Month: September 2020

On September 1st our friends from POFID were invited to conduct an AMA session at Satoshi Club. This time we had many rewards, including a $500 pool for users who joined the POFID telegram group. Our guest was Dane Elliot (head community organizer).

The total reward pool was $1000, it was splitted into three parts and the special task .

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: Hello dear community! Our guests today are from @pofid. Welcome to Satoshi Club!

Irina K. | @satoshi_club: Hi everyone, and a warm welcome to @d41145.

Dane Elliott: Hi all! Glad to be here and talk to you all!

Serg | Satoshi Club: Please tell us a bit about yourself, how did you get into crypto?

Dane Elliott: Sure thing. So hi everyone at Satoshi Club! I’m Dane. I’m head community organizer for POFID and I’ve been working in blockchain since 2017. I first came to know about POFID sometime towards the end of 2019 and since then have been really fascinated by the project and the potential it presents. Right now, DeFi projects are extremely hot and have become almost the buzzword of choice as of late, but I think it is important to distinguish POFID from some of the other projects out there. POFID is a DeFi infrastructure project with privacy protection that supports advanced financial applications and general tools on the SERO network. We believe DeFi is the real Finance 2.0 and POFID DAO is an extremely important piece of infrastructure that underlies that revolution.

Serg | Satoshi Club: You hoped in during the ICO hype. 🙂

Dane Elliott: Haha, yes, that’s essentially correct!

Irina K. | @satoshi_club: DeFi is on fire for sure.

Serg | Satoshi Club: I feel like in the ICO bubble to be honest 😁 I hope I am wrong.

Irina K. | @satoshi_club: (To Dane Elliot)What did you do before crypto-life?

Dane Elliott: Before crypto I was working in tech and later finance. Crypto seems like the perfect step up from the two of those, combining the two and adding so much more value on top. DeFi obviously goes even further, but we are only just now starting to see it take off! So very exciting times ahead!

Serg | Satoshi Club: Thanks for the introduction, Dane! We’ve collected some questions from the community. Ready to dive in and take a look at them?

Dane Elliott: By the way, before we talk about project specifics, here is our group link for anyone looking to learn more about us and join in on this revolution!  https://t.me/pofid

Yes, absolutely, let’s go!

Q1 from Bitcointalk User zygote59

Based on some available data, POFID DAO uses Decentralized Mortgage Warehouse (DMW) as your primary smart contract. Can you explain DMW in simple terms, how it works and what it uses in your network?

Dane Elliott: So let’s start by talking a little about pledged lending and stable coins. This is a concept that is often confused. Logically speaking, lending activities require a certificate, but the generated certificate itself is not a loan. For example, the DAI generated on Maker is nothing more than a debit note. The loan only occurs when you use the debit note in an exchange for other assets. The so-called stable currency is the debt (if any) that occurs under this IOU. The amount of debt is anchored to the value of some other asset (such as legal currency or USDT). But this does not change the essence of what it is as IOU – if you don’t use it, there will be no debt. From the perspective of infrastructure, Maker can be regarded as such, but it is almost limited to the function of printing IOUs.

In view of this recognition, you can think of POFID as a container that manages a set of assets, a “Decentralized Mortgage Warehouse (DMW)” that accepts and relies on various deposited input assets that map onto (or are issued onto) “Assets on the Chain” (AOC), according to certain rules. Making use of stable coins in the case of POFID means that the collateral in the container must have an observable value that can be measured by the anchored object. The ratio between the number of AOCs is then fixed by the amount of collateral and mapping (or issuance), according to this value. If a user who issued this AOC exchanged it for USDT or a certain fiat currency (that is, the anchored object), then the loan of the anchored object has been completed. At this time, this AOC is not only a kind of IOU (since the user exchanged the anchor object to complete the loan) but also a kind of stable currency as the user who receives this AOC can use it to make payment.

Q2 from Bitcointalk User george.bend

With POFID, anyone can issue their own cryptocurrency using digital assets as a pledge. Explain the process. Is it like creating a token on Ethereum?

Dane Elliott: Essentially, yes! The process is very simple and, as you mentioned, is basically the same as creating a token on Ethereum, like almost all DeFi projects. If you’re interested in exact details and learning about some of the mechanism behind it, please feel free to consult our white paper: https://github.com/pofid-dao/pofid-docs/blob/master/POFID_ENG.pdf

Serg | Satoshi Club: So, if I would like to create it, why not creating directly on ETH? Why would I choose to use your tools? What would be the advantages?

Dane Elliott: So Ethereum is a great project. It’s supported by some of the most talented people in the industry. But the the problems that it faces today is deeply rooted in its fundamental design.

Now, lots of people are looking forward to Ethereum 2.0. When that will be launched and what advantages it will provide is beyond my scope of knowledge, but what I can say is, in the current situation, I think the technical limitations and high costs of using Ethereum make it unsustainable and unpractical for real world enterprises. Incidentally, POFID does not run on Ethereum, but rather on SERO, the world’s first anonymous public blockchain platform.

We don’t face the same problem as Ethereum. One SERO token (currently about 13 cents) can sustain 100,000 transactions. With SERO 2.0 we will see even more beneficial innovations: some of the highest TPS and a structure that can be infinitely expanded.

One more thing. Besides avoiding the problem of high gas fees and congestion, we fully support privacy protections.

Irina K. | @satoshi_club: Could you elaborate please what “support privacy protections means”?

Dane Elliott: Of course! This is really the main focus of the POFID project. Financial activities cannot be separated from data privacy protection, so decentralized finance cannot avoid this problem. On this issue, there is no room for compromise.

Irina K. | @satoshi_club: Yeah, sounds important.

Dane Elliott: Although this is not necessarily a key regulatory element, it is an underlying element that is essential for competition and survival in the business world. Let me give you some basic examples.

In the real, work if you take out a loan from the bank will the entire public be able to see this? Of course not!

How embarrassing would that be if all your financial transactions were available for everyone to see. Now, for individuals this might just seem like a pain, but the privacy of financial transactions is essential for real world businesses. The business world would not exist without privacy.

But with platforms like Ethereum, EVERYTHING is public and accessible for all too see. Whatever way you slice it, it can be concluded with certainty that when DeFi is recognized by global regulation, data privacy protection will inevitably be one of its key characteristics. By putting a focus on this aspect, POFID is preparing itself for DeFi’s future disruption of traditional finance.

Serg | Satoshi Club: Thanks for explaining. 🙂

Dane Elliott: One quick note. We keep a very close relationship to the SERO team, but we are completely independent.

Q3 from Telegram User @kosmonavto

Share with us more details about the tokenomics. 51% from 2 million will be shared among hodlers for 20 years. Please explain the details of this distribution. Also, who holds the rest 49%?

Dane Elliott: Sure. Let me break the tokenomics down very quick. 51% is mined and given to the community. The remaining 49% goes toward the ecosystem – 34% is given to various, for example the liquidation committee, the investment committee, as detailed in the white paper. The remaining 15% goes to the public and private sale.

We are still screening private equity and there is no clear private equity institution that we have chosen yet. We are considering joining some international organizations, such as the Korea Trade Promotion Association, the blockchain research institution under the Ministry of Information Industry.

Just a quick note, the tokenomics should all be outlined in our white paper, and specific details will be released to the public in the coming days as we launch on Uniswap and centralized exchanges.

Serg | Satoshi Club: Why Korea? are you based there?

Dane Elliott: No, we’re not based in Korea. We are definitely a very decentralized team, with some of us in Europe, some in China, some in Indonesia, some in Vietnam, some in North America etc. With that said, we have a very active Korean community and very strong links to real-world Korean businesses, including the Port of Busan (the largest port in Korea).

Irina K. | @satoshi_club: What centralized exchanges will you be listed on? Can you share this info with us?

Dane Elliott: Unfortunately, I can’t elaborate on the specifics of the exchanges, but I can say we have quite a few surprises in stall in the next few weeks.

One thing I can say… Out initial focus is on Uniswap (which we will achieve through Ethereum contract obviously) for initial exposure, and honestly, to join in on all the Uniswap fun. But after that our focus will be on centralized exchanges.

Serg | Satoshi Club: Btw, we have a tradition 😁 every guest is sharing a secret with us. A secret revealed in premiere here, in Satoshi Club.

Dane Elliott: Haha, ok I”ll try reveal a couple secrets here then. We will focus on one or two core crypto-crypto exchanges first. There are many good candidates that we are in talks with, including top 10 exchanges. But after that our focus will be with regional, mostly fiat exchanges.

Why fiat exchanges? Well, our product is dealing with people in the real world. Real world businesses haven’t really come to the realization of crypto yet. It’s a big step up for them and a huge learning curve. However, with fiat exchanges in certain regional markets (Indonesia, Turkey, Korea, etc.) they will be able to adopt our technology and utilize our services much more easily and without the huge learning curve!

Q4 from Telegram User @daviessss

I have read the description of your wallet but didn’t quite understand what do you mean by digitizing more complex non-homogeneous assets and pledged for currency issuance. (Sorry for my lack of knowledge) Please explain in simpler terms this.

Dane Elliott: This is a great question, like the talk about privacy earlier really lies at the heart of the POFID project. So let me try elaborate in some detail! In the real world, there are fantastic assets that cannot be effectively or efficiently tapped. For example, supply-chain finance, real estate, art products, etc.

The barrier here is the infrastructure of traditional finance. We’ve seen huge changes in traditional finance in the internet era, but essentially these changes are all superficial. The infrastructure underlying traditional financial systems has essentially not changed in DECADES, if not even longer!

One reason DeFi is so revolutionary is it’s providing a new infrastructure for finance. If DeFi wants to shake off the image of speculators’ playground, it MUST adopt to the real world and show that it can do what traditional finance cannot. But at the same time, it needs to approach the level of complexity of traditional finance and integrate itself within existing systems from an INFRASTRUCTURE level.

POFID is working to provide that infrastructure. Two key characteristics of POFID’s infrastructure are 1) privacy protection (as mentioned earlier) and 2) support for diverse asset structures. In simple, without privacy there can be no finance. And without data complexity, there’s really no real business to speak of!

We believe we are in a position to combine real world assets with pure crypto assets to offer lines of products that represent a new direction of digital finance. For the specifics of how we do this, please scroll up to my answer about DMWs.

Q5 from Telegram User @stekbyte

As known POFID supports transaction privacy, the transaction or payment information sent between accounts and accounts themselves also cannot be publicly accessible. Could this create difficulties when listing on exchanges? How does it happen with Monero?

Dane Elliott: So I’m not sure I understood the question entirely, and I certainly can’t speak for Monero, but the private nature of POFID poses no issues for listing at all. One thing I should mention to clear things up. Being private doesn’t mean you have to remain private all the time.

We provide a mechanism for allowing transactions to be accessible to others if they have access to the key. So this is just like in the real world. As I mentioned earlier, if you take out a loan from a bank, well generally only you and your bank know about this. But that doesn’t mean only you two should know about it.

You might want to share this information with others. And you have the right to. We run a very similar system. I think he wanted to say that some privacy coins have issues listing because exchanges don’t know where are the deposited funds coming from.

Serg | Satoshi Club: That’s good. It is great of you can choose whenever to share or keep the data of the transfer.

Dane Elliott: Yeah, I think it’s really important for the real world. Crypto can be very extreme at times. Either something has to be 100% transparent or 100% private. The real world doesn’t really work like this. There are situations were privacy is ideal and others were transparency are ideal. We allow users to adapt to both scenarios where appropriate, but with private as the default, just like the real world.

Q6 from Telegram User @Aleurich

When making a contract in Pofid DAO, an 8% service fee is charged, of which 80% is sent as a reward to PFID holders, but what is the destination of the other 20%? How are the profits distributed to the holders?

Dane Elliott: The fee is AOC or PFID. POFID collects AOC is the fee and distributes part of the proceeds (80%) to the holders of PFID, and the other part (20%) buys back PFID from the market and destroys it.

Serg | Satoshi Club: So, you have a burning system as well?

Dane Elliott: Yeah that’s right. This system is a little complex and there are quite a few facets involved. Probably a bit beyond the scope of this AMA, but all the details are in the white paper.

Serg | Satoshi Club: Thanks for sharing, Dane. 🙂

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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 @ngoccam

What does POFID stand for?

Dane Elliott: POFID DAO stands for Privacy-Oriented Financial Instrument Distribution Framework & DAO.  I’ve heard that in some languages where ‘V’ is pronounced as ‘F’, POFID sounds like the brother of Covid-19. 😂 And in fact, many people in their questions wrote ‘POVID‘ 😂 I can assure you, this is just a coincidence haha.

The name was chosen to put the focus on the core main features of POFID: privacy and its DAO governance structure. If I was to explain the project in just one sentence, I would say POFID is a comprehensive DeFi infrastructure based on blockchain technology that provides a decentralized way of managing assets on the chain. Thanks for the question, Stay Up Late!

Q2 from Telegram User @Concutrangxoa

Are you planning to promote your project in different countries, where English is not good? Do you have a local community for them to better understand your project?

Dane Elliott: This is a good question that we are asked a lot. Let me tackle it. As a global project, we are of course looking to expand globally.

We are a project with real-world use cases, so obviously we have to target specific markets as well. Now, besides Korea and China, which I spoke about a little earlier, we have many other very important target markets outside of the English-speaking world. We very recently launched an Indonesian community and we are looking to really expand that market and engage with local business leaders moving forward.

In the next few weeks, we will be opening up a Vietnamese community as well and doing great things there. In addition to the existing communities we have (English, Russian, Korean, Chinese etc), we will also be expanding into some core markets like Turkey, Italy and Latin America in the next few months.

Serg | Satoshi Club: We have a good Spanish and Russian community btw.

Dane Elliott: Yeah I saw that! That’s fantastic! I’m going to have to check those out. 😊

Q3 from Telegram User @Luisz2210

Once this year ends, what is your next step on your roadmap to fulfill in 2021?

Dane Elliott: I think this is the question that has been asked the most today, so I would be remiss not to answer this one. 2020 has been a tough year for most people!

Serg | Satoshi Club: A good year for crypto though. 🙂

Dane Elliott: With that said, it’s been a bit of a boon for crypto, and of course DeFi in particular.

Haha absolutely. The focus on most (good) crypto projects is the real world though, so ignoring that aspect of reality can be deceiving! Our focus is also on the real world. Helping businesses in the real world and disrupting traditional finance.

Now with that all said, and despite all the stuff going on in the world right now, we have HUGE plans for the rest of the year!

Our initial focus for the next couple months is mostly on getting the word out and raising exposure, as well as listing on relevant exchanges, paving the way for easy adoption by real world businesses moving forward. As I mentioned before, we will be listing on Uniswap in the next week!

Then the focus will be on certain key centralized exchanges. We will list on at least one very large, well-known crypto-crypto exchange and then fiat, regional exchanges in countries like Indonesia, Turkey, Korea and Latin America so that we can fully engage with local businesses and users there.

Serg | Satoshi Club: What is the starting price?

Dane Elliott: We will be announcing that and many other exciting things in the next two days in our group! https://t.me/pofid

Q4 from Telegram User @Hyynyom12

How important is the community to Pofid? and how can we collaborate or help share token for the development of the project?

Dane Elliott: Community is the backbone of every crypto project and we’re no exception. By our DAO nature, we are very much community-driven.

Q5 from Telegram User @abowhasebe

What’s the competitive advantages of POVID project?

Dane Elliott: In short: privacy and the ability to deal with heterogeneous assets (multiple assets in one basket) at once, making us a much better fit for the real-world than most DeFi projects out there right now.

Q6 from Telegram User @thaiquoc

How can you monitor all products, DApps, ecosystem and others at same times?

Dane Elliott: It can be daunting for any one person to monitor all things at any time, especially in a large ecosystem. That is why we have gone with a DAO governance model – things are monitored by the ENTIRE DAO community.

Q7 from Telegram User @jakatinkaro1

COVID 19 has slowed many economies around the world but as a crypto business has it affected you negatively or positively? Secondly, are you still on track to achieve your targets as the road map says?

Dane Elliott: As a project with links to the real world, it would be a lie to claim that we have not been affected by COVID 19. I think all crypto projects (even those with no links to real businesses) have been affected, if not for the fact that most conferences, exhibits, meetups, offline events have been cancelled/disrupted. With that said, we have changed our strategic focus for the next few months, so essentially we are not that affected now.

Q8 from Telegram User @jakatinkaro1

Presently as at today, can we possibly use your token in real life for payment?

Dane Elliott: At present, no, since we haven’t listed on any exchanges yet. But in addition to crypto-crypto exchanges, we will be listing on many fiat exchanges, so you will be able to buy and sell our tokens in a very convenient way moving forward. Watch this space!

Q9 from Telegram User @Adnan_Shakib

How does the Layer 2 algorithm designed by POFID work? Also, why did you decide to base the project on SERO public chain? Thank you!

Dane Elliott: We chose SERO for its privacy protection. Privacy is essential for any DeFi project to adapt to the real world and disrupt traditional finance. The details of our algorithm are quite involved but are all mentioned in our detailed white paper!

Q10 from Telegram User @Vutkamalo

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?

Dane Elliott: For the final question, I thought I should pick something that really gets people excited and talks about the topic of the times – DeFi!

So, it’s clear that the current DeFi boom was triggered by yield farming. But I believe yield farming is just one very small, very limited aspect of DeFi and it doesn’t come close to fulfilling the potential of DeFi. Does yield farming embody the promise of DeFi? Is it something that is replacing traditional finance? Absolutely not!

DeFi is far more than just yield farming. And if it is to be something that disrupts traditional finance, if it is to be the real Finance 2.0 that is so talked about, then there needs to be fundamental changes from the infrastructure up. This is something that POFID is working to achieve.

That’s all, thanks everyone! Had a great time!!

Serg | Satoshi Club: Thanks again for joining. We had a great time as well.

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PART 3, QUIZ AND INFO

As usual, for the third part, Satoshi Club Team asked the chat 4 questions about POFID. A link to a Quiz form were sent into the chat. Participants had 10 minutes to answer. 300$ 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:

POFID Global: https://t.me/pofid

We are pleased to announce our next AMA on September 5th 2020 at 12:00 PM UTC Time: Satoshi Club x Gauntlet

⚠️Click to see the hour
⚠️Total Reward pool: $600

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

Part 3: 300$ – A quiz about Gauntlet

For more details:
Gauntlet – @gauntletesports
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish

We are pleased to announce our next AMA on September 5th 2020 at 02:00 PM UTC Time: Satoshi Club x Hedget

⚠️Click to see the hour
⚠️Total Reward pool: $800

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

Part 3: 500$ – A quiz about Hedget

For more details:
Hedget – @hedgetchat
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish

Defi has been the main topic in the last month and today we would like to tell you about the AMA session with our friends from DefiKing. The AMA took place on August 31 and our guests were Neo Wang and Artem Gordadze.

The total reward pool was $600 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: Hello, dear community! Our guests today are from @dfkofficial. Welcome to Satoshi Club!

Irina K. | @satoshi_club: Hi everyone. 😀

Serg | Satoshi Club: @artem_gordadze @Neo_WangCWV , welcome!

Neo Wang: Hi! Glad to be here with Satoshi Club community!

Artem Gordadze: Hey.

Serg | Satoshi Club: Welcome to Satoshi Club 🙂 let’s make a small introduction. Please tell us a bit about yourself, how did you get in crypto, how did you start DefiKing.

Neo Wang: …I’m Neo Wang, early investor of BICC exchange, manager of CWV main chain Foundation.

We initiate the project Defiking in 2017, very early, even before Defi was hot in the market

DeFiKing is a decentralized financial cross chain protocol platform, which completes smart contract through cross link protocol and achieves better decentralization and data security through Oracle Mechanism. At present, it includes tools for automatic liquidity mining, loan protocol, one button savings account, mutual aid game playing platform, etc.

Defiking will combine Centralized Finance (Cefi) and Decentralized Finance (DeFi) to solve the main pain-points of users such as high service charges, poor user experience and high threshold for understanding smart contracts.

Artem Gordadze: Here is also brief about myself. My name is Artem Gordadze and I am responsible for the overseas Marketing Strategy and communications.

Irina K. | @satoshi_club: Thank you! How big is your community at the moment, by the way?

Neo Wang: Our early development mainly focused on China, creating communities of tens of thousands of people, and get supported from many projects, such as Tron.

Our overseas community is just getting started. In half a month, we have created over 1,000 main communities and over 3,000 small language communities, including Indian, Indonesian, Vietnamese, Turkish, Spanish, Filipino, Arab, And Russian-speaking communities. https://t.me/dfkofficial

Serg | Satoshi Club: We had Justin here as a guest, are you friends?

Neo Wang: Yes, we are very familiar with each other. Our project just launched in Justswap, and they have been very supportive and promoted.

Q1 from Bitcointalk User juanes

You claim to solve issues and reduce costs for both centralized and decentralized finances. For what services specifically and how?

Neo Wang: Defining adopts the mode of out of chain and uses VRF consensus mechanism to reach the final agreement of external data. The purpose of the language sub chain is to analyze the acquisition of data outside the chain, use the nodes of edge computing, face to a wider range of user nodes, actively participate in consensus, and jointly maintain the fidelity of Oracle data.

Compared with other mechanisms, we have a lower threshold and can be closer to the general users.  Through our parameterized decentralized DeFi template library, any individual can start financial business on our DeFiKing, everyone can become a financial expert, and everyone can be an intelligent investment adviser. This is our goal of DeFiKing. Therefore, we believe that we will win our end users in the brand-new market, and realize asset income increase through intelligent investment advisory.

Q2 from Bitcointalk User idee002

Security, Liquidation and Slashing risks are associated with Defi protocols. What are DFK countermeasures to deals with such risks? What are DFK Risk to Reward ratio, compared to other DeFi protocol platform?

Neo Wang: Thanks for the good question.t In terms of security, I would like to explain that DFK is based on the CWV master chain network that has been running steadily for 2 years. The transaction and data of clearing assets are in the CWV master chain, and the transaction speed is also a key factor to reduce risks. Technically speaking, CWV 2.0 has achieved instant block generation with the stack height at about 50 million blocks, TPS/CTPS higher than 50 thousand. It can also support supernodes at the amount of over 100. 

The new 2.0 main net of CWV has adopted a VRF, PoSt and a multi-layer consensus structure with transaction block confirmations of less than 1 second to create an underlying storage framework with high scalability, performance, and stability shared by users that will be the world’s best. DFK is a protocol that runs on CWV, and the speed and fees of the network make it possible to quantify transactions more reliably than other protocols.

Q3 from Telegram User @cryptomonkss

How does your crosschain system work and on how many Blockchain? Where do we have more advantages for mining? On Tron or Ethereum?

Neo Wang: In the future, it can be seen that the yield of the same product is definitely higher, accounting for 5% of the fee. The purpose of cross-chain is to address the community’s demand for opportunities to trade different assets and to lower operational barriers.

TRON and Ethereum will both have protocol nodes to drive cross-chain asset transactions. Besides that, there are a number of data sets in the Defiking agreement, and each data set has its corresponding token.

The data set’s token is exchanged with the token pool and the protocol token king.

The data provider needs to pledge the tokens of the data set, the holder of the tokens of the data set votes on the data provider, and the top nodes become the data providers.

There is a coordinator in the Defiking protocol, who collects data submitted by the data provider for aggregation, and then sends the aggregated data to the node signature in the data set. The signature ratio reaches more than 2/3, and the coordinator uploads the data to the chain for call by the data demander.

After completing the data supply, the system will reward the data set token to the data provider and the voter, and the reward will be mostly distributed to the data provider.

Irina K. | @satoshi_club: Like a smart contract? Or what kind of agreement?

Neo Wang: Of course.

Q4 from Telegram User @jefer_bn

I have read that beside the liquidity mining you also have the loan option. What is the percentage for borrower and lender? Is the smart contract audited for this?

Neo Wang: Many of the features are currently in final deployment, being tested, and will be invited to test and participate once they are open. Smart Code has been open source and submitted to security audit.

Together, through community autonomy and professional institutions, we ensure stability, and at the same time, we have our own mobile rewards.

At the same time, we will listen to the opinions of the community, give the community a better reward, to complete the whole more perfect.

Q5 from Telegram User @GoldRocket27

I want to start mining $DFK. What do I need to know for this? When exactly do you start mining?

Neo Wang: This will start soon, and it will pay off handsomely. Please pay attention to our project and wait for notification. 😁

Irina K. | @satoshi_club: Yep. Where should people follow you? Maybe someone hasn’t notices the links.

Neo Wang: https://t.me/dfkofficial Welcome to join us and we shall have liquidity mining soon!

Irina K. | @satoshi_club: Thank you. Let’s jump to the last question of part 1.

Q6 from Telegram User @thoatuy2507

One of the most controversial question in blockchain is transaction reversal. There are a number of users and devs who do not agree with this. I verify DFK has this option. How does its works?

Neo Wang: This is an interesting question. But as an entrepreneur, as a server, I think, community voting and team autonomy, sometimes we don’t have to prove who’s right or who’s wrong, but we try to do what everyone wants. At the same time, we will have partner companies and security companies to help us audit our vulnerabilities and solve problems.

In my opinion, it is basically impossible for a decentralized system to capture data from a centralized system to do justice and public trust. The problem of reliable data sources to be traced to the source is not something that can be solved by prophecy. Even if the lottery results, there will be rollbacks, and there are plenty of examples of exchange rollbacks. Blockchain is to solve the problem of trusted computing. Data trustworthiness means that it will not be tampered with or rolled back in the calculation process.

The data credibility problem of DeFi does not depend on the data source, but on the calculation, the calculation results and consensus. There are many algorithms to prevent data from being predicted, such as VDF, beacon, etc. In the case of preventing the node from doing evil, the consensus mechanism can ensure that the calculation is credible, so the data is credible.

In the aspect of preventing data fraud, DeFiKing’s Oracle adopts the way of VDF delay verification function, which makes it difficult to predict and control data unilaterally. In terms of data input, we do not use manual input, but through the Oracle engine robot mode. Oracle language control script, to achieve data timing and fixed-point sampling. Of course, if the contract script is not well written, it is difficult to ensure the data consistency. Therefore, we have a complete set of security audit mechanism for contracts, and only contracts that meet the security and performance requirements will be accepted.

---

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 @fionatodamoon

As a decentralized financial cross chain protocol platform, may I ask you to explain Defiking’s cross chain mechanism and its role. Compared with Polkadot and Cosmos, what are the characteristics of Defiking’s cross chain protocol?

Neo Wang: In the cross chain platform, the out of chain protocol adopts the Gateway mode. By connecting different link ports, the two-way contract locking is attached to ensure the consistency of cross chain assets view and the security of assets.

Gateway mode is also a multi-point consensus, which is the verification node mechanism of each chain, and does not need a lot of storage space and memory. It can be rapidly deployed and applied, and the mode based on multi-point backup and multi-point consensus is also the guarantee of system reliability.

In contrast, DeFiKing’s model is easier to implement, and easier to include agreements of other main chains, to realize cross chain asset parallelism and asset encapsulation management, and to realize decentralized financial derivatives such as mortgage, equity distribution, fixed income, floating income, hedging, leverage, futures and other financial derivatives.

Q2 from Telegram User @YANG_TERSAKITI

Can you list 1-2 killer features of #DefiKing that makes it ahead of its competitors? What is the competitive advantage your platform has that you feel most confident about?

Artem Gordadze: I believe that the main feature is that Defiking Agreement will combine centralized finance (CeFi) and decentralized finance (DeFi) to solve the main pain points of users, that is, high commission, poor user experience, and high barriers to understanding smart contracts.

This hybrid solution definitely becomes the most necessary bridge between blockchain space and classic financial markets.

Q3 from Telegram User @Jonahapagu

The Goal of DeFiking is to be the King of cross-chain DeFi what types of public chains do you plan to integrate into your ecosystem.

Neo Wang: So far we have reached a preliminary collaboration between ETH Ecology and EOS, TRON and DOT. In the future we will publish our own collaborative standards and developer standards. We will have our own preferential policies on GAS fees and developers.

For community members, we are happy to have you on board, we hope you are a developer or better communicator, we will also give you relative rewards based on your information and contribution.

Q4 from Telegram User @BboyForteVZLA

DeFi is one of the hottest topic in the blockchain space right now. Can you share your opinion about DeFi with us?  Do you think that DeFi will disrupt the existing financial system? What is DeFi King approach towards the DeFi sector?

Artem Gordadze: I believe that DeFi model still needs to prove while it would be expanding in different verticals as well as different blockchains beside the Ethereum.

I could say that DeFi is to the current alt season what ICOs were to 2017’s alt season. However, it’s worth noting that price surges, although impressive, are still considerably small when compared with 2017. It’s also worth noting that while DeFi has been growing exponentially, the amount of funds locked in DeFi is still small compared with the numbers generated by ICOs in late 2017. There is currently over $7 billion worth of tokens locked in DeFi protocols, while the ICO of EOS alone raised a record-breaking $4.1 billion.

While DeFi may not be as hyped up as ICOs were, there are still a number of concerns that could signal the demise of DeFi if not dealt with. There are still many security issues within the DeFi ecosystem that have resulted in faulty protocols and malicious attack vectors for several projects, and governance is also a growing concern within the space. There is also the question of Ethereum’s sustainability, as the blockchain continues to be under more pressure.

Q5 from Telegram User @HeRmAwAnTrAdEr

What is the plan to ensure sufficient liquidity on exchanges to fill market orders, especially as adoption increases and clients begin multiplying year-over-year of DefiKing?

Neo Wang: Multiple data and trusted data are the key metrics we use to ensure flow, and in the market maker sector, we use company-level collaboration and our own controls to give the market more of what it wants as users grow and markets grow.

Q6 from Telegram User @halofit

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

Neo Wang: Free choice of the number of node operators required.

Use the on-chain validation contract to identify high quality nodes.

Use up – and down-chain reputation indicators to identify high – quality nodes and penalize the collateral assets of malicious nodes. These are our strengths, and the team is currently one of the best in the world in terms of multiple data, trusted data, and cross-chain.

Q7 from Telegram User @Aguacate30

There are mining platforms in which you must comply with a number of hours mining in order to be rewarded. I read that you offer mining, do I have to comply with a strict schedule on your platform or are the rewards given by the amount of validations made by the miners?

Neo Wang: Compliance with the schedule of the platform and the requirements of the mine owner seems to be the same at present, but in the future, we will make better optimization to facilitate more participants to have a better experience. We also hope to hear better opinions from outside the team, so as to make the project reach a higher height.

Q8 from Telegram User @CryptoEnth

How is Defiking, CWV and BICC related? What are your future plans to bring them altogether? And how will it be a win win situation for users and investors if all 3 come together?

Neo Wang: Many people have asked me this question. Let me explain it in detail here.

CWV: Provide blockchain infrastructure and solution output.

The Defiking: a decentralized trading aggregation platform (with underlying technical support and incubation provided by CWV).

BICC: An early cooperation platform for CWV and the first choice for CWV transactions.

 My experience in the industry is one from Turn from CeFi to the wave of DeFi. In my opinion, in addition to Bitcoin and Ethereum public chain, DeFi is almost the only field that can generate real revenue, especially from Uniswap, Balancer, compound, etc., which can capture the actual cost. If the daily trading volume of Uniswap was US $100 million yesterday as its average daily trading volume in 2020, the annual trading volume could reach US $36.5 billion, and the fee income that could be captured could reach US $109.5 million. In the field of encryption, the number of revenue is not small.

I personally think that Uniswap highlights the venture capital part of DeFi, and enlarges the nature of the game infinitely. Its logic is very similar to the hot ICO in 2017. In a short period of time, there are countless tokens trading in Uniswap every day. A large number of users enter the market crazily. They issue coins, fry coins and fight wantonly in the secondary market. As a result, this project originated from “DeFi” has become more and more far away from DeFi.

However, due to the lack of playing method, application, value and landing, the rate in the field of DeFi is also short-lived. Although there are many disadvantages, this does not hinder the contribution of Uniswap innovation attempt to the field of DeFi.

At present, I see many problems in my eyes, including speed, security, gas cost, cross chain currency conversion, Oracle trusted environment, so I am more willing to solve these problems. I personally think that I need to make my due contribution and responsibility to the global blockchain industry. At the same time, I also recognize the future market of DeFi, so I will join it.

Q9 from Telegram User @Idee01

Total supply of $DFK is 1BILLION. How do you plan to improve the token value to benefit long term holders? Any plans for token reduction such as token burn, buy-back or staking?

Neo Wang: The company Defiking distributes 50% of all earnings to coin holding users for dividends, and participates in the DFK lock warehouse to enjoy the platform dividends. All the Defiking earnings are changed to 50% for buyback and destruction, and deflation represents value added.

If you own DFK, you will enjoy the right to vote on the development of our Platform. In terms of growth space, we are more willing to work together with the market and the community to achieve better returns.

Q10 from Telegram User @anhdao23

In the bad situation of the Covid-19 epidemic, every industry was heavily affected. Does it affect on the growth of DefiKing team and its? What are your plans to turn challenges into opportunities for DefiKing Development?

Artem Gordadze: The Covid-19 epidemic, every industry was heavily affected, that’s true. But for Defiking and blockchain space that’s also a good opportunity cause everyone spend more time online and sitting at home. The main point is that in this space you still can invest and trade while in classic businesses people have big losses because of the global shut down, especially air flights, tourism, etc.

We are moving forward with our project development and expanding the team with professionals from different parts of the word. Trying to be on the same page with our competitors, following market trends.

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PART 3, QUIZ AND INFO

As usual, for the third part, Satoshi Club Team asked the chat 4 questions about DefiKing. A link to a Quiz form were sent into the chat. Participants had 10 minutes to answer. 500$ 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:

Main group : https://t.me/dfkofficial

Twitter account: https://twitter.com/dfkblockchain/

Website: https://www.defiking.io/

So, today is the last day of August and tomorrow September will try its best to have us forget the summer. But SatoshiClub AMAs are unforgettable and now we would like to tell you about the AMA session with our friends from RAMP DEFI. The AMA took place on August 31 and our guests were Lawrence, Project Lead at RAMP DEFI and Zheng Rong, Marketing Lead and co-founder of RAMP DEFI.

The total reward pool was 700$ and has been splitted in 3 parts.

In this AMA Recap we will try to summarise the most interesting points for you.

Part 1 — introduction and questions from the Telegram&Bitcointalk community

Serg | Satoshi Club: Our guests today are from RAMP DEFI . Don’t forget to join their Telegram group @rampdefiofficial . Welcome to Satoshi Club! @lawrencelhz and @zrong, welcome!

ML | Satoshi Club: Hello, @lawrencelhz and @zrong ! Thank you for joining our AMA! Please tell us about yourself and how you started with Ramp DeFi?

Lawrence – RAMP DEFI: Hey @sspurss thanks for having us here today! And thanks everyone for taking your time out 🙂

Serg | Satoshi Club: We are glad to have you here. A lot of hype around your project 🙂

zr | RD: Thanks for having us @madamlobster @sspurss! Hi everyone, thank you for taking the time for the AMA 🙂

Lawrence – RAMP DEFI: A quick introduction about myself – I am from Singapore, and started working in the traditional finance industry since 2012, focusing on private banking and corporate M&A. I then joined IOST, a layer 1 blockchain solution.
This was in early 2018 and I was the International Growth Lead starting from when IOST was pre-testnet, to testnet, to mainnet, to onboarding over 300 nodes into our ecosystem, and having over USD30m in staked assets.
Seeing that DeFi is growing rapidly, I eventually started and launch RAMP DEFI with my cofounders 🙂

zr | RD: Quick intro: I’m zr, Marketing Lead and co-founder of RAMP Defi . Previously Managing Partner of Merkle Ventures, a consulting and investing blockchain firm focused on layer 1, layer 2 and DeFi. Co-founded NOX, which developed on-chain custody utilizing cloud HSM.

Serg | Satoshi Club: So, RAMP Is basically the team from IOST?

Lawrence – RAMP DEFI: Not at all, its just me from IOST haha. The rest of the team have very differentiated and diverse experiences. Which is great as we all contribute viewpoints and skillsets from various angles 🙂

Serg | Satoshi Club: Got it 😁 That’s great. I also think that different brains see things from different angles. And it’s good for the project

ML | Satoshi Club: How do you feel in crypto after traditional finance? @lawrencelhz

Lawrence – RAMP DEFI: Liberating for sure haha. There’s a lot of rules and paper pushing in traditional finance, but in crypto its very outcome driven, and we get to be a lot more focused on being productive and delivering tangible results

ML | Satoshi Club: Yes, a lot of freedom here)

Lawrence – RAMP DEFI: Its a lot more risky for sure, but high risk high rewards 🙂

ML | Satoshi Club: Yes, risks:joy: we feel this every day
And thank you for introduction, are you ready for the questions collected from our community?

Lawrence – RAMP DEFI: Haha yes, and I hope the rewards too! 😂For sure, let’s do it! 🙂

Q1 from bitcointalk user let098765

Ramp Defi is partnered with Elrond, how is the partnership going on? Why choosing Elrond ,what is the best deal that you have for them? What is the win-win agreement to the both of you to have a good relationship to each other?

Lawrence – RAMP DEFI: Elrond has been a great partner, and has given us excellent support during this early stage period, which we are extremely thankful for. They have been fast to recognize the opportunities that RAMP’s solution to unlock liquid capital from staked assets is very meaningful for their ecosystem, investors and community.
The win-win situation is that Elrond can help us to drive adoption, as the community already trust the foundation, and we can help their investors and community get more efficiency on their invested capital.

ML | Satoshi Club: Do you have any other partnerships?

Lawrence – RAMP DEFI: Yes we do! One more shall be announced tomorrow, and many more, to be announced over the next couple weeks 🙂

ML | Satoshi Club: Tomorrow? You know, we like secrets here very much)

Lawrence – RAMP DEFI: Yes. Tomorrow haha

ML | Satoshi Club: May be you can give us a hint?)

Lawrence – RAMP DEFI: A very active blockchain with over 30m USD of daily trading volume. If you would like to see which other blockchain is partnering with us, can follow us in our telegram channel! Haha

ML | Satoshi Club: For sure:+1: thank you

Serg | Satoshi Club: https://t.me/rampdefiannouncement This one? 🙂

Lawrence – RAMP DEFI: Yes hahah

Irina K. | @satoshi_club: @ciupidos is preparing part 3 here :blush:

• 

Q2 from bitcointalk user k.muller

there is a feature to unlock staked capital on non-ERC20 blockchains. On what blockchains? what stacked capital are you unlocking?

Lawrence – RAMP DEFI: If you look at ecosystems like Elrond or IOST, there’s a lot of staked assets, from when investors purchase ERD or IOST, and well, put into staking. This is returning 5-10% a year, typically In crypto, that’s not a very high ROI. Especially in current times haha

So these assets represent capital that is inefficient. Potentially, you can switch these investment into higher yielding assets. Hence, there is opportunity cost. Once RAMP unlocks liquid capital from these assets, invstors have extra capital to invest, without needing to take more cpaital from the bank and still get to receive staking rewards, and own the underlying portfolio 🙂

Serg | Satoshi Club: Yesss, I can get 5% from a bank 😁

ML | Satoshi Club: Which bank? They offered me 1.3% last month:joy:

Serg | Satoshi Club: A good one 🙂

ML | Satoshi Club: it attracts! And what blockchains?

Lawrence – RAMP DEFI: All PoS blockchains can be done, although we are prioritizing those with high trading volume, large value of staked assets and friendly staking/unstaking periods. done 🙂

Q3 from Telegram user @dominiksss

You have terms such as Total Value Locked (TVL), and Total Value Unlocked [TVU]. What does this stand for and how does this work?

Lawrence – RAMP DEFI: Yup! So RAMP DEFI is very different from other DeFi projects. If you see many of the DeFi projects right now, they are competing with each other for liquidity, for the same dollar. And they measure it by Total Value Locked (TVL). You can see this on analytics sites like DeFiPulse. For RAMP its different. We see a huge amount of staked capital (USD22bn) already locked up in staked assets. And we want to extract liquid capital from it. Hence Total Value Unlocked (TVU) is how we measure the extra capital we are sending back into the broad crypto economy. We see it as a “blue ocean” strategy that grows the entire economic pie, rather than compete for liquidity 🙂

ML | Satoshi Club: Yes, do you have any competitors in this field? Nice strategy, already marked this book “to be read”:wink:

Lawrence – RAMP DEFI: Not really. We are pretty unique in that we are looking to make dollars flow in a globally connected liquidity network. There are a few other project that’s working on wrapping assets and creating synthetic asset derivatives like StaFi, but the creation of a synthetic asset derivative does not make value fungible, given that all assets have their own attributes and different value. We turn the assets into dollars (instead of just a wrapped asset), which makes it simple for value to flow.

ML | Satoshi Club: But for all assets you will have your own stable coin, am i right? Like eGLD?

Lawrence – RAMP DEFI: The staked assets will all come under a common stablecoin standard call rUSD. So suddenly value is very tradable and transferable. eGLD is a reverse token split of ERD so its somewhat different haha

Q4 from Telegram user @tv100029

Could you give me more details about Collateralization and Liquidation Design ? What happen when we choose to issue at a higher Collateralization Ratio ? How can $RAMP holders benefit from rPool ?

Lawrence – RAMP DEFI: Issuing at a higher Collateralization Ratio means that you have more buffer if the token price experiences big fluctuations. Otherwise if the token fluctuation is too big, liqudation may occur. This is similar to MakerDAO (liquidation of assets). rPool collects a small% of staking rewards from all blockchains, and also lending/borrowing fees generated, and distributes to RAMP token holders (who staked their RAMP tokens) on a regular basis. RAMP supply is fixed, so the more assets we unlock, the more absolute dollars are generated as revenue for RAMP stakers. So we are one of the few projects in the marketing with an actual business model haha

ML | Satoshi Club: So, users can loose their funds, am i right?

Lawrence – RAMP DEFI: Potentially yes. There are definitely risks involved when leveraging your capital and portfolio. It’s similar to margin trading, in a way.

ML | Satoshi Club: How many coins will ever exist?

Lawrence – RAMP DEFI: 1 billion is fixed. However, RAMP holders can stake to undertake governance, and choose how to manage supply (e.g. token burns, or inflation).

Q5 from Telegram user @Jhonathanch

What is the difference between Alpha, Betha and Delta pool? I mean, why are there three RAMP token pools? Also, why are these three necessary for the platform to be profitable and what is the function of each one? Thank you!

Lawrence – RAMP DEFI: RAMP focuses on a community participation model. The different pools are to incentivize users to participate in as many activities as possible within the RAMP ecosystem. You can farm Alpha Pool if you stake your assets through RAMP delegation contract. You can farm Beta Pool if you become an LP for RAMP. You can farm Delta Pool if you undertake lending and borrowing in RAMP. The more you participate, the more you are rewarded. So you can stack up all these yield streams, simply by being an active member of the RAMP network.

The key is that for liquidity unlocking to be kickstarted and to start flowing, there are key activities to be undertaken, and we have identified these activities and use different yield farming pools to incentivize participation.

ML | Satoshi Club: Yes, active community is one of the most important things) and i see that you are focused on it:+1: By the way, when do you expect Public Sale to increase your community?)

Lawrence – RAMP DEFI: Yes we are! 45% of the token supply is kept aside for farming, so its very community focused 🙂 We are working hard on getting the private sale out, and current estimates are for it to be held next week! Not entirely confirmed of course, until the release of our official Medium article that details the process 🙂

ML | Satoshi Club: Oh, it’s something like a small secret which we like here

Lawrence – RAMP DEFI: done 🙂 Specially for Satoshi Club. Hahaha

Q6 from Telegram user @getrichie

Do you have a glossary for all your terms and what do they all mean? rMint, rStake, eMint, eFarm and rFinance

Lawrence – RAMP DEFI: Firstly, we have productize the ecosystem. This is important because it makes us create specific products that provides specific outcomes towards liquidity unlocking, and not unnecessary technical infrastructure. As the liquidity network is cross chain, we have 2 sides of liquidity that we need to match: (1) liquidity from PoS network, with underlying being staked assets and (2) liquidity from Ethereum based stablecoins such as USDT and USDC. Hence there is rMint (non-ERC20) and eMint (ERC20), that mints out rUSD and eUSD. rStake provides the staking wrap function on PoS chains, and eFarm provides the stablecoin wrap function on Ethereum. And then rFinance matches the liquidity pools across chains, and let them merge/interact

• 

ML | Satoshi Club: And now are you ready for real storm of questions?:grinning:

Lawrence – RAMP DEFI: Lets go! hahaha

Part 2 — live questions from the Telegram community

Q1 from Telegram Username @Gaurav1444

I follow @RAMPDEFI ever since I heard it and I know you are doing many AMA’s in different groups in Telegram. So how did AMA helps your platform and what is the positive effects? What is the good result that it brings to you?

Lawrence – RAMP DEFI: Thanks for this question, and I think u hit home with this question. We have done over 15 AMAs since last week, in both Chinese and English. Our community is very important for us, and AMAs is the most direct way for us to connect and provide the education for users. It’s the hard way out as it’s time intensive, and we don’t add many users each time compared to say, using bots or more “scalable” methods. But the benefits are that most members inside our community actually know what RAMP does, and display understanding of what we are doing and looking to achieve, so we see that as a big win 🙂

Q2 from Telegram Username @mrbitcoi

Tell us about your plans for 2020, what are you currently working on, and are you going to expand the list of big exchanges?

zr | RD: Our immediate priority is development and rolling out all the critical features. We’re doing this concurrently as we run our public sale.

Q3 from Telegram Username @sinahanna32

Many blockchain projects and DeFi applications won’t exist in 5 years, because there is no long term source of revenue. Or often any short term source of revenue! How about $RAMP AND can u explain more and more your vision and mission?

Lawrence – RAMP DEFI: We have a revenue model in that a % of staking rewards and loan fees generated accrue and are distributed to stakers RAMP tokens.
Which makes us very different from other projects. RAMP is not a zero sum game 🙂

Q4 from Telegram Username @yzmoney

What is the realistic target for the Total Locked Unlock in your project for it be sustainable?
You are only raising usd 1 million from private and public sale, how long can this sustain the project?

Lawrence – RAMP DEFI: Very sustainable as we 1) expect to power the creation of a revenue stream for our users and team and 2) many PoS blockchains are providing us with grants to build RAMP in their ecosystem, and also actively market RAMP to their communities.
So because of this huge product-market fit, we get lots of support, and don’t require that much capital. Which means we can launch with a low market cap, and leave more token upside value for public investors to benefit from 🙂

Q5 from Telegram Username @iam12312

Building the Ecosystem & Network is always a challenge, Isn’t it?
How will Ramp deals with it?

zr | RD: The short answer is we work with investors, partners and foundations to utilize what has already been accomplished so that we can focus on the parts that require additional attention. We would likewise be leveraging on our partners as we look to build up our ecosystem and network.

Q6 from Telegram Username @yuno_02

What do you think is holding the DeFi space back? What is preventing the mass adoption of DeFi products?

zr | RD: We believe that with fastest TPS speeds and much much cheaper gas fees, more innovative products and projects would be able to be built in the DeFi space.

Q7 from Telegram Username @Maksyrn

How to keep motivation of staking cryptocurrency on the RAMP DEFI?

Lawrence – RAMP DEFI: Three main utility cases, and all require staking:
1) governance. Users participate in governance and are required to stake tokens if they want to raise proposals or vote.
2) revenue model as described earlier. You get passive income rewards distributed to you, if you stake.
3) farming power. Users who stake RAMP farm at higher efficiency compared to users who don’t. This rewards hodlers commitment to the ecosystem.

Q8 from Telegram Username @konditer_rolex

Your partner IOST launched the defi support program with $ 6 million. Are you involved in these funds? I would like to know about your interactions with this and other partners

zr | RD: We are invested by IOST Foundation and the first project in their NOAH fund 🙂

Q9 from Telegram Username @niko518

If Ethereum has high gas fee now. Why did you still use Ethereum blockchain when you want to solve best allocate capital for profit maximization?

Lawrence – RAMP DEFI: The reason why we bring liquidity to Ethereum is that most of the current liquidity is on Ethereum. USDT, USDC. All the fiat backed stablecoins are largely Ethereum based. BUSD also has a erc20 version. For value to interact, we have to bring the liquidity we have extracted to where other liquidity is

Q10 from Telegram Username @Nickkiii

How does RAMP Staking work and what is the minimum requirements for Staking, also what benefits come with staking ?

Lawrence – RAMP DEFI: No minimum RAMP or unlocking period needed. the benefits have been explained earlier, but the early plans for RAMP is to be as user friendly as possible 🙂

Part 3 – Quiz Results

In the final part we would like you to check your knowledge in terms of RAMP DEFI. They’ve prepared 4 questions for this part, so everyone could be a part and answer. All the correct answers you will find at the bottom of this Recap. Enjoy!

Q1

What is the initial Minimum Collateralization Ratio (MCR) for staked digital assets?

a) 100%

b) 120%

c) 150%

d) 200%

Q2

Name a partnership we have recently announced.

a) IOST Foundation

b) Elrond Network

c) Moonstake

d) All of the above

Q3

What does TVU stand for?

a) Total Value Unlocked

b) Total Volume Unlocked

c) Total Value Unlimited

d) Train Vehicle Unit

Q4

What solution does RAMP DEFI offer?

a) Unlocking staked capital on non-ERC20 blockchains

b) Solve issues relating to high gas fees

c) Buy and sell Bitcoin easily

d) Trade futures with up to 200% margin

Answers

1. d) 200%

2. d) All of the above

3. a) Total Value Unlocked

4. a) Unlocking staked capital on non-ERC20 blockchains

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:

RAMP DEFI Community: https://t.me/rampdefiofficial

Welcome to another exciting chapter of Satoshi Club AMA series. Today we would like to tell you about the AMA session with our friends from LEVEL 01. The AMA took place on August 29 and our guest was the founder, @jonloiyk.

The total reward pool was $600 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: Hello dear community! Our guests today are from @level01io Welcome!

Irina K. | @satoshi_club: Hi everyone and welcome to another day of AMA’s on Satoshi Club.

J L: Hi everyone!

Irina K. | @satoshi_club: Hi Jon, thanks for joining us. For a starter, please tell us a few words about yourself.

J L: Thanks Irina, hope everyone is well too. I’m Jon and founder of Level01. It’s a decentralized platform for derivatives.

Serg | Satoshi Club: Can you tell us a bit about your background?

J L: Have been in product development for more than 15years, mobile technology and recently 3 years in decentralized finance.

Serg | Satoshi Club: How was the switch from mobile technology to decentralized finance?

J L: I like to hands on with the projects I’m working on. Mobile tech to DeFi was a new thing, as the field is also relatively upcoming. However, my background is computer science so the important thing is to have good team/consultants for the finance part.

Serg | Satoshi Club: Yep, usually a good team makes the differences. the more brains involved, the better.

J L: We have a strong team of developers and quants. Advisors are from Thomson Reuters, now Refinitiv.

Q1 from Bitcointalk User linderm

Level01 is an exchange which is both centralized and decentralized. How did you implement that? Is it like Binance and Binance Dex? do you have your own chain for the dex or it operates on an existing blockchain?

J L: Level01 allows trading of derivatives contracts, and settlement is on the Ethereum blockchain. We do not focus on spot asset trading which involves only cryptocurrencies, but rather derivative contracts trading which allows users to trade the underlying asset, in markets like forex, commodities as well as cryptocurrencies.

Serg | Satoshi Club: For those who read and don’t know, can you explain a bit about derivatives?

J L: Derivatives are a multi-trillion industry. Derivatives are contracts between parties that represent rules/agreements of settlement between any party regarding the price/market movement of any underlying asset.

Irina K. | @satoshi_club: Sounds like a perfect fit with smart contracts.

J L: So in layman terms, an agreement of, example: what Bitcoin price will be like 1day from now.

Serg | Satoshi Club: I think you explained very clearly for people who didn’t know what that is. Thanks.

Q2 from Bitcointalk User yongthanyee01

I was reading the disclaimer on your website https://level01.io/download-apk-2/ that state. All settlements are conducted on Ethereum Ropsten (Testnet) as is the hosting of in-app blockchain wallet…. So my question is the wallet app is still in testnet mode? If yes, what is the timeline to mainnet deployment?

J L: Currently the Google Playstore version is in testnet (demo) mode for users. We have deployed mainnet versions to various trading groups to gather feedback. The mainnet version will launch on 10/10 (OCT10).

Serg | Satoshi Club: what’s the feedback so far? Btw, on that date is the birthday of my mother. 😁

J L: Generally good, some adjustments required to accommodate the increase in Ethereum gas costs. Great, will remember to wish her. 😀

Irina K. | @satoshi_club: That’s interesting. How do you plan to handle the high fees on the network?

J L: We will deploy a solution to offload certain parts of the settlement to private side chains. The main settlement will remain on the main network.

Irina K. | @satoshi_club: And as a result the price will be lower, right? Gas costs I mean.

J L: Yes, our gas cost will be lower and we can sustain the whole system.

Serg | Satoshi Club: Interesting why uniswap or other similar dex don’t do that?

J L: Users pay gas cost for Uniswap.

Irina K. | @satoshi_club: Yeah, but a lot of the times high gas costs discourage small users. It’s a good thing that you’ve thought about that. Who is your ideal customer by the way?

J L: We’re open to both single users, and institutional users. There is no limit to contract size.

Q3 from Telegram User @gruvv

Tradeline, within the Level01 App, is the platform’s native method of instreaming assets from a user’s private wallet into the platform to facilitate and fund trades. What do you mean by instreaming assets from a user’s private wallet? Do you have access to them?

J L: The Tradeline is an integrated smart contract escrow system linked directly to a user’s wallet, and can only be accessed by the user. The Tradeline ensures both parties of a p2p options trade will not default halfway through the trade. This is important because the platform is decentralized and has no control over a user’s wallet. Example: Bad actors might withdraw all funds before a trade maturity and default.

We do not have access to a user’s Tradeline. It is a special smart contract which secures funds on behalf of the user and communicates this with another trading counterparty

Irina K. | @satoshi_club: Can you share if the smart contract is public? Can it be audited by those interested? Or maybe it would help if you could elaborate how Tradeline works/ operates.

J L: It will be audited by very reputable parties. User allocates a quantity of funds that he wants to use for trading into the Tradeline. The funds can then be used by the system to create contracts or buy contracts. The Tradeline funds never leaves the users control until it is used to create a trading contract, or buy a contract.

Irina K. | @satoshi_club: This will increase the trust of the community in it.

J L: Yes, this will be announced to public, along with results of the audit.

Q4 from Telegram User @hadrianus14

I see that you are not only a crypto exchange but also other things as well. Can I trade Oil, Tesla, Gold? What would be the fees? When was the oil crisis for example, there were exorbitant fees for oil trading on etorro.

J L: Yes you can trade all supported markets on the platform, not just cryptocurrencies. The platform derives commissions from the contract value, and both traders pay 2%. Fees are halved to 1% when using LVX to denominate trading contracts. Example for a $100 contract, issuer will pay $2 for fees and person that buys the contract will pay $2 for fees. This becomes $1+$1 when using LVX.

Serg | Satoshi Club: I know that on forex/etorro there are daily fees for keeping a position open. Do you have such things? or this kind of trading is not available on Level01?

J L: There is no holding fee for our trading contracts. There is a specific maturity to the contract so the settlement date is known. I think this applies to perpetual contracts, which settlement time is unknown.

Irina K. | @satoshi_club: But it can be closed before the maturity date, right?

J L: The contract cannot be closed before maturity, because you’re matched with another person p2p and not the platform which can act as a market maker. We will however provide the capability to resell the contract (with some discount) to another person in a secondary market.

Serg | Satoshi Club: Would it be possible to resell it infinite times or only the second time?

J L: Once you sell it, you no longer hold a position in the contract.

Irina K. | @satoshi_club: I have one more question regarding this. The fee of 2/ 1% is fixed? Or it changes based on the amount of traded value?

J L: It is based on the total notional value of the contract. A contract has a fixed total value when issued.

Irina K. | @satoshi_club: But it stays at 2% or 1%, no matter if the notional value is 100$ or 100k$?

J L: Yes it stays the same.

Q5 from Telegram user @nyo_cant

P2P trading is a well-known tool, but this is the first time I read about P2P options trading. How will it exactly work? What are the terms for users wanting to set a P2P agreement for options?

J L: In the App, first you select a market that you want to create the option in (example: Gold). Then you create the option contract by defining the parameters such as expiry, strike, buy/sell direction and total value of the contract. The contract will then be issued into the market for traders to buy. Counterparties take the opposing side of the trade.

Q6 from Telegram User @Jonahapagu

Level01 uses an Artificial intelligence algorithm known as Fairsense can you explain how this algorithm works and how it benefits Traders using Level01?

J L: FairSense provides real-time risk/reward probabilities for the user when they are creating or buying a contract. FairSense balances the price of the contract so that when someone buys a contract even after some time has passed and there is market movement, both parties are getting the fair value of the contract according to the current price during matching.

Means if the contract has been unmatched for let’s say 5mins, and the market price moves against you, the buyer has to pay more for the contract and will also get less profit.

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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 guest chose some of them.

Q1 from Telegram User @kaltumia

As a community driven project; how can I contribute my quota to your success? Do you have a Global Ambassadorial Program or Referral Reward System? Do I get any benefit from holding $level01 in long-term?

J L: Yes we will have upcoming ambassador programs, pls contact level01 telegram admin for application details. Our platform and indeed all defi projects specialize in creating opportunity for the masses. Holding level01 token (LVX) is a choice for any upcoming wealth creation opportunities because of its usefulness to traders.

Q2 from Telegram User @jobel4

Can you explain more about the peer to peer decentralized platform without having a Middleman in Level01? What is the process and structure? What is the pros and cons?

J L: The pros are that users get the most profit margin, safety and transparency because all parameters including data sources are transparent and auditable.

Q3 from Telegram User @lampung21

Is Level1 supported worldwide? Does this mean that anyone from any country has an account at Level1 and how to deploy your project to both cryptocurrency and non-cryptocurrency users?

J L: Yes Level01 is supported worldwide, with the exception of certain minimal restricted countries. We will have fiat onramps because currently that is required by users not familiar with cryptocurrency, so they can use their cards to onboard the platform.

Q4 from Telegram User @Nickkiii

I’m a developer, and I’m interested in contributing to Level01, do you have any Bug Bounty to check for vulnerabilities on your platform?

J L: Level01 is a growing ecosystem and all feedback is welcome. We do not as yet have an establish bug bounty program, but will welcome all proper and helpful feedback with special incentives.

Q5 from Telegram User @abowhasebe

What is LVX and its use on the Level01 Exchange?

J L: LVX has is designed to have special integration with the Level01 platform. It provides constant liquidity for LVX denominated trading contracts, halves fees, supplements Tradeline gas costs, and will be used to host trading rooms in the future. We will eventually also have staking mechanisms for LVX.

Q6 from Telegram User @Albert3990

I see in the site the Level01 App will only accept LVX, ETH and stablecoins (USDT/TUSD/DAI). Have any perspective to insert more coins and tokens in the next days?

J L: Yes we will gradually be adding more stablecoin options in the near future. Currently looking at DAI and TUSD.

Q7 from Telegram User @Jackluckysomuch

What are LEVEL01 plans to grow internationally, what are you currently focused on, developing or listing more markets, or creating your ecosystem or marketing and partnerships?

J L: We are currently focused on product development and building more markets onto the platform. marketing efforts and major partnerships are also underway. These partnerships are part of our ecosystem and helpful for all users of the platform.

Q8 from Telegram User @Gejwany

What is the structure of the company, is it a decentralized, open sourced protocol where everybody can contribute? If so, how does the governance plan on being handled?

J L: The company is a private holdings company, with the platform itself transparent and decentralized. This structure is optimal for the product because everyone is contributing to the project in a managed and structured development manner.

Q9 from Telegram User @YasueSama1

How does yr order book handle flash crash? If d price is 100, and I place a stop loss at 80. And it crashes to 10. Will my stop loss be executed? Say market crash in 15 mins.

J L: The platform is currently not dealing with spot trading, rather you create an option contract with specific parameters and await settlement of the contract. Upon contract maturity if the market price is in your favor, then you profit.

Q10 from Telegram User @captinbro

Can we monitor all transactions on the #level01 infrastructure and off-chain? Is it possible to monitor user transactions on the network? How do you ensure privacy and anonymity?

J L: Yes it is possible to monitor transactions on the Ethereum blockchain through appropriate blockchain explorers. This is to ensure transparency and users retain their privacy. Nobody knows the origin of ownership of the wallet(addresses).

Q11 from Telegram User @aturinarrsh

Currently your app is only available on Android, are you planning to launch it on iOS and add some new functionality?

J L: We will launch Android and then web-based version. iOS users will be able to use the web-based version. The iOS App will be launched after.

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PART 3, QUIZ AND INFO

As usual, for the third part, Satoshi Club Team asked the chat 4 questions about LEVEL 01. A link to a Quiz form were sent into the chat. Participants had 10 minutes to answer. 300$ were distributed among winners.

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

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

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

Website: https://esatoshi.club/

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Level01 DeFi platform: https://t.me/level01io