Part 1: 250$ /12 users – We’ll select 12 questions from the community. A user can post maximum 3 questions. 12 Questions will be selected from our website – please submit your questions in the comments section of this post.
Part 2: 250$/15 users – Open chat for 80 seconds. You can post Max 5 questions. Mercurity Team will select 15 questions and answer them.
Part 3: 1000$ – A quiz about Mercurity
For more details: Mercurity – @Mercurity Satoshi Club – @satoshi_club Russian – @satoshi_club_ru Spanish – @satoshi_club_spanish
Part 1: 150$ /6 users – We’ll select 6 questions from the community. A user can post maximum 3 questions. 6 Questions will be selected from our website – please submit your questions in the comments section of this post.
Part 2: 150$/10 users – Open chat for 80 seconds. You can post Max 5 questions. Yield Team will select 10 questions and answer them.
Part 3: 500$ – A quiz about Yield
For more details:
Yield – @yieldapp
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish
Today we would like to tell you about the AMA session with our friends from SandBox. The AMA took place on October 29 and our guests were Sébastien Borget (COO and Co-founder), Amy and Joseph Madding.
The total reward pool was 800$ and was divided into three parts. In this AMA Recap we will try to summarize some of the most interesting points for you.
PART 1, INTRODUCTION AND COMMUNITY QUESTIONS
Mary | Satoshi Club: Hello, Satoshi Club! We are happy to
announce our AMA session with Sandbox! Welcome to Satoshi Club.
Sebastien |
Sandbox.game: Hi everyone. Nice to meet you!
Mary | Satoshi Club: Please, could you introduce yourself
and tell us how did you start with Sandbox.
Sebastien | Sandbox.game:
My name is Sébastien Borget, I am the COO, co-founder of The
Sandbox (http://sandbox.game).
I’m 35 years old and this is my 4th company, the 3 previous
ones have been acquired. I was involved in peer-to-peer technology, mobile
gaming and cloud media streaming.
Then at the end of 2017, we have been interested in
blockchain technology and especially NFTs, and we found combining it with the
User-Generated Content made by the Sandbox players would be the perfect match. I
am also the president of the Blockchain Game Alliance, a non-profit
organization with 150+ members from the blockchain & gaming industry. (www.blockchaingamealliance.org)
Mary | Satoshi Club: Nice to see you. You have amazing background 😀
We like NFTs and games also and our community is excited to see your answers
for their questions. 😀
Q1 from Telegram User
@aldrinkira
As a gamer, what are the famous games in
sandbox that I can play? (can you recommend some?)
Sebastien |
Sandbox.game: We have announced the first games made by the teams and
indies who have been selected into our Game Makers Fund, we have 17 games
already announced, you can find some of them in the following twitter thread: https://twitter.com/TheSandboxGame/status/1315650070403059713?s=20
D. | Satoshi Club: Great!
👍 your games only for PC?
Sebastien | Sandbox.game: At the moment it is available for PC and
MAC, we haven’t yet launched for players, the public beta is scheduled for
December.
In THe Sandbox platform, we have
launched several products in Alpha or Beta already.
The Sandbox metaverse invites
players and creators to
Make NFTs with VoxEdit #Voxels
Sell and Trade them on our #Marketplace
Create fun games with our #GameMaker
Play, Stake & Earn $SAND #Crypto
Play & Create with huge IPs and Brands
The Sandbox is an ecosystem for
Players and Creators, consisting of three main components: a Voxel Editor
(named “VoxEdit”), a Marketplace, and the Game itself.
These 3 main components are:
– First VOXEDIT: it is a 3D
modeling and animating package that allows users to create and animate 3D
objects such as people, animals, foliage, and tools. = our NFT maker
– Then the MARKETPLACE: it allows
users to upload, publish, and sell their ASSETS made in VoxEdit, as
Non-Fungible Tokens (Both ERC-721 and ERC-1155 tokens).
– And finally the GAME MAKER: it
allows players to build 3D games for free. With the help of pre-assigned
behaviors and visual settings, no coding knowledge is required.
So the only missing part now is
the Game Client part. You can already make your avatar and join on http://avatar.sandbox.game
Joseph madding: Later in our development we will be focusing on
adding in Mobile to expand the player base, and Consoles as well! Have a look
at our roadmap for more details on the release of these platforms: https://www.sandbox.game/en/roadmap/
Q2 from Telegram user @PaoloMonte87
I’ve read that I can create my own games and assets via the tools you
provide and share them to other players on the SandBox Universe and even profit
from the asset sale! Do I need to know how to code to use these tools and, if
so, which programming languages do I need to know?
Sebastien | Sandbox.game: You’ve read right 🙂
The promise of The Sandbox platform is indeed to empower players & creators
through the use of NFTs and blockchain technology, so you truly own your
creations and can indeed sell them, trade them, exchange them with others users
and also on the marketplace or other marketplace. One of The Sandbox unique
strengths is indeed our focus on gaming – this is the main background of our
team, where we have the most expertise and a key differentiator with other
decentralized virtual worlds.
Mary | Satoshi Club: You have everything in one place 😃
Sebastien |
Sandbox.game: Our tools enable us to create games and all sorts of
experiences without any programming knowledge, it’s all drag and drop — no
code!
Amy: That’s the
true beauty of our product, everyone can use it with no coding knowledge, even
your little one 😉
D. | Satoshi Club:
Do i have to download some soft from your site to able to make those NFTs?
Mary | Satoshi Club: What
else i will need? Do i need to have some Sand tokens to use this tools?
Amy: Both of these are completely free to use! No in-app purchases
of any sorts but do note that to mint your ASSETs (to put them on sale on the
marketplace) you’ll need to own some $SAND and be a LAND owner to publish your
game experiences – or rent a LAND from one at least.
Sebastien | Sandbox.game: Owning SAND and using SAND tokens will
allow you to interact with the platform in various ways.
$SAND is now listed on Binance,
Huobi, Poloniex, Upbit, Crypto.com, WazirX, WBF, Latoken, TokoCrypto and MXC
and it ranks in Top 200-250 tokens on CoinMarketCap and CoinGecko.
$SAND will enable players to
create, play, own, govern, trade and earn within The Sandbox virtual world
gaming platform. It is the ERC-20 token that will be used all across The
Sandbox metaverse.
$SAND tokens have the following
utility on The Sandbox platform:
1/ Medium of exchange: Players can
potentially collect SAND through gameplay, and subsequently spend $SAND to play
games, purchase equipment, or customize Avatar characters. Creators can spend
SAND to acquire ASSETS and LAND. Artists can spend SAND to upload ASSETS to the
Marketplace and buy GEMs for defining item rarity.
2/ Governance: $SAND allows holders
to participate in governance decisions. SAND owners can vote themselves or
delegate voting rights to other players of their choice.
3/ Staking: Users can stake $SAND
tokens to earn rewards, as well as GEMs and CATALYSTs for ASSETS creation.
And of course, users can earn $SAND
by participating in the platform. Every user contributes to value of our
ecosystem.
How can you earn $SAND by creating
and playing?
Selling ASSETS: Users can create and sell ASSETS
as NFTs on the marketplace
Owning a LAND: Buy a LAND in one of the LAND
sales. Players can then either rent them or populate them with content to
increase the LAND’s value.
Building Games on the Game Maker: Creators can
build and monetize games using the Game Maker on the LANDs that are owned by
players.
Playing and participating in the game: In the
Game, not only can creators profit from their creations, players can
play-to-earn by collecting resources, rewards, and tokens.
Q3 from Telegram user @Karasakall
I
am excited about the many partnerships with Sandbox. There are several
well-known game developers like Atari and Paladin Studio. Will the games run on
your platform?
Amy: To date, The Sandbox team has secured over 60 partnerships
from major brands such as Atari, Care Bears and Shaun the Sheep and
award-winning mobile game studios. Partnerships include top decentralized games
such as MyCryptoHeroes, Axie Infinity, and industry partners such as Matic,
MakerDao, Klaytn, OpenSea, Bitski, Dapp.com, and DappRadar. Some of these
partners will recreate games from their renowned IPs such as ATARI with their
games Roller Coaster Tycoon, Asteroids and Pong that will populate several
ESTATEs across the metaverse they will also create a theme-park like universe
based on a variety of their game titles.
Shaun the Sheep will build a new
version of their Mossy Bottom Farm as well faithful renditions of the
Cryptokitties identity. Others will create unique ecosystem that our
communities could bond over like Sandbox Networks the second largest MCN
company in Korea, racing games (Battle Racers, Axie Infinity), or simply work
towards improving decentralized exchanges together (MakerDAO, Metamask, Matic,
OpenSea, DMarket, Opera, Gitcoin or Status.)
And….. last but not least we can
also count on partners like Square Enix (with their valuable portfolio of IP,
including: FINAL FANTASY, DRAGON QUEST, TOMB RAIDER and many others) that
participated in an investment round into The Sandbox last year.
Sebastien | Sandbox.game: On these LANDS, a 3D voxelized version of
the forest home of the Smurfs, Smurf Village, will be made available for
players to explore when The Sandbox publicly launches later this year, complete
with Smurfs-themed environment, attractions, games, and buildings with which to
interact. Players will be able to play and create games with their favorite
Smurf characters such as Smurfette, Papa Smurf, Azrael, or Brainy Smurf.
Furthermore, IMPS and The Sandbox have the right to produce and distribute
Smurfs-inspired collectible in-game ASSETS for game creators to use in their
own games, tokenized on the blockchain as non-fungible tokens (NFTs).
Q4 from Telegram user @beratToker
Why
do we need a blockchain for Sandbox? We already know that games like Fortnite
has marketplaces where people can trade different items/staff? Why you need a blockchain
infrastructure in your case?
Joseph Madding: Great question! Blockchain allows users to have
true digital ownership. 😀
Our multiple ERC technologies will
give true ownership of your assets to you as a game designer or collector. This
appeals to players and creators alike. When we add in our free Game Maker,
VoxEdit asset creation tool, and the Marketplace, we build an amazing creative
pipeline for our players to become our creators, and for creators to reach an
audience that is highly engaged with and interested in NFTs. With The Sandbox
ecosystem, players can see true ownership, scarcity, and monetization value as
easily as a developer can see the potential. Combine this with the popularity
of Voxel games and we see a bright future!
The beauty of the Blockchain, and
NFTs is that you can know that you bought Smurf #20, and you can always verify
that it was the 20th Smurf NFT created. If you ever sell or transfer your Smurf
#20, you can see who owns it later if you want to try to purchase it again! Of
course we can see how this is advantageous to any creators who want to create
new unique assets, as they can Mint NFTs in limited quantity with the same
advantage of traceability. 🙂
Sebastien | Sandbox.game:
We’ve been living and playing games
that are just centralized walled gardens our whole life, all the contents there
is virtual, perishable, consumable, never truly yours. You may thinkg this is
right because it is the only model you have grown up accustomed to, but it
doesn’t mean there can’t be a better model where players own and participate to
the economy of the game through its ownership. That’s where we are really
disrupting our competitors Minecraft and Roblox and offering a new USP.
Mary | Satoshi Club: Do you think that a lot of gamers really care
about ownerships? I am really interested if you made some polls to know their
opinions?
Joseph Madding: As a small sample size, my daughter and all of her
friends are ready to make the transition away from Roblox into The Sandbox
because – as she says – when you buy “Robux”, you can’t do anything
with the token if you have extra, and you can’t sell the things you buy back
for Robux. With SAND and NFTs, we change how gamers buy, sell, and own assets
forever.
Q5 from Telegram user @kocamanOmer
Is
the Sandbox platform only used for gaming? Are there any other areas where you
think sandbox tools would be used?
Joseph Madding: One great example of how you can use our tools that
isn’t gaming – Art Showcases. Users have requested ways to showcase animated
GIF images in-game, as well as JPG and MP4, and we will have these features
available. Of course you can showcase your VoxEdit NFT arts as well.
Mary | Satoshi Club: Btw, you also have liquidity mining on your
platform now) right?
Joseph Madding: Right now we have a liquidity mining program
available at staking.sandbox.game
for those who have invested in the Uniswap SAND-ETH Liquidity Pool, yes. 🙂
This is a special event Liquidity Mining stake, designed to
reward our early adopters. We will have Staking available with GEM and Catalyst
rewards coming in the future. 🙂
Q6 from Telegram user
@mundarain
I have read that
SandBox uses DAO mechanisms for its governance system, how do these DAO
mechanisms work within your governance system and what power do they give to
its participants?
Sebastien |
Sandbox.game: Yes that is right, we want SAND to be a governance token and
will put in place a DAO to enable SAND holders to participate and vote in
future decisions of the platform. Our goal within the next 5 years is that
$SAND will be owned 100% by players, and us as the platform we will continue
developing services for the community, while owning 0%.
Governance will progressively remove the Control from our
Company towards the community based on token holding.The Community of $SAND
holders will be able to participate to Governance decisions of the platform,
using a DAO structure, where they can exercise voting rights on key elements. $SAND
owners will be allowed to vote themselves or delegate their voting rights to
other players of their choice and it is an important point on governance.
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 @Jmagsss
Can the games be available on
mobiles?
Sebastien | Sandbox.game: Mobile is on our Roadmap for 2021.
We want to enable to play games also on smartphones and tablets.
Q2 from Telegram User @KevSalom
I’m curious, being
Sandbox a project that already has so much authority in the market, and that
has already exceeded 70 million downloads since 2018, why do you carry out
activities like this AMA? Generally it is done by new projects, I understand.
Joseph Madding: The
Sandbox, in its current version is the first on-chain game and game development
platform from our team. In the past, we’ve seen loads of success with The
Sandbox: Evolution and other titles on mobile, and we will leverage our
experience to bring you a great platform!
Also, we’re never finished expanding, and we love our
community! In the coming years, we want to continue to show the world why we’re
a great company. Because of our growth mindset, all of our users and community
developers will always have a fresh new set of eyes looking at their content.
🙂
Q3 from Telegram User @zaferce
Sandbox announced a
partnership with the Mobox Platform and ChainZ Arena. Under this partnership,
how will Mobox participate in the Sandbox ecosystem and what are the details of
the partnership?
Sebastien |
Sandbox.game: Thanks for following our recent news! Mobox will own an
ESTATE on The Sandbox platform. Mobox will also be accepting our $SAND token on
their multicurrency platform.
Q4 from Telegram User @lopyou01
How do you introduce
the blockchain world to gamers? while
gamers are blind to the blockchain world.
Sebastien |
Sandbox.game: We are creating an appealing gaming metaverse that aims at
attracting all types of people: young & old players, casual & pro
gamers, newbie creators & professional artists. Making a game that is fun,
visually appealing and has good mechanics so you want to stay and keep playing
it for a long time is our priority.
Players will not come for the technology, but for the fun
and the experience. Then they can benefit from the advantages offered by our
decentralized model, collecting tokens, earning rewards and being able to trade
game items, their creations, lands etc
Q5 from Telegram User @friendwithoutr
Serious rate of
children at an early age are in the Game World.
Sometimes we see that children lost their lives due to this sector. Do
you think that you are trying to prevent the negative impact of game industry
on children? (If yes, how? If no, why?)
Joseph Madding: The
Sandbox is a unique experience. Within the Metaverse, thanks to the Marketplace
and our use of Blockchain technology, we are more than a game. Gamers can
create art with VoxEdit. Those artists can mint their art into NFT assets and
sell those assets for SAND. This SAND can be traded for USD. Now the young
gamer is an entrepreneur! Another gamer could come to the Metaverse to play,
then create a game and publish it on LAND and charge for access or cosmetics.
Now the gamer has become a game developer, very easily!
Q6 from Telegram User @zaferce
Sandbox announced a
partnership with fiat infrastructure provider Simplex. Can we buy SAND tokens
with credit or debit cards within the framework of this partnership? How do you
evaluate the partnership?
Amy: You will
indeed be able to purchase our $SAND token via this partnership. This helps our
mainstream community by easening the adoption process once more. It is one of
the latest step we took towards that goal.
Q7 from Telegram User @youfig
How do you plan on
getting your platform adopted and been put to use in daily use by gamers?
Sebastien |
Sandbox.game: Then, besides make a great game – we have a clear growth
strategy, based on:
Partnering with content companies to onboard
well-known IPs.
Conducting LAND token sales to promote the
generation of user-created content.
Conducting AMAs to educate the community.
Constantly engaging with the public on social
media channels.
Marketing and User Acquisition to gamers, which
we have experience with since we have been 8. years in the industry of games.
Through the brands and their fans, we can reach mainstream
gamers and creators through their favorite brands. Bring leading gaming Brands
& IPs and leverage on those key brands building great experiences as well
as trust.
Q8 from Telegram User@Alison_m2000
Sandbox Global project
or not? I’m from South Africa so, Can I join your platform? please explain. I
have most Friends for incited for your project…
Joseph Madding:The Sandbox is absolutely a Global project.
We have servers for multiplayer connectivity on multiple continents and we’re
expanding every day. 🙂
Q9 from Telegram User @Mohitku1
What is your thought
on NFT market? Can we sell Sandbox NFT?
Sebastien |
Sandbox.game: We’re proud to be a strong advocate for NFTs and one of the
pionneers in the space. And seeing NFT market now growing to over $1M worth of
NFTs traded per day, with The Sanbdox among the top projects in the top 5-10
most traded NFTs.
Q10 from Telegram User @BlancaSdF
Sebastien |
Sandbox.game: Yes of course, but it goes beyond just influencers.
Q11 from Telegram User @konditer_rolex
I have a Binance
account for a long time and am familiar with the Sand token. But it seems to me
that the target audience of your platform is still not traders. Is it possible
to buy a token inside your platform using credit cards? Or other ways of
acquiring resources for people who are not familiar with cryptocurrencies?
As usual, for the third part, Satoshi
Club Team asked the chat 4 questions about Sandbox. A link to a
Quiz form were sent into the chat. Participants had 10 minutes to answer. 400$
were distributed between the winners.
For more information and future AMAs, join our Social Media
channels:
Today we would like to tell you about the AMA session with our friends from DeFiat. The AMA took place on October 31 and our guests were @quantsoldier @GramCustodian @stupid_defiat.
The total reward pool was $1500 and was divided into three parts. In this AMA Recap we will try to summarize some of the most interesting points for you.
PART 1, INTRODUCTION AND COMMUNITY QUESTIONS
Mary | Satoshi Club: Hello, Satoshi Club! We are happy to announce our AMA session with DeFiat! @quantsoldier @GramCustodian @stupid_defiat welcome to Satoshi Club😀
QuantSoldier: Hey guys! DFT is ready to go, excited to do this AMA with you guys!
Mary | Satoshi Club: You are welcome 😃
stupid [ DeFiat ]: Hey guys
Gold Rocket | Satoshi Club: Hi everyone, welcome to another episode of our AMA series Our AMA today is with DeFiat
Gold Rocket | Satoshi Club: @quantsoldier @GramCustodian @stupid_defiat hi there!
Mary | Satoshi Club: Hi, happy to see you here)
Gold Rocket | Satoshi Club: Welcome guys and thanks for joining us.
Gram Custodian: Hi everyone thanks for having us!
Mary | Satoshi Club: So, if you all are here with us could you please introduce yourself and tell how did you start with DeFiat project?)
stupid [ DeFiat ]: Let’s start with our new recruit: @GramCustodian ?
Mary | Satoshi Club: Let’s start😃
QuantSoldier: Hi again Satoshi Club, I am QuantSoldier and I work on DeFiat’s frontend and smart contracts. We started DeFiat after seeing so many rug pulls in the DeFi space. Our goal was to become the “good guys” of DeFi. DeFiat is a platform for a variety of DeFi services and we want to continue expanding our offerings.
Gram Custodian: Hey there, so I started as as an advisor to the project back when we were first tossing ideas around, more recently (Monday) I joined more formally to help with marketing. So I come to the team as both a community member interested and now most recently as a team member
Mary | Satoshi Club: Yes, this space definitely needs ‘good guys’)))
stupid [ DeFiat ]: I am “stupid” (yes…) the solidity dev. As Quant said, 2ND is a new product into the DeFiat ecosystem, targeting rugpulls and trying to help people who got scammed. Gram was instrumental in the concept refining and promotion. We are glad he’s here
Mary | Satoshi Club: Team grows)))
QuantSoldier: We also wanted to create something more sustainable than the many farming food coins we saw getting so much traction in the space. DeFiat is deflationary by design and has cyclical tokenomics built into the token to return rewards to stakers.
Mary | Satoshi Club: “Stupid” and dev, it’s not possible 😂
Gram Custodian: many hands make (lighter) work 😉
stupid [ DeFiat ]: I’ll get into the details of why 2ND is unique “as a farming coin” later in the convo. (trust me @madamlobster … it’s possible… when you see the code of these rugpulls sometimes… you wonder)
Mary | Satoshi Club: Agriculture?😉
Mary | Satoshi Club: I need to start learn this😂 but yes, may be you are right) i see a lot of mmm… liers in crypto and not all of them were clever)
Mary | Satoshi Club: Thank you, guys, for your intros👍 i think we can start with questions from our Satoshiclubbers) Ready😃?
stupid [ DeFiat ]: Yes
QuantSoldier: yeah lets do it!
Gram Custodian: ready!
Q1 from Telegram User @Tommyramble
You’ve recently 2ND chance project. Could you share how many people are using it?
stupid [ DeFiat ] Great question. We launched yesterday with a limited amount of rugs to swap. We have close to 100 holders and 2000 tx Every tx feeds our 2ND farm -> APY is ridiculously high now as the nb of farms/activity is still low
Mary | Satoshi Club Ok, great) Not bad numbers)
stupid [ DeFiat ] The more rugged tokens we will add, the more users will be able to participate. We have a growing list of tokens to add… and maybe … will announce the next cohort today during the AMA 😉
Mary | Satoshi Club Can you share which rugged tokens i can change now?
Gram Custodian right now we have 12 tokens, but we are already doing the due diligence for new ones, these will be added very soon…
stupid [ DeFiat ] quite good numbers. And you don’t need rugged coins to participate. Buying and farming 2ND is as good as it gets now
QuantSoldier 2nd allows users to “recycle” their rugged coins and convert them into the 2nd token. Users can use the 2nd token to stake and earn these transaction fees. The mechanism is similar to CORE. There are some embedded features like eth fees and token burns to keep the model sustainable.
Mary | Satoshi Club If I don’t know the CORE mechanism) can you explain, please)
Gold Rocket | Satoshi Club Thanks for sharing.
QuantSoldier CORE has a similar mechanism for farming, users stake the Uniswap liquidity tokens (UNI-V2) to earn transaction fees. Each transfer of 2ND generates a variable fee that fluctuates between .8 and 3.2% to market buy 2nd and reward the stakers in the Rug Sanctuary (the name of our staking pool :p)
stupid [ DeFiat ] (NUGS was removed as we saw people minting it)
Gram Custodian CYCL was a big one this past week so we decided it would be fun to add that one at the last minute!
Mary | Satoshi Club Yes, that’s fun) more people will come because I think a lot of them could already forget about their tokens.
stupid [ DeFiat ] One of the unique features of 2ND is its DYNAMIC trading fee
Gold Rocket | Satoshi Club Do you want to add something or we can proceed?
stupid [ DeFiat ] A few words about our Dynamic fee: most tokens have a fixed one based on trading volume. So when the trading volume drops, fee drops, and people leave the project. It’s not bringing a good APY anymore
2ND “counts” the volume of each TX and adapts the fee accordingly, every 20 transactions.
So if the volumes drop, the fees rise, making sure that the APY for markers remains solid
Mary | Satoshi Club Yes, it’s a good mechanism) I see more and more projects using something like this)
Gold Rocket | Satoshi Club It really matters
stupid [ DeFiat ] Yes. Farming is about getting traction. Traction comes from rewards. We did not want to fall into a vicious circle
stupid [ DeFiat ] 2ND has even more innovative features… we’ll get to these later on the swaps, right?
Gold Rocket | Satoshi Club Sure!
Gram Custodian One of the reasons I was brought on board was to really expand the awareness of DeFiat and the2nd. this space has such a short attention span, so while our story and what we offer is compelling it’s all about focusing on how our products offer long term value to our community
Mary | Satoshi Club Yes) I think we can jump to the next question and discuss more there)
stupid [ DeFiat ] Let’s go
Q2 from Telegram @occupyingmars Farming my scam and rugged tokens 😀 that is insane and genius at the same time. A real bomb. How did you come up with this idea and how can I put to work my shitcoins
Mary | Satoshi Club For example, if I have HERO tokens, what should I do)
Gold Rocket | Satoshi Club Provocative question😉
QuantSoldier The main idea came out of discussions with our community. We really value community collaboration at DeFiat and want to offer services that our users both value and use. This was a no-brainer for us as it aligned with our mission and was easily implementable in our robust platform.
stupid [ DeFiat ] We thought it was so brilliant we could “not do it” Our community really impresses us every day. They are the nicest more open I’ve seen in a long time. It’s a very cool and open group. They help us a lot with testing… and sometimes come with insane ideas -> This idea was a hallmark of genius
Gram Custodian These guys really are best in class in what they do from a dev and front-end standpoint.
Mary | Satoshi Club Yes, I saw some projects in the past that tried to monetize scam tokens, but that was different and as I know they failed. It was ‘before DeFi’ era). So, I have a HERO. What I need to do first?)
Gram Custodian It’s a challenge sometimes to do things a bit differently. You see projects that go full hype for their raise and launch and then… nothing. We want to have very intention growth and we believe offering unique features and products that give back to the DeFi community should always be at the center of why we do what we do
stupid [ DeFiat ] @GramCustodian Explain to her how to recycle her HERO tokens 😊
stupid [ DeFiat ] It’s literally 3 steps
Gram Custodian first you go to the second chance dashboard at defiat.net
Mary | Satoshi Club 😃 yes)
Gram Custodian connect your web3 wallet, metamask etc. and you will have the ability to swap your rugged HERO token for 2nd
Mary | Satoshi Club Easy)
Gram Custodian 2nd tokens are swapped at a ratio proportional to the overall supply that you own of the rugged token AND… there is a great boost feature to reward DFT holders whereby you can earn a “boost” of up to 200% (3x) 2nd there is also this unique mechanism in the code that will prevent whaling into 2nd
Mary | Satoshi Club If i hold DFT, right?)
Gram Custodian yes all you need to do is simply hold DFT in the same wallet you use to swap your rugged tokens to 2nd chance tokens
Gold Rocket | Satoshi Club Btw, what meaning do you put into this name DeFiat?
Each swap comes with a tiny fee (dynamic, I think it’s 0.02 ETH now) and besides converting your “shitcoins” to new farmable and unriggable 2ND tokens, it also does a little magic burn.
The small FEE is sent to Uniswap, pumping a bit the ETH reserves on the token pair (hence price goes up)
The BURN is a 0.1% of the Uniswap supply burn, reducing the token supply, hence pumping the price too.
The burn is special, as it’s a % of the supply.
So let’s say people start to dump 2ND -> reserves of 2ND on the Uniswap contract increase… and the burn becomes more potent.
At one moment, the Burn will overcompensate the issuance of 2ND and the token will switch to a deflationary mode!!!
stupid [ DeFiat ] Because we already have a great community. DFT price held very well during the DeFi winter, staying in the $2 range (yes… it jumped to $20 in the early days).
So we have a good project, legit, and cool products to add to it that will give value not only to 2ND… but to DFT.
@quantsoldier : tell us about our “name”
QuantSoldier DeFiat was a name we came up with after seeing so much fiscal destruction this year. It has been the year of central bank dominance, money printing, and currency debasement. This is no way to run a monetary system. DeFiat is a governed, decentralized platform that is run by the holders. It is exactly the opposite of fiat currency and we strive to be better than anything a government could issue.
Mary | Satoshi Club Btw, what that first 100 users did with their 2nd tokens?) Did they sell?
Gram Custodian marketing guy….just going to drop this nugget here. 2nd mcap is around $100k atm 🙂
Gold Rocket | Satoshi Club It really was not an easy year. thanks for the answer👍
Mary | Satoshi Club 👍 incredible)
stupid [ DeFiat ] Hard to say. Some sold, smarter ones farmed… others held
QuantSoldier Well the iniital price of 2nd, based on our locked liquidity, was $1.90 and the current price is around $5, so I think we had more buyers 😉
Gold Rocket | Satoshi Club I am sure that you are the best in your direction
stupid [ DeFiat ] Yeah, $100k mcap… it’s ridiculous. And at the current price, trading rugged shitcoins is a SURE WIN. You cannot lose money if you have 0.1% or around that of a rugged coins
stupid [ DeFiat ] We have seen people BUYING these coins now to benefit from the swap and the farming APYs
Mary | Satoshi Club Wow, nice pump))) guys, i need to check my wallet for that rugged tokens😂
Gold Rocket | Satoshi Club I have a whole graveyard of rugged coins 😁
QuantSoldier We just got some news about KORE, maybe we should add that one? @stupid @GramCustodian
Mary | Satoshi Club But i will do this after AMA) hope, you will have x2 in mcap in the next days) Oops
stupid [ DeFiat ] Should we add this to the LIST ??!
Mary | Satoshi Club Of course, you are a good guys, so, definitely YES👍
Gram Custodian I mean Mary says yes so…
stupid [ DeFiat ] Apparently KORE had a “rug function” loophole and activated it. These rugs are a plague… So breaking news -> among a list that @GramCustodian will share later… we’ll add KORE today !!
Gram Custodian yes. we have a surprise for you all to share before we wrap up
Mary | Satoshi Club That’s great👍 Sure, it will help a lot of users👍🚀
stupid [ DeFiat ] “Make DeFi Great Again” right ? 😂
Mary | Satoshi Club That was fast🚀
Gold Rocket | Satoshi Club thanks for sharing!
Mary | Satoshi Club Yes😂
Mary | Satoshi Club So, guys, ready to move to the third question?)
Gram Custodian let’s do it!
QuantSoldier Yeah, let’s hear it!
Q3 from Telegram user @rosemarypratt The initial supply of second tokens will be 30.000. How much will be the maximum supply and in how much time they will be released? What will be the inflation?
stupid [ DeFiat ] So in a couple hours, KORE users will be able to trade their tokens for 2ND. And 2ND is truly UNRUGGABLE by design. The Liquidity stays on the contract… and we cannot remove it!
Gram Custodian like a jimmy john’s commercial. freaky fast
Mary | Satoshi Club I know, that it’s my common question🤦, but what about your smart contracts audit? Did you have it?)
QuantSoldier The initial supply of 2ND is 20.000. 10.000 2ND (+50ETH) was added as permenately locked liquidity and another 10.000 will be distributed to testers and locked liquidity providers. For each rugged coin we add, there can be a maximum of 3.000 2ND minted (if everyone had full DFT boost and 100% of the token is recycled), but we think more realistically 1.000 2nd will be minted for each rug we add.
Mary | Satoshi Club I even can’t imagine how many users were affected by this rugg, this KORE was overshilled everywhere 😳
stupid [ DeFiat ] Audits… 99% of Audits have proven to be scams tbh. Audited tokens rug all the time or crash. Besides Hacken or Quantstamp, not a lot of audit firms are legit imho.
We had Defiat farms audited. It helped a bit. 2ND code is a spin-off of our Farms and some external (already audited) code.
We spent weeks TESTING the contract and we believe that these heavy beta testing phases are worth any audit.
stupid [ DeFiat ] It’s like LIQ… I love the guys, but if you are a solidity dev and cannot LOCK your tokens or liquidity by design… find another job.
Gram Custodian stupid truth bombs
Mary | Satoshi Club I understand, that has sense)
stupid [ DeFiat ] We try to make our code as simple and readable as possible. I encourage people to look at our Team tokens lock for DFT for instance. Anybody, even a non dev can understand the logic. And we added comments to help people see that this is a REAL time-lock.
Code Is Law
Mary | Satoshi Club 10000 will be distributed to testers and liquidity providers? Which testers?
QuantSoldier Inflation is controlled via the ETH fee and token burn on swaps. This makes sure that price is kept in sync with the total supply of 2nd. When staking, a 10% fee is applied on withdrawal that is permenetaly locked as liquidity. This ensures users are compensated for their deposits while in the pool and when leaving, the token is given an additional liquidity net.
stupid [ DeFiat ] Inflation is compensated by the BURN mechanism I explained above. Most swap show limited inflation actually. And the more people swap… the more 2ND in the wild… the stronger the burn… It’s self regulating.
Now if you want a number, I personally doubt that 2ND will pass the 70,000 max supply.
QuantSoldier The testers and liquidity providers are all DeFiat community members, we haven’t brought in any external organizations to bootstrap 2nd.
Mary | Satoshi Club We’ll see, but yes, your mechanism seems to be perfectly self regulating)
Mary | Satoshi Club Got it, thank you 👍
Gram Custodian Before our time is up, I wanted to let everyone know we will have some exciting things upcoming to engage with the DeFi community. starting Monday we will have a 1 week meme contest (we’ll announce rules and criteria Monday as well). We hope everyone can incorporate 2nd and DFT into their memes and we can’t wait for all the creativity around rugged tokens!
Mary | Satoshi Club Satoshiclubbers, it’s your chance to join this amazing community 👍 Join here @defiat_crypto
stupid [ DeFiat ] One important thing too: like any farming tokens, the DeFiat “team” takes a small fee on rewards. Except… (hence “teams” between quotes), the team is the Defiat community here -> Periodically, we take these rewards and BUYBACK DFT on the market with them We bought back close to 1ETH yesterday if I remember correctly.
We are also looking at using some of the rugged tokens in the contract and swap them for 2ND. Reinjecting value and allowing people to benefit from the price impact.
Gram Custodian also one last surprise for you all 🙂
Mary | Satoshi Club [В ответ на Gram Custodian] Sure, you will get a lot of new members👍😉
Mary | Satoshi Club Oh😂 it’s cosmic speed🚀🚀🚀
Gram Custodian we don’t mess around 🙂
Mary | Satoshi Club $ KORE holders will not even have time to get upset)
stupid [ DeFiat ] Our lead designer is a modern Michelangelo… just faster.
Gram Custodian yes all credit to our graphical wizard
Mary | Satoshi Club It’s really great 😊
stupid [ DeFiat ] We are a cool community. I think this should be the bottom line. Ask our members. Some got tokens stuck, we helped them in PM, we try to keep GIVING to the community.
2ND is a cool project, DeFiat is equally cool.
And again, it’s a fantastic community full of helpful and genuinely nice people.
So if you are tired of the saltiness, the sourness, crypto-bullying… consider Defiat.
Q4 from Telegram user @kafeinen I have to hold 200 DFT to get the maximum boost. What do you mean by that? Does it mean that I will mine tokens and get bigger rewards?
QuantSoldier So lets says you own 1% of KORE supply. If you recycled into 2ND without holding any DFT, you would receive 10 2ND. If you held 200 DFT, you would receive 30 2ND.
Mary | Satoshi Club I think this question was partially covered before)
Gold Rocket | Satoshi Club yes. but maybe our guests want to add something?
Mary | Satoshi Club I am counting now😂
1% of total or sirculation supply?
QuantSoldier 1% of the TOTAL supply. We call the totalSupply() method on the given rug coin to get this number for the solidity devs out there 😉
stupid [ DeFiat ] RUG has 1M circ. You hold 1% -> 10k tokens, and DFT -> You make 30 2ND. That’s $150 today
Mary | Satoshi Club So, if user had 120 000 kore
Mary | Satoshi Club He will get 10 2nd
stupid [ DeFiat ] Yes. And if you have more… you get more. Max convertible per swap is 2%. This user will have to make multiple swaps, pays a small ETH fee (0.02EHT) and incurring a burn
We encourage people to hold DFT. It’s a low key commitment as you can sell right after.
Besides, keep in mind our buubacks strategy and the price resilience of DFT -> not a bad move
Mary | Satoshi Club Before rugg dump the price of 1 KORE was around 110$. So, this guy (theoretically) had 13 200 000$.
stupid [ DeFiat ] $50 yeah. BEERS ON US tonight 😉
stupid [ DeFiat ] Today’s price is ZERO 😉 So, this guy (theoretically) had 00 000 000$.
Mary | Satoshi Club [В ответ на stupid [ DeFiat ]] Yes, that’s right 😂
Mary | Satoshi Club Just some minutes and all goes to ZERO🤦
stupid [ DeFiat ] Anything is better than zero 😊
Gram Custodian high quality beers i may add 😉
Gold Rocket | Satoshi Club Sure😉
Mary | Satoshi Club Thank you, guys, it’s really very interesting to have this conversation here, i think it’s the most dynamic AMA i ever had)
Q5 from telegram user @Antoine_dje How can I get from one governance level to another? Should I stake more coins or what
QuantSoldier I like the convo, let us know if we need to get through some questions to get to the giveaways 🙂
Mary | Satoshi Club You will have live questions part also😂
stupid [ DeFiat ] Governance levels on DFT are reserved for the gov board and middle-man contracts. DFT’s governance allows the creation of one-use voting contracts built specifically.
Your voting power depends on many parameters -> @quantsoldier pls add details
Mary | Satoshi Club Do you have any articles or faq about governance?)
QuantSoldier DeFiat voting power is granted based on DFT holdings and staked DFT. Currently, we run our governance through our own website at https://defiat.net/dashboard/proposals but we are planning to make a switch to https://snapshot.page for a more robust and balanced solution. This allows us to give everyone who is a holder or staker in the DeFiat network the proper voting power.
QuantSoldier ^without spending a massive amount of gas and saving our users gas.
Mary | Satoshi Club Did you already have votings?
stupid [ DeFiat ] Working on that. It’s actually simple and straghtforward -> You go to to the DeFiat dashboard, look at the votes… click and vote.
Probably easier (and more honest) than for irl voting 😉
Gram Custodian yes several!
Mary | Satoshi Club Great, so it works👍 Oh, irl voting is a big headache)
Gram Custodian votes we’ve recently held front end user interface is one of the best i’ve ever used try it out!
Mary | Satoshi Club I think i should 😉👍
Mary | Satoshi Club i think this question is clear now) can we go to the last question from this part?) Or you want to add something?)
QuantSoldier I think we covered all bases here! Lets move on
Q6 from telegram user @Marizzanini Why you don’t have a vesting period at all for your funds?
QuantSoldier Team tokens are vested over 10 months, with a 50% at 4months and a 50% at 10months. We also have 50K DFT allocated for a DAO powered by DFT governance.
stupid [ DeFiat ] Regarding the rest of the funds, we want to keep some for marketing and operational spending (paying our mods, our MEME contests etc…) It’s basically a trade off between REACTIVITY and LOCKS. So it’s something we’ll have to decide with the community. ie. VOTES
Mary | Satoshi Club Btw, how many team members do you have?)
DeFiat is ongoing by farming how do you work and follow DeFiat to do farming with 2ND Chance with DeFiat?
stupid [ DeFiat ]
You can farm Defiat in our farms DFT, or the DFT LP token -> you get DFT You can also Farm 2ND (LP tokens) separately and get 2ND
we also have PARTNERS using our farming technology, like XMM, where you farm their tokens and get XMM rewards.
This ecosystem of partners is expanding as people realize the potential of our tech
-> It takes minutes for a project to setup a DeFiat farm. They get “operator” rights and manage a time based rewards distribution for their users.
Q3 from telegram user @Winterkom
DeFiat has a token with a deflationary mechanism, can you explain a little more about it? How will the total supply of $DFT be reduced? Will it be by burning the tokens?
QuantSoldier
On every transfer of DFT (whether its a trade or send), charges a burn and fee of 0.1% (currently). This fee is used to send rewards back to the DFT staking pools. We started at 500K total supply of DFT and you can see on the DFT dashboard how much has been burned since!
Mary | Satoshi Club Yes😂 everyone wants to know more about DeFiat 😉
Q4 from telegram user@Splendicity
Your name is De-Fiat,in other words, Destroy Fiat.How do you aim to achieve this,since there are many projects out there, claiming to Destroy fiat, but were less successful
stupid [ DeFiat ] DeFiat means more than Destroy fiat It also means DeFi@
The goal of DeFiat is not to replace fiat. It’s to provide a sustainable, healthy DeFi environement for users, even if they don’t have any technical skills.
Q5 from telegram user@Sicxa
Are there any new partnerships and interesting upcoming use-cases? DeFiat
If there are any other token owners out there, we would love to bring you onboard to our farming services!. You guys can see more here: https://defiat.net/dashboard/partners
Gram Custodian yes, in addition to all of the rugged coins we will be adding to the 2nd platform we also have a “staking as a service” product coming out soon called AnyStake.
Q6 from telegram user @BboyForteVZLA
Why did you decide to choose the ETHEREUM ERC-20 network? What benefits can a network with gas congestion bring you?
stupid [ DeFiat ] ETH has some issues, but comes with advantages: massive user bases, lots of liquidity…
DOT and the other clones (TRON) are cool but don’t have the same ecosystem.
Q7 from telegram user @BERTA2020
Can I vote with more coins than $DFT? or is it only available to vote with $DFT?
stupid [ DeFiat ] You need DFT. Either holding, or staked. Voting doesn’t cost any DFT. We just take your balances to get your voting power. And sometimes, voting grants you a reward 😉
Q8 from telegram user @CElllIFE
Will the number of DFT tokens always be limited?
Gram Custodian DFT has a mint cap which means more tokens can never be minted after genesis. it also has an integrated burn feature for each tx of DFT therefore reducing the supply forever!
Q9 from telegram user @jpsarmah
Throughout this AMA, the main highlight has been the wonderful ability to swap rug tokens into 2ND Chance token. But besides this main feature, what are the other strengths and value proposition of the 2ND Chance token?
stupid [ DeFiat ] 2ND is more than a swapped token.
It’s literally AS GOOD if not better than any farming token.
The DeCore, EnCore, UniCore, or even CORE all use the same logic
The idea was not to swap rugged coins for a useless token -> 2ND is a solid DeFi farming project.
I personally BOUGHT 1ETH of 2nd at launch to test the farming live, and the APYs have been insane thanks to the token-mechanisms of 2ND.
So you don’t even need to have been rugged to participate. 2ND in itself is a very solid DeFi project 😊
Q10 from telegram user @justgata
The DeFiat platform has three main components, one of them is the DeFiat Points (DFTP) that are a secondary ERC-20 token. How can users access this token and how can it be obtained? How does DeFiat benefit its most loyal and loyal users? Will these users have access to any discounts or more special rates?
QuantSoldier DFTP is the loyalty token that is distributed to users when they transact DFT or farm it in the Points Palace. Currently, every transfer of 100 DFT or more will mint 1 DFTP. Holding DFTP gives a user access to discounts which reduce the burn and fee amount charged on each transfer of DFT. You can view you current discount and upgrade your discount level on the DeFiat dashboard. We plan to expand the use case for DFTP in the coming months, but want to have a complete plan for this which includes upgrading our governance protocol. Great question!
Q11 from telegram user@leixagarcia
How does DeFiat deal with security? Have you done the respective audits with reliable companies?
The DeFiat team does extensive testing on our products before launch. We have run a public beta testing session for each piece of DeFiat through our Discord channel. We had external
testers go through the initial network infrastructure, farming, proposal, and 2ND contracts on Rinkeby. In addition to this, we had Hacken audit our farming contracts and built the 2ND contracts on top of well tested infrastructure that the team worked on for another project.
Q12 from telegram user@jpsarmah
How will AnyStake be your main DeFi offering and will it be launched on Nov or Dec 2020?
We intend to have AnyStake be one of our main DeFi services because it can encompass the largest audience. AnyStake will allow users to stake any ERC20 and earn a rate of return. The teams is finalizing the tokenomics of the system in order to make sure that it can remain sustainable as we contrite to develop our frontend. We have some good base contracts to work with, so we will launch it when we are sure of the security and happy with user experience AnyStake offers.
Q13 from telegram user@Bethel8
How can community members of Satoshi group contribute to the success of Defiat and it’s ecosystem?
The DeFiat community is growing everyday and the easiest thing any Satoshi club member can do is join our telegram and say hello! https://t.me/defiat_crypto
Our community is full of great people and is one of the best in the space. We have more details like our other socials, contracts, and additional details there.
Q14 from telegram user@cengizhantekin
The DeFiat team has over “40 years” of industry experience. Is this a company intiative or do you have an elder statesman in the team?
Between the 4 founders, we do have 40 years of respective industry experience; comprised of web, blockchain, and marketing experience. The founders have experience at some of the top Fortune 500 companies. Other team members are fantastic as well, helping us manage the community and market/develop the product.
Q15 from telegram user @Khan662
Most investors simply focus on the price of the TOKEN in the short term, and not on the real value of the project. Can you tell us about the motivation and advantages of token investors in the long term?
DeFiat has never been about the price. The team has been fascinated by the emergence of DeFi technologies and wanted to create a malleable, governed platform for all kinds of DeFi services. The DFT token serves as the base and we build more features on top of it. Long term investors in DeFiat see this. 2ND and AnyStake are just the beginning of what DeFiat has in store.
Part 3 – Quiz Results
In the final part we tested your knowledge in terms of DeFiat. They’ve prepared 4 questions for this part. The total reward pool for quiz was 1000$.
For more information and future AMAs, join our Social Media channels:
Only the best gems from the .finances world in the Satoshi Club AMA series. And today we would like to tell you about the AMA session with our friends from Noob.finance. The AMA took place on October 29 and our guest was Principal Noob (Noob Biz Only).
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
Mary | Satoshi Club: Hello again, Satoshiclubbers! We are happy to announce our AMA session with Noob.finance! welcome to Satoshi Club:grinning:
Principal Noob (Noob Biz Only): Hello sweet humans of the world!
D. | Satoshi Club: greetings Satoshi club!
Mary | Satoshi Club: Hi and welcome here) How was your day?):wink:
Principal Noob (Noob Biz Only): Fantastic, I am on this side of the dirt! Always a blessing
D. | Satoshi Club: great! tell us about your project, please 😊
Mary | Satoshi Club: And about yourself and your background in crypto)
Principal Noob (Noob Biz Only): Sure, Ill start with myself.So I am Principal Noob. I am a early adopter of crypto since 2013 and a blockchain developer since 2015. As a independent fullstack and NFT developer, I have worked on many projects anon. Noob.finance is a Defi/NFT token with a fully audited farming platform that is ready to be deployed after the presale. We are creating a lineage of “Crypto Kid” erc1155 NFTS that will be able to be “leveled up” as we create new versions. Pretty much, the NFTS will age, much like humans do, starting as children and maturing to full grown Crypto Adults! We are building out our own USER friendly NFT marketplace, that will be easy for a new crypto user to perform actions that are difficult on opensea and rarible.
Mary | Satoshi Club: Ohoho) you have a huge anon background and it doesn’t look like you are noob:joy:
Principal Noob (Noob Biz Only): Haha no, matured in the crypto space so to speak
Mary | Satoshi Club: So, your platform is fully audited, yes?)
Principal Noob (Noob Biz Only): Correct, the farming contract is fully audited. The marketplace is still in development, but will be entering beta stage late November. We will have it audited as well for security.
$NOOB presale is ending very soon. What are your plans after end of presale?
Principal Noob (Noob Biz Only): Sure, so firstly we have 30k Supply of tokens, with 21,000 for presale. We have a hardcap of 1000 ETH and we are utilizing the decentralized bounce platform for participation. We chose this route because that is fundamentality what crypto is all about, decentralizing the centralized. So we stuck with our core principals of crypto enthusiasts in that respect. Moving forward to plans: Firstly, we wanted to be as transparent and trustful as possible. We locked our team tokens with trustswap for 6 months on a smart contract, so we cant “dump” tokens into the market. Secondly, we are locking our liquidity with Unicrypt for 1 year to ensure investors that we have no options to “rugpull”.
Mary | Satoshi Club: Ok, btw, do you have website) i think i am noob and couldn’t find it:joy:
Principal Noob (Noob Biz Only): immediately following presale, we will lock liquidity, and launch the farming platform, so no bumps in the road. Following that we will be airdropping out our Welcome Crypto Kid NFT to ALL holders.
Thirdly, we will launch beta testing of marketplace, to let investors know and have peace of mind that we are in development of a User friendly NFT marketplace. I am sure many of you have used opensea.io, rarible etc… They are not for new crypto investors, we want ours to be.
Mary | Satoshi Club: What crypto should i use to buy your tokens?) And do you have min/max i can invest?
Principal Noob (Noob Biz Only): We are only accepting ETH for the presale. There is no MIN but there is a max of 20 ETH, this is to prevent large buys (whales) from dumping the token on small investors. We want everyone to have a fair chance. Upon uniswap listing, we will be listing it at 2x the price of presale. This is to give a cushion for anyone not holding long term.
Mary | Satoshi Club: Nice, very nice) definitely it’s for everyone 😀
Your total tokens is 30 K, and 21 K is reserved for the presale which makes 70%. Isn’t that a too big percent for presale?
Principal Noob (Noob Biz Only): This could be argued in that direction, but for the purpose of the token is to get it out to as many users as possible. We as a team are not looking to hold a large % of tokens, as the tokens will be used for farming and the upcoming marketplace, so we believe its better to have most in circulation. We do have 3,000 tokens for development, but this is strictly to seed our farming portal.
Mary | Satoshi Club: Do you have plan if you won’t reach hardcap ?) What will happened with unsold tokens?
Principal Noob (Noob Biz Only): Yes, any tokens not sold in presale, will be burned. As our mint key is also burned, there will be no more NOOB created outside of what is already in place.
Mary
| Satoshi Club:Ok, and what about
softcap, do you have it?
Principal Noob (Noob Biz Only): No softcap, as everything is already developed and developing, it was not required.
D. | Satoshi Club: any plans to create another token? in the future as a part of Noobz ecosystem?
Principal Noob (Noob Biz Only): There is another token that will be created for the Marketplace, but we will hold no presale for that. This will be made for our yield farming and marketplace. These plans are still in development, so I cannot release too much info on it as this time.
Mary | Satoshi Club: But this is a good hint for future NOOB hodlers)
Principal Noob (Noob Biz Only): Definitely, we have alot of surprises coming along the way. Especially for Christmas 😀
I must say that you have a funny website.. on your website all I could see was just a classroom with desks having the inscription Don’t buy noob presale, Don’t read noob medium, Don’t follow noob twitter, Don’t join noob telegram, each of this being a link to your various social medias and presale site… and there’s nothing else again on your website, no information about your team, no white paper, and no roadmap as well… Why did you decide to make your website less engaging and how soon should we be expecting a comprehensive(detailed) information about your project team and your roadmap after presale
Principal Noob (Noob Biz Only): Firstly, our white paper will be released today that will have the roadmap within it.. For the website, we wanted to make it simple and to the point. I am sure you have visited many token websites and can literally get lost due to all the links and jargon. There was no need to do that with noob.finance, as we are developing our platform for NEW crypto users especially those new to NFTS. Our team will remain anon for security purposes and this is a dominating subject with many crypto projects. This is mainly due to crypto not being accepted globally, but when it is, we will have no issue being a public team. This is why we locked our team tokens and liquidity in audited smart contracts to ensure investors we have the right intentions. As our project matures, the website will be updated with info as we get it, including the farming and NFT portals.
Mary | Satoshi Club: Your team) how many members?)
Principal Noob (Noob Biz Only): So we have 5 team members and 5 moderators. The team consist of myself, 3 other fullstack devs, and a web3 dev.
D. | Satoshi Club: your site reminds me a bit of $meme website with all those – don’t buy, don’t follow etc 😁
Principal Noob (Noob Biz Only): Always good to follow the footsteps of successful projects
Recently Noob’s farming was launched at Uniswap, do you have an estimated maximum APY that users can get? Will a number of tokens be blocked from the team in this pool?
Principal Noob (Noob Biz Only): Firstly, our team tokens are locked with trust swaps smart contract and can be verified here: https://tinyurl.com/y5q8r58p
Secondly, there will be 2 initial pools for $NOOB, $NOOB/ETH and $NOOB/USDC, With a 1000 $NOOB in each seed. APY wont be able to be calculated until the pools are created, but we will offer a 2x increase in rewards starting 2 days from users that provide LP from day 1. This is to give early yield farmers a higher apy than late comers.So we will have no team funds within the farming pools.
Mary | Satoshi Club: So, everything for early birds?)
Principal Noob (Noob Biz Only): Early bird gets the worm.
Mary | Satoshi Club: But what is your expectations?)I am sure you calculate approximately) i know that this is crypto:joy:
Principal Noob (Noob Biz Only): Initially the apy will be high, between 500-1100%, and will go down as the pools grow. This is a common factor in any yield farming protocol.
Mary | Satoshi Club: Oh, that is some kind of numbers) Thanks :+1:
From medium, $NOOB will have 3 different farming pools. What are benefits for each of these pools?
Principal Noob (Noob Biz Only): So, as you know, X Token/ ETH pools can be not so fruitful. Meaning that one can suffer impermanent loss if price of either token goes down a heavy amount 60-100%. With that said, this can be made up by the yields one would receive from farming. The NOOB/USDC pool, will be a safer option for those not willing to take the risk. We will also have a third farming pool $RUGZ/$NOOB. All lp providers (yield farmers) will qualifty for all airdropped Crypto Kid NFTS, as well as the $NOOB they would farm and 0.3% uniswap fees.having 3 different pools, just gives more options to the more riskier investors to those that don’t want to weigh those risks. We were aware of the problems with other pools and tweaked ours respectively to support all yield farmers of crypto.
Mary | Satoshi Club: You partnered with $RUGS, right?)
Principal Noob (Noob Biz Only): Correct, we will be collabing on our first premium Crypto kid nft as well as developing the marketplace. This just gives us a bigger squad to make our dream happen faster.
Mary | Satoshi Club: And you will have airdrop for $RUGS holders?
Principal Noob (Noob Biz Only): Yes $RUGZ holders, holding 10+ $RUGZ will get a 10 to 1 airdrop of NOOB token, the snapshot has already taken place for that event. We designated 3% of our supply for that.
You will use GYSR for your farming. It is a name I hear for the first time. It is said to be 100% decentralized. But what other features it has? Was it used before by other projects?
Principal Noob (Noob Biz Only): So as a developer for both projects, we are well aware of what it can do. We believe in decentralization and with that said, it offers trust for investors that developers cannot run off with funds. As we have had it fully audited. In the future other projects will be able to use the gysr. More about the ecosystem can be found here: https://www.gysr.io/geysers
Part
2 — live questions from the Telegram community
Q1 from Telegram user @jpsarmah
How
and when 3000 $NOOB for Development Funds will be utilized?
Principal Noob (Noob Biz Only): These will be used to SEED the yield farming portals. NOOB/ETH, NOOB/USDC, and NOOB/RUGZ. 1,000 will go in each, this is to ensure longevity of the yield farming for investors.
Q2 from Telegram user @JoxesXIII
Im
not clear at all, is NoobFinance a fully serious project or is it a
meme project for entertainment purposes?
Principal Noob (Noob Biz Only): We are extremely serious. We have made all the necessary steps to insure investors to trust our intentions. From locking team tokens, locking liquidity and having a audited yield farming portal. MANY defi projects LACKED a audit and investors lost millions to rugpulls and/or scams. We are avoiding that by taking security very seriously. We stand for NOOB, because many new crypto users are scared to join defi and NFT projects, we want the noobs to come in, as we are making everything user friendly. We will have a amazing autonomous marketplace that will be for existing and new users.
Q3 from Telegram user @BroDzon1
What
are benefits and differences between these two geysers for $NOOB
yield farming?
· NOOB/ETH LP
· NOOB/USDC LP
Principal Noob (Noob Biz Only): Each pool will yield NOOB and all lp providers will qualify for the first airdropped Crypto Kids NFTs
Q4 from Telegram user @CryptoExpert05
Q:- What sparked the creation of Noob Finance and was it hard to actually start it? Which companies do you view them as potential partners and that they are somewhat also benefitial for both userbase and Noob Finance itself?
Principal Noob (Noob Biz Only): Being a NFT developer, I am aware that opensea.io and rarible are not user friendly especially for new crypto users. We aim to make this for all users new and existing. We will be aiming to partner with other NFT projects to collaborate on NFTS and introduce them to our marketplace. We want a fully functioning NOOB ecosystem.
Q5 from Telegram user @Crypangel
I
am very interested For buy $NOOB Tokens..So, where I can buy $NOOB
Tokens?. Which pairs available for buy?
Principal Noob (Noob Biz Only): Our presale is live https://app.bounce.finance/fixed-swap/4052 and can be exchanged for ETH. We will list on uniswap directly after presale.
Q6 from Telegram user @BeastIncarnate7
Is
the Auditing conducted Yearly…?
Principal Noob (Noob Biz Only): Auditing will be conducted once a year and will be updated on both sites of results.
Q7 from Telegram user @DiegoRME
One
of the things that the holders are interested in is if after their
PRESALE it is the exchange listing … Do you plan to search for
Exchange listings such as MXC, BINANCE, HUOBI etc?
Principal Noob (Noob Biz Only): We would absolutely love to get us on a Centralized exchange and do have plans. I have already made contacts with top50 exchanges to get us listed.
Q8 from Telegram user @sinahanna32
The
information I found was about PRESALE and Yield Farming. So what is
your next roadmap for the future? What goals are you focusing on?
Principal Noob (Noob Biz Only): Our main goal is to have a fully functioning and user friendly marketplace. We want it to be plug-n-play, so that new NFT enthusiast can use with ease. We will have our beta live by the end of november.
Q9 from Telegram user @Crypangel
As
investor i’m obviously interested about the token scarcity. What kind
of plans do you have regarding the $NOOB token unlocks in the future?
Principal Noob (Noob Biz Only): We will have 3,000 NOOB that will be unlocked with yield farming over 365 days. We burned the MINT key for security and for the peace of mind of investors. There will only be 30,000 $NOOB in existence forever.
Q10 from Telegram user @BJosefina61
Currently
NFTs are the new trend that projects are trying to exploit. What are
the most important features for distribution an uses of NFTs, how
exclusive and scarce will be these collectibles?
Principal Noob (Noob Biz Only): Great question. So, the initial welcome Crypto Kid NFT will be airdropped out to all $NOOB users. After that, we will be launching 2 Crypto Kid NFTS each month, with different characters and story line. These will be able to be leveled up to Crypto Teens and then Crypto adults over the years. The crypto kids will be able to be obtained through the upcoming marketplace with only 100 per NFT as well as crypto lotteries for exclusive gold foil crypto kid NFTS. These will be rare and minted as erc1155s. $NOOB holders will be the only users that will have access to these NFTS.
Part
3
– Quiz
Results
In the final part we tested your knowledge in terms of Noob.finance. They’ve prepared 4 questions for this part. The total reward pool for quiz was 500$.
Part 1: 100$ /6 users – We’ll select 6 questions from the community. A user can post maximum 3 questions. 6 Questions will be selected from our website – please submit your questions in the comments section of this post.
Part 2: 100$/10 users – Open chat for 80 seconds. You can post Max 5 questions. Xplosive Ethereum Team will select 10 questions and answer them.
Part 3: 300$ – A quiz about Xplosive Ethereum
For more details:
Xplosive Ethereum – @xplosive_ethereum
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish
Part 1: 150$ /6 users – We’ll select 6 questions from the community. A user can post maximum 3 questions. 6 Questions will be selected from our website – please submit your questions in the comments section of this post.
Part 2: 150$/10 users – Open chat for 80 seconds. You can post Max 5 questions. Sentivate Team will select 10 questions and answer them.
Part 3: 700$ – A quiz about Sentivate
For more details:
Sentivate – @sentivate
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish
Part 1: 100$ /6 users – We’ll select 6 questions from the community. A user can post maximum 3 questions. 6 Questions will be selected from our website – please submit your questions in the comments section of this post.
Part 2: 100$/10 users – Open chat for 80 seconds. You can post Max 5 questions. Multi-Channel Network Team will select 10 questions and answer them.
Part 3: 300$ – A quiz about Multi-Channel Network
For more details:
Multi-Channel Network – @MC_Network
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish
On October 26 Satoshi Club held an AMA
session with our friends from Momentum. Our
guest was @alex448844.
The total reward pool was 1500$ and
was divided into three parts. In this AMA Recap we will try to summarize some
of the most interesting points for you.
PART 1, INTRODUCTION AND COMMUNITY QUESTIONS
Mary | Satoshi Club: Hello, Satoshi Club! We are happy to
announce our AMA session with Momentum! @alex448844
welcome to Satoshi Club.
Alex: Hey everyone. 👋
Mary | Satoshi Club: Happy to welcome you here. And could
you please introduce yourself and tell us how did you start with Momentum?
Alex: Great, I’m excited to be here and
answer your questions today. My name is Alex, I’m a software developer with a
background in full stack web development and a strong interest in
cryptocurrency / decentralized technology for the past 2 years. I got started with
Momentum back in early July while watching and analyzing deflationary tokens.
The idea of a dynamic deflationary token peaked my interest and over the
following weeks I spend hours each day crafting ideas and ultimately building
the core concepts for Momentum. All that has lead us to where we are now, an
active community interested in a fully realized project.
D. | Satoshi Club: Great! tell a bit about your project,
what is it purpose?
Alex: So originally the project aim was to
build on deflationary index funds. The idea being to use a deflationary token’s
DEX liquidity token inside a Balancer pool to force constant trading pressure
and constant burn. I was motivated to create a deflationary token that would
produce a more effective overall burn rate. Two index funds have been set up
and since then we have partnered with DeFiat to utilize their PartnerStake
technology. Part of our ongoing plan is to explore yield farming options and
working with DeFiat has been a huge step in the right direction. We also have
an engaged community who are regularly contributing ideas toward best next
steps for the project.
Q1 from Telegram user
@dashinberlin
I have tried to find information
about your team everywhere but couldn’t. Maybe I didn’t search properly? Please
share with me information about the team. It is important to gain the trust.
Alex: The team originally consisted of a software developer
(myself) and a creative manager. Since launch there are now many more
individuals assisting in community support and design/development contracts. We
are remaining pseudonymous for the time being. The ethos of the project and
further development is technical trustlessness and decentralization.
Mary | Satoshi Club: So, you plan to stay anonymous?
Alex: For the time being yes.
Mary | Satoshi Club: And your community has to trust your
smart contracts first.
Alex: Of course, and getting a successful
security audit was a big step toward building on that trust.
Q2 from Telegram user
@balabas4bounty
Long momentum and
short momentum are 2 main features of your app. Please explain exactly how do
they apply and what do they mean.
Alex: The long momentum and short momentum
essentially act as running averages of recent transfer sizes. They are used to calculate
the transfer fee based on the size of a transfer. If an incoming transfer moves
the long and short momentum further apart, a higher ‘destabilization fee’ will
be calculated and applied to the transfer. If the transfer brings the two
momentum values closer together, the minimum transfer fee will be applied as
the transfer is considered to have stabilized the momentum.
D. | Satoshi Club: So momentum is some new technology
for DeFi? some tool? I´m not quite sure that I’m understand how it works…do
you have a simple explanation for dummies? 😁
Alex: I think the
momentum values and mechanism can be a bit tricky to understand. They will
fluctuate with the history of token transfers to provide a rough understanding
of average tokens transferred across a recent period of time. The intention
here was to have a non-oracle based, contract held understanding of token value
perceived through how many are being bought, sold, transferred.
But ultimately they are best understood as averages of
recent token transfer activity.
D. | Satoshi Club: Well it’s an interesting concept, not
easy to understand (for me) but interesting. 😊
Alex: One of the
positive outcomes of this has to do with how weights are used to update the
momentum values. The weights will tend to move the short momentum below the
long momentum. This has the effect of making smaller transfer sizes trigger a
higher transfer fee and larger transfers generally pay the minimum transfer
fee, ultimately producing a balance of absolute tokens burned across the range
of transfer sizes.
Q3 from Telegram user
@anacruzz
As I noticed, the transfer fee is around 0.7% or so. Isn’t it quite big? For
1000$ I have to pay 7$ to make the transfer.
Alex: Yes that is the case. Momentum
deflates with every transfer and the minimum fee is ~0.75%.
Mary | Satoshi Club: Isn’t it more profitable to transfer
smaller amounts?
Alex: Not exactly, smaller amounts will
tend to pay a higher fee. I think right now, based on the momentum values,
$1000 would trigger the minimum fee and $100000 could be a little bit higher as
that is a very large outlier compared to average transfer sizes.
Q4 from Telegram user
@anditgoestome
The audit from quill have found that
there are a number of issues to be tackled in the medium level severity and low
level severity, code is readable but can be improved according to the
Solidity’s style guide which is recommended to be fixed before implementing a
live version. Have you implemented the changes which were advised to be made?
also, which were the vulnerabilities they have found?
Alex: The Momentum smart contract was
deployed as a non-upgradable contract. The hopeful outcome and purpose of the
audit from QuillHash was to show that no critical errors exist. Fortunately the
audit report determined that this was the case. There are no critical errors in
the contract. Some medium and low level issues were found in their report.
These issues mostly have to do with code style, software development standard
practice and deployment optimization. An audit company usually expects their
client to be able to respond to all issues presented, however since Momentum
was already deployed and non-upgradable, I am unable to address these minor
issues. The most important takeaway from the audit process was that no critical
issues were found.
Mary | Satoshi Club: Also, in final disclaimer they gave
you advise to run bug bounty program, do you plan any?
Alex: We don’t currently have a bug bounty
program but open to that for sure. With the exception of the momentum values
and all the math in there, the token contract simply performs basic erc20
operations. (edited for clarity).
Q5 from Telegram user @bitalik_vuterin
91% of initial total supply provided
as liquidity and locked until December 21, 2021. I am curious what happens
after that? You will get out all the liquidity?
Alex: To inspire confidence in the team
and project, we locked the initial liquidity for 16 months during the early
days of the project launch. This time frame could have been arbitrarily smaller
or larger but this is what we landed on. My main concern presently and going
forward is the health of the project so when December 21, 2021 rolls around, it
is highly likely that those liquidity tokens will be sent to another time lock
contract unless there is some consensus around using these liquidity tokens in
a more beneficial way.
Mary | Satoshi Club: Did you had or plan to have any kind
of token sale?
Alex: There was no plan for a token
presale. We chose to go with a Uniswap ICO and lock that liquidity.
Q6 from Telegram user @mr_putin_v
I’ve read your roadmap carefully but
it ands on December 2020… What happens after that? What are the next steps
for 2021?
Alex: So currently our roadmap has scoped
out the rest of this year. The next steps involve more active research and
development, which I’m very eager and excited to get in to. We haven’t exactly
mapped out what 2021 looks like but I will for sure be continuing to work full
time studying and building. Roadmap updates can be expected in the coming
months.
Mary | Satoshi Club: Btw, will XMM have any governance
functions?
Alex: We do actually have governance setup
through Snapshot, so we’re ready to pass any proposals to the community. This
was actually another contribution from an engineer in the community.
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 @Nickkiii
Do you have any tutorials on how to
use the XMM/ETH liquidity token XMMx in your Balancer Pools?
The golden ratio is part of my best
memories studying basic math. Why did you choose the number φ as the central
rule of tokenomics?
Alex: Coming up with the ratio between the
weights took some trial and consideration. Originally I was focusing on more
flat values like 10/20/40 but after spending time thinking of the ‘best’ ratio
it hit me to use φ and upon simulating the momentum updates, it felt like the
perfect choice.
Q3 from Telegram User @AugusS7
On its website it says that the
Momentum contracts “were audited by QuillHash and no CRITICAL PROBLEMS
were found”, but common or NON-Critical problems were you found? And
really what problems are “CRITICAL” in contracts?
Alex: Critical issues in a contract have to
due with major code errors that affect the safety of funds or a contracts
functionality. The absence of these critical errors is the key ‘checkmark’ a
project is looking for when getting a security audit. The Momentum smart
contract is an erc20 token contract and what was key to pass the audit was
verifying that all the standard token functions work. The less critical issues
were to do with code style and deploy optimization, ends up I could have saved
some money on the deploy. 😐
Q4 from Telegram User @Alika061
DeFiat
Staking on #Momentum and Collection of prize bets have been created for
#Momentum, is there a minimum or maximum to stake $XMM tokens?
Alex: There is no minimum or maximum to
stake in the DeFiat pool. However, the amount you stake will determine how many
rewards you receive over time. This also depends on how many other tokens are
staked in the reward pool by other parties over this period of time.
Q5 from Telegram User @KevSalom
All this behavior of the price range
between SM and LM, and its influence on the cost of the rates is quite
interesting, but where did you get this method? Did you invent it? Did you
perfect it from a previous idea? Or is it a concept that is already in the
books of mathematics and economics?
Alex: I came up with this mechanism between
early July and August this year. The final product is the result of iterating
over multiple other solutions and testing how they would perform based on
transfer sizes interacting with the momentum values.
Similar
concepts may exist elsewhere, but I did not model it off any known products or
theories.
Q6 from Telegram User @jpsarmah
Why does the graphical representation
of the mathematical formula of Destabilization fees = ~ 0.75(1+ln(P/2)) involve
logarithmic function and not any Polynomial function or Exponential function?
Alex: A logarithmic function is more
appropriate for modeling a diminishing effect, in this case a gradually decreasing
fee applied to destabilizing transfers. Exponential functions would be far too
harsh for outlier and larger transfer and are more appropriate for different
applications like a bonding curve.
Q7 from Telegram User @Angieleal
What
relationship does Momentum have with DeFiatCrypto? Is it possible to get
rewards in $DFT through $XMM? How does this staking system work in Uniswap?
Alex: We are using DeFiat’s PartnerStake
technology to issue XMM rewards for staking XMM/ETH Uniswap v2 liquidity
tokens. Staking in this pool will not yield any DFT, however this pool uses DFT
boost where staking DFT in their core pool will boost your rewards by up to
100%. I would highly recommend DeFiat
for any project owners looking for yield farming options.
Q8 from Telegram User @Winterkom
Will there be a limit to token
burning or will it be done indefinitely? Do you have any established range? How
does this favor token holders?
Alex: XMM will burn with every transfer and
deflate indefinitely. This will favor holders by ensuring that their portion of
the total supply will gradually increase over time.
Q9 from Telegram User @AmirJosh
There are 3 separate weights that
will be used to compute new Momentum values. Please explain the difference
between these 3 weights and when will each be use for computation.
Alex: There are 3 separate weights. One is
used to update the short momentum and two are used to update the long momentum.
When a transfer size is less than the short momentum, a heavier weight is
applied to the long momentum and when a transfer size is greater than the short
momentum, a lighter weight is applied to the long momentum. This has the effect
of producing a wider range between the momentum values where the short momentum
is typically below the long momentum. Ultimately this makes small transfer
sizes incur a higher transfer fee and larger transfers incur the minimum fee
more often. This produces a balance of absolute tokens burned across the
spectrum of transfer sizes.
Q10 from Telegram User @tungvodoi206
As you mentioned on the site, 91% of
initial total supply provided as liquidity and locked until December 21, 2021.
Why did you decide this? So how is the remaining 9% used?
Alex: The goal was to provide as many
tokens as possible for circulation while still maintaining enough funds for
project development. The remaining 9-10% is being used for design/development
contracts, marketing and reward giveaways.
Q11 from Telegram User @warny
Most deflationary token models burn a
constant amount, but Momentum takes a different approach, can you explain how
this model to us?
Alex: Well I think one of the core
motivations was to build something more novel and having a different effect
than a constant transfer fee token. Many projects are already employing this
solution so finding a way to stand out was important.
I may be
biased, but I do believe this approach is better. Take for example two constant
fee deflationary tokens, with 1% and 3% transfer fees.
The 1% token
will have a small fee incurred across all transfers, not necessarily bad but
predictably small, especially when the average token transfer sizes are small
relative to the total supply.
Now take the
3% token. The overall rate of deflation of this token would presumably be
higher, but relatively large transfer sizes would be feeling the pain big time
with this transfer fee and may want to avoid it completely.
XMMs dynamic
approach provides the best of both worlds, allowing relatively large transfers
to incur a more reasonable fee and small transfers to incur a higher fee closer
to 3%. This ensures better usability while still providing an attractive rate
of overall token deflation.
Q12 from Telegram User @chelyabinsk_crypto
What kind of APYs are there currently
on your Pools? Why percentages are not shown on the website?
Alex: On average we’ve seen the APY for our
current reward pool around 100% – 200%. This data is calculated by DeFiat’s
contracts and displayed on their UI for the time being. I think some updates to
display that on our site will be underway soon.
Q13 from Telegram User @nyo_cant
Some
Balancer pools with deflationary tokens were drained due to flaws not so long
ago. How will Momentum protect their assets to avoid such incidents?
Alex: This exploit occurs when a
deflationary token is directly used in a Balancer pool. We will never create a
Balancer pool that uses XMM in it. Instead the XMM/ETH Uniswap liquidity token
will be used to produce a similar effect. This token is safe to use in Balancer
as it is a very standard, non-deflating erc20 token.
Q14 from Telegram User @Gutike95
You say that “We believe that
transparency is the key”, right? If so, in case of presenting any problem
with contracts or with exchanges or liquidity and its blockage, who can I
contact to solve it? I was looking for and on your website there is no
“Technical Support”, don’t you have it?
Alex: Transparency here is referring to the
smart contract code being verified and proof of the liquidity being locked. I
am always available on Telegram/Discord for technical support if an issue were
to arise.
Q15 from Telegram User @CElllIFE
I am confused about Momentum pools. I
would like to get an explanation about farming and getting XMMx and XMM tokens.
Alex: So there are 5 pools currently. The
first two are uniswap pairs for XMM and XMMx (XMM/ETH Uniswap liquidity token).
Staking XMMx in DeFiat’s reward pool with yield XMM as rewards. The other 2
pools are balancer pools that use XMMx along with other common crypto assets.
PART 3, QUIZ AND INFO
As usual, for the third part, Satoshi
Club Team asked the chat 4 questions about Momentum. A link to a
Quiz form were sent into the chat. Participants had 10 minutes to answer. 800$
were distributed between the winners. Please check the winners list here: https://t.me/Satoshi_club/365245
For more information and future AMAs, join our Social Media
channels:
Another AMA took place at Satoshi Club and we would like to tell you about DeFi project Vanilla Network. The AMA took place on 28 October and our guests were @BitcoinCashSingh and @Mike19845.
PART 1, INTRODUCTION AND COMMUNITY QUESTIONS.
Mary | Satoshi Club: Hello, Satoshi Club! We are happy to announce our AMA session with Vanilla network! welcome to Satoshi Club😀
Serg | Satoshi Club: @BitcoinCashSingh And @Mike19845 welcome! 🙂
Mary | Satoshi Club: @BitcoinCashSingh and @Mike19845 welcome to Satoshi Club 😀
Vanilla Singh: Hello! Hope everyone is well in these difficult times. We hope to bring you some fun though, with our new project. Thanks for the invite Serge & Mary
Mike: Hello everyone. Thanks for the invitation
Mary | Satoshi Club: Happy to see you here)
Mike: Thanks a lot.
Mary | Satoshi Club: Guys, tell us more about yourself) and of course about Vanilla network, how you started with it😉
Vanilla Singh: This is our first AMA, so be kind…. 😂Let me tell you how we started with it
Mary | Satoshi Club: Don’t worry, we are very kind 😉
Vanilla Singh: So, unfortunately, we’re former investors of a project that didn’t work out. Upset with the lack of progress, a group of community members came together to try to save the project.
The leadership team was not interested, so we decided to go it alone. This was back in August.
Mary | Satoshi Club: Oh, sorry to hear about that project. But it is a great initiative that you didn’t stop)
Vanilla Singh: We came up with the concept of vanilla – voted on by a group of former community members. Vanilla meaning – plain and simple, and in financial terms an uncomplicated financial instrument.
Then I and Mike discovered our passion for casinos and sports betting. Then The Vanilla Network project was born!
Fortunately in our team, we had Costi (CTO) with great development skills, Mike (CEO) a skilled strategist, and Redford (COO) a jack of all trades (he won’t like me saying that!)
… not forgetting myself, a boring economist!
Vanilla Singh: Hope that gives you enough flavor? 😂
Mary | Satoshi Club: Yes, of course, 👍 I like a casino, but unfortunately, I am not lucky with these games😂
Vanilla Singh: Nor am I, unfortunately… but it’s good fun regardless.
Mary | Satoshi Club: I hope Vanilla will change our luck😉
Mike: Haha well you should try Vanilla. You will have more chances to win. 😊
Mary | Satoshi Club: I hope😉 stake&play?😂 Ok, guys, I think you have a lot of things to tell our community and they prepared some questions for you😉 Ready?
Mary | Satoshi Club: How are you today?)
Vanilla Singh: Ready as we’ll ever be… hit us with your best shot
Mary | Satoshi Club:Q1 from Telegram user @bulbul03
Vanilla pre-sale will Start after a few hours. And It will Start on your website. But recently Your website faces a problem with DDoS attack. Tell me about the present conditions of your website. Do you have any Extra security pattern? Because if it will hack after start pre-sale, then you know what will happen with investors. So what plan do you have for this?
Vanilla Singh: We should have Costi here for this one. Yes, a few days ago we suffered an attack. We can’t be sure, but our host confirmed it was due to unprecedented traffic (probably someone spamming our site).
We reacted quickly to upgrade our service lines so our host released our website again. So in fact, it worked in our favor.
We also did a swap for the old token we were invested in -on the 25th of October. This sold out in 24 hours and was a very successful initial launch.
Mary | Satoshi Club: Tell us more, you had a swap or sale? Or it was something mixed? I mean the previous sale. Vanilla sale😀
Mike: The first round was a swap from the old token for Vanilla. 200,000 VANILLA were succesfully swapped
Mary | Satoshi Club: Oh, got it) ok we will have a question about this later) and, btw, when your sale will start?)
Mike: The second round and final Presale will start today at midnight at 00.00 UTC
Vanilla Singh: Don’t miss it!!!! 😂
Mary | Satoshi Club: How long it will last? Do you have a soft and hard cap?
Vanilla Singh: Just to confirm this will be for 250,000 tokens, and it will be priced at 1 ETH : 1,000 Vanilla.
It’s all smart contract orientated. So will compete on 7th November (if we get there).
Any unsold tokens will go to our novel community fund. Which we can tell you more about it required? Although confident we’ll hit our hard cap.
We have already reached our soft cap of 50 ETH from our initial swap (full disclosure, this was the MYX network token, which pretty much was abandoned by its leadership team).
This is why we are here, to do things right.
Mary | Satoshi Club: Thank you) and wish you go through it without any DDoS attacks😉 Ready for the next question?)
Mike: Thank you
Vanilla Singh: We’re fully protected at the maximum scale.
Please proceed 😊
Mary | Satoshi Club:Q2 from Telegram user @rebel99
Why is the transaction fee for using Vanilla so high, for instance, a $1000 transaction would take $50 as a fee in addition to Gas fees. Isn’t 5% too high?
Redford: Sorry to take us back a bit.
We already activated Cloudflare also we migrated our DNS servers. Our site is hackproof, but a DDoS attack is different
You cannot foresee it. All you can do is provide a defense and we have done that. Besides, we already proved that we have a capable team by coming back online in less than 45mins.
The platform is now fully protected so investors have nothing to worry about.
Vanilla Singh: Well, this is where the economics comes into play. Even though it’s a 5% burn, 2.5% will be returned to stakeholders in our Vanilla option pool.
So if you remain vested in the staking pool, you will benefit from holding the token.
This isn’t a novel concept in itself. Scare supply is just a simple purpose, we also aim to deliver a real use case in our betting DApps. So in combination with our reducing supply, and increasing demand should in theory give a good return on investment.
Mary | Satoshi Club: Thank you👍 and welcome to Satoshi Club 😀
Redford: Glad to be here👍
Vanilla Singh: Thanks for the above @Redfordx. Our jack of all trades, master of… 😂
Redford:
😂😂😂😂
Mary | Satoshi Club: Yes, so, your staking pool will fill from transaction fees?
Vanilla Singh: Exactly. But consumer only benefits if you have a real use case that drives transactions (and therefore, burning of supply)
That’s our aim. Not a simple deflationary staking platform.
Mary | Satoshi Club: Right, it has economic sense😀 And tokens, which will be distributed for the team – will you lock them or distribute immediately?)
Vanilla Singh: We will distribute immediately, and will be locked and vest over time.
We’re here for the long term. Our true vision is to make this truly “decentralized” (apologies for the buzz word).
Once that’s achieved we know we’ve done our job.
Mary | Satoshi Club: Buzz word) but it’s what everyone in crypto aiming for. Great, let’s go to the next question?
Vanilla Singh: It is, but still don’t think we’ve really achieved this in the space yet.
Fire away
Mary | Satoshi Club:Q3 from Telegram user @K2ice
When I first heard about the Vanilla Network, I thought it was another food meme that had to do with the famous Vanilla cream/flavor where all Vanilla lovers would stake/hold Vanilla. But all I can see from the platform is lottery/bet/poker. What has the famous Vanilla got to do with your platform and why do you think the name should be used for the platform?
Vanilla Singh: @Redfordx you wanna do this one?
Mary | Satoshi Club: I think this tiger can😂
Vanilla Singh: Go on @Redfordx … people getting bored of me 😂
Redford: Sure!
Mary | Satoshi Club: No🤩 you are doing great)))
Redford: When Vanilla was conceived, a lot of food projects were being hyped and were actually making waves. We wanted a name that will also make waves but will mean something different entirely and sophisticated. Since we are in the DEFI sphere, we chose $VANILLA.
And below is what Vanilla actually means in finance …
“Vanilla is the most basic or standard version of a financial instrument, usually options, bonds, futures, and swaps. It is the opposite of an exotic instrument, which alters the components of a traditional financial instrument, resulting in more complex security”.
Since our mission is to simplify DEFI. What better name will lend credence to our cause than the name Vanilla?
Mary | Satoshi Club: Yes, that is a very sweet name😀 Do you plan swaps on your platform?
Redford: Thanks Mary. Glad you like the name. 👍
Vanilla Singh: We’re going to stay agile. Space moves fast, so open to everything. Within reason…
Mary | Satoshi Club: So, you will leave some decisions for your community?
Vanilla Singh: Yes, mainly for the dApps they want.
The big clamor for a double or nothing rewards dApp. So that’s what we’re working on currently. Randomization in the blockchain is challenging but really will add so much value.
But then going forwards, as things take shape it will be community-driven when it comes to head bets (say on a sporting event for example).
Mary | Satoshi Club: Step by step?) Btw, when you plan your first dApp to go live?
Vanilla Singh: The staking platform DApp is already produced, but being audited at the moment. Will go live before we list in November
We have a couple of other surprises as well, but won’t reveal those yet 😉
Mary | Satoshi Club: Don’t forget to share your news with us😉
Vanilla Singh: As long as you participate in the presale 😂
Mary | Satoshi Club: So, next question? Ready😉?
Vanilla Singh: @Redfordx is ready 😂
Mary | Satoshi Club:Q4 from Telegram user @cengizhantekin
You have the Vanilla Community Fund built in your network for long-term stakes. What part of the fees stored in VCF? Is only staking long-term sufficient for benefiting from VCF or are there any other conditions? And based on what criteria will the rewards from VCF be distributed?
I think it’s yours😂 funds are for economists))) @BitcoinCashSingh 😉
Redford: A Daniel has come to judgment. It’s yours @BitcoinCashSingh 😁
Vanilla Singh: I just predict outcomes lol. Okay, I’ll answer…
Mary | Satoshi Club: Red or black😂
Vanilla Singh: So the community fund is set up at inception. 15% of the tokens are in this pool.
This is where we have a “self-cycling function”. When you participate in a dApp, let’s say a head to head to bet – there will be a fee charged that goes into the VCF. Say a 45% chance of winning for an individual therefore, 10% goes into this fund.
Then we will periodically open up staking pools (I like to call them a chocolate staking pool)- where a user is guaranteed a set APY if they remain invested in this pool for a set period of time.
So the pool diminishes from rewards given out but then replaced by the fees in the betting DApps (based on the probability of an outcome).
Therefore, meaning a consumer should remain in the ecosystem to benefit from these rewards – even if they don’t want to play in the betting DApps…
Sorry for, long answer but hope that gives a flavor. Mathematics drives the platform.
Mary | Satoshi Club: Full balance)
Redford: Excellent‼️
Mary | Satoshi Club: So, I will get rewards only if I participate in some activities. I won’t get anything from the community fund if I will simply hold coins on my wallet?) Everything must move?😉
Vanilla Singh: No rewards in the wallet.
Recommend everyone stakes in the Vanilla staking pool option. So you get a 2.5% reward on every burning transaction.
But you can hold it if you want, but you’ll be missing out on juicy rewards!
Mary | Satoshi Club: Yes) I see)
Great and next question?)
Vanilla Singh: Please go-ahead.
Mary | Satoshi Club:Q5 from Telegram user @iulya_i
You have mint and chocolate staking options. I really don’t like mint with chocolate but the questions are not about this 😀
Why you created these 2 pools? What are their specifics and what rewards will we receive for each of them.
Vanilla Singh: Can’t reveal this just yet…
This was one of our secrets! Looks like someone has read the Whitepaper 😂.
You’ll be getting a prize.
Mary | Satoshi Club: Yes, this question will definitely be rewarded😀
We like secrets, but if you can’t reveal we will follow your announcements 😉
Please, Satoshiclubbers, don’t forget to join @Vanillafinance to know all news!
Mike: Would like to add that you will receive extra rewards if you choose to stake for a longer period of time. This will be funded from the community fund.
Mary | Satoshi Club: Oh, it sounds like a hint😉 thank you👍 And the last question from this part?)
Vanilla Singh: We’re actually creating 3 pools. So users can decide based on their risk appetite.
Hold longer, get a larger reward.
Each pool has a different outcome.
Mary | Satoshi Club: Oh, mint, chocolate and… ?)
Vanilla Singh: What’s your favorite flavor?
Mary | Satoshi Club: Hm…😂
Vanilla Singh: Yes, it’s that 😂
Mary | Satoshi Club: Ahaha))) excellent choice)
So, can we jump to the last question from this part?)
Vanilla Singh: Please
Mary | Satoshi Club:Q6 from Telegram user @winterkom
The vanilla Network team worked on a project previously, but it was not successful. Why will Vanilla be successful? Did you learn from past mistakes?
Redford: May I also add, that this project partly designed to salvage another person’s project and save investors who had lost their hard-earned money from an uncertain end is a first of its kind?
It simply attests to how selfless this team is. And because we are genuine and verifiable, we are geared and wired to deliver on all promises made.
We have never found a project that failed. Vanilla is a first and we already see it mooning 🚀🚀🚀
Mary | Satoshi Club: Yes, I got this) I think it’s just a bit confusing that you didn’t write the name of the previous project) my network😀
Vanilla Singh: That’s incorrect, we’re independent of the project that was unsuccessful. We set up to help save this community with this project, allowing a swap process.
So simply not true, but thanks for letting us clarify.
Mary | Satoshi Club: And the last question from me)
In what proportions was swap MYX to VANILLA performed? 1:100, 1:1…?)
Vanilla Singh: Let @Redfordx finish 😂
Mary | Satoshi Club: Of course 😂
Vanilla Singh: Swap. It was 400 MYX : 1 VANILLA.
Difficult to ascertain as price moved a lot – would say it was 0.16 – 0.18 I counted from today’s price, it’s around 0.00026$)
Mary | Satoshi Club: I counted from today’s price, it’s around 0.00026$😀
PART 2, TELEGRAM COMMUNITY LIVE QUESTIONS.
In this part, we open a chat for the crypto community for 80 seconds. Then the guests from the crypto project choose the top 10 questions. These 10 crypto enthusiasts have earned cryptocurrency.
Reward pool: $100
Q-1 from telegram user @Splendicity
Can I unstake anytime I wish to?
Vanilla Singh: Yes
Q-2 from telegram user @BJosefina61
Your roadmap refers to include gaming and betting. Can you make a tentative list of the games that could be included?
Vanilla Singh: Please read Whitepaper they are all listed there:
Blackjack
Poker
Lottery
Double or nothing
Head to head bets
Q-3 from telegram user @GoldRocket27
Are you positioning yourself as a platform for gaming daps? Are you going to work only in this direction?
Vanilla Singh: No, we are going for decentralized betting DApps. It’s a huge market and has untapped potential.
Blockchain can revolutionize it and get rid of the middle man. That’s our aim
Q-4 from telegram user @K2ice
The whitepaper says “When Vanilla is purchased a 5% transaction fee is charged. Half of this fee goes to our stakeholders. The other half is automatically burned”. Instead of burning half of the transaction fee, why can’t you just make the transaction fee 2.5% to make it cheaper?
Mike: We can but that means also that less will be burned and less rewards go to the stakeholders. We think 5% is the right figure to have enough tokens burned and stakeholders rewarded
Q-5 from telegram user Deleted user
Question Unknown
Vanilla Singh: No, not a big fan of this.
Just a cheap way of trying to pump the price. We are deflationary in nature, and our success will be based on the use case of our DApps.
Q-6 from telegram user @Maksyrn
Will MYX Network project tokens and the project itself cease to exist?
Satoshi CLU₿, [28.10.20 01:47]
Vanilla Singh: We don’t know. We are not part of this project.
We allowed the old community to swap their tokens for Vanilla.
We first set this at 40m, but demand was unprecedented so we upped it to 80m so the old community could be the foundation of our project.
Community is critical to long term success. Especially the community betting DApps – quite fun having one up on one of your peers!
Q-7 from telegram user @KevSalom
Tell us a little bit about security? Have you done an audit of the platform? Are smart contracts error-free? What are the test results?
Vanilla Singh: We are in the process of this. Will be employing independent blockchain technicians to audit our smart contracts.
We will not release a dApp unless it’s been tested. This should be the industry standard not just a reason to invest in a project.
Q-8 from telegram user @Maksyrn
How to participate in pools, and why are there already 3?
Vanilla Singh: Because we love ice cream…
Q-9 from telegram user
Mary | Satoshi Club:
One question was answered during the live chat😉
Q-10 from telegram user @BERTA2020
What are the steps to buy $VANILLA at your presale?
Vanilla Singh: Please visit the website
www.vanilla.network
The launchpad can be found by pressing “buy presale”
This will give you the steps.
Note only the Metamask Wallet is supported (both for desktop and mobile applications)!
Goes live 00.00 UTC 28th October, 1 hour from now!
Part 3 – Quiz
As usual, for the third part, Satoshi Club Team asked the chat 4 questions about the project. A link to a Quiz form was sent into the chat. Participants had 10 minutes to answer. 300$ was distributed between the winners.
