: Questions from Twitter & Free QA
Session 1: Welcome and Introduction
As the community manager of 12Ships, Irene served as the host of this AMA event. And the guests are from the core team of 12Ships as follows:
Director, 12ships Foundation / CEO, Vancores / Advisor, FBG Group
QJ entered the blockchain industry in 2014 as BTCChina’s Marketing Director. Later in 2014, QJ took the leading role in BTC China’s mining pool when it was first launched and soon became one of the largest bitcoin mining pools in the world. In early 2019, QJ joined FBG Group as an advisor and at the same time jointly founded Vancores which started the R&D of a multi-algorithm ASIC.
Sandy got into the Blockchain industry in 2016. As Operations Director of BITKAN (Invested by Bitmain) from 2016–2018, she participated in developing the first cryptocurrency OTC platform and Blockchain community platform with 400+ KOLs. She also organized the production of the first CN Bitcoin documentation. She was the core Marketing team of Ontology.
Chief Hardware Architect, 12Ships / Hardware Design & Integration Director, Vancores
Prior to Vancores, Duncan has served in two of the world’s top 500 companies, with more than 16 years of experience in consumer electronics and industrial automation hardware design and management.
Chief Software Architect, 12Ships / Software System Architect, Vancores
Prior to Vancores, Chase was the tech director of BTCC Pool, which was also known as BTCChina Pool. Chase is extensively experienced in blockchain and cryptocurrency mining. Expert in architecture design, smart contract, blockchain development, and multiple development languages.
Session 2: Frequent Questions from Communities
Irene collected some of the questions from the community in the past few weeks. And she will ask these questions on behalf of the community in Session 2.
Q1: Vancores is a Chinese company, but the holders of TSHP are mostly Korean people. How will you maintain a trust relationship with the holders?
QJ: Vancores is a Chinese company focused on ASIC R&D. 12Ships is a Blockchain project and its foundation was registered in Singapore. Now, Vancores provides comprehensive tech support to 12Ships, for continuing its R&D.
Vancores and 12Ships have a shared goal with the holders, which is to make TSHP strong by developing competitive mining hardware and increasing the pool’s revenue. So, in a world that is so globalized no matter Korean or Chinese our goals are the same.
As the operator of the 12Ships foundation, Vancores, and its advisor will work on a wider global market and the Chinese community too. We hope TSHP will have more token holders and more community fans, not just from Korea but across the crypto world.
Q2: TSHP coins were previously issued in Korea. Do you have any plans to open a Korean customer reception office?
Sandy: We did plan to maintain a Korean presence. But due to Covid-19, this plan was postponed. At this stage, we will keep observing the external environment and waiting for the right timing. Now we will focus on online channels more, like operating more Korean media platform accounts. By those, we helped investors whose addresses were hacked to retrieve their tokens.
Furthermore, with the gradually released tension of the epidemic In China, Vancores was able to deliver and operate more miners and direct hash power to the Hansando Pool.
Q3: Are you willing to burn a certain amount of TSHP supplies held by the company? Will Vancores give up the 12Ships project?
QJ: Based on the original 12ships smart contract, all release schedules are fixed in the smart contract which is now under custody. The operator doesn’t hold any more than every month’s release. The majority of TSHP that belongs to the foundation is still locked in the smart contract.
We agree with the idea that burning tokens is good, at the same time we need to consider a stable revenue and good market timing before we burn it.
We took over 12Ships because we believe in Vancores’s technology and our resources we can help the project. It had a strong community base and brand influence in Korea. Our team is professional in ASIC R&D. What we are doing and what we will continue is our R&D aiming for high-performance ASIC and expanding the global community. These two would be very helpful for raising the awareness of 12Ships in the blockchain world.
Q4: Did all the 12Ships coins taken over by the new team? I wonder if the previous foundation, including Michael Ahn, is holding TSHP tokens?
QJ: All TSHP token distribution and release were fixed in its original smart contract which is now under custody. We have no access to any changes on the smart contract. If any of you are familiar with smart contracts, you can easily find it on Etherscan and please feel free to audit it. You can also check the detailed token distribution plan in 12Ships whitepaper: https://www.12ships.com/assets/whitepaper.pdf
Q5: Are you going to take over other projects (Ole Farm, baeccob, ollenature) that were previously operated by the former 12ships foundation? We just wonder if those businesses are no longer involved in the 12Ships Foundation as the operator changed?
QJ: I believe that you are referring to the projects described in the old 12Ships Whitepaper, namely low-power ASIC chip, immersion cooling, heat recycling, mining pool, OlleChain, and OlleNature.
After taking over, we had a long discussion about these projects and we decided to focus on three things, ASIC R&D, mining machine operation (including the mining pool), and later a public blockchain, which are the areas that we know and we have resources. So those mining-related projects were continued and enhanced.
OlleNature, it wasn’t launched as our knowledge, so we don’t plan to continue this project. For the e-commerce OlleChain, we have adjusted to a public chain that has broader usage and acceptance. The R&D and deployment will be subject to our resources and the market.
Q6: About buy-back and burn: 1)What determines the number of tokens you buyback and burn? 2)Is it done monthly or quarterly? 3)Why do you choose Uniswap, rather than Upbit, to buy back TSHP? As you know that the majority of TSHP holders are trading on Upbit, if you buyback TSHP on Upbit, it might do good to the coin price more or less, will you think about changing the buyback place to Upbit?
Sandy: As we have answered in the last questions, the number of buyback and burn token is determined by 12Ships’s business revenue, like mining profit.
For now, we are doing the monthly buyback, our mining pools restarted recently, so it’s good to report our updates and buyback monthly, it’s transparent. In the future, if we have some more diversified business, we probably will consider to do the buyback or burn quarterly, it depends on the accounting time.
We choose Uniswap as the buyback platform because Uniswap is a decentralized exchange, all users can see exactly how many TSHP was brought by the 12Ships buyback account, all processes are alive and transparent. If 12Ships’s buyback volume grew in the future and Uniswap liquidity can’t support it, we will move to Upbit.
Q7: Some questions about Filecoin mining. 1)Do you have any plan on Filecoin mining? 2)When will you start mining Filecoin? Did you complete the test successfully? 3)Can you provide the mining address when the Foundation starts mining Filecoin?
Chase: OK, the software team was focused on Filecoin mining in the last few weeks, let me answer this. Filecoin mainnet went live yesterday around 11 pm (UTC+8). The mainstream exchanges around the world opened the trading pairs for FIL. It’s really a big event in the crypto market this week!
From a technical standpoint, the Filecoin team will begin a period of monitoring and problem solving to ensure the network works as expected after the transmission. That’s also what we’re caring about. The Filecoin economy’s penalty mechanism is a deterrent to miners. Therefore, network stability is very crucial. We will keep in the R&D and testing stage for a while and complete some software upgrades accordingly. Mining hardware demands such a high cost that we have to do more tests and research, and calculate the ROI before we produce machines and start mining.
Furthermore, We are currently working on a way of making it practicable to use Intel CPUs to seal sectors by configuring the FPGA for acceleration. It will lower the hardware barrier to reduce the cost of mass production in the future. The test process is generally going well, while there existed some bugs in testnet which will be finally fixed.
Our miner mining address has been disclosed in the previous announcements. The data interface is in the recovery process and you can check it later on. The miner address is https://filfox.info/en/address/f08385
Q8: What are the advantages of 12Ships’s Filecoin mining hardware solution? What is the Filecoin storage server capacity and expected mining scale (hash power)? Did we meet the standards by participating in the testnet operated by the Filecoin Foundation?
Duncan: We just took another hardware configuration upgrade last month. Add 4*14T Western Digital enterprise-class HDD to augment the storage capacity. Now we are currently testing cluster mining on the 8-bay server with good performance. As for the expected hash power, we need to do some more market research after the mainnet launch to determine the mining scale finally.
In our hardware solution, the CPU we choose is AMD EPYC 7542. According to the latest official benchmark, the best-proven model is actually AMD EPYC 7542, with the highest sealing speed among the 4 officially released hardware.
We not only just meet the standard of the Filecoin Foundation, our performance is truly at a high level.
Q9: It was the No.1 price drop rate for 1 year on Upbit. The difference in the rate of decline from second place is more than 35%. What do you think about this?
Sandy: OK, price is determined by multiple factors, like development progress, market, token distribution. 12Ships and the whole crypto market did go through a hard time last year.
But in the year, 12Ships had its new team and advisor. The price is more stable than last year, especially after March 2020. For now, the market cap of 12Ships has reached $15,920,235 USD, CMC market cap rank is 389.
The private round token was finished unlocking recently, and the core team already started to do a monthly buyback. Crypto investment has high risk and chance, any good investment is the judgment and investment of future opportunities, so we hope 12Ships holders and potential investors can look forward.
Q10: Some people say that they haven’t been able to find detailed information about Vancores company. Could you give us an intro or a background of Vancores?
QJ: Vancores is a very tech-focused company which mainly performs R&D for its internal uses, that’s why we didn’t put a website on.
Vancores has its core R&D team led by Dr. Wang Xingjun. He is a professor at Tsinghua University and a doctoral tutor. Vancores is strongly supported by Nanjing Software Park and China (Nanjing) Software Valley and invested by a well-known blockchain investment institution. It was established in November 2018. Dr. Wang Xingjun is a special allowance expert on the State Council of China. His research is focused on information security. Vancores acquired the 12Ships Foundation in April 2020 and took over the operation, plans to take a further exploration of the blockchain industry in the future. One of Vancores’ products is a self-developed high-performance multi-algorithm ASIC, which is now supporting the operation of 12Ships’ Pool.
But thanks for the advice from the 12Ships community, we have recently created our LinkedIn page at https://www.linkedin.com/company/vancores
It’s not our focus to do marketing but it also doesn’t harm to make us known by the community.
Session 3: Questions from Twitter & Free QA
Let’s have a look at the questions from Twitter & Free QA section. We have got a total of 36 comments and questions on Twitter and dozens of questions during the free QA section.
Many thanks for your participation! Welcome to check the Q&A below. We have selected 5 typical questions.
Awarded as “Top 10 Most Popular Exhibitors” in the recent World Semiconductor Reference. What are the other forms of Marketing or Brand Awareness Campaigns that you have planned for @TwelveShips12? To gain more popularity.
Answer: We are approached by some semiconductor industry associations and will be engaged in more activities to gain more popularity.
What are the top milestones and objectives that 12Ships Network aims to achieve before the end of this year and beyond that in 2021?
Answer: For now, we plan to finish the test stage and develop the Filecoin miner by the end of this year. In the next year, we’ll keep tech researching, explore the more profitable business, and help 12Ships get listed on more top exchanges.
Since the community’s understanding of the 12ships project is very important. How does the team raise awareness of the 12ships version of the Crypto space?
Answer: Yes you got it. Firstly, we will share more content like a one-page intro of 12Ships and more materials to make the users better understand 12Ships’s vision in a few months. Secondly, we will put more effort into external channels like KOL and conference, via using these channels, the branding, and reputation of 12Ships will be better in the future.
Investors seem to only care about the price of the token instead of the real value of the project, how does your team attract newcomers and keep members long-term with the project? What is the real value of $TSHP?
Answer: We can understand that a group of investors hope to make quick money via the spot trading market. But there are too many factors affecting the token price. Short- term investment won’t be the smartest one. We hope investors can give us more patience, have a vision for long term profit. We will expand our global community to involve more newcomers at the right time.
Can you list some great features of $TSHP that makes it ahead of its competitors? What is the competitive advantage your platform has that you feel most confident about?
Answer: In the market, there are few project tokens like TSHP which is based on the mining infrastructure and tech strength. Vancores was founded by the top experts in China and got nearly 300 million USD dollars in financing funds. With strong tech support by Vancores, 12Ships will continue its R&D and expand the mining business. The competitive advantage of 12Ships is shown both in the hardware and software aspects.
For the complete document of the Q&A from Twitter and Free Q&A Session, please find it through the link below:
12Ships makes your journey to the blockchain investment as easy as possible by providing a profitable and reliable mining infrastructure. 12Ships was launched to realize the paradigm of the Fourth Industrial Revolution through blockchain. We have developed both the high-performance hardware needed to keep the data recorded in the blockchain reliable and the software needed for its operations. This is the future that 12Ships will realize to turn this platform and service into a new business that is capable of expanding.