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Knowledge is the most valuable asset and our Satoshi Club community know that. Today we would like to tell you about the AMA session with our friends from Vesta Protocol. The AMA took place on August 28 and our guests were Johnny Kane (CEO) and Rexx Dillon (COO).
The total reward pool was $500 and it was splitted into three parts.
In this AMA Recap we will try to summarize some of the most interesting points for you.
Irina K. | @satoshi_club: Hi all and welcome @Rexx_Dillon and @johnnykane. Thanks for taking the time to join us.
Rexx @ Vesta Protocol: Thanks. glad to be here.
Irina K. | @satoshi_club: How are you today?
Rexx @ Vesta Protocol: Doing great.
Johnny @ Vesta Protocol: Hi guys.How’s going?
Irina K. | @satoshi_club: For starters please tell us a few words about
yourselves and about Vesta Protocol.
Rexx @ Vesta Protocol: Ok, well, I’m Rexx, COO of Vesta and Johnny is
our wonderful CEO.
Johnny @ Vesta Protocol: For sure, hi folks, I’m Johnny, the CEO of
Vesta Protocol
Serg | Satoshi Club: Great, we have a wonderful COO and CEO today.
🙂
Rexx @ Vesta Protocol: Vesta is a liquidity pool provider for
UniSwap that pays ETH daily from the liquidity pool and burns an equal amount
of Vesta tokens.
Johnny @ Vesta Protocol: Vesta
Protocol is a liquidity passive income generation protocol which aims to improve
the ROI for each liquidity maker. It encourages liquidity makers to increase
liquidity via UniSwap by locking their liquidity. That’s the description on WP.
So basically what we are doing is the
liquidity provider for the UniSwap ecosystem. To encourage everyone to provide
liquidity by providing incentives.
Serg | Satoshi Club: How did you get this idea?
Rexx @ Vesta Protocol: People lock their liquidity on UniSwap and we
withdraw 5% of the ETH from the liquidity pool each day and pay to the top 50
people… like tomorrow for our first day of payouts it will be 120 ETH.
Johnny @ Vesta Protocol: The reason behind is that we found there are a
lot of projects lack of liquidity on the UniSwap. Vesta protocol is the
pioneer. The mechanism can be applied to other projects. But of course with
some benefits to VESTA holders.
Irina K. | @satoshi_club: So you’re like a bank for the Uniswap
ecosystem?
Rexx @ Vesta Protocol: It’s more like the gas in a car. You have a
nice car, like exchanges and tokens, but not enough gas to make them tradable.
All people need to do is lock their
tokens on UniSwap for Vesta and be among the top 50 and then they share in the
payout. Tomorrow (29 of august) is the big payout because it’s the first. But
there is a payout EVERY DAY. That’s how the model works.
Johnny @ Vesta Protocol: Also people recently raised concern on the dump
and pump for the price of VESTA. However, the circulation decreases all the
time. We also have external liquidity algorithm.
Irina K. | @satoshi_club: Ok, thank you guys for the introduction. I
think we can start with part 1. 😊
Q1 from Bitcointalk User Elissa
You have a deflationary policy. Please explain
how many tokens are you burning and for how much time?
Johnny @ Vesta Protocol: So it depends on the amount of ETH pay back
and the price of VESTA. For example, the payout is around 120 ETH tomorrow. The same value of VESTA will be burned, which
is 120 ETH of VESTA.
Rexx @ Vesta Protocol: Yes, so the ETH is paid out each day at 5% of
the total liquidity pool…and equal value of Vesta is burned.
Irina K. | @satoshi_club: And it’s paid in ETH, right?
Johnny @ Vesta Protocol: The higher the price of VESTA, the more the
ETH is in the pool.
Serg | Satoshi Club: How was this amount established? 120 eth. also
5%?
Johnny @ Vesta Protocol: Since the payout for the first day is
accumulative for 3 days. Thats why it’s 120 ETH. The lower the price of VESTA,
more VESTA will be burned when same amount of ETH are paid to the liquidity
providers.
Serg | Satoshi Club: So, you have 2400 eth in the pool?
Johnny @ Vesta Protocol: So, the presale amount is around 2000 ETH. 50%
of ETH was added to the liquidity pool.
Rexx @ Vesta Protocol: We immediately locked nearly 1000 ETH from
that presale into the liquidity pool. So, each day, 5% is paid out from this
pool. So, for three days, its about 3 x 5% of 1000 ETH.
Serg | Satoshi Club: Got it. What about when the pool nearly gets
to zero ETH?
Rexx @ Vesta Protocol: We are one of the highest liquidty pools on
UniSwap now. No, it keeps getting replenished. @JohnnyKane did you want to
explain that?
Johnny @ Vesta Protocol: That’s the question raised by many users. So
our mechanism encourages people to compete with each other.
Rexx @ Vesta Protocol: I think they are asking how the ETH pool doesn’t
eventually run out.
Johnny @ Vesta Protocol: So if you are willing to buy 1 ETH of VESTA
and add it to the liquidity to get 1 ETH back?
Rexx @ Vesta Protocol: Yes, so if you buy Vesta, that means you are
putting in ETH, right?
Johnny @ Vesta Protocol: Are you willing to spend 5 ETH to purchase
VESTA and add liquidity to get 1 ETH reward?
With
the higher price in VESTA, so everyone will think like that.
Rexx @ Vesta Protocol: You see, with the daily rewards, it means
people need to compete to stay in the top 50. So, competition means they need
to buy more to out-do each other…that pushes the price up for everyone and
also contributes more ETH each time someone buys Vesta when they are competing.
I
hope it’s clear. The whole concept revolves around generating competition in
the market.
Johnny @ Vesta Protocol: If so, the ETH in the pool will at least
attract 600 more ETH add into the pool.
Serg | Satoshi Club: If only the top 50 gets the big reward, don’t
you discourage the small hodlers?
Rexx @ Vesta Protocol: Not really, because the small holders still
benefit when the bigger players compete to hold enough Vesta and push the price
up. the big holders want that daily ETH payout, so they need to buy more ETH to
stay in the top 50 and that pushes the price up for everyone. So even small
holders benefit from the model.
Johnny @ Vesta Protocol: That’s another question we got all the time.
The pay back will be more attractive in the early stage if we keep that to top
50. We will build our DAO as well.
Rexx @ Vesta Protocol: Yes, the next step is to build the DAO so
that it can be community run. We are pretty smart, but we know there are
smarter people out there than us that can see directions we can’t.
Q2 from Bitcointalk User bitmartbounty
It has become a trend today for people
to participate in Pre-sale and then dump upon listing in markets, how does
VESTA seek to avoid this?
Johnny @ Vesta Protocol: We cannot avoid FUD, that happened to us
before actually. It may affect how people judge a project as some of them don’t
read wp.
Rexx @ Vesta Protocol: Yes, we already finished our presale 2 days
ago. There was a bit of selling pressure but I think that some people just didn’t
know that the ETH payouts would start in 3 days after the presale…. some
people don’t read enough about the projects they invest in haha.
Serg | Satoshi Club: Yes, the algorithm you mentioned needs some
time to show its effect and profitability.
Rexx @ Vesta Protocol: FUD is always a problem. Our competitors are
worried and try to FUD us. But, we released an article on Medium last night
explaining all of our smart contract code, so people can see for themselves
everything is legit. that really helped a lot.
Johnny @ Vesta Protocol: What we can do is to work hard to make the
whole ecosystem better.
Rexx @ Vesta Protocol: if anyone here understand smart contracts,
they will understand that article. If not, it might be a tough read haha just
saying.
Johnny @ Vesta Protocol: So yes, please have a look at the medium. Also
a graph to explain a bit more about the liquidity contribution mechanism.
Q3 from Telegram User @max_serbov
Please explain what are the benefits
to contribute to the liquidity pool? What are the average returns?
And
for now the ROI is over 1000%. The liquidity providers are not even 50 yet.
Irina K.| @Satoshi_Club: 😊
Sounds too good to be true.
Serg | Satoshi Club: I might hope in. when is the deadline?
Rexx @ Vesta Protocol: The first one will be in less than 12 hours
from now…but they repeat every day.
Ya,
I think people are probably thinking that it will be hard to be in the top50.
Not right now, it’s still early. You can see in the list that it doesn’t take
much right now to share the daily ETH.
Serg | Satoshi Club: This wallet is also participating?
Rexx @ Vesta Protocol: No, that one is excluded.
Irina K.| @Satoshi_Club: Can you share why?
Johnny @ Vesta Protocol: That’s the address of team and not eligible
for the reward. It’s locked by SC.
Q4 from Telegram User @Brainchest
What are the guarantees that the team
will not take all the money from the liquidity pool? Is the full blocking of
access for the project team spelled out in the contract and where users can get
acquainted with the smart contract?
Johnny @ Vesta Protocol: Yup, can be referred to the medium link we
shared before actually. All our major processes are controlled by the smart
contract.
Serg | Satoshi Club: We can share some small explanation if it’s
possible 🙂 or it’s better to refer to the link?
Rexx @ Vesta Protocol: Yes, we believe using smart contracts is more
safe and gives people more confidence.
Irina K.| @Satoshi_Club: Yes, everything is transparent this way.
Johnny @ Vesta Protocol: That’s the reason we prepared that to prove we
are legit haha.
Q5 from Telegram User @thinhtran15
Who will have the final say in
development and business decisions? How much will the elected representatives
be able to influence when it comes to business and development decisions? Will
the company have some kind of veto when it comes to decision?
Johnny @ Vesta Protocol: So for the very early stage, pretty much a
professional team is better. Quicker for decision making etc. But DAO is the
priority of our job in the following month.
Irina K.| @Satoshi_Club: Do you plan in the future to change this?
Rexx @ Vesta Protocol: Well, as we say in the white paper. We will
transition to a DAO to allow the community to decide on the major direction of
the protocol.
Johnny @ Vesta Protocol: Forming up a DAO to select the right project. Everyone
has the right vote.
Serg | Satoshi Club: How about until then? how are the decisions
made?
Rexx @ Vesta Protocol: Until then, Johnny is the boss…haha.
Johnny @ Vesta Protocol: Our mechanism is good enough, so we don’t
worry about that.
Rexx @ Vesta Protocol: But, as we mentioned, most of the processes
area controlled by smart contract. so, really the main parts are already
covered. Again, we make all of our smart contracts available so people can
trust the smart contracts and don’t need to trust people haha. A lot of other
projects you have people running things, but much of our protocol runs on smart
contracts so people are taken out.
Irina K.| @Satoshi_Club: When DAO will be fully implemented, will this
smart contracts be voided and the decisions will be taken by the community? Or
you intend to keep them?
Johnny @ Vesta Protocol: DAO will also decide that, but if the
mechanism works well, I can’t see a reason to not using it.
Q6 from Telegram User @anditgoestome
You claim to have protection against
price manipulation and black swan events. How can you do that?
Johnny @ Vesta Protocol: I’m not sure is this diagram is clear enough
or not.
Serg | Satoshi Club: It’s clear but we can explain it a bit.
Rexx @ Vesta Protocol: We set aside 8% of the funds from the Presale
for our external liquidity algorithm. This algorithm can step in during strange
price events or black swan events.
Serg | Satoshi Club: So, they are already there, right?
Rexx @ Vesta Protocol:Yes, the funds are already there. I think
@JohnnyKane was just going to show where the algorithm is shown in the diagam
and how it kicks in to help the price when necessary.
Johnny @ Vesta Protocol: The UI for liquidity providing ranking will
also be available on our website.
Rexx @ Vesta Protocol: Yes, we will have a new UI Dashboard going
live on our website tonight where everyone can check their rankings for the
payouts and timer, etc.
Irina K.| @Satoshi_Club: That’s good info. Thanks.
PART 2, TELEGRAM COMMUNITY LIVE
QUESTIONS
The
chat was open for 80 seconds; a lot of questions were posted by Satoshi Club
community. Our guests chose some of them.
Q1 from Telegram User @Nickkiii
I’m interested in
investing, though I missed the Presale round, do you plan to have a public sale
soon? If yes, how many rounds you’ll
have, what’s the minimum and max cap?
VESTA will make a first payout of
around 150 ETH. Would such amounts be the same long-term? How can Vesta
Protocol ensure sustainability?
Rexx @ Vesta Protocol: Someone is asking about the payouts if they
will all be 120+ ETH. Well, the first one will be because it is the first one
and it is accumulated from the first three days since we finished presale but didn’t
payout yet. So, it’s actually 3 days combined. But, after that, daily payouts
will continue but not quite as much. But, the daily payout will be shown on the
UI dashboard that will go live on our website to make it easy for users.
Q3 from Telegram User @Temidayo16
You raised 1984.6ETH during the
pre-sale, apart from liquidity providers, would the liquidity of Vesta Tokens
be enhanced with part of the pre-sale raise too?
Johnny @ Vesta Protocol: So yup, the presale finished and we raised
around 2000 ETH, our target was 500 ETH. Maybe ppl just too into us. haha, so
the more we raised, the more the ETH payback will be. Which is more attractive.
And liquidity providers will be more willing to provide the liquidity.
Q4 from Telegram User
Saki G
What is your main goal
with the future of vesta?
Johnny @ Vesta Protocol: An user made us a slogan “The liquidity
King”. Vesta Protocol will be the showcase and model for all DeFi
projects. Vesta Protocol will be proving presale license for these promising
projects.
Q5 from Telegram User @cryptolover1010
STAKING is very popular
topic recently. Please tell us in detail about the $VESTA Staking plan and the
benefits of adding staking?
Johnny @ Vesta Protocol: The benefits for staking is huge, as
mentioned, trying to be the top 50 liquidity provider, you will receive the
daily payback. Even if you just hold vesta, you will enjoy the profit from the
price pumping.
Q6 from Unknown Telegram User
…
Johnny @ Vesta Protocol: The long term benefits are obvious. The
increasing in the ROI of liquidity providers is one, due to the deflation
mechanism, the total circulation of Vesta decreases all the time and price of
vesta will keep increasing.
Q7 from Telegram User @ndbetting
Considering that your team is anonymous,
how do you plan to gain the confidence of the people? Are there some specific
reasons behind anonymity?
Rexx @ Vesta Protocol: I think crypto regulations are always
changing, so one can never know what laws will come in next year that will
screw things up for people. So, we just like to be careful. But, as mentioned,
we prefer to let our smart contracts do the talking. I would trust smart
contracts over people anyways too haha, and we have published explanations of
our smart contracts so that everyone gets what is happening. If anyone came in
late, you can post that link to the Medium article again later perhaps.
Johnny @ Vesta Protocol: Ok, more background of ourselves, our team is
literally a decentralized team. Like me myself, live in Sydney and other team
members are also from different areas. By using smart contract, no trust is
required. That’s the spirit of blockchain. We do believe the smart contract is
more reliable thank people.
Q8 from Telegram User @Termuxnih
How do you plan to promote about your
project in different countries? where English is not spoken very well. Do you
have a local community so they can understand your project?
Johnny @ Vesta Protocol: Oh yup, so we have the Vietnam community and
Chinese community, we will also have Filipino, Indonesian, Korean and Japanese
community. International community is what we need.
Rexx @ Vesta Protocol: We did have an arabic community, but that
didnt work out too well. We plan to add one soon again, though.
PART 3, QUIZ AND INFO
As usual, for the third part, Satoshi
Club Team asked the chat 4 questions about Vesta Protocol. A link to a Quiz
form were sent into the chat. Participants had 10 minutes to answer. 300$ were distributed
among winners. You can check the quiz winners list here: https://t.me/Satoshi_club/234828
For more information and future AMAs, join our
Social Media channels:
SatoshiClub never waits for opportunities, it creates them. Catch one of them by joining us in this unstoppable AMA marathon. And today we would like to tell you about the AMA session with our friends from UniLayer. The AMA took place on August 29 and our guest was @geotheog.
The total reward pool was 600$ 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
Serg | Satoshi Club: Hello! Our guests today are from @Unilayer. Welcome to Satoshi Club!
Irina K. | @satoshi_club:@geotheog is our guest today. Welcome and thanks for joining
Geo: Hi guys! thank you for having me
Irina K. | @satoshi_club: Also, @madamlobster will help us today with the moderation of this AMA
ML | Satoshi Club:@geotheog could you tell us a bit about yourself and how you got involved in crypto?
Geo: @madamlobster Absolutely! I first got involved in crypto back in 2014 that’s when I started buying Bitcoin, I loved the idea of a decentralized peer to peer currency and was very impressed with Satohi’s vision after reading the whitepaper.
ML | Satoshi Club: Wow! You are early adopter:+1:
Serg | Satoshi Club: Also, can you tell us a small introduction for UniLayer? What do you think about Satoshi btw? Is it a him/her or they? 😁
ML | Satoshi Club: Or it:wink:
Serg | Satoshi Club: an AI 😁
Geo: I would say that is not a him and a her is likely a group of people with an aligned set of goals that took the world by storm 🙂
ML | Satoshi Club: Great solutions! When you decide to create such impressive project? Did it take a long time to build it?
Geo: I decided to start UniLayer because I saw a big need to have limit orders, order books, charts on UniSwap. You can only “market buy” on Uniswap right now so adding those features would certainly improve the overall experience for many users. Development started almost 2 weeks ago, our OTC sale was very successful we had a lot of demand and people clearly saw the potential and need to have a platform like Unilayer.
ML | Satoshi Club: Yes, limit ordres are really what needed 🔥
Irina K. | @satoshi_club: Wow. That’s fast. :+1:
Serg | Satoshi Club: yeh, I also didn’t understand why there is only market trade)) Thanks for the introduction, Geo 🙂 we’ve collected questions from the community 🙂 Ready to dive in? to look at some?
Geo: Shoot! 🙂
Q1 from bitcointalk user gustafsson
Please
explain Unilayer’s Flash Staking Model. Why is it Flash? Is it
really faster than other staking model?
Geo: Flash Staking is a cool concept the word “Flash” is there for good reason, essentially you get your rewards in a “Flash” or instantly when you lock your LAYER tokens for a set period of time, for example: 30 days to 90 days, the longer you stake the more rewards you get, these rewards come from other ERC20 projects that want to kick start their project and use our Flash Staking platform to essentially “Airdrop” a percentage of tokens to our community to gain some exposure and users.
Serg | Satoshi Club: do you have an use case? with more specific examples
Geo: We have a lot of use cases and utility for the token. The one that I am personally more excited about is the UniLayer launchpad, we are building a launchpad to stop “rug pools” with our “token on mint” process. People will be able to join OTC sales on our Launchpad by sending ETH to pre-designed smart contract that will mint the tokens when the ETH is received, but WILL NOT send those tokens immediately, instead it will keep those tokens for a period of 12-24 hrs to give enough time to automatically setup the liquidity pool with part of the ETH received and lock it in a timelock contract for atleast 6 months or more, after that the contract will send out the tokens to the ILO participants. All of this is done in a trustless way via smart contracts.
ML | Satoshi Club: So, Flash staking only for locked tockens?
Geo: Yes, you will need to lock your tokens for a period of 30 days or more.
Serg | Satoshi Club: you already answered a part from a next question 🙂
Irina K. | @satoshi_club: What’s the % that you get when locking the tokens?
Geo: For flash staking you get a bigger % depending on how much LAYER you have locked in and for how long, these rewards can vary it all depends on how many projects are being on-boarded to the Flash Staking platform and how much of their total supply they will be airdropping to our users. But do keep in mind while you are also staking and have your LAYER tokens locked you will be also receiving 92% of all the ETH collected in fees per trade that a user makes while using the Unilayer platform.
Serg | Satoshi Club: Thanks Geo! everything is clear
Q2 from bitcointalk user let098765
Unilayer
just added a utility to the layer token which is Unilayer Launchpad.
So what is the advantage of this added utility? How will Unilayer
Launchpad works in Unilayer Application?
Geo: I think I already answered that question, but It will stop “rug pulls” from happening and it will give priority to LAYER token holders to participate in these Initial Liquidity Offerings in our Launchpad.
Serg | Satoshi Club: yes, we discussed it earlier 🙂 but the questions was preselected. We didn’t know we will discuss it 🙂
Geo: Completely understand 🙂 wish I could predict the future myself lol
Serg | Satoshi Club: girls, do you have any questions? 🙂
Irina K. | @satoshi_club: Not from me on this 🙂
ML | Satoshi Club: About future prediction?) No, i don’t
Serg | Satoshi Club: on what page can we find it? 🙂
Geo: Page 30 and 33 I believe.
Serg | Satoshi Club: have you participated in the writing of the whitepaper btw?
Geo: Yes I have, I wrote most of it except for the development and technicals since I am not a developer myself, our developers had to jump in and help in that part 🙂
What
solutions do you see to reduce the load on the Ethereum network. Now
the high price of gas has become a critical problem for many
projects.
Geo: I believe our devs mentioned that there is not much to do besides improving the contract architecture, unfortunately if we want to keep it 100% decentralized we have to wait until ETH 2.0 comes out and improves the overall scalability for ETH.
Serg | Satoshi Club:@geotheog , maybe you can explain if you have solutions to reduce the gas costs of the transactions like redirecting it on sidechains
Geo: I believe our devs mentioned that there is not much to do besides improving the contract architecture, unfortunately if we want to keep it 100% decentralized we have to wait until ETH 2.0 comes out and improves the overall scalability for ETH.
Irina K. | @satoshi_club: Hopefully it will happen soon. Did you hear any news about their testnet results?
Geo: I believe there were some bugs? I am not really up to date but they say it could take up to 18 months?
Irina K. | @satoshi_club: Wow. Didn’t know that it will take that much time.
Serg | Satoshi Club: I remember 2017 when they said it should be released soon 😁
Irina K. | @satoshi_club: It’s already taking too much time
Geo: yea lol
ML | Satoshi Club: One day it will happen)
Serg | Satoshi Club: I hope to live and see that day 😁
ML | Satoshi Club: By the way, how big is your developers team?
Geo: We have a team of 5 very skilled solidity developers
ML | Satoshi Club: Nice:+1: So, everything moves fast
Regulation
is very important. Many projects were closed in many countries due to
failure to use the correct regulations and permits. In order to go
global; how does the #UNILAYER
team deal with these issues?
Geo: There can’t be regulation on a truly decentralized app, the project aims to full decentralization, so not even me or anybody from my team will be able to disrupt the smart contracts that we have in place for all of the features in our platform, we will however ensure that we deliver a great and SAFE product so we will have audits done to the code to make sure is safe to launch before we launch UniLayer to the public.
Take Uniswap for
example
ML | Satoshi Club: Yes, you are right. Btw, has your code been audited?
Geo: Not yet, but it will be once we release our beta
ML | Satoshi Club: When do you expect beta release?:grinning:
Geo: We have it set in our roadmap for late September, but it could be sooner than that you never know 🙂
Serg | Satoshi Club: based on your speed, I would say sooner 😀
UniLayer
is another project focused on Uniswap. What is your utility beside
that? What happens with UniLayer if Uniswap disappears tomorrow?
Geo: We have added a lot of utility to uniswap by the things I have mentioned before, Uniswap is not going anywhere, people are starting to realize that decentralized apps are the way to go, we are the the very start of something great, and the only way we can ensure adoption of dapps is by making it easier for the average joe to dive in! and that’s what we’re doing with UniLayer.
Serg | Satoshi Club: agreed, but the average Joe also should pay less taxes in order to exchange the tokens 🙂
ML | Satoshi Club: So, you are planning to work just with Uniswap? Now, we have Mooniswap, for example
Geo: We would love to work with Uniswap, but first we need to get the app out to the public then we can explore those avenues 🙂
Serg | Satoshi Club: I don’t like the fees on uniswap now, on eth in general
Geo: Very true lol!
Part
2 — live questions from the Telegram community
Q1 from Telegram user @DiegoRME
Can you list 1-3 killer features of UNILAYER that makes it ahead of its competitors? What is the competitive advantage your platform has that you feel most confident about?
Geo: Lending, Flash Staking and the UniLayer lauchpad. The launchpad is definitely something I am VERY excited about
Q2 from Telegram user @annasmirnn
What
kind of terms & conditions are there registering on UniLayer?
Does it require KYC for trading & withdrawals?
Geo: No KYC, fully decentralized just like Uniswap 🙂
Q3 from Telegram user @ngoccam
LIQUIDITY
and SECURITY are big problem of many trading platforms, so how will
Unilayer solve these matters to ensure for secure and liquidity
quickly for traders and attracted more users?
Geo: Since we are building on top of Uniswap we will be using their liquidity pools from day one, as far as security we will have security audits before we launch the app to make sure is safe
Q4 from Telegram user @buduh11
What
is the long term marketing strategy being implemented by your team?
Geo: We have a lot of connections in the crypto space so expect some influencers and youtubers to start talking about Unilayer one the app is launched to the public 🙂
Q5 from Telegram user @thaiquoc
Do
you have a plan to listing $LAYER in a major exchanges? Is there a
big factor in the development of a UniLayer project by listing their
token on an exchange?
Geo: Yes we are currently talking to some exchanges that are very reputable and good.
Q6 from Telegram user @AC7878
How
does Unilayer generate revenue for project development?
Geo: For each trade that takes place in the Unilayer platform we collect a fee on ETH, 92% of that ETH collected goes to the people that are staking LAYER in our platform, the other 8% goes to our foundation as a reserve.
Q7 from Telegram user @LleeKuanYew
Southeast
Asia is a very vibrant market and most projects are competing
campaigns here to entice users and grow, with UNILAYER you see how
Southeast Asia is and do you plan to develop & expanding here?
Geo: We are actually in talks with a crypto PR firm that can facilitate that for us 🙂
Q8 from Telegram user @aciuea
What
do you think is holding the DeFi space back? What is preventing the
mass adoption of DeFi products?
Geo: Personally I think is just that is simply too hard for the average joe to use. Tools like metamask has made things a lot easier but we still need to come up with more creative ways to make it easier for the regular folk to start using DeFi and dapps. UniLayer is bringing in a lot of those trading tools that you would normally see in a regular exchange to Uniswap such as charts, order books, limit orders and much more, little steps like these can go a very long way.
Q9 from Telegram user @spectrej
Staking
and mining is very popular today as incentives for the investors,
does $LAYER support any and what are the requirements and benefits?
Geo: Flash Staking will be available shortly after the full app launch, you will get rewards instantly after you lock in your LAYER tokens for a set period of time 30 days or more
Q10 from Telegram user @Sonjou99
Could
you please shortly explain about the top milestones and objectives
that UniLayer is aiming to execute in the remainder of the year 2020?
Geo: Releasing the beta for the UniLayer app, getting the code audited to make sure everything is safe and launch UniLayer out to the public, after that happen we will be doing marketing to make sure we get as many users as possible.
Part
3
– Quiz
Results
In the final part we tested your knowledge in terms of UniLayer. They’ve prepared 4 questions for this part. The total reward pool for quiz was 300$.
For more information and future AMAs, join our Social Media channels:
Part 1: 150$ /6 users – We’ll select 6 questions from the community. A user can post maximum 3 questions. 4 Questions will be selected from our website – please submit your questions in the comments section of this post. 2 Question will be selected from Bitcointalk thread.
Part 2: 150$/10 users – Open chat for 80 seconds. You can post Max 5 questions. Alpha5 Team will select 10 questions and answer them.
Part 3: 500$ – A quiz about Alpha5
For more details:
Alpha5 – @Alpha5_en
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish
Part 1: 100$ /6 users – We’ll select 6 questions from the community. A user can post maximum 3 questions. 4 Questions will be selected from our website – please submit your questions in the comments section of this post. 2 Question will be selected from Bitcointalk thread.
Part 2: 100$/10 users – Open chat for 80 seconds. You can post Max 5 questions. Sperax Team will select 10 questions and answer them.
Part 3: 300$ – A quiz about Sperax
For more details:
Sperax – @sperax
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish
⚠️Requirements: 👉 Join Satoshi Club Telegram group 👉 Join DFK Telegram group
We will have the following structure:
Part 1: 150$ /6 users – We’ll select 6 questions from the community. A user can post maximum 3 questions. 4 Questions will be selected from our website – please submit your questions in the comments section of this post. 2 Question will be selected from Bitcointalk thread.
Part 2: 150$/10 users – Open chat for 80 seconds. You can post Max 5 questions. DFK Team will select 10 questions and answer them.
Part 3: 500$ – A quiz about DFK
For more details:
DFK – @dfkofficial
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish
As August is coming to an end we can tell that definitely will remember it with incredible projects that visited SatoshiClub. And today we would like to tell you about the AMA session with our friends from Aleph.im. The AMA took place on August 28 and our guests were Jonathan Schemoul, founder of the aleph.im project and Claudio Pascariello, UX/UI designer.
The total reward pool was 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
Serg | Satoshi Club: Dear community, our guests are from @alephim. Welcome!
Irina K. | @satoshi_club: Hi everyone and welcome to another episode of our AMA series. Our guests today are @Jonnyjonnyjon and @claudio_101 . Welcome guys. Thanks for joining us 😊
Luis Merino | Satoshi Club: Hello! Welcome on board, nice to have you all here 🙂
Claudio_101 [AlephIM]: Hi everybody!
Moshe Malawach [AlephIM]: Hello Satoshi Club! Happy to be here! 🙂
Irina K. | @satoshi_club: And @LuisMe7 that will help us moderate the AMA 😊 @Jonnyjonnyjon@claudio_101 please tell us a few words about yourself and the story behind AlephIM, how did it all get started?
Moshe Malawach [AlephIM]: I am Jonathan Schemoul, alias Moshe Malawach, founder of the aleph.im project.
Before aleph.im I was a freelance developer and electronic engineer, designing software for big banks, hardware for startups. While starting to work on blockchain applications I realized there was a missing link, a missing part of the ecosystem: an infrastructure layer between the user and the blockchains, that would be decentralized and allowing to build way bigger dApps: aleph.im was born.
Claudio_101 [AlephIM]: I’m a UX/UI designer and have a small agency with my partner. Worked for several banks and other design agencies on brandings. Now working full time on Aleph with Moshe
Irina K. | @satoshi_club: Sounds interesting. What kind of hardware?
Moshe Malawach [AlephIM]: Board with small micro controllers, used for examples in device for in store engagement. Like when you open a perfume box, a video starts on a screen, information sent wirelessly (this particular example from my older clients will get updated to send information to the aleph.im network in the future by the way!)
Irina K. | @satoshi_club: Was it prototyping? Or the devices were used for real?
Moshe Malawach [AlephIM]: The devices were used for real… there are thousands of stores worldwide of very big brands with devices I designed. Also other things, on the industrial and IoT aspects, also in production
Irina K. | @satoshi_club: Solid. Thanks for sharing. In the first part we have questions from the community collected via our platform. Since the introductions are ready, I propose to jump to Q1. What do you say @Jonnyjonnyjon@claudio_101?
Claudio_101 [AlephIM]: Perfect!
Moshe Malawach [AlephIM]: Let’s go! 🙂
Luis Merino | Satoshi Club: Let’s go with part 1!
Q1 from bitcointalk user pedronino
What is MyAleph beta? How exactly are you replacing the centralized cloud systems?
Moshe Malawach [AlephIM]: MyAleph beta is a personal storage dApp, allowing a user to replace let’s say Google Drive and Evernote… It uses the aleph.im network as a storage medium, for both files and database. It’s also fully encrypted end to end. It means that the data of the user isn’t owned by a single company, and that he has full control over it. Link to this dApp: my-beta.aleph.im
Irina K. | @satoshi_club: Can you elaborate how can the user control his/ her data?
Luis Merino | Satoshi Club: Sounds good!
Moshe Malawach [AlephIM]: It’s posted by the user, on a decentralized network (aleph.im), the user encrypts it client side and decrypts it when needed, no one else has access to this data unless it’s specifically made public.The cool part is that it’s using the address key pair of the user: with his ethereum, nuls or neo address
Irina K. | @satoshi_club: I assume it will run on mobile devices as well @claudio_101? Does it use any gas when storing data on the network?
Claudio_101 [AlephIM]: That’s the whole Idea. Now it’s only a beta with minimum UX requirements. But we will start on real production ready interface after we launch the new website. In the following weeks. The mobile app btw is also planned 😉
Irina K. | @satoshi_club: Good news. It’s a must these days 😊
Moshe Malawach [AlephIM]: no, none… you can try it yourself right now with an account that holds nothing, it will work! all actions are instant too
Irina K. | @satoshi_club: So you expect it to be fully operational within the following weeks?
Moshe Malawach [AlephIM]: It is fully operational, just not feature complete 🙂 I expect a feature complete version this year or start of next year (we want quite a lot of features!) Release early, release often is our moto
Irina K. | @satoshi_club: Full speed ahead
Luis Merino | Satoshi Club: Don’t you have an approximate date for it’s complete launch?
Moshe Malawach [AlephIM]: I consider it already launched 🙂 As for the mobile app I’d say around November. Full synchronisation of folders November-December. MyAleph is just one of the dApps of the network
Claudio_101 [AlephIM]: Most people think that we still have to start on things but we have a working product. MVP but working
Q2 from bitcointalk user jpsarma
In
your Development roadmap, you have mentioned about Specialized and
hybrid nodes in Q3-Q4 this year. Why do you require 2 types of nodes
and how will these nodes work?
Moshe Malawach [AlephIM]: Specialized means only storage, or only database or only computing for example. Hybrid means that they do multiple actions at the same time. It will be concurrent with Sharding (nodes that are on one channel only). Let’s say you have a bunch of nodes for file storage, another bunch dedicated to be dartabase API endpoints for your dApp channel. This channel will kinda live on it own, with no noisy neighbors
Luis Merino | Satoshi Club: So hybrid one is more complete
Moshe Malawach [AlephIM]: Yes 🙂
Irina K. | @satoshi_club: Like Google Drive + Evernote, right?:blush: Not 2 separate services?
Moshe Malawach [AlephIM]: Actually on MyAleph it’s one dApp in its own channel, all features of that dApp are on that channel. But let’s imagine you have a very big trading DEX sending data, hundred of thousands of TX per day, you don’t want your dApp to be disturbed by that traffic and nodes handling your dApp won’t be full because of it. That’s the channel sharding. Hybrid nodes are interesting because some features can be only on some nodes of a channel, and channels can share nodes
Luis Merino | Satoshi Club: Like Uniswap, for example
Moshe Malawach [AlephIM]: yeah or our partners Serum, Jarvis or Orion 🙂
Q3 from Telegram user @bitociok
You
say that you “are dedicated to provide secure storage and
computing to dApps on all blockchains.”
Is the storage on
blockchain? right now it’s impossible based on the current blockchain
technologies. How about computing? How can dapps get that?
Moshe Malawach [AlephIM]: The storage is on the aleph.im network itself. we store hashes on the blockchains. On computing, we are working on virtual machines based on docker like containers and web assembly. The idea is to provide serverless computing to dApps in the same way they would use “amazon lambda” or similar providers. While still getting blockchain-like security and audit of history (based on hash chains, per vm)
Irina K. | @satoshi_club: It is centralized, right? I mean the data is stored on centralized mediums, right? Hashes – on the chain
Moshe Malawach [AlephIM]: The network is a decentralized network, so it’s decentralized 🙂
Irina K. | @satoshi_club: If I upload a movie/ video, where will it be stored?
Moshe Malawach [AlephIM]: it will be chunked, and chunks will end up on multiple nodes of the network,if it’s encrypted, only you and people you share it with will be able to put it back together correctly
Irina K. | @satoshi_club: Oh, got it. Like a torrent, right?
Moshe Malawach [AlephIM]: yeah somehow 🙂
Irina
K. | @satoshi_club: Got
it 😊So just to
summarize, everything happens on the blockchain 😊All parts
involved in the process
Moshe Malawach [AlephIM]: Not really, hashes are stored on the blockchain
We store data on the network (compatible with IPFS if needed) and store hashes of message lists on the blockchains. All messages are to be signed by an address of one of the supported blockchain
Irina K. | @satoshi_club: visual does the trick. Thank you
Q4 from Telegram user @Aleurich
How
do you control the total supply if Aleph has many chains? Do you have
the same number of tokens in each chain?
Moshe Malawach [AlephIM]: We have the same number of tokens on each chain. Tokens that are on another chain are locked in each chain.
Irina K. | @satoshi_club: That’s interesting. Could you elaborate? How does this happen?
Moshe Malawach [AlephIM]: This way we have our total supply of 500M tokens (1B original total, 500M burnt). there are pools for cross chain tokens. When a token is swapped from another chain it moves from that pool to the target address. And when you swap to another chain, you basically send your token with an information on the destination to that pool on the origin chain
Irina K. | @satoshi_club: Are there other projects that use this approach?
Moshe Malawach [AlephIM]: A lot yes… It’s either this or mint/burn on each chain to do it. The risk with the mint/burn way is that you can end up with an infinite supply if something goes wrong. This is why we’ve chosen the cross-chain pool and total supply on all chains approach
Q5 from Telegram username @nyo_cant
A
few weeks ago, ALEPH max supply was reduced from 1,000M to 500M,
which is a huge decrease indeed. What where the main reasons behind
that reduction and what consequences will this have
short-/medium-term?
Will this be the final max supply or there are any odds that supply
may change again?
Claudio_101 [AlephIM]: As we are self funded and didn’t do an ICO it wasn’t necessary to have this amount of tokens anymore. So we burnt te amount that we put aside for seed rounds and an ico
Moshe Malawach [AlephIM]: (ICO or private sale or any kind of sale…)
Irina K. | @satoshi_club: Why did you decide that you don’t need a public sale of any type anymore?
Moshe
Malawach [AlephIM]:
Here is our new token distribution
It was the bear market, we had people with the token from staking on NULS or from an airdrop. We realized all VC or sales we could have done weren’t good deals for our holders or for the project. So we decided to go ahead like we were. After all, we were self funded for a year and a half already 🙂 Also, with dApps live and companies building on the product, they needed tokens. So a small uniswap pool was a good way to get some tokens in their hand
Serg | Satoshi Club: yes, I’ve noticed more and more projects which decide not to go with a public/private sale. this is good for the tokenomics
Luis Merino | Satoshi Club: That was a great decision
Serg | Satoshi Club: uniswap changed everything in crypto in the last year 😀 uniswap is everywhere
Moshe Malawach [AlephIM]: To be honest, I didn’t realize what I was starting doing this :sweat_smile:
Irina K. | @satoshi_club: So finance-wise the project is sustainable, right?
Moshe Malawach [AlephIM]: Yes, completely sustainable now 🙂 We have funding for a while
Serg | Satoshi Club: how big is your team btw? what expenses do you have?
Moshe Malawach [AlephIM]: We are more than 20, but most have day jobs (I didn’t, always been full time even self funded!). We have grown from a self funded opensource project to a bigger project with a funding. A lot of team members are now transitionning to full time.
Luis Merino | Satoshi Club: So that means less expenses for the team. That’s nice
Moshe Malawach [AlephIM]: We try to keep our expenses as lean as possible. We want to have funding to keep us afloat for a few years in case a bear market was to restart (which I don’t think, but I have no crystal ball)
Serg | Satoshi Club: the question about bear market is not if but when 🙂 it always come after a bull market
Luis Merino | Satoshi Club: That’s like the market works…
Moshe Malawach [AlephIM]: A few of our key team members by the way
Luis Merino | Satoshi Club: Such a great and experienced team
Moshe Malawach [AlephIM]: (from the excellent blockfyre report!)
Irina K. | @satoshi_club: Nice. You have photos :blush: It has become trendy for the projects to go anonymous with the team. Seen a few projects like this lately
Serg | Satoshi Club: aren’t you anonymous, Irina? 😁
Irina K. | @satoshi_club: Nope 😊
Moshe Malawach [AlephIM]: She is a real life Jedi master! :stuck_out_tongue:
Irina K. | @satoshi_club: I’m just shy
Serg | Satoshi Club: shall the force be with you )))
Irina K. | @satoshi_club: Words are my sword 😊Beware, mortals 😊
Serg | Satoshi Club: sharp words/sword 😁
Q6 from Telegram user @clara_eriksen
How
many blockchains do you support and what is the reason someone might
need access to several blockchains simultaneously, especially if the
blockchain is fast and cheap
Moshe Malawach [AlephIM]: We currently support four blockchains, NULS, Ethereum, Neo and Binance Chain… As for the reason why, composability is key in the decentralized finance, and in the real world too. You need to be able to be interoperable.We want dApp developers from all blockchains to use our network. Also, actions are instant and fee less on aleph.im, so we don’t really care if the underlying chain is fast and cheap. We want it to be the most adopted one.
Claudio_101 [AlephIM]: As a dApp developer on Aleph you will have access to not one but all connected blockchain. While if you develop on one specific chain you will only get the userbase of that chain. Other chain users wont be able to use your dApp.
Serg | Satoshi Club: can I build one dapp on 2 blockchains simultaneously? and can it function on both of them simultaneously? I am not really a dev, not sure if this makes sense 😁
Moshe Malawach [AlephIM]: if you use smart contract, you’ll need to have the same features on both, but why not, and aleph.im will support both… if you build your dApp on aleph.im itself, you’ll accept users from all connected chains with no specific effort
Part
2 — live questions from the Telegram community
Q1 from Telegram user Likkaa Azzahra
What
does Aleph.im think
about solving issues that the DeFi ecosystem still can’t solve? and
why that is the problem important?
Moshe Malawach [AlephIM]: We want to decentralize the last mile of DeFI: most decentralized finance applications still have some centralized parts, like order books, matching engines, databases… We offer those project to help them and decentralize this as well, so their product is trully trustless and decentralized
Q2 from Telegram user @thebastaboy
During the COVID-19, many projects were strongly affected. What strategies did Aleph.im have to conduct the negative impact of COVID-19?
Claudio_101 [AlephIM]: I will take the less technical questions like this one. As we are an open source project and everybody is working from their own safe place. We were not affected by this. Communication went just forward as usual using chats or video calls
Q3 from Telegram user @yzmoney
How
did you get so many good partners like orion, serum, BCDiploma ,
defipie ,jarvis network? how are they complementing to the success of
Aleph ?
Moshe Malawach [AlephIM]: They needed to decentralized parts of their infrastructure, and benefit from our decentralized database solution mostly. Also, some of these projects plan to go cross chain, and using only ethereum smart contract isn’t possible when you want to access users of other chains. Moving their data storage and logic on aleph.im gets them access to more chains.
Q4 from Telegram user @nayanankit
It
seems that ALEPH shares a trait with ETH: it has no maximum supply.
How can unlimited inflation benefit/harm ALEPH in the long term?
Moshe Malawach [AlephIM]: This has been changed with the last tokenomics updates. Our maximum supply is now 500M tokens.
Q5 from Telegram user @Daptika
Aleph.im
already support four blockchain. Which is NULS, Ethereum, NEO and
Binance chain. Any plan to add more Blockchain in future? What’s the
benefits to access different Blockchain simultaneously?
Moshe Malawach [AlephIM]: We are working on ecosystems mostly right now. Supporting the address and signature structures of ecosystems grants us access to their whole user base. We are working currently on Tezos, Polkadot/Substrate and Cosmos ecosystems. The benefit is that we can offer a service to developers and users of all chains, and adding support for those users to existing dApps and clients.
Q6 from Telegram user @imelruy
The
price of the ALEPH token has been rising and bringing profits to
investors. What are the major utilities of the token that should make
investors hold the token for the long run?
Moshe
Malawach [AlephIM]:
Here is a quick overview of the uses of our Token: Synchronization fees, processing power and storage payment. As a side note we will start staking and nodes incentives in the coming months as well.
Q7 from Telegram user @LleeKuanYew
What
are your plans for the next 6 months? Can you share some next major
events of ALEPH project? Which developments we can expect from ALEPH
project in next years?
Claudio_101 [AlephIM]: We will be working on several things. First of all the aleph nodes they will launch Q3/Q4. Making sure to deliver on the partner project from Phantasma, Jarvis, Orion, Serum, … Some will use the same tech others need extra development from both side. Another issue is that our website is very basic and hope to finish the following weeks with a better one where we explain better who we are, what we do and what we will deliver in the future.
Q8 from Telegram user @imelruy
Can
the confirmation times on the blockchain be extended for maximum
security when “Aleph.im”
messages are processed by the network? What are the factors affecting
approval times?
Moshe Malawach [AlephIM]: For maximum security, for virtual machines typically, you’ll be able to chose a specific chain to be the source of “truth” on message ordering for that virtual machine. One the message is commited on chain, no way to change the messages orders. Until then, sync nodes could in theory change message orders.
Here is the typical message processing workflow so you understand timing involved
Q9 from Telegram user @hassokor
The
comission rate while staking Aleph is 99%!! And how is the schedule
of this reward program and what is the minimal amount of Aleph to
stake? How it be profitable?
Claudio_101 [AlephIM]: You are refering to the pocm staking from NULS. In the future this will likely not continue. We will focus and incentivise on the liquidity pools and our own nodes but for now we will keep the pocm nodes as it is a great platform.
How
can I integrate my Dapps to Aleph.im
database to get full service of Aleph.im
service providing security to my dapps!?
Moshe Malawach [AlephIM]: You can use the Javascript API with the documentation available here https://aleph-im.github.io/aleph-js/guide/getting-started.html and just add calls to it to read and write on the database with your users credential/web3 provider on the browser 🙂
Q11 from Telegram user X Sang [Originatecoin Ambassador]
The
crypto world is becoming overcrowded with blockchain projects and
tokens, what makes ALEPH different from other projects?
Claudio_101 [AlephIM]: That’s the reason we didn’t build yet another blockchain but chose to connect existing ones and decentralize that part that most of them are still working on, storage, computing and DID
Part
3
– Quiz
Results
In the final part we tested your knowledge in terms of Aleph.im. They’ve prepared 4 questions for this part. The total reward pool for quiz was 900$.
We are pleased to announce our next AMA with Ramp DeFi
English group: 02:00 PM UTC Time, 31th of August Russian group: 02:00 PM UTC Time, 02th of September Spanish group: 02:00 PM UTC Time, 03th of September
Part 1: 100$/6 users – We’ll select 12 questions from the community. A user can post maximum 3 questions in english, russian and spanish. 5 Questions will be selected from our website – please submit your questions in the comments section of this post. 2 Question will be selected from Bitcointalk thread.
Part 2: 100$/5 users – Open chat for 80 seconds. You can post Max 5 questions. Ramp Defi Team will select 15 questions and answer them.
Part 3: 300$ – A quiz about Ramp DeFi
For more details: Ramp – @rampdefiofficial Satoshi Club – @satoshi_club Russian – @satoshi_club_ru Spanish – @satoshi_club_spanish
Dear community, our friends from UTU have started the token sale offering.
In this article you will find all the details related to the UTU Protocol token sale.
Tokenomics:
The following article clearly outlines all the important details you need to know about the UTU Tokenomics. If you have any additional questions after reading, feel free to reach out to them through any of the official social media channels listed at the end of this article.
What is the total supply and distribution of UTU tokens?
As stated in the White Paper, the potential total supply of the UTU tokens will be 1 Billion, which is the upper limit of the total possible UTU tokens on the market.
91,454,545 UTU tokens – 9.15% of Token Supply – for sale.
There are 7 stages planned for the fundraising:
Stage 1: FNF
The Stage 1 is allocated to Friends and Family and a total of 2,000,000 tokens are allocated. The tokens have a lockup period of 18 months with a pro-rata release every quarter. The tokens are priced at $0.010/UTU and a total of $20,500 worth of funds have been raised in this round.
A total of 0.2% of the total supply has been sold in this round.
Stage 2: Private Sale 1
The stage 2 is the private sale 1 and a total of 8,000,000 tokens have been allocated. The tokens do not have a lock-up period and are unlocked on day1. The private sale 1 has a total of 0.8% of total supply.
The tokens are priced at $0.046/UTU and a total of $368,000 worth of funds are planned to be raised. The round is active from August 21st, 2020 and will last till September 10th or all the tokens are sold out!
Stage 3: Private Sale 2
Stage 3 is the private sale 2 and a total of 4,954,545 tokens have been allocated. The tokens do not have a lock-up period and are unlocked on day1. The private sale 2 has a total of 0.5% of total supply.
The tokens are priced at $0.052/UTU and a total of $257,636 worth of funds are planned to be raised. The round will begin after the private sale 1 ends.
Stage 4: Presale 1
Stage 4 is the Presale 1 and a total of 15,000,000 tokens have been allocated. The tokens have a lock-up period of 45 days with 40% of the tokens releasing on day 15, 30% on day 30 and 30% on day 45.
Example: If Bob purchases 100 UTU tokens in Presale 1. He would receive 40 UTU on day 15, 30 UTU on day 30 and 30 UTU on day 45.
The Presale 1 has a total of 1.5% of total supply.
The tokens are priced at $0.023/UTU and a total of $345,000 worth of funds are planned to be raised. The round will begin on August 27th and will be active till September 10th or when all the tokens are sold out.
Stage 5: Presale 2
Stage 5 is the Presale 2 and a total of 28,000,000 tokens have been allocated. The tokens have a lock-up period of 45 days with 40% of the tokens releasing on day 15, 30% on day 30 and 30% on day 45.
Example: If Bob purchases 100 UTU tokens in Presale 2. He would receive 40 UTU on day 15, 30 UTU on day 30 and 30 UTU on day 45.
The Presale 2 has a total of 2.8% of total supply.
The tokens are priced at $0.027/UTU and a total of $756,000 worth of funds are planned to be raised. The round will begin on August 27th and will be active till September 10th or when all the tokens are sold out.
Stage 6: Presale 3
Stage 6 is the Presale 3 and a total of 26,000,000 tokens have been allocated. The tokens have a lock-up period of 45 days with 40% of the tokens releasing on day 15, 30% on day 30 and 30% on day 45.
Example: If Bob purchases 100 UTU tokens in Presale 3. He would receive 40 UTU on day 15, 30 UTU on day 30 and 30 UTU on day 45.
The Presale 3 has a total of 2.6% of total supply.
The tokens are priced at $0.03/UTU and a total of $780,000 worth of funds are planned to be raised. The round will begin on August 27th and will be active till September 10th or when all the tokens are sold out.
Stage 7: Crowd Sale
Stage 7 is the Crowdsale and a total of 7,500,000 tokens have been allocated. The tokens do not have a lockup period.
The Crowdsale has a total of 0.75% of total supply.
The tokens are priced at $0.04/UTU and a total of $300,000 worth of funds are planned to be raised. The crowd sale will begin on September 10.
30.85% of supply:
30.85% of the total token supply has been reserved for possible growth rounds in late 2021 or early 2022.
30% of supply:
30% of the total token supply has been reserved for the Team and Advisors. They will have a lockup period of 12 months after protocol launch and thereafter will be released pro-rate for the next 24 months.
30% of supply:
The final 30% of the total token supply has been reserved for Ecosystem development. The Ecosystem funds haven’t been minted yet.
What is the percentage of tokens on the market in circulation after the Token sale?
The token supply on day 1 of the sale would be 20,454,545. The tokens sold in Crowdsale, Private sale 1 & Private 2 will be unlocked.
Who is subject to a lock-up period?
Tokens purchased in Presale 1, Presale 2, Presale 3, Team and Advisors, Growth Round and Ecosystem funds. Please find the image above to learn more about the individual lock-up periods.
At UTU we believe in a more human-friendly internet. We are pioneering digital models of trust built around human beings and how we naturally trust. UTU’s vision is to become the trust infrastructure of the entire internet, replacing anonymous star ratings, reviews, and scores as the de facto trust mechanisms of our digital lives. We do this in service of our mission to protect data and privacy as we bridge the gap between how we trust in the real world, and how we are asked to trust online. UTU is kiswahili for “Humanity.” It reminds us of our home in Kenya and for whom we build this project.
We currently have a team of 40 at our HQ in Nairobi and R&D collaborations with the Agents, Interactions, and Complexity Group at the University of Southampton in the UK as well as the newly established UKRI Trusted Autonomous Systems Hub.
UTU and our subsidiaries have been featured variously in international media, including Pitchbook, NPR, TechCrunch, Analytics India, Aithority, Disrupt Africa, How We Made it in Africa, and others. We won the 2019 East Africa Regional Championship of the Pegasus Tech Ventures Startup World Cup and have been named a 2020 Hello Tomorrow Deep Tech Pioneer.
”The Internet of Things is not a concept; it is a network, the true technology-enabled Network of all networks.” – Edewede Oriwoh said. SatoshiClub agrees with his words and wants to introduce you to the IOT much closer. And today we would like to tell you about the AMA session with our friends from IoTeX. The AMA took place on August 25 and our guest was Larry Pang, a Founding Member and Head of Business Development at IoTeX.
The total reward pool was 600$ 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
Serg | Satoshi Club: Hello, dear community. Our guests today are from @IoTeXGroup. Welcome!
Irina K. | @satoshi_club: Hi everyone 😊
Larry Pang: thanks guys, it’s a pleasure to be here
Irina K. | @satoshi_club: How is your day :blush:?
Serg | Satoshi Club: Please tell us a bit about yourself and about the project
Larry Pang: i love how active your community is! been peeking into some discussions here, very educated group 😉
Hi everyone, my name is Larry and I’m a Founding Member and Head of Business Development at IoTeX. I graduated from MIT in 2013 and spent five years as a Management Consultant at Oliver Wyman before joining IoTeX. I got into crypto after doing a consulting project in 2016 with the World Economic Forum on global payments and learned about Bitcoin. I was fascinated by how the financial world could be designed to be P2P and human-owned — when I learned about IoTeX, I had a similar realization that the Internet of Things (IoT) aka our smart devices can also be trusted, private, and human-owned. After two years at IoTeX, my belief in our vision has only grown!
so that’s a little about me! feel free to add me on LinkedIn and follow me on Twitter. would love to share a bit about IoTeX now: IoTeX began our journey in 2017 as an open-source project. IoTeX is a platform that was built 100% from scratch (no forks) and is tailor fit to support Internet of Things (IoT) use cases and to power the next-generation of human-centered and private smart devices. The IoTeX team consists of 30+ top tier engineers and scientists from Uber, Google, Intel, Facebook, and other top tech companies.
IoTeX has a vision for the Internet of Trusted Things — an open ecosystem where humans and machines can interact with guaranteed trust, free will, and privacy. Our platform uniquely combines blockchain, secure hardware, and confidential computing to enable trusted data from trusted devices for use in trusted applications.
Serg | Satoshi Club: It sounds cool, Larry 🙂
Larry
Pang:
that’s a brief intro to IoTeX — would love to dive in more throughout the AMA!
Irina K. | @satoshi_club: Already convinced me 😃
Q1 from bitcointalk user JonahAp
How
does the Roll-DPOS consensus mechanism work and what is it’s
difference from other consensus mechanisms?
Larry Pang: good question — a robust consensus mechanism is very important for a growing network
The IoTeX Network utilizes Roll-DPoS consensus, which we designed completely in-house. To support the high scalability required for IoT use cases, IoTeX decided to use a variant of the Delegated Proof of Stake (DPoS) design, but we also made significant improvements to traditional DPoS. Instead of a fixed number of Delegates (e.g., EOS has 21 block producers), IoTeX randomly selects 24 of the top 36 Delegates to mine blocks every hour. This randomness improves the decentralization and security of the overall network, without affecting the performance. Roll-DPoS enables IoTeX to be one of the fastest blockchains in the entire industry with 5-second block times and instant finality for transactions.
Serg | Satoshi Club: Thanks for the clarification. How much is distributed for the delegates? On average
Larry Pang: for normal staking, delegates will receive about 10% ROI and they share these rewards with their voters. as a staker in the IoTeX network, you can earn %8+ ROI by staking and voting for a delegate! check out here for more detailed staking returns: https://www.stakingrewards.com/asset/iotex
Q2 from bitcointalk user george.bend
What
was the reason behind creating Ucam? Also, who processes the
information of my video call? where is it stored
Larry Pang: great question! for those that do not know about Ucam already, let me share a bit about it https://ucam.iotex.io
IoTeX recently launched our first “Powered by IoTeX” product called Ucam, which was built in partnership with Tenvis, a major security camera camera manufacturer. Tenvis was founded in 2005 and has sold millions of cameras to governments, enterprises, and consumers — they are currently “Amazon’s Choice” for security cameras, but came to IoTeX to bring privacy to their users. Check out their previous product on Amazon, which has sold millions of units! Ucam is the world’s first absolutely private home security camera that lets you own your data. This year at CES, the world’s largest tech conference, Ucam won the CES Innovation Award for Cybersecurity & Privacy. Ucam uses blockchain-based identity and the encryption keys are generated using the IoTeX blockchain in a decentralized fashion to make sure only the user has a copy of the encryption key for full privacy. With Ucam, nobody can access your device or data except you, or people authorized by you. We have many exciting plans for Ucam — we are currently working with IPFS to add decentralized storage to the camera and are also planning to launch other form factors of Ucam, such as doorbell + outdoor camera. The great thing about Ucam is the firmware/software that IoTeX developed can be used on almost any camera, so we are actively exploring new types of cameras to power with IoTeX — Ucam is just one of many “Powered by IoTeX” products in the future!
Serg | Satoshi Club: How exactly are you bringing privacy to users? 🙂
Also, do you think
it’s possible to give some cameras for the community?
Maybe we
can make a contest after the AMA
Larry Pang: good question serg — with Ucam and other “Powered by IoTeX” devices, we use decentralized identity + blockchain technology to ensure data is end-to-end encrypted and only decryptable with the user’s private key. similar concept as using a blockchain wallet to protect your cryptocurrency, but we apply it to our data as well! a very sophisticated tech stake makes this all happen combining software, hardware, and firmware :+1:
yeah we would love to give some cameras away to the Satoshi Club community! let’s follow up after the AMA serg
Serg | Satoshi Club: Awesome 🤩
Larry Pang: Ucam is going to hit Amazon US and other global retailers in Q3 2020 — the world’s first blockchain-powered consumer IoT product is almost here!
Serg | Satoshi Club: I will definitely try this camera 🙂
Q3 from Telegram user @ibramladen
Satoshi
Nakamoto said: Don’t trust, verify!
Your slogan is: Internet of
Trusted Things
Why should I trust? Please explain me the reasons
Larry Pang: good question! answering the reason why the Internet of Trusted Things is needed also requires some basic understanding of the traditional Internet of Things (IoT): These days, all types of smart devices like cameras, thermostats, and virtual assistants are being installed in our homes and businesses at a blistering rate. Even traditionally “dumb” devices, such as beds, mirrors, and toilets, are now equipped with WiFi and powerful sensors to make them “smart” — this phenomenon is called the Internet of Things (IoT). Whether you know it or not, IoT is part of everyone’s lives and allows people to interact with machines to drive efficiencies and create value. However, today’s IoT is owned and controlled by institutions (e.g., tech giants, governments) and not users (aka you and me). All of our highly sensitive IoT data, such as the videos from our home cameras or our health data, are owned by institutions and manipulated without our consent. Do we really have to accept a future where we are surveilled by institutions that collect our data, make our homes targets for hackers, and manipulate even the way we behave? No — we can build a better future with IoTeX!
This is why we need the Internet of Trusted Things — IoTeX’s goal is to enable a future that is connected, empowering and safe — no intrusive ads and surveillance, just privacy and peace of mind without sacrificing usability. The IoTeX platform enables builders to easily launch privacy-preserving IoT devices, apps, and networks. Just like Bitcoin has created a decentralized financial ecosystem, IoTeX is empowering a decentralized ecosystem for our smart devices — the Internet of Trusted Things.
Serg | Satoshi Club: Btw, do you also make the devices more secure? I mean that those devices can be hacked and someone can get access to your home basically
Larry Pang: yes definitely — not only do we enable privacy for devices but we also apply blockchain’s ultra-high security to the devices as well. that is why IoTeX is so important for the future of our smart devices — we put users in control of their devices and data instead of relying on corporations like Amazon/Google who have historically abused our data and trust. with IoTeX, we can prevent the centralized attacks that are everywhere these days like these Amazon Ring camera hacks that show the shortcomings of traditional devices: https://www.vox.com/recode/2020/2/28/21137692/tech-amazon-ring-hacks-security-blame
Serg | Satoshi Club: That’s awesome 🙂
Larry Pang: if you are in the market for a home security camera, then Ucam is a no-brainer! but it’s important to understand that IoTeX is NOT a camera company — the technology we built into Ucam can be applied to ANY IoT device, whether it is an asset tracker, healthcare device, autonomous vehicle, and more! the world now has 20 billion IoT devices and this number will grow to 75 billion by 2025. IoTeX plans to be a key player in the IoT industry and capture many of these devices to make them private and secure! the most exciting part is once users own their data, they can choose to do whatever they want with it — keep it absolutely private, share it with others in a secure P2P fashion, or eventually sell/trade it on IoT data marketplaces (something we call #DeFIoT) IoTeX is unlocking the potential of IoT data!
You
released IoTeX Mainnet GA which goal is to enable the interaction
between humans and the machines. What were the main reasons to switch
from Ethereum? What advantages did it bring to you?
Larry Pang: good question! IoTeX is a native blockchain now, but we started as a hybrid network between Ethereum + IoTeX blockchains. we issued our ERC20 token (IOTX-E) in 2018 and then launched our native network in April 2019. then we started to migrate away from ethereum throughout 2019+2020, and finally in june 2020 we launched our Mainnet GA, which made IoTeX a completely native network! that means the network uses $IOTX as the native coin and all smart contracts / transactions are all on IoTeX. IoTeX has always had the vision to be a fully native network, as the requirements for IoT use cases using blockchain are fundamentally different than other general purpose platforms.
this philisophy is not just talk — we have built it into our platform at every layer. IoTeX is much more than just a blockchain, we also have robust IoT middleware and dev tools that make creating trusted devices easy for developers. the platform consists of multiple layers to bring privacy-IoT use cases to life. something that ethereum or any other blockchain out there cannot do. TLDR; we respect ethereum and what they have done for the industry, but for IoTeX’s vision for the future of smart devices, ethereum is not designed for it. IoTeX is!
Serg | Satoshi Club: Yes, it’s always better to have your own blockchain than depending on others 🙂
Irina K. | @satoshi_club: IOT on blockchain will rock
Larry Pang: for those that want to learn more about the platform, you can read the “core concepts” section of our developer documentation: http://docs.iotex.io/
Internet
of Things generate huge amounts of data some of which are private
data how does IOTEX ensure the security and privacy of this data?
Larry Pang: that’s a great question — let me explain the IoTeX tech stack that makes this all possible
Device Layer: IoTeX is all about generating trusted data from trusted devices to enable trusted applications. A critical piece of this is the device layer. To trust a device, it must have a decentralized identity and its actions must be verifiable by others, which is exactly what IoTeX enables by combining secure hardware and blockchain, which are both tamper-proof technologies.
Storage Layer: IoT devices generate a lot of data, and not all of that can be stored on the blockchain due to cost/scalability reasons. But today, more and more data validation and processing is performed “on the edge” or on the device itself, reducing the need to store large amounts of unfiltered data on servers. A scalable and flexible approach is to store/index pre-processed data on the IoT Cloud (e.g., AWS) or decentralized storage (e.g., IPFS, Sia) and “hash” them to the blockchain, which provides timestamped verifiability and data provenance. When needed, this data can be written to the blockchain for use in smart contracts!
Blockchain Layer: the root of trust for the entire IoTeX Network. Our blockchain is open source and one of the fastest in the entire industry — not only does it enable standard P2P transactions and smart contracts, but it is also used to register device identities and “hash” data (stored on Cloud/decentralized storage) to the blockchain.
the combination of
these three layers provides great flexibility for developers and
builders. for more information, please see our Blockchain & IoT
Reference Architecture: https://iotex.io/reference-architecture
Irina K. | @satoshi_club: Does this mean that it will work only with a pre-approved set of devices?
Larry Pang: yes the devices require custom firmware that basically points the data to the blockchain instead of to a centralized server (as is the case with most devices these days). IoTeX is working on SDKs / toolkits to allow hardware device manufacturers to very easily onboard their devices to the IoTeX network.
Pebble Tracker is more of a developer-oriented device that tracks environment data such as GPS location, temperature, humidity, pressure, motion/vibration, and light and writes all of this data securely to the blockchain. this partnership with Nordic will bring trusted data to the blockchain so that developers can design new business/incentive models and companies using this trusted data!
Serg | Satoshi Club: You guys are doing very important things. The future looks bright for you if you will keep this good work
Larry Pang: definitely — we are just getting started, we are now looking into other types of smart home devices and also healthcare devices, which i am really excited about. nothing is as sensitive as the data captured by healthcare devices, and we want to make that data 100% owned by users. check out this podcast with HealthBlocks, one of our healthcare partners from the netherlands, for more details on the healthcare + IoT + blockchain space: https://www.youtube.com/watch?v=KV2WpjmI3S8
Smart
products (with internet access) are usually more expensive than
traditional ones. How would IoTeX solve this problem with your
products? Would this project be directed only to people in high
society?
Larry Pang: having smart devices may seem like a luxury right now, but soon the world will be covered in smart devices in our homes, businesses, vehicles, cities, nature, etc. — our vision for the Internet of Trusted Things is about providing affordable and privacy-focused options for consumers to experience privacy and data ownership for the first time. for example, while most security cameras like Nest/Ring cost upwards of $150, the IoTeX Ucam is only ~$45, which is honestly a steal for such a great camera with guaranteed privacy.
if you think about an IoT device, regardless of what industry it is used in (healthcare, supply chain, smart home, etc.) — the anatomy of IoT devices are generally the same. we apply our technology to fit ALL IoT devices, not just the fancy and expensive ones. in the future we wan to equip users with great technology at an affordable price. the truth is, hardware is a difficult industry to break into — you really need partners that understand not only their industry/market but also have resources for manufacturing and distribution. so we are very selective about which partners (like Tenvis) that we work with, and having our partners share the same vision for affordability, great user experience, AND privacy is something we consider before working with any companies.
TLDR; IoTeX is launching affordable, feature-packed, and private smart devices for people around the world! starting with Ucam which is priced at <$50, you can buy Ucam right now at https://ucam.iotex.io and on Amazon US + other global retailers in september
Irina K. | @satoshi_club: Where is it based? Tenvis I mean?
Larry Pang: tenvis is based in shenzhen, the hardware capital of the world
Irina K. | @satoshi_club: I saw it. It’s very impressive
Larry Pang: it is the “silicon valley” of hardware — IoTeX is based in the real Silicon Valley, so this is a marriage of the “Silicon Valleys” of hardware + software! 😊
Serg | Satoshi Club: Ready for the live questions part? 🙂
Larry Pang: let’s do it!
Part
2 — live questions from the Telegram community
Q1 from Telegram user @Nickkiii
I’m
interested in contributing to IoTex, Do you have any Global
Ambassador Program, if yes, how do I apply ?
Larry Pang: love it!!! glad to hear you are interested in becoming an IoTeX Ambassador! IoTeX has a global ambassador program that is active now — anyone that is interested in becoming an IoTeX ambassador can PM me for more details 🙂
Q2 from Telegram user @tungvodoi206
Now
that there will be IoTeX Cross-Chain DEX, will the team be running a
liquidity pool staking campaign to encourage long term
staking/awards, and encourage using the platform as first choice to
buy/sell IoTeX coins?
Larry Pang: great question — yes IoTeX is launching #DeFIoT, which will be a toolkit to allow users to tokenize their data and trade it in a decentralized fashion. an important component of this will be our Cross-Chain DEX, which is coming very soon! there will be great liquidity mining opportunities where you can deposit both IoTeX (XRC20) and Ethereum (ERC20) assets and trade them. for those that are active in the DeFi space, you can use IoTeX’s uniswap-style DEX to trade/arbitrage with MUCH LOWER FEES than ethereum. more information coming soon!!
Q3 from Telegram user @Idee01
IoTeX
got featured in Forbes. Also as one of the top 5 Altcoins with
greatest potential for growth in 2020, alongside big names like
Ethereum, Chainlink etc. What are your greatest strength that makes
your project better than IOTA?
Larry Pang: we get this question a lot 🙂 Regarding IOTA, IoTeX and IOTA are not enemies. Yes we are both working in the blockchain+IoT space, but we are actually working on different things. IOTA prides itself on enabling feeless M2M payments, while IoTeX is building a network for privacy-preserving, human-centered smart devices. Rather than debate IOTA vs. IoTeX technology, what I will say is that IoTeX in only two years vs. five years for IOTA has done things that IOTA has not: 1) Launched a fully decentralized Mainnet with DPoS staking maintained by 60+ global Delegates, including Blockfolio, CoinGecko, DraperDragon, and more 2) Launched REAL IoT products like Ucam, the world’s first private security camera built in partnership with Tenvis and Pebble Tracker, a decentralized asset tracker built in partnership with Nordic Semiconductor.
Q4 from Telegram user @Fumun
Why
the name of project is IoTeX, what is story behind this name?
Larry
Pang:
nice question! IoTeX = IoT
(Internet of Things) + ex (extension, expand, etc.)
basically we
want to expand and extend the capabilities of the Internet of Things
= IoTeX! :sunglasses:
Q5 from Telegram user @CryptoLover97
Staking
is Most Popular Nowadays as it improves User Interest & Provides
Long Term Growth to Projects ..
— Does IoTex Support Staking ??
— What are Requirements for Becoming a Validator Node ??
Larry Pang: IoTeX is one of the most robust staking networks our there — right now over 50% of the circulating supply is staked, and you can see all of our delegates at member.iotex.io you can participate in one of two ways: either become a delegate (run a node) or vote for a delegate. delegates will earn rewards for running their node / producing blocks, which they share with their voters. so delegates can earn 10%+ ROI while voters see ~8% ROI — we highly recommend everyone to stake! we also have a special campaign going where you can earn up to 20% annualized returns, check it out: https://medium.com/@iotex/iotex-tokenomics-burn-drop-to-bootstrap-1-million-iotex-devices-66a43a1a68d7
Q6 from Telegram user @uamos
If IoTex is currently promoting a decentralized smart device system, what do you expect for the future? What is your biggest goal in 5 years?
Larry
Pang:
i like this question — IoTeX has HUGE goals for the next 5 years. as of today, IoTeX is already powering smart devices that allow users to own and control their data, but we have much greater long-term goals. our next steps are to enable privacy-preserving Dapps that leverage the trusted data and trusted devices that are running on IoTeX, and eventually form diverse human-machine economies that will power new decentralized ecosystems where humans and machines can interact with guaranteed trust, free will, and privacy. We are starting this process right now by launching our new developer grants program called Halo (https://iotex.io/halo) — check it out!
Q7 from Telegram user @jangrihwa
What is the utility of IoTeX ? What does determine the value/price for it, is there anything within your ecosystem that increases the demand for the IoTeX ?
Larry Pang: the $IOTX token is the lifeblood of the entire IoTeX Network — it is used for a variety of things including gas for txns/contracts, staking/voting for delegates and network upgrades, and also to register new devices and service providers to the network. lots of detail to explore, which you can start here to learn more about our tokenomics + utility of IOTX: https://medium.com/@iotex/iotex-tokenomics-part-1-utility-of-the-iotx-token-781ff9c866e3
Q8 from Telegram user @regard94
What have been the major difficulties down the road so far in the development of IoTeX? What has been the leading motivation to continue?
Larry Pang: lots of projects only talk about the good things, not many talk about the hard things. building new technology is hard, but IoTeX is even more complex than normal blockchain networks due to the integration of hardware as well. i think we have moved incredibly fast over the past two years, but it has not been easy to develop this first-of-its-kind technology. lots of trial and error, working with partners (some of which did not end up being the right partners) but through all of this we have overcame all obstacles and are now ready to launch the world’s first blockchain-powered IoT products!! the journey is not over, but our ability to build these amazing products gives us confidence that we can conquer even more of the IoT industry.
Q9 from Telegram user @Babulal1
In
the future, what are your goals? What do you do to develop the
platform and marketing for the project better?
Larry Pang: Our main goal for the rest of the year is to welcome the world to build amazing things on the IoTeX platform. With Mainnet GA, the IoTeX platform is now ready to support a wide variety of use cases across blockchain, IoT, and privacy. Our goal is to build our ecosystem of builders and contributors that will bring great network effects to IoTeX — we are starting this process right now by launching our new developer grants program called Halo (https://iotex.io/halo). In parallel, the IoTeX Foundation will continue to build infrastructure that makes it easier for people to build on IoTeX, as well as launch new products to unlock more IoT-privacy capabilities for developers.
Q10 from Telegram user @Truongkhanh
Defi
is one of hottest toppic in crypto right now so What role does IoTeX
want to play in the DeFi space?
Larry Pang: let’s break this down a bit — Ucam and Pebble Tracker are #OwnYourData devices that are “Powered by IoTeX”. after you own your data, you have three things you can do: a) keep it fully private (using DID + private vault), b) use it in a privacy-preserving fashion (using confidential computing), or c) you can sell/trade it. #DeFIoT on IoTeX is all about building infrastructure to enable c). specifically for Ucam, here is a thought exercise: 1) what do cameras capture? videos + photos 2) how can we make these digital assets tradable? tokenize them on IoTeX as NFTs (access/ownership of a dataset) or fungible tokens (fractional ownership of a dataset) 3) what new tools are required to make this happen? wait for our next announcement and see 🙂 just remember that finance is not just about trading/borrowing/lending tokens that have no intrinsic value, it can also be about trading/borrowing/lending tokens + other digital assets that have intrinsic value based on the IoT data it represents. “if data is the new gold, then our IoT devices are the goldmines”.
Part
3 – Quiz Results
In the final part we tested
your knowledge in terms of IoTeX.
They’ve prepared 4 questions for this part. The total reward pool
for quiz was 300$.
