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Welcome to a new chapter of Satoshi Club AMA series. Today we want to tell you about an interesting session with Unification project that took place on July 9. Our guest was Neyma Jahan (@neymajahan).
The total reward pool was 6000 FUND ($300) and it was splitted into three parts.
In this AMA Recap we will try to summarize some of the most interesting points for you.
…………………………………..
PART 1, INTRODUCTION AND COMMUNITY QUESTIONS
Serg | Satoshi Club: Hello! @neymajahan
will join us for today AMA. Welcome!
Neyma Jahan: Thank you for having us today, really excited
to spread the news about FUND.
Irina K.| @Satoshi_Club: Thanks for joining and thank you for your time
😊
Serg | Satoshi Club: We are glad to have you here. Before we start
with the questions from the community, please tell us a bit about yourself and
about Unification.
Neyma Jahan: Unification is a Hybrid blockchain designed
for enterprises, we solve the speed and scalability issues found with other
chains, through our WRKChain solution –
which allows full horizontal scaling, while maintaining public trust
through stamping to Mainchain at the cost of 1 FUND per stamp. Our team has
been working on FUND for over 2.5 years and just in May released our native
network which is live now with staking.
Irina K.| @Satoshi_Club: @neymajahan please tell us a little bit about yourself,
how did you come to be involved in Unification?
Neyma Jahan:
*First audio in an AMA session at satoshi club.*
Summary
is that our core team has run an enterprise dev shop for the past 10 years and
fully transitioned into blockchain in 2017 to start Unification.
Serg | Satoshi Club: with what enterprises have you worked? 🙂
Generally staking-based projects in 2018 went into a death spiral
because it was simply earn and sell, so right now what is Unification doing to
avoid this investor behavior?
Neyma Jahan: Good question – first off I need to say that purchasers of
the FUND token are not “investors” that term means something else –
it is a subtlety of the english language, but semantics are important for us. They
are token holders or stakers.
That
being said, I understand the spirit of your question and will try to answer. We designed the FUND ecosystem to be 0%
inflation for this and many other reasons.
So a FUND token only gets minted and put to be paid to validators only
in the case where there is usage in the network. So we can mint up to 10m FUND per year- but those have to be due to demand. So if
there is no demand, there is no new tokens and no inflation. If there is
demand, we can mint and distribute.
This works as a self-governing system which will naturally balance and
avoid the death spiral that you mentioned with other projects.
Serg | Satoshi Club: What is the demand right now? 🙂
Neyma Jahan: Our mainnet launched May14th and so far
enterprises have acquired over 3m FUND — all on a recurring basis. So their orders will renew each year- We think this is very healthy. And we thank
our business development arm which is working hard to bring the “Real
world” clients into Blockchain.
Serg | Satoshi Club: That is good growth giving the fact that you
just launched.
Irina K.| @Satoshi_Club: Does this demand include trading made by
holders? Or just activity on the network?
Neyma Jahan: Traders will be traders, they buy and sell and
buy and sell. the smart ones will stake
actually because they see the long term future. However Real demand comes from
the results of our biz dev arm bringing in enterprises. we have a very limited
supply of FUND on the market and when an enterprise purchases some, they are
removing and using it only for tax.
Q2 from Telegram user @Rosane1a8
Unification currently has 25 validators, would that represent a
scalability problem as adoption increases, what would be the number needed in
order to reach mass adoption, and how would you incentivate users to become
validators?
Neyma Jahan: First off there is no “scalability
problem” but I will take this opportunity to talk about our validator and
staking ecosystem. 😊
Our
network is designed to take at maximum 96 validators, to be a validator
requires deploying and maintaining your own node. When you have that you can set a commission
rate that will incentive others to stake to you. So validators will be competitive in their
rates to try to lure and market to FUND holders. This is the best way to
support the ecosystem. We have validators from Russia, Israel, Thailand,
Philippines, Us, UK, Australia etc.
In a video Unification CEO mentions that they
are working in a testnet to simplify the access to the data of patients in
healthcare systems of developing countries by having the data in one place with
the blockchain technology, what is the paper of blockchain, and specifically unification
in this use case? and to which other situations do you expect to adapt it?
But
the core point of this initiative is to decentralize access to health data so
that the end user is in immutable control of that data. So as a user I can
delegate access to my records to a hospital/clinic/insurance but I still own my
data and it is my blockchain record. Obviously adoption here is the key to
success, and hence starting it in brazil where there is less red tape than
other countries.
Irina K.| @Satoshi_Club: But being on blockchain, doesn’t it make the
records public?
Neyma Jahan: The data is encrypted onchain – only the key in the user’s wallet can decrypt.
They can actually issue a temp revocable key to the providers to access. We go
through the tech on the process here http://go.unification.com/identitypaper.
Irina K.| @Satoshi_Club: That’s nice. You said it’s on testnet. When do
you expect to go live?
Neyma Jahan: This is not a “public” project,
however if you look at on chain records you can see that there are two beacons
deployed for it already timestamping FUND. So it is live already.
Q4 from Telegram user @iam12312
You were about to release a project called PAC
or public accountability chain. Can you tell us about it more? What will be its
benefit?
Or
go direct to the website here https://pac.foundation/. PAC is an immutable distributed project for
recordkeeping. So when there are records that need to be consolidated (from
different sources) Public Accountability Chain does that and stores them in a
way that they are “protected” against the future. So even if we wanted to remove them we could
not. The first deployment on PAC is a police accountability database where
records of police misconduct are stored and searchable online. others can add to this.
We
consider PAC a powerful framework which has been getting interest from NGO’s as
a way to ensure public records are transparent. right now PAC timestamps every 30 seconds to
the FUND mainchain, consuming 1 FUND per stamp so it is a good 360 fuel for our
economy.
Irina K.| @Satoshi_Club: That sounds like a great initiative. We need
more transparency, especially in the public sector. Is this project global? Or
intended for a certain region only?
Neyma Jahan: We built it as a spiderweb framework that can
keep expanding way beyond our team. So we can contribute so much, but the power
is when others take the framework and localize for their areas.
Serg | Satoshi Club: Oh, yes. Like where are all the billions going.
I mean about the package of the US administration for the companies.
Neyma Jahan: it is a framework – so if someone feeds it
that data, it will be recorded and unable to be destroyed. 😃
Q5 from Telegram user @MsKiwi206
I often use telephone but Wallet unification
only supports chrome extensions on the PC so your team have any plan to make a
wallet unification version of the mobile app for Android / iOS app?
We are also working on Ledger support for this extension, so your private keys will be in your ledger but you can use the chrome wallet. However, we understand that not everybody has a desktop browser, so our FUND Philippines community (https://t.me/UnificationPH) discovered that you can use the Kiwi browser on android and it runs the extension just the same. Also we are in works with other wallet integration, however we found that 98% of people holding FUND in wallets wants to stake so all 3rd party wallets don’t support that. A native Android/IOS wallet is in our roadmap, but something for later in the year.
…………………………………..
PART 2, TELEGRAM COMMUNITY LIVE
QUESTIONS
The
chat was open for 2 minutes; a lot questions were posted by the Satoshi Club
community. Our guest chose some of them.
Q1 from Telegram User @Nickkiii
What if someone adds illegal data will that
get into the PAC?
Neyma Jahan: Good question, pac.foundation is a website
that is centralized and curated by our team – ie. . We decide what does on
there and what doesn’t. So if there is illegal etc… data we won’t post it. However
PAC is a framework – like a blockchain – people can post what they want,
however it is up to other participants to accept their contributions or ignore
it. It requires consensus in a way like
bitcoin.
Q2 from Telegram User
The UND WRKChain is semi-private which makes
it’s not fully decentralized, how do you plan to deal with attacks from
operators?
Neyma Jahan: Good question. WRKchains are semi-private, but being semi-private means that they rely on POA- or proof of authority. So being a node operator in a WRKChain, you must be selected by the original deploying team. So they need to do curation in that regards. Where the public aspect is, is when that WRKchain timestamps to the public mainchain.
Irina K.| @Satoshi_Club: So relying on POA makes them less vulnerable?
Neyma Jahan: POA is a private network, so yes. the public aspect comes when you timestamp to mainchain.
Q3 from Telegram User @jpsarmah
Coinmarketcap says 34,447,402 FUND are
circulating and Unification website says Total Staked: 47,863,310.0282 FUND.
What is the actual circulating supply and in most staked tokens, price?
Neyma Jahan: Good question, also coingecko says 96million,
so which is correct! We gave all the same info to coin gecko and CMC and they
have different numbers so who knows. However we have our internal stats
dashboard here https://stats.unification.io/. Which shows 96m circulating supply and 47m
staked, so over 50% of circ supply is staked already. If you want to keep
updated, we recommend you follow our stats dashboard or coingecko.
Q4 from Telegram User @mhasan7
What Really is the Purpose of Making an
Alliance called UEA or the Unification Enterprise Alliance and Do you have
certain criterias for those who wants to Join?
Neyma Jahan: Good question you can see the UEA here https://unification.com/alliance/. The purpose is to give access to Enterprise
FUND allocation for businesses needing to operate on the FUND Blockchain and to
create a like minded circle, say the “Noahs ark of Data”. Where we
have top of industry representatives from every industry starting a web or
almost franchise model expanding the FUND chain downline to their industry.
Irina K.| @Satoshi_Club: Thanks for your answer. I think if someone is
interested in more details, he or she can take a look here.
Serg | Satoshi Club: Thank you for being here with us today!
As usual, for the third part, Satoshi Club Team asked the chat 4 questions about Unification. A link to a Quiz form were sent into the chat. Participants had 10 minutes to answer. 42 members with correct answers were rewarded.
For more information and future AMAs, join our
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Knowledge is the treasure of a wise man – once said anonymous. And SatoshiClub does not stop searching for these treasures of knowledge. Today we would like to tell you about the AMA session with our friends from Particl. The AMA took place on July 3 and our guests were Cryptoguard (communications) and Quentin // ffmad (admin). The Total Reward pool was 2000 PART ~1300$ and has been splitted in 3 parts. Also, this time we had a Special Campaign with a prize pool 500 PART(~370$). There were 29 people who have successfully done the Particl Special contest, and 18.52 PART were distributed to each participant. In this AMA Recap we will try to summarise the most interesting points for you.
Part 1 — introduction and questions from the Telegram&Bitcointalk community
Serg: Hello! Today we will have an AMA with Particl. Welcome! We are glad to have you as guests 😉 @ffmad @Cryptoguard
Cryptoguard: Hey, thanks to you and the Satoshi Club community for having us.
Irina Kravchuk: Hi everyone, nice to meet you and thanks for joining us 😊 In the first part we have questions from our community collected on our website and BTT, but before we start with those Please tell us a bit about yourself. How did you come to be involved in Particl?
Cryptoguard: Sure. I am Cryptoguard, part of the Particl team for a little over 2 years now. I’ve started as a community member but soon realized the importance of privacy in eCommerce which is what Particl is focused on. So I’ve started getting more involved with the project on my free time and eventually got proposed to join the team as Community Manager. Now my role has evolved a bit since that time and I am more involved with the communications of the project rather than just being focused on the community, so now I juggle with a bunch of stuff at the same time which really makes it exciting every day!
Irina Kravchuk: Nice. Thanks for sharing. What about @ffmad?
Quentin // ffmad: Hi :wave: I’m ffmad, I’m admin in the Particl Community and involved in the development of demarkets.io, a web explorer for Particl Marketplace. I was involved in ShadowCash since 2014, and a team member for this coin until it was swapped for Particl in 2017. Since 2017, I continued to follow and help Particl, but as a community member.
Serg: Thank you for this introduction 🙂 where is the team based? The majority of the members
Cryptoguard: We embody decentralization to its truest sense. We have team members all over the world including the US, Canada, Europe, South Africa, the Philippines, and etc. This keeps things interesting for sure, especially with timezones being so far apart, but we manage. We have no central office or main location, although we are supported by the Particl Foundation which is a non-profit Foundation located in Zug, Switzerland.
Serg: And the foundation have donations? Where are the funds for the operation coming from?
Cryptoguard: Yes, the Foundation has been funded through a community donation round that happened at the same time as the coin swap we did in early 2017. SDC holders were offered the possibility to swap their SDC for PART at a 1:1 ratio, but could get a PART bonus in exchange for a Bitcoin donation. So in that sense, we’re proud to say that the Foundation is 100% community backed!\
Irina Kravchuk: Could you share how big is the team?
Cryptoguard: We are about 10 full-time members in Particl, with some part-time members and a lot of awesome and dedicated community contributors (such as FFmad) 🙂
Q1 from Telgram user @jmalton
I was trying to participate in the special event but there were a lot of steps and too much time to fulfill the requirement. Can you explain why you need so much time to perform a simple task? Like to buy smth in the market?
Quentin // ffmad: There was a “lot of steps” because it needed to setup the marketplace first, which is currently beta (v3 will be way simpler). To explain the steps:
you first need to install the Particl Desktop which is a full node. It means that you need to download the full blockchain history (3 years) which can take some time. This is probably what was the longest step.
then you need to create a new “market” wallet. This step is needed because of the beta version (to avoid loss of funds on principal wallet)
after this you can simply buy the ticket on the market. This can be really fast if the 2 (sellers and buyers) are online at the same time.
To note: currently the trustless anon escrow isn’t optional, because we have no way to assure that the sellers or buyers can be trusted.
Irina Kravchuk: how many steps will v3 version have?
Quentin // ffmad: v3 version will have market enabled by default, so there won’t be any steps to access it
Q2 from Telgram user @reidman_rosa
Why do you think we need such a private marketplace? Usually people don’t have anything to hide unless it is something illegal
Cryptoguard: That’s a question I could go on and on about with various examples from our daily lives. “Arguing that you don’t care about the right to privacy because you have nothing to hide is no different than saying you don’t care about free speech because you have nothing to say.” – Snowden This is an important quote from one of the leading privacy advocate of our times that is at the core of our beliefs at Particl. The need for privacy in eCommerce is not necessarily because you have something to hide, but more because it is a human right. Privacy also brings a lot of benefits to everyone, such as a added security and protection against personal information leaks (which, by now, is general knowledge that it is a problem with most online services). It can also protect your business, specifically product inventors who are now afraid to invent products and bring them to markets (due to the fact that they get copied by marketplace operators and put out of business before they can even break even on their investment). It can also protect you from these awkwardly accurate targeted ads that you get just by browsing the web. Then, you also have more personal reasons to remain private when shopping (or selling) online, such as a 18+ adult items. Some people may not want to have order history related to that kind of stuff plastered all over their credit card bill or marketplace history. Other industries that benefit a lot from privacy is, for example, the art industry, which is typically more on the private side, especially when it involves high-priced art pieces. There are many reasons why you would want online privacy, and we believe that having this option should always be possible for everyone that wants it. It’s a human right, and that’s why we are taking part in this humble fight that is online privacy!
Serg: I think this answer is very important
Cryptoguard: Oh, and let’s not forget about this awkward story from Target: https://www.forbes.com/sites/kashmirhill/2012/02/16/how-target-figured-out-a-teen-girl-was-pregnant-before-her-father-did/#392d55576668
Irina Kravchuk: Is this real? I’ve heard it many times
Quentin // ffmad: Amazon can now more about you than other GAFA
Irina Kravchuk: But seems like a good story 😊
Serg: In Interesting times we live
Cryptoguard: I always found that particular story a good representation of the risks of data mining even though you are acting perfectly normal
Irina Kravchuk: What’s gafa?
Quentin // ffmad: Apple, or even Facebook. It’s a no brainer Facebook added a marketplace in the last years. It was the last link to know you fully
Q3 from Telgram user @vnmb788
What are the major milestones you have achieved so far?
Cryptoguard: Particl has always been a project focused on development first and foremost, so that’s where our biggest milestones lie. Our biggest milestones, roughly in chronological order, would be to have been one of the first (if not the first) to launch as a pure PoS blockchain with no pre-mine, insta mine, or anything. Of course, that’s thanks to the previous chain SDC which we did a swap from. Then, we also had the first Confidential Transactions (CT) privacy protocol launched on top of the Bitcoin codebase. This allows amounts sent in transactions to be hidden. We’ve also launched in this same year (2017) cold staking, which allows you to stake coins even though your wallet is offline. This provides stakers with a tremendous amount of security and doesnt’ require you to enter your wallet password (and thus store it in memory…never forget “Heartbleed”). We later also released cold staking pools to increase accessibility to cold staking for less technical users and smaller holders. Then we had the release of atomic swaps, in 2017. After that, we released the first ever RingCT and Bulletproofs protocols based on the Bitcoin protocol (as opposed to Cryptonote), which is what powers all the privacy behind the marketplace. And then, of course, our biggest milestone of all, Particl’s decentralized and private marketplace!
Pure PoS launch
Cold staking and cold staking pools
Atomic swaps
CT, RingCT and Bulletproofs all on the Bitcoin codebase
And of course, the Particl Marketplace!
Next major milestone: Particl V3 in just a few weeks 😉
Serg: We are eager to see it
Irina Kravchuk: If it makes the whole process easier, might be a big improvement
Cryptoguard: And we are very eager to show it, our devs have spent countless hours working on this and this will significantly change the game by making things more user-friendly and smoother.
Q4 from Telgram user @Lorax14
What measures are you taking to ensure the confidentiaIity of the data of the users? How vulnerable are your technologies to cyber attacks and hacking of user’s data?
Cryptoguard: So Particl’s marketplace has a multi-angle approach to keeping your personal information private. The most obvious technique used to preserve confidentiality is by making the currency transactions private on the blockchain. What this means is that, thanks to a combination of CT + RingCT, any marketplace transaction hides the amounts sent, the receiver, and sender of that payment. But that’s just one aspect of how the marketplace preserves your privacy. The marketplace also completely hides any metadata about you, whether that be geo tags from a listing picture or your IP address when publishing a listing, all of that is hidden by default and cannot be collected by any third-party. Then you also have privacy at the escrow level. Typically, on an online marketplace, you would have staff overlooking a transaction so that they can intervene should there be an issue (a resolution center, like on Paypal for example). That’s a mediated, centralized approach to issue resolution. On Particl, we instead use a two-party escrow system based on the MAD game-theory. Both participants essentially need to put a security deposit into an escrow smart-contract and they get refunded once the transaction is completed. I believe we might touch on the escrow a bit later as we’ve seen a lot of questions asked about it, but in essence, there is no single third-party that can read conversations, check account/order history, or even the tracking number. It’s just you and the person you’re transacting with. And then, you can of course hide your IP address using Tor, that is if you want to go an extra step and not even show to your ISP that you are connecting to the Particl network. If I can summarize this in a more simple sentence, I’d say the key to your confidentiality on Particl is that there is no traceable data about you being generated, or collected, in the first place.
Serg: Do you get a fee for the completed transactions?
Cryptoguard: There is no fee for using the escrow, and no sales commission/fee. The only fee collected by the Particl network is a small listing fee to prevent spam listings. But the awesome thing about it is that 100% of these fees are redistributed to stakers as a reward for securing the network. It makes the Particl economy go around!
Irina Kravchuk: How big is this amount that people should place into escrow?
Cryptoguard: At the moment, it is equal to 100% of the value of the item or service being purchased. This is what provides for the best “MAD odds”, which just means it is the optimal security deposit to reduce scams to the minimum. As part of our roadmap, we do have upgrades planned for the escrow system such as negociations of the terms, variable security deposits, or even an opt-out option. But at this moment, both participants need to put 100% of the value of the transaction.
Q5 from Bitcointalk user jhonathanch
About Particl Marketplace! What kind of products can be sold on the platform? How do the percentages per sale of each product on the platform work, does the seller get 100% of the profit per sale? Thank you!
Cryptoguard: Well, Particl is a two-sided marketplace, meaning anyone can be a buyer or vendor. It’s also a restriction free marketplace which means you can basically sell anything you want (as long as it doesn’t get voted out by the community through the decentralized moderation system). Since we launched, we’ve seen a bunch of interesting items such as art, old casascius physical bitcoin, COVID-related items (that were banned on other marketplaces, for example, N95 masks or even just hand sanitizers), gift cards, CBD products, nootropics, and etc. It’s really up to the Particl community to decide what’s for sale and what isn’t.
Quentin // ffmad: As it was said before, there is no fees of any kind on the sales, so user get 100% of the profit
Cryptoguard: Sales on Particl are free, as in, there is no commission taken from your sales. That means that, as a vendor, you make 100% of your proceeds. That’s a significant improvement, even considering the potential volatility of the PART coin, as most online marketplaces typically charge between 3.5% and 50% even (and that’s not even counting transaction settlement fees which are usually separate (i.e. Paypal fee). As I mentioned earlier, all fees are redistributed to the community of stakers. It’s truly a community project and everyone can become an “owner” of a small part of PART 🙂
Quentin // ffmad: Only fees are for anti-spamming: listings now, and in next versions: advertising and listing public marketplaces
Cryptoguard: Yep, promotion fees are coming in Particl V3.0 as you’ll be able to promote your market or shop to the rest of the network. Fees will go to stakers again!
Serg: How many votes are needed?
Quentin // ffmad: It depends on a limit/threshold set by default on the parameters of the marketplace. Currently it’s around 9500 PART to vote out a listing. But if a user want to avoid this, he could change the threshold himself in his parameters. So the level of moderation on a user marketplace depends on the user wish.
Q6 from Bitcointalk user nimelo
What are the benefits of using Particl over Open Bazaar?
Quentin // ffmad: OpenBazaar is the ‘grandpa’ of open / decentralized marketplaces. One of the main difference is about the payment. OB use coins like Bitcoin to make a transaction on its marketplace, which means you could trace what people are buying on OB, Particl has its own blockchain with an anon cryptocurrency, which means private payment and no possibility to retrace anything on payments. One of the downside of OB is the ‘old fashion’ use of human escrow for sensitive transaction, while Particl use a trustless escrow with a smart contract An other big advantage is what CG said before about the complete privacy of the marketplace data. Particl use SMSG, or Secure messaging, which is a decentralize network of encrypted messaging
Serg: So, shortly, Particl has brought it to a new level. Was this all or you want to add something else before we open the chat?
Cryptoguard: One thing I’d like to add, which is one of my favorite thing about Particl, is also the fee redistribution to stakers. This creates the potential for some very serious network effect and can help a lot motivate the community to spread the word as they earn PART. Yes, listing fees are actually quite small, but with many listings it adds up and can create a very positive feedback loop.
Quentin // ffmad: Also I would say that there is a lot of new decentralized marketplaces, but Particl still has a quite unique position among those. Origin Network for example is simpler, running on Ethereum, and kinda “shopify on blockchain”, but it lacks the privacy features.
Cryptoguard: And also to mention, we have deep respect for the guys over at OpenBazaar who paved the way and pioneered decentralized marketplaces. We are working on different approaches to decentralized marketplaces, but share our thoughts on just how much we as a society need these censorship-resistant marketplaces. I think that’ll become more obvious as time goes by!
Quentin // ffmad: Oh, another interesting thing to mention about OB and Particl
On the last report by Chainalysis about the new “decentralized marketplace” (that could be used for gray markets), they mentioned OpenBazaar and Particl
Which show that these two were considered by experts as the most interesting solutions
(for decentralized markets)
Part 2 — live questions from the Telegram community
Serg: 900 questions or so 🙂
Q1 from Telgram user @CryptoCoin_hodler
Could you explain what are the Minimum Requirements for staking $PART coins? Also, which For Cold Staking which hardware wallets are compatible?
Cryptoguard: There is barely no minimum requirement to start staking on Particl. There are multiple ways you can do it. 1- Regular staking, then all you need to do is keep your wallet online and “unlocked for staking only”. The only requirement here is that you keep your computer online. 2- Cold staking, which lets you close your computer and still stake funds. Here, the requirement is that you set up a cold staking node of your own (which can be on a VPS or a Raspberry Pi, or any internet-connected device for that matter). 3- hardware cold staking, which is similar to cold staking but done with funds stored on a Ledger or Trezor device. 4- Cold staking pool, that one is if you don’t want to mess around with a cold staking node but still want the benefits of cold staking. You can just “connect” your wallet to a staking pool and earn rewards. It’s the easiest way to stake, but cold staking pools will charge you a small fee.
As for the number of PART you need, you only need any amount superior to 0 PART, meaning no minimum :sweat_smile:. The reason behind this is that we wanted every marketplace user to become stakers so that they could benefit from the redistributed fees and secure the network at the same time.
Note that it is also possible to cold stake on a mobile device (i.e. with Particl Copay) and even use multi-signature wallets (again with Copay) for added security. You can go really crazy with Particl staking and still keep all that security 🙂
Q2 from Telgram user @Sephad
Many people are scared of using online marketplaces because of fake, counterfeit and sub-quality products. How can PARTICL solve this problem?
Cryptoguard: This is very true, there is a lot of counterfeit online. Our secret weapon against this type of misbehavior is the use of the escrow system. Basically, when selling something on Particl, you need to put a security deposit equal to 100% of the value of the item you’re selling. The buyer is going to match that security deposit. Both deposits only get refunded when both users agree that the transaction was honest and completed. That means that you could have your security deposit held against you if you misbehave, which results in a net financial loss until any issue is resolved and agreed by both parties. So, as a scammer, would you risk losing money trying to scam people on Particl, or would you rather take a chance with a more forgiving eCommerce platform? Typically, when a user is willing to enter this kind of escrow for a transaction, it’s already a good indicator that they are going to be legit. And if they are not, then you, as a buyer, have leverage over than vendor. Keep in mind that we do plan on adding a reputation system at some points with reviews. That’ll come later on during the roadmap, and for the moment, there is a Questions & Answers section for each listing which can help people warn each others and leave comments in case some bad actor tries to scam people.
Q3 from Telgram user @Strdean
Particl working on making transection untraceable. Ghost project also doing the same things. So my question is, which features of Particl will keep forward in competition?
Quentin // ffmad: Ghost is doing that same thing because it is, literally, a copy. You can look at the whitepaper where Particl is heavily mentioned, and the github where most of the development was to replace ‘Particl’ mentions by ‘Ghost’. The main feature of Particl is the marketplace, and it is something that will be hard to copy, not only because the Particl Desktop is closed source, but also because the technological features aren’t easy to develop.
Particl will keep forward in competition because of its developers, which are part of the project since years, and have a clear view of what they want to create.
Q4 from Telgram user @Washincha
Can you please explain the Cold staking system more describely? How it’s different from traditional staking system? How can we say that it’s best choice for PARTICL?
Cryptoguard: Typically, when you’re staking, you need to keep your computer online so that it can help secure the network. That’s how and why you get the rewards. With cold staking, you can delegate your staking power to a node to contains 0 coin, but can collect rewards on behalf of your wallet which contains coins. And because your staking power is delegated, you can then shut off your wallet and disconnect it from the internet entirely. This provides a lot of security for stakers and also makes things much more simple. In the event that your cold staking node gets hacked, nothing will really happen as that node really contains 0 PART. The other big security benefit is that you don’t need to keep a wallet unlocked because that stores passwords in memory. And as we’ve seen with the Heartbleed exploit a year or so ago, that can be very dangerous. Finally, cold staking allows you to stake from pretty much any internet connected device such as a phone or hardware wallet. Since that device will not actually be staking, it can be taken offline and it won’t cost resources (i.e. battery and data on a phone).
Q5 from Telgram user @JoanaZ
Considering its intrinsic nature with BTC elements ( security and fiability), the particl can interact with LIGHTING NETWORK?
Quentin // ffmad: Particl did not wanted to reinvent the wheel and chose to be based on Bitcoin codebase because it is simply the best: the most reviewed, the most secure, and also, one with a lot of interesting features. One of these being Lightning Network. This could be a very interesting way to scale Particl Marketplace if it grows exponentially, and scalability problems appear in the future. It has to be noted that Particl already did some tests with Lightning Network: https://particl.news/particl-lightning-network-now-available-on-testnet-eb87a5ab65cd.
Q6 from Telgram user @carlos3766
“Particl allows users of all cryptocurrencies to participate and use its network”. Could you explain a little how this works?
Cryptoguard: Absolutely and good question considering the timing. We’re in fact adding Zcoin and DAI to Particl Desktop in the coming days and will be adding a bunch more coins once Particl V3 comes out in a few weeks! When you use another coin on Particl, you can do it in two different ways: either swap that coin for PART using the in-app swap engine. You’ll end up with PART that you can then use to buy anything on the marketplace. You can also do it as part of the check out process when buying something on the marketplace. Doing it this way will still rely on the in-app swap engine, but it’s a bit more integrated into the process of completing a sale.
Now how these swaps are done, there are two ways. The first one, which is how we’re doing it right now, is through third-party integrations (swap exchanges such as SimpleSwap/StealthEx). The second way to do it, which is more secure and more decentralized, is through atomic swaps which have been live on mainnet since 2017. However, due to the current low liquidity in the crypto space on the atomic swap side of things, the third-party integration is more appealing for the user at the moment. That isn’t to say atomic swaps will grow in the future, we absolutely believe it will. We are still not 100% ready with an atomic swap style of DEX but that is on the roadmap. Here is our announcement on the subject from just a few days ago: https://particl.news/new-coins-coming-up-on-particl-21f344532e90
Q7 from Telgram user @Nickkiii
Will
there be an option in the Marketplace, where as a storefront creator,
I can give an access key to a trusted party which will allow them to
post their own products in my storefront?
Cryptoguard: Absolutely, this is the purpose of storefronts. So with Particl V3.0, we’re introducing two concepts: user-created markets and storefronts. Markets are, well, open markets where everyone with access to it can post listings and sell what they want. Markets can be found and joined by browsing the Market Browser on the marketplace. Storefronts, on the other hand, are more like vendor shops. Only the creator, and the people he chooses, can publish listings. If you don’t have a special administrator key given to you by the creator and you only joined the market with the regular access ID, you’ll be able to buy anything on the storefront but not post your listings. Think of it like a vendor shop with employees having a special access to post listings. Then, going into the future, we also want to add more permissions to keys so that the owner can create access/management tiers. Keep in mind this is not for any time soon, but it’s an idea we’ve been entertaining in the background.
Q8 from Telgram user @Temidayo16
I
realized that Copay and Flare mobile wallets don’t have Particl
marketplace integrated, it is the reason why a good number of us
couldn’t complete the Satoshi Club Special Campaign Task, is there
any plan to release an update as to this or another mobile wallet
with Particl marketplace integrated?
Quentin // ffmad: Mobile marketplace is something really necessary in todays world, where most of the internet browsing is done on mobile devices. Particl team understand that very well, and this is one of the main aim after the release of the v3, which is coming this summer. It has to be noted that a mobile marketplace isn’t an easy thing to develop: to use the marketplace you need both the privacy of the blockchain and the SMSG network. A mobile won’t get a full blockchain, and might not accept a full SMSG node either. So developers are working on ‘light’ versions for these features (looking at new works like Neutrino: https://bitcoinmagazine.com/articles/neutrino-privacy-preserving-light-wallet-protocol), so that a mobile app can be made a reality as soon as possible.
Q9 from Telgram user @Jhonathanch
What
are the uses of $PART coin currently? Can it be used to buy on the
Particl Marketplace? What role does it play in the ecosystem? Thank
you!
Cryptoguard: PART is at the very center of the Particl ecosystem. It is many things at once: 1- It is the native currency of the Particl marketplace. All transactions, even those initiated with other cryptocurrencies, need to be settled in PART. That’s how the marketplace is able to provide most of its privacy capabilities and that’s how transactions can interact with the escrow smart-contract. 2- It is a voting ticket. You can create and vote on Community Proposals using your “coin weight”, in other words, the number of PART coins you own. 3- It is moderation power. You can use your “coin weight” again to vote on listings to be taken off the marketplace if you judge that they shouldn’t be there in the first place. The system works the same way as Reddit’s upvote/downvote system, except that Reddit counts votes on a 1 user = 1 vote and Particl does it on a 1 coin = 1 vote basis (since that’s the only way we can make sure no one games the system). 4- It is a passive income generator. With staking/cold staking, you can earn a steady stream of PART income thanks to the staking rewards and the fees (listing, promotion) generated on the marketplace. Typically, the more people use the marketplace and Particl in general, the bigger the staking rewards get, so it really creates an interesting dynamic where stakers are directly rewarded for talking about and bringing more people to Particl. 5- And of course, a privacy coin. PART uses RingCT, CT, and stealth addresses to hide the transacting amounts and parties. So you can use PART as a privacy coin that has more or less the same privacy tech as Monero, but on the more flexible and battle-tested Bitcoin codebase. It’s like getting your cake and eating it at the same time, best of both Bitcoin’s and Monero’s worlds 🙂
Q10 from Telgram user @BJosefina61
“Particl’s
Open Marketplace does not charge you any fee for buying goods and
services”. Where does Particl get dividends then? What is your
way of financing this technology?
Cryptoguard: The Particl team doesn’t generate any profit from the marketplace, it is truly a free (as in freedom), independent, open-source, and decentralized protocol just like the internet is. Sure, some companies do earn a lot of money on the internet, but there is no central company that “runs” the internet and scoops profits off of that, although I am sure that can make for some deeper debates 😉 As for the financing part of your question, the Particl Foundation is what manages the funds that makes this project go around. I cannot go into too much details as I am not personally part of the Foundation, but I can tell you that there is a “treasury reward” of 10% of all the staking rewards that go to the Particl Foundation. That means 10% of the staking rewards go to the Foundation and these funds are used to keep the project going. Additionally, the Particl Foundation also stakes its funds which provides it with an additional source of income. The Particl Foundation has a good number of PART set aside to fund the project, with most of them probably being reserved for a second fund raising. My personal opinion on the subject is that with V3, Particl is becoming mature enough so that we start seeing more people trying to build businesses on top of Particl. Not only will that grow the network and add services, but it’ll also decentralize the network further, which is always good. Similarly to how the internet is supported by an almost infinite number of businesses and services, I believe this is the way Particl will end up going, especially as we plan on releasing a developer SDK later on to make the process of building on Particl even easier than it is right now!
Cryptoguard: Definitely, thanks to you guys for hosting it and especially to all the Satoshi Club community members who’ve asked…close to 900 questions. Mind blowing, in a very good way 😀
Part 3 – Quiz Results
In the final part we would like you to check your knowledge in terms of Particl. They’ve prepared 4 questions for this part, so everyone could be a part and answer. All the correct answers you will find at the bottom of this Recap. Enjoy!
Q1
What is Particl Blockchain based on? 1/ Ethereum ERC20 2/ An original anonymous blockchain 3/ Bitcoin 4/ Ghost
Q2
On which core technology, SMSG (secure messaging) the messaging network used by Marketplace is based? 1/ Blockchain 2/ Bitmessage 3/ IPFS 4/ Signal Messaging
Q3
What Particl project -doesn’t- aim to do? 1/ Create unstoppable marketplaces 2/ Improve and replace Bitcoin 3/ Enable decentralized privacy apps 4/ Exchange physical goods in full privacy
Q4
What can’t you do today with Particl Marketplace? (soon available on v3) 1/ Manage identities 2/ Use it over Tor network 3/ Create a private marketplace 4/ Buy with trustless anon escrow
June chapter closes, but we will remember this month for new incredible achievements! The last day of this month SatoshiClub has completed with an unusual project and the largest prize fund in the history of SatoshiClub. Today we would like to tell you about the AMA session with our friends from STONK. The AMA took place on June 30 and our guest was noke.
The total reward pool was 7ETH (~1500$) and has been splitted in 3 parts.
In this AMA Recap we will try to summarise the most interesting points for you.
Part
1 — introduction and
questions
from the Telegram&Bitcointalk
community
Irina Kravchuk: Hi everyone and welcome to a new episode of our AMA series
noke: Everyone grab your popcorn
Irina Kravchuk: 🖖 Hi and welcome
Serg: Hi! Glad to have you here 🙂
Irina Kravchuk: It’s showtime 🕶
Serg: You had some difficult times in the past days: good and bad news. We hope we will clarify everything in this AMA
noke: Indeed, the last few days have been quite crazy.
Irina Kravchuk: Thanks for joining @nokeman . A lesser project wouldn’t have come to avoid attention.
Serg: we can start with a question related to that 🙂 if you are ready
noke: Sure thing, drop it here – I’m ready for any question 🙂
Serg: but only after you tell us a bit about yourself. And the a history behind the project
we want to know the
background 🙂
noke: Ah so the history and background of STONK
Serg: If you are comfortable, you can say about yourself as well 🙂
noke: Well I’ll start with myself – I’m from New Zealand, and I have a background in cyber security & informatics olympiads.
Serg: white hacker? 🙂
noke: You could say that, but most of my time has been involved in participating in capture the flag competitions (CTFs), fun little competitions where you essentially hack things for points on a leaderboard.
Irina Kravchuk: Were you good?
noke: Yes, I’ve achieved quite a few top leaderboard placings/prizes with my team in and outside of the country, although I can’t release specifics here due to the anonymity aspect of the project. We are completely happy to offer personal & legal details for professional negotiations if needed though.
As for
blockchain/cryptocurrency – we’ve mostly been lurkers in the space –
and it has only been recently when we started considering starting a
project.
Irina Kravchuk: Interesting. What made you consider starting a project on blockchain?
After this, we can
start with the questions from the community if you’re ready. We have
plenty of them:grinning:
noke: It was most definitely the recent release of the balancer protocol by the balancer labs that edged us towards creating a project. Their protocol opened huge doors for many, many potential use cases, especially regarding their liquidity balancer pools & how their exchange optimized routing/trading through them.
Of course – I also
just wanted to make a token named STONK. These two things combined
pushed me over the edge to create this project 🙂
Sure thing, we can
start with the questions now.
Q1 from
Telgram
user @GoldRocket27
You
were recently hacked, but you reacted quickly. What steps are you
taking to strengthen your protection? How much attention will you pay
to the issue of protection in the future?
noke: Thanks @GoldRocket27, a good question. The hack was regarding the FoT (fee on transfer) function on our old token. To put it simply, FoT burn tokens are non-standard ERC20 tokens that destroy a percentage of your amount on transfer. This, combined with the balancer pool’s gulp function, created an opportunity for an attack vector via flash loan to completely drain all liquidity from our balancer pool.
Irina Kravchuk: Were you aware of this vulnerability? I mean as a potential threat?
noke: No, we were not aware that our deflationary aspect could be exploited this hard, as the gas/capital required to do so as we initially calculated would have been immense and impractical.
We did know,
however, that the deflationary/FoT aspect would create arbitrage
opportunities with our token at the expense of liquidity providers,
partially due to the balancer pool’s gulp function.
None of us expected
an attack of this scale via a flash loan though – the balancer labs
were equally as surprised when the attack happened on this edge case.
So right after the
attack happened – it was very confusing for all of us.
Irina Kravchuk: You worked over the working program I guess to solve this:grinning:
noke: Yes –
Initially we did not
know what had happened, we didn’t know whether it was a bug with the
balancer UI.
However, as the
minutes passed
– and as the clock
ticked.
And as we looked at the transactions on Etherscan.
We realised exactly
what happened – and it was a complete attack on the balancer pool –
draining around 30K of funds.
We knew that this
was regarding our token’s non-standard ERC20 fee on transfer
function, so we instantly began a 1:1 snapshot token swap to a token
that was a standard ERC20, fully compatible with the balancer pool.
The timeline went
something like this – at around 6-8AM, the attack happened.
(GMT+12)
At around 8-9AM, we
pushed forward the call to begin the 1-1 token swap for the new smart
contract.
At 12AM, the
snapshot for the token swap began. We captured around 508 holders in
total.
At 12AM-4PM, we
began airdropping the new, patched/fully compatible token all
holders, one by one, checking for any malicious addresses in the
process – especially ones involved in the flash loan attack.
During this entire
period we were in full deep contact with coingecko, hotbit, & any
other website that already supported STONK.
At around 5-6PM,
coingecko was updated.
At around 7PM, our
trustwallet logo was updated.
At around 7:15PM,
20-30K of liquidity was added back to uniswap, and trading resumed.
HOTBIT was in
contact this whole time, and at 8PM, we were listed officially, on
schedule, with HOTBIT, with trading beginning on the exchange.
Essentially –
everything was all back to normal, with the FoT removed, completely
resolving/fixing the issue.
Serg: Extremely fast I would say
Irina Kravchuk: Stonk saga
noke: You could say that – a crazy day it was. Now we’re back on track with our plan.
Serg: It’s a story for your grandchildren 😄
Irina Kravchuk: I’m sure you didn’t like the hacking part, but you guys handled it really well. Congrats
noke: One more thing to note – the balancer protocol has been audited multiple times extensively – and this edge case was present in their documentation quite publicly – none of us however, expected this flash loan attack. This new token is now fully compatible with their protocol, and there should be no more issues.
Q2
from Telgram
user @nandhas
Liquidity
is paramount to the growth of DeFi. Many DApps require reliable pools
of liquidity to function. What is the function of $STONK token in
providing liquidity?
noke: So first of all – before we can answer this question fully. What exactly is STONK? and what does it do?
Once we know this, we can know how STONK will support and provide liquidity.
So essentially while
we were looking at the balancer protocol, we knew that there were
many undiscovered use cases present, almost everywhere we looked.
One of those use
cases – opened an opportunity for a new type of token. A token that
almost acts like an exchange traded fund, or an index fund, a token
that can be pegged to many assets at one time.
So how does STONK
achieve this? Quite simply, through taking advantage of how the
balancer DEX routes different transactions through multiple liquidity
pools to find an optimum slippage rate/price, constantly rebalancing
pools and creating price pressure on all involved tokens in the
process.
So lets say you want
to swap ETH -> COMP.
The protocol will
find a way to route your transaction through multiple pools on the
balancer exchange, to achieve the best slippage/price.
Serg: So, basically it will help us find the most convenient price
noke: Yes – one second
So this is where
STONK comes in – we want to create a set of route-optimized pools
that will redirect this transaction THROUGH pools that INCLUDE STONK,
rebalancing the pool and enacting price pressure on STONK in the
process.
STONK will
essentially sit in a multitude of reward & route optimized
liquidity pools, and it will soak in balancing pressure from every
single trade that involves a DeFi token.
This is how it will
be pegged, essentially, to a basket of DeFi.
It’s a new kind of
token, and a new kind of fund, and it discovers an undiscovered use
case present in DEX liquidity pools.
So – how will STONK
provide liquidity?
What are sort of
incentives to provide liquidity in STONK balancer pools?
First of all, of
course, we have to create the most optimized balancer pools possible
for the highest ROI.
Rewards can come in
the form of swap fees from trading volume from optimized routing, and
they can also come in the form of BAL tokens, provided by balancer
labs.
STONK will essentially calculate & create a set of these optimized balancer pools for DeFi, attracting outside liquidity providers, and therefore providing liquidity & supporting projects in the process.
Yes, there are actually some calculations up on https://pools.fyi, although those take into account impermanent loss/is relatively generalized for all pools. We will provide ROI reports soon once we deploy the first set of STONK DeFi pools.
Q3
from Telgram
user @harl324
Could
you elaborate more on the concept of balancer pool? How is it
innovative compared to the crypto space?
noke: The balancer pool is a new kind of liquidity pool released by balancer labs. It will be utilized by DEX exchanges, namely the balancer exchange, to route transactions through it to find the most optimal price and the lowest slippage/fees. Essentially, it’s an optimized way to do decentralized trading. Balancer pools will just provide the liquidity in the process.
Q4
from Telgram
user @ineed688btc
STONK’s
white paper is quite tricky for me and for any non-technical user,
which is not helpful for investors who don’t have a lot of
technical background! Do you have simple and basic information about
the STONK project that would help to better understand STONK for
those users?
noke: Well first of all haha – STONK’s whitepaper isn’t out yet – it is in full development though. We want it perfect before release. I’ll assume he’s talking about the information page on our website.
Yes, mostly – we do have some information on our medium https://medium.com/@stonkdev – although a lot of it will need to be updated.
Irina Kravchuk: The recap of our AMA will help with this 😊
noke: Yes, we do plan to have simple/basic information for new people so they can quickly grasp the concept of STONK. We also hope this AMA will help with this. Indeed 🙂
Serg: It helped already 🙂 I already understood a lot
Q5
from Bitcointalk
user elissa
Stonk
is an ETF token of DeFi tokens. Please explain why you need a STONK
wrapper around it. You can just directly buy something like that on
Balancer. Am I right? Please correct me if I am not. Thank you!
It might be
related to other answers as well
noke: Yes, this was covered rather extensively previously
I’ll answer the part
for why a “STONK wrapper” is needed though
There’s many index
funds all around the world, many ETFs that are pegged to a basket of
assets
For example, the S&P
500 and the Dow Jones Index
STONK will be
somewhat similar to this, but instead pegged to a basket of DeFi.
Through a unique method via the balancer protocol.
Q6
from Telgram
user @Laitarouth1009
I
can’t see your Roadmap and Team members on your Stonk website, so
please tell us, what is your Strategy,Aim and what are your team
doing in helping the mass adoption of Stonk?
noke: Our strategy right now involves achieving a set of “credibility goals” that will legitimize STONK as a project. This includes – a code audit (although this will have to be updated to reflect the new contract), a listing on a notable CEX (paging HOTBIT), a listing of our token on CMC (in progress), and a whitepaper release.
Once these are
achieved, we plan to perform a huge expansion, contacting many
different organizations.
Serg: I would add also: Your speed with dealing with the issue of the hack. It will add to the credibility goal
Irina Kravchuk: For sure it will
noke: Haha indeed it will – we really hope it will be remembered.
Marketing &
branding is also extremely important to us. We chose STONK as it
holds huge untapped viral potential.
I mean come on guys,
STONK…
This is one of the
best memes relevant to trading out there – and we’ve basically
reserved it on coingecko, an exchange, and more platforms to come.
Serg: Thank you for your very good answers! Before we open the chat, could you provide 4 short key-points to remember from our conversation?
noke: Key point 1. STONK is a new kind of asset – one that utilizes balancer DEX liquidity pools to peg itself to a basket of DeFi. You could say it’s similar to an ETF, we like to call it a balancer traded fund.
Key point 2. Our
token is named STONK.
Key point 3. STONK
also supports DeFi as a whole by attracting liquidity to its
reward-optimized pools.
Key point 4. STONK
will have an aggressive marketing strategy that will make full use of
it’s viral potential.
Serg: These are good key points. Thanks!
Part
2 — live questions from the Telegram community
Serg: 1200-1300 questions in 80 seconds! That is the record 🙂
Q1 from Telgram user@Guandog
Why
did you decide to be called STONK, and what does that head mean in
what appears to be a multidimensional plane?
noke: We decided to be called STONK, firstly because we love memes, and secondly because of it’s huge viral marketing potential. The head represents the very popular STONK meme, and it appears in a multidimensional plane on our website as a reference to outrun/vaporwave aesthetics, an aesthetic that we love a lot.
Q2 from Telgram user @Otunba_mufasa
Currently
going to CEX, what are your plans for DEX?
noke: Our first CEX was Hotbit – and it was crucial to achieve this so our project could gain credibility. CEX listings are crucial to gain a place on coinmarketcap – something which is essential to validate your project. We like to call these “credibility goals”. Once we achieve enough of these, we will start targeting more notable DEXs such as Kyber & Loopring, delivering a reputable first impression. DEXs will play a huge part on STONK’s role as a token.
Q3 from Telgram user @baobao265
Community
support is an extremely important factor for all projects, so what
made you decide to choose Satoshi Club Community to host AMA and what
do you expect the most from this AMA?
noke: We like to keep our portfolio of listings/marketing interactions very high quality. We’ve been contacted by many other AMA services. Satoshi Club, however, stuck out to us as a group with grounded reputation, and we knew that we couldn’t let this opportunity slide. AMAs are also essential in providing understandable information for new people – we hope this AMA can achieve that.
Q4 from Telgram user @BasedWolf
What
are some of the biggest challenges for stonk and what is the driving
philosophy moving forward?
noke: Stonk plans to be as transparent & forward-thinking as possible. We’re open to any criticism and change – we hope the past few days have reinforced this. Our driving philosophy involves being always focused on the main project with fun sprinkled along the side, appreciating & laughing at all kinds of memes/content that come out of our community. We hope this attitude will bring momentum to keep our project moving forward.
Q5 from Telgram user @Lahiru94
Who
are the biggest competitors of STONK? And how does the team plans to
overtake it’s competitors?
noke: STONK currently doesn’t really have any competitors that fully understand/are able to take advantage of this concept. We do have one distantly similar cousin, called Statera, although we’re not too sure what their use case exactly is. STONK as of now, is truly & unironically one of a kind.
Q6
from Telgram
user @erven12
I have
read an Article about
“DECENTRALIZED LIQUIDITY IS THE
BACKBONE OF DEFI”
Is Stonk Agree with this?
noke: Yes, fully. STONK intends to take advantage of this in every way possible.
Q7
from Telgram
user @baobao265
Do you
think the DeFi trend is only short-term and only a reason to attract
investors?
noke: No, DeFi is essential to blockchain. It keeps capital & value floating in and around our ecosystem. It has played a huge role so far, and it will continue to play a huge role. Without DeFi, we wouldn’t have DEXs, lending, etc, things that are all extremely useful & needed to further legitimize the space.
Q8
from Telgram
user @CallmeUS
Which
property of STONK do you think will have the greatest impact on
social adaptation ?
noke: memes
Q9
from Telgram
user @CallmeUS
How far
have you gotten in the fundraising?
noke: I assume this is regarding STONK’s launch/presale. STONK’s presale price was around 1ETH = 150-200K STONKs, and we raised around 60-70 thousand dollars from presale, which all went towards uniswap liquidity. We then locked 42% of this liquidity in a payable un-withdrawable smart contract, simply for trust. We also airdropped hundreds of STONK packages consisting of 30K-50K tokens. To further add to the distribution, we also provided rewards for adding liquidity.
Q10
from Telgram
user @ppghdsh
What
makes STONK future-proof in the DeFi space and will your new STONK
token act as an advantage or disadvantage in achieving your main
goals?
noke: STONK will always be future proof, since it will always have an ever changing set of balancer liquidity pools that attract external liquidity providers. If a new project comes, we can just mint another liquidity pool. If an old project goes, it’ll simply have little trading volume, and capital/liquidity in that pool can be migrated elsewhere.
Irina Kravchuk: You’ve had a typing marathon. Thank you for your time and great answers
noke: haha yep – that was a marathon, thanks a lot guys 🙂
PART 3 – Quiz Results
As usual, for the third part, Satoshi Club Team asked the chat 4 questions about STONK. A link to a Quiz form were sent into the chat. Participants had 10 minutes to answer.
1.
How
many tokens in total are in $STONK’s kickstarter origin pool?
D. 8
2. How will $STONK primarily support DeFi projects?
C. By acting as a key liquidity provider for them via a portfolio of multiple optimized ROI balancer pools.
3.Where does $STONK’s core value as a token lie?
A. As a balancer traded fund (BTF) for DeFi via soaking balancing pressure from all $STONK DeFi balancer pools.
4. What incentivizes liquidity providers in $STONK’s DeFi balancer pools?
C. BAL governance token rewards & swap fee rewards from volume in the same balancer pool.
For more information and future AMAs, join our Social Media channels:
Part 1️⃣: 1000 FUND /5 users – We’ll select 5 questions from the community. A user can post maximum 3 questions. Questions will be selected from our website – please submit your questions on our official announcement at this link.
Part 2️⃣: 1000 FUND/5 users – Open chat for 80 seconds. You can post Max 5 questions. Unification Team will select 5 questions and answer them.
Part 3️⃣: 4000 FUND – A quiz about Unification
For more details:
Unification – @unificationfoundation
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish
