Month: September 2020

First half of September passed out and life in Satoshi Club is still active and full of events. And today we would like to tell you about the AMA session with our friends from Foresight. The AMA took place on 17 September and our guests were DrFinch, the CEO and Founder of Foresight and Crypto Consul, Chief Marketing Officer at Foresight.

The total reward pool was 800$ 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

Mary | Satoshi Club: Hello, Satoshi Club! We are happy to announce that today we have Foresight project as our guest:grinning: welcome to Satoshi Club 🥳

D. | Satoshi Club: hello all!

DrFinch | Foresight: Hello! Thanks for having us

Mary | Satoshi Club: @DrFinch you are welcome 😃

D. | Satoshi Club: @DrFinch hello. how it’s going?

Serg | Satoshi Club: Welcome to Satoshi Club!

DrFinch | Foresight: Great thanks. Happy to be here.

D. | Satoshi Club: great! tell us a bit about yourself please

DrFinch | Foresight: For sure. I’m Felix, the CEO and Founder of Foresight. I’ve been investing in crypto for 5 years or so, Been scammed before, as most crypto investors have (unfortunately)

Mary | Satoshi Club: I don’t know if i have to cry or laugh… It’s common. I am calling this educational fee

Serg | Satoshi Club: nice term, lol

DrFinch | Foresight: Foresight is the way that we as a team have designed to protect everyday investors from what has become so commonplace in the crypto space. We realised we can’t stop scamming. The anonymous/decentralised nature of crypto makes it more likely to occur. But we can compensate people if they are the victim of it.

Mary | Satoshi Club: It was your own idea or team decision? To create Foresight?

DrFinch | Foresight: Yes, this was originally my own concept. I drew up the entirety of the initial Litepaper in my spare time. But it has expanded into something I didn’t fully envisage at first, with the help of the team.

Mary | Satoshi Club: How big is your team? Do you have office?)

DrFinch | Foresight: There are six of us. We’re global (I’m in New Zealand, the rest in UK and US). So no physical office, but a lot of daily online contact for some time now.

D. | Satoshi Club: it’s what i call decentralization 😉

DrFinch | Foresight: Absolutely!

Mary | Satoshi Club: Sure, so how old is your project?

DrFinch | Foresight: Officially, from time of concept, around six months. However with regards to actually marketing and getting our name out there, a month. And our token went live just over a week.

D. | Satoshi Club: what does your logo symbolize?

DrFinch | Foresight: It signifies two things: Firstly, it’s a chess piece – the knight – and the chess theme symbolises strategy, thinking ahead, staying a few moves ahead of the opponent, a la Foresight. The knight itself also symbolises strength against the opponent. We also have the shield, also symbolising strength, defence and protection.

D. | Satoshi Club: got it. nice idea with logo

Crypto Consul | FORS: Hello everyone, Thanks for having us for your ama, excited to answer questions

Mary | Satoshi Club: Hello, you are welcome 😀

DrFinch | Foresight: Here’s our Chief Marketing Officer, probably back from trying to sell his UNI 😛

Crypto Consul | FORS: Uni sold ! Haha

Mary | Satoshi Club: mee too))

D. | Satoshi Club: haha. we sold as well!

Crypto Consul | FORS: “Sure, so how old is your project?” – You would think it’s older based on what we’ve achieved since uniswap launch. Only a week or two since then!

Mary | Satoshi Club: Congratulations with listing))) was it successfull?)))

DrFinch | Foresight: We’re happy with it. We saw close to a million dollars volume in first 24hrs. Up and down since then but I think all of our early investors will be really pleased.

Mary | Satoshi Club: Of course, but it’s nice numbers :+1:

Crypto Consul | FORS: Yes the usual day one volatility but great success

D. | Satoshi Club: nice intro guys thank you! i think we ready for the first question?

DrFinch | Foresight: Let’s do it

Q1 from bitcointalk user Nikola_Crypto

Why did you not organize a regular ICO / presale sort of fundraising like most of the projects on the market but did the listing on Uniswap straight away?

DrFinch | Foresight: We choose to not hold an ICO for a couple of reasons. The first is that we didn’t want to accept a large sum of money from investors before we had the appropriate legal structure in place. Foresight cannot function as a standard company/ LLC due to the sector it will be working in. So it was important to get this sorted first.

Crypto Consul | FORS: One of our main philosophies is to prevent scams, holding a big pre sale feels a little antithetical to that On a sentimental level. And we still found a way to reward early investors with our otc sales

DrFinch | Foresight: Yeah – I believe that way many ICOs are undertaken now serves only to allow the rich to get richer, rather than giving everybody fair access to a new token. Too commonly ICOs are swamped by whales who have early access from private social media groups or team connections

Mary | Satoshi Club: So you had otc sales?

Crypto Consul | FORS: Yes a small amount to fund initial liquidity. With a low and high cap

Mary | Satoshi Club: Who could participate?

DrFinch | Foresight: 10 ETH max. Anyone who joined our telegram community in the early days

Crypto Consul | FORS: We did reject a few deals from private investors however

DrFinch | Foresight: Yeah, quite a few actually

Crypto Consul | FORS: Since we wanted no one group or person to hold a large amount of our supply

Mary | Satoshi Club: And how much did you raise?

DrFinch | Foresight: We raised 250 ETH and close to all of it went on uniswap. All 100% locked

D. | Satoshi Club: so no team funds?

DrFinch | Foresight: There is a team allocation – of this 75% is vested out twelve months

Mary | Satoshi Club: No whales?)

DrFinch | Foresight: That’s right. As an example, our #15th holder has only 0.3% supply

Crypto Consul | FORS: No huge whales no, we wanted to prevent that

Mary | Satoshi Club: What is the total supply of your tokens?

Crypto Consul | FORS: Total supply is 100m. However it is allocated across our different funds

D. | Satoshi Club: as i see on coingecko only 10% of total supply in circulation right now

DrFinch | Foresight: That’s right. But bear in mind we will need a lot of tokens to be able to pay out claims – this is our Insurance Payout Fund – and it has been allocated 30%. On top of that is another 20% which will be used purely for reward our DAO for their efforts

Then we have smaller allocations for marketing, legal, development

Q2 from bitcointalk user k.muller

you are providing an insurance for exit scams. please explain how does this work. I pay an insurance for a certain token and I get money back if they are a scam?

DrFinch | Foresight: Well let me start by saying it’s a process which takes up 4-5 pages in the litepaper so please forgive me if i take a while to summarise

D. | Satoshi Club: take your time)

Crypto Consul | FORS: To paraphrase it a little while we wait. Essentially cover requests and claims will be vetted by our Dao which is part of what makes foresight so great. We also won’t take on huge amounts of risk for obvious reasons

DrFinch | Foresight: But basically, an investor sees a project they want to invest in. But they’re worried (for whatever reason), that they could be at risk of an exit scam. They apply to us for a quote for cover, we review that and if cover is approved they pay a premium to us (2-15% of initial investment). If they are exit scammed during that period, they send a claim to us, a DAO of 50 members reviews the claim to ensure it is valid and confirm as best as possible that an exit scam has occurred, the DAO members vote individually as to whether they approve or decline the claim, and if approved by majority, the investor gets the value of their investment back.

Mary | Satoshi Club: What is the scale of risks? What do you mean by huge amount of risks?

Crypto Consul | FORS: A large amount of insurance cover such as $100,000 for instance

Of course that is also dependent on what the request is what they seek to cover

Mary | Satoshi Club: Do you have such a concept as a franchise?

DrFinch | Foresight: Do you mean plans for groups?

Mary | Satoshi Club: Yes)

DrFinch | Foresight: Haven’t planned on it at this stage. But I can see where it might be useful (eg. angel investors, private investment groups)

D. | Satoshi Club: what information i need to provide you to get insurance after i lost my funds due scam? my wallet address, TX etc

DrFinch | Foresight: Correct. Most of that information will be provided anyway when you pay your premium. We’ll need to ensure the person making the claim is the same person who requested insurance cover, which is done simply by ownership of wallet proof such as when you connect to web3

Crypto Consul | FORS: Obviously a lot of that can be handled through our dapp and smart contracts

DrFinch | Foresight: Yes- we will be aiming to automate as much of the process as possible

Mary | Satoshi Club: Did you already payed insurance payout? To someone who got scammed?

Crypto Consul | FORS: Not yet we are still developing

DrFinch | Foresight: Yes – we’re aiming for release Q1 2021. Lots for us to do in that time, plenty of partnerships to build!

Mary | Satoshi Club: Do you have partnerships which already announced?

DrFinch | Foresight: Sure do. We’ve achieved a fair bit in a week or so.

Crypto Consul | FORS: We have partnerships with dextools and anti scam token through our new brand – CIPA. Recent collabs have been Ferrum and distx

DrFinch | Foresight: We partnered with Ferrum Network to use their staking pool and be listed on Unifyre wallet

D. | Satoshi Club: what’s CIPA btw?

Crypto Consul | FORS: Its our “seal of approval” for crypto. It stands for the crypto investor protection alliance

DrFinch | Foresight: DistX was just announced yesterday – aiming to provide an insurance option for investors using their token sale platform. In return some of their holders get reduced premiums. I think our logo is up on their website already.

Crypto Consul | FORS: Think of CIPA as a trusted authority that can legitimise crypto companies

Mary | Satoshi Club: Great:+1: a lot of partnerships for a young project)))

Crypto Consul | FORS: With our brand that’s the aim anyway

Q3 from Telegram user @parisienne_a

I’ve seen there are some benefits from being a member of your DAO. what benefits are there and is there a cost to join it?

DrFinch | Foresight: We have a two-tiered DAO structure: Common and Supreme. Common is 5000 FORS, Supreme is 50,000 FORS.

They serve slightly different purposes on the platform, with the Supreme DAO being more involved with governance and supervision

The benefits are that the Supreme DAO get higher FORS token reward payouts every two weeks. We also have a weekly lottery and they get more tickets for this. Finally, they get reduced insurance premiums when using our platform (don’t worry, they can’t vote on their own claims).

Mary | Satoshi Club: What decision they can make? This will be something like voting?

DrFinch | Foresight: That’s right

Crypto Consul | FORS: They will make up part of the backbone of foresight – allowing us to vet projects with the collective intelligence of the Dao. For example, when an investor has been exit scammed and submits a claim, the DAO will be presented to a group of 50 DAO members. Think of it as a jury – a group of 50 DAO members in a private chat group where evidence and information is presented on the case. The DAO will have a clear procedure to work through when determining if a scam has truly occurred or not. Once all evidence is submitted, they make their decision by individual vote as to whether the claim should be approved or declined. Any equivocal results proceed to the Supreme DAO for a second round of voting.

Mary | Satoshi Club: Do you have fixed payouts?

DrFinch | Foresight: At inception 1% of the DAO fund will be distributed to DAO members every two weeks

D. | Satoshi Club: what can you get in that lottery? just more tokens?) no iphones?)

Mary | Satoshi Club: You sold UNI:joy: we all can buy iPhone 😂

DrFinch | Foresight: iPhones is a great idea actually!

Maybe Foresight t-shirts too

Crypto Consul | FORS: Yes we are considering merch

Also we have the idea of rewarding the Dao with a specific NFT

DrFinch | Foresight: But no – the true reward is 5000 FORS tokens

Mary | Satoshi Club: Yes, i read about NFT) it’s good idea)

D. | Satoshi Club: and don’t forget about mugs 😉

Crypto Consul | FORS: Shields and swords too 😁

DrFinch | Foresight: Yes, it’s one area which we would like to explore further, but will get the foundation set first. Other areas we want to explore are the use of a DAO as a hireable asset, for example a company, organisation or government could hire out one or more of our DAOs for various purposes

Q4 from Telegram user @bitcoinistic

Interesting use case which might be exploited by hackers against you:
1. they create a scam project
2. they invest in their own scam and they take an insurance at foresight
3. they exit scam and then they claim your insurance.
What do you say about that?:grin:

Mary | Satoshi Club: great plan, don’t you think?:sweat_smile:

DrFinch | Foresight: We created the Foresight concept keeping this at the front of our minds the entire time

Mary | Satoshi Club: Hackers crying:joy:🤦

Crypto Consul | FORS: We knew from day one that people would attempt to game the system in this way

DrFinch | Foresight: There are different elements to protecting ourselves against this

The first is prevention – this means we only cover projects which are at lower risk of exit scamming. Our DAO will be utilised to pre-vet coins for cover acceptance and give them a risk score – the higher the risk the higher the investor premium. However there will be certain thresholds beneath which we will decline to cover. This could be, for example: market cap <$1 million, total holders <200, time since token creation <1 week; whatever parameters we felt necessary. If a token is too high risk, we will refuse to offer cover (just like a standard insurance company). The second is a thorough DAO claim review. We must ensure our DAO is educated in how to conduct a claim review, have clear parameters on what constitutes a scam or claimable event, and make sure we have checks in place to monitor the DAOs for “appropriate” claim decisions (this will be one role of the Supreme DAO). Finally we need to protect our downside. Let’s say that the mechanisms above fail and someone manages to game the system and the DAO . We need to ensure we have put a cap on how much cover we will provide to not only a single investor but also a collective of investors on one single project. Projects we deem higher risk but are still willing to provide insurance for would be eligible for less total cover, and vice versa. That way if we do get ripped off, we would only lose a small portion of our Insurance Payout Fund, rather than suffering a non-survivable payout event. IMHO, as long as we have scammers in the crypto space we will have people who will try to game the Foresight system. But if we put the right checks in place, avoid covering significantly high risk projects, keep alert for any red flags, and review claims with diligence, I believe we’ll have no problem protecting ourselves and our assets well.

Mary | Satoshi Club: Your insurance covers just exit scams? For example, if project still exists but it’s price extremely low as they didn’t fulfill promises? It’s like you got in accident, but there is still one wheel from your car.

DrFinch | Foresight: The first offering is just exit scams. This must result in the users tokens being close to worthless. Otherwise if if the user could still trade the token and take profit or get their initial investment out, they aren’t really in need of compensation. In future though, we would like to offer cover for things like project abandonment, blockchain/project hacks etc.

Mary | Satoshi Club: It’s very important, think about this) because clear exit scam with projects, which have low risks are seldom.

DrFinch | Foresight: That’s fair. But just like any insurance company, we need to find the balance of covering projects which have some risk (to garner insurance being taken out), but we are at lower suspicion of exit scamming

Crypto Consul | FORS: As outlined above there will be multiple preventative steps taken before any insurance is guaranteed

D. | Satoshi Club: btw do you have hackers in your team? people who have such an experience in the past for instance?

former hackers i mean)

DrFinch | Foresight: Not that he would admit it, but possibly our CTO 🙂

Mary | Satoshi Club: Now i feel like i am in department of a real insurance company)))

DrFinch | Foresight: Buy at least 5000 FORS and you can be 🙂

Q5 from Telegram Username @stekbyte

Why don’t you want to reveal the real identities of the team members? It will significantly increase the level of trust in the project, especially given the project’s focus on protection from scam.

DrFinch | Foresight: This is a common question we get (as you can imagine)

We’re certainly very keen to go public with our identities in the near future. We’ve already done so with exchanges and legal teams we’re working with. The main issue at the moment delaying this is that a couple of the team members feel it would be a conflict of interest with their current careers. We have discussed whether some of us (likely the two of us here now) could go public and leave the others private, and this is a very real possibility. I think @Crypt0consul may have even got some profile shots done the other day 😛

Mary | Satoshi Club: He can shoot here:joy: we like secrets)))

DrFinch | Foresight: Honestly though, we are well aware of the effect being private can have on a project (we’re cryptocurrency investors too, after all). It is for this reason we have endeavoured to be as transparent as possible when it comes to other aspects of the project, as well as locking liquidity and locking a large portion of our total supply. In the meantime, we encourage investors to look at the partnerships we have formed (eg. DEXTools, Ferrum, DistX). We’ve had close dealings with their teams, including phone calls, so they’ve come to know us, and I don’t believe they would risk the reputation of their projects if they didn’t trust us.

Mary | Satoshi Club: I know that this can be a problem, my friend could lost her job in French bank as they cought her logged in her Bittrex acc)

D. | Satoshi Club: you can do some podcast without revealing your faces for example. it will give more trust to people who hold your tokens or planing to buy them.

Crypto Consul | FORS: I think thats a great idea :+1:

DrFinch | Foresight: That’s actually a great idea

Q6 from Telegram Username @konditer_rolex

In what currency do you evaluate the assets that you insure? The price of cryptocurrencies is constantly changing, I want to know how you pay compensation

DrFinch | Foresight: This is an important question. Many cryptocurrencies are too volatile to be able to be used. For example, if you take out cover for a 10 ETH investment and ETH is $300 ($3000 total), then you are exit scammed, but ETH price drops to $250 over the cover period, it wouldn’t be right for you to only get $2500 worth of ETH back. Therefore we will likely use the USD value of your investment (regardless of token quantity). So in the example above, you would get 12 ETH paid out. USDT would make this easy of course

Mary | Satoshi Club: Ok, but did you hear latest rumors about USDT? Btw, can i make insurance for my usdt holdings?)

DrFinch | Foresight: I should probably say “a stable coin will make this easy”

Mary | Satoshi Club: Oh, that’s true) But which stable coin will Foresight use?)

DrFinch | Foresight: We are looking into layer 2 solutions. We’re keen to explore substrate development

D. | Satoshi Club: stable coin on eth?

Mary | Satoshi Club: 800 gwei)

D. | Satoshi Club: yees. i spent a lot on fees today:sweat_smile:

Crypto Consul | FORS: You’re telling me haha

DrFinch | Foresight: Yes… paying $30 for insurance and $50 for gas is not ideal!

Crypto Consul | FORS: We are still exploring this yes

Mary | Satoshi Club: Ok, hope you will find right stable coin)

DrFinch | Foresight: We have ETH 2.0 around the corner (hopefully), so we’ll see what happens there too

Part 2 — live questions from the Telegram community

Q1 from Telegram user @BeastSanmao

What’s the right time for user to INVEST IN Foresight ?
How big is the market opportunity for your Project ?

DrFinch | Foresight: As for when to invest, I suppose it depends on your risk appetite. Some people look at our market cap (around $600K) and think that’s a good time to get in right there, on the ground floor. Others may choose to wait until we are up and running for a while and platform is functional.
The market opportunity though is immense. Ciphertrace reported that crypto scams and fraud hit US$4.3 billion in 2019. Of this, $3.1 billion was lost as a direct result of exit scams. Investors are losing incredible amounts of money, and Foresight is the first of its kind to offer a form protection specifically against this.

Q2 from Telegram user @aditya827

Hello mr @DrFinch
I know, we all really love uniswap, but there are problem in gas fee too high, I think it would be better if foresight list Fors token to CEX like binance or other,
So is there a plan about that? I think your community waiting about it

DrFinch | Foresight: Agree with you there, gas is a pain. You’ll be pleased to know we’re just finalising listing agreement for our first CEX. Should be up on an exchange in the next week (it’s in the exchange hands now)

Q3 from Telegram user @yzmoney

How long is the quotation process to get a quote for new cover ? as some ico occur in a very short time and the DAO may not have enough time to evaluate the coverage.

DrFinch | Foresight: The thing that can hold the quotation process up is the vetting process, where the DAO determines what a projects level of risk is, which in turn dictates what the investor’s premium will be. This may take some time (in the space of hours), but you’re right that traders don’t want to be waiting around for a token to be vetted. For this reason we are really going to encourage tokens to be pre-vetted, because when the vetting process is completed once it means it doesn’t have to be done again (but will be reviewed after a certain period of time to ensure our risk scores are accurate). I don’t see ICOs/launchpad tokens as a big issue here, as there is usually a fair amount of time for marketing etc before they go live, and vetting can be completed in that time. Good question.

Q4 from Telegram user @gunki2

Can you ” Foresight ” indicate a feature or feature that you like best about the platform so that it can compete with other compete? // What are you most confidents about for your platform? / Do you have planning to getting user to choose your platform?

Crypto Consul | FORS: One of our most unique features is offering potential DeFi insurance in crypto, with the collective intelligence of the DAO. I think this stands out – NXM for instance mainly offers insurance against critical bugs/hacks. I am most confident in the team and especially our partnerships – in the background we have multiple advisors and teams helping us with our development. Just before we plan to go live in Q1 2021 we are planning a wider marketing campaign to attract users to the platform yes 🙂 I hope that answers your questions.

Q5 from Telegram user @adityaaryah

Are you open to collaborations with anyone looking to make the space safer for everyone?

DrFinch | Foresight: Definitely! It’s one reason why we helped to form the CIPA. We want to have a place for like-minded projects to collaborate on how to make the crypto space a safer asset class to invest in. After all, if we want crypto to go mainstream we need to break away from the “Wild West” reputation we have

The link was for CIPA: cryptoipa dot com

Q6 from Telegram user @Idee01

Foresight partnered with Ferrum Network to become the next staking project. Tell us your staking model, annualised percentage return and all the amazing benefits for $FORS holders?

DrFinch | Foresight: Stay tuned for this update, we should have that announced in the next few days. However I can say we will have a 6 month high reward pool and a 3 month lower reward pool, both with early exit options. They’ll both have decent APY rates.

Q7 from Telegram user @Adialadi

Could you give me 2 or 3 key points to convince me and other angel investors invest in #Foresight in long-term?

Crypto Consul | FORS: Our use case is unique, safeguards are sorely needed in crypto and there will always be a demand for insurance regardless of overall market swings. Secondly we have plans for much wider expansion and application of our company – such as hiring out our DAOs or helping to decentralize the insurance industry. Thirdly you have a chance to be a part of this movement and also govern the direction of Foresight by securing yourself a spot in the DAO.

Q8 from Telegram user @Dhanu006

The main task of any project is to build the right community. What are your plans for education and awareness raising and adoption in the community?

DrFinch | Foresight: I see this in two parts. Education/awareness about Foresight and education/awareness about exit scams. For the former, we’ve already made a big effort to build partnerships. In my opinion this is one of the best ways to market ourselves. One sector we are beginning to target for partnerships are the “Launchpads” (eg. DistX, TrustSwap, Binance). We would like to see Foresight’s insurance option available with a click of a button to all investors buying on a Launchpad. This would mean the Launchpad project would apply to be pre-vetted by us (possibly for a fee). If they do this it provides confidence to the investors (it is less likely that a scam project would choose to be vetted).
We always get asked about paying for popular youtubers to market/shill us. I’m not against it (shout out to fellow Kiwi, Crypto Lark – Lark Davis) but right now we have other more important things we need to spend our funds on.
For exit scam awareness, as discussed, we have recently helped to found the Crypto Investor Protection Alliance along with DEXTools and Anti-Scam token. We want to make investor safety paramount in the crypto space and identify other reliable projects who want the same.

Q9 from Telegram user @dungpro123

Given the nature of the product, do you envisage market participants to be the main customer or projects who are offering protection to early investors?

DrFinch | Foresight: Definitely market participants. We’re here to protect day to day crypto investors first and foremost. However, we’ll certainly encourage ICO projects to offer to cover some of their earliest investors – I couldn’t think of a more trustworthy move when it comes to a new project/team.

Q10 from Telegram user @kartika84

Q1 : As we know, every successful project has a few stories behind the scenes, what’s the story behind FORESIGHT success? Are there any special upcoming from FORESIGHT Updates that you want to show/share with us?
Q2 : What phase are the roadmaps at? What is FORESIGHT trying to solve for the development of the blockchain Industry?

Crypto Consul | FORS: 1. The story behind our success is simple – we are a group of passionate and knowledgeable crypto enthusiasts with likeminded philosophies. I and others in the team are lucky to have contacts in the industry that help with marketing. As for upcoming updates I can’t divulge too much but we have potential exchange listings in the works.
2. We want to protect consumers in crypto and ensure the industry as a whole is viewed more favourably. We also noticed that nobody was offering what we wanted to happen, so decided to do it ourselves.

Part 3 – Quiz Results

In the final part we tested your knowledge in terms of Foresight. They’ve prepared 4 questions for this part. The total reward pool for quiz was 500$.

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We are pleased to announce our next AMA on September 25th 2020 at 02:00 PM UTC Time: Satoshi Club x CryptoLocally

⚠️Click to see the hour
⚠️Total Reward pool: $500

⚠️Requirements:
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We will have the following structure:

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. CryptoLocally Team will select 10 questions and answer them.

Part 3: 300$ – A quiz about CryptoLocally

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Welcome to another episode of Satoshi Club AMA Series. Today we would like to tell you about the AMA session with our friends from Rebased. The AMA took place on September 14 and our guests were @Rebased0 and @DefiMarine

The total reward pool was $1000 and it was splitted into three parts.

In this AMA Recap we will try to summarize some of the most interesting points for you.

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PART 1, INTRODUCTION AND COMMUNITY QUESTIONS

Mary | Satoshi Club: Hello, Satoshi Club! We are proud to announce that our guests today are from Rebased. @Rebased0 @DefiMarine you are welcome. 😀

Defi Marine: Hi everyone.

Rebased: Hello 🙂 glad to be here!

Mary | Satoshi Club: Can you introduce yourself and how did you start with Rebased?

Rebased: Sure. Happy to take this one@DefiMarine

Me and DefiMarine represent the rebased team together with some very dedicated community mods. The rest of the team decided to stay out of the focus. I am in the space sind early 2016. I mainly have a marketing and PR background. DefiMarine is the Lead Dev and the brain of the project.

We started with REB in June 2020 and listed on Uniswap on August 18 after a successfull public sale. we basically wanted to improve AMPL and decided to do it on our own with the help of our community!

Mary | Satoshi Club: Congrats! You were fast😀

Rebased: Yes we were. We hard forked AMPL and improved it. So to be fair there was already a foundation to work with.

Mary | Satoshi Club: What did you want to improve in AMPL?

Defi Marine: We wanted to create something that’s more trustless with automated Oracles and without admins. We also have faster rebases and a few other improvements.

Rebased: 100% trustless protocol which is fundamentally different from what AMPL. no private investors, no seed investors that got a lot of coins with huge discounts. We wanted REB to be a community owned project. This is why the team has a 0% allocation as well.Faster rebases, decentralized oracle, immutable smart contracts.

Mary | Satoshi Club: How was your public sale organized?

Rebased: It was via a purchase form on our website. Very simple. Connect with metamask and swap ETH for REB via a smart contract. We also did the marketing ourselves.

Mary | Satoshi Club: Did you have maximum for one purchase?

Rebased: No we did not have max for one purchase. There are soo many ways to circumvent that. It would have been effort for nothing from our side. Whales just purchase from different wallets. So a “buy limit” is pretty useless to be honest.

Q1 from bitcointalk user xxmetalmartyrxx

This question is for DeFi Marine (lead dev). We all know the REBv1 code was audited by Hacken, and they failed to identify the exploit that allowed over 60ETH arbitraged out of the liquidity pools. With this in mind, has your opinion concerning the value of audited smart contracts decreased? Secondly, and more specifically concerning REBv2, will you have REBv2 audited? If not by a third party, would it be a possibility for you to show which lines in the smart contract have changed from REBv1 to REBv2? This could serve as a quasi-audit, as REBv2 investors could trust that everything other then the new lines of code have been audited by Hacken.

Defi Marine: I still think that security audits are valuable in general but I don’t think that another audit is necessary at this point. Code complexity has mostly been reduced for Reb2 and we have added protections against the pools sync attacks. We can definitely write a blog post that points to the changed locations in the code with some explanation.

Mary | Satoshi Club: So, that’s was also Hacken fault?

Defi Marine: Well, it’s debatable since it wasn’t really a bug in the Rebased code. The problem was the interaction with AMMs. But of course it would still have been nice if they had found the issue before it was exploited. Anyway, it’s all fixed in Rebased v2.

Mary | Satoshi Club: Shure you find a fast and secure way.

Rebased: AMPL had the same problem and I believe RMPL as well. The difference is… we have immutable smart contracts. So we cannot just change them when we feel like it. So we were forced to do a hard fork, a new improved version of REB2. With upgradable smart contracts you have to really trust the admins that they do not change code and decide to increase supply, change rebase mechanism etc. etc. We created a trustless alternative.

Mary | Satoshi Club: Yes, that was important, So, you removed human factor.

Defi Marine: Yes, also have a fully automated Oracle instead of the multisigs that AMPL uses. Our Oracle calculates the price based on the average ETH/REB and ETH/USDC rates on Uniswap (we’re moving everything to SushiSwap for REB2).

Mary | Satoshi Club: So, you are not on Uniswap anymore?

Defi Marine: We’re in the process of moving liquidity over to SushiSwap. It’ll take some time to complete the move.

Rebased: True. We wanted to move to Sushiswap and support the new DEX. The goal is of course to become a part of the chefs menu in the near future as well!

Mary | Satoshi Club: As i know SushiSwap lost its liquidity and it moved to Uniswap lately? But you are moving there anyway?

Defi Marine: It was the other way round. SushiSwap has more liquidity than UniSwap right now.

Rebased: SushiSwap lost some of its liquidity yesterday because the Sushi blockreward dropped from 1000 to 100 Sushi per block, but it is still a very liquid DEX and it offers users the incentive to earn add rewards via their native token.

Q2 from Bitcointalk user linderm

Regarding the incentive program for LPs you have written on your website, you have written: Read our step-by-step guide here (link will be provided later today). Why it is not updated yet? I am following for a couple of days already. Please explain how does it function.

Rebased: We already updated it —> https://medium.com/@rebased/new-liquidity-provider-incentive-program-launched-on-sushiswap-c9848af84d4eppl can currently participate in our LP incentive program and earn up to 2000% APY.

Defi Marine: All you have to do is add liquidity to the REB2/ETH pool on SushiSwap. Rewards will get airdtopped at the end of this month. Like @Rebased0 said, given the current low liquidity this means 2,000+% APY right now. First step is to buy some REB2 on Sushi. https://sushiswap.vision/pair/0xc4dE5Cc1232f6493Cc7BF7bcb12F905eb9742Bd7

Or, swap REB for REB2 if you have any. 😊

Rebased: Or you buy REB1 on Uniswap since we have much more liquidity there and just swap it via swap.rebased.fi

Defi Marine: Yes, if you want to stake large amounts you still; get a better deal by buying REB v1 and swapping.

Mary | Satoshi Club: Are prices for REB1 and REB2 different?

Defi Marine: They’ll likely diverge soon though as REB2 will start rebasing today. Also REB v1 will ultimately be phased out so keep that in mind.

Rebased: To give a deeper insight:

We have locked liquidity for REB1 on Uniswap via a timelock smart contract. (not unicrypt where people can still easily rug pull) – we did it the real and transparent way. So we still have a lot of liquidity there and can’t move it until mid-November. The team provided new liquidity for REB2 on SushiSwap as well, but it is still lower than REB1 currently. So we created the LP incentive program with huge APR e.g.

Defi Marine: The REB liquidity lock expires on November 14. So on that day, most of the liquidity will move from the REB pool to the REB2 pool.

Q3 from Telegram user @ion_cristescu

Please explain how is the rebase function happening and what are the benefits? Where should I hold the funds?

Rebased: Where should I hold the funds?

Rebase will always affect your holdings. However, we strongly recommend to hold the tokens in your wallet (best is Metamask in my opinion). I am pretty sure you know the famous saying “not your keys, not your coins”. So keep your coins on your wallet and not on an exchange.

So for all people reading/watching now. An elastic supply coin will not 100x!! This not the goal and this is not how you make money. You make money with positive rebases and a growing supply

Defi Marine: The rebase function adjusts the supply of the coin in order to achieve a price target of $1. The goal is to remain relatively stable at $1 in the future. So if anybody tells you that elastic supply coin XY will make 100x… you know that this person has no clue

Mary | Satoshi Club: But if it’s third side wallet? Anyway rebase will happen?

Defi Marine: Yes. Rebase affects every balance in every wallet.

Mary | Satoshi Club: I will remember this, very good advice 😀 now you are between 0.96$ and 1$, am i right?

Defi Marine: Actually we’re quite a bit lower than that at the moment. However, you should keep in mind that circulating market cap is also very low – in the low hundred thousand. so things can change very quickly. This is not investment advice.

Mary | Satoshi Club: Thank you, so theoretically, i can hold REB on any wallet. P.s. i know what you reccomend, it’s really one of the most important things to know in crypto. How often rebase happening?

Defi Marine: If you don’t plan on touching your REB for a while it’s best to send them to a cold wallet. Otherwise, I’d recommend a mobile wallet like trust wallet.

Q4 from Telegram user @mag_crypto

You say that there are no pre-mined tokens for the team. However, how about the ecosystem fund? Who owns it and who approves the transfer of funds from this fund?

Defi Marine: Right now the ecosystem funds are in a regular wallet which is controlled by me. So there’s a little trust involved here. 174k.

Rebased: The ecosystem fund is e.g. used for the LP incentive rewards, to pay our community mods, influencer etc.

Mary | Satoshi Club: Who decide where funds will go? Do you have something like a voting?

Rebased: For the LP incentive program we voted internally. One time we did a vote with the community for spending funds, up to this point we have not found the perfect solution for this. However, we will always act in the best interest for REB and the community of course.

Defi Marine: Tbh it seems like too big of an overhead right now since we want to move forward with the core infrastructure, like building a dashboard and other important things for REB2. A voting system can come later.

Q5 from Telegram Username @Aleurich

How will the amount of RBD that I have in my wallet be modified? If it is to increase it, a deposit will be made, but how will you withdraw the tokens from my wallet when a rebase occurs?

Defi Marine: There are no actual deposits or withdrawals made. The rebase adjustment are built right into the Rebased ERC20 contract. Your balance is always calculated dynamically based on an internal conversion rate.

Mary | Satoshi Club: Everything is done by smart contract, so any additional expenses for deposits and withdrawals. Can you tell us more about conversion rate?

Defi Marine: I use the term “conversion rate” loosely. There’s an internal variable in the smart contract that gets adjusted with every rebase. Every time you query the total supply or anyone’s balance or move tokens this adjusted value is used. This way the values can be adjusted globally and equally for everyone without depositing or withdrawing tokens. And the total supply can change without burning or minting.

Mary | Satoshi Club: So, just number of tokens are changing in my wallet, talking from user side.

Defi Marine: Yes, exactly. The number of tokens in liquidity pools like Uni and Sushi changes as well which means that the price also changes instantly.

Q6 from Telegram Username @Jonahapagu

Your rebase happens every 12H By 9Am and 9pm CET… making rebase time known to the public was found out to be one of the main disadvantages of AMPL because this could lead to manipulation by bots and traders don’t you also see this as a challenge.

Rebased: Why no random rebase.

The random rebase is useless because nobody gains from manipulating the price in advance of the rebase. If you pump the price you just inflate everyone else’s token more along with yours, including the number of the tokens in the LP so you simply end up with more tokens of a lower value. We had this question a lot of times already.

Defi Marine: I don’t think that known rebase time is a disadvantage. Random rebase is just a marketing gag.

---

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 @melanintrish

Kindly explain how the LP INCENTIVE PROGRAM WORKS

Defi Marine: Check this article: https://medium.com/@rebased/new-liquidity-provider-incentive-program-launched-on-sushiswap-c9848af84d4e

Q2 from Telegram User @kun4321

When Rebase?

Defi Marine: Starting today at 3pm ET. 😊

Q3 from Telegram User @Idee01

As a yield farmer that loves to farm several asset class, how can I farm REB2 on Token Swap and Sushi Swap? What mechanism do you use to create balance between these two pools and what other asset class can I use, apart from ETH?

Rebased: This is easy and quick:

Everything is explained here very well —> https://medium.com/@rebased/new-liquidity-provider-incentive-program-launched-on-sushiswap-c9848af84d4e

Q4 from Telegram User @sinahanna32

“Community first!”. Aside from distributing REB2 tokens, something shows that REBASED is only interested in the community. What is the goal that REBASED wants to bring to the community?

Defi Marine: The Rebased team is working very closely with our community. We’ve had several votes on important stuff in the past, including an emergency monetary policy act where negative rebases were stopped for a while. We don’t yet have a formal community governance mechanism but we’re considering introducing one in the mid-term after the basic system is completed.

Q5 from Telegram User @spectrej

Could it cause some troubles for the system if a user is trading exactly at the time of the rebase?

Defi Marine: Nope. can’t cause a problem.

Q6 from Telegram User @dungpro123

1.Can you list 1-3 killer features of REBASE that makes it ahead of its competitors? What is the competitive advantage your platform has that you feel most confident about?

2.Lately many scams happen because founders remove liquidity or just disappear with money, How did REBASE solve this problem, and earn more investors and trusted from users?

Rebased: Why REB?

Rebased is a fork of the recently hyped Ampleforth project – with clear and required changes.

Immutable smart contracts

Comparable systems like Ampleforth allow administrators to change all aspects of the system including its monetary policy. Rebased locks in its monetary policy from day 1 via non-upgradeable smart contracts.

No admin accounts

The rebase smart contracts don’t have admins. The only aspect of the system that is initially managed by the team are the Oracle addresses. This access will be revoked once there is sufficient liquidity for the ETH/REB pair and the Oracle system has been completely decentralized.

Publicly callable rebase mechanism

Rebased allows anyone to trigger a rebase once sufficient time has elapsed since the last one. This means that there is no trusted “operator” who needs to call the rebase function (and could refuse to perform the rebase or stop doing rebases at some point).

Rebase every 12h

The higher rebase rate will allow us to find the desired equilibrium in a faster and healthier way. In addition, price fluctuations will be lower and allow the investor to better assess the associated risk.

Inflation-resistant price target

REB is designed to track the purchasing power of one 2020 US dollar as represented by the Consumer Price Index (CPI). This makes REB a stable store of value that is unaffected by inflation.

Fair token allocation

We have chosen a fair initial token distribution for optimal decentralization and long-term sustainability of the network. Community comes first! No seed or private investors.

2) We can’t rug pull our liquidity. We locked it via a timelock contract that is public as well.

We initially locked 375k USD in ETH and 375k in REB1 on Uniswap. This is all still there and locked. Of course it changed because the price of REB changed as well.

But we are here for 1 month now and we did everything to prove that we are a srs team! We got the audit. All codes are always public. We did the hard fork for extra security etc. etc. We’ve had an audit from Hacken of Rebased V1. The report is here: https://github.com/RebasedToken/audits

Q7 from Telegram User @Eraybukucu

While going through your Twitter account, I came across some of the things that are yet to be completed which includes “Get code audited by a trusted third party”. Don’t you think the contract should have been audited before the pre-sale? Should in case there’s a bug, what’s going to happen to early investors fund?

Defi Marine: Same as above.

Q8 from Telegram User @tv100029

The oracle problem is one of the major challenges imposing the success of DeFi, as decentralized oracles mitigates the risks of a central point of failure. Chainlink is the absolute LEADER of this market. So, what are competitive advantages between Rebased Oracle with ChainLink?

Defi Marine: Rebased uses Uniswap v2 Oracles. It doesn’t require any off-chain providers to work.

Q9 from Telegram User @jobel4

I have Reb1 token in my Trustwallet and I see in your website that it can swap in Sushiswap only. So how can I swap my token and how it will be valuable? Can I swap it through Uniswap? Which exchange are you wish to be listed this coming months?

Rebased: You can swap via swap.rebased.fi !! This has nothing to do with UniSwap or SuhiSwap.

After the swap make sure to add REB 2 to your metmask. To add REB2, open the “Add tokens” dialog in the “Assets” tab and click “Custom token”. Use this token address: 0x87F5F9eBE40786D49D35E1B5997b07cCAA8ADbFF

After that you can trade REB2 on Sushiswap if you want.

Q10 from Telegram User @BlancaSdF

Being honest, do you expect a REB3 version for rebase in the future? or you discard this possibility?

Defi Marine: That’s highly unlikely.

Q11 from Telegram User @chunhocxitrum

How would Rebased’s oracles solve “decentralized” problem while ChainLink is seem “centralized”?

Defi Marine: Our Oracles get all price data from AMMs on Ethereum. So this price data is created by the market and doesn’t require input from a trusted entity.

Q12 from Telegram User @imelruy

How can I trust a person who is totally unknown to me? As the wallet is handled and controlled by yourself how can we sure about our funds that I will never scammed?

Rebased: Your funds have nothing to do with the wallet of the ecosystem fund that we control. We have no control over any funds of any private holder of REB2. This is technically impossible.  With the ecosystem fund tokens you have to trust us. And we have proven several times that we are only acting in the best interest for REB and our community.

Q13 from Telegram User @Loversss10

Will resources, such as datasets/algorithms, be completely open for quality inspection prior to staking on them? Or only a limited version of them?

Defi Marine: All source code including Oracles is MIT-licensed and available on Github and Etherscan.

Q14 from Telegram User @Ketz23

Can Rebased explain how much is the Maximum Supply & is there a program like Mining or Burning?

Rebased: I have to give you a short and cheeky answer here. Make sure you get familiar with the concept of elastic supply. If you research it yourself, you will learn a lot more.

But very simple: No max supply —> elastic supply, no mining, no burning.

---

PART 3, QUIZ AND INFO

As usual, for the third part, Satoshi Club Team asked the chat 4 questions about Rebased. A link to a Quiz form were sent into the chat. Participants had 10 minutes to answer. 600$ were distributed among winners.

For more information and future AMAs, join our Social Media channels:

English Telegram group: https://t.me/Satoshi_club

Russian Telegram group: https://t.me/satoshi_club_ru

Spanish Telegram group: https://t.me/satoshi_club_spanish

Telegram Channel: https://t.me/satoshi_club_channel

Website: https://esatoshi.club/

Twitter: https://twitter.com/esatoshiclub 

Our Partners:

Rebased community: https://t.me/rebasedTG   

Trust the unknown. Trust yourself. Let go of searching for answers and the answers will appear. Satoshi Club can help in your searching by conducting AMAs with the best projects in cryptospace. And today we would like to tell you about the AMA session with our friends from Bitcoin Gold. The AMA took place on 15 September and our guests were h4x3rotab, Lead Developer, Co-Founder at Bitcoin Gold, Martin Kuvandzhiev, Operations Lead, Co-Founder at Bitcoin Gold and Edward Iskra, Communications Director at Bitcoin Gold.

The total reward pool was 500$ 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 K. | @satoshi_club: Hi everyone! Welcome to another episode of our AMA series

Edward Iskra: Hello!

Serg | Satoshi Club: Welcome to Satoshi Club! 🙂 how is your day?

Irina K. | @satoshi_club: Hi Edwards, welcome to Satoshi Club

h4x3rotab: Hi all! Glad to be here

Irina K. | @satoshi_club: Glad to have you as our guest

Serg | Satoshi Club: we are glad to have you here as well 🙂

Irina K. | @satoshi_club: How should we call you? 😊 @h4x3rotab

Serg | Satoshi Club: Elon Musk’s son has a similar name 🙂

Irina K. | @satoshi_club: Kids grow fast 😊

Edward Iskra: I say Musk’s son’s name wrong. I pronounce the “X” as “Chi” like the greek letter we use for the variable! (And since I don’t actually speak Greek, I probably pronounce that wrong, too.)

Serg | Satoshi Club: haha 😁 his son will have trouble at school. so, @h4x3rotab , @MentalNomad , please tell us a bit about yourself and how did you get into crypto

h4x3rotab: Just call me h4x, or Hang 😄

Edward Iskra: I call him H4x online, and Hang in real life. 🙂

Irina K. | @satoshi_club: Hang sounds better 😊

h4x3rotab: LOL

Irina K. | @satoshi_club: More melodious 😀 h4x feels like I’m talking with a computer:grinning:

Serg | Satoshi Club: @MartinKey, welcome onboard

Martin Kuvandzhiev: thanks! Hello everyone!

Serg | Satoshi Club: so, can you tell us a small introduction about you guys and about Bitcoin Gold?

Martin Kuvandzhiev: I am 26 and I have joined BTG in August 2017. I run a development company and have 9 years of development experience. In my spare time I enjoy playing guitar and riding motorcycle.

Serg | Satoshi Club: what motorcycle do you have? 🙂

Martin Kuvandzhiev: Harley-Davidson Street 750 and Vespa GTS300 Touring

Edward Iskra: I’m from the USA. I was born here to Polish immigrants, so I also speak Polish. I don’t speak any Greek. 😉
I studied Computer Science & the History of Technology for two undergrad degrees, and later did an MBA where I also studied the history of Business & Capitalism – but my focuses were Entrepreneurship & Innovation.
I worked most of my life in IT – first desktop support, then as a datacenter guy in places like GE and Pfizer, and then as an IT Director for an NYC investment bank (a small one.)
I first looked at crypto back in 2012 and considered getting involved, but did not. In 2017, however, I started building multi-GPU mining rigs for Ethereum. When the Bitcoin Gold fork was announced, which would use the same graphics cards but would mine something that was more like Bitcoin, I found my home, and I’ve been working with BTG ever since.
I joined the team in November of 2017, before the first block of BTG was mined, so I’m a “noob” compared to Martin and Hang, who are both co-founders. But all three of us are part of the Board for the project – and I’m an old fart compared to them. 🙂

Serg | Satoshi Club: thanks for the intro 🙂 old is not an age, it’s a feeling 😀 so, let’s feel young

Edward Iskra: Yes!

Irina K. | @satoshi_club: @h4x3rotab what about you?

h4x3rotab: Hang Yin, I’m from China and now living in Beijing. I’m the lead developer and the co-founder. I first knew Bitcoin since 2013 but only started to look at it closely since 2016. In the next year I started Bitcoin Gold project. I was a software engineer in Google, but now fully committed to blockchain industry

Edward Iskra: Hang’s English isn’t always perfect, but I’d take his code over anyone else’s. 😉

Serg | Satoshi Club: life at Google was boring compared to crypto I guess 🙂

h4x3rotab: Haha

Irina K. | @satoshi_club: Thank you, Hang 😊 So, thank you for your introductions guys. In the first part we have questions collected from our community via our platforms. Ready to jump into it?

Edward Iskra: Sure.

Q1 from bitcointalk user gustafsson

You proposed to the community the posibility to mine with GPU again, instead of ASICS. Tell us how many miners have joined your platform and from what countries are the majority. I think you can see the locations of the pools

Edward Iskra: I’m afraid we can’t answer that question directly – we cannot see the locations of the pools.
We do know that there are many pools – up to 20 of them mining at any time. (See https://miningpoolstats.stream/bitcoingold for a list of most pools)
Some pools, including our largest, have up to four different location throughout the world, and we have no way of knowing which has more hashrate.
The dominant pools have changed over time – in the beginning, Suprnova had the most hashrate. Today, 2miners has the most hashrate. Tomorrow? Who knows.
It’s entirely decentralized.

h4x3rotab: Yeah, I think the point of cryptos is about anonymity and decentralization. It means nobody knows why you are and thus there’s no censorship at all

Edward Iskra: like I said, we can’t know.
However, I can tell you that we do have a strong following in Europe (based on node counts) and we are especially popular in the Russian mining communities.
We have a lot of people around the world doing small-scale mining. Since you don’t need an ASIC, it’s easier to get the necessary equipment in some far-off places.

Serg | Satoshi Club: do you think it’s related to the cost of energy? In Russia it’s cheaper

Irina K. | @satoshi_club: True. The costs of entering are lower as well. What’s the min. hardware requirements that someone needs to have in order to start mining?

Edward Iskra: It’s absolutely related to the cost of energy, yes.
I know my profit margin (I’m in the USA, in NJ, just outside of NYC) is very small on mining, sometimes losing a few cents per day. But I mine for the long term.
Most states in the USA net a profit, because NJ electricity is more expensive than most.

h4x3rotab: And of course the low tempreture can also help

Martin Kuvandzhiev: As I am from Bulgaria and I am going to Russia as a speaker on different events I would say that Russian people are very open to new technology. The cost of the electricity is lower than in most of the countries, but also the mining communities are huge. As a miner who have started in 2016 I have been searching for Q&As in Russian

which helped me a lot when I have been putting together my first mining rig

Irina K. | @satoshi_club: Is it still running, your first mining rig?

Martin Kuvandzhiev: yup, it is still runnning and contributing to the BTG network

Serg | Satoshi Club: Bulgarian has similarities to Russian, so, this helped I guess 🙂

Edward Iskra: There is mining code out there (from independent devs) for AMD and NVidia GPUs, but not all cards are supported.
The primary “requirement” is enough memory – you can’t mine BTG on a 3 GB card.
I started mining BTG since 2017 with AMD RX470s and NVidia GTX 1060s.
Generally, NVidia cards are more efficient on our algo.

Serg | Satoshi Club: I have to say I was mining from 2017 as well but I switched it off this year 🙂 my mining experience is over for now

Irina K. | @satoshi_club: Ok, thank you for your answers. Do you want to add anything or should we proceed to Q2?

Edward Iskra: Yeah, the earlier part of the year was not “high-profit.” I can understand why you stopped.
I’m not running my 1060s now, and sold off my RX470’s two years ago.

Martin Kuvandzhiev: The winter is coming and my way to keep my apartment and office warm is using the rigs. Specially with the new GTX30xx series this will be amazing ways for gamers to gain some revenue for the investment of buying the cards.

Edward Iskra: But I still run my 1070’s – several rigs, plus the GPUs in my workstation. Exactly – my brother-in-law wants one of my 1070 rigs for heat this winter. The “waste” heat is not waste when it means you run your furnace less!

Serg | Satoshi Club: It’s more like a hobby I guess 🙂 for some people

Edward Iskra: For many, it’s a seriously business.
Even if you don’t profit per day – if you’re also investing in BTG and holding, it’s a great way to invest steadily, every dat, stacking BTG sats.

You can pay in electricity to “buy” your own BTG, no KYC needed!

Q2 from Bitcointalk user JonahAp

There was an extremely long attack chain of over 1300 blocks mined between July 1 and July 10, 2020, against Bitcoin Gold’s network can you tell us the level of impact that this attack had on your network and how you were able to resolve the issue. What further actions did Bitcoin Gold take to ensure the security of the network from such chain attacks in the future

Edward Iskra: We’re happy to say there was virtually no impact from this huge attack! We continuously monitor the Nicehash market (which is where the power came from), so we were aware that the attack was ongoing.
We also maintain communications in emergency channels with most of our exchanges, so we were able to make them aware.
Lastly, our community of pool operators are very cooperative and responsive when we reach out to them. In this case, the attacker was not hitting us for the first time – they attacked just a few weeks prior, causing a fork of 64 blocks – however, a pool successfully performed a counterattack to bring back the honest blocks. That was June 21.
It looks like the same attack came back on July 1st to make an even bigger attack.

Irina K. | @satoshi_club: Could you tell us what’s the interest in this attacks?

Serg | Satoshi Club: how much does it cost approximately to get 51% of the network?

Edward Iskra: When we saw how long the attacker was mining – and how much power they were buying at Nicehash with over-inflated prices – we realized they might make a very big one, so we decided not to wait and see if the counterattackers would work again.
Instead, we wrote a checkpoint into the BTG Core Wallet code and sent it to all our pools and exchanges. The checkpoint was about 50 blocks after the attack began. The pools upgraded their nodes and that meant they would not switch to an attack before that.
The miner kept mining for nearly 10 days. It was about 1325 blocks when they finally released their very long chain…

Martin Kuvandzhiev: It depends on the duration of the attack and the price on the mining market for our algorithm. It may go up to hundreds of thousands USD

Edward Iskra: But the honest pools ignored those blocks as invalid because of the checkpoint. The network rejected the attack, and all our exchanges were spared.

Irina K. | @satoshi_club: So what was the actual damage?

Serg | Satoshi Club: basically no financial damage as I understand

Martin Kuvandzhiev: only for the attacker

Edward Iskra: There was zero actual damage – no honest pools lost their mining rewards, and no exchanges were double-spent. (However, there were about 85,000 BTG worth of double-spends attempted.) The attacker likely spent between 13 BTC and 15 BTC buying the power. That was a loss.

Serg | Satoshi Club: strange, it is not so profitable, why trying then? actually it is 🙂 I miscalculated

Edward Iskra: Well, 2 types try them:

1st type: is using the 51% attack to cause a reversion in order to make a double spend. For example, this huge chain? It included 85,000 BTG of double-spend. If the attack worked, they would have been able to get 85,000 worth of BItcoin traded out of the targeted chain.
2nd type: is just trying to steal blocks via mining. This is usually not profitable, because sometimes they lose. In fact, we know there is a pool that will counter-attach when people cheat like this. As a result, trying to cheat with 51% attack is never profitable on BTG.

An MIT Media Lab group wrote a paper about this, it mentions the BTG counterattacks: https://arxiv.org/pdf/2002.10736.pdf . But, on top of these defenses (the counterattacks, the cooperative community of miners), we have two additional layers of defense: We have our latest code, version 0.17.3, which includes RCF – Rolling Checkpoint Finalization. Release notes:
https://github.com/BTCGPU/BTCGPU/wiki/Release-Notes-v0.17.3

Simply put, the RCF means that most blocks that are more than 9 or 10 blocks are considered “final” – they cannot be rolled back. Full details are in the release notes. This now prevents all deep-chain reversions – that 1325 block monster can’t happen any more.

Irina K. | @satoshi_club: Is this already running on the mainnet?

Edward Iskra: This is why most exchanges have re-opened their wallets for BTG. Yes, on any given day, between 95% and 100% of blocks mined come from pools that are already using 0.17.3. (Some blocks come from solo miners or unknown pools, and we can’t know what version they use.)

h4x3rotab: Btw you can find the costs to perform 51% attack at a website called crypto51.

Serg | Satoshi Club: you had some problems with that in the past?

Edward Iskra: Sure – there were well-publicized attacks on BTG in May of 2018, after which we changed our algo in defense, and a well-publicized attack in Jan of 2020 which affected at least one exchange – Binance. But Binance has re-opened their wallets after the monster 1325 block attack.
Actually, when their attack initially failed, that attacker kept mining – they mined it out to 1423 blocks long before giving up. Almost a full day after they released the chain!

Irina K. | @satoshi_club: that’s very interesting

Edward Iskra: But on top ofthis, we are developing the next level of defense: CCBN.
Cross Chain Block Notarization. I believe it may be the first fully decentralized protocol for using notarization to prevent 51% attacks.

https://bitcoingold.org/ccbn/

With CCBN, it would be extremely difficult for an attacker to make an attack which is as long as 6 blocks.
With CCBN and RCF, a 6-block attack is virtually impossible.

Irina K. | @satoshi_club: Can you elaborate a bit? What is notarization?

Edward Iskra: Notarization is basically the same as the definition of the word – it’s a notation of what is “proper” into some place that you can later check to verify. Most notarization schemes need an authority to tell you what’s proper – a “Notary.” But CCBN does not. How do we pull that off?

The notarization is the full BTG block header.
When we write the full block header into another blockchain, then ANYBODY can validate the header themselves, just like the blocks on-chain. This way, we don’t need anyone to be the Authority. Basically, BTG blocks will be Notarized to well-known public blockchains which serve as our “Notarychains.” Notarizations gain Weight based on their depth in the Notarychain. Those made earlier gain Weight faster than those made later.
This is the basis for the defense.
When a competing chain of blocks (a fork) appears, BTG nodes with CCBN do not switch to the longer chain immediately.
Instead, they check the Notarychains to calculate Weight and will only switch to a longer chain that also has more Weight.
If a “natural” fork occurs and all blocks are Notarized, CCBN has no effect. There’s no change to normal PoW (Nakamoto Consensus.). If your readers are clever, they’ll ask… but what if the attacker simply notarized the blocks they are secretly mining?
The answer there is simple: when they publicly notarize, the ‘secret’ is lost. All the exchanges can see the attack blocks getting notarized, and they close their wallets. So there’s no ability to attack.
That’s the crux of the defense: an attacker can’t do a double-spend. If they hide their blocks, CCBN means they can’t do the fork. If they notarize their blocks, the exchange see them and don’t accept the deposit. In the end, double-spend becomes impossible.

Q3 from Telegram user @sai_sa

I’ve read on your platforms about your plans for Plasma mainchain and sidechan implementation. What is the advances to achieve this? what are their functions?

Edward Iskra: Ah – the Plasma world has been working hard to overcome certain limitation inherent to Plasma, but progress has been slow. We can’t advance Plasma on BTG faster than the Plasma world advances Plasma.

Irina K. | @satoshi_club: So you don’t advance any estimations regarding this?

Edward Iskra: There are other sidechain solutions that can work with BTG, and we follow them – H4 may want to comment, here.

h4x3rotab: Yeah, there are some trends. First is that a few “rollup” solutions emerged, like ZK-rollup and optimisitc-rollup.

Edward Iskra: Yes, optimistic-rollup is interesting, but it make things probability based (optimistic) for some period of time. People don’t want to lock up their funds for several days in case of fraud.

h4x3rotab: The biggest difference between pure Plasma and rollup is about data availablity. Usually when you use a blockchain, you just run a wallet, whichi is a light client. So you don’t need to sotre the entire blockchain to use it. This is possible because there are hundreds of full nodes who are keeping the blockchain history for you. However for Plasma, because there could be a lot of sidechains. You can’t rely on just a few full nodes to keep your transactions and blockchain and validate it for you any more.

Irina K. | @satoshi_club: ZK-rollup runs on ETH, right?

h4x3rotab: Yeah, it’s a kind of blockchain scaling technology and can be apply to most blockchains. So in rollup technology, you store the input of your transaction on the mainchain, but let the layer2 to process it. The mechanism could vary, but they basically guarantee the correctness of the out-sourced computation. That’s why you don’t need to rely on a specific gourp of people to keep your transaction and blockchain data.

Irina K. | @satoshi_club: Is this scaling solution actively used? Or it’s like a prototype?

h4x3rotab: It’s already used, not very popular though. Actually optimistic-rollup is a modified version of Plasma and it’s very similar.

Irina K. | @satoshi_club: Why is it not popular? Seems to solve a very important problem.

h4x3rotab: It has some technical limitation. For example the rollup solutions are all hard to interoperate. But it also leads to another trend I just want to mention

Edward Iskra: It is popular, but it’s still early. Epicenter did a podcast a few months ago with Want & Floersch on Optimism – I recommend it for those interested.
But it’s not perfect – it can still lock up funds for days or a week (depending on design). That’s not an attractive limitation.
But work continues among the Plasma specialists, and we follow closely. But Plasma is not the only sidechain – either the BTG team or some outside dev group will surely implements a sidechain onto BTG in the next year or two. I’m also following the OmniLayer project – it has developed a new version this year, funded by Tether. There’s an independent Dev who already ported Omni to BTG; they may find BTG is a less expensive chain for their purposes (it costs less than a penny to write a TX on BTG – what’s the fee to write on chains like BTC and ETH?)

Irina K. | @satoshi_club: Fees are crazy lately

h4x3rotab: Another trend is about cross-chain interoperability. You know now you can trade BTC on ETH DeFi apps via some two-way pegged token (by both centralized and decentralized solutions). By connecting blockchains together, it’s also a new way to distribute the workload and bring more extensibility to the blockchains. Why must we have “mainchains” and “sidechains” rather than just connecting the blockchains in the same level?

Edward Iskra: Exactly.
But side-chains and cross-chain projects will always be wary when there are attacks like the ones we recently saw – that’s why our focus is on improving the safety, first, to keep the chain very stable.
RCF: done
CCBN: in progress
With these two in place, BTG becomes a very attractive base chain. (And we have more improvements in mind to come next.)

Q4 from Telegram user @man_sisokovic

Every project requires funds to function and to inovate. Where do you get the funds to function and for how long you still have enough to function properly?

Edward Iskra: We started out by mining a 100,000 BTG endowment in the first 8000 blocks mined as BTG – the first BTG block was 491407 in 2017. But, as you all know, by 2018, we had a Crypto Winter. 🙁 🙁 🙁
The team chose to go into “Austerity” mode to preserve the Endowment as long as possible. We spend very, very little – most work is done by volunteers, and we work hard to minimize costs.

Irina K. | @satoshi_club: You still have an office? Or everything happens online?

Martin Kuvandzhiev: All the progress is done online as we are on different continents

Edward Iskra: I’m happy to say, however, that we still have a significant fraction of the Endowment – 42901 BTG right now.

You can see this, live, any time, here:
https://h4x3rotab.github.io/btg-transparent/
That’s fully described here:
https://bitcoingold.org/btg-transparent-a-live-balance-page-for-the-btg-endowment/

Serg | Satoshi Club: any plans to attract additional funds in the future?

Edward Iskra: Our 3rd anniversary is comping up, and in conjunction with that, we’re opening up a Donations page.
We will have multiple donation addresses so that donors can specific which projects they want to fund.

Irina K. | @satoshi_club: When is the anniversary?

Edward Iskra: There will be an address to fund the CCBN project, another to find our Ambassadors group, another to fund giveaways, for continued Core Wallet development, etc.
This way, people can contribute, but they can also “direct” the project with their contributions.

Serg | Satoshi Club: you want to send a present? 🙂

Edward Iskra: Well, the BTG fork-copy was on October 25, 2017… and the first BTG block was mined November 2017.
It’s hard to say, exactly. Want to call it November 1st?

(I think of it as November 12, 2017, when block 491407 was mined – the first BTG block.)

Serg | Satoshi Club: wish you many fruitful years 🙂

Irina K. | @satoshi_club: So almost 2 months. :blush:. Big party scheduled?

Edward Iskra: Don’t forget – anyone who held any Bitcoin in block 491406, no matter how long ago they acquired it, held that some number of coins in BTG as of BTG block 491407.
There are lost of people out there still holding their BTG from pre-fork days!

Serg | Satoshi Club: I also have some from that moment btw 🙂

Q5 from Telegram user @albert3990

I have been a trader for 10 years and I see that btg, through a graphical analysis, is in a long-term downtrend. What is the team doing to generate value for the holders and to reverse this trend?

Edward Iskra: The long-term downtrend is pronounced if you include the early days of BTG – but you have to remember that when BTG launched in late 2017, we were in the midst of the biggest crypto bubble that the space ever saw.
Those “opening values” are not really a solid basis; the bubble popped.
The following downtrend affected all alts, BTG included. Among the group of all alts, BTG has not really underperformed.
That said, we’re doing many things to keep the project moving forward – and to support the price. One key thing is the security, which we talked about before. People don’t build on a coin which is insecure, investors don’t invest in a coin which is insecure.
Fortunately, none of the attacks done with BTG were actually exploiting any flaw or insecurity within BTG’s code. They were exploiting the conventional 51% vector, which exists with all decentralized PoW coins.

Irina K. | @satoshi_club: You can see the attacks as a good thing in this context :blush:

Proved the efficiency of the security in place

Edward Iskra: The work I described above – RCF, CCBN – enhances BTG’s security dramatically. It led to exchanges re-opening wallets despite the attack we’ve seen (1325 blocks!). This restores liquidity to the BTG space.
We expect this trend to continue… and, as people learn about our new security features, the attacks of the past will become advertising for the high security of the future. We are also supporting/building other aspects of the ecosystem, in partnership with others.
In the near future, we’re updating our explorers, which provide a full Insight API which 3rd parties use.
We’re also close to releasing a very-updated versionin of our ElectrumG wallet (based on Electrum.) This new version is more efficient, includes all the new Electrum features, and will support most hardware wallets, as well. (We’ve already tested beta builds interanlly; they are looking good.).And there are several Lightning implementation still progressing for BTG. There’s an lnd port that we’ve already done demos with, and ElectrumG has in-build lightning capability. i’m looking forward to seeing Lightning grow on BTG, too!

Serg | Satoshi Club: you give very informative answers 🙂

Edward Iskra: I guess the real answer to the trader’s question is this: we’re working hard on the core infrastructure and security, because that’s what we’ll all build on in the future. A strong foundation takes longer than we often would like – but it provides for the most stable future!

Q6 from Telegram user @konditer_rolex

What is BTG PAY and how is it implemented? Browser extension, app, credit cards?

Edward Iskra: BTG Pay isn’t a product; it’s a network which connects BTG consumers, BTG merchants, and BTG services. We know the name is a bit confusing for some – we’re not Apple Pay. 😉 We noticed early on that user wanted to spend BTG, they asked us where they can do this.
Merchants wanted to accept BTG; they asked us how to do this.
Service providers wanted to sell their BTG-processing services, they asked us how to reach Merchants.
BTG Pay was the name we gave to our work at connecting all of those groups with each other – because that’s what they need, to find each other.

Irina K. | @satoshi_club: I see that you have integrations with a lot of ecommerce platforms. Any plans to add Shopify?

Edward Iskra: Yes; we welcome and support them all – and we don’t compete with services by providing our own, so it’s ripe territory.
We have not spoken with Shopify. Do you have a contact for me? 🙂

Irina K. | @satoshi_club: No, I don’t :blush:. But we wait for them to join blockchain and invite them here for an AMA

Serg | Satoshi Club: yes, they have to be related to crypto in order to be accepted for AMA 😁

Edward Iskra: Well, I’ll point out that BTG is supported by CoinPayments.net.And that’s selectable as a payment system for Shopify, so, technically, we’re usable on Shopify.
But I’d love to talk with Shopify directly, anyway.

Serg | Satoshi Club: I think I use coinbase for crypto payments on my eshop. I’ll look at coinpayments as well

Edward Iskra: Sadly, we’re not on Coinbase – or any other major US-based exchange. However, I’m confident that will change in the coming months.
We’re seeing a groundswell of support and interest, and the exchanges love to see that.

Part 2 — live questions from the Telegram community

Q1 from Telegram user @adityaaryah

How easy is BTG mining, is it complicated like BTC mining, what are the requirements?

Martin Kuvandzhiev: https://bitcoingold.org/for-miners/ please check that @adityaaryah

Q2 from Telegram user @K2ice

I have a zeal to become an ambassador for Bitcoin Gold. As an African, am I welcome on board? And is there any special feature for me to have to become an ambassador?

Edward Iskra:Fantastic! Our Ambassador group is headed up by Richard Boappiah, who is also from Africa. You can hit him up in the BTG Telegram channel for more info. Some featured Ambassadors are here: https://bitcoingold.org/ambassadors-list/
We look forward to seeing this program grow with the contributions of individuals all around the world, just like you!

Q3 from Telegram user @starkyiv

Which Bitcoin Gold is using the mechanism to counter a possible 51% attack?

Martin Kuvandzhiev: We are right now developing an algorithms which is called CCBN or Crosschain block notarization you may read more here – https://bitcoingold.org/ccbn/

Q4 from Telegram user @Kargil1999

Recently You guys announced the release of BTG core wallet, Can You talk more about it?
What main features does it have & Why should Users use it?

Edward Iskra: The BTG Core Wallet is much more than a wallet – it’s a BTG Full Node. If you run it, you are also validating all transactions and blocks on the blockchain, and you are relaying them on the BTG network.
Running the core wallet strengthens the network, making it fast, more reliable, and more secure for everyone.
The BTG Core wallet was the first piece of software we released, it was necessary to begin the BTG blockchain. It will continue to be updated regularly.

Q5 from Telegram user @Johana0012

I would be scared if the information was hacked. What mechanism does Bitcoin Gold use to protect data privacy?
Does the Bitcoin Gold chain have the skills and experience necessary to produce a project with high standards?

Martin Kuvandzhiev: We are using latest encrypting standards (the same as Bitcoin) and the algorithm for signing transactions and using private keys is ECDSA (again the same as Bitcoin). The only problem that we may face is when the computers are so strong so they can brute-force a private key, but even when that becomes a real thread we are having really good engineers on our side that will take good action.

Q6 from Telegram user @surendra040

Can you tell us why there has been delisting on some exchanges of BTG.Is there anything we investors need to worry about?

Edward Iskra: Exchanges make their own choices and are very competitive – they need to focus their resources. If they have markets with low trade volume, they may delist.
That being said, I have no fear of any major exchanges (in terms of BTG volume) delisting at this time. HitBTC, Bitfinex, Binance, OKEx, we believe they are fine.
Some exchanges may make hasty decisions as a result of the recent attacks – but, as you’ve see here, we’ve addressed those concerns. CEX falls into this category; we had not heard a word from them until we heard they intended to delist BTG.
I hope they may reverse their decision if they look at all we’ve done, and I’m working to get that information to them.

Q7 from Telegram user @BJosefina61

Some consider that the best decentralization should be based on CPU and not GPU. What is your opinion? why GPU only?

Martin Kuvandzhiev: CPU can also be used for mining BTG, it is just not efficient. You can even mine BTG using your phone as our mining algorithm is available as a framework on most of the platforms. If we go to energy efficiency of CPUs it may lead to creation of ASIC miners that mine BTG, which in my opinion is going to be a threat to the decentralization that BTG currently is providing. Also the hashing power that we have right now is proving that there are thousands and thousands of people who are contibuting to the stability and decentralization of BTG network.

Q8 from Telegram user @Rosane1a8

Bitcoin Gold wants to make BTC decentralized again. In which part of its path do you think Bitcoin lost its decentralized origin? Which features remain in Bitcoin gold and make  it more decentralized?

Martin Kuvandzhiev: ASIC miners are mainly produced and used by a centralized company, which at some point IMO put BTC chain in danger as it was claimed that a single entity is holding the most of the mining power in BTC. Moreover that company may decide to stop selling machines and keep them all for themself so they have control over the network, which will be a big problem for decentralization. Therefore we have started the project BTG so it is a fully functional version of BTC which is completelly decentralized

Q9 from Telegram user @Tony253210

Have you considering the creation of a special Wallet to hold and mine BTG ? Maybe a webwallet and then a Mobile version too?

Martin Kuvandzhiev: You can use our BTG Core as a full or pruned node and also a wallet – https://bitcoingold.org/downloads/
Also we have a verion of Electrum Wallet called ElectrumG – https://bitcoingold.org/electrumg/
Moreover you can use any of our participants in the ecosystem listed here – https://bitcoingold.org/ecosystem/

Q10 from Telegram user @Dyibala123

My question is about the ZK-rollup. Is it possible to apply this technologya to most blockchains or is it limited to only ETH?

h4x3rotab: Of coures it can apply to all the blockchains as long as they can add the support. Besides rollup, other layer2 solutions like Lighting Network are also very effective scaling solutions. Bitcoin Gold have a working Lightning Network on testnet. And we will release it on mainnet when it’s fully tested.

Q11 from Telegram user @CryptoLover97

What was The Need For Forking BTC to Create BTG ? Advantages of Creating BTG ?

Edward Iskra: BTC was becoming more and more centralized because of ASICs. Almost all ASICS were made by one manufacturer, and most BTC mining was done in warehouses of ASICs in China.
“Regular people” didn’t have thousands of dollars to buy an ASIC, assuming they could even get one shipped to their country – insiders appeared to be getting all the new stock.
And there was a war raging within BTC – this was the time of the Bitcoin/Bitcoin Cash split. Developers disagreed with miners about what should be done, and the miners had most of the ASICs and had a lot of power.
Too much power, we thought. BTC used to be mined on GPUs before ASICs – and, before that, was mined on CPUs. It was One CPU, One Vote on the blockchain.
BTG tries to restore that early balance – with a GPU-centric algorithm, you’re free of “special” hardware. Anyone can buy a GPU.
With BTG, anyone can mine again. You can be a full-fledged part of the system.
The other thing BTG did was show that you can fork BTC without attacking BTC. We did not compete for BTC hashpower, we never claimed to be the “real Bitcoin,” but we showed that it’s possible to make changes and even hardforks successfully. BTG conduced a successful hardfork ourselves in 2018 to change our mining algo to thwart attackers and to prevent new ASICs from mining on BTG. And BTG will hardfork again in the future – perhaps to thrwart ASICs again, or perhaps to introduce valuable new features. The point is that, unlike BTC, we are small and nimble and can do hardforks when necessary and appropriate, without enormous contention and feuds. (Oops.)

Serg | Satoshi Club: Thank for joining our AMA! we hope you enjoyed it 🙂

Irina K. | @satoshi_club: Thank you guys :blush: It was really interesting

Edward Iskra: Thank you, everyone, for hosting and participating. It was an honor and a pleasure to participate.

Part 3 – Quiz Results

In the final part we would like you to check your knowledge in terms of Bitcoin Gold. 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

Since it was created as a fork of Bitcoin, the first block in the BTG blockchain is dated from…

Q2

What do I need to run a BTG Full Node?

Q3

How quickly are transactions processed on BTG?

Q4

What do I need to mine BTG?

Answers

1. (1) 2009 – every historical block in BTC before block number 491407 is within the BTG chain

2. (4) A full node is lightweight. It even runs on Raspberry Pi!

3. (4) Transactions propagate in seconds. They are later mined into blocks which confirm them. You should not trust high-value transactions without confirmations, but the transactions are very quick.

4. (1) All you need is a supported graphics card. Many will work!

For more information and future AMAs, join our Social Media channels:
English Telegram group: https://t.me/Satoshi_club
Russian Telegram group: https://t.me/satoshi_club_ru

Spanish Telegram group: https://t.me/satoshi_club_spanish
Telegram Channel: https://t.me/satoshi_club_channel
Twitter: https://twitter.com/realsatoshiclub
Website: https://esatoshi.club/

Our partners:

Bitcoin Gold Community: https://t.me/BitcoinGoldHQ

People who invest in the future are realists. (с) Satoshi Club, as well as our guest today, are focused on the future. And we would like to tell you about the AMA session with our friends from NULS. The AMA took place on September 09 and our guest was Mario Blacutt (Berzeck) NULS Western Regional Director and Nerve Network founder.

The total reward pool was 500$ 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 K. | @satoshi_club: Hi everyone, welcome to another episode of our AMA series

Serg | Satoshi Club: Our AMA today is with NULS 🙂 @Berzeck1, welcome to Satoshi Club!

Berzeck: Hello!!

Irina K. | @satoshi_club: Today we have as our guest @Berzeck1 from NULS. Nice to see you in Satoshi Club 😊

Serg | Satoshi Club: how are you today? Haven’t seen you in Satoshi Club for a long time 🙂

Berzeck: Very happy to be here to share more informartion about NULS / Nerve / NerveDEX

Irina K. | @satoshi_club: It’s good to see that you’re evolving 😊Maybe for the new members, please tell us again in a few words. What is NULS

Berzeck: Indeed we have been working closed doors to release our DeFi solution and its first application called NerveDEX

Serg | Satoshi Club: Defi of course 🙂 it’s like air nowadays 🙂

Irina K. | @satoshi_club: Congrats. Big party in NULS family

Berzeck: yes we just released NerveDEX a few days ago! and we are finally ready to communicate with people about our full portfolio of products.

NULS is a microservices-driven blockchain project that uses the Proof of Credit (PoC) consensus mechanism (dPoS plus credit rating) to mine via staking. The NULS modular design features NULSTAR, a microservices-based framework enabling enterprise-grade blockchain solutions for smart contracts, private chains, public chains, dApps and NRC-20 tokenization.

Serg | Satoshi Club: looking forward to this discussion in today AMA 🙂

Q1 from bitcointalk user jpsarma

Why have you phrased your Roadmap milestones in names of 3 phases of water, namely, ICE, WATER and STEAM? Also, there is no update regarding your Roadmap after Q2. 2020 in your website, so can you inform us what lies in the Roadmap for the next one year timeline?

an introductory question about your future plans

Berzeck: names were chosen as a medium to express the dynamic with our ecosystem
We have a new roadmap for NULS 3.0 which will be released next week. (its already done but we are waiting more favorable market conditions)

Serg | Satoshi Club: can you delight us with some secrets from the new roadmap?

Irina K. | @satoshi_club: We love secrets here :heart_eyes:

Berzeck: ok! i can tell you that it is designed to directly support BaaS (Blockchain As A Service) features and that it will be compatible with EWASM VM from eth2

Irina K. | @satoshi_club: Is EWASM VM from eth2 already public?

Serg | Satoshi Club: thanks to that features, what will you be able to do?

Berzeck: as we developed NULS /Nerve using a microservices architecture its perfectly suitable for cloud

Serg | Satoshi Club: cloud on blockchain?

Berzeck: blockchain on the cloud as a paid service on demand, rememebr we have ChainFactory that enables people to create their custom blcokchians in a few minutes

Irina K. | @satoshi_club: I think that’s a big step ahead in the industry

Berzeck: and also lets you download a web explorer and a web wallet to, so the next piece of the puzzle is, how to make it very easy to deploy your new blcokchain components without knowing anything about crypto? well our BaaS implementation answers this questions, you will no longer need a dev to create a blcokchain and deploy in in several serves

Irina K. | @satoshi_club: that sounds good

Berzeck: gladly thats difficult to copycat because you need total decouple of modules that only microservices can implment

Serg | Satoshi Club: really? 🙂 it sounds to good. I am not a dev. I’ll try it myself. Let me know when it’s ready 🙂

Berzeck: absolutely, maybe we can tokenize Satoshi Club, so people earn rewards participating more and at your own terms? we are your guys!

Irina K. | @satoshi_club: About v3 of your roadmap. What timeframe will it cover?

Berzeck: 1 year approximately as EWASM needs to be ready of course

Irina K. | @satoshi_club: Looks like you’ll have good times ahead 😊

Q2 from bitcointalk user elissa

Please tell us about your new DEX: NerveDex. What pairs are available? Can I connect with a browser wallet directly or I should use a keystore. Please make a small presentation

Serg | Satoshi Club: the topic you wanted to discuss btw 🙂

Berzeck: We released NerveDex just a few days with just 2 pairs, NVT/NULS and ENVT/NVT and then people ‘demanded’ their favorite coin to be added, you know its impossible to satisfy all people right? :grimacing::grimacing:

well how about letting people add their own pairs so we are left alone like uniswap, including BTC and BNB family of assets. NerveDEX is a very fast DEX that has 2 second transaction confirmation and almost zero fees (very cheap)

Irina K. | @satoshi_club: what assets are supported by the network?

Berzeck: ETH, NUL, USDC DAI PAX WBTC … soon aleph BTC, BNB, etc and a lot more

Serg | Satoshi Club: so, it’s an uniswap on Nuls?

Berzeck: well yes but very fast, in fact it has the presentation of a normal CEX … www.nervedex.com … of course it has an API and we expect that bots and liquidity providers will be happy with solution. also for companies that want to add their own DEX we offer white label solution using our engine

Irina K. | @satoshi_club: How did you manage to get this speed?

Berzeck: NerveDEX is built upne NerveNetwork which is our DeFi solution, it supports 2s blcok generation thanks to its algorithm PoCBFT (yes yes we should have chosen a fancier name :grimacing::grimacing::grimacing:) 2000+ TPS. the key is that we made Nerve as fast and lean as possible, and thats why we didnt include featiures on NULS directly instead of having one big bloated blcochain that tries to do everything we split in 2 with different requirements and goals, so NErve for example has only 35 consensus nodes to achieve this speed and uses NULS smart contracts. so we do not bloat the chain with a contract engine. Nerve is designed to complement NULS and we made 2 blockchains that feed from each other

Serg | Satoshi Club: can we login directly from a browser wallet?

Berzeck: you just need to login with your Nerve wallet address and thats it all assets are automatically accounted in your address. as Nerve address’s private key is sued to generate your ETH , and ERC20 addresses, so you are always in conrtrol of your assets

Irina K. | @satoshi_club: Sounds easy

Q3 from Telegram user @cryptomonkss

What is Nerve for Nuls? Is it like gas for NEO? Is its supply limited or it has inflation

Berzeck: NOOO
I kind of explained the relationship between NULS and Nerve in the previous question.
NULS and Nerve have max supply of 210M and 2.1 B respectively

Serg | Satoshi Club: you went ahead and answered the next question 😀

Berzeck: i think our dual blcokchain relationship brings a lot more value to crypto ecosystem. simply because we prove this with unique products that are not easy to copycat… SCO, chainfactory, NerveNetwork, NerveDEX ..

Irina K. | @satoshi_club: So, Nerve = fast blockchain, Nuls = smart blockchain

Berzeck: oversimplifying yes, you can say that. Nerve is very well suited to scale for DeFi applications,

Serg | Satoshi Club: people tend to remember simple things 🙂

Berzeck: ONE MORE THING. we are as far as i know the first ones that enable cross chain staking which means you enter your ETH to NErve for example and aside from experiencing extremely low fees and high speed transfers you earn NVT staking, the same with USDT , PAX, etc with amazin returns more than 25% currently

Serg | Satoshi Club: you got a video tutorial or smth like that?

Berzeck: sure ive me a sec

Irina K. | @satoshi_club: How comes the numbers are that big?

Serg | Satoshi Club: It’s crypto, sis 😀

Berzeck: https://twitter.com/nerve_network/status/1293916393402843136

we just released so there are few assets right now and of coourse people tends to be skeptical about testing new framewroks the mroe people staking the less returns of course so its grate time. https://scan.nerve.network/assets you can check stats here

Serg | Satoshi Club: it’s better to be there at the beginning to enjoy more returns

Berzeck: also for staking you have several plans depending in commmitment time

3 months, 1 year, 3 yeras , etc

the mroe commitement the more returns you have

Serg | Satoshi Club: if I choose 3 months, are they locked for 3 months? can I withdraw them? earlier I mean

Berzeck: locked! you cant withdraw earlier and thats great because it means that they are temporarily taken out of circulation

Serg | Satoshi Club: And it has predictability

Berzeck: so models that analyze possible price trends, will love this featuire. it will make the price go up because you can prove that several tokens CANT be sold

Serg | Satoshi Club: that they won’t dump the market tomorrow

Berzeck: exactly!

Q4 from Telegram user @occupyingmars

Explain the SCO. We can stake NULS together with a project token and receive rewards from staking? Bassicaly, we provide liquidity?

Berzeck: https://pocm.nuls.io/Projects/ProjectsList
several projects that built using our solution are have been incubated by us. can choose to enter the SCO program
basically as a NULS holder you are entitle to stake on any of the projects above and earn the prijects tokens instead of NULS

Serg | Satoshi Club: Our friends from Aleph are here. where are the tokens coming from? the projects give them?

Berzeck: in return the projects gets the NULS, it great solution because:
1] people NEVER risk their money
2] Projects endure more pressure to provide results or risk for people staking on another project

3] as you dont risk your money seem more regulation friendly unlike ICO and IEO
4] its a great distribution mechanism

Serg | Satoshi Club: projects get the NULS which I am staking?

Berzeck: yes, projects get the NULS you should receive and in exchange the contract gives their tokens the specific amount of tokens is defined by the project itself

Serg | Satoshi Club: the equivalent in tokens of the NULS I should receive, right?

Berzeck: the amount the projects define when registering for SCO. thats why NULS investors had gross huge returns when they stake with Aleph in the early days, i mean gross

Irina K. | @satoshi_club: What about the projects? Who decides what projects can participate?

Berzeck: its mostly decntralized, the only centralized part is you need to send an email with very basic info to be displayed in the portal and thats it, everything else you can configure in pocm.nuls.io, you can make your own NRC20 assets in less than a minute in that page for 11 NULS

we got 2 more SCO projects in the lin.. one is RAMP DeFi, which may soud familiar

Serg | Satoshi Club: Again, our friends 😀

Berzeck: so if you guys like our partner, well better start getting cheap nuls. by the way, sorry for my bad English as it is not my native language

Serg | Satoshi Club: it is not our native as well 😀

Irina K. | @satoshi_club: That’s alright, we understand each other perfectly. 2 more questions in part 1

Q5 from Telegram Username @Jonahapagu

Part of your plans for Q2 2020 was to complete at least 20 Industry solutions and Build a new NULS based Ecosystem can you share with us some of the solutions you have completed so far in this regard

Berzeck: we have several projects running on SCO program as you can see in th elink i provided AND we had more than 100 ChainFactory applications

so i would say : yes, we definietely fulfilled that goal

Irina K. | @satoshi_club: With a bonus I would say 😊

Berzeck: from very different industries, DeFi (obviously), commerce, 2nd layer solutions, social noetworks, etc etc

Irina K. | @satoshi_club: What’s the most interesting of this projects in your opinion?

Berzeck: Rampdefi, aleph, mxt, vibook …there is one more that i can not announce yet but i will say its dedicated to aviation industry

so its unique as it has no competition , even from eth

Serg | Satoshi Club: I thought Boeing is dying 🙂

Irina K. | @satoshi_club: Maybe not :grinning: They have a second chance

Berzeck: its a team that has years of experience in this industry and decided to implement a project that would solve several problems the industry has

Serg | Satoshi Club: I am sure they are professional 🙂 just was joking

Berzeck: of course my friend, i also prefer our AMAs to be light and more warmer to readers

Irina K. | @satoshi_club: You’re a busy team @Berzeck1 😊 Lot’s of stuff happening

Berzeck: the probelm we have is that we are too busy building things and we are not good telling peoiple about them. most people dont have any idea we have these products

Serg | Satoshi Club: you are very good at telling things 😀

Irina K. | @satoshi_club: That’s an important part as well, should do more of that

Berzeck: and they ask themselves: “why if they have this much the market have punished this much? something is wrong … ” so its a difficult problem

Irina K. | @satoshi_club: Ok boys, I suggest we get to the last question of part 1

Berzeck: we just incorporated Patrick to the team the will definitely get us out of that hole and communicate our achievemnts properly

Q6 from Telegram Username @kripto_mangunkusumo

I want to hear about the NULS Foundation, is it a charity program? and what is the vision and mission?

Berzeck: not charity, its a non profit which is not the same.. the idea of NULS foundation is to develop state of the art technology that should contribute qualitatively to the crypto landscape and also promote blockchain technology to the world. we accomplished part 1, we suck in part 2… but we are making changes again to solve this problem, something that is relevant that people asks is: “do we have money to continue operations?” the answer is yes, we have enough money to continue operations for upcoming years if we needed money we would have made an ICO for Nerve and we didnt,

Irina K. | @satoshi_club: Well a problem named is half solved

Berzeck: well hopefully this AMA contributes a little for people to at least check our products, i am not asking they purchase our tokens, just checkout the products we have and the progress we are making :relaxed::relaxed:

Part 2 — live questions from the Telegram community

Q1 from Telegram user @nyo_cant

NULS has two different teams. How are relations managed between them? Has any of them more weight when making decisions concerning the NULS ecosystem?

Berzeck: NULS endured a heavy restructuring that ended in March, at that point old organizational structure was compeltely different than current one, you can say it was almost a new coin, probably we should have rebranded, since then price increased like 300% even with a very heavy correction
NULS right now has 2 teams indeed, one in charge of the East and the other for the West with its own budget, organizational structure and goals, only controlled by a board of directors, there is no longer a CEO as this didn’t work

Q2 from Telegram user @Dev30000

What technology stands behind $NULS and What are its advantages?
Please introduce how $NULS is extending its use cases through partnerships and upcoming plans?
Are there any notable features of $NULS that you would like to highlight?

Berzeck: Microservices is the new way to making software spearheaded by Google, Facebook and biggest software companies in the world, this allows devs to write modules in their favorite development language and the possibility to seamlessly swap modules runtime for some applications like exchanges when doing upgrades (you HEAR THIS BINANCE?? )
the bad thing about this is that it is difficult to implement the first time and a lot more if you dont have experience in this so we have a very good advantage against our competitors in this regard. You need to write from scratch the implementation you have to do this right and this is something that very few will be willing to do as its very expensive
Our development team has managed to develop 3 blcokchains in 9 months each average WIHTHOUT any single serious issue on main-net in neither of them (just some annoyances).. something that most projects even a lot bigger than us were unable to do, so our development skills are second to none
This has allowed us to build products that are not easy to copycat like ChianFactory, ChainBox, NerveDex, NerveNetwork, SCO program, etc. And also the rason that even that market has not favoured us partenrs are starting to come because they value the tech behind

Q3 from Telegram user @DiegoRME

what are the differences between ChainBox and ChainFactory products? What are the advantages that each one gives to its Ecosystem?

Berzeck: ChainFactory is design for NonDevelopers so they can introduce a few paramters and build their chain very easy.
ChainBox on the other hand was designed for developers with ultimate power and flexibility, in fact NerveNetwork was made using ChainBox so I can proudly say thats another unique product that works perfectly and we can prove it with Nerve!

Q4 from Telegram user @Jahlru

I have some conclusion. I need to know some things about your project. Can you please explain them in easy words.

Berzeck: I explained this but its important to understand the reason:
We chosen 2 blockchian because implementing everything in 1 blockchain is a very bad design decision because different use cases require different parameters, in our case DeFi needs very high speed and NO ROLLBACKS which means that once you have 1 confirmation it stays there, thats different from what BTC eth and most common blcokchains can offer, in my humble opinion those are not prepared for DeFi, and thats why we decoupled from NULS.. on the other hand., apps need smart contracts so Nerve dapps use NULS smart contract engine and other facilities
in the end both blockchains complement each other perfectly

Q5 from Telegram user @Jahlru

Today in every sector our slogan is “PRIVACY IS OUR RIGHT”. How would your project offer a Blockchain Privacy Protection for users? And how important is the community to you?

Berzeck: thats very controversial subject, in the end we didn’t implement hard anonymity in our blcokchians because we just don’t believe governments will ever let companies avoid taxes, worse financial companies that are one of the most regulated industries, so our goal is to mass scale blcokchain technology and we don’t believe that implementing hard anonymity will help to our goals. On the other hand we plan to add a module so people can build their blcokchains with hard anonymity enabled from ChainFactory.
This decision is one of the few we made for political basis instead of a technical one.

Q6 from Telegram user @Lady_luck2

There are many blockchains for creating DApps these days. What are the 3 reasons a developer should choose the NULS blockchain to build their DApp? Please explain what SCO and POCM are? Is this a new way of financing?

Berzeck: 1] We have an enhanced ability to evolve and adapt a lot faster than the competition
2] they can build modules that integrate with the whole infrastructure in any language they want without the need to learn something new (Smart contracts still in java for now)
3] Development and deployment is a lot faster because you only need to deploy the modules that were upgraded
4] Is a lot easier and cheaper to audit as modules are seperate applications with different memory spaces, so its a lot easier to detect and contain bugs

Q7 from Telegram user @satchuni

What are the ways I can stake NULS? Is it possible to stake NULS in Aleph .im? What are the rewards rate?

Berzeck: 1] You can stake NULS using one of the official wallets like wallet.nuls.io
2] you can stake nuls in pocm.nuls.io to earn other tokens including Aleph and our new projects
3] youy can stake NULS inside NerveNetwork to earn NVT tokens at a spledid rate and with several commitment plans

Q8 from Telegram user @Termuxnih

Why are you standing alone? many projects that stand on ETH and others

Berzeck: because we offer better alternative than ETH can offer right now in terms of speed and efficiency and products eth do not have. But this does not mean we considers ourselves as ETH ‘killers’ because thats bullshit, in reality the potential market is so grossly huge that several blockchain GOOD projects will thrive and prosper tackling different use cases and having different requirements and goals. With this vision in mind is why we built Nerve in the first place that will be ready to interconnect all this beautiful projects within each other
technology can advance only if different ideas can be tested otherwise monopolies tend to stagnate progress. we have our own features that are slowly but surely finding way in the market

Q9 from Telegram user @rioliandaro

DeFi is one of the hottest topics in the blockchain field. Can you share your opinion about DeFi with us?
Do you think DeFi will destroy the existing financial system?
What’s your project Approach towards DeFi?

Berzeck: DeFi is the hot trend because finance already work with abstract entities so its easy (in relative terms) to model and map to blockchain technology, it will definitely will revolutionize the sector but not as fast as people want to believe for several reasons:
1] its not trivial to get the know how on how to map all business processes for people that do not have experience with blockchain tech, what should go and what shouldnt go to a blcokchain is not a trivial question
2] regulations are not progressing as fast as the tech itself , in fact governments are having trouble to define what exactly crypto is and how to adapt to current regulations, in the end they will need to create a complete new framework and that takes a lot of time, explaining blcokchain to a normal person is difficult enough, explaining to a politician is hell on earth
3] people just wants to be millonaires in the shortest time span as possible and that puts alot pressure to crypto projects to take decisions that favor the short term instead the kong ter, somethign we never allwoed and we paid the price. I dont think DeFi destroys finances but surely it will force them to adapt and evolve

Q10 from Telegram user @rioliandaro

As NerveNetwork and DOS Network are the Stragetic Partners,
What is the main Benefit to Both the Project through this Partnership?
Can You talk about Future developments Which we can see with this Partnership?

Berzeck: DOS is another partnership we made last few weeks, we have a great framework that enables to make a lot kind of dapps, but whats missing is how to use EXTERNAL input or results and thats what a oracle does, DOES offers this so this was the last piece of the puzzle to offer a complete set of tools to developers and companies to build any application they may want

Part 3 – Quiz Results

In the final part we tested your knowledge in terms of NULS. 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:
English Telegram group: https://t.me/Satoshi_club
Russian Telegram group: https://t.me/satoshi_club_ru

Spanish Telegram group: https://t.me/satoshi_club_spanish
Telegram Channel: https://t.me/satoshi_club_channel
Twitter: https://twitter.com/realsatoshiclub
Website: https://esatoshi.club/

Our partners:

NULS Community: https://t.me/Nulsio

Hello everyone, today we would like to tell you about the AMA session with our friends from MCDEX. The AMA took place on September 12 and our guests were. Gareth (Head of business development) and Vikas (Head of marketing).

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.

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PART 1, INTRODUCTION AND COMMUNITY QUESTIONS

Mary | Satoshi Club: Hello, Satoshi Club! We are happy to announce that our guests today are from MC DEX! Welcome to Satoshi Club @daochemist @dogfather007

Gareth| MCDEX: Hey guys! Thanks for having us! Very excited to do this!

Vikas | MCDEX: Thank you, happy to be here. Excited.

D. | Satoshi Club: Before we start please introduce yourself and tell us a bit about your project and how you got involved in crypto world?

Gareth| MCDEX: Sure! I’m Gareth Mensah, I’m the Head of Business Development for MCDEX, I’m based in Medellin, Colombia, I’m a software developer originally, been in crypto for 3+ years and I’ve recently joined MCDEX to help them build the infrastructure for trading derivatives. Vikas is our Head of Marketing, he’s runs our social media channels, he’s everywhere 24/7, even when he sleeps, he’s based out of India, but he just went out to walk his dog.

Mary | Satoshi Club: Do you have experience in trading derivatives?

Gareth| MCDEX: Yes, a little, prior to joining MCDEX I used to trade perpetuals, options, binary options and leveraged positions. Wasn’t too good at it, but I understood why they mattered, they help make markets more efficient.

Mary | Satoshi Club: Btw, i know that some people are calling MC Dex DeFi version of Bitmex. Then, which of you is Arthur Hayes?

Gareth| MCDEX: Lol, yes we get that a lot, we keep that a secret for now though. But that’s a good way to look at it, a decentralized Bitmex.

Mary | Satoshi Club: Yes, since they require KYC we need more freedom.

Gareth| MCDEX: Exactly. There are lot of benefits by providing a decentralized infrastructure, as you mentioned permissionlessness and also transparency.

Q1 from BTT username JonahAp

MCDX V2 is based on mai2 protocol on the Ethereum blockchain can you explain what the mai2 protocol does and How it works?

Gareth| MCDEX: The Mai protocol is a set of smart contracts deployed on the Ethereum mainnet. Mai in chinese stands for “buy” and “sell”, and those set of smart contracts power the MCDEX platform. So all the derivatives we provide on the platform are created using the Mai Protocol, currently we offer perpetual contracts with up to 10x leverage, we also offer a TRUMP option for the 2020 US election. For the perps we are the first DEX to offer the ETH-PERP. We recently added LINK-PERP, SNX-PERP, COMP-PERP and LEND-PERP.

Mary | Satoshi Club: Does your protocol differs from protocols which another DeFi projects use?

Gareth| MCDEX: Yes it does. With the Mai protocol we can technically expand our offering of perpetual contracts to any ERC-20 compatible asset. As well, we have a hybrid model, with both an order book for traders, and an AMM for on-chain liquidity.

D. | Satoshi Club: Btw can you tell us about “perpetual contracts” what is this? asking for a friend.

Gareth| MCDEX: Lol, sure.  A perpetual contract is a leverage position with no expirations. If you’re familiar with futures, it’s a similar concept, except there are no expiration date, you can hold that position as long as you want.

Vikas | MCDEX: Say you have $100 and ETH is worth $100, you can go on uniswap and get one ETH. With MCDEX with that $100 you can buy a ETH-PERP contract worth up to 10 ETH.

Q2 from BTT username let098765

Can you please elaborate more about the AMM or Automated Market Maker? How does it works in MCDEX network especially in Eth- Perp contract? Why did you choose to focus Ethereum contract rather than BTC or Usdt?

Gareth| MCDEX: So an Automated Market Maker is a new concept introduced by Uniswap, where instead of trading with an order book, where you place buy orders, and sell orders, and one trader is looking to match his/her trade with another trader, with an AMM a trader can trade against a smart contract that holds a pool of tokens and use a simple algorithm to decide the price at which to make the trade.

What’s interesting about this is that the AMM represents on-chain liquidity, i.e it’s a smart contract that can interact with other smart contracts, so developers can build new services and experiences on top of it.

Mary | Satoshi Club: Yes, interesting system) we can’t see order book.

Gareth| MCDEX: That’s why we provide both, an order book for traders, something they are familiar with and an AMM to build new financial products.

Mary | Satoshi Club: So, you have order book? As we used to see on CEXs.

Gareth| MCDEX: Yep, we have a hybrid model, with both. You can decide which one you want to trade against.

D. | Satoshi Club: So your DEX is more for experienced traders I assume?

Gareth| MCDEX: It does require some trading knowledge, but our interface is pretty straightforward, so if traders are used to order book, they will find our exchange very familiar.

For the second part of the question, why start with ETH-PERP Because we are strong believers in DeFi, both in the growth of the space and its ethos at the heart of that ecosystem is ETH. But we have added other contracts like LINK, SNX, LEND and COMP that again, we believe are at the heart of DeFi and we are looking to add a BTC contract eventually.

Mary | Satoshi Club: That would be great😉

Gareth| MCDEX: Yes, many traders have told us so. One thing we can mention, is because we are decentralized, we need a price feed, and we get this from the ChainLink oracle. so we’re working closely with the ChainLink team, and each of our contract gets its index price from the ChainLink network.

Mary | Satoshi Club: I know that you listen to the community.

Gareth| MCDEX: Exactly. We are looking to add more contracts, but we do need reliable price feeds before we can list them.

Mary | Satoshi Club: Btw, did you make your contracts audited?

Gareth| MCDEX: Great question. Yes, we have two audits, one from Open Zeppelin, one from Consensus. Security is a major priority for us, so we can talk more about our security model. This include audits, and also best practices, including have backup oracles, to make sure that if there’s a discrepancy between them we get notified right await.

Q3 from Telegram user @Termuxnih

Does MCDEX already have copy trading? in order to make it easier for people to copy

Gareth| MCDEX: We are coming with MCFUND, which will allow for copy trading. The goal behind this is to make it easier for users to jump into derivative trading.

So, yep, more experienced traders will be incentivized to share their derivative trading, and less experiences traders can add funds to a pool, and that pool will copy trade the experienced traders. So, it will be providing a very simple and safer way to get started.

Don’t want to put a date on it, but I invite your users to join our telegram and discord to stay up to date: https://discord.gg/  https://t.me/Mcdex

D. | Satoshi Club: This is good less risky for newbies.

Gareth| MCDEX: Exactly! once you make that first step, I think derivatives become less “complex” or “scary” and their utility becomes obvious, that’s something we believe will help the entire defi market mature.

Q4 from Telegram user @tungvodoi206

How to become a business partner of MCDEX? What are the benefits of being a business partner?

Gareth| MCDEX: Yes, we have two programs in that regard. One is an affiliate program where if you’re a trader or part of a trading community and invite traders to join our community and use our platform, then we can provide incentives and reward for that.

The other program we have is the ambassador program, wich is for our most active users, that want to contribute in various to growing our ecosystem, similarly we provide incentivises, and the tasks range from creating content to faciliating an integration or partnership. We call our ambassadors High Rollers, and we have some really folks in that group! https://mcdex.io/affiliate/#/login https://mcdex.io/homepage/ambassador.html

Q5 from Telegram user @Aleurich

What is the difference between trading with Order Book and AMM? Which is more advisable to avoid the high costs of ethereum network commissions?

Gareth| MCDEX: Yes, another brilliant Q! So, we recommand trading with the order book for now, both because it is cheaper and also because it is more intuitive for many traders, it’s a similar experience than with centralized exchange.

We have an $MCB governance token, which is a reward for providing liquidity to our AMMs, so this is a way to boostrap liquidity to our AMMs, and eventually this will make trading with the AMM more advantageous. However, the AMM smart contract is complex, so the transaction price can be high. Especially with the gas fees having gone up a lot recently, So we are researching and working actively on a L2 solution, to alliviate those high transaction fees.

Mary | Satoshi Club: it’s pure pain.

Gareth| MCDEX: Yep, it’s the price of DeFi success. So many DEX are also looking into L2 solutions, ZKP, optimistic rollups, etc. Again, we should have an announcement on that soon! stay tune. 😎

D. | Satoshi Club: So you can do ETH fees less expensive? in the future.

Gareth| MCDEX: Exactly, and it should be happening soon too. Our tech team works fast and they have looked at every L2 solutions, we’ve talked to the leading teams in that space, and settled on a solution that makes sense for us.

Mary | Satoshi Club: What functions does MCB token has? For what we can use it?

Gareth| MCDEX: Exactly, and it should be happening soon too. Our tech team works fast and they have looked at every L2 solutions, we’ve talked to the leading teams in that space, and settled on a solution that makes sense for us.

Mary | Satoshi Club: What functions does MCB token has? For what we can use it?

Gareth| MCDEX: Yes, before I answer that, we have our roadmap availabe on on mcdex.io: https://mcdex.io/references/#/en-US/white-paper?id=_5-road-map  

So, there we list the plan for the MCB token, but long story short, currently the $MCB governance token has two utilities: first, is as a reward for users that provide liquidity to our AMMs. Second, is as a way to vote/create proposals for the direction of the MCDEX platform. But if you read our roadmap, you will see that we have a much more ambition goal, we plan for MCDEX to become a DAO ran by the $MCB token holders.

D. | Satoshi Club: I assume you need to hold a very large amount of tokens to make some decision?

Gareth| MCDEX: We plan for the $MCB to recieve a share of the trading fees and also to be used as collateral. For creating proposals, yes, for voting on them, no.

https://vote.mcdex.io/mainnet/proposal/12

This is an example of a proposal; you can see you can vote with a very small amount of token.

Mary | Satoshi Club: Your plans are great, sure you will fulfill them👍

Gareth| MCDEX: Thank you, yes, our plans are very ambitious, we think big, and we aim to deliver on that vision!

Derivatives are huge, both in traditional finance and in crypto, derivative trading is MUCH bigger than spot trading, so it’s very important to have this permissionless and transparent infrastructure for it, and just as important to make it easy for traders to become familiar with them.

Q6 from Telegram user @yzmoney

Since the launch of the system till now, how much volume has been handled by the system? how’s the response of the community to the platform? Have you thought about migrating to other platform or layer 2 solution?

Gareth| MCDEX: Last but not least! So recently the trading volume has ranged between 1 and 2 million of daily trading. I think the high gas fees have had impact on our trading volume. So, we have been looking at both L2 solutions on top of Ethereum, and other blockchains as well.

We’ve had conversations with the leading teams, and Liu our technical co-founder has posted the research on this:’ https://forum.mcdex.io/t/research-on-l2-solution/85

You can  read more here, it has been a focus for our tech team, You can also jump on our discord to follow the discussion on that topic: https://discord.gg/

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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 @JoxesXIII

I’m worried about newbies in this ecosystem: despite all the news from MCDEX, will there be any academy or education to have a good experience at MXDEX?

Gareth| MCDEX: I like this concept of an academy, ideally we would like our community to give us feedback on how they learn best, and if someone or a group is interested in becoming ambassador and creating such an academy or content, that would great!

Q2 from Telegram User @jobel4

In your Ambassador program why do we need 100MCB in our wallet to qualify? Is this really required?

Gareth| MCDEX: That was the initial requirement, we want ambassadors to have skin in the game, so ideally they need to both have $MCB tokens and knowledge of the platform, but it’s on a case by case basis. This is the link for the ambassador program: https://mcdex.io/homepage/ambassador.html  

Q3 from Telegram User @CElllIFE

Can MCDEX be used to make profits with DeFi?

Gareth| MCDEX: Yes. This is not financial advise, but as @dogfather007 mentioned earlier, with leverage, say a trader has $100 and ETH is $100, on a spot market you can buy one ETH, but say you’re bullish, you could go on a derivative exchange like MCDEX, which offers up to 10X leverage and instead by a contract that represents 10 ETH. so if ETH goes up by 10%, in scenario 1, you made $10, but in scenario 2, you made $100.

This is called capital efficiency and different derivatives provide high efficiency that spot trading, and this is why institutions use them.

Q4 from Telegram User @Jackluckysomuch

What make MCDEX different than other?

Gareth| MCDEX: Great Q! Yes, derivatives are coming to DeFi, currently it is a bit like Game of Thrones, different projects competing and watching each other. We believe we have the right model, i.e our hybrid model approach, an order book that traders like and are very familiar with, but progressively we believe the AMM will become really key, as it represent on-chain liquidity that other developers can build new services and exchanges. So MCDEX is not just an exchange, it’s an ecosystem, and we provide the infrastructure or money legos for any kind of derivative.

Q5 from Telegram User @tungvodoi206

How is your global ambassador program different from other projects? What’s its biggest attraction?

Gareth| MCDEX: Easy one! We provide $MCB tokens as rewards, we’re a fun group, many of our high rollers are experienced VCs, traders and developers, and they believe in our vision. So we’re more fun than other ambassador groups, and we got a cooler name!

Q6 from Telegram User @VladBondd

If a hacker maliciously manipulates external data, how can you verify the reliability of the data?

Gareth| MCDEX: Glad you ask! In our security model there is the potential for price manipulation. As mentioned earlier we use ChainLink price feed for all our contracts, and their network is battle tested by hundreds of other projects. But just in case, we also added secondary oracles, and we compare the prices from all of them, and if there is too of a delta, we get notified and we can halt trading acivity until it has been resolved.

Q7 from Telegram User @Car1a

What is the uniqueness feature of #MCDEX that cannot be found in other project that’s been released before?

Gareth| MCDEX: Yes, that has to be our Mai protocol. We can create perpetuals for any ERC-20, and we are actually about to release the version 3 of the Mai protocol, which will enable anyone to create any perp based on any ERC-20. This will be like listing a new token on Uniswap. It’s going to be lit. 🚀

Q8 from Telegram User @RachmanMahesa

Will MCDEX Exchange in the future compete or be the best compared to Binance DEX?

Gareth| MCDEX: So, crypto is always a mix of friendly competition and collaboration. We’re very close to the Binance team, we’ve had great conversations with them, and we like their technology. So, I will leave this here, but it could happen in the future that we end up working closely together.

Q9 from Telegram User @TVT6VI

How MCDEX will build liquidity as it paramount for any new exchange?

Gareth| MCDEX: I will answer the last part about liquidity. We incentive users to provide liqudiity to our AMMs in exchange of weekly rewards of $MCB token. The APY is very high, and you can provide ETH, LINK, SNX, COMP or LEND to the respective AMMs, anybody who interested you can start here: https://mcdex.io/liquidity/ETH-PERP

Q10 from Telegram User @radmaxco

What are the criteria for using MCDEX?

Gareth| MCDEX: So you can use any web3 wallet, metamask, trust wallet, etc. Only requirement is an ETH address.

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PART 3, QUIZ AND INFO

As usual, for the third part, Satoshi Club Team asked the chat 4 questions about MCDEX. A link to a Quiz form were sent into the chat. Participants had 10 minutes to answer. 300$ were distributed among winners. Here you can check list of winners https://t.me/Satoshi_club/282440

For more information and future AMAs, join our Social Media channels:

English Telegram group: https://t.me/Satoshi_club

Russian Telegram group: https://t.me/satoshi_club_ru

Spanish Telegram group: https://t.me/satoshi_club_spanish

Telegram Channel: https://t.me/satoshi_club_channel

Website: https://esatoshi.club/

Twitter: https://twitter.com/esatoshiclub 

Our Partners:

Website:https://mcdex.io

MCDEX: https://t.me/Mcdex

We are pleased to announce our next AMA on September 19th 2020 at 02:00 PM UTC Time: Satoshi Club x Findora

⚠️Click to see the hour
⚠️Total Reward pool: $1000

⚠️Requirements:
👉 Join Satoshi Club Telegram group
👉 Join Findora 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. Findora Team will select 10 questions and answer them.

Part 3: 700$ – A quiz about Findora

For more details:
Findora – @findoranetwork
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish

“There is no power for change greater than a community discovering what it cares about.” – Margaret J. Wheatley said. And this is true both for Satoshi Club and for the project we will talk about today. This time we would like to tell you about the AMA session with our friends from DigiByte. The AMA took place on September 12 and our guests were Rutger Krijnen, Co-Founder of the DigiByte Foundation Rudy Bouwman, the Secretary and Vice-Chair of the DigiByte Foundation and Hans Koning, Co-Founder and Chairman of the DigiByte Foundation.

The total reward pool was 500$ 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

Mary | Satoshi Club: Hello, Satoshi Club! We are happy to announce that our guests today are from Digibyte! Welcome to Satoshi Club:grinning: @hanskoning @RudyBouwman @Rutger_Krijnen

Rutger Krijnen: Hi guys! Nice to e-meet you all from the Satoshi Club Channel! My name is Rutger Krijnen, co-founder of the DigiByte Foundation: https://digibytefoundation.io/
I have been active in the DigiByte community from 2016 onwards. I like to connect people and companies in the blockchain space
to create awareness, integration and adoption of the DigiByte blockchain and coin! I am looking forward to this AMA!\

GoldRocket27: Hi all and welcome @hanskoning @RudyBouwman @Rutger_Krijnen!

Rudy Bouwman: Nice to be invited in this group for this AMA. My name is Rudy Bouwman and I’m the secretary and vice-chair of the DigiByte Foundation. I have been working in the Information Technology for more than 30 years. I have an education in Information Technology and finished a study Senior Management at the Institute of Social Sciences in The Netherlands. Starting as a computer engineer, I developed my career in different management positions and the last 20 years I have a position as shareholder and Director in a IT Maintenance company. In 2017 I started learning about Blockchain Technology and was convinced about the revolutionary impact on society and felt the need to be involved. I have applied my knowledge and business experiences as core member of DigiByte by reaching out to companies, building and maintaining international relations, and looking for integration opportunities and development of real-world use cases for DigiByte. I also was involved as CMO and Co-Founder of the DigiByte Awareness Team back in May 2018. Together with Hans and Rutger I am one of the Founding board members of the DigiByte Foundation. As a volunteer, I joined as Secretary and Vice Chairman. The Foundation is here to empower the DigiByte community, to be a voice of the community as a whole and to protect the principles of true decentralization. The DigiByte Foundation is still very young and therefore rapidly developing.

Mary | Satoshi Club: How old is DigiByte Foundation? Was it founded with DigiByte project or later?

Rudy Bouwman: DigiByte Foundation got registered in January this year (in The Netherlands). The DigiByte project is already around for almost 7 years

Mary | Satoshi Club: Yes, i know about DigiByte priject:grinning: it was around all the time i am in crypto)

Hans Koning: Hello everyione. My name is Hans Koning.
I have been in the forefront of nascent technologies for more than 25 years, and lives by the motto “Even if you fall on your face, you are still moving forward”. Either as advisor, investor, or as an observer, ever since the birth of the internet I am committed to learn and guide new technologies in finding its way into society and businesses from a non-technical perspective.
I find it important what technology can do socially, economically and as a tool for empowerment, rather than how it works. This resulted in a long track record of helping companies grow and succeed sustainably in all corners of the world. I pride myself in having achieved a unique combination of hands-on experience from being involved in the blockchain world and crypto community for 5 years, and on the other hand academic research and insights from my research PhD (public blockchain governance). I am Co-Founder and Chairman of the DigiByte Foundation.

Mary | Satoshi Club: Good connections is the key

Hans Koning: Yes and also building good connections! As DigiByte is 100% permission less and decentralized, we got listed and integrated everywhere 100% for free, as DigiByte is truly decentralized, just like Bitcoin!

Mary | Satoshi Club: What are the main functions of Foundation?

Hans Koning: Nice question.
The Foundation focuses on a few topics:
– creating awareness
– promote adoption
– outreach
– development
– advocacy
But more importantly we are a foundation that is driven by the community. Everyone in our community can and should get involved, and help decide what focus and projects we should support.

Mary | Satoshi Club: Yes, i think there isn’t even one person in crypto space that haven’t heard about DigiByte, your commynity incredibly active

Hans Koning: Very much so.
I really appreciate you pointing this out. We do think DigiByte is one of those projects everyone likes and no one hates.
The reason for that are various. But indeed community is a keep component of that. The DigiByte community is compared to none; vocal, omnipresent, supportive, warm, critical, and always looking out for each other.
We would love it if you all could be part of our community too.
www.digibytefoundation.io is a good place to start.
:blush:

Mary | Satoshi Club: Btw, DGB was one of the first coins I bought in May 2017 on Poloniex) so I have a special relationship with you. But my account was hacked and hackers sold everything))) while I restored it DGB was already on its road to the moon).

GoldRocket27: Sad old story;)

Rutger Krijnen: Ah! thats a hard story indeed! I hope you got back in on time! And indeed: one of the hard lessons in Crypto is: Not your keys, not your Coins! Yes, we like trading, but for storage you must use your own wallet! For DigiByte there are a ton of good choices for wallets: https://digibytewallets.com/ . As you can see, DigiByte has their own secure wallets on Mobile and PC and MAC and DigiByte is integrated in all the leading wallets!

Mary | Satoshi Club: Yes, it was the best lesson i got:grinning:

Rudy Bouwman: DigiByte mobile wallets are available in more than 55 languages

Mary | Satoshi Club: Yes, i was so glad when saw, that it is available in Ukrainian language :+1: my personal thank to you:grinning:

GoldRocket27: I use Russian. And this is very convenient.

Rutger Krijnen: Ah awesome! So you use the Official DigiByte Mobile wallet in Russian language?

GoldRocket27: Yes of course! Please give Link for our community too

Rutger Krijnen: The links are here available on the official DigiByte Website: https://digibyte.io/en-us/#downloads . oh, by the way, the official DigiByte website is also available in Russian and many other languages: https://digibyte.io/

Mary | Satoshi Club: This is how community orientation looks:+1: good job! Also, i have one question) I know that you haven’t been listed on Binance for a long time, despite all the requests of the community, what had changed in June 2020? Did you make CZ offer, that he couldn’t refuse? 😉

Rudy Bouwman: We always have been speaking with the Binance team, in all these years, despite the personal issue between our founder Jared Tate and CZ. Especially since we have the DigiByte Foundation and it has been recognized as representative of the community, the communication improved a lot.

Mary | Satoshi Club: Congratulations with this listing

Rudy Bouwman: Also the fact that Coinbase is reviewing DigiByte is a milestone.

Mary | Satoshi Club: Wow, haven’t heard about this:wink: That would be great

Rudy Bouwman: Coinbase tweeted about that about a month ago. There are several projects on their radar and we are one of them.

Mary | Satoshi Club: I missed this tweet i think, but it’s great, now all our members who also miss it will be informed 😀

Rudy Bouwman: Review doesn’t mean listing, but I think we tick all their boxes.
So let’s see 🙂

Mary | Satoshi Club: I wish you success in this:+1: hope they will choose your project!

Ok, guys, thank you for great introduction :grinning: Are you ready for questions from part 1?

Hans Koning: Yes, lets go for it!

Q1 from Telegram user @iulya_i

Please present to us the features of the Digibyte blockchain. The number of tokens, transactions, algorithms and so on

Rutger Krijnen: This is a very good question, but also it needs multiple answers!
First: DigiByte is an independent blockchain. Unlike many other “tokens” that do not have a blockchain, DigiByte is a globally decentralized true Proof of Work UTXO blockchain. DigiByte was started almost 7 years ago and now has thousands of nodes spread all over the world. Also, the mining of DigiByte, done on 5 mining algos, is truly decentralized, much more compared to Bitcoin. Check out our official DigiByte Wiki for all the detail information: https://www.dgbwiki.com/index.php?title=Di . DigiByte has 4 major pillars of use-cases:

First: DigiByte is the ultimate merchant coin: you can actually use it at the point of sale, because its so fast and cheap to use. 1 second wallet2wallet transactions and 15 second Block times! While still maintaining the utmost security possible. Next to that, the global DigiByte community is growing fast, creating adoption for DigiByte. We also work together with parties that do great for global crypto adoption and parties to create further adoption!

Second: Authentication: Digi-ID is a very secure method of Authentication. It uses the same cryptographic signing methods as used for securing the DigiByte transactions. The beauty of it is that you dont need any usernames and passwords. So they are also not stored on any server. So they cannot be exposed when a third party is hacked as we have seen so often, leaving all usernames and passwords exposed! See: https://www.digi-id.io/

Third: Proof of Authenticity: proof of authenticity of electronic content. You can use the DigiByte blockchain to put a checksum of any electronic content on it to proof that is is the original. The DigiByte blockchain is used for this on a daily basis, check out V-ID as our partner that have worked out this use-case very good!\

Fourth: DigiAssets. The DigiAssets innovation has just left the station and we can expect great things of that. DigiByte has recently developed and released DigiAssets! https://www.dgbwiki.com/index.php?title=DigiAssets . It is a more simple form of a smart contract, yes, its limited, but it is highly secure and fast. The use cases for DigiAssets are just starting to show and will amaze us in the future. Also we are looking into quantum computer resistant algos to be ready for the future.

Rudy Bouwman: DigiByte is no ICO and no company behind. It’s a grassroots community movement. We’re all unpaid volunteers. The coin is mined over time. There was just a 0,5% premine that was spend on developement in the first year

Mary | Satoshi Club: Do you have an exact number? In which part of the world or country do you have the most nodes?

Rutger Krijnen: The number of downloads of the DigiByte full node are very impressive:

But the total number of active nodes is smaller ofcourse, its running in the thousands if you do a node crawler at this moment.

GoldRocket27: Wow! This is incredible! As volunteers, people in love with their work achieve such success.

Rudy Bouwman: There is another pillar in the make: DeFi. We are working with Ren to create renDGB token, to make DigiByte interoperable for i.e. DeFi products.

Mary | Satoshi Club: Oh, you go ahead of my question:joy: it’s so hot topic now:grinning:

GoldRocket27: DeFi is hot topic:wink:

Hans Koning: Sushi anyone?

Mary | Satoshi Club: wait, i need to stop laughing

Rutger Krijnen: Also: remember that next to being a real global distributed blockchain and coin, Digibyte has no large pre-mine and also a fixed amount! this makes DigiByte in the long run a very value project, like an improved version of Bitcoin.

Mary | Satoshi Club: I like your use cases and impressed by them and see, that you are not going to stop in development 😀

Rudy Bouwman: True, we are so much more than just a cryptocurrency!

Hans Koning: That is indeed very true.
DigiByte is always forward thinking; keeping an eye on the future and developments.
We all need to be aware of the fact that blockchain and crypto is still a very new and not mass adopted phenomenon. We might be active in this space for a while allready, but the big developments are still to come.
We want to be at the center of that, and leading that development.

GoldRocket27: Nice plan 😉

Q2 from bitcointalk user let098765

According to your website,everyone that is working on the DigiByte blockchain is an unpaid volunteer who devoted their time and skills to a project they believe in. How intriguing is it, and how possible is it as we knew that being a developer is a tough job? Do you have any deal with the them while working with Digibyte? Is this still ongoing until now?

Rudy Bouwman: When looking back since its creation 7 years ago we have seen an ongoing developement. DigiByte is forward thinking and have pioneered in several tech developments like DigiShield, now applied in many other blockchains.
The community has seen an incredible growth over all these years, so more and more people are joining the teams for marketing and development. Being volunteers means also that we can’t go bankrupt and nobody can take DGB down. One of the responsibilities of the foundation is to make sure the project doesn’t stall. So we are monitoring suggested developments, provide bounties, etc. Also we are taking away any single point of failures (if any).

Rutger Krijnen: Very good question! This is one of the true unique characteristics of DigiByte! Many projects out there rely on ICO money getting in, or they continue to sell tokens from their premine chests. The dangers of these projects is that one day, the money is gone and if they dont have a product that actually makes profit, they are bankrupt. This is happening a lot and we will see more and more projects disappear in the near future. DigiByte can never go bankrupt ever! As its purely community driven. Yes, we also have a bounty system in place. Where developers can get Digibyte that is donated by the community to build the next project. This model has been proven for 7 years now and counting. you can see that we had 7 major DigiByte generations and we are working on the 8th. We can never plan an exact date for release, but eh, that happens a lot, also in paid projects 😉

Mary | Satoshi Club: So, you have community fund? Can you disclose how big it is?) Who controls it?

Rudy Bouwman: It’s transparent on our website. We’re still very young, and not well funded, but it needs time.
We’re relying on sponsors and donors.
https://digibytefoundation.io/financial-statement/

GoldRocket27: yes indeed, we can see that it works. 7 years of your progress and popularity tell us about it

Mary | Satoshi Club: Does your Foundation have partners?

Rutger Krijnen: Next to that, also other independent community funds have been setup and executed in the past. The last one was for the development of ProgPow algorithm, that was succesfully funded by the community and now in execution.

Rudy Bouwman: Yes, if you look at our homepage and sroll down you can see our sponsors/partners, like Threefold, ChangeAngel, Safe Haven, etc www.digibytefoundation.io

Mary | Satoshi Club: Yes, we had Safe Haven in our group some days ago:grinning: But i thougt it was partnership with DigiByte, not Foundation)

Hans Koning: “Who controls community fund?” – There are 2 answers to that.
From a technical and legal point of view, the Board of the Foundation controls the funds, and is in charge of dispersing the funds.
However, we have added an additional governance layer to that, so that we as the Board make suggestions as to which projects to support. We then make a recommendation to our community, to which our community can vote yes or no. When the vote is passed, the foundation disperses the funds. We call this “request for opinion”.
So far we had 4 votes in the community:
https://digibytefoundation.io/requests-for-opinion/
Additionally, when a donor registers at the DigiByte Foundation he/she can select their donation is allocated to. In that way there are 2 ways forthe community to control where the funding goes.

Rudy Bouwman: DigiByte is a decentralized neutral project. Partnerships with mutual agreement should be with the DigiByte Foundation.

Q3 from Telegram Username @Aleurich

DigiByte did not conduct any ICO or similar fundraising in its early days. Do you think this has affected the development of this blockchain? What are the advantages of being a project that has grown completely thanks to the community?

Mary | Satoshi Club: It’s a bit covered:grinning: we already saw advantages, but may be you can add something)

Rudy Bouwman: It didn’t affect the technical development, as history has proven. As mentioned, DigiByte developers are forward thinking and have pioneered in different technologies.
In regards of marketing it was more difficult, but with the DigiByte Awareness team we have proven since 2018 that we were able to do many things without money. We’re listed on more than 100 exchanges including some of the top ones, without paying anything. The advantage of being a community:
https://medium.com/datadriveninvestor/digibyte-a-project-without-risks-f6ad9908a904

Mary | Satoshi Club: I haven’t seen problems in your marketing:joy:it’s a skill, because if there were problems we didn’t notice them)

Hans Koning: What are the advantages of being a project that has grown completely thanks to the community?
The short answer is a sustainable blockchain. With that we mean that when a blockchain is developed ‘for the people by the people’ it automatically is adopted as a concept. DigiByte is not a blockchain that you need to adept to, but a blockchain made and designed with you in mind, and with you at the helm.
A lot of projects have a community purely focusing on price. Although there is nothing wrong with holding coins/tokens to make money, there is – better said should – be more to a blockchain project than the value of the coin. The reason we have such a large supportive community is precisely for that reason: we are inclusive and decentralized.

Rutger Krijnen: The main advantage of not having an ICO is that you actually CAN be community driven decentralized crypto currency and blockchain! A lot of other projects have centralized funds in the hands of a few holders. They can exit the project, dumping their holdings, make centralized decisions. Decentralization is a concept that is talked about a lot, but rarely fully understood. As it is a multi layered concept that needs to be looked on from different aspects like: Blockchain nodes, Tokenomics, Mining, Holders and coin distribution. DigiByte ticks all the boxes, just like bitcoin. And on topics like mining some even more so!

Mary | Satoshi Club: That’s true and a lot of users are really affected by dishonest projects.

Rutger Krijnen: That is why DigiByte is here for the long run, building a value proposition for many years to come!

Q4 from Telegram Username @eraybukucu

DigiByte has up to 5 types of mining algorithms: SHA256, Scrypt, Myr-Groestl, Skein & Qubit, what is the difference between 5 types mining?

Rutger Krijnen: The correct mining algos for DigiByte are now: Five individual SHA256 , Scrypt , Odocrypt , Skein & Qubit.The main differences are that you need different hardware to run the algos. This leads to further mining decentralization. Also very important: Having 5 mining algos together with Mulitshield, protects DigiByte against 51% attacks!

Rudy Bouwman: Odocrypt is ASIC resistant, it recreates itself every 10 days

GoldRocket27: tell us more about this. how exactly does it work

Rudy Bouwman: https://www.dgbwiki.com/index.php?title=DigiByte#DigiByte_Mining

Mary | Satoshi Club: Is 51% attack possible? Did you have any attempts?

Rutger Krijnen: We have had many attempts, never successful! As you need the absoluut majority on 3 out of 5 algos and over 80% on a fourth. And as we have a majority of hashrate on 3 algos, you also cannot rent the hardware to try!

Q5 from bitcointalk user bitmartbounty

Digibyte is unspent transaction output (UTXO) BLOCKCHAIN, kindly explain the major difference and similarities BETWEEN a UTXO blockchain and a conventional Blockchains

Rutger Krijnen: The UTXO Proof of Work blockchain is the original form of blockchain. Its proven battle hardend and can run 100% decentralized. DigiByte also has this vision and uses this proven technology. There are many other types now invented, like Proof of Stake, so you could see them as unconventional.

Rudy Bouwman: UTXO transactions sound complicated, but they really are fairly simple. UTXO or unspent transaction outputs are used in cryptocurrency transactions. These are the transactions that are left unspent after someone completes a transaction, similar to the change someone receives after conducting a cash transaction at the store.
A UTXO is the amount of digital currency remaining after a cryptocurrency transaction is executed.
UTXOs are processed continuously and are responsible for beginning and ending each transaction.
When a transaction is completed, any unspent outputs are deposited back into a database as inputs which can be used at a later date for a new transaction.

Mary | Satoshi Club: Thanks for the answers, as i know you hurry guys, so we will speed up and now you will have 6th question:grinning:

Rudy Bouwman: Thank you. Normally AMA is an hour, so we are working overtime now 🙂

Q6 from Telegram user @alex_satang

The blockchain space is very competitive. What are your plans to remain in the top and innovate the space? To remain a top project, you need to always innovate, except Bitcoin of course 😁

Rudy Bouwman: We have the best technology, but that doesn’t sell itself. We are aware of that.
So we are working on building bridges to other projects, and to the commercial world.
We already are producing real world use cases, but we want to leverage that to a much higher level.
Ideas about that are currently being discussed in the team

Hans Koning: It is also important to know that we as DigiByte do not see ourselves on an island, but reach out to other projects, and if possible work together towards for instance adoptation. There is room for plenty of us, so united we stand, divided we fall (and fail).…

Rutger Krijnen: First of all, DigiByte doesn’t see other projects as competition. We are putting our energy fully on making DigiByte an even greater succes! We believe that there will be multiple projects that will have multiple solutions in the future. And DigiByte will be one of the important ones.

Part 2 — live questions from the Telegram community

Q1 from Telegram user @Nickkiii

How do I become a part of the Digibyte movement, is Digibyte open to everyone or do we need an application?

Rudy Bouwman: DigiByte is permissionless, and anyone can join! No application is required. If you have skills like marketing or developer skills, you are happy to join one of our official channels and start working on stuff.
The best way is to start here:
https://t.me/DGBatAdvocates

Q2 from Telegram user @yzmoney

are the board members for the digibyte foundation chosen? Do you think DGB may migrate to PoS as PoW coins are wasting too much energy compared to current PoS coins ? Thank you

Hans Koning: As you know we are all volunteers, the Board members included. We initially “volunteered” to set up the Foundation, and decided to become Board members. Ultimately the community can elect us, or decided to impeach us. As a decentralized foundation, we are merely the voice of the community, and like our technology, we do not want to be a single point of failure in persons too.

Q3 from Telegram user @Brucedt

#DigiByte is currently going well and is receiving positive attention. What will you do to get more exposure and adoption? What is the #DigiByte message for the Community today?

Hans Koning: In a way a very simple one: join us!
We want you to be part of the community, to further help, form and shape the future of blockchain.

Q4 from Telegram user @Gutike95

What really is the mission and vision of this DigiByte project? just develop a platform that generates rewards to its users through dApps with the security of smart contract?

Rudy Bouwman: We are like LEGO: We offer the playground and the LEGO blocks for others to build.
We have the best technology, there is no doubt.
Our mission is to bring this technology to 3rd parties that could commercialize it.
But we want and need o protect the decentralied nature, therefore we have the foundation.
Mission: Empower the community, decentralize the world.

Q5 from Telegram user @KeymerS

I understand that DigiByte has one of the fastest chain link speeds of all, but why not improve it even more like Harmony’s 5 sec? is it possible to do it in DigiByte?

Rutger Krijnen: That is a very good question! Remember that DigiByte is hard money: fixed supply, no counterfeit possible, ultra secure with Proof of Work UTXO blockchain, 5 mining algos and MultiShield against 51% attacks. DigiByte also is actually usable at the point of sale. Both online and in the brick and mortar stores. Because the transactions are within 1 second visible in your wallet and within 15 seconds confirmed in the blockchain. This is the fastest possible! DigiByte used fundamental Microsoft research on the fastest blocktimes possible in a true decentralized global UTXO POW blockchain. and as we use 5 parallel mining algos, we are 5 times faster than that. So fasters times are not possible, unless you leave the true proven security of POW UTXO. And we do not want that. We need to stay secure!

Q6 from Telegram user @tungvodoi206

How has Covid-19 affected the fulfillment of your goal? What goals are you focusing on at the moment?

Hans Koning: 1. liquidity; exchanges and point of sale
2. promote adoption
3. get more community involvement
4. advocacy
5. future developments, like DeFi for instance

Q7 from Telegram user @erven12

Since DIGIBYTE is GLOBALLY DECENTRALIZED
from the word DECENTRALIZED come also the phrase “TOKEN BURN or COIN BURN” cause it will not just control your circulating supply and give more incentives to investors
but also TOKEN BURN can make a project fully DECENTRALIZED
so
Is DIGIBYTE have plan about token burn?

Hans Koning: No.
For the simple reason there was a minimum of pre-mining, and that was premined is being used for the development of the DigiByte blockchain.

Q8 from Telegram user @cryptopediabd

DIGIBYTE project has a noble goal, focused on cybersecurity for decentralized applications and digital payments. Its major focus has been on the safest and most secure way to keep data, decentralization and how fast a transaction can be. How does the DIGIBYTE plan to promote its products on the world market?

Rudy Bouwman: Great question! This is a topic that is currently being discussed in the team.
As mentioned, we have the best technology, we have a true decentralized network, we have all the right ingredients.
All we need is a world-class cheff and a kitchen to make the perfect dinner.
That is something we are working on: reaching out to other projects, companies and institutions, and trying to buld an eco system that goes beyond just DigiByte.

Q9 from Telegram user @OlegDubinskiy

Both Bitcoin and Digibyte are working on the same solution. Decentralized payments. So what’s the key difference between Bitcoin and Digibyte?

Rutger Krijnen: Yes, DigiByte is build on the same type of technology as Bitcoin. But there are very important differences. DigiByte is 40 times faster than Bitcoin and can handle up to 1000 transactions per second on chain! So DigiByte is ready for mass adoption for years to come. Next to that, DigiByte is more decentralized in its mining, due to the 5 different algos. And also (as stated by a cryptographic expert) arguably more secure in its setup compared to Bitcoin due to the 5 different algos and the Multishield real time difficulty adjustment.

Q10 from Telegram user

Rutger Krijnen: Good question! There are a lot of major milestones! Check out the total DigiByte list on the official DigiByte Wiki: https://www.dgbwiki.com/index.php?title=Roadmap_and_Milestones

Q11 from Telegram user @erven12

I know that this question is commonly asked in DIGIBYTE
we know that the mother in Crypto Space is BITCOIN
now
What are the advantages of DIGIBYTE over Bitcoin?

Rudy Bouwman: Jared Tate created DigiByte to make a better version of Bitcoin: Faster, More secure and scalable.
DigiByte now is 40x faster than Bitcoin, more secure and more dectralized.

Part 3 – Quiz Results

In the final part we tested your knowledge in terms of Digibyte. 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:

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Welcome to another episode of Satoshi Club AMA Series. Today we would like to tell you about the AMA session with our friends from Rocket Protocol. The AMA took place on September 8 and our guest was @KingOfROCKET, founder of Rocket Protocol.

The total reward pool was $1000 and it was splitted into three parts.

In this AMA Recap we will try to summarize some of the most interesting points for you.

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PART 1, INTRODUCTION AND COMMUNITY QUESTIONS

Serg | Satoshi Club: Our guests today are from @RocketProtocol. @KingOfROCKET, Welcome to Satoshi Club!

WASP-12 b: Hello everyone. Thank you for the opportunity that has been given to us to do the AMA here. 😊

Gold Rocket | Satoshi Club: Hello, @KingOfROCKET Satoshi Club community! We are pleased to announce our guests from Rocket Proticol! Welcome to SatoshiClub!

Please, introduce yourself and how did you get to be involved in Rocket Protocol?

WASP-12 b: Okay, I am the founder of Rocket Protocol. I am the CEO of 4 crypto platform applications. I got to know bitcoin for the first time in 2011, but serious about it in the crypto world in 2016. I have experience working on several exchanges and crypto projects who’s the tokens are listed on various great exchanges such as Binance, Kucoin, OKEX or MXC.

Gold Rocket | Satoshi Club: Thanks for the introduction, we will have a question selected for the Part 1. ready to start?

WASP-12 b: Okay, I’m ready.

Q1 from Bitcointalk user LuisMe7

You will launch your own decentralized exchange, but do you plan to create a mainnet for ROCK tokens? ERC20 chain is too slow and expensive…

WASP-12 b: We will also add a decentralize exchange feature in the protocol rocket platform, making it easier for members to do transactions with other users safely and comfortably. And also we added a barter system on our platform, this can be a solution for users who like to do OTC without fear of being scammed, because transactions are very clear and transparent for both parties.

And than our decentralize exchanges is to complement the mobility of our members, so that it is easier for them to exchange ROCK tokens there or make a trade in another coins/tokens.  We are optimistic, the ETH blockchain will have a better update in the future, so that all members can get benefit from the blockchain built on Ethereum.

Q2 from Bitcointalk user k.muller

You have a lot of tokens locked for rewards and other incentives. This is a huge number! Explain us how are they unlocked? who is deciding that? What kind of activities can be rewarded?

WASP-12 b: Here we have several incentive programs such as Staking, Reinvest, VIP Staking and Leveling of Staking, all of which require a lot of reserve tokens for rewards. We would unlock the incentive tokens when our incentive programs is live. If we divide too much for the team, partnership, event, marketing, or etc, we are worried that it will have a negative impact on the price of ROCK tokens.

Serg | Satoshi Club: Any timeline for this? when are they live?

WASP-12 b: For Staking and Reinvest programs, it will be launched soon. For VIP staking will launch and Leveling of Stake will launch at Q4 2020.

Gold Rocket | Satoshi Club: Which partnerships do you have now?

WASP-12 b: Not yet, but there are other projects that want to make partnership with us, they need help in making smart contracts for their incentive programs. We have also contacted Ferrum Network and LID to make partnership, we are trying to complete the requirements.

Gold Rocket | Satoshi Club: Great, we are waiting for your announcements. 😉

Serg | Satoshi Club: I’ve seen there are 58% of tokens reserved for this. In how much time they will be released?

WASP-12 b: It is based on the unlock system in each of the incentive programs that we have, because there are several different regulations between the incentive programs.

Serg | Satoshi Club: What are their requirements btw? or is it NDA?

WASP-12 b: At Staking program » per 7 days

At Reinvest program » per 7 days

At VIP Staking program » per 1 month

At Leveling of Stake » 3 months

Q3 from Telegram user @sato_nakamo

There are more levels of staking and the incentives are different for all of them. How can someone get to the next level and what are the staking rewards for each level?

WASP-12 b: In the Leveling of Stake feature, we have 3 levels, each level has 30 days, has a minimum difference in balance, and has different rewards. So, the level is higher. At the rst level the reward is 4%, the 2nd level the reward is 5% and the 3rd level the reward is 6%. For additional balance in the Leveling of Stake program, there is a minimum balance, a minimum addition of balance at each level are as follows:

1. The first level is $1000 ROCK (4% rewards)

2. The second level is $2000 ROCK (5% rewards)

3. The third level is $4000 ROCK (6% rewards)

Gold Rocket | Satoshi Club: Please clarify. Which is minimum balance to stake ROCK tokens?

WASP-12 b: At the normal Staking programs, minimum balance is 0.00000001 ROCK, we use that minimum balance because of the rules of the smartcontract on the ETH blockchain, we are use smartcontract for all of our incentive programs, so like no minimum balance for stake.

Gold Rocket | Satoshi Club: Which is the price for ROCK tokens?

WASP-12 b: At private sales » $0.05/ROCK (only 10% of the Total Supply). At public sales » $0.075/ROCK (only 7.5% of the Total Supply).

Gold Rocket | Satoshi Club: I mean, for private sale (if you can disclose) and for sale on Uniswap?

WASP-12 b: We provide various incentive programs based on the characteristics and abilities of each investor, so that the programs created can be right on the target in distributing the rewards to each investor. If you only have a few ROCK tokens, you can join to normal Staking, if you have a lot of ROCK tokens, you can join at VIP Staking.

Gold Rocket | Satoshi Club: I mean, for private sale (if you can disclose) and for sale on Uniswap?

WASP-12 b: As we know, UNISWAP have new rules for the new token project, we must listed at another exchanges first, so we can listed there.

Q4 from Telegram user @kenny_vermaelen

Rocket Protocol is another project with an anonymous team. Recently we had the sad story with SUSHI and everyone noticed the possible vulnerabilities does it post for a project. Does this affected you? Do you plan to reveal your identities?

WASP-12 b: First I would say, we are not the same with SUSHIT 😊 we have platforms, we have whitepaper, and we have more than SUSHIT. We are promise if we reached the hardcap, we would reveal our identities.

Gold Rocket | Satoshi Club: Btw, do you plan your smart contract to be audited?

WASP-12 b: Yes, in our team, we make audited too, to keep our smart contracts safe, we try to cheat on our smart contracts so that we can find bugs in our smart contracts. We need more than 2 weeks for build Staking smart contract btw, until all fixed and safe.

Serg | Satoshi Club: What about external auditing?

WASP-12 b: If it’s so necessary, why not? it is for the common good. 😊

Q5 from Telegram User @Jhonathanch

Since your barter system in your wallet is based on Erc-20, is it limited to only supporting Erc-20 tokens? Do you plan to include other tokens or other blockchain based coins? Thank you!

WASP-12 b: On our decentralized exchanges, we can provide bartering for several token based, but for the initial stage, we provide a barter system for token based ERC20 first, in the next update we will provide barter for other token based, we don’t want to be too hasty so raises many problems… step by step and always have a new update in our platform and products. We try to provide what our members want.

Serg | Satoshi Club: If we can’t know your identity, can we at least know where are you from?

WASP-12 b: One of the MVPs that I have in another project has also provided a bartering system too btw, and can barter for other coins or token based. From the earth, not from Mars or Pluto.

Q6 from Telegram User @OlegDubinskiy

Is ROCKET a decentralized open source protocol that anyone can contribute to? If so, what is the control structure of the ROCKET protocol?

WASP-12 b: Yes, we would add web3 system on our exchanges, or login by Private Keys, so don’t have custodian system, just login with your wallet.

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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 the private sale round, what are the details of this round, and what cryptocurrencies would be supported for investment?

WASP-12 b: Thank you! we are glad to hear that, this is the full info about our private sales:

Rocket Protocol Private Sales have been started. We will distribute your all ROCK tokens after Public Sales ended.

Purchase address: 0xEb5bb19344a523516824beE90d846E109068CF36

Supply: 10,000,000 ROCK (10% of the Total Supply)

Price: $0.05/ROCK

Private Sale date: 5th – 13th September 2020

Minimum Purchase: $50

Currencies Accepted: ETH, USDT (ERC20)

Q2 from Telegram User @endtimeprophet

Explain VIP staking and how it’s better than normal staking

WASP-12 b: 1. Staking

The staking feature is the main feature of the rocket protocol, the investors can hold ROCK tokens and get rewards. There is no minimum staking balance, so anyone can join our staking program. The investors will get a reward around 4% for 30 days from the number of tokens staked, and to maintain price stability, we will give penalty by cutting 7% of the number of tokens staked if someone cancels the staking before 30 days.

We will also display a leaderboard for the staking program that is visible to all. Example of calculating rewards in the Staking program: If the staker stakes 1000 ROCK in 30 days.

Reward: 1000 ROCK x 4% = 40 ROCK

Total Balance after Staking: 1000 ROCK + 40 ROCK = 1040 ROCK

2. VIP staking

Unlike the normal staking feature, this feature can get more rewards, but there is a minimum number of tokens that must be stored and locked for 30 days. This feature is intended for investors who have quite a lot of ROCK tokens. The minimum balance that can be stake in VIP Staking is $ 10,000 ROCK. The reward will be around 7% for 30 days from the number of tokens staked.

Example of calculating rewards in the VIP Staking program: If the investor stakes 100,000 ROCK in 30 days.

Reward: 100,000 x 7% = 7000 ROCK

Total Balance after staking: 100,000 ROCK + 7000 ROCK = 107,000 ROCK

Note: Balance and Rewards will be locked for 30 days.

Both have differences in minimum balance, unlocked balance + rewards, and etc. But the rewards of VIP Staking are greater than Staking

Q3 from Telegram User @Idee01

Can you share with us your next big milestone? What products is Rocket Protocol currently working on to make the platform attractive to crypto and non-crypto users?

WASP-12 b: We have plan to make public sales at MOONISWAP at first, make liquidity at there too, after we have listed there, we want to apply listing at UNISWAP, because at UNISWAP have an upgrade rule, we can’t directly list there, we should have listed at another exchanges. After this plan is implemented, we will list on HOO and MXC and at in the end we really want to listed at Binance. Our Staking platform will be launched soon.

Q4 from Telegram User @DiegoRME

To enter your staking system, do I need to go through a KYC verification?

WASP-12 b: You don’t need it and there is no minimum balance for normal Staking program.

Q5 from Telegram User @Tony253210

Rocket Protocol have plans to almost everything related to a good crypto project, but i am curious, from where comes that Big confidence? Considering that you still has no achieve so many milestones? Why an investor should have trust in you?

WASP-12 b: With our mission and vision to build several decentralized products and incentive programs in order to have a good economic model for us and our investors. We try to be more transparent, focused and detailed with what we build and the data we present to our members and investors, this aims to help them easily calculate and predict how much port they will get from the results of the ROCKET PROTOCOL project.

We provide various incentive programs based on the characteristics and abilities of each investor, so that the programs created can be right on the target in distributing the rewards to each investor.

Apart from creating several incentive programs, we will also create a wallet and decentralized exchanges to complete the Rocket Protocol business wheel. The wallet that we will create serves as a storage, instant exchange or staking. While the decentralized exchange that we will create has its uniqueness when compared to other DEXs, we will combine the CEX display with the DEX system, but we do not use a custodian login system, all members only log in by connecting their wallet on our exchange, all are anonymous so members’ personal data are very well maintained, and our security system is very safe because the log in system uses the web3 system. We also provide a bartering system on our decentralized exchange.

Q6 from Telegram User @CryptoDurden

The question is about your product. How does the Rocket Protocol VIP bet work? How can I get a higher percentage of the reward?

WASP-12 b: You must have minimum balance $10,000 $ROCK to joined on the VIP staking.

Q7 from Telegram User @yzmoney

Please tell us, why do you set such a low hardcap of $1,062,500? How do you arrive in such a number and how long will the fund sustain your operation?

WASP-12 b: To create an incentive program and several decentralized products, it doesn’t require a lot of money, especially since we already have experience in that field, we don’t want to steal money, but we need funds to build a project that can last a long time.

Q8 from Telegram User @Dreamy_genius

What innovations has Rocket brought to the DEFI space? How is Rocket changing the new DeFi ecosystem and what are the plans for the next few years?

WASP-12 b: This is Rocket Protocol Economic Model. We are build several incentive programs and decentralized products, not only just build staking program like any other DeFi project, in order to have a good economic model for us and our investors.

Q9 from Telegram User @tv100029

When developers implement their chosen smart contract, they encounter a connectivity problem. Their smart contract is unable to connect with key external resources like off-chain data and APIs smart contracts can’t access data on their own. How did Rocket Protocol DEV team deal with this smart contracts’ problem? How does Rocket Protocol apply for a witness node or deploy/manage a smart contract?

WASP-12 b: We did several experiments to test the performance of the smart contract that we made with several cases, and also we tried to cheat on our smart contract so that we could find some bugs or errors, so that after we deploy and implement it, we will minimize the errors. there will be.

Q10 from Telegram User @BboyForteVZLA

What is special about your security? Can you tell me more about rocket protocol security?

WASP-12 b: In our incentive program or our decentralized products, security will be focused on the smart contract platform, considering that the UI is a bridge between the smart contract and the user to make transactions easier. In addition, we will make the smart contract as transparent as possible and all transactions can be seen with events from the smart contract.

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PART 3, QUIZ AND INFO

As usual, for the third part, Satoshi Club Team asked the chat 4 questions about Rocket Protocol. A link to a Quiz form were sent into the chat. Participants had 10 minutes to answer. 600$ were distributed among winners.

For more information and future AMAs, join our Social Media channels:

English Telegram group: https://t.me/Satoshi_club

Russian Telegram group: https://t.me/satoshi_club_ru

Spanish Telegram group: https://t.me/satoshi_club_spanish

Telegram Channel: https://t.me/satoshi_club_channel

Website: https://esatoshi.club/

Twitter: https://twitter.com/esatoshiclub 

Our Partners: ROCKET PROTOCOL GLOBAL GROUP: https://t.me/RocketProtocol

We are pleased to announce our next AMA on September 21st 2020 at 02:00 PM UTC Time: Satoshi Club x NEO

⚠️Click to see the hour
⚠️Total Reward pool: $500

⚠️Requirements:
👉 Join Satoshi Club Telegram group
👉 Join NEO Telegram group

We will have the following structure:

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. NEO Team will select 10 questions and answer them.

Part 3: 300$ – A quiz about NEO

For more details:
NEO – @NEO_EN
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish