CoralApp🧘🏻x BromadicClub AMA Recap
Here’s the full recap of our AMA with the CoralApp: A new Generation fitness & wellness app, for those who couldn’t make it, or for anyone interested 🙂
📅Date: April 8th, 2022
🧘Guest: Rae, CoralApp - Founder
📝 some of the text may have been edited for clarity and grammar.
Scroll to🔚 & find the original Recorded AMA🎙 from 8th April.
Madness: we have Rae here today from the CoralApp, which is a new generation fitness and wellness app.
Rae, please give us brief introduction before we dive into the questions.
Rae: Thanks. I’m the founder of The CoralApp and we’re working to deliver a product that I like to call the wellness and fitness center for the blockchain space. I know there are a lot of projects out there, but I think throughout the conversation we’re going to have today, you’ll probably get to know part of the differences that we bring to the move to earn market.
Q1. For the past few months market has been really volatile, and risks are extremely high for the investors, this is a unique opportunity for developing projects. what has been your developing strategy to come out on top of this market?
Rae: The blockchain space historically is volatile. I’ve been around since 2013 in this space. We’re at about $2 trillion now in terms of market cap. The movements we are seeing are not as wild in terms of swings you’re seeing.
From my perspective, if you look at the CoralApp as a company, the tokens & NFTs you earn as shares or bonds that you are holding, then you will see it differently. I know you guys love to trade in this community but for us, we have a very long & robust roadmap to show that we’re here to stay & it’s a long-term marathon, not a sprint.
So depending on how you choose to see the project it could be concerning from a market perspective, but for me, I think because of the way the market is, it’s a good time for us to build, and for our long-term holders at the end of the day to be able to benefit once we come out of this volatile market.
Madness: That’s pretty well said because our channel is made up of quite a lot of mid to long-term holders, so I think that’ll help quite a bit. Also, you mentioned that you’ve been involved in blockchain technology since 2013, please tell me how it was for Bitcoin back in 2013?
Rae: Well I bought Bitcoin at $200 and back then there was no Coinbase. There was no good exchange only place to buy bitcoin was localbitcoin.com and you can meet people that would sell to you peer to peer.
So you physically have to show up to buy a Bitcoin. I kept the bank account so I figured well if you want to rob me you better rob me out of the bank, right?
Madness: Yeah, that’s true. Back then it was basically like Craigslist for Bitcoin.
Q2. How reliable and secure are your smart-contracts? Have you done any third-party audits on your contracts?
Rae: That's the biggest challenge we have in the blockchain. I have been a victim & I try not to think about it, DEFI of course it’s new, that is why we are going to get audited from a third party.
We are in the MVP stage. Once everything is said & done in the next few weeks, our contracts will go through third-party audits hopefully they don’t find anything. However, if they do we will be more than happy to fix it.
We have been in touch with several experts in the space for this reason only because we want to make sure that whatever we put in the contracts is solid enough, that people won't be losing their hard-earned money. At the end of the day, it touches everyone, What happened to Axie infinity, unfortunately, so this is big on our minds.
Once we get to beta, any product you will get to see will be audited & the audit will be fully transparent, available for everyone.
Q3. Lets dive deep in to the app, every single person in the world is facing a lot of mental issues and challenges. So How does your app help them to keep fit mentally?
Most of the smartphones right now in the market have built-in health trackers in them, like Samsung health, which shows how many steps you have taken in a day, what was your pace, it can also track sleep patterns & other things like that. In essence, what we are trying to do is funneling all of that information into CoralApp. But if you don’t have any supported apps we will be releasing a manual version that you can use yourself within the app, that will collect all the data & help you understand what's going on.
You will be getting monthly, weekly insights on how you’re doing, You can put information about your mood or stress level in there, All this can be measured with the sensors on your smartphone camera. Meanwhile, as you will be participating in all this you will be incentivized for actually being cognizant of your health.
For the wellness & mental part of the app, we are developing a marketplace. Content creators from the health & wellness space will provide their content in the marketplace.
Basically, what we are trying to achieve is say you’re thinking about shopping for shoes, you go to Nike or Reeboks. If you are thinking about ordering food you think about uber eats or grub hub so our goal is if you think about wellness & fitness in a peer-to-peer space then you will think about the CoralApp.
Marketplace will be having a lot of various content that you can engage with, be it playing a game that will calm you down or listening to someone's music or calming sound of the ocean even!
Madness: So it’s an ecosystem within an ecosystem?
Rae: Exactly! There’s a free part where you can just engage to understand what's happening with your health. But if you want to engage with other providers that are established independent content creators from around the world you can do that as well. To give you an example I like certain things out of India, for wellness say there’s a yogi that I like & I would like to have access to things he does on daily basis to stay healthy & fit. if the Yogi is onboard on the CoralApp I would be more than happy to pay for a monthly subscription. He can be my instructor all the way.
Madness: you answered the next question “What's the unique selling point of CoralApp?”
Q4.how do you differentiate yourself from the similar fitness apps?
Rae: I try to understand my competition, There is nobody yet in the space that’s the competition. Most of the projects try to improve upon the last thing somebody else has done. We have been around for about two years just building in silence. What makes us different is we have extended beyond what everyone has put in the market. Not to say someone else will see what we’ve done & built on it. We would like to collaborate with projects to expand.
To give you an example take STEPN. it’s a great project with great graphics and solid team members. But it’s focused on running or jogging or walking, you can buy or rent NFT which is interesting but beyond that?
What we are building is more of a lifestyle. it’s not one thing like running.
Sure running part is actually within the app. One of our first features which will be released is the “Challenge Feature”. There are apps in the market that incentivized people for doing these activities but we have expanded & extended that with our marketplace.
I haven’t talked about the third phase which will be the metaverse that will allow people to get into the metaverse & play games with each other. You can challenge each other you can put up a bet with a group of friends inside the metaverse & the winner takes all tokens in that smart contract bet. You can have a yoga session on the Eiffel Tower with the instructor of your choice & with your friends, all your little avatars can sit together even when all of you are living in different places in the real world.
We are expanding on what's there & extending it into the creator economy & also in the metaverse.
Madness: Basically, what you are building is a dusk to dawn lifestyle, While the products which are available in the market are essentially focusing on a single aspect of a lifestyle be it running or fitness.
Rae: Correct we are building is more of a lifestyle, not an activity.
Q5. Do you have plans to create a dashboard for CRL Economy? Something that users can track the revenue, see where tokens are being used within the ecosystem, How many are burned or being given as incentive for the activities that are done within the ecosystem?
We will be releasing our Tokenomics soon enough but as you know Tokenomics is a tough one, you are trying to find that sweet spot where you are not giving away too many tokens for activities. Users can burn the tokens by using them on the apps to help & balance the ecosystem. I have seen with the other apps that users immediately dump their tokens on the market when they are rewarded.
We are working to create that balance where the user’s earnings don’t outweigh the investor's investment in the project. The value of creation is intact.
Q6. Do you plan to release your own wearables? Like a fitness band?⌚
It’s not IF we have the plan. it’s WE ARE PLANNING but not immediately. Probably closer to the second phase, especially because of android users. When it comes to Apple it’s the same platform, the codebase is the same for everyone but with android there are so many different products & different ways to pull the data through their APIs. We will be focusing on the top five, the main ones.
The only way to safeguard & make sure that everyone has access to The CoralApp is to provide something that we know will for sure will work with the platform.
I am price-conscious. We want to deliver something effective but something that everyone can afford. We are looking for partners that can work with us to deliver a high-quality product that can work with the platform.
At the moment I have to carry my phone when we are testing to make sure that I am getting all the feedback I should be getting. It shouldn’t be this way. Wearables are important as the app so for sure in phase two we will be doing something about this.
Madness: 50–100$ is that a sweet spot? I’d buy it!! Not everyone has 500$ to dish out on an Apple Watch
Rae: Agree. My background is in Engineering Design, I have the honor of being a Design Engineer for Ford Motor Company, and I have been lucky enough to work with some of the best brands.
For me, you have to make sure you produce things that customers will pay for & have to make sure it also helps with the adoption, so when you think from that perspective you have to make sure if you want to open up markets that will allow people to adopt faster. It is something that they can afford. That they can participate in the ecosystem with.
Q7. Why did you choose the Zilliqa blockchain for your app?
Initially, we planned to launch on Zilliqa blockchain but over time we have noticed that there is a lot of traffic on the EVM side.
I am a loyalist but I am also an entrepreneur. I want to make sure it’s a multichain product that can give us access to the rest of the market. Our code base for two of them is already ready. We’ll be pushing through the audits and things of that nature and working through some things with the platform themselves as we try to negotiate our release.
Q8. Who is your ideal customer? Define that in two sentences.
Rae: I talk a lot, how do you want me to say it in two sentences, come on! 😜
Our ideal customer is anyone who truly cares about their health, fitness & wellness. 🙂
Q9. Why should investors trust The CoralApp?
We have seen so many Rug pulls over the course of last couple of months it’s really hard for investors to trust a project.
Rae: Listen, whoever asked that question, I’m with you. I have gotten rug pulled so many times my bum bum hurts. You go to sleep one day wake up the next morning look at the chart & you don’t even know what to do with it anymore.
If you look at our Twitter account, it was registered in 2020. We haven’t launched anything but I remain steadfast to the fact that I AM LAUNCHING & we keep building in the background.
We’ve been here. We’re still here. I have seen people slowly rug you, they tell you something is coming and they have five different wallets that they’re draining the entire project from.
That’s why I always say, you have to look at a project especially if you plan to be in it long. As a long-term venture if any project is trying to push people, to leave people at last. get the FOMO going and they’re selling out.
I don’t think selling out in five minutes actually means success. No, it doesn’t. It just means you were successful in raising money. Now what you do with the money you raise is a different story.
You look at NFT projects and after they launch 40% of that money usually goes to the people who did their marketing, right? The team has done 60%, and only like 20 people are left in the community cause everybody else left when they made their money flipping.
I’m playing the long-term game. I’m looking at this project as a company. And whoever comes in is invested in the company.
Now I could have launched on a Dex and said “Hey, I’m just going to launch” and just gather a few people, have all these influencers come in and talk about The CoralApp and just tell you it’s coming. It’s coming. It’s coming.
I am taking the longer road, building with strong partners, going down the VC road, and partnering with the strong protocols. We want to be Axie Infinity of the Fitness & Wellness space. We are not in rush to make money overnight.
Trust is not something that you get from people, it’s something that you earn. For the past two years, we didn’t launch any crap that speaks the volume for anyone that wants to invest with us. After the launch of our app, people will start to see we are delivering on the roadmap that we had promised.
We won’t be going into the market saying “We are launching something”. We actually want to get into the market with a beta product of phase one and then release phases two & three.
As I said before I have been rugged as well, I can say “hey I am here, trust me” but no look at what we have delivered & what we are doing now, Hope this gives you enough context.
Madness: As Mark Cuban says, “I meet two kinds of people, one is the people with products & one is people who have companies and I invest in company long-term, because people with products, they don’t know how to make a company”
Q10. What is the toolbox of cutting-edge technology that is mentioned on your website? tell us a bit more about the AR/VR aspect of your project.
Rae: For the general audience that isn’t familiar with the blockchain, the term “cutting edge” was used. For your group here I am sure they know blockchain is something that is built on a chain.
Metaverse Play is our phase three which will allow people to go & play with their avatars, change their outfits, work out even get their little vitamins to boost them in-game. We will have some teasers come up by the end of the year once we are fully launched & our backers are there.
It’s going to be gamifying the entire Wellness & Fitness experience including the mindfulness parts. it’s not just about avatars sweating, jumping up and down but doing Yoga is an experience. We will also be focusing on the health care perspective to make sure that people who are looking to meet with a life coach will be able to meet them in the metaverse. We are in talks with counselors who can counsel people with cases of depression. We want to create an ecosystem where people living at the one end of the world can help living people at another end of the world without actually seeing them. They can see each other's avatars in the metaverse, Talk & relate for a one-hour session that they can pay for. We want to make sure irrespective of where you are in the world you have access to people that can help you through whatever you are going through.
In the chat, it will be a No Judgment Zone, you can have a community that will cheer you on if you are trying to lose weight, or just trying to get rid of bad habits.
Q11. Motivation has to come out from ones own self. How does your app manage to keep people encouraged & keep using it again?
Rae: That’s a good question. That’s one of the questions that always takes us back to the drawing board & I think even five years in, I will always be at the drawing board trying to answer that exact question. It’s one that every founder has to grapple with.
At this point, I can tell you where we are, but I also have to tell you that, that is one of those In progress types of things where you always have to evolve. But right now, the way that we are trying to make sure that people are engaged with their health and wellness and engage with the app is for the first feature that we’re releasing. It comes with what I call a “Master Stepper NFT.”
The way Master Stepper NFT works is if you can do 95% of the steps recommended by the National Health organization, you get NFT in your wallet. You can’t sell this NFT you can only burn it for the tokens.
Even if you don’t make it to the master or hot stepper stage, you still get rewarded for the efforts you had put in since day one! Every step you take counts. If you are in DEFI space then you know we all check our wallets many times a day to see how much did you earn today? How much can you claim today?
With the CoralApp once a day you can claim those tokens that you have earned, put them in your wallet, you can use them to get a subscription & much more throughout the ecosystem.
Apart from this, you can also have challenges, either doing it with a couple of your friends or with the whole community. We don’t control the challenges you can create challenges on your own, you can challenge your friends & family no matter where they are are are in the world. Say you created a challenge of 5k Run in your community, all the participants have equal buy-in, and in the end, who finishes the race first wins the pot.
Madness: It becomes a competition with yourself to get better, you know I am obsessed with my Samsung health app I keep checking how many steps so far I have taken!
Wish we had more of Rae’s time, but as she had to jump on her next call. We had to end the session here. We will be arranging another AMA session with The CoralApp as they get close to the launch, you can see the vision & passion of the CoralApp team from this AMA session.
thank you so much for reading till the End will see you next time 🤘
The CoralApp Links🔗:
The complete Voice AMA can be watched here