Month: October 2020

This time we conducted AMA with the WOOTRADE Network, with a project providing ZERO Commissions, Deep liquidity, DeFi bridge which was on 16 October.

The total reward fund was 500$ and was divided into three parts. In this AMA Recap we will try to summarize some of the most interesting points for you.

Our guest: Jack Tan – Co-Founder.

Jack is a co-founder and co-CEO of Kronos Research, one of the most successful quantitative trading firms in digital assets. The firm is over 60 strong and regularly trades $30 B+ USD per month. Jack started trading equities at age 14 and has worked at BNP Paribas and Deutsche Bank for more than a decade after graduating from Carnegie Mellon University.

PART 1, INTRODUCTION AND COMMUNITY QUESTIONS

Mary | Satoshi Club: Hello again, Satoshiclubbers! We are happy to announce our AMA session with Wootrade! @JT200 welcome to Satoshi Club😀

Jack T: Is Friday the night you get all the AMAs from Jack out of the way? D. | Satoshi Club: Haha

Mary | Satoshi Club: Hello)))😂 yes) Jack’s Day today)

Mary | Satoshi Club: How was your day, Jack?)

Jack T: Well anyways, thanks for having me. Can’t wait to share some info tonight with the Satoshi CLU₿ crew. All days are the same when you are running a startup. A lot of meetings, a lot of decisions, a lot of trading

Mary | Satoshi Club: We will bring new colors to your day)

Mary | Satoshi Club: So, Jack ,could you tell us more about yourself and how did you start with Wootrade?

Jack T: Sure, let me go back down memory lane for this one

D. | Satoshi Club: is this your first AMA for today?)

Jack T: Super short version: Im from the states, had a fascination with equities trading since I was 14, went to Carnegie Mellon U, met our fellow co-founder Mark Pimentel, worked for a decade at some big financial firms, got my head turned by digital currencies, decided to start a company with Mark called Kronos Research that applied what we did before to the cryptocurrency markets.

So with Kronos Research, we are a quant trading firm, and we do between 1 and 2 bln dollars a day in trades. You’ve definitely come acrossed our trades on the big exchanges, as we are on all of them

Mary | Satoshi Club: You are market makers)😉

Jack T: What we realized, was that we still didn’t have a great source of liquidity to trade in, and that’s an issue shared by the whole market, something every exchange, institution, and OTC desk deals with

So we decided to solve it 🤔 with Wootrade. Hah the good kinds.

Mary | Satoshi Club: Yes))) you were right) why Woo?) Does it mean something?)

D. | Satoshi Club: thank you for intro Jack! short but informative!😁  I thought about John Woo.

Mary | Satoshi Club: Let’s see)))

Jack T: Before we go too far down that road, I think a lot of people mistake us as in exchange. We aren’t trying to be the next big centralized exchange, and put guys like Binance and Huobi out of business. On the contrary, Wootrade is a layer one solution that any exchange or institution can add to their order books – we empower them, they empower their customers, its a win-win. And the best thing is… zero fees, but we can get to that later. Hah about the name. We wanted a name that was well designed for retail, and Wootrade is that sound a trader makes when they pull off a really successful trade. We’ve all felt that “WOO” moment at some point or another

Mary | Satoshi Club: Ahaha, true)))

D. | Satoshi Club:

Mary | Satoshi Club:  So, you are one layer solution both for Dexs and Cexs, right?)

Jack T: Hmm our main clients are CEXs and Institutions, but yeah OTC and Dexs and wallets and anything else that benefits from having the deepest liquidity in the world with very tight spreads and few slippage concerns.

Mary : Where is Hoo?😂

Jack T: That could be the name of some future product we have, im putting it in my notes.

Mary | Satoshi Club: Got it) DEXs are now also powerful)

Jack T: DEXs are certainly popular now but when you look at the greater picture of financial markets, you are going to need it all.

Mary | Satoshi Club:
Of course, i understand)

D. | Satoshi Club: Woohooswap.

Jack T: I need to get you under an NDA, can’t be putting all these good names out in the chat.  Serious adoption will require solutions that we see in traditional finance, things like Robinhood and WeBull where it is very much designed for retail traders of all level.

  Let’s go to the community!

D. | Satoshi Club: let’s gooo!

Q1 from bitcointalk user huyvo0126 @huyvo87 on Telegram
In an article on WOODTRADE’ the website said that DEXs and other trading platforms may source their entire order e-books from WOOTRADE at zero cost, thereby unifying liquidity across all venues. So can you explain this mechanism in detail such as users must use your API to do that or register to your platform?

Jack T: Can’t believe I’ve made them sit quiet this whole time

Mary | Satoshi Club: Don’t worry))) we will also have live part)

Jack T:  Good question. Huyvo0126 asked one we here a lot, basically, how does it work? Wootrade has two focuses, one is the B2B side that Huyvo is asking about here. When a client exchange signs up with us, they mirror their transactions into our unified order book, which is is based on a network connecting our other exchange and institutional clients (a growing list of clients as well). One of the biggest clients is our very own Kronos Research, which we talked about earlier, who bring huge volume into the order book, way more than a normal tier two exchange could possibly amass based on their own organic users.

So for a tier two exchange, you either connect to us from day one, and have mature order books, or you deal with poor liquidity and hope your users dont mind as you gradually try to scale up.

Mary | Satoshi Club: Does it affect order books which me as a trader see on the screen?)

The other side of that question is about our retail platform. our engineers are working on a retail platform that would allow anyone to access the very same liquidity that we offer our B2B clients. That will also be zero fees – they can choose to connect through the dashboard we build, or, if they are a pro trader who uses a custom dashboard, they can connect via API. That was a very long answer, Huyov gave me a tough one there

Jack T: Hopefully the next one is a bit quicker!

D. | Satoshi Club: Haha we’ll see. good answer! thanks!

Jack T: Sure, if you go over to Hoo.com, who is already announced as our client, you can see the depth they have on BTC/USDT pairs

https://hoo.com/spot/btc-usdt

Jack T: You can see the spreads are often only 1 or 2 cents away at times

Mary | Satoshi Club: They are clever😂 choose you and win)

Jack T: Hah we are aiming to empower everyone! thats what a decentralized world should look like, not a bunch of isolated liquidity islands.

What else does the community have for us?

Mary | Satoshi Club:  A lot of questions, don’t worry). You have a lot of tier two exchanges that partnered with you?

Jack T: Hah Id have to check with my COO to see what we are allowed to talk about, but yeah, there are quite a few

Mary | Satoshi Club: Thank you, second question?)

Jack T: Let’s hear it Mary!

D. | Satoshi Club: Q2 from Btt user freelikewindstill, TG username: @astalavistabby
I’ve typed 10000$ daily trading volume and your website told me that I will save 1825$. How is that? I don’t loose 20% of my money on trading?

Jack T: Ah, basically there are a few ways traders lose money and don’t know it. Well, some know it. Haha.

Mary | Satoshi Club: I was more modest😂

Jack T: Poor trade execution leads to things like wide spreads, where the gap between the buy and sell is off. You either accept that gap and accept the bid, or you place a bid and sit around waiting for it to fill. With professional traders, waiting isn’t a great solution

Mary | Satoshi Club: Yes, I know this feeling))) waiting for…

Jack T: Another way is slippage, which most people who use Uniswap are familiar with. The spread might start out tight, but since the liquidity isn’t deep enough, the price slides away from the market price to accommodate the full order. Another way is trading fees, which exchanges make a lot of their money off of. For a second-tier exchange, other than massive listing fees, trading fees and withdrawals can be the sole source of revenue. We don’t need to penalize the traders for trading, but we can talk about that later I’m sure! But those make up the bulk of where traders lose money. What’s next?

D. | Satoshi Club: Spoiler: next question about zero fees

Mary | Satoshi Club: Jack, your answers are so fast and clear)))

Jack T: Hah I knew it!

Mary | Satoshi Club: Shoot it)

Jack T: Everyone who isn’t familiar with traditional markets and quant trading struggles with this concept: how can we offer zero-fee commissions?

D. | Satoshi Club: Q3 from Telegram Username @PaoloMonte87
Your claim of zero trading fees is definitely a very strong one and probably your “cheval de bataille” in your offering. Still, more cautious people would probably have a natural question pop up in the back of their minds: how can you manage to be sustainable without applying trading fees?

Jack T: We actually just wrote a full blog post about this because we got tired of people thinking we had overlooked this issue in our business model.

https://medium.com/wootrade/how-does-wootrade-provide-traders-with-zero-fees-e49847d389c8

 I’ll summarize the most important part.

Mary | Satoshi Club: Yes, zero fees always are the question)

Jack T: In the traditional finance world, people use online brokers to trade stocks. Two of the most user-friendly brokers are WeBull and Robinhood, both of which offer zero commissions on trading. One way to monetize this model is by Payment for Order Flow (PFOF), which is the compensation a broker gets for directing orders to different parties for trade execution.
Wootrade does the same. One of Wootrade’s biggest clients is their parent company, Kronos Research. Kronos Research is one of the biggest cryptocurrency quant trading firms in the world and trades between $1 billion and $2 billion per day. They can offer significant rebates to Wootrade in exchange for providing more order flows. In this way, Wootrade earns from the big market-makers and uses those revenues to incentivize other flow providers (exchanges and traders) to route orders there.

Jack T: I’m not going to lie, I just copied and pasted, not summarized. Basically, we get big rebates from the market makers who are ecstatic to have non-toxic flows and we also charge for premium features like interest on margin trades and features like that.

Mary | Satoshi Club: Btw, as I know zero fees are for API users, right?)

Jack T: Actually the pro-trading and market-making API users will have a fee, but for our B2B clients and retail users there will be zero fees. In fact, the B2B clients can actually become a PRIME node and earn money from their users’ flows, so instead of getting charged for this, they actually can earn, how cool is that. That’s really why we’ve had so much success early on with our business development.

Mary | Satoshi Club: That’s cool)

Jack T: Thanks Mary, it’s great to see people taking an interest and learning more about how these markets function

Mary | Satoshi Club: I’m trying))) And our users also) so, the third question?)

Jack T: Hit me

D. | Satoshi Club: Q4 from Telegram user @michaelaelf
Enterprise clients holding a certain # of tokens are eligible to earn WOO tokens for every dollar of flow traded. What is the exact number? What are the conditions to become an enterprise client?

Jack T: Ah it’s like Michael read my mind! I literally just talked about that we must have a connection.

Mary | Satoshi Club: By the way, what should enterprise do to become your client?)

Jack T: I can’t disclose the exact numbers now, as we are working with a few strategic partners to get the details down 100%, but it’s going to be quite a bit. The PRIME nodes aren’t just going to be open to just anyone, they need to add value to the Woo network. And how do you add value? Basically what we call reverse liquidity mining. Whereas most platforms want you to put liquidity in, we have a whole heap of institutions with trades that need takers. So by supplying non-toxic traders on the other end, you are essentially taking liquidity off the market, which is why we call it reverse liquidity mining

I explain the toxic/non-toxic trading thing in that article I posted above if anyone isn’t sure about that.

Check out our website: https://woo.trade/

We have a B2B demo there, and a place to contact our BD team.

D. | Satoshi Club: Can you disclose approximate numbers? 😄

Jack T: Let me check with my COO. I get in trouble in these AMAs for talking too much, if he gives me the thumbs up I’ll post it here. In the meantime, let’s push ahead with the next question?

Mary | Satoshi Club: Ok. Are you working with enterprises all over the world?

Jack T: Retail traders can also sign up there to be the first to try out our new retail trading platform when we launch it 🙂

Mary | Satoshi Club: Also, are you and your team from the USA? Do you have an office?

Jack T: Good question Mary, Mark, the COO Ran, and I are all American. We have offices in Shanghai and Taipei though as well. We also have employees from Europe and all over, so it’s quite a diverse team. A good reflection of the market. 

Mary | Satoshi Club: But you registered on British Virginie Islands😀 why?😀

Jack T: After an exhaustive legal research process we determined it’s the most favorable.

Mary | Satoshi Club: Yes, I see a lot of companies prefer this way😀 

Jack T: Yeah, most blockchain companies are usually in places with progressive regulations such as Singapore, HK, Malta, BVI, etc.

 The good news, I can talk about the nodes.

Mary | Satoshi Club: Wow) so, tell us what you can)

Jack T: Right now its set at around 5m tokens, which will likely increase as more clients join the network, reflecting the increase in the value of the network

Mary | Satoshi Club: Good numbers😀But I am sure we will see more😀 Next question?

Jack T: Sure, why not!

D. | Satoshi Club: Ok, we have another 2 questions in this part, one about “Open governance on Wootrade” other “Cloud Exchange”. which of these you prefer next? 😁

Jack T: Governance?

D. | Satoshi Club:
Q5 from Telegram Username @eraybukucu
Can you explain more about Open governance on Wootrade, Will the voting power be determined by the duration of Staking or the amount of tokens purchased to vote? Also, how do you aim to encourage people to participate in the governance & decision-making process, are there incentives?

Jack T: At the moment we aren’t very decentralized, because we believe that our product team and management need to be able to implement fast updates and strategic decisions. We don’t subscribe to the belief that every decision needs to be put before a crowd, especially for a young company that is just starting out. However, as we mature and develop, decentralized governance will grow in importance. We will reward holders who have held a certain amount of time so that users cant just buy a bunch of tokens on the open market and start influencing decisions. At the core, there is a sustainable and well-designed governance plan

Mary | Satoshi Club:
I want to ask you one simple question) how can I get $WOO?)

Jack T: Great question Mary, you are my favorite question asker. We have a public sale coming up at the end of the month. It’s going to be the first time the WOO token is available on the open markets

Mary | Satoshi Club: I like public sales)

Jack T: So because we have such a tight network of exchange clients, getting listed on a number of exchanges won’t be a problem. We will also list on some DEXes as well. The WOO token will be an ERC-20, but it hasn’t been minted yet, so don’t go falling for some back alley DEX Swap.

D. | Satoshi Club: What will be the total supply of token?

Jack T: Total supply is 3 billion, I got all this info from over on https://woo.trade/token

The mechanism should be fairly straightforward, we won’t make anyone send in blood samples for tokens.

Mary | Satoshi Club: Do you have dates and can you tell something how it will happen? Mechanism of public sale?

Jack T: Hmm I don’t have the exact date (announcement schedule depends on our partners) but it should be the last week if not the last days of the month.

 I’ve seen a few scammers pop up already, trying to cash in on the buzz we’ve worked painstakingly to foster

Mary | Satoshi Club: Their number will grow, it’s sad.

Jack T: What’s next?

D. | Satoshi Club: The last question from this part! ready?

Jack T: Doooo it

D. | Satoshi Club: Q6 from Telegram Username @AmirJosh
Wootrade “Cloud Exchange” solution enables new exchanges to go live in 1 hour or less. Are these exchanges still connected and manage by Wootrade, will you explain how it works?

Jack T: Well this goes back to what we discussed with the first question, where our B2B exchange clients can tap into our liquidity. We play no part in managing the exchange, they just mirror their order books with our Woo network. The solution is really easy to implement, and the appeal is that a brand new exchange could launch and have fully-mature order books from day one.

Mary | Satoshi Club: Simple and useful for both sides solution 😀

Jack T: Then they can focus on things like user acquisition, security, and marketing, without having to hire third-party market makers to fill out their books.

Mary | Satoshi Club: Does it cost something for exchange?

Jack T: Nope, like we said earlier, we get our rebates from the institutional side, free for the exchanges, and if they become a PRIME node in our network, they can even earn rewards, which they can choose to pocket, or as we prefer, pass on back to the users.

Mary | Satoshi Club: I am thinking about my own exchange now😂 Thank you)))

Jack T: That’s ultimately the decision of the exchange, but we believe it will be a race to the bottom, as soon as one exchange offers zero-fees to users or even rebates, the others will feel obliged to comply.

PART 2, TELEGRAM COMMUNITY LIVE QUESTIONS.

In this part, the Satoshi Club opens a chat for 80 seconds, participants can insert up to 3 questions. After the end of the time, our guests choose the top 10 questions.

Jack T: Lets do this, I’m ready, release the floodgates

Mary | Satoshi Club: Let’s go 🚀

Q1 from Telegram User @Giniwhite

Do you have plans to educate your community in order to create traders pro? What tools does it offer to new traders?

Jack T: Cosmo, great question. We are going to have a lot of professional tools in our GUI but we realize how important it is to be user-friendly in our approach. There will definitely be content created to help users learn everything from the basics all the way up to advanced features.

Q2 from Telegram User @Beterror203

Wootrade has futures included or coming soon.

Jack T: Easy question, easy answer. Futures are on the way. We plan to have everything, you can’t “Disrupt markets” by just offering one thing

Q3 from Telegram User @CElllIFE

Can Wootrade help provide liquidity for DeFi?

Jack T: Yep, we are working with some partners now to explore the exact model. But DeFi is a segment of the market that at times suffers most from a lack of liquidity. Those platforms would benefit a lot 🙂

Q4 from Telegram User @huydo

What are their incentives for both market-makers and exchanges to join Wootrade platform in the short and long term?

Jack T: I think the answer to both is really deep liquidity. Market-makers need liquidity from Wootrade to work elsewhere, exchanges need to offer their users the best possible trading experience. The answer to both is liquidity. Long-term, the WOO token will incentivize exchanges to stay. Why go somewhere else and pay for liquidity when you can reverse liquidity mine and earn tokens for your users’ flows?

Q5 from Telegram User @Poltybaz

To create the $woo financial ecosystem, will there be a buyback or burning of a token supply?🤔🤔🤔

Jack T: Sure. As much as anyone in this space, we understand how markets function. We will have a BNB style buyback where revenues from our platform buy tokens on the secondhand market. That will help even out the market

Q6 from Telegram User @BlancaSdF

WOO is praised by HOO and MXC. Does it mean that they would eventually use the platform?

Jack T: As you can see from our website, both of those exchanges left some kind words for us. They are already using Wootrade. Unlike other projects that might start a public sale with just a bright idea, a logo and a white paper; we did it backward. We built the platform and onboarded clients first, then made plans to launch the token of course not to make fun of other platforms that are bootstrapping their way through, we had the added advantage of incubating ourselves with Kronos Research.

Q7 from Telegram User @Ramadhan1895

What are the major milestones achieved by $WOO so far?

Jack T: Hmm, well we went from having only a few thousand dollars in volume when Wootrade first launched to having millions per day now, we are quite proud of that first milestone.

We also just closed a $10 million dollar fundraising round headlined by names like Dragonfly capital and Fenbushi Capital. We thought that was a great testament to how successful we’ve been in the past with Kronos Research and how much these institutions believe in the value of something like Wootrade.

Q8 from Telegram Unknown User 

The question about the dark pool.

Jack T: The “dark” aspect of it is that users have the option to hide their orders from the public markets. If you want to buy or sell a large amount of anything, you don’t want that info to leak since it could move the markets and give you worse off prices. Market-makers in a dark pool are training their algorithms to handle flows correctly from particular clients. Citadel might be super well-trained to take flows from Robinhood and are able to offer prices BETTER than what they can get on lit exchanges AND also provide a rebate to Robinhood. Trading through a dark pool, the client is able to achieve superior execution AND a rebate. An exchange like Huobi isn’t going to be able to do that just by hiding the orders.

Q9 from Telegram User @DiegoRME

What are the main uses that stand out from the competitors of your $WOO token? Can I cover transaction fees with $WOO?

Jack T: Haha I don’t think we have any competitors at the moment. From a B2B model, our competitors can be traditional market makers. But everyone knows that market makers can be inconsistent, or even malicious, manipulating markets for their own benefit, or to make the exchange have inflated volumes. Market makers are also expensive. We provide our B2B clients a better level of service, without the risk, for free.

Q10 from Telegram User @KeymerS

I understand the benefits in B2B exchange operations, but to derivatives and futures, what news will WOO bring? since I really think that liquidity is not so necessary in this case, right?

Jack T: Liquidity is necessary for all traded products! Fees also matter for everyone – why would anyone elect to pay fees when they should keep all they earn in the first place?

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.

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

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

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

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

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

Website: https://esatoshi.club/

Twitter: https://twitter.com/esatoshiclub 

Our Partner:

Wootrade Community: https://t.me/wootrade

We are pleased to announce our next AMA on October 20th 2020 at 02:00 PM UTC Time: Satoshi Club x Hulk.Finance

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

⚠️Requirements:
👉 Join Satoshi Club Telegram group
👉 Join Hulk.Finance Telegram group

We will have the following structure:

Part 1: 150$ /6 users – We’ll select 6 questions from the community. A user can post maximum 3 questions. 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. Hulk.Finance Team will select 10 questions and answer them.

Part 3: 500$ – A quiz about Hulk.Finance

For more details:
Hulk.Finance – @Hulkfinance
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 Citrix DeFi. The AMA took place on October 15 and our guests @Deborah_CDFX @johnrichards_cdfx

PART 1, INTRODUCTION AND COMMUNITY QUESTIONS.

Mary | Satoshi Club: Hello again😉, Satoshi Club! We are happy to announce our AMA session with Citrix DeFi! Welcome to Satoshi Club😀

D. | Satoshi Club: hello Satoshi club! and @Deborah_CDFX @johnrichards_cdfx hello guys!

Mary | Satoshi Club: @Deborah_CDFX @johnrichards_cdfx you are welcome 😃

Deboray Jay | CitrixDeFi: Hello

Mary | Satoshi Club: Hi, how are you)

John Richards | CDFX: Hello thank u 😎

Deboray Jay | CitrixDeFi: Good, nice to be here.

Mary | Satoshi Club: So, could you, please, introduce yourself and how did you start with Citrix DeFi?

Deboray Jay | CitrixDeFi: I am Deboray Jay CTO of CitrixDeFi project and I am in the crypto space since 2014.
I have worked with several blockchain-based projects in recent years and at present, I am working with CDFX . My main area of work is a development that’s the short intro about me.

Deboray Jay | CitrixDeFi:
CitrixDeFi Protocol Social

Media Links:

Website link : CitrixDeFi.com

White paper :http://citrixdefi.com/CitrixDefi__WhitePaper.pdf

Facebook : https://www.facebook.com/Citrix-DeFi-114365207074003/?modal=admin_todo_tour

Twitter : https://twitter.com/citrixdefi

Instagram : https://www.instagram.com/citrixdefi/

Medium : https://medium.com/@citrixdefi

Reddit : https://www.reddit.com/user/citrixdefi

Telegram : https://t.me/citrixdefi_chat

Telegram Announcement :
https://t.me/citrixdefi_announcement

PreSale link :
https://citrixdefi.com/cdfx_presale/

Staking Dapp:
https://citrixdefi.com/citrixDeFi.stake/

Whitelist :
https://docs.google.com/forms/d/e/1FAIpQLSctSdzI3Mgt3gc9EkS1G3ELnRMJyYcN8171q789ReYsr7Rd_Q/viewform?vc=0&c=0&w=1&flr=0&gxids=7628

Deboray Jay | CitrixDeFi: These are CitrixDeFi Protocol links

Mary | Satoshi Club: Thank you) nice intro) why you choose to join Citrix DeFi?

John Richards | CDFX: Am CEO CitrixDefi is a Full-stack developer and blockchain engineer.
6 Years AWS expert,
6 Years of trading experience in crypto & Entrepreneur

Mary | Satoshi Club: Oh, good experience in all fields you need to build great DeFi)

Deboray Jay | CitrixDeFi: The idea of CDFX comes when we saw traders and investor loses their money time and again due to various factors such as non-regulatory nature of Crypto and the fud comes with it. The huge volatility in the market and various nonperforming crypto projects. So CDFX is a solution to all this and makes the best income for its investors.

D. | Satoshi Club: Great! looks like you guys experienced in crypto.

John Richards | CDFX:
yeah 😎 & blockchain technology is actually our passion👨‍💻

Mary | Satoshi Club: Thank you for intros) And are you ready for the questions from our community?)

Deboray Jay | CitrixDeFi:
Yes.. even I invested in more than 25 Blockchain projects before Coming to CitrixDeFi Protocol.

Mary | Satoshi Club: Oh, 25 is a good number)))

Deboray Jay | CitrixDeF: Yes..hope it will be a fun and learning session.

Mary | Satoshi Club: Sure👍

D. | Satoshi Club: let’s goooo! Q1 from bitcointalk user pedronino @xaviermaya on Telegram
Citrix is another project which offers lending and borrowing. Why would I use your platform instead of Celsius for example? Also, you have added inter-platform liquidity. Does it mean that I can put liquidity on many platforms just through your app?

Deboray Jay | CitrixDeFi: Yes. CitrixDeFi, a decentralized protocol for peer-to-peer and inter-platform lending and liquidity is an open-source Ethereum based protocol. It is built to allow lending and pooling of digital assets. It comprises inter lending, and inter liquidity protocol.

ETH to ETH- The fees between ETH swap, lending, and providing liquidity depends on the inter- DeFi charges and the Citrix protocol. The Citrix protocol charges 0.1% for every ETH lending, liquidity, and swap fees on the platform. on the other hand, it charges 0.05% for inter-protocol services.
ETH to ERC20
ERC20 to ERC20
ERC20 to other digital assets
Digital assets to digital assets.

Deboray Jay | CitrixDeFi:
Next, please.

Mary | Satoshi Club:
Ok, @Cool_as_Ice )

D. | Satoshi Club:
Q2 from bitcointalk user let098765 @jobel4 on Telegram
Can you explain the difference between collateralized lending protocol from the uncollateralized lending protocol? How will Citrix Defi consider differently this kind of lending protocol? Is this available for everyone?

Deboray Jay | CitrixDeFi: Lending on CitrixDeFi. 🧑‍💼
The Citrix DeFi lending protocol allows collateralized and uncollateralized lending of digital assets enabled on the platform. However, the lending protocol starts from collateralized lending before the non-collateralized lending at a later Citrix DApp version. 🏋️‍♀️

John Richards | CDFX: 😎Yes the difference With a secured loan, the bank will take possession of the title of the assets that are being used as collateral for the loan. This may include a home, car, investments, or other assets that can be converted to cash. With an unsecured loan, there is no collateral provided for the loan.👨‍💻

Mary | Satoshi Club: So, but is this safe? For Citrix?

Deboray Jay | CitrixDeFi: Of course, it’s Safe. We launch with full security features.

John Richards | CDFX: Yes it’s Safe ☺️

Mary | Satoshi Club: But from the beginning, you will give collateralized loans, yes?

Deboray Jay | CitrixDeFi: Yes.

D. | Satoshi Club: like what features? )

John Richards | CDFX: CitrixDeFi is planned and envisioned to be one of the safest platforms which has the below security protocols in place:
Web application security (OWASP Top 10)
Internal penetration testing, risk and vulnerability management
The secure data center which follows – ISO 27001, SOC1 and SOC2/ SSAE 16/ ISAE 3402/ PCI Level
1/ Sarbanes – Olexy (SOX), FISMA Moderate.
Security filters and Web server application firewall protocols
Isolated Database Environment
EV Certificate SSL/HTTPS + HSTS
Strong Password protection with mandatory 2-Factor Authentication (either SMS or Google
Authenticator as per user choice)
Usage of modern hashes (Argon2i, bcrypt, scrypt, or PBKPF2) to store system Keys and passcodes
Data encryption using AES-256 encryption

D. | Satoshi Club: Good. thanks for clarifying!

Mary | Satoshi Club: Does anyone made your smart-contracts audit? To be fully sure it’s secure?

Deboray Jay | CitrixDeFi: Yes.. we will officially with Audit report.

Mary | Satoshi Club: Is it already published?)

Deboray Jay | CitrixDeFi: No yet to be.

John Richards | CDFX: Asap😎

Mary | Satoshi Club: Ok, can we move to the next question?

D. | Satoshi Club: Q3 from Telegram Username @HurricaneLad
Strategically looking at your website, I discovered that your ROADMAP ends in quarter-4,2020. Are there no further developments next year and onwards? How do you plan to Meetup your deadlines amidst this pandemic?

Deboray Jay | CitrixDeFi: The long term plan is to make consistent money for users of the project by adapting to different strategies as need and to be dynamic all the time.
I did not found Covid impact on the crypto market

John Richards | CDFX: 😎that is actually the initial road map for 2020 in a few days we will announce new once 🔜

Mary | Satoshi Club:  Nice) but can you share with us may be one plan for the future?)

Deboray Jay | CitrixDeFi: We planned for a decentralized trading app with zero percentage brokerage.

D. | Satoshi Club: Nice little hint, thanks

Mary | Satoshi Club: Great. Does zero percentage brokerage mean zero fees?

John Richards | CDFX: We are working on it has some challenges but we will launch it anyway 😁💪

D. | Satoshi Club: Can a pandemic be a problem for crypto? 👀 I rather doubt. 

Mary | Satoshi Club: Just in case we will die all)

John Richards | CDFX: Pandemic.. not exactly but it affected all markets not only crypto many other platforms also but now it almost recovered it’ll be huge incoming futures😎😊

Mary | Satoshi Club: Thank you for your answers 😃 sure, crypto is one of the best places to stay safe during a pandemic). Hope to see your roadmap soon👍 so, next question?)

Deboray Jay | CitrixDeFi: Next, please.

D. | Satoshi Club: Ok, next question!

Q4 from Telegram Username @yiselen
I understand that CitrixDefi has incorporated PoS into its daily use in multiple ways. What are these multiple ways?

Deboray Jay | CitrixDeF: The main objectives of CitrixDeFi Protocol
1) Crypto and trading space is a bit complicated for many new users. They come with a lot of hopes to earn money using the immense volatility of the crypto market. But most of them lose money due to mismanagement of funds and uncontrollable emotions. So CDFX solves this problem and makes the money to investors using their own money.
2) The second main objective is to make people free from the stress of the market and watching their screens all day. They don’t have to do anything. Earn Easy.

Citrixdefi solutions include the Defi lending of digital assets, providing digital assets liquidity, and Inter DeFi platform lending.

Mary | Satoshi Club: There are more emotional things here. Okay, are you conducting a pre-sale now?

Deboray Jay | CitrixDeFi: [In reply to Mary | Satoshi Club]
Yes. Please find our official announcement.

😎🤑 Dear Community We are excited to announce our CitrixDeFi presale on our OWN CDFX PreSale Dapp.📢📢

🗒 Date :- October 16th 2020

⏱Time :- 5 PM UTC

PreSale Platform :- CitrixDeFi Protocol (CDFX)

🔶🔶Presale DAPP Link :-
https://citrixdefi.com/cdfx_presale/

🔶🔶
CDFX Presale Round-1 Details

HardCap- 250 ETH

0-100 ETH : 1 ETH =2700 CDFX
🤑(50%discount on Uniswap listing price)

100-250 ETH :1ETH =2500 CDFX
🤑 (40%discount on Uniswap listing price).

PreSale initial base price : 1ETH = 2700 CDFX tokens

Uniswap Initial liquidity:
250 ETH & 600,000 CDFX

Uniswap Listing Price: 1ETH = 1800 CDFX ( 50% Bump up on initial presale price )

Liquidity will be locked via Unicrypt for a year.
We capped the max contribution to 50 ETH and minimum is 0.01 ETH.

John Richards | CDFX: And do not miss the chance in Pre-sale peeps 😎

D. | Satoshi Club: how long presale will be last?

John Richards | CDFX: Max 48hrs 😎

Mary | Satoshi Club: What do you plan to do with funds collected during this pre-sale)? I see, you plan to lock it)

Deboray Jay | CitrixDeFi: 50 percent of funds we will use for Uniswap liquidity and 15 percentage for buyback CDFX tokens from market to increase the demand and 35% per marketing and development of CitrixDeFi Protocol. Yes, liquidity will be locked via unicrypt for a year.

Mary | Satoshi Club: Great, do your community has guaranteed that you will do what you promised? Some projects use the third part to ensure their users that liquidity will be locked. You are using Unicrypt platform, yes?

Deboray Jay | CitrixDeFi: 
Yes.. via Unicrypt..
Total of 65% raised funds will use immediately for increasing CDFX Token price.

Mary | Satoshi Club: But it’s not guaranteed, as I understand, yes, they even have such warning

Deboray Jay | CitrixDeFi: Ofcourse but we will share locked details to our Community…, everyone can verify …

John Richards | CDFX: It may be an issue with some project but we working in many ways to make user funds safe with a different more secured platform 👨‍🔧

Mary | Satoshi Club: Oh, great, sure, you are) thank you. Next question?

D. | Satoshi Club: Q5 from Telegram Username @Winterkom
Checking the Citrix Medium, I found that it is suspended, can you explain why? Is there anything that makes us doubt the veracity of Citrix?

D. | Satoshi Club: True, true. I faced it today👀

John Richards | CDFX: You may know about that we actually posted many updates in there due to that reason it but it’ll be up soon 😎 We also raised tt for this. This is our announcement channel u can all medium updates here: https://t.me/citrixdefi_announcement

Mary | Satoshi Club: Yes, I saw your announcements on Twitter.

Deboray Jay | CitrixDeFi: Hey due to the heavy load of news happened..just check in our Announcement Channel.

Mary | Satoshi Club: What is this issue about?

John Richards | CDFX: It’ll be up soon in a few hrs 😁

Mary | Satoshi Club: Great) hope to see all those articles)

Mary | Satoshi Club: Btw, do you have github?

John Richards | CDFX: Maybe next week will update with source code 😉

D. | Satoshi Club: Sounds good 👍

Mary | Satoshi Club: Thank you. Next question?

John Richards | CDFX: Yeah

Deboray Jay | CitrixDeFi: Ok. Please go ahead.

D. | Satoshi Club: Q6 from Telegram Username @Jonahapagu
How does CITRIX inter protocol lending work, can this work with any blockchains or only those integrated to your platform, will transactions through this be less expensive and what will be the transactions fees Token.

Deboray Jay | CitrixDeFi: Yes, Citrix operates varieties of DeFi services, there are varieties of fees on the Citrix platform. The fees s as follows;
ETH to ETH- The fees between ETH swap, lending, and providing liquidity depends on the inter- DeFi charges and the Citrix protocol. The Citrix protocol charges 0.1% for every ETH lending, liquidity, and swap fees on the platform. on the other hand, it charges 0.05% for inter-protocol services.
ETH to ERC20
ERC20 to ERC20
ERC20 to other digital assets
Digital assets to the digital assets.

Mary | Satoshi Club: And what about other blockchains? Do you plan cross-chain integrations?

Deboray Jay | CitrixDeFi: Yes, ERC 20 to others.

D. | Satoshi Club: What will be your next blockchain for integration? already selected?

John Richards | CDFX: Own blockchain 😎 soon.

Mary | Satoshi Club: Thank you, guys, for your answers 😃 Are you ready for the live questions from our community?

Deboray Jay | CitrixDeFi: Yes, please go ahead.

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 @apocan99 

⚡️ Citrix is using Ethereum infrastructure which recently has serious troubles like gas prices and speed of transfers. SoIready moved to other blockchains. Do you have such a plan for the future? If not, what measures have you taken in order to facilitate these?

Deboray Jay | CitrixDeFi: CDFX is a fantastic project to save money for investors. When we do a transaction of a small amount we pay the fee and when we do with a large amount we pay the same fee. CDFX pool ups the money and make profits for its users. It is that simple.
Even we will moving to our own blockchain by end of 2020.

Q2 from Telegram User @Spott

Can I stake $CITRIXDEFI token?
What those Staking structures?

John Richards | CDFX: 🧑🏻‍💻CDFX Staking dapp will be live on October end and we are allocated 25% of CDFX tokens for Rewards.
The estimated annual yield will be 100% of the amount staked. For instance, if you stake 100 tokens for 365days you will get 100 tokens as rewards in the end.

https://citrixdefi.com/citrixDeFi.stake/

Q3 from Telegram User @huydo

How many min/max ETH could I join your Presales?

John Richards | CDFX: Find all the details below 😁

😎🤑 Dear Community We are excited to announce our CitrixDeFi presale on our OWN CDFX PreSale Dapp.📢📢

🗒 Date :- October 16th 2020

⏱Time :- 5 PM UTC

PreSale Platform :- CitrixDeFi Protocol (CDFX)

🔶🔶Presale DAPP Link :-
https://citrixdefi.com/cdfx_presale/

🔶🔶
CDFX Presale Round-1 Details

HardCap- 250 ETH

0-100 ETH : 1 ETH =2700 CDFX
🤑(50%discount on Uniswap listing price)

100-250 ETH :1ETH =2500 CDFX
🤑 (40%discount on Uniswap listing price).

PreSale initial base price : 1ETH = 2700 CDFX tokens

Uniswap Initial liquidity:
250 ETH & 600,000 CDFX

Uniswap Listing Price: 1ETH = 1800 CDFX ( 50% Bump up on initial presale price )

Liquidity will be locked via Unicrypt for a year.
We capped the max contribution to 50 ETH and the minimum is 0.01 ETH.

Deboray Jay | CitrixDeFi: We capped the max contribution to 50 ETH for presale and also minimum is 0.01 ETH, so its a win-win deal for small and big investors

preSale link: https://citrixdefi.com/cdfx_presale/

Q4 from Telegram User @DiegoRME

What are the most notable benefits of buying your $CDFX token? Where can I buy it? What uses does it have?

Deboray Jay | CitrixDeFi: CitrixDeFi provides a wide range of solutions to traders, investors, and digital asset holders. Our platform offers three core solutions to participants. Citrix solutions include the Defi lending of digital assets, providing digital assets liquidity, and Inter DeFi platform lending.

Presale date : Oct 16th 5pm UTC
preSale link : https://citrixdefi.com/cdfx_presale/

PreSale Round 1: HardCap- 250 ETH
0-100 ETH : 1 ETH =2700 CDFX
100-250 ETH :1ETH =2500 CDFX

Q5 from Telegram User @slimerr

What aspects of DeFi require privacy? As CitrixDeFi pertains to privacy first approach.

John Richards | CDFX: Yes. CitrixDeFi will be on MainNet by December 2020.
CitrixDeFi is planned and envisioned to be one of the safest platforms which has the below security protocols in place:
Web application security (OWASP Top 10)
Internal penetration testing, risk and vulnerability management
Most secure data centre which follows – ISO 27001, SOC1 and SOC2/ SSAE 16/ ISAE 3402/ PCI Level
1/ Sarbanes – Olexy (SOX), FISMA Moderate.
Security filters and Web server application firewall protocols
Isolated Database Environment
EV Certificate SSL/HTTPS + HSTS
Strong Password protection with mandatory 2-Factor Authentication (either SMS or Google
Authenticator as per user choice)
Usage of modern hashes (Argon2i, bcrypt, scrypt or PBKPF2) to store system Keys and passcodes
Data encryption using AES-256 encryption.

Q6 from Telegram User @BlancaSdF

What are your current status and action plan regarding future listings on both DEX and CEX?

Deboray Jay | CitrixDeFi: Once PreSale is finished we can list immediately on UNISWAP and Initial liquidity is
250 ETH & 600,000 CDFX
Uniswap Listing Price: 1ETH = 1800 CDFX
( 50% Bump up on initial presale price ).
we will list on Kucoin, Hotbit, Probit and Gate.io Exchanges in October and we have many more exchanges in pipeline, mainly we targetted Top 20 Exchanges by December 2020.

Q7 from Telegram User @Alika061

After what #CitrixDeFi has done for the finished sale what else is it doing for the future and the community?

Deboray Jay | CitrixDeFi: Once our preSale is finished, we will start trading on Uniswap with a 50% bump up the price.
We launch Staking dap and APY.

Q8 from Telegram User @Winterkom

– What solution does CitrixDeFi bring compared to the many liquidity aggregators that exist? Do you have something special? What is the most important?

John Richards | CDFX: 👨‍💻CitrixDeFi, a decentralized protocol for peer-to-peer and inter-platform lending and liquidity is an open-source Ethereum based protocol. It is built to allow lending and pooling of digital assets. It comprises inter lending, and inter liquidity protocol.
To create a lending and liquidity interface between integrating platforms, it operates an easy to use SDK and various smart contracts. The SDK is customizable to allow users to create lending DApps and pools. On the other hand, the smart contract varies across users: liquidity creators, vaults, and proxy contracts.
The creator of a smart contract allows creators to add or create lending and/or liquidity pools. Vault contract defines the terms of pooling or storing funds.

Q9 from Telegram User @kun4321

What do you think about the opportunity to cooperate with Binance?

John Richards | CDFX: 😎 We actually have some big exchanges partnerships will announce them asap Binance may be on the list 😉 waiting for a big announcement.

Mary | Satoshi Club: Thank you for your answers 😃 and now we will have the Quiz part. @ciupidos the stage is yours 👍

D. | Satoshi Club: Nice! thanks for the answers guys.

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.

AMA Partner was  CitrixDeFi  Protocol:

Social Media Links:

Website link : CitrixDeFi.com

White paper :http://citrixdefi.com/CitrixDefi__WhitePaper.pdf

Facebook : https://www.facebook.com/Citrix-DeFi-114365207074003/?modal=admin_todo_tour

Twitter : https://twitter.com/citrixdefi

Instagram : https://www.instagram.com/citrixdefi/

Medium : https://medium.com/@citrixdefi

Reddit : https://www.reddit.com/user/citrixdefi

Telegram : https://t.me/citrixdefi_chat

Telegram Announcement :
https://t.me/citrixdefi_announcement

PreSale link :
https://citrixdefi.com/cdfx_presale/

Staking Dapp:
https://citrixdefi.com/citrixDeFi.stake/

Whitelist :
https://docs.google.com/forms/d/e/1FAIpQLSctSdzI3Mgt3gc9EkS1G3ELnRMJyYcN8171q789ReYsr7Rd_Q/viewform?vc=0&c=0&w=1&flr=0&gxids=7628

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

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

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

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

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

Website: https://esatoshi.club/

Twitter: https://twitter.com/esatoshiclub 

October has been a very special month for the SATOSHI CLUB community, we have had a great AMA marathon, we hope you are enjoying each of the exciting projects that we have invited to our group on telegram. Today we would like to tell you about the AMA session with our friends from CyberVein. The AMA took place on October 16 and our guests was Jack Ge (Global Ambassador of CyberVein).

The total reward pool was 500$ 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 Cyber Vein! welcome to Satoshi Club.

Serg | Satoshi Club: @sephirothg Welcome. We are glad to finally have you here.

Jack Ge: I‘m doing pretty well! Thanks:)

Mary | Satoshi Club: Please, tell us about yourself and how did you start with Cyber Vein?

Jack Ge: Alright! I’m the global ambassador of CyberVein. Before I get into the topic of today, let me just introduce myself, we’ll start with some numbers. I am 25 years old, graduated from Imperial College London with a mechanical engineering degree in 2016. It has been 6 years since I first came in contact with blockchain, but only 3 years that I throw myself in the industry.

D. | Satoshi Club: Awesome! thanks for introduction! ready for the questions Jack? we have 6 in this part and 10 in the second! 😄

Jack Ge: Let’s gooooo!

Q1 from bitcointalk user aditya117 

Recently CyberVein completed the 4th KCS lecture in Korea. How Cybervein progressed in these lectures? What is the main motive of Cybervein to complete these lectures?

Jack Ge: That’s really good question! This is one of our biggest event in Korea! CyberVein, as a technical consultant for new smart city solutions, focused on case sharing and results demonstration of the core technologies of CVT DAVE’s four core solutions: “PISR database, DAG storage chain, distributed computing power integration, and federated learning”, providing training and guidance for Korean government and enterprises in the intelligent transformation and upgrading.

At same time! It will provide targeted smart city solutions based on the priority development level of the government and enterprises present. CyberVein also took this opportunity to fully demonstrate that DAVE can build smart city system resilience through the “digital comes first” layout of efficient infrastructure and connectivity capabilities, providing diversified customized services, so that more ecosystems can choose more diverse models to participate in the joint construction and governance of smart cities.

Mary | Satoshi Club: Do you plan events like this in another countries? Or just for Korea? I think it’s amazing initiative👍

Jack Ge: So far, we have Grace which is CyberVein head of korea to support us expand the Korea market. And yes, because of the pandemic our moves are limited.

Q2 from Telegram Username @ovkneze_big

Several years ago I worked at the company that was implementing a smart city in my country. I am very interested to know about your successes in this direction.

Jack Ge: First we have cooperation with the Dubai government and then Hainan government in China to build smart city. Because Dubai is the first time it has built a “smart city” with an overseas government and provided blockchain database support for the Dubai World Expo. And we formally joined the Dubai 2025 smart city construction plan in early 2020, and provided blockchain database support for the Dubai World Expo. Cybervein also provides a data market for Dubai’s smart city, and uses federal learning to developed and sell data products. The goal is to bring Dubai’s economic benefits.

And also… another case is us with ainan government has signed a memo with Cybervein which it has become one of 12 firms participating in the construction of China’s Hainan Wenchang International Aerospace City. CyberVein will work alongside major Chinese firms, including Fortune 500 company Huawei, and will leverage its blockchain, artificial intelligence and big data technologies to support the development of the city’s Smart Brain Planning and Design Institute. The Smart Brain is its primary project, a ‘data-driven governance system’ based on the firm’s proprietary technology that will process real-time data to ‘organize urban public resources.’ However, few details regarding how blockchain will be employed in developing the governance model have been made public.

Mary | Satoshi Club: Great achievements, Dubai World Expo 2020 already started?

Jack Ge: Well, it was the plan, however due to the pandemic, the Expo has been suspended. 🙁

Q3 from Telegram user @kozmal

Proof of contribution means that I get rewards for providing disk space the same as mining with gpu. What if I own a server with big amount of space for data? Can I provide it all and own the majority and thus controlling the blockchain?

Jack Ge: Yes, similar situation as Pow in this sense. The participant who own the majority part have bigger power to influences the blockchain.

D. | Satoshi Club: Btw Proof of Contribution it’s a new DAG technology, made by your team?

Jack Ge: Not really, they have no correlation in between.

Q4 from Telegram Username @esmyeel

One of your product is data monetization, where cybervein will marketplaces for data. So my question is that what type of data can be monetized, can a student, teacher or educational institution monetize their research data?

Jack Ge: That’s secret! 😉 This is actually related to our new product that will release on Oct.26. you can follow us on twitter and stay tuned!

Q5 from bitcointalk user bitmartbounty

According to documents, MEDICAL ERRORS ACCOUNT for more medical deaths than even disease itself, how does cybervein address these issues of errors in the medical field?

Jack Ge: Well… Some of the data is mock data. The MEDICAL APP is only a demo for display the main function.

Mary | Satoshi Club: But is Medical app build to make mistakes or errors less possible?

Jack Ge: I see, our mock data design is not rigorous enough, we will fix it.

Q6 from Telegram Username @beratToker

It says in your website that only when ownership is confirmed, data use rights and privacy protection can be exercised fairly. To confirm ownership personal data is required, wouldn’t that lead to a risk in privacy? in case Cyberveins would need that data stored, how would it be completely secure?

Jack Ge: Confirming ownership is the same as confirming an account with a private key, without revealing personal privacy.

---

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 @Termuxnih

Your project is from Korea. How do you promote your project if not everyone can speak English? do you have a local group or a specific place for it?

Jack Ge: Our project is not from Korea, it is from Singapore. We have a team in Korea who can speak the local language, and our co-founder, Grace Ding, is in charge of everything there. Including community management, BD, events and conferences. We do have many Kakao groups to help the communities to be kept updated with all our work.

Q2 from Telegram User @Jmagsss

How CyberVein use Directed Acyclic Graph or DAG technology and benefit from it?

Jack Ge: We use DAG as an extra security layer and a backup measure for PISR database. The states of the PISR database will be put into the DAG storage chain, they are shared and stored in separate nodes. Thus providing the extra security.

Q3 from Telegram User @Joseunda

What is the plan for CyberVein with the NFT?

Jack Ge: Check us on twitter at Oct.26th and you will know! 😉

Q4 from Telegram User @surendra040

Kindly explain your roadmap 2020.

Jack Ge: Our road map for 2020 is to refine our solutions. DAG storage is under development and should be ready to launch by 1sr quarter 2021. We are continuously researching and improving our federated learning solution, which happens at our lab in Zhejiang University and by 1st quarter 2021, we will be launching our main net and wallet!

Q5 from Telegram User @Splendicity

Are your team anonymous or do you have real faces?

Jack Ge: Of course we have real face!! 🙄

Q6 from Telegram User @Splendicity

What problem does cybervein solves in cryptospace?

Jack Ge: Rather than solving a problem in the crypto space, we are trying to solve a matter on a global scale.

The problem of data flow and data exchange. There are many data silos exist currently, we aim to break these silos and allow data to be used for the benefit the world, such as research development, performance optimization, data modeling, etc. the more data available, the faster the human race will progress.

Q7 from Telegram User @Rosane1a8

In your introduction video it says that CyberVein allow users to share their data to other people in a fully trustless environment. How is it that people that receive the data cannot share it or corrupt it under any circumstance? What guarantees that?

Jack Ge: This can be achieved through federated learning. For those who don’t know about federated learning, it is a new kind of work flow that allows data modeling without compromising data privacy.

Q8 from Telegram User @jobel4

Can you explain more about the “Online medical Assistant App” of Cybervein? How to use it? Is it available worldwide or only to a specific country and hospital?

Jack Ge: The online medical app is still being developed, you can check out a demo of it here: (http://med.cybervein.org)

Q9 from Telegram User @Rivaills14

How does CyberVein develop its project steadily?

Jack Ge: We simply keep ourselves updated with the industry, and stick to our roadmap. Of course we encounter problems from now and then, but we always try our best to work around them.

Q10 from Telegram User @Maksyrn

Why could CyberVein call the new platform Monopoly?

Jack Ge: Because most voters chose CROSS as our new platform’s name. 🙂

---

PART 3, QUIZ AND INFO

As usual, for the third part, Satoshi Club Team asked the chat 4 questions about CyberVein. A link to a Quiz form were sent into the chat. Participants had 10 minutes to answer. 300$ were distributed between the winners. Please check the winners list here:

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

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

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

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

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

Website: https://esatoshi.club/

Twitter: https://twitter.com/esatoshiclub 

Our Partners:

CyberVein Community: https://t.me/CyberVeinCommunity

“We are here to contribute to this world. Why else are we here?” (с) Steve Jobs. Satoshi Club continues to contribute to the development of crypto education.

And today we would like to tell you about the AMA session with acBTC. The AMA took place on October 08 and our guests was Terry L.

The total reward pool was $1500 and has been splitted in 3 parts.
In this AMA Recap we will try to summarise the most interesting points for you.

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

Gold Rocket | Satoshi Club Good evening, our dear Satoshi clubbers! welcome to another episode of our AMA series! Our AMA today is with асВТС! Hi there @TerryNUTS!

D. Папа Роуч Hello Satoshi club! @TerryNUTS hello! welcome to Satoshi club!

Terry L. | NUTS Finance Hi @Cool_as_Ice and Satoshi Clubbers! Hope everyone is having a good weekend so far. Hey @GoldRocket27 Thanks for organizing today’s AMA.

D. Папа Роуч how’s your day? excited about today’s AMA?)

Terry L. | NUTS Finance Very excited to be here

Terry L. | NUTS Finance Have been looking forward for some time now

D. Папа Роуч great! please, tell us a bit about yourself and how did you come up with acBTC idea?

Terry L. | NUTS Finance My background spans across primary and secondary capital markets covering commercial and product strategies. I started my career with S&P Global, a U.S. credit rating agency in driving product strategies for the investment management segment. After leaving the corporate world in 2016, I started a foreign exchange trading affiliate platform. This project actually angled me into the crypto and blockchain space. We started NUTS Finance in 2018, with the motivation to leverage blockchain technology to improve existing workflows within the financial services industry.

Gold Rocket | Satoshi Club Wow! This is a very interesting direction .. you are an early adopter

Terry L. | NUTS Finance Our first product was the NUTS Platform, it is a blockchain agnostic middleware solution. The problem we were trying to solve with the NUTS Platform is to empower financial application builders by providing secure, composable and simple-to-use technology toolkits. Our second product is acBTC (acbtc.fi), a composite Bitcoin solution on Ethereum that aggregates swap, savings and lending applications into a single platform. The problem we are trying to solve with acBTC is to make ERC20 BTC more usable from from an application standpoint.

Terry L. | NUTS Finance Because right now, existing ERC20 BTC on Ethereum is relatively fragmented in terms of use case. acBTC aims to serve as the most usable form of ERC20 BTC on Ethereum. We can get into the nitty gritty on how we plan to do that later 🙂

Gold Rocket | Satoshi Club Do you have a lot of developers?

Terry L. | NUTS Finance We have a small group of smart contract engineers

Terry L. | NUTS Finance Our core competencies are smart contract development, financial engineering and security.

D. Папа Роуч sound good! i’ll be honest with you, never used such a things like Wrapped Bitcoin etc. so it probably might be tough for me to understand some things about acBTC, but i will try)

Terry L. | NUTS Finance I’ll try my best to explain it in a simple and concise way.

Q1 from Telegram username @crypto_zones
In the whitepaper it’s stated that ” acBTC is backed 1:1 with a basket of ERC-20 BTC assets (also referred to as composite BTC basket)”. What eggs do we have in this basket?

Terry L. | NUTS Finance Haha nice question! I love how you coined the assets as ‘eggs’. Lovely. acBTC is a composite asset, meaning it is made up of a basket composed by different kinds of ERC20 BTC. The ERC20 BTC included in the basket currently are WBTC and renBTC. But the basket can include other ERC20 BTC as long as the ERC20 BTC is 1:1 backed by native BTC. What that means is, Wrapped Bitcoin is 1:1 backed by native bitcoin. The native bitcoin is secured by a custodian named BitGo. On the other hand, renBTC is also 1:1 backed by native bitcoin. It’s stored by validator called dark nodes on the ren network. So, acBTC is essentially made up of a basket of different ERC20 BTC that are backed by native BTC. There are other versions of ERC20 BTC out there currently, such as sBTC, but we will not include them in our basket because sBTC is a synthetic asset (meaning it is not backed by native BTC).

D. Папа Роуч do you have plans to add more assets btw?

Terry L. | NUTS Finance I am actually not familiar with pBTC. Will have to look into their project.

D. Папа Роуч yeah we had AMA with them. this is why i know this things))

Terry L. | NUTS Finance Right now the leaders in ERC20 BTC in terms of number of BTC minted are Wrapped Bitcoin, renBTC, sBTC, imBT. Must be a relatively new project, i look forward to researching more on pBTC.

We actually appreciate the growing ecosystem of ERC20 BTC.

Because that can help propel the acBTC ecosytsem as we dont look at Wrapped Bitcoin or renBTC or any other version of ERC20 BTC as competitors.

Because ultimately, the way to mint acBTC is to use ERC20 BTC that are already on the Ethereum network.

This is a new approach where we believe it can solve the usability issue for ERC20 BTC right now.

All the ERC20 BTC projects currently are trying to bridge native BTC onto Ethereum in the most efficient manner (decentralized, safety, security).

However, acBTC is trying to tackle the usability problem facing ERC20 BTC.

Specially, one problem we noticed for ERC20 BTC right now is the lack of competitive decentralized financial applications.

Let’s take lending for example

Right now, if you are holding onto WBTC, the collateralization level you can get by pledging WBTC ranges from 30 – 60%. In our point of view, this is not an efficient utlization of Bitcoin as a collateral asset. Therefore, we are introducing acBTC as a more efficient form of collateral asset. Meaning holders of acBTC can set a higher colleralization level in lending/borrowing applications. This is the entire value proposition of acBTC, being the most usable form of ERC20 BTC. Regarding to plans to add more ERC20 BTC. This is entirely up to the development of the ERC20 ecosystem. We picked WBTC and renBTC to start with because of 2 reasons: 1/ The rank the highest in terms of number of BTC minted on Ethereum network, with 100k and 30 respectively. This means market participants have already recognized them as a credible way to bridge native BTC onto Ethereum . 2/ Both WBTC and renBTC are 1:1 backed by native BTC.

So to answer your question, if there is another ERC20 BTC which the market recognizes. And is natively backed. And our community governors want to add it to the acBTC basket

By all means, we are more than happy to add it. Therefore, going back to my original point. The more ERC20 BTC there more, the better it is for the acBTC ecosystem. I hope that addresses your question

Q2 from Telegram username @jefer_bn

The audit made public on github is from Secbit – a not very known project. Do you plan to extend the number of audits, maybe add some companies with a bigger reputation in the blockchain field?

Terry L. | NUTS Finance Great question. SECBIT Labs is our security partner since we launched the first product, the NUTS Platform. Although they may not be very well known, you can actuall check out their Github for some of the previous work which they have done. Very professional in what they do is what I can vouche for.

We have also worked with other ‘well known’ auditing partners, but to be honest, the delivery was less than expected.

Regarding to our plan to work with other auditing partners, short answer is yes

Security is our highest concern and therefore we will be getting another security firm to review our codes.

Also, we are going to release a Phase 2 audit report next week in conjunction with the acSwap launch. So stay tuned! We will formally announce the 2nd auditing partner once confirmed 🙂

Q3 from BTT user freelikewindstill, TG username: @astalavistabby

Tell us more about the governance of the project. How much do the governors need to stake, who is eligible to be a governor and what decision can they make? Thank you!

D. Папа Роуч i just wanted to say that the only issue with secbit for me.. their site looks way too plain, like if it was made in the middle of 2000s) sorry for critics. i probably shouldn’t judge book by its cover

Terry L. | NUTS Finance AC is the fuel behind the acBTC ecosystem. Holders of AC can participate in the community governance

In terms of specifics for how much AC one must hold in order to partcipate, we have not defined the specific guidelines yet. Our project launched on 10/4, 2 weeks ago and we understand alot of the governance details are likely to change therefore, we designed the framework but haven’t set the exact parameters. However, we will be setting up the DAO system soon after the launch of acSwap. This is when more details will be announced around the participation as acBTC Community Governors. Stay tune in our TG or Discord for official announcements. Also, to talk a bit more about what governance actually include.

Discord >> https://discord.gg/mvANFYe

TG >> https://t.me/acbtc_community

Twitter >>https://twitter.com/NUTSFinance

Terry L. | NUTS Finance Going back to the framework

Community governors can vote on items such as: fee structure in applications (ie. how much should acSwap charge), AC emission rate, total supply, new applications, new ERC20 BTC to be added to the basket etc.

D. Папа Роуч and can you share your tokenomics with us?

Terry L. | NUTS Finance Of course

The max supply of AC is 21mm

71.4% is allocated for liquidity allocation

28.6% is allocated for developer allocation. Emission is currently set to 1% per week. Meaning each week, 210,000 AC will be minted (150k distrbiuted via liquidity allocation, and 60k reserved for developer allocation). However, as i mentioned above, emission and max supply could change depending on Community Governor proposals and votes. In terms of the use case of AC, I mentioned above as AC is the fuel behind the acBTC ecosystem. Meaning holders of AC can serve as community governors and contribute sound decision making to grow and maintain the acBTC ecosystem . Did that answer your Q? @Cool_as_Ice Cannot mint more token. Max cap is 21mm.

D. Папа Роуч so you can mint more tokens if community want it?

Terry L. | NUTS Finance Cannot mint more tokens 21mm is the max cap. Governors can vote to reduce

Terry L. | NUTS Finance But cannot increase.

All great questions. Very high quality community and satoshi clubbers

Q4 from BTT user cengizhantekin, TG: @cengizhantekin

What are the differences between acSwap and acXcSwap?

Terry L. | NUTS Finance Good question! Just a small clarification, it’s actually xcSwap . So acSwap is an application where holders can exchange between ERC20 BTC at minimal slippage and competitive transaction fees. Example: if a user is holding WBTC and would like to swap for renBTC for whatever reason. He/she can use the acSwap function. Relative to existing swap applications (DEXes), acSwap offers minimal slippage and lower swap fees. On the other hand, xcSwap represents cross-chain Swap. This is an application where holders of native BTC can exchange for acBTC or any other forms of ERC20 BTC. So in short, acSwap = swapping between ERC20 BTC. xcSwap = exchanging between native BTC with ERC20 BTC. Hope that answers your question

D. Папа Роуч thank you for answer! and what about time? how long i have to wait to do the swap?

Terry L. | NUTS Finance You mean when the application is coming out or how long does the swap process take?

D. Папа Роуч yeah

Terry L. | NUTS Finance We are launching acSwap next week!

xcSwap will be launched before the end of this year

Gold Rocket | Satoshi Club You have a hot October !!!

Terry L. | NUTS Finance Bang bang!

D. Папа Роуч ohhh understood! looking forward to it! 🥳

Terry L. | NUTS Finance Follow us for the most timely updates and announcements 🙂

Gold Rocket | Satoshi Club We will definitely follow your news!

Terry L. | NUTS Finance There will be surprises from time to time

http://@acbtc_community don’t forget to join Satoshiclubbers

https://t.me/acbtc_community

Terry L. | NUTS Finance You guys are special really

Q5 from Telegram username @Tommyramble

Can you explain why do I get a warning notification from Uniswap when I try to buy ACoconut (AC)?

Terry L. | NUTS Finance I think Tommy is new to uniswap haha. Basically every new token listed on uniswap has the disclaimer to remind users to DYOR before buying a new token

DYOR includes verifying the contract addresses. And making sure it’s really tied to the project

So basically, the disclaimer is to inform users to double check the AC token contract address before buying

So please!! Do your research before tapping that max and submit button

https://app.uniswap.org/#/swap?inputCurrency=eth&outputCurrency=0x9a0aba393aac4dfbff4333b06c407458002c6183

The link i just send is a correct address for buying AC

The AC contract can be found here: https://etherscan.io/address/0x9A0aBA393aac4dFbFf4333B06c407458002C6183

Q6 from Telegram username @fottiomel

You say on your website that the swap is at minimum slippage and zero costs. What does minimum mean? How much is it?

Terry L. | NUTS Finance Great question! So the acSwap application is also built based on an amm model

User can select the maximum slippage tolerable in our application. The minimum amount is 0.1%. However, given there are sufficient liquidity to faciliate the order, slippage should not occur. It is only in the case where the order submitted exceeds the liquidity pool. In that case, it will be useful for the user to set a tolerable value for slippage. If a user sets the slippage at 0.1%, the order may not be fully filled. However, the slippage can be controlled. Ultimately, the objective is to build enough liquidit depth for our pools to sustain large orders. And that’s why we have reserved over 70% of AC tokens for liquidation allocation. To incentive people to provide liquidity onto our platform. Hope that answers your question!

Part 2 — live questions from the Telegram community

Q1 from Telegram username Cool ₿ Hi @luckydraw66

Why should I invest in acBTC? =))

Terry L. | NUTS Finance 1/ if you believe in Bitcoin’s narrative as digital gold and ethereum’s composability, then acBTC combines the best of both worlds. acBTC aims to be the most usable Bitcoin on Ethereum and our objective is to roll out the most usable financial applications

2/ AC token upholds the acBTC ecosystem. It is the fuel that powers the engine. 71.4% allocated to the community via liquidation allocation and 28.6% for developer allocation. No pre-mine or presale.

3/ Team, we are not an anon project, our track record dates back to 2018. You can visit our github to see what we’ve built in the past. Ultimately it comes down to our vision, which is to continue to leverage blockchain technology to build cool products to make the traditional financial workflow more efficient

Q2 from Telegram username @melanintrish – Testers

Weekly Missions, Periodic Promotions, Official Community Dealer. Can you give us more details on this four campaigns

Terry L. | NUTS Finance We are actively growing our community and looking for people to help test our products.

You can earn free AC tokens by:

1/ Completing weekly missions posted in our Discord channel (mission includes retweet our announcements, introduce a friend about acBTC, etc.)

2/ Locate and submit bugs in our products

3/ Becoming a community dealer, this is like an ambassador program where you actively promote and help grow the acBTC ecosystem

For details, please join our Discord https://discord.gg/mvANFYe

Q3 from Telegram username @jpsarmah

How can one participate in BIG BLIND and STRADDLE Liquidity Pools and when will HODLER start?

Terry L. | NUTS Finance
Big Blind Pool – stake renCRV LP tokens to earn AC and renCRV. It is a dual rewards pool.
Straddle – stake uniswap ETH-AC LP tokens to earn AC.
HODLER pool will be starting next week. Essentially, Big Blind will be migrating to the HOLDER pool at no later than 10:00 EST 10/22/2020.
HOLDER pool = user stakes acBTC to earn AC + transaction fees collected from acSwap application.
For participation details, please read >> https://medium.com/nuts-foundation/ac-straddle-pool-liquidity-mining-guide-dff39c5327ad
Or join our TG >> https://t.me/acbtc_community

Q4 from Telegram username @dec2607

How many products are there in acBTC? And which products are the core of acBTC?

Terry L. | NUTS Finance
Core applications include acSwap, xcSwap, acYield, acLoan
acSwap = exchange between ERC20 BTC
xcSwap = exchange between native BTC and ERC20 BTC
acYield = automated strategy to optimize return on ERC20 BTC
acLoan = lending and borrowing application, where acBTC can be used as a more efficient collateral asset

Q5 from Telegram username @Winterkom Winter Kommt 🥶

– What mechanism will acBTC use to keep its price equal to BTC? Will you use a token burning, elastic supply or buy back mechanism?

Terry L. | NUTS Finance
Also, the ERC20 BTC selected in the basket are all 1:1 backed by native BTC
So naturally, acBTC will be pegged to BTC prices
1/ Team – you can verify our team profiles and our track record
2/ Industry partner – check out the partners we are collaborating with, we are not an anon project who just started out a month ago.
3/ Traction – we launched since 10/4 and have already gained some good momentum and traction. But ultimately, please do your own research on our project.

Q6 from Telegram username @Himu799

Many scammer in online .why $Acoconut is legit atleast 3 Reason Tell Us?

Terry L. | NUTS Finance
1/ Team – you can verify our team profiles and our track record
2/ Industry partner – check out the partners we are collaborating with, we are not an anon project who just started out a month ago
3/ Traction – we launched since 10/4 and have already gained some good momentum and traction. But ultimately, please do your own research on our project.

Q7 from Telegram username @jpsarmah

I have seen the word VAULT associated with many DeFi projects like YFI, YFV, etc. What does the VAULT of acbtc.fi offer to users that is new and different and will you allow deposits other than ERC-20 BTC to yield farm?

Terry L. | NUTS Finance
This is a great question, didnt get to talk too much about it tonight
acVault is an application where we automate strategies to maximize returns for ERC20 BTC holders
Similar to YFI’s Earn application.
But the biggest difference is acYield runs strategy strictly for ERC20 BTC
This is a gap in the current DeFi landscape. There are not too many yield optimizer for ERC20 BTC, therefore our approach is leverage the composability characteristics of other DeFi protocols and allocate ERC20 BTC to the ones with the highest yield/return ratio.

Q8 from Telegram username @Jmagsss

What will be acBTC’s long term goal?

Terry L. | NUTS Finance
Our long term goal is to become the most usable form of Bitcoin on Ethereum.
The metric we will use to measure our success and goal is the number of acBTC minted on Ethereum.
Because we are tackling the problem of usability for ERC20 BTC, all the applications we design and roll out are from the user’s standpoint.

Q9 from Telegram username @Splendicity Jupiter

I’m confused. Is acBtc the project name or NUTFINANCE, because I can see both name in your website. explain pls

Terry L. | NUTS Finance
NUTS Finance is the development DAO behind acBTC.
As mentioned at the start of the session, our vision is to build cool products to improve efficiency of the traditional financial services workflow.
acBTC is the first mass market facing product we launched.
Once acBTC gets to a sustainable stage, we will build other projects.
So the relationship between acBTC and NUTS Finance is acBTC is a standalone project, NUTS finance is the development entity behind it

Q10 from Telegram username @Maksyrn

What are the real examples of using the AC token?

Terry L. | NUTS Finance
AC token is the governance token for the acBTC ecosystem
AC token holders can opt in to become community governnors
Governors can submit proposals and vote on things such as setting application paramets (swap fees, acLoan interest rate mechanism, xcSwap fees, etc.), AC token emission rate and schedule, new ERC20 BTC to be added to the basket, new applications to be added to the acBTC ecosystem.
So a very real example would be setting the acSwap fee
We are launching acSwap next week

Part 3 – Quiz Results

In the final part we tested your knowledge in terms of acBTC. They’ve prepared 4 questions for this part. The total reward pool for quiz was 800$.

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

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

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

Our partners: http://nuts.finance

Today we would like to tell you about the AMA session with our friends from Odinala Network. The AMA took place on October 9 and our guests were Emmanuel, Prof. J, Snazzy O, Tony, Zubair and Kaiser M.

The total reward pool was 500$ and was divided into three parts. In this AMA Recap we will try to summarize some of the most interesting points for you.

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PART 1, INTRODUCTION AND COMMUNITY QUESTIONS

Mary | Satoshi Club: Hello, again Satoshi Club! We are happy to announce our AMA session with Odinala. Welcome to Satoshi Club.

Serg | Satoshi Club: @Prof_J1 @commking , welcome!

Emmanuel: Hey guys.

Prof. J: Hi Guys thanks for having us.

Mary | Satoshi Club: You’re welcome. Ok, please tell us more about yourself and how did you start with Odinala project?

Prof. J: Sure no problem. We are a group of friends some of us grew up together in Ireland, while some of us met in college. we went our own ways and reconnected for this project Odinala through our mix of expertise we kicked off this project which is set to revolutionize the real estate Industry.I’m Joseph, I’m currently a project manager at one of the world’s largest market research firms which specializes in financial services and Management consulting. I have a background in property and real estate management and acquisition, while also being an avid crypto trader and blockchain fan. I have a professional and academic background and hold a masters in Business and my main role here is strategy, business development and building partnerships with relevant property personal and entities.

Snazzy O: Hello everyone, I’m the marketing exec here at Odinala. As a serial entrepreneur I have worked with several blockchain companies in the past, partnering with companies and organizations such as the World Health Organization and the ZSE. As marketing exec for Odinala I am in charge of social media marketing, outreach, and business development.

Tony: Hello everyone, it’s Tony here. I’m currently stationed in Dublin, the capital of Ireland. I’m a Software Engineer at one of the world’s largest financial management and human capital management software vendors. Companies like Oracle and UltiPro are the company’s competitors. My main focus is software resiliency and improvements. I’ve climbed up the ladder pretty quickly in such a short amount of time as a result of my work ethic. My latest role on the team is marketing and reaching out to some other crypto professionals in the space to ensure that our sales run smoothly prior to launch.

Zubair: Hi Guys I am Zubair, the lead blockchain developer on Odinala. My crypto experience started in 2017 when I met one of the lead developers for Z-Coin and started working on a stable coin backed by a basket of different currencies, since then I have consulted on different crypto projects from track and trace projects on hyper ledger’s sawtooth and tokenizing metals on Stellar. I have presented at Ethereum meetups here in Dublin and also have a lot of experience in pitching crypto currency projects to Angel Investors. I am really excited today to talk to you about Odinala.

Kaiser M: Hi guys, Mike here. I’m part of the Odinala technology engineers. I’m currently working for one of the biggest insurance companies in the UK as part of the technology team at HQ in London city. I’m a blockchain enthusiast and believe the future of blockchain is now. Experience working in both start up and corporate ecosystems both home in Dublin and abroad in London has nurtured my love for innovative solutions driven technology. Prior experience working with the Ernst & Young tech team. UI/UX, tech digital assets and innovation have driven and cultivated me to acquire a broad technology based skill-sets adaptable to real world problems.

I’m excited to be here with the Odinala team answering your questions.

Emmanuel: And for myself. I am Emmanuel, head of communications with the odinala network. My background is in Enterprise computing and software development. I am a crypto enthusiast and early investor in this space, co-founding a blockchain based startup in Ireland.

Since then I have been involved in several crypto projects working in both marketing and raising funds for projects. Currently based in Luzern Switzerland and working as a Senior IT Consultant at the digital factory of one of biggest banks in Switzerland. I am responsible for marketing coordination and sourcing investors for our project here in Switzerland.

Mary | Satoshi Club: Thank you guys, amazing intros) and our community prepared a lot of questions for you) ready to answer them?

Prof. J: Yes happy to answer them.

Q1 from bitcointalk user Fivestar4everMVP

There are many blockchain Startups aiming at bringing real estate to blockchain, some of this projects have been abandoned, some are still struggling to stand while some ended up as exit scams… My question is, how do you plan to make your project stand out from the rest and also successful?

Snazzy O: This is simple. Let me explain. We realize that there are a number of real estate/ blockchain companies on the market today. ODN is unique in many ways. One of the major things we have is our marketplace. This model really opens up the real estate industry to any type of investor, breaking the barriers to entry and disrupting the industry as-is. It makes ODN one of the first truly remote & digital real estate brokerages offering NFT in the form of real estate to investors…

Each property will be its own company, tokenized on the blockchain (AKA ODNH01). Users who buy the tokens of that property will own a share of the house, i.e. 1 ODNH01 token = 1 share of that house/company. The number of tokens allocated to that property would be equivalent to the cost of the property (plus our commission). Once all tokens for the property/company are sold, the house is sold. We are partnering with world leading firms who aim to provide their assets on our marketplace to forego the brick and mortar real estate industry that can be very slow and expensive.

Mary | Satoshi Club: So, i will be able to own 1/10 of the house?

Snazzy O: Yes basically. This will also allow you to receive 1/10 of the rental payments made by any tenants the Odinala management company puts in said house.

Mary | Satoshi Club: Why not one token for one house?

Snazzy O: Because if you get 1 token for the house you own the whole house 😂 ODN is all about fractional ownership meaning many people can share from 1 – equality for all!

Q2 from bitcointalk user elissa

You aim to do the digital transformation of real-estate, by tokenizing these assets. I am curious what happens if a real estate crisis happens like in 2006-2007? How exposed would we be?

Emmanuel: There are many risk factors associated with any type of investment, cryptocurrencies included. These risks span operational, regulatory, market-based, and technological challenges. The main thing about odinala is we aim to be global and allow our users invest in real estate through different areas of the world

If a crisis like the housing crash was to occur the property would still be owned by the token holders, however their yield would decrease reflecting the market conditions and value of the property in its jurisdiction. Token holders can sell their tokens to other investors around the world, still making gain from their assets. We will be avoiding loss in the case of a downturn by only seeking long term rental agreements rather than short term.

Q3 from Telegram user @max_serbov

I invested in one project last month with a team which is not public and I lost my funds… I can say that I invested in some with faces which are not public but got a profit. So, how can we differentiate? How can I know which project with an incognito team is legit and which is not? Why you have chosen to stay incognito?

Emmanuel: Great question the reason we chose to be anon is due to current work obligations, i myself work with a massive Swiss bank as a consultant works on a tokenization platform. With my current contract i cannot legally work on any other project. We understand the fear of the community and new investors but i would like to remind you all the all elusive famous creator of bitcoin has never been identified.

Mary | Satoshi Club: Ok, guys, but Satoshi didn’t make any sales.

Emmanuel: We appreciate the concern and aim to be as transparent as we can be in relation to our progress and updates as you can see on our website we have already confirmed and highlighted 3 partnerships including ferrum network. Also we have partnered with two big names, one team member zerocoin and an investment firm. They wouldn’t partner with frauds.

We are working to gain the trust of our community, please join the odinala network and have your voice heard.

D. | Satoshi Club: In other words you must choose for yourself. if you believe in the project put your money into it, if not, just don’t do it.

Snazzy O: Each partner that we have known us personally.

Emmanuel: We have already planned to go fully public during the launch of our marketplace and we have invested our own time and money to grow ODN till date.

Q4 from Telegram user @Jonahapagu

You recently partnered with ferrum network to provide staking for ODN tokens and participants who stake their tokens will earn high yield based on the lenght of time staked…  what will be the requirement for users to stake ODN using Ferrum Network do you have an illustration of the process?

Zubair: The staking requirements will be a minimum time period staked, for ease of use Ferrum have their own wallet that our users can use for staking, the staking and integration details are still being finalized so keep an eye out on our channel for more details soon.

Snazzy O: Our tokens will be staked for a minimum of 6 months and users will be able to stake their tokens via the unifyre wallet.

Emmanuel: The main thing we love about ferrum are that they have several characteristics as that enable a seamless staking experience:

1. Pool Based – it is participated with many contributors in each staking contracts.

2. Flexible – a user has different options to make, either withdraw early, stake until full maturity, or withdraw somewhere in between.

3. Strategic – means, the longer you stake the bigger reward you will received. If other participants withdraw early, you will receive a portion of their reward.

But as said please wait for an announcement and blog of the final details of the partnership. We are aiming to go live before the start of November.

Q5 from Telegram user @AmirJosh

“Odinala investors around the globe can buy into the real estate market through fully-compliant, fractional, tokenized ownership viewable on the blockchain.” Will the country that the real estate assets the buyers acquired will recognized or honor them as a legal owner? And will the owner should pay real estate tax once the ownership is settled?

Prof. J: In order to legally tokenize a property within the Odinala framework, we will follow proper regulation to bridge the gap between ownership of a distinct real property and the digital tokens on the Ethereum blockchain that represent that property.

First, we aim to establish Odinala Ltd as a limited liability company by filing a Certificate of Formation with the Companies House in the United Kingdom. This LLC Certificate of Formation allows for the unlimited segregation of membership interests, assets, and operations into independent series, each of which is treated as a separate entity.

Snazzy O: Yes they will. In fact, due to the uniqueness of our model, users who fractionally invest via our marketplace will be legally recognized as owners of said property. The way in which Odinala tokenizes assets allows the asset to be publicly owned by anyone within the country the asset is in. All Tax in different jurisdiction will be covered by the Odinala property management company – regardless of country.

Mary | Satoshi Club: So, Odinala Ltd already exists or it will exist in the future?

Snazzy O: Not yet, but soon 😊 Once all presales are finished we will list the coin on Uniswap and incorporate the company. At this point the team plans to come public as well.

Mary | Satoshi Club: Is this a huge amount of work? Have you already started looking for employees in this field?

Emmanuel: Currently the ODN team and partners are growing by the week. We currently aim on partnering with real estate companies and construction contracts in Ireland, UK, Switzerland and Spain. When Odinala Ltd is established we will aggressively seek investor to scale and hire more employees.

Q6 From telegram user @stekbyte

The site says holders of the Odinala token will be whitelisted for first assets on the platform and enjoy 5-15% discount on assets in marketplace. How many tokens do I need to buy to get a discount?

Snazzy O: PRE – SALE 1 — (1,500,000 ODN (18.75 %): 1 ETH = 4053 ODN

PRE – SALE 2 — (500,000 ODN (12.5%): 1 ETH = 3695 ODN

PRE – SALE 3 — (500,000 ODN (12.5%): 1 ETH = 3359 ODN

PUBLIC SALE: 1 ETH = 2925 ODN

Kaiser M: We advise strong hands as this has not been finalized. The vision we have for ODN token is that our community partake in long term holding with high potential to not only get return on investment, but as the community grows and we continue to work on our technology we can give potential investors more incentive to hold ODN token. 1 ETH = 2925 ODN. The more you hold the more you get rewarded.

Mary | Satoshi Club: How many ODN will ever exist?

Zubair: Our total supply is 8 million ODN no new tokens will be minted.

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PART 2, TELEGRAM COMMUNITY LIVE QUESTIONS

The chat was open for 80 seconds; a lot of questions were posted by Satoshi Club community. Our guests chose some of them.

Q1 from Telegram User @Splendicity

I am into estate management. One of the barrier in estate management is government regulations. My question is this. Can odinala network solve or bridge this? Does government recognize odinala as a legal entity?

Snazzy O: Each property will be its own company, tokenized on the blockchain (AKA ODNH01). Users who buy the tokens of that property will own a share of the house, i.e. 1 ODNH01 token = 1 share of that house/company. The number of tokens allocated to that property would be equivalent to the cost of the property (plus our commission). Once all tokens for the property/company are sold, the house is sold. Each owner of that property/company’s token will be recognized as a legal owner of that property.

Q2 from Telegram User @yadav_199

Where I can buy Odinala token?

Zubair: Our presale 2 is live right now go to https://odinala.io/ and buy with MetaMask (minimum 0.05 eth purchase required).

Q3 from Telegram User @surendra040

Where can I see your roadmaps and tokeneconomics?

Tony: Q2 2020

• Private fundraiser for the project launch
• Development team formation
• Targeted market research
• Economic Regulation Analysis

Q3 2020

• Website goes live
• Finalised whitepaper and launch
• Partnerships & Advisors formation

Q4 2020

• ODN Token Sale
• Initial Exchange Listing
• Multiple exchange listings
• Github Code release
• Smart contract auditing by 3rd party
• Staking Goes Live
• Full Marketing Campaign
• End to End Testing & Launch of Odinala Marketplace
• Development of Odinala Mainnet

Q1 2021

• Partner with financial institutions in target markets.
• Finalise Development of Odinala Mainnet
• User testing of Odinala Dex

PRE – SALE 1 — (1, 5 0 0 , 0 0 0 O D N (1 8 . 7 5 % ) : 1 ETH = 4 0 5 3 O D N

PRE – S A L E 2 — ( 5 0 0 , 0 0 0 O D N (1 2 . 5 % ) : 1 ETH = 3695 ODN

PRE – SALE 3 — ( 5 0 0 , 0 0 0 O D N (1 2 . 5 % ) : 1 E T H = 3359 ODN

PUBLIC SALE: 1 ETH = 2925 O D N

Snazzy O:

Q4 from Telegram User @moizkhan3344

Explain benefit to holding OdinalaNetwork?

Kaiser M: Our token can be used to pay for fees on our decentralized exchange platform and it will be used in the voting events and modification related to the Odinala Ecosystem. For example early adopter of our platform will enjoy a 5-15% discount from the investment made on the ODN Marketplace. Dependant on the number of tokens staked by the user 20% of all fees generated on both odinala DEX will be distributed to users who stake their tokens on the platform. Exclusive access in Odinala airdrops, rewards, and community competitions.

Q5 from Telegram User @Jasodadaiya

Are you focused on the market? or focus on something else, for example your platform development and users or partnerships? What are your global expansion plans?

Emmanuel: We are very focused on the market, we believe ODN will grow due to the fact that we have created a well-researched marketing plan and have already hired a marketing specialist and are in the process of finalizing a full marketing campaign to begin in Q4. This will consist of Content Marketing, Paid Social Marketing, Incentivizing virality, Strategic Partnerships.

Content Digital Marketing:  We will strategically release content across Twitter, Telegram, Instagram, and our bi-weekly medium blogs. This will consist of information on the exclusive competition, quizzes, infographics updating users on the status of our platforms… Using our blogs and content we hope to continue building a place where potential investors can learn about the platform and join our community. We have also built partnerships with different telegram groups to help grow our community and promote the network.

Paid Social: Paid marketing will also have a big role to play in our marketing plan, in particular Crypto influencer. We have researched with our team and created a list of key influencers and groups within the crypto space. We have already worked with two big influencers in the crypto space, and we have other popular influencers in our pipeline to be confirmed.

Incentivising Virality:  An advantage our product has over many other platforms is that we plan to incorporate a referral program, which means people invite their friends to join the platform to earn rewards. Therefore we have an opportunity to encourage people to invite their friends which can help the viral nature of our products. We will integrate social media into a platform that makes it easy for users to send a link to their friends via Facebook messenger or WhatsApp. Through our referral program, we will incentivize people to invite their friends to our platform thus reducing our Cost Per Acquisition (CPA).

Partnerships: Our most recent investor brings on board over 30 years of consistent entrepreneurial track record and building sustainable businesses cutting across Engineering and Multimedia. We are already in talks of partnership with other companies in the Smart Dubai Initiatives. With the help of partnership and strategic advisor Odinala will be able to scale our business globally over the coming years.

Q6 from Telegram User @solankinishu

Can you please tell us What benefits will we get, if we buy #ODN tokens in the pre-sale period? and do you have any rewards for the most #ODN token holders?

Prof. J: Tokens Use Cases

Our token can be used to pay for fees on our decentralized exchange platform. It will be used in the voting events and any modification related to the Odinala Ecosystem.

An Early adopter of our platform will enjoy a 5–15% discount from the investment made on the Odinala Marketplace (depending on course on the number of tokens staked by the user) 20% of all fees generated on both Odinala DEX will be distributed to users who stake their tokens on the platform. All in-app subscription features can be purchased on our platform using the native token. Exclusive access in Odinala airdrops, rewards and community competitions.

Q7 from Telegram User @Cristal1501

Is it safe to shop at Odinala Marketplace? How can I be sure I’m not buying from a scammer? Do people who want to sell products on Odinala Marketplace need to pass some kind of KYC verification?

Snazzy O: It will be 100% safe. First of all, every user (vendor and investor) on the odinlala marketplace will have to do KYC with us. Only after we verify the legitimacy of that individual or organization will they be allowed to buy or sell property via our marketplace.

Q8 from Telegram User @topind7

Where did you coin the ” ODINALA ” from and what does it mean?

Zubair: ODINALA is an African proverb which means to take ownership. ODN tokens allow you to own real estate so the name captures our values and purpose.

Q9 from Telegram User @moizkhan3344

Explain future plans for OdinalaNetwork.

Tony: We will be working with a mixture of contractors and external consultants to oversee the legal aspect as well as doing an audit of the current system to ensure and minimise vulnerabilities in our smart marketplace.

We have already began working on partnerships to ensure we have a steady pipeline of attractive assets for our community to engage with and already have to confirmed partners both based in Europe and are currently in talks with additional developers to expand our network even further.

Q10 from Telegram User @Jasodadaiya

Are you focused on the market? or focus on something else, for example your platform development and users or partnerships? What are your global expansion plans?

Emmanuel: Really liked your questions mate, please check out our whitepaer and join the ODN community. cead mille failte.

Q11 from Telegram User @trader0fficial

What is the Total Supply of Odinala Network?

Kaiser M: 8 Million Tokens.

Q12 from Telegram User @AMA_Magnet

Is odinala available in every country?

Snazzy O: Yes our marketplace will be available globally for investors regardless of the geographic location of the property they wish to invest in.

Q13 from Telegram User @Raju4200

How do you evaluate the support from community? What is your strategy to marketing and for Mass Adoption? What message do you want to send to community through AMA to day?

Tony: We’ve spent a lot of time and effort engaging with the community on many fronts and we feel that we’ve been successful in the organic growth of members. For example, our community has grown from 920 members to over 1700 members in less than a week. AMA’s have been pretty awesome for us as they help us gather community concerns and they help us gauge the areas in which the community is lacking information about our project. AMA’s along with influencer marketing have been our two main choices for marketing! Community engagement is something we value because the project is only as strong as its community. So far we’ve spent around $2700 for AMA’s and around half of that has been distributed in rewards to the community members.

Right now, we actually have 2 campaigns running. We’re running a Meme/Gif competition (which ends in 2 days) and a Bounty Campaign (also ends in two days). $1100 to be won. You can join @OdinalaNetwork and @OdinalaNetworkAnn to find out more about the competitions. We have plenty more in the pipeline which we’re pretty excited about. Be sure not to miss out! We’re always looking for fresh ideas too so if you have any competition ideas, don’t hesitate to message me on the side.

---

PART 3, QUIZ AND INFO

As usual, for the third part, Satoshi Club Team asked the chat 4 questions about Odinala Network. A link to a Quiz form were sent into the chat. Participants had 10 minutes to answer. 300$ were distributed between the winners. Please check the winners list here:

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

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

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

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

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

Website: https://esatoshi.club/

Twitter: https://twitter.com/esatoshiclub 

Our Partners:

Odinala Network: https://t.me/OdinalaNetworkAnn

Mass adoption of cryptocurrency is very important and Satoshi Club wants it to happen as soon as possible. And today we would like to tell you about the AMA session with our friends from Persistence. The AMA took place on October 15 and our guests were Tushar Aggarwal, CEO, Persistence, Abhitej Singh, Strategy & Community Lead and Mikhil Pandey.

The total reward pool was 500$ and has been splitted in 3 parts.

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

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

Mary | Satoshi Club: Hello, Satoshi Club! We are happy to announce our AMA session with Persistence:grinning: @tusharaggarwal @abhitejsingh and @pandeymikhil welcome to Satoshi Club:grinning:

D. | Satoshi Club: hello all

Tushar Aggarwal | Persistence: Hi all, Great to be here

D. | Satoshi Club: @tusharaggarwal @abhitejsingh @pandeymikhil hello guys! good to have you

Mikhil Pandey | Persistence: Hi everyone, Excited to be here

Abhitej Singh | Persistence: Hello everyone, It’s great to be here and I am sure it’s going to be a lot of fun.

Mary | Satoshi Club: You are welcome :grinning: how was your day?)

Tushar Aggarwal | Persistence: It’s been a little hectic – we just made a major announcement regarding a Stakedrop campaign – which is one of the boggest community initiatives we have launched

D. | Satoshi Club: can you share with us?

Tushar Aggarwal | Persistence: Absolutely

Abhitej Singh | Persistence: #StakeDrop #Community PoS Token Holders, Prepare Yourselves for Persistence StakeDrop! 1,000,000 XPRT Tokens will be Distributed!
We’ve been meticulously planning an innovative initiative to provide the crypto community with access and exposure to XPRT (Persistence’s native token). It’s called StakeDrop, and it’s emerging on the horizon.
StakeDrop is a token distribution mechanism that allows token holders of prominent PoS networks to receive an allocation of XPRT tokens simply by staking on their favourite networks. Networks include: Cosmos Network, Terra, Kava Labs, IRISnet, Polkadot, Matic Network and Tezos.
1% of the total supply of XPRT tokens (1,000,000 XPRT) is allocated for StakeDrop rewards. Reward amounts for specific participants depend on a variety of factors, including which network/s they are staking on, whether they are delegating to an AUDIT.one validator (higher rewards) or a different validator, and the length of their participation in each campaign.
🤝 Airdrops are so 2017. StakeDrop has been designed to be much more than a conventional airdrop; it’s an experience. StakeDrop benefits all parties involved, whilst providing an engaging experience for StakeDrop participants.
The first of seven StakeDrop campaigns will be on Cosmos Network, and will begin on October 26th, 2020. Each of the following StakeDrop campaigns will then commence 10 days after the previous one begins. We will keep the community updated on the details of each campaign as we move forward.
Are you ready for StakeDrop? We certainly are :sunglasses:
Read the full details here: https://buff.ly/375424p
🗣 Spread the word: https://twitter.com/PersistenceOne/status/1316720422591881216

Mary | Satoshi Club: Oh, i saw it:joy: it’s really big:+1:

Tushar Aggarwal | Persistence: Hah yes! We already see a lot of interest in. Great way to Stakers and Delegators to get Persistence $XPRT token

D. | Satoshi Club: ready for stakedrop? )

Mary | Satoshi Club: Yes, sure:joy: everything with ‘drop’ is mine:joy:

Tushar Aggarwal | Persistence: We’ll be ‘drop’ping more good news as we go along 😉

https://t.me/PersistenceOne

Mary | Satoshi Club: Guys, could you, please, introduce yourself? Also how did you start with Persistence?

Tushar Aggarwal | Persistence: Yess! My first crypto experience was when I was based in Singapore – towards the end of 2016, I got on Coinbase and started buying cryptos after getting my capital out of some traditional investments. Was looking to do angel investments into startups but instead came across crypto and the rest is as they say, history. I started my career in the Blockchain/Crypto industry hosting the Decrypt Asia podcast (https://decrypt.asia/) and writing extensively about Blockchain/Crypto on Tech in Asia.
Then I joined as the first employee at Singapore based LuneX Ventures (Crypto arm of a Traditional VC Golden Gate Ventures – https://goldengate.vc/). Seeing an opportunity to contribute more to the ecosystem by being a founder versus an investor and bringing institutional capital into the industry, I started Persistence in Q2 2019 and we came out of stealth in January 2020.

One of my blogposts on Terra from back in the day – https://www.techinasia.com/terra-drive-mass-adoption

Mary | Satoshi Club: Yes, mass adoption is our headache and engine to move forward) We need it more and more)

Tushar Aggarwal | Persistence: It is also crucial as the industry moves from a ‘speculative’ phase to a ‘value creeation’ phase

Mary | Satoshi Club: That’s true) i think we are close to the ‘value of creation’

Tushar Aggarwal | Persistence: It takes time – but yes, definitely moving in that direction. And that’s what we’re trying to achieve at Persistence as well

D. | Satoshi Club: @pandeymikhil @abhitejsingh what about you guys, can you tell Satoshi club about yourself? just a bit 😁

Abhitej Singh | Persistence: Hello everyone,
I am Abhitej Singh, I lead the Marketing Strategy and Community at Persistence. I was introduced to Crypto industry while travelling across the US in 2017 and got into it completely in late 2018.
Before joining Persistence, I was helping a couple of early stage startups (now backed by Ola and Flipkart – unicorns in India). I was also actively involved building communities for Google, facebook and co-founded national hackathon in India called Code2Create.
I met Tushar and Deepanshu in 2019 at Blockchain Conference and really liked the vision they had and joined them back in November 2019. Here we are building @PersistenceOne!

Mary | Satoshi Club: I see that blockchain conferences are often behind the beginning of great collaborations)

Mikhil Pandey | Persistence: I was in college and was trading cryptocurrencies. Soon after I graduated I started looking at the industry from a different perspective. I knew Abhitej through a common friend and he introduced us and after that I just fell in love with Persistence’s vision

Q1 from bitcointalk user tolgaozek @tolgaozek on Telegram

About 3.7 M investment by different VCs, how percentage did they get in your portfolio? How many advisors will they assign for you?

Tushar Aggarwal | Persistence: We’ll be releasing the tokeneconomics in the coming days. Pls join this to stay tuned https://t.me/PersistenceOne . Advisors are on this page – https://persistence.one/teamAlong with the team 🙂 We have advisors who bring different aspects to the table – ranging from geographical support (e.g. in China) to overall strategy, community and token management, marketing etc

D. | Satoshi Club: approximately when? on this week, on the next one? )

Tushar Aggarwal | Persistence: No timeline confirmed on this one

Mary | Satoshi Club: So, you didn’t have public token sale?

Tushar Aggarwal | Persistence: Nope not yet. Currently, the big initiative for the community to participate is the Stakedrop campaign

Mary | Satoshi Club: Yes, that is a chance)))

Mikhil Pandey | Persistence: 1% of our total genesis supply up for grabs through StakeDrop

Mary | Satoshi Club: So, how did you choose Cosmos, Polkadot etc for your stakedrop?) Was it random?)

Tushar Aggarwal | Persistence: We’ve been early betters on the PoS/dPoS ecosystem as well as believers in Interoperability. We are building on Tendermint as well and hence part of the Cosmos ecosystem. As a result, it was a natural choice for us to pick Cosmos Polkadot. Along with other relevant and strategic Blockchain projects also in the Cosmos Polkadot ecosystem

Mary | Satoshi Club: But you will have your own blockchain later, am i right?

Tushar Aggarwal | Persistence: Correct. Tendermint follows the app-chain model. So other Tendermint based projects such as Kava, Band, Terra all have their Tendermint based chains. It will be the same for us

Mary | Satoshi Club: Great, when do you plan it to go live?

Tushar Aggarwal | Persistence: Currently, Comdex (the first application in the Persistence ecosystem) is running on Testnet. Comdex is going to hit mainnet in November. Comdex is a physical commodity trading and trade financing platform that is already in production. It has now processed 41M worth of commodity trades and 41M worth of commodities have been tokenised using NFTs. Happy to go into more detail as to how that works

Abhitej Singh | Persistence:

Tushar Aggarwal | Persistence: As highlighted, Comdex plays this role. Physical Commodities are represented on chain using NFTs. Similar to how every Cryptokitty is unique. Every Commodity is unique. Once commodities are represented on chain using NFTs, they can be traded against Stablecoins

Mary | Satoshi Club: You will have DEX and debt marketplace from the very beginning there?)

Tushar Aggarwal | Persistence: As for debt marketplace. Once a trade is complete, it usually takes place on credit terms which means that buyer doesnt pay seller immediately. But after 30-90 days. Sometimes the seller wants immediately liqudiity, So the seller can place the invoice generated from the trade as collateral to secure a loan. As a result, we enable putting ‘real world’ assets as collateral to enable borrowing / lending. Unlike the Crypto industry today, where you can only use Cryptoassets as collateral. This is the natural progression of borrowing lending using Crypto as the rails

Q2 from bitcointalk user rolex745 @konditer_rolex on Telegram

Good afternoon. I really love NFT. I have collections with the Pepe the frog, there are nft created by cryptocurrency with the image of monkeys. For me, like for many people, nft is funny pictures. Tell us how your NFTs that you plan to use to tokenize real assets differ from pictures with a funny frog?

Tushar Aggarwal | Persistence: Haha good question!! Like I mentioned..like how Pepe the Frog is unique, Every ‘real world’ asset is unique. Pepe the Frog has certain unique characteristics similar to every commodity or business invoice having unique characteristics. Like how you would be able to trade frogs or monkeys or digital art..similarly once something is represented on chain, it can be traded. We’ve been working with NFTs for a long time in this context. The Interchain Foundation (foundation governing Cosmos) gave us a grant recently to create ‘interchain’ standards for NFTs

https://medium.com/persistence-blog/persistence-one-first-to-implement-interchain-native-nft-transfer-bags-icf-grant-cdb6c3856c25

This is similar to how ERC721 has become the NFT standard within Ethereum ecosystem. We lead the Global Working group to define these standards. For more details (especially for developers) – http://internft.org/

interNFT working group, inter stands for interoperable

Mary | Satoshi Club: So, in simple words, it will be a picture, for example, of my invoice on blockchain, yes?

Tushar Aggarwal | Persistence: Exactly

Q3 from Telegram Username @Dunc2k

If you use real world assets as collateral, are they at any risk of loss? How does that work?

Tushar Aggarwal | Persistence: Yes, in the beginning, we work with multiple third parties to check the authenticity of the ‘real world’ assets. Whether those real world assets exist. Once that verification is done, then they are brought on chain

Mary | Satoshi Club: Even with authenticity, don’t you have to face with government regulations?

Tushar Aggarwal | Persistence: Proper underwriting (insurance) is in place to mitigate any counterparty risk 🙂 Since our initial focus is cross border trade and physical commodities – some of the regulatory complexity is removed. as trading of ‘physical’ commodities is lightly regulated. Biggest compliance is KYC/AML which we comply with https://finance.yahoo.com/news/comdex-completes-over-10m-worth-070800123.html . Some news about Comdex 🙂

Mary | Satoshi Club: Ok, will you need to hold in your hands an original of my paper asset before it’s tokenised?

Tushar Aggarwal | Persistence: Not me 🙂 But third party verifiers who are whitelisted

Mary | Satoshi Club: Who will check this?

Tushar Aggarwal | Persistence: this, These could range from insurance agents, trade financiers etc. Who are skilled in checking this, It could be digital also – not only paper based – PDF etc. But authenticity will be verified

Mary | Satoshi Club: Can you disclose the name of that third part or there will be a lot of third parts?

Tushar Aggarwal | Persistence: In the spirit of decentralisation there will be multiple third parties, Could also be auditors

Q4 from Telegram Username @PaoloMonte87

One common problem related to NFTs is their monetary evaluation. How will you manage to assess the actual price and its price evolution in time against any stable coin or crypto asset?

Tushar Aggarwal | Persistence: Again independent third party verifiers who are experts are determining the valuation of those assets will be responsible. Biggest of them is trade financiers. Trade Finance funds that manage anywhere between 20-100M $ – for them its bread and butter to evaluate the valuation and also risk. We’ll be releasing some big names of trade finance funds we’re collaborating with in the coming time

Mary | Satoshi Club: So, they (experts) will determine its price. You will be just marketplace and platform for trading etc

Tushar Aggarwal | Persistence: Kinda – it is the job of trade finance funds to generate yield. Now Stablecoin holders will be able to generate that yield as well. Participate in generation of yield through ‘real world’ income generating assets

Mary | Satoshi Club: Yes, that’s right) and this will involve traditional finances into our digital world) Right?

Tushar Aggarwal | Persistence: Exactly, This is already happening in general in the industry. E.g. https://www.coindesk.com/makerdao-weighs-accepting-real-world-assets-as-crypto-loan-collateral

Q5 from Telegram Username @cengizhantekin

Congrats on being awarded by ICF. Can you tell us which part of Persistence environment was awarded for what success?

Tushar Aggarwal | Persistence: Thank you! We were awarded to create interchain standards for NFTs. today NFTs are primarily only within Ethereum and are not multi-chain. We’re creating natively multi-chain NFTs

Mary | Satoshi Club: In simple words, i will be able to hold my tokenised asset on any chain? Or which chain?

Tushar Aggarwal | Persistence: Any chain http://internft.org/ . This website lists some projects we’re working closely with. Still working on making website more marketing friendly, Right now its developer friendly. Its very similar to how ERC721 was created as a standard http://erc721.org/

Mary | Satoshi Club: So, today we are talking a lot about NFTs. But why you need your own token XPRT?

Tushar Aggarwal | Persistence: Great question. Outside of working as a Staking and Governance token, the $XPRT tokens functions as a ‘Work token’ – i.e.stakers, delegators of $XPRT token receive cashflows from the dApps in Persistence ecosystem

We’re debating internally whether we should give cashflows directly instead of doing a Buy and Burn. This image explains the work token aspect. Outside of that, as mentioned, the token will be used for staking, governance, validator (dis)incentivization (similar to Kava, Band, Terra etc)

Q6 from Telegram user @askarovich

You claim to solve the problems of the commodity industry. How can you do that with blockchain tech? and have you chosen this one for your service, it is not very known in crypto. There are rather other online services

Tushar Aggarwal | Persistence: Commodity trading and trade finance is one of the most well known use cases of Blockchain tech as there are so many stakeholders involved. In general, however, private blockchains such as Hyperledger and Corda are used to tackle this use case. We wanted to do it using Public Blockchains. Tried building on Ethereum and Waves. But ultimately decided to build on Tendermint due to the app-chain specific structure which suited us the best

Some problems we are trying to solve in traditional finance

Some problems that we’re trying to solve with DeFi

D. | Satoshi Club: looks like you made a right choice with Tendermint

Tushar Aggarwal | Persistence: :))

Mary | Satoshi Club: Any plans for non-commodity assets?) Real estate, for example?

Tushar Aggarwal | Persistence: Yes, But longer term. As there are more regulatory battles to be fought there. Initial focus will be ‘physical’ commodities

Mary | Satoshi Club: Yes))) you are right) hope, after success with this you will move forward to solve also this problem)

Part 2 — live questions from the Telegram community

Q1 from Telegram user @Nickkiii

Can you give us more details on how the upcoming Persistence Stake drop campaign would run ?

Abhitej Singh | Persistence: Read more about it here: https://medium.com/persistence-blog/pos-token-holders-prepare-yourselves-for-persistence-stakedrop-the-grand-unveiling-d5f6ca6ddc40
We launched a detailed mechanism.

Q2 from Telegram user @Allen010

There are many other projects similar to you So what makes you different from them and what is the advantage your platform has that you feel most confident about ?

Tushar Aggarwal | Persistence:

Q3 from Telegram user @Winterkom

What is the importance of Persistence Validators? Is it still possible to be a validator?

Tushar Aggarwal | Persistence:

These are some of the validators validating for Persistence ecosystem currently – 80% of them are in the top 20 validator set for Tendermint chains such as BAND, KAVA, Cosmos itself. These are some of the validators validating for Persistence ecosystem currently – 80% of them are in the top 20 validator set for Tendermint chains such as BAND, KAVA, Cosmos itself

Q4 from Telegram user @JoxesXIII

What are the reasons and purposes of having built Persistence on Cosmos SDK technology? Can you list some notable advantages?

Abhitej Singh | Persistence: The Cosmos SDK not only allows Persistence the ability to take advantage of the ‘Inter-blockchain Communication Module’ (IBC) being launched by Cosmos, but also allows for Persistence to create its own ecosystem of application specific chains which leads to an exponentially higher level of scalability. Through the use of the Cosmos IBC module, stablecoins from various networks integrated with the Cosmos IBC can be interoperably transacted on the Persistence App where these assets can be deployed to finance real world commodity trades. In addition, the Cosmos Hub/Zone structure allows for applications built on Persistence to have their own chain (zone) for application specific transactions while transactions pertaining to the native Persistence token occur on the hub.

Q5 from Telegram user @jpsarmah

‘’Persistence is shaping up to be a major building block in this financial revolution and we’re proud to be supporting their journey.”- Michael Arrington. What is this financial revolution that he is talking about and what possibilities will it bring for traditional finance users?

Abhitej Singh | Persistence:

Q6 from Telegram user @huydo

I see XPRT listed on Uniswap, is it real and when XPRT listing more exchanges?

Tushar Aggarwal | Persistence: https://t.me/PersistenceOne/98 . Not real

Q7 from Telegram user @KhaleesiTheCryptoLady

While preparing for the launch of your $XRPT token sale, you introduced Persistence Stakedrop for the community? What is the process of this campaign and why do a Stakedrop? What do you want to achieve?

Mikhil Pandey | Persistence: So the goal of Stakedrop is to ensure as wide a distribution of our $XPRT tokens as possible. Usually we see airdrops where users get a random token drop without having to do anything or infact without even wanting these tokens at times. Stakedrop is a unique way for us to distribute our tokens to people who are familiar with Staking and want access to our tokens. To participate in stakedrop, all one has to do is stake their tokens on the networks we have mentioned on our website, and provide a proof of it. The process is highlighted in the medium blog post we published today https://medium.com/@PersistenceOne/pos-token-holders-prepare-yourselves-for-persistence-stakedrop-the-grand-unveiling-d5f6ca6ddc40

Q8 from Telegram user @K2ice

In this era of negative interest rates, SMEs find it difficult to secure financing. How does Persistence aim to support SMEs/cross-border traders?

Tushar Aggarwal | Persistence: Great question – Persistence along with Comdex works with SME/ME trade finance funds globally to facilitate easier access to financing for the SME traders

Q9 from Telegram user @Catsomnia

What are your plans on GLOBAL adoption? Which country is presently focused on ?

Abhitej Singh | Persistence: Our current area of focus are the main trading hubs in Middle east, South and Southeast Asia – Malaysia, Singapore, Dubai, Hong Kong. We will be gradually expanding to other major hubs.

Q10 from Telegram user @kun4321

“Protocol Powering Institutional Decentralized Finance”. What message do you want to send to your users?

Mikhil Pandey | Persistence: Persistence is bridging Traditional finance and DeFi. To do so, we follow a two-pronged approach, by catering to Institutional use cases as well as serving the crypto native users. In our case, Comdex is an Institutional focussed application while the stablecoin lending/borrowing platform is a cryptonative application which serves DeFi users. Please read more about this here: https://medium.com/persistence-blog/issue-01-introducing-persistence-ff778a9b7022

Q11 from Telegram user @Allen010

There are many other projects similar to you So what makes you different from them and what is the advantage your platform has that you feel most confident about ?

Mikhil Pandey | Persistence:

Q12 from Telegram user @topind7

Is this a universal project ? Can every of the communities part take in the project ?

Abhitej Singh | Persistence: Yes, we are inclusive of all the communities and stakeholders such as – Validators, Delegators, Crypto as well as Institutional users. As mentioned earlier, the first application our ecosystem already has a significant traction and bringing commodity trading organisations on board as well as community initiatives such as StakeDrop provide the entire Crypto community to have exposure to $XPRT. Read more here: https://medium.com/persistence-blog/pos-token-holders-prepare-yourselves-for-persistence-stakedrop-the-grand-unveiling-d5f6ca6ddc40?source=collection_home—4——0———————– . Also you can join our community: https://t.me/PersistenceOneChat

Q13 from Telegram user @yadav_199

how Persistence Protocol empowers Institutional Open Finance and how you solve inefficiencies in cross border payments and business financing ?

Abhitej Singh | Persistence: You can read about it in detail here: https://medium.com/persistence-blog/persistences-focus-on-open-finance-the-digital-asset-exchange-marketplace-use-case-95cb5d91f4d3

Q14 from Telegram user @Splendicity

I can see you plan to use XPRT token in your ecosystem. Is a going to be your governance or secondary token?

Abhitej Singh | Persistence: The token plays 3 keys roles:
1. Staking token (similar to other Tendermint based chains like Band, Kava, Terra, Iris)
2. Governance of the chain (not app)
3. Work token (stakers and delegators receive cashflows from the Persistence native and Comdex dApp as well as other dApps in the future)

Q15 from Telegram user @ngoccam

Could you please explain to me about StakeDrop, how to join and its mechanism?

Abhitej Singh | Persistence: Read here: https://medium.com/persistence-blog/pos-token-holders-prepare-yourselves-for-persistence-stakedrop-the-grand-unveiling-d5f6ca6ddc40

Part 3 – Quiz Results

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

Q1

What’s Persistence working on?

A. DeFi

B. NFTs

C. Infrastructure

D. All of the above

Q2

Persistence One is a ____ chain.

A. PoW

B. PoS

C. dPoS

S. PoA

Q3

First application in the Persistence One ecosystem, Comdex, solves the problems in ___ industry.

A. Real-estate

B. Commodity Trading

C. Securities

D. Automobile

Q4

Persistence Network has which 7 networks in their Stakedrop Campaign?

A. Cosmos, Polkadot, Kava, Akash, IRIS, Terra, Thorchain

B. Cosmos, Polkadot, Kava, Matic, Tezos, Kusama, IRIS

C. Cosmos, Polkadot, Matic, Terra, Tron, Kava, Tezos

D. Cosmos, Polkadot, Terra, IRIS, Kava, Tezos, Matic

Answers

1. D

2. dPoS

3. B

4. D

For more information and future AMAs, join our Social Media channels:
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Persistence Community: https://t.me/PersistenceOneChat

Today we would like to tell you about the AMA session with our friends from Finminity. The AMA took place on October 14 and our guests were 😀@Raanngin (www.linkedin.com/in/raanngin/) and @shaikhamdan (www.linkedin.com/in/hamdan/) 

The total reward fund was $500 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, Satosiclubbers! We are happy to announce our AMA session with Finminity😀@Raanngin @shaikhamdan welcome to Satoshi Club😀

Gold Rocket | Satoshi Club: Hello dear community! Our guests today are from Finminity. Welcome to Satoshi Club, @Raanngin @shaikhamdan!

Ron Lahiri I Founder Finminity: Hello All, Hi from Finminity Team. We are glad to be here and had been following up on the chats…

Shaik Hamdan: Hello, Thank you and look forward for a fruitful session

Gold Rocket | Satoshi Club: Thanks for joining.

Mary | Satoshi Club: Welcome, guys! Tell us more about yourself and your way you passed to start with Finminity)

Ron Lahiri I Founder Finminity: As a management consultant for 20 years working in PwC, IBM, Cognizant, and Atos and then being a serial entrepreneur and in Blockchain for the last 3 years, into VC and Angel Investing, I have seen both sides as an investor and entrepreneur. This knowledge has given me the belief that I am a problem solver who would like to take away the burden of disadvantaged entrepreneurs. The biggest problem for entrepreneurs is that Funding Gap in the 2nd and 3rd year and the real world VC and Angels only invest if you come from a specific background ( Ivy league. you are young :). We wanted to make venture financing decentralized, democratized, and open to normal investors through new generation de-fi technologies. This belief and passion have made me & Shaik (my co-founder) to build this venture Finminity.

Mary | Satoshi Club: So, you are co-founders of Finminity)  and yes, background really has big weight now and it is hard for small new projects to enter this space)

Gold Rocket | Satoshi Club: It’s amazing!

Ron Lahiri I Founder Finminity: The Crypto Investors has been the real crowd VC for so long, but they have got access to companies which has been a mixed bag. We want to change that.

We believe that Finminity can help a settler from Bangladesh with only brains or a Syrian refugee in the Netherlands asylum or middle-class eastern European tech grad with a great software but no money (better to say underdogs and dreamer) doesn’t die an entrepreneur’s death!

We have built something for them using a mix of Token (ICO/STO), DeFi, Crowdfunding, Compliance, Investor Risk Management – entrepreneurs who are in severe fund crunch after Covid. The entrepreneurs of the world need decentralization, DeFi, democratized venture finance. More so now.

Here is my profile — www.linkedin.com/in/raanngin/

Here is Shaik’s profile www.linkedin.com/in/hamdan/

We should pass all the DYOR checks as founders.

Mary | Satoshi Club: I like even the fact you’re not anonymous)))

But how decentralization lives with, for example, that you have names in the marketplace?) I think it is more mix of de and decentralization)

Ron Lahiri I Founder Finminity: And also just to let the community know, we have the only license in the Middle East who has token-based crowdfunding under the regulator Dubai Financial Services Authority (DFSA) and now we have Finminity for Europe. Note that as a business we are open to Utility and Security Tokens for the companies who want to raise funds. Just what we have done is that the best practices of Security Token have been taken and put as NFTs as additional tokens for voting, profit sharing for the investors even if they have sold the utility tokens of the company raising funds.

See why centralization was done because as Regulator could check everything – KYC, Fund Raise, Time period, value, Rules of Vesting – Now if that could be coded in Smart Contracts why do you need centralization. But what we need to is to understand the best practices of centralized process (checks and balances) and bring it in the decentralized world. If we have to stop rug pulls

Mary | Satoshi Club: That’s great👍

Yes, I understand) and stopping rug pulls is really very important as they are everywhere

Gold Rocket | Satoshi Club: it’s a lot of work.  do you have a big team?

Ron Lahiri I Founder Finminity: We have been building this for the last 1.5 years as we wanted to make it live and come to you guys with a ready product rather than saying that we will release and keep delaying it, what we see normally in the crypto world. You promise, take the money and deliver late or don’t deliver at all. This had made us build a team with fixed and floaters to help us with. The floaters are technical contractors and Business School Interns. We have 6 full-time persons and we have around 4-5 more floaters.

As we had been using our own money to build the application, test the markets, we had to do with a small team, build, check, build again..

Mary | Satoshi Club: Not bad, for those were using your own money)

Ron Lahiri I Founder Finminity: So our application Finminity. Finance is live with Token Generation Engine on Test Net running.We can handle ERC-20 and ERC-1404

https://www.finminity.finance

Mary | Satoshi Club: Great👍 Congrats) thank you for the intro and now are you ready for the questions from our community?)

Ron Lahiri I Founder Finminity: I just wanted to tell what our platform do before that

Mary | Satoshi Club: Of course))

Ron Lahiri I Founder Finminity: It’s a long list guys but we have made with our blood and sweat so that I as Investor is not conned by a company and I as a founder can raise money properly and not be on the whims and fancy of VCs

1. Companies can pitch to investors and associated pitch deck put in an easy to read manner
2. Companies can engage and talk to investors through Discussion module
3. Present their company in events that can be scheduled in the platform
4. Investors can build or be part of a community to talk in specific topics or companies
5. People can Invest through Fiat and Crypto
6. Have their Token Agreement (SAFT) signed through Ethereum signature automatically
7. See their portfolio
8. Investors get interested in their Investment as their funds are kept in client money contracts and given to companies when they achieve roadmap milestones. This is done by smart contracts so that rug pull doesn’t happen, and small investor money is safe, to the extent possible
9. Investors can vote for resolutions and get rewards for that.
10. Investors can rate companies and get rewards
11. P2P community marketplace like crypto local to sell within the platform without paying extra fees
12. Token generation event and allocation based on the tokens selected as per the regulatory approval of the companies (be it ERC 20 Utility Tokens or ERC 1404 Security Tokens) and the allocation and discount logic during the sale

Mary | Satoshi Club: Wow, so many features)

Amazing job, guys👍

Gold Rocket | Satoshi Club: This is a very large functionality.

Your users are very lucky!

Ron Lahiri I Founder Finminity: And it all live and we will be bringing great companies where crypto founders will make money and have some likeness for them, rather than a token which gave them 200% return. A company has a soul, it’s a living being.

Even if they have flipped the Utility coin, with the NFTs they hold and can sell later

We can move to the next topic. Thanks for accomodating us with these points.

Gold Rocket | Satoshi Club:  Great comparison! Sole of the company! You really love your job !!!!

We can proceed! 🚀👍

Mary | Satoshi Club: Soul is important) I have some questions regarding some of them, but I don’t want to cover questions from our community before they were asked😉

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

Gold Rocket | Satoshi Club: Q1 from BTT user rolex745, Tg @konditer_rolex

Talking about yourself, you use the concept of Hybrid Finance (HyFi). As I understand it, this is a synthesis of decentralized finance and centralized. Tell us what you took for your project from these two market segments?

Ron Lahiri I Founder Finminity: Tough question and good you have read my Medium Article. Think it in this way

1. Finminity helps a company which has a proper use case driven utility token
2. Finmiity helps a company which has created a security token by pledging its assets

For both the usage was driven by FMT Tokens as fees, for voting, for staking, etc.

Now the company A being in the crypto world (and assuming its a good due diligence driven chosen company with KYB) its tokens remains in Crypto world and people swap it with use cases and get appreciation. The more crypto market becomes better, the more these tones appreciate.

Company B’s tokens are share driven and it is bought and sold through Security Token Exchanges and Market Place.

Now the Environments A and Environment B don’t become good at the same time. When the world goes into an economic downturn, environment B becomes bad and environment A works well.

As we have FMT tokens and business catering to both environments A & B, we get benefits and hedge our risks as a company and our tokens.

That’s why we are HyFi. It’s like a hovercraft.

Mary | Satoshi Club: It makes sense, btw your FMT token is security asset?)

Ron Lahiri I Founder Finminity: Nope FMT is Utility Token. The Platform runs on Utility Token but can cater to both the business needs.

Mary | Satoshi Club: Which role does it play in your project?

Ron Lahiri I Founder Finminity: We have a clear Tokenization use case within the platform otherwise the token value will depreciate. So these are the following use cases of FMT Tokens –

A.COMPANIES WHO ARE RAISING FUNDS will pay their fees through FMT Token for

*Onboarding to the Platform

*Token creation & associated smart contract configuration

*Dividend Distribution

*Putting Investor Resolution to Vote

1. INVESTORS WHO have TOKENS

* Gets early access to token offerings of the Platform

* Can do voting in the resolutions and earn more tokens given by the company for their work

* Receive Interest + Dividends

1. 3rd PARTIES and Ecosystem Partners

* Use FMT Tokens to create alternative products like Funds out of tokens

* In the P2P marketplace within Finminity, where these Tokens are traded, the commission or transaction fees can be paid by Finminity tokens.

Mary | Satoshi Club: Wasn’t you afraid to launch it in such an economic situation? As I understand you had two sales – FMT (your own token) and one more on your platform (currently running)?

Ron Lahiri I Founder Finminity: No, we believed our platform has clear differentiation. And we will get investors. And when the world is going through turmoil, the crypto market works well.

Yes, we have just closed our Finforce — Early Supporter Round and now starting on to Finstars — Round 1 through In App Offering form 16th October. We have only 300 members’ slot.

Mary | Satoshi Club: So, we can still be early birds and get your tokens) One more question – will KYC be required?

Ron Lahiri I Founder Finminity: FINFORCE we have closed. We are starting In-App Offering of Finstars from 16th. Let our supporters while contributing know how good the software is and whether they will keep on using it to support the next inline companies.

Gold Rocket | Satoshi Club: Very soon! 🚀

Ron Lahiri I Founder Finminity: KYC is required because once you do it, for all the next companies that come over, you dont have to go with that whole hog again.

Mary | Satoshi Club: Yes, it makes investors live easier) Thank you for your answers) ready for the next question?

Gold Rocket | Satoshi Club: Good answers. Can we proceed? Or you want to add something?

Ron Lahiri I Founder Finminity: Very Important for the community to know

Investors in this round get lifetime access to all future companies raising funds through Tokens in Finminity at a 7.5% discount. There is a Club Membership NFT token which is given to identify you even if you have sold all your FMT Tokens and made gains.

So the next Decentralized Robot Mining & Services company (sample) that comes over, if the price is 10, a 7.5% discount is applied on top of the offer that is going on at a particular round. And this is for all companies after. This is how we look after a community that supported us at first. In the real world capital markets and investment banking, this is quite prevalent.

Mary | Satoshi Club: Nice idea with NFT Membership token)

Ron Lahiri I Founder Finminity: So the soul and our love remain with the NFT’s. Maybe you have got the benefits as you have the company utility tokens already sold of in Uniswap but you still love our company and we love you back.

Mary | Satoshi Club: Can this NFTs be sold?)

Gold Rocket | Satoshi Club: Me as well like it

Mary | Satoshi Club: @Raanngin ?)

Gold Rocket | Satoshi Club: We have real connoisseurs NFT

Ron Lahiri I Founder Finminity: Yes These NFTs can be sold, if you want to sell some part of your club members who will get benefits of this discounts, voting, client money account interest (as all money are not given to the comment at one go – they get it as per their milestone achievemnet, aka LID Protocol)

Mary | Satoshi Club: Got it) the Second question?)

Ron Lahiri I Founder Finminity: So, it’s like almost like a shareholding but not getting to the messy regulatory aspects. Yes pls, 2nd question.

Mary | Satoshi Club: Like this👍

Gold Rocket | Satoshi Club: Q2 from BTT user apocan99, TG: @apocan99

How do you decide if an applicant is a Startup or SME? Is it just a targeting expression or are there any criteria for being accepted? What if the applicant is a big company?

Ron Lahiri I Founder Finminity: There are different definition – I have it very simple for my platform – Startups are making revenue but burning and not profitable.

SME’s are profitable – whatever small it may be. So, we are targeting a mix of both so that we can give our FMT NFT Token holders access to different companies. Note that these companies will go through a Know Your Business and our standard due diligence checks.

Not bad company can rug pull and run – they may fail but they will fail to try.

Mary | Satoshi Club: Look, what your KYC includes? Do you check only personal information or also audit smart contracts, check tech, etc?

Ron Lahiri I Founder Finminity: It’s no shame if you die in the battlefield. Its a shame if you run.

Mary | Satoshi Club: Yes, very true😂

Gold Rocket | Satoshi Club: Well said! Strong words

Ron Lahiri I Founder Finminity: The KYC will include a KYC of the founders, any bad name about the company, company incorporation verification, smart contract audit and high-level check of the technology they are working in.

Mary | Satoshi Club: Your company makes a smart contract audit or you use the third part?

Ron Lahiri I Founder Finminity: As I am from the Investment banking and Tech World, Crypto investors will be able to see some really strong companies with a tokenized model of raising funds.

We use 3rd party and our preferred partner is Hacken

Mary | Satoshi Club: Wow, great) you already partnered with them?)

Ron Lahiri I Founder Finminity: But they can use Certiq. We will check their smart contracts one level though so that DAOFI thing doesn’t happen

No, we are talking to them, as of now we have Microsoft Azure, Alibaba as our Cloud and DB partners for tech, and we are in Ethereum. We have a partnership with Matic and we will use their sidechain to solve the cost and network congestion of ethereum mainnet

Mary | Satoshi Club: Hackers and cheaters becoming clever nowadays)

Ron Lahiri I Founder Finminity: The best brain when not being used become hackers.

Mary | Satoshi Club: How you will use this sidechain? Can you explain it?

Ron Lahiri I Founder Finminity: We may use Etherum Oracle for our P2P marketplace

Mary | Satoshi Club: Haha))) let’s hire them all😂

Ron Lahiri I Founder Finminity: We have a number of smart contracts that are used but the most important them are the following

1. Voting by the investor community for Resolutions, Decisions, Path Finding
2. Milestone Payment Voting – The Money form investors are held in smart contract in stable coin and given to investors only when their resolution is voted as approved by investors. If investors don’t vote companies in our side chain vote as validators.
3. If a company fails a number of times in resolution, the money held in Client Money Smart Contract is returned back to investors.

Ron Lahiri I Founder Finminity: All these need gas and that’s why we need a sidechain. As of now, we have done that in our own sidechain/hashes but Matic would be better abd faster.

Mary | Satoshi Club: Oh, nice. Now I understand 👍 Thank you) next question?) @Raanngin ?😀

Ron Lahiri I Founder Finminity: I am ready.

Gold Rocket | Satoshi Club: Q3 from Telegram Username @Winterkom

How can Finminity boost my project? Do you have different consulting services for entrepreneurs? Or do you just create the tokens you need? Can you be adjusted to the needs of each person?

Ron Lahiri I Founder Finminity: We will help the company to tokenize its business model, help them in the pitch as we have a template in the app and then most importantly, we open them to our investor community and our advisors. Tokens can be created by us or others, but the handholding is important. And then finally getting to do the Investor services and investor engagement through voting, profit shares, resolutions

Mary | Satoshi Club: I have one question))) this picture)

Ron Lahiri I Founder Finminity: Sample data.

Mary | Satoshi Club: It shows 3 members). Or they just still didn’t join the app?

Ron Lahiri I Founder Finminity: Sample Investor Group. Yes – test user have created a group and 2 others ave became members of the group. So, there will be groups like this

These are test users and to show you that you can have groups of investors within our platform who can chat within that group.

Mary | Satoshi Club: Got it, thank you) also – do you have any marketing proposals for the projects? Like advertising campaigns? Thought about this?

Ron Lahiri I Founder Finminity: We have a design/mktg team, but we need ongoing active support from well-established communities like Satoshi. We can discuss this offline

Mary | Satoshi Club: Of course, we are always happy to cooperate)

So, we won’t go offline now and are you ready for the next question?)

Ron Lahiri I Founder Finminity: Yes, I can take more question

Gold Rocket | Satoshi Club: Q4 from Telegram Username @jobel4

The amount you have invested is not given to the company rightaway. It is kept in the Escrow by Custodian and you get Interest on that amount. Why is there a need of escrow? Can you explain the process of earning by investing in Finminity?

Ron Lahiri I Founder Finminity: Say company X has asked for funds and they have said that they will take it in 2 milestone payments. So the fund investor has given stays in a smart contract and released based on milestone. Till the amount is not paid, the amount can generate interest for the investor.

Normally the first milestone is the closure of sale and one can be a product release

Mary | Satoshi Club: For which investors? All Finminity investors or for only company X investors?

Ron Lahiri I Founder Finminity: Company X investors

Mary | Satoshi Club: Will they get interested in company X tokens or in any other asset?

Ron Lahiri I Founder Finminity: No the amount is held is in a stable coin, so a stable coin generating the interest available in lending options

Mary | Satoshi Club: Thank you, got it) the fifth question?)

Ron Lahiri I Founder Finminity: yes pls

Gold Rocket | Satoshi Club: Q5 from Telegram Username @Brainchest

Among the partners, I saw Microsoft, AliBaba, ZOHO. How long has your platform been operating and in what area are you partners with them and why is FMT coming out just now?

Ron Lahiri I Founder Finminity: Microsoft we are using for last 8 months when we started developing the application. Then we had Alibaba for DB options. Zoho for CRM, Chat, Service Desk and Campaigns we started only 1 month back. FMT is coming out because the application was built, tested and made ready and many of the use cases were checked and improved by talking to investment bankers and financial experts

Any more questions

Gold Rocket | Satoshi Club: Q6 from Telegram username @olivvc

How many jurisdictions are you covering at the moment and should a project be registered already to collaborate with you, or you can handle this part as well?

In other words, Is it enough to have a good idea, a team and capital to benefit from your services or the company should already be registered?

Ron Lahiri I Founder Finminity: We have Finminity in Europe and YourVC.Club in Dubai. So companies from the Middle East and Europe can come into our platform.

As of now, we can do Utility Tokens for all companies, but Security Tokens for companies coming only from the Middle East. We have applied for Security Token License in the EU and we should get it by December.

So that we can do both Utility and Security token offerings in Europe.

Mary | Satoshi Club: Did you think about USA market?) I know, it’s very hard to get there

Ron Lahiri I Founder Finminity: SEC rules are not different from the FCA  (UK) and DFSA (Dubai) rules. you need the money and a large team to operate in multiple geos. we will do it later once we get hold of the EU. As I have stayed and worked in the EU, I prefer to do business in that zone.

Mary | Satoshi Club: Logically) thank you. And now our community is waiting for your answers to live questions) ready for this storm? 😉

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 @Winterkom

– Security token regulations are much higher than utility tokens. Do they have the necessary permissions to operate Finminity? Do you plan to expand these certificates in different countries?

Ron Lahiri I Founder Finminity: Yes, we have a license as in the below as authorized company for doing security tokens in Middle East https://www.difc.ae/public-register/yvc-mea-ltd/

We will have a similar license for pan EU so that we have larger geo to play- more so to find better companies.

Shaik Hamdan: As we have received approval from DFSA (Dubai) which is similar to FCA (UK) we are compliant with most of the regulatory compliances.

Q2 from Telegram User @Johana0012

-How do I get involved in community voting? The more FMT token the more I can vote?

Ron Lahiri I Founder Finminity: Your vote weightage is counted based on your FMT NFT Tokens you are holding now.

Q3 from Telegram User @rioliandaro

What is IBDEX?

Ron Lahiri I Founder Finminity: A Decentralized Investment Bank

Q4 from Telegram User @Gutike95

Does Finminity have a selection system for emerging entrepreneurs to support them? Do they have to meet some requirements or market some specific products?

Shaik Hamdan: We will be evaluating the growth potential and innovation.   Accordingly, we will be onboarding.

Q5 from Telegram User @eylem201

-how I can Earn through Finminity DAO based milestone voting? is there any minimum amount of token I need to hold to be part of governance?

Ron Lahiri I Founder Finminity: It’s based on the no of tokens you are holding/ total no of FMT tokens held by all.

Q6 from Telegram User @Winterkom

– Does everyone who wants to use Finminity need to go through the KYC? Can you work with people anonymously?

Shaik Hamdan: Unfortunately, No. We follow the strict guidelines of the regulators, we cannot work with those who are anonymous.

Q7 from Telegram User @Noyon66

-How to verify or know FMT is a legal or safe project??? Have you any proof?

1, We will share te smart contract audit
2. You can check the license we showed you from Public Register. See Type of License – Regulated. This our MEA crowdfunding license.

Q8 from Telegram User @shuvoapon

🤔🤔 Why did you create this token? Is there a special reason behind naming this token?

Ron Lahiri I Founder Finminity: Finance for Community – with Infinite possibilities

Q9 from Telegram User @Johana0012

-If I want to invest in a Finminity project, what would be the risk? Would it be at my own risk or does Finminity offer a system to protect investors’ assets?

Ron Lahiri I Founder Finminity: Taking Care of Investor Risk & Rug Pull by Companies through smart contract-driven milestone-based payment release. Plus a due dlilgence of the companies coming to the platform.

Q10 from Telegram User @Gutike95

Really why Finminity gives the alternative of developing an ERC 1404 token? why not just give him the ERC 20 option? they are of the same chain.

Ron Lahiri I Founder Finminity: It’s on the same chain – just that they have a different structure where ERC-1404 can have security kind of functionalities whereas ERC-20 doesn’t have them and needs to be added

Mary | Satoshi Club: Thank you guys for your answers) and now we will start the third part of our AMA – Quiz👍 @ciupidos we are waiting for you 😀

 As an entrepreneur, we have faced the problem to convince the VC’s and we realized we need to come up with a solution for small and medium-sized enterprises

PART 3, QUIZ AND INFO

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

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

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

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

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

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

Website: https://esatoshi.club/

Twitter: https://twitter.com/esatoshiclub 

Our Partners:

Finminity:https://t.me/finminityFinminity :

There are thousands of projects in the cryptomarket and Satoshi Club brings you daily information about fascinating investment projects. Today we would like to tell you about the AMA session with our friends from pNetwork. The AMA took place on October 8 and our guest was Thomas Bertani.

The total reward pool was 750$ 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! Now we are proud to announce our AMA with pNetwork!  welcome to Satoshi Club!

Serg | Satoshi Club: @ThomasBertani, welcome 🙂

Thomas Bertani: Hello everyone! Thanks for having me 🙂

Mary | Satoshi Club: Please, tell us about yourself and how did you start with pNetwork?

Thomas Bertani: I have always been curious about innovative technologies. I was working on parallel computing for scientific applications when I found out about Bitcoin in 2012. Initially, I was mostly interested in the technology of it, given my background! Over the past 8 years, I had the chance to experience first-hand many aspects of this industry, both technical and financial. I worked with startups in the space (mining companies and exchanges) as well as starting my own projects to contribute back to this ecosystem. In 2013 I founded a Bitcoin on-ramp for the European market, that was then acquired.

In 2014 I started Provable Things, whose team has developed and operates the longest-running oracle operating on multiple blockchains (previously known as Oraclize) and is now building the pTokens bridges to enable cross-chain movement of asset. More recently, Provable Things and Eidoo have become sister companies. All of these has resulted in the creation of the pNetwork project 🦜

Mary | Satoshi Club: Yes, this project is what crypto space needs) you have a nice logo) why pNetwork?

Thomas Bertani: Well the “p” of pNetwork stands for pTokens, whose “p” (😂) stands for the properties the project strives for: provable, portable, pegged tokens! pTokens are basically trustless tokenizations of a given crypto asset, which make it capable of moving crosschain (For instance we have pBTC on ETH, pBTC on EOS, same thing for LTC, and many others coming).

The p is also the initial of our mascotte, the parrot 🦜

Mary | Satoshi Club: I like your parrot, and now can we go to the questions from our community? 😉

Thomas Bertani: Let’s go!

Q1 from bitcointalk user k.muller

What pTokens bridges are currently available and which ones do you plan to add in the future? Also, how many funds are currently locked?

Thomas Bertani: Currently the following bridges are available and they can all be used from dapp.ptokens.io:

• pBTC on ETH (BTC tokenized on ETH, similar to WBTC or renBTC, but safer+faster+cheaper than both)
• pBTC on EOS
• pLTC on ETH
• pLTC on EOS
• pETH on EOS (<– spoiler? 😉)

We are working on adding many others (depending on community demand, what’s the one you would like to see next?) on both eos/ethereum and other chains! Funds currently locked can be seen from ptokens.io and are currently approximately 1.5M USD.

Mary | Satoshi Club: Are the volumes changing (of course, yes)? Which was the biggest?

Thomas Bertani: Well it really depends on the integrations, for example yesterday Eosfinex (Bitfinex’s DEX on EOS) announced that today they are launching their exchange using pTokens (pBTC/pETH/pLTC on eos) as the official way to represent BTC/ETH/LTC (inheriting there bitfinex’s liquidity), this is kind of a big deal and can influence volumes significantly! Volumes have also been affected by recent activities such as our steroids.finance yield farming initiative that one has made pBTC (on ETH) volumes increase significantly.

D | Satoshi Club: What about pRipple? can it be next?

Thomas Bertani: pXRP is surely planned, there seems to be a lot of demand for it. Funny story, I was one of the first alpha testers of Ripple in Jan 2013, lol.

Mary | Satoshi Club: Yes? And how was your experience?

Thomas Bertani: Interesting times, Ripple back then was leading the way and everyone was superexcited about it, now the ecosystem has changed a lot mostly because of Ethereum/EOS/others.

D | Satoshi Club: I think pNano would be great as well! if it’s possible?

Thomas Bertani: pTokens and the pNetwork are designed so that new integrations are simple, this is possible thanks to our technial design, which we are very proud of!

Mary | Satoshi Club: If a coin wants integration what needed? Do small coins have any opportunities to integrate? Or just projects with big market cap?

Thomas Bertani: When there is enough community demand we start the integration, this can also be chosen by the pNetwork DAO, which is the decentralized governance system governing the pNetwork. Anyone staking PNT tokens can vote there according to their voting power (tokens staked in the dao compared to the total). So anyone staking PNT can potentially push for a given integration. Active voters in the DAO are also incentivised with 42% APR so to reward their active contribution to the governance.

Q2 from bitcointalk user JonahAp

The pNetwork is secured by Multi Party Computations and Trusted Computing, a combination which makes attacks both expensive and impractical…can you explain how these Multi-party computations work and what gives you confidence that an attack on pNetwork will be expensive and Also impractical?

Thomas Bertani: We plan to use threshold signatures (multi-party ECDSA), similarly to what tBTC does and what renBTC plans to do. However tBTC requires ETH collateral, renBTC requires REN collateral, we require none thanks to the fact that we enforce a diverse of of multiTEEs, meaning different Trusted Execution Environments are used together to make (sybil and non-sybil) attacks both expensive, impractical and detectable. This is something we have in our current phase0 already, making it the safest crosschain system to date which supports multiple chains (tBTC may be a bit safer than pBTC right now, but pLTC/pETH/others are top notch security compared to alternatives. Currently it is also safer of renBTC (not decentralized and not opensource at the moment, while we are opensource and TEE backed already))! We have expanded this here: https://medium.com/pnetwork/pnetwork-security-and-progressive-decentralisation-c5552216ca23

Mary | Satoshi Club: I need to read this. How expensive can be attack? If we can imagine it?

Thomas Bertani: Well it is really hard to tell, surely several millions to coordinate an attack over many different technologies at the same time, also you need to have enough PNT allocated to compromise enough validators (each validator stakes 200k PNT). Hard to quantify, but surely very impractical as an attack, and also kind of resistant to the wrench attack thanks to TEEs. 😉

D | Satoshi Club: How many validators your network has?

Thomas Bertani: In phase0 we have single validators for every bridge, but in a few weeks we are opening up for validators as we approach phase1 (more on our roadmap here: p.network/roadmap)

Q3 from Telegram user @ownyourfunds

Let’s suppose that I lock my BTC or other coin you support in exchange for a pToken. How do you ensure me that my funds are safe and I can always exchange back the tokens? What is the smart contract will be exploited and my funds will be locked forever? Thank you in advance for the response.

Thomas Bertani: This is a crosschain technology so not everything happens on ethereum smart contracts, there is an offchain logic enforced by the pNetwork itself. While there is no way to give 100% guarantee this is safe (not just for us but for basically most pieces of software), we do continuously audit our software. This means auditors don’t just verify the code is safe when we release it, as unfortunately many projects still do… but they continuously monitor our work – this is known as a continuous auditing activity. You can find more on this in the article I had shared above around security: https://medium.com/pnetwork/pnetwork-security-and-progressive-decentralisation-c5552216ca23

D | Satoshi Club: Btw i have a little question, i know you used EOS as a first asset for cross-chain, but why EOS?

Thomas Bertani: EOS was interesting for us for few reasons:

– Other than ethereum it is one of the major chains where defi is happening (see Equilibrium, the EOS’s makerdao).

– It is a very different chain compared to ETH, many competitors of us focus on BTC<>ETH only, what we wanted to prove working on BTC<>EOS and ETH<>EOS is that pTokens design makes it simple to integrate with very different and complex chains as wel.

Mary | Satoshi Club: Did they ever find any holes in the code?

Thomas Bertani: When auditors find vulnerabilities or problems, they report them and expect them to be fixed, you can find the result of their work in their public audit reports! So to answer to your questions, when they found them, they were promptly addressed before the actual release!

Q4 from Telegram Username @regard94

You’re currently offering 42% APY as the DAO awards. How can such a high percentage remain sustainable in the longer term or is it a temporary reward? How many PNT tokens am I required to hold to be eligible and what are the limits in this in general?

Thomas Bertani: There are no lower/upper limits of PNT that can be staked, currently 60% of the total supply is already staked within the DAO by users! 42% APY is offered for the first year of the DAO, the second year it drops to 21% and the third year to 0%. More details here: https://medium.com/pnetwork/stake-in-the-pnetwork-dao-156c8acef682

Mary | Satoshi Club: What additional fees i need to pay to stake? Let’s say, that i have $1000 in crypto.

Thomas Bertani: Basically no fee, just few bucks for the Ethereum gas costs.

Well if you stake from the Eidoo mobile app, there is a dao manager where staking gas costs are 2/3 covered! So you spend one third when staking from there, compared to direct staking via the pNetwork DAO Aragon Dapp.

Q5 from Telegram Username @Jonahapagu

How is the circulating supply of pTokens like pBTC, pEOS, pLTC e.t.c determined is their supply equal to that of the coins they are pegged to or is it dependent on the demand for them by users?

Thomas Bertani: It is 1:1 pegged so the former interpretation is correct: their supply matches the one of the underlying coins! 1 pBTC <> 1 BTC, 1 pLTC <> 1 LTC, and so on.

D | Satoshi Club: Perfect ratio.

Thomas Bertani: Anything different would be quite concerning. 😅

Mary | Satoshi Club: Btw, if some of the coins (BTC, LTC…) will be successfully attacked (imagine) what will happen with pBTC… Ltc etc?

Thomas Bertani: Well in those cases they would be worth proportionally less than 1, but this should never happen.

Q6 from Telegram Username @yiselen

In case I am conducting a cross-chain transaction and it is canceled for some reason, what happens to my assets? PNetwork liable for failed cross-chain transactions?

Thomas Bertani: Enough confirmations are always required before the pegin gets finalized on the other blockchain, so it is designed for it to never happen!

Mary | Satoshi Club: Complete answer) everything is thought out in advance. And now we are close to the second part with our community live questions.

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PART 2, TELEGRAM COMMUNITY LIVE QUESTIONS

The chat was open for 80 seconds; a lot of questions were posted by Satoshi Club community. Our guest chose some of them.

Q1 from Telegram User @rinnguyen

On which pTokens I can Provide Liquidity? & In future What are the other pToken can we see live?

Thomas Bertani: If you look at steroids.finance you will see the yield farming initiatives we currently support. For instance now you can provide liquidity in PNT or even with BTC (pBTC) and get pnt rewards! In the future we will incentivise other pools with other ptokens (i.e. pLTC and many others).

Q2 from Telegram User @niko518

What has been the most significant advance of your roadmap? What’s the next big update that users should be excited about?

Thomas Bertani: Definitely the release of our governance token PNT and the introduction of the pNetwork DAO. This is a critical component for the progressive decentralisation of the project. The next big step for us is the upgrade to a network of node operators to support the pTokens bridges. We are currently working on it and we expect it to be released by EOY!

Q3 from Unknown Telegram User

…

Thomas Bertani: We are chain agnostic and integrate wherever there is demand, so we can surely do pDOT, pBNB, pUSDT and many others.

Q4 from Telegram User @Amila19932

PNETWORK Governance token is PNT, but there are so many tokens in your project as PBTC, PLTC, is there any specific reason to have this much of tokens? Please explain.

Thomas Bertani: PNT is the governance token, it is currently not a pToken itself. PNT underpins the security of the pTokens network. All other tokens starting with “p” are pTokens, so they are representation of a given crypto asset, made portable. For instance pLTC, is just Litecoin on another network (eos, ethereum, etc). pBTC is just BTC, and so on.

Q5 from Telegram User @Dmsaly14

Why should I invest in your token do you guarantee I’ll be profitable?

Thomas Bertani: Just scam projects guarantee profitability 😂 no investment whatsoever (inside or outside crypto) can give you GUARANTEES of returns. As for why you should invest, well check here and enjoy the ride down the rabbit hole 👉 p.network/learn

Q6 from Telegram User @melanintrish

Recently the pNetwork team have been extending the reach of their ecosystem by onboarding more partners, can you tell us more on two of your most recent partnerships?

Thomas Bertani: The most recent pTokens integration has been announced just yesterday and it is with Eosfinex (Bitfinex’s DEX). The combination of pTokens and Eosfinex’s technologies enable something really powerful, which is the ability to have the liquidity of centralized exchanges in the DeFi world! As for Ethereum, we have interesting integrations with a variety of projects including Kyber network, Loopring, PieDao and many more.

We have upcoming integrations to be released on both ecosystems. Also, we have an integration with a big player coming next week!

Q7 from Telegram User @jobel4

Can you explain more about the Steroid Finance? How does it work in pNetwork? What is the use of Steroid Finance?

Thomas Bertani: Steroids.finance is the name of our Yield Farming program, for instance you can stake Bitcoins (as pBTC, pTokens BTC) and help out the liquidity of its uniswap pool, receiving back 50%+ APY.

Q8 from Telegram User @jonathan_tross

What technology is used to enable any Currency to make compatible with any blockchain?

Thomas Bertani: We develop custom integrations for each blockchain (based on the specific features of each of those), but thanks to the lean and flexible structure of pTokens this is easy/fast for us to do.

Q9 from Telegram User @Amila19932

P NETWORK token is still not listed on CMC. What are the plans P NEWORK to get listed on CMC, because listing on CMC will give a great potential to a new project specially?

Thomas Bertani: pNetwork token (PNT) is listed on coinmarketcap, coingecko and cryptocompare. Link for cmc here: https://coinmarketcap.com/currencies/pnetwork/        

Q10 from Telegram User @nyo_cant

At the moment, Steroids only allows staking pBTC and UNI-V2, both of them on Uniswap pools? Are you considering other assets? Maybe even pools on other -Swap platforms?

Thomas Bertani: Yes and yes. Steroids is designed to be the pNetwork yield farming gateway, all of our yf initiatives will be accessible from there. More assets coming soon.

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PART 3, QUIZ AND INFO

As usual, for the third part, Satoshi Club Team asked the chat 4 questions about pNetwork. 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:

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

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

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

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

Website: https://esatoshi.club/

Twitter: https://twitter.com/esatoshiclub 

Our Partners:

pNetwork 🦜 | #crosschain + #DeFi: https://t.me/pNetworkDefi

Today we would like to tell you about the AMA session with our friends from Akash. The AMA took place on October 7 and our guests were Boz M (COO) and Cheng (CFO).

The total reward fund was 2000 AKT and was divided into three parts. In this AMA Recap we will try to summarize some of the most interesting points for you.

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PART 1, INTRODUCTION AND COMMUNITY QUESTIONS

Luis Merino | Satoshi Club: Hello SatoshiClubbers! Welcome to another AMA session with Satoshi Club. Our guests today are from Akash. @boz_m welcome!

Serg | Satoshi Club: And @chenghiskhan as well 🙂

Boz M | COO Akash Network: Hi everyone.

Cheng: Good morning, evening and afternoon everyone 🤟

Luis Merino | Satoshi Club: Can you please introduce yourselves and tell us how did you start with Akash?

Boz M | COO Akash Network: I’m Boz, COO of Akash.  I’ve been in diverse set of startups, ranging from social gaming and ag-tech, to FinTech, martech and now blockchain.  I’ve led in primarily business development and partnership roles. I’ve met Greg through a business development introduction, and sold him on my previous company’s software.  Since then, gotten to know Akash and after multiple conversations throughout 2019, and in person customer development meetings, joined in August ’19.

Cheng: Thank you for having us today! I’m Cheng, the CFO of Akash and I joined our team back in March/April this year. I spent nearly a decade of my career initially in traditional finance with several investment banks with the last notable stop at Goldman Sachs. Since then, I caught the startup bug and worked for a high growth mobile gaming company as its CFO.

The last few years, I’ve had the pleasure of finally getting into blockchain with Refereum and now Akash.

Luis Merino | Satoshi Club: Thank you Cheng! Can we know what gaming company was it?

Cheng: Of course. It was called PennyPop and we rebranded to wkrshp.

D. | Satoshi Club: So you guys preparing for your IEO? 😉

Boz M | COO Akash Network: We’re all excited over here and planning quite a bit, for the IEO, and have significant plans post IEO! The IEO is the start of our next chapter as a company 🙂

Q1 from bitcointalk user L Valerievna

You will hold an auction listing through Bitmax shortly. What kind of plans does Akash Network have regarding the possibility to stake AKT tokens through their platform? Any non-centralized possibilities to stake AKT tokens planned?

Boz M | COO Akash Network: We have 64-mainnet validators that you are able to stake to.  https://app.lunie.io/akash/validators. Our validators are decentralized and our community’s Stake of Akash was recently published yesterday https://medium.com/vitwit/vitwits-state-of-akash-network-9bb14854520a

Luis Merino | Satoshi Club: Can I apply as a validator?

Boz M | COO Akash Network: There is no application process.  Becoming one of the 64-validators is based on stake and delegation size of AKT. Anyone can become a validator.

D. | Satoshi Club: What is a minimum amount to stake to be a validator?

Cheng: currently, in order to get to the top 64 as validators, you’ll need at least 516,000 AKT between your own tokens and our delegation:

D. | Satoshi Club: Got it! this is a lot of AKT!

Cheng: This will of course fluctuate, but that’s currently the ranking. In addition, the current staking rewards at set at 54% APR 🙂

Q2 from bitcointalk user maxzerone

Why you decided to use usdx as your stable coin in the platform and not usdt or busd, which are far more popular?

Boz M | COO Akash Network: Kava is in our ecosystem, close partners and allies.  It makes sense for us given they are a Cosmos SDK chain.

Secondly, they are a growing stablecoin, and we do have plans to further expand on our capabilities of accepting other coins, but at this time, Kava’s USDX will be the first stablecoin in our ecosystem. IBC will be allowing for that to happen, and bridging outside of Cosmos into Ethereum will be enabled at another time to allow for USDT, etc.

https://akash.network/blog/akash-integrates-kava-labss-usdx/ https://akash.network/blog/akash-partners-with-cosmoss-interchain-foundation-to-accelerate-development-of-inter-blockchain-communication/

D. | Satoshi Club: So other stablecoins will be integrated, but later?

Cheng: Absolutely.

Luis Merino | Satoshi Club: Any approximate dates?

Cheng: Not at this time, actually, but you can always count on us to be working on Akash 24/7. We’ll have more to share in the future.

Q3 from Telegram user @iulya_i

Please explain the work of the validators and what is their number, how are they selected and what is their reward?

Cheng: There are 64 total validators for Akash currently. They’re not “selected” by Akash or anyone specifically, but are selected by the network based on the total number of AKT they hold plus and delegated to them. In this manner, they’re all decentralized as the network itself chooses and decides.

This is important to us b/c validators contribute to the economic security of the chain: validate transactions, governance, etc.

Luis Merino | Satoshi Club: Validators are so useful indeed! What are their rewards?

Cheng: In terms of their rewards, it’s a % of the staking rewards. Just like all validators on the Cosmos chain, validators charge a commission rate for all tokens delegated to them.

Luis Merino | Satoshi Club: Can you share the % or not possible? 😅

Cheng: Oh; that % is determined by the validator. We don’t control that. So if you’re a validator, you get to set your own commission rate.

D. | Satoshi Club: Percentage depends on stake?

Cheng: No, it’s a flat % set by the validator between 0% and 100%.

Boz M | COO Akash Network: There are three ways validators earn rewards:

Validators earn proportionally more revenue than their delegators because of commissions, this is a field they set. Transaction fees and block rewards as well.  Interested validators can learn more about their rewards here https://hub.cosmos.network/master/validators/validator-faq.html#what-is-the-incentive-to-run-a-validator

Q4 from Telegram user @criedluck

Akash Supermini – can you tell us if it’s a computer or a mining rig? I mean can I use it as a computer? Install an OS, play games etc.?

Boz M | COO Akash Network: The Supermini is a computer itself, so there’s no need to plug it into a computer; it just has to be plugged into the wall and connected to the internet in your home or office.

Akash Supercloud is the network that Supermini offers compute for. Anyone can offer compute on Akash and Supermini is our reference hardware to demonstrate the portability of the platform. The purpose of the Supermini is to offer compute on Akash Network, and serve as a node to service computational demand from our users.

D. | Satoshi Club: Btw what sizes of this computer? and weight?

Boz M | COO Akash Network: We’ll release more information about our Supermini as it’s still under production, including dimensions. Our prototype is about the width of an Ipad pro.  It’s small and compact. 🙂

Q5 from Telegram user @nasharussia1

From your roadmap, we can see that in Q2 2021 you plan to start a subsidised program with services 10-15x lower than on the market. My question is for how long do you plan this program to last and if this will not be a threat to the stability of the token?

Boz M | COO Akash Network: Apples to apples, without our economics, compute prices should be 2-3x cheaper.

With our subsidy models, it will be a lot more.  It is true that we are bootstrapping supply through inflation and subsidies, but that will vary based on network demand.  So to your question, it’s not that we set with a timeline, but it’s the market that determines the demand and when network effects of a marketplace takes over, that accelerates growth.  We expand on that here in our blog.

https://akash.network/blog/an-evolution-of-akash-network-token-economics/

Q6 from Telegram user @waterbanner

Why is the inflation rate dependent only on how many short-term and long-term miners are working in the system, but doesn’t take into consideration the price of the token at all?

Cheng: In simple terms, price isn’t a part of the equation to determine inflation. Specifically, inflation is a function of time (where we are on the inflation curve), what our current supply is, and what current vs targeted inflation is. Price also isn’t something controlled by the protocol because the market ultimately determines price. Inflation is something that’s more structural to the protocol itself.

Using a real life example: let’s use the USD, the dollar. Our federal reserve bank sets the target inflation rate based on a bunch of factors, but the value of the dollar is determined by the market, ultimately!

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PART 2, TELEGRAM COMMUNITY LIVE QUESTIONS

The chat was open for 80 seconds; a lot of questions were posted by Satoshi Club community. Our guests chose some of them.

Q1 from Telegram User @Nickkiii

Why did Akash Network choose to integrate with KAVA, do you also have plans to enable other stablecoins for fee settlement on Akash Decloud platform?

Boz M | COO Akash Network: Yes, we do and we’ll make announcements at a later time, but we will have a multi-currency settlement mechanism. We answered why Kava earlier in the AMA. 🙂

Q2 from Telegram User @Nickkiii

When is the AKT IEO on Bitmax, can you give us more details on how the IEO would run, and what the IEO price is?

Boz M | COO Akash Network: Oct 14th & 15th https://bitmax.io/en/marketing/akash

Q3 from Telegram User @jpsarmah

As per https://akash.aneka.io/charts, 67 % of AKTS are held by 10 (3.861 %) addresses. Why is the number of addresses so low and who holds the other 33% of AKTS?

Boz M | COO Akash Network: We launched our mainnet less than 2-weeks ago, and haven’t launched our IEO yet.  This is very normal for projects that launched as the only users with AKT are investors, and testnet participants.

Q4 from Telegram User @huydo

What are the major roles of Cosmos for supporting Akash and why do you choose Cosmos instead of others?

Boz M | COO Akash Network: Tendermint attracted us because of its flexibility as a library with a modular and pragmatic design. We chose to build on Tendermint because of its iteration speed and community moment. As a Go library, it was a natural fit in our stack. https://tendermint.com/  https://github.com/ovrclk

Q5 from Telegram User @Idee01

Akash allocated top 27% of validators with two-third of Veto power and bottom 73% of validator with one-third Veto power. Why did you employ the Pareto Principle in the distribution of Voting Power? Why is it calculated based on bonded tokens and not total tokens?

Cheng: Good question! We didn’t actually do this by design as that’s how things settled initially. Akash is only about 2 weeks old at this point, so there’s still a lot of room for delegations to move around. Initially, we needed to ensure that enough AKT was staked to ensure the stabilization of the network, so we were optimizing for that. As time goes on, our delegations will be distributed. If you compared our delegations today vs what it was just a week ago, you’ll already see further distribution. We are refining and fair and distributed methodology, that we’ll publish soon, so please stay tuned.

Q6 from Telegram User @KFChick

Many users are using Google Cloud, Microsoft Azure, Amazon’s AWS services, so how could Akash convince them move to your service and any incentives for them?

Boz M | COO Akash Network: Akash is faster, better, cheaper. 

We believe the future holds an opportunity for more distribution of datacenters versus the contemporary model of hyperscale deployments. Better distribution means lower network latency, which means faster applications. More distribution also means more decentralization. Given Akash supports cloud native applications, migrating to Akash does not require you to learn a new programming language or tools.  If it runs on AWS/Google/Microsoft, it can run on Akash.

Q7 from Telegram User

Boz M | COO Akash Network: We’ll set bug bounties from our foundation soon, but we’d invite you to start contributing today and get acquainted with our developer community.  Join our developer chat here: discord.akash.network  

Q8 from Telegram User @solankinishu

COVID 19 has slowed many economies around the world but as a crypto business has it affected you negatively or positively?

Cheng: With people and workforces (like our own team) becoming more distributed and remote operators as a result of the crisis, demand for cloud services, cloud compute, etc. is higher now than ever and expected to continue growing quickly into the future. This benefits us at an industry fundamentals level. In addition, the team has been working remotely and managing remote teams for years already. Ultimately, we see ourselves along with other cloud-based systems, services, and software, as a category of tools that has actually allowed the world’s economies to sustain themselves to the extent they have. Akash will be making that tool set stronger, more robust, more accessible, and cheaper.

Q9 from Telegram User @Beterror203

Does your system have any kind of membership plan?

Boz M | COO Akash Network: No.

Q10 from Telegram User @KFChick

How do you plan to promote about your project in different countries? where English is not spoken very well. Do you have a local community so they can understand your project?

Boz M | COO Akash Network: We’ve translated our project/white papers/site in Russian, Chinese and soon Korean.

We’ve expanded our team across to support Russian, Chinese, and Korean communities and we’ll be announcing more regional expansions in the near future.

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PART 3, QUIZ AND INFO

As usual, for the third part, Satoshi Club Team asked the chat 4 questions about Akash. A link to a Quiz form were sent into the chat. Participants had 10 minutes to answer. 1000 AKT were distributed between the winners. You can check the winners list here https://t.me/Satoshi_club/329044

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

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

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

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

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

Website: https://esatoshi.club/

Twitter: https://twitter.com/esatoshiclub 

Our Partners:

Akash network: https://t.me/AkashNW