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! đ
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, weâre former investors of a project that didnât 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 wonât 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 itâs 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 weâll 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 canât 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: Donât 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.
Itâs 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 weâll 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: Weâre 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. Isnât 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 itâs 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 isnât 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)
Thatâs 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.
Weâre here for the long term. Our true vision is to make this truly âdecentralizedâ (apologies for the buzz word).
Once thatâs achieved we know weâve 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 donât think weâve 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: Weâre 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 thatâs what weâre 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 wonât 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, Iâll 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 âself-cycling functionâ. When you participate in a dApp, letâs 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 donât 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 youâll 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 đ
Why you created these 2 pools? What are their specifics and what rewards will we receive for each of them.
Vanilla Singh: Canât reveal this just yet…
This was one of our secrets! Looks like someone has read the Whitepaper 😂.
Youâll 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: Weâre 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: Whatâs your favorite flavor?
Mary | Satoshi Club: Hm…😂
Vanilla Singh: Yes, itâs 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: Thatâs incorrect, weâre 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. Itâs a huge market and has untapped potential.
Blockchain can revolutionize it and get rid of the middle man. Thatâs our aim
Q-4 from telegram user @K2ice
The whitepaper says âWhen Vanilla is purchased a 5% transaction fee is charged. Half of this fee goes to our stakeholders. The other half is automatically burnedâ. Instead of burning half of the transaction fee, why canât 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 CLUâż, [28.10.20 01:47]
Vanilla Singh: We donât 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 itâs 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 $VANILLA at your presale?
Vanilla Singh: Please visit the website
www.vanilla.network
The launchpad can be found by pressing âbuy presaleâ
This will give you the steps.
Note only the Metamask Wallet is supported (both for desktop and mobile applications)!
Goes live 00.00 UTC 28th October, 1 hour from now!
Part 3 â Quiz
As usual, for the third part, Satoshi Club Team asked the chat 4 questions about the project. A link to a Quiz form was sent into the chat. Participants had 10 minutes to answer. 300$ was distributed between the winners.
Vanilla Network Quiz Winner List:
4/4 Correct Answers First 10
@Brainchest
@jobel4
@cengizhantekin
@Andyoungson
@cryptonite_gold
@halvving
@Jitka1
@bitcoinistic
@boeingbadge
@flagschemicals
4/4 Correct Answers Next 10
@Oggyman
@JustOfSon
@Dannyaka
@Conowal
@Loriona98
@moismois0
@nbm843
@sergiogonzaless
@michaelaelf
@daviessss
3/4 Correct Answers First 10
@AmirJosh
@Xusuo
@Maksyrn
@Rebel99
@Canswer
@residencecrypto
@dashinberlin
@trustmywallet
@debrasnider
@edibrown
2/4 Correct Answers First 15
@DiegoRME
@K2ice
@Jonahapagu
@quepongo
@bulbul03
@madamlobster
@lissabeth
@Bradyfreddy
@murielluis
@doublework2
@malidonald
@vinniepu
@blundeloff
@gruvv
@xaviermaya
For more details:
English Telegram group: https://t.me/Satoshi_club
Russian Telegram group: https://t.me/satoshi_club_ru
Spanish Telegram group: https://t.me/satoshi_club_spanish
Telegram Channel: https://t.me/satoshi_club_channel
Website: https://esatoshi.club/
Twitter: https://twitter.com/esatoshiclub
Our Crypto Partner by this AMA:
http://www.vanilla.network
https://t.me/Vanillafinance
https://www.reddit.com/r/vanillatoken/
https://www.youtube.com/c/LifeAsItIs/videos
https://twitter.com/VanillaNetwork1