Welcome to another podcast AMA. This is Conor speaking again. I do hope that everyone has had a good weekend. We’ve only got a couple of questions that have come through that I will make sure get answered. I do have a couple of updates regarding the token recovery and mitigation and what we are doing and the timeline on that. So we’ll just give it a moment for anyone listening in live to join and obviously answer questions live. And after that, I’ll start answering the questions from socials.,
So it’s been a couple of minutes. I can see that we’ve got a few people here who have joined live. If you do have any questions, what I’ll do is I’ll answer the ones that have come through on social media and then give everyone the opportunity to ask here and now.
The first question that has come through is from Nishnish. The question here is regarding the new PKR token and will the tokenomics of the new token be the same, for example, the vesting period and number of tokens locked.
So in most aspects of this, the answer is going to be a simple yes, there will be the same max amount. So it’s 1 billion tokens in total. The circulating amount will be either the same or lower. That depends, obviously, on the number claimed. We can’t tell whether this is going to be sort of 10% of what was circulating or if it’s going to be 99%. If I were to guess, I would guess somewhere around 70 to 80 but I really have no idea on this one. It’s impossible to tell just from checking so we will find out. When it comes to the locked tokens and the vesting tokens — yes, that will remain the same. The vesting periods — potentially, they won’t be shortened; they may be lengthened. And then I think about what we would do is put it on the DAO once it’s all settled. Regarding a token burn, and whether that’s 10 million, 100 million, or 200 million, I think this is something that we need to put up for discussion with you guys, the community.
The initial launch has to be the same. Circulating supply has to be the same tokenomics and this is required due to the contracts that were signed with the centralized exchanges. We cannot change or differentiate too much or basically at all from where we were at that point in time, because that’s when the due diligence was done. So at the point of launch, it will be basically exactly as it was before the hack. However, as we move forward, we can make changes. I would like to do it in a decentralized way, which is why I would like to go to the Dao. But yeah, at launch, the short answer is a yes. The tokenomics will remain the same. The long answer is that in the longer term, in the big picture, there will be some changes and they will all be beneficial to the community. That’s the only thing I can guarantee about those changes.
And the second question, which I think is the question on everyone’s mind here. So specifically, I will just give a shout out to Cryptarc for asking this, and that’s just any update on the new token and the claim portal.
So you may already tell from the tone of my voice where this answer is going. Everything is going well. We have the ERC-20 contract, smart contract completed. We have the claim token smart contract completed. They are with Veridise, who are running our audit for us at the moment. We made some amendments to the contract, security-wise. They were recommendations and looking back on it with some of the updates on Solidity, security-wise, they are not a risk. However, let’s future proof ourselves in case they ever become a risk somewhere down the road. Obviously, we are on Monday 28th of August today. So if we wanted to get this done in August, which I have guaranteed that would mean by Thursday. I’m not going to write off the idea. However, personally, I’m probably going to say that it will not be done this week. I am not going to say it’s impossible. However, for that to happen, I’m going to be putting pressure on the developers to have that out. And personally, although I know I did say it would be done, I would rather not pressure the developers to have it by Thursday. And let’s say we have it during next week without the pressure, because when we put pressure on things, that’s when things can go wrong. So I’m not going to write off the idea. It’s not that it’s an impossibility. I know if we really pushed for it, it could be done by Thursday. However, I would prefer that the backend devs do get some sleep, they don’t stress themselves that something gets overlooked, and that this is done properly. So I do understand that that’s not what people wanted to hear. However, I’m just going to be honest. I don’t want to be the bearer of bad news. I am the messenger here but it was also me who told you that it would be done in August. So it’s going to be me who’s telling you that it probably will be next week. So that decision is on me. I will take full responsibility for that. I do understand that it’s not ideal. However, when it comes to rushing, we are literally on the last steps, right? The code is there, we have the UI, we have everything to be honest, 99% ready to go. But if I guarantee you right now, it would be Thursday — that’s also me telling the backend devs to make sure it’s done by Thursday. So let’s see how the next couple of days go.
It will be done by the end of this month, 100% — whether we have it live is a different question. I do understand that’s not the news everyone wanted to hear. I do apologize for myself and on behalf of everyone at Polker. We did aim to get this out for you from the 31st. And I do understand that if we get into next week, we are in the first week of September. However in the bigger picture, one week and having a functional token or pushing people for three days and something going wrong, I think that it is the correct move to make at this point in time. So let me get back to you during this week with a more precise timeline. I may be able to actually have the final information from Veridise. What we will do, though, to make sure that everyone knows that we’re not just not doing anything is to upload the audit documents as soon as they are complete so people can go and check the audits themselves. We will also issue and release the token contract on Polygon so people can add the token into their metamask or whichever wallet they prefer to be using and also obviously double check the smart contract audits — and that’s for both the claim token and the erc20 standard for Polygon.
So I understand that it’s a little bit of a disappointment, so I’ll make sure that we have those positive things uploaded for you. I’m not going to write off the end of the month. Perhaps we will have the claim portal actually there and going but if not, then at that point at least, we will have the information for you to read through. And we’ll push to get it out at the beginning of September. So again, apologies for the slight delay. I do hope everyone understands the situation and why this decision was made.
We haven’t had any other questions come through social media. I believe that that was the question on everyone’s mind. I know it’s been a bit of a stressful time for a lot of you guys. It’s also been a stressful time for us. We’re just making sure that we are covering every little inch, every corner here, that when this is done, absolutely nothing can come back to cause any damage for you guys, for us. The amount of support that we got from you guys over the last years has been really appreciated, so we want to make sure that we demonstrate that with our actions now as well.
So we can see that we do have a few people live here. If you do have anything to ask, just request to speak and I shall bring you up to speak here. If not, feel free to ask any question at any time whether that’s on Telegram, Discord, Twitter or any of our other social media channels. There will be someone to answer you then and there. If you’d prefer the question asked on Monday live, I’ll be here at the same time next Monday.
Keep an eye on our social media. Like I said, we will be releasing the audit of the token and the claim contract. We will release the dates so we are looking positive. Everything is looking good. Obviously, it could be better, but that’s just the way the world goes sometimes. have a great week, everyone, and see you back here next time next week — same place, same time. Take care.