Today we have the chance to interview Tori, Founder of Teiki, a decentralized crowdfunding protocol on Cardano. Together, we will discuss what the Teiki Protocol is about, who is the team behind it, how they came up with the idea, and why they decided to build on top of Cardano. Let’s dive right in!
[SurferInvestor] Could you please summarise briefly what Teiki is about?
[Tori] Teiki is a decentralized crowdfunding protocol with low barriers to entry. We build on Cardano’s liquid staking for a novel subscription model, where backers securely stake ADA on a smart contract to generate rewards for project creators. Teiki integrates AI to minimize the time one needs to raise funding as well as manage a community.
[SurferInvestor] AI? This sounds very fancy! What specifically will AI make easier? Could you please give us some examples?
[Tori] For sure – and your readers can find some more information here. We can see a clear trend in AI usage in recent times. Everyone uses Grammarly. Midjourney was released only seven months ago. ChatGPT took over the world in a matter of days. Catching on to this trendy user experience, we integrate numerous AI to aid Teiki creators and backers. Our content moderation AI removes the need for a long review process.
[Tori] The generative models and writing assistance help creators start a project in days. The process usually takes weeks on platforms like Kickstarter. KYC alone needs 3–7 days. For backers, Teiki summarizes and recommends content to improve the browsing experience. We also have podcast generation, OCR, and much more in the future. These AI integrations minimize the time one needs to raise funding and build a community.
[Tori] Also, we will leverage Niko, our AI-powered parrot during the project creation process. Niko can detect potentially offensive content entered by the user or alert Creators to potential collaborators and competitors.
[SurferInvestor] Could you please introduce the founding team? What is their background and what makes them the right team to run Teiki?
[Tori] We are an ambitious and driven team. Most members have worked together for 1-3 years in previous companies, so the bond is already there. With five years of experience on Cardano through works like MELD and Hachi and six years of experience in AI, including demoing intelligent defense systems to the UK Army, we are very confident to deliver Teiki.
[Tori] As an ambitious R&D company, we desire to build many products and innovations. Nevertheless, we don’t have the resources to build everything as a startup. Teiki, therefore, is a great first product to build. We have the experience and competitive advantages to deliver Teiki timely and raise further funds for future innovations there.
[SurferInvestor] How did the idea of Teiki come to life?
[Tori] I started to dive into Indie Games in high school so I’ve known crowdfunding platforms like Kickstarter and Indiegogo for a long time. A few music YouTubers later introduced me to Patreon as a supporting method. Finally, successful ISPOs in Cardano were the deciding factors. Teiki is even better with all the integrated smart contracts and AI.
[SurferInvestor] What item in the roadmap gets you the most excited?
[Tori] There are too many exciting milestones to choose from. Generation II brings us closer to the full dApp scope with governance, more backing and rewards methods, an insurance system, and more. Generation III offers fiat integration to onboard many users outside of cryptocurrencies. Generation IV integrates a lot of tooling for creators to build “on” Teiki instead of just raising funds.
[SurferInvestor] Most people are bullish about L2 at the moment, what decided you to build on Cardano?
[Tori] Building on Cardano is challenging, making our years of experience there a competitive advantage. Cardano also has a large market cap but not many dApps and users. Teiki can help builders raise funds and be central to the ecosystem’s development. Builders need Teiki in the bearish market, while backers need a safe backing option.
[SurferInvestor] The use case behind the Teiki token is straightforward, but what are the incentives to hold the token and not dump it immediately to recover the foregone yield in ADA?
[Tori] Teiki holders can stake the tokens to join on-chain governance processes, including the spending of the Teiki treasury. Depending on the protocol architecture in Generation II, big holders may get some revenue sharing, good insurance options, and more. It is an important voice to have for dedicated protocol participants. Backers also get back optional perks from creators to reduce the need to dump Teiki.
[SurferInvestor] The concept reminds me a bit of the Parachain auction system of Polkadot, could you comment?
[Tori] We are not aware of Parachain. Teiki comparisons can be drawn against Project Catalyst, Gitcoin, Patreon, Kickstarter, and other crowdfunding solutions.
[SurferInvestor] How many people are on the team?
[Tori] 15 members work at the same office, and a few satellite members work remotely. We are gradually growing the team size to 30 for Teiki Generation II.
[SurferInvestor] In an ideal world, how would Teiki look in 5 years?
[Tori] Teiki would be the world’s best crowdfunding solution, with low entry barriers for all. Creators think of Teiki first when they have a new idea and effortlessly establish a brand-new project and community. Teiki would hold world records on all crucial crowdfunding metrics and helps make crowdfunding a norm.
[SurferInvestor] Do you plan to go on other chains? This model could very well work on SOL/COSMOS/BNB etc…?
[Tori] Yes, definitely. While Cardano’s liquid staking is very neat, it is only one passive income mechanic to build Teiki’s subscription model on. For instance, we can deposit backers’ funds to a lending protocol like Aave and direct the interests to backed projects. We must expand our crowdfunding and payment methods to reach a wider audience.
[SurferInvestor] Do you plan any airdrop for testnet users?
[Tori] Yes, we will soon announce a bug bounty for both the testnet and mainnet beta. Please follow us to catch the announcement! 👀
[SurferInvestor] For people who wanna jump in, how to get started?
[Tori] We are very responsive on Discord. Feel free to join our server to ask and discuss anything:
We would like to thank Tori, Founder of Teiki, for taking the time to speak with us today. We wish him all the best for the launch of Teiki and congratulate him for his inspiring efforts to create a sustainable and beneficial system for ADA stakers and startup building on Cardano. We look forward to seeing Teiki bring a positive impact on the Cardano ecosystem.