Month: October 2020

Today we would like to tell you about the AMA session with our friends from Multiplier that have come to talk about TakoSwap. The AMA took place on September 30 and our guest was D.R.Dudley (Marketing Director).

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.

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PART 1, INTRODUCTION AND COMMUNITY QUESTIONS

Mary | Satoshi Club: Good afternoon, Satoshi Club! Today our guest is Multiplier 😀  @multipliermarketing welcome to Satoshi Club.

D.R.Dudley | Multiplier.finance: Hello Everyone! Glad to be here.

Mary | Satoshi Club: Can you give us short intro about yourself and Multiplier project?

Serg | Satoshi Club: And about TakoSwap.

D.R.Dudley | Multiplier.finance: Hello! My name is Dudley and I’m the Marketing Director of Multiplier Finance.

Multiplier was established in early 2019 as a licensed crypto lender, we transitioned into DeFi and officially launched our first DeFi MainNet protocol on 9th September 2020. We will be launching our next DeFi product on 30th September 2020, TakoSwap. That’s today! we launched 7 hours ago.

You can start farming TAKO on https://takoswap.org

Mary | Satoshi Club: So, i think we have a lot of questions from our community) are you ready to talk about takos?

D.R.Dudley | Multiplier.finance: TAKO u mean. Yes I am.

Q1 from bitcointalk user Cryptosats

The Farm pool of MultiTako Deposit MXX-TAKO TLP Earn TAKO offers a whopping 129,846.04% APY. How long will this last and how secure is it to deposit assets into TakoSwap and participate in these high yield pool?

D.R.Dudley | Multiplier.finance: That’s alright. Basically, the emission rate gradually drops over time. It is 2000 rewards per block (15 seconds) for these 3 days, before it drops to 1000 and 500 etc.

Here is the emission table for reference:

To answer your second question regarding security, TakoSwap is audited by Bramah Systems. They’ve previously audited dYdX and mStable. You can find the audit report here: https://bramah.systems/audits/Multiplier_Finance_Audit_Bramah.pdf

Luis Merino | Satoshi Club: So block rewards will be divided by 2 each time. Why starting by 2000? Too high.

D.R.Dudley | Multiplier.finance: It only lasts for a few days, so for the yield farmers out there, start farming TAKO as soon as you can! Again, we just launched 7 hours ago, so there’s still lots of time.

Q2 from bitcointalk user elissa

You claim that Tako tokens are 100% distributed to the community, with no team allocation, no pre-mine, and no initial public sale. Wow, but how do you survive? Cheesy Where do you take funds to pay salaries and for other expenses?

D.R.Dudley | Multiplier.finance: As per the whitepaper, the core team is allocated 30% of the MXX tokens, that will be escrowed for 3 years. Our success, is solely dependent on the success of MXX and the whole Multiplier ecosystem.

We began as early CeFi lenders, our funds came from the early success from back then. Just to touch on that: Multiplier began as a CeFi lender in 2019, and had obtained the relevant licensing from Hong Kong and Switzerland. We had also formed notable collaborations such as that with Coinbase Custody and JUMIO.

Mary | Satoshi Club: Do you have a big team?

D.R.Dudley | Multiplier.finance: Well, we have a core team of 8, but our whole team consists of developers, marketing, business development, compliance, which would make us just under 20. https://cefi.multiplier.finance/about-us

Mary | Satoshi Club: On which place in your ecosystem TAKO is? Were you developing it from the beginning or added later?

D.R.Dudley | Multiplier.finance: Multiplier Finance’s vision is to create a suite of high-value financial products. We view the DEX as a critical component of our ecosystem.

The Multiplier Ecosystem currently consists of 3 products each with its own unique function and purpose – Simplified Stable Bonds (SSB), TakoSwap and Multi-Chain Mining (going live soon.)

We started with SSB (audited by CertiK), which mimics a tokenized bonds market. Users have the flexibility to create their own SSB contracts where they can determine the tenure and interest rate they want to earn on their underlying assets (up to 1000% yield).

And we just launched TakoSwap earlier today. And soon, we will launch Multi-Chain Mining. Multiplier will operate numerous POS (Proof-Of-Stake) validator nodes to secure those networks. By doing so, we will accept and allow token owners to stake their token in our mining pool.

Maybe this will help:

Luis Merino | Satoshi Club: Looking forward to the mining launch! Do you have any approximate dates for its launch?

D.R.Dudley | Multiplier.finance: We don’t have confirmed dates to announce in regards to the Multi-Chain Mining launch.

However, we’ve launched SSB on 9th of September. We’ve launched TakoSwap today, 30th September. It won’t be long before we launch Multi-Chain Mining. Also, we’ve always delivered way ahead of our roadmap. Stay tuned in our discord and telegram for our progress.

Q3 from Telegram user @nerddutch

I have read that you were audited by Bramah Systems. Where can we see the result of the audit? Also, where there any third parties who did another audit?

D.R.Dudley | Multiplier.finance: TakoSwap is a fork of UniSwap and SushiSwap, so it’s actually already pretty safe and secure.

We made some modifications which decreased the overall complexity by removing non-core elements of the protocol and thereby reducing the overall attack surface. To ensure fairness, TakoSwap has also removed the ‘reward multiplier’ and the ‘10% developer incentive feature’ seen on SushiSwap. So, we did an extra round of auditing by Bramah Systems.

You can view the full audit report here: https://bramah.systems/audits/Multiplier_Finance_Audit_Bramah.pdf

By the way, Bramah Systems previously audited dYdX and mStable.

Mary | Satoshi Club: But if something happened, do you take any responsibility on users funds? (Of course, i hope this won’t happen).

D.R.Dudley | Multiplier.finance: Multiplier only launches DeFi products that have been audited. Our first product SSB was audited by leading cybersecurity auditors CertiK, and as mentioned TakoSwap is audited as well.

When we began as a CeFi lender, we also made sure to form collaborations with reputable industry leaders, such as Coinbase Custody. Safety and security of users’ funds are of utmost importance.

Mary | Satoshi Club: Can you tell me what this means?

D.R.Dudley | Multiplier.finance: Hmm. Does anyone else see this? I actually see it as secured on my end. Maybe I can troubleshoot this issue with you more in detail after this AMA. Use https://takoswap.org

Q4 from Telegram Username @tungvodoi206

Uniswap became popular and strongly developed, in addition, Justswap MoonSwap, Shushiswap… are also emerging. So what do you think TakoSwap stands out and stands out to compete with those competitors? Is Multiplier’s goal to put Takoswap above them?

D.R.Dudley | Multiplier.finance: As mentioned earlier, TakoSwap is a fork of Sushiswap and Uniswap.

Multiplier Finance made modifications which decreased the overall complexity by removing non-core elements of the protocol and thereby reducing the overall attack surface. To ensure fairness, TakoSwap has also removed the ‘reward multiplier’ and the ‘10% developer incentive feature’ seen on SushiSwap. I guess you can also see these as improvements.

Also, we actually prepared a little comparison chart, as this question is regularly asked.

Luis Merino | Satoshi Club: Really useful chart! Thank you 🙂

D.R.Dudley | Multiplier.finance: By the way, if anybody would like to have a deeper understanding of some of the answers, you’re welcome to join our telegram and discord. Our admins are always happy to help our community.

Q5 from Telegram Username @yzmoney

How do you prevent users from leaving the liqiudity pool after the initial high APY period? Do you have a guide on how to stake LP for Tako token?

D.R.Dudley | Multiplier.finance: For some projects out there, users tend to dump tokens due to the lack of utilisation.

The best solution is to give users more reasons and motivation to hold onto the token. We have structured a Multiplier Ecosystem, so that users can have more usage on TAKO and to even mint other coins from different blockchains. In fact thru TakoSwap, Uni And sushi token holders have an alternative way to utilise their tokens now

They get to mint, Uni or Sushi ->Tako —> MXX -> bags of coins.

Q6 from Telegram Username @ireneLSL

There were rumors circulating in discord group saying Tako uses code from another scam token called POT and there are no timelock on the smart contract? can you comment on this.

D.R.Dudley | Multiplier.finance: Yes, I heard about that. https://medium.com/@multiplierfinance/takoswap-delay-report-37d528288e88

Maybe this will explain a little bit about that. In summary: We uploaded our Smart Contract Addresses to our Github for final QA at 6:55 pm UTC+8 29/9/20 (the day before).

At 11 am UTC+8 30/9/20, the team realized that there was one wallet address (0x80E209Bdb5109bd05288409302a5cb01642C5Ec1) that interacted with our Smart Contract directly before the launch.

This wallet address was able to farm TAKO tokens prior to our launch. The team decided to redeploy a new set of Smart Contracts, including new TAKO tokens. This decision was made to ensure a fair play for all users. Due to this, there was a slight delay and TakoSwap was launched at 12:07 pm UTC+8 30/9/20.

Mary | Satoshi Club: Rumors not the best way to get info.

D.R.Dudley | Multiplier.finance: We got quite a few users coming in because of these rumours, and they ended up joining our Multiplier community. So I guess there’s kind of a silver lining. In regards to the timelock question, once the governance platform is ready, users may make proposals in regards to the timelock.

Our team has been around since 2019, and this isn’t our first DeFi product. As mentioned earlier, we’ve collaborated with industry leaders such as Coinbase Custody. Also we made sure to audit all our protocols by leading cybersecurity experts.

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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 @AmirJosh

What is special about Defi platforms that you transitioned into it? Is it because of the popularity of Defi today that force Multiplier team to do so or the previous model of your platform failed?

Kimxx | Mulitplier.finance: Like all businesses, we started of as CEFI lenders which are regulated in Switzerland and Hong Kong. I could simply tell you it is a treacherous experience waiting relevant government for approval paperwork. Like all businesses, to stay competitive, we got to adopt changes and evolve.

Q2 from Telegram User @huyvo87

After John early redeems his contract, the contract will be automatically available on the Open Market for other users to re-acquire. So what the contract has remaining?

Yewnan | Multiplier.Finance: After a user early-Redeem a SSB contract, the same contract will be available in the Open-Market for other users to acquire. The remaining MXX in that SSB contract will remain intact for the new user. Do take note that when acquiring a contract from the Open Market, the user does not have to burn Mxx. This will result in a much higher APY for the user.

Q3 from Telegram User @nyo_cant

You mentioned a collaboration with Coinbase Custody, which sounds really intriguing. Can you explain a little what are the main goals of that collaboration? Could it open some doors for MXX, for instance?

Kimxx | Mulitplier.finance: What I can share is, we have close relationship with Coinbase Custody, we constantly have discussion on collaborating. Stay tuned!

Q4 from Telegram User @melanintrish

How can I earn passive income on TakoSwap?

D.R.Dudley | Multiplier.finance: If you know Swaps, then you know it’s important to start farming early as the reward rate (emission rate) drops gradually.

Here are some of the pools and reward ratio that we have on https://takoswap.org.

• MultiTako: TAKO — MXX TLP (Up to 30,000% APY)
• MakiRoll: MXX — ETH TLP (Up to 30,000% APY)
• Takoball: TAKO — ETH TLP (Up to 30,000% APY)
• UniSushi: SUSHI — UNI TLP (Up to 15,000% APY)
• Sushi: SUSHI — ETH TLP (Up to 12,000% APY)
• Uni: UNI — ETH TLP (Up to 12,000% APY)
• Sochu: USDC — ETH UNI-V2 LP (Up to 8,000% APY)
• Udon: USDT — ETH UNI-V2 LP (Up to 8,000% APY)

Q5 from Telegram User @konditer_rolex

Are there penalties for early redemption of market collateral?

Yewnan | Multiplier.Finance: For a SSB contract, when a user perform an early-redemption, he has to burn some Mxx.

This information is documented in our whitepaper: https://multiplier.finance/docs/multipler-protocol-31082020.pdf

Q6 from Telegram User @Mohitku1

There is ongoing tokoswap giveaway of 88 winners to get 88$ each. Can you tell us more about this Air drop? And when this campaign will end.

D.R.Dudley | Multiplier.finance: Our next AMA starts in about 1 hour. Here are some details of the promotion.

TakoSwap $10,000 USDT Giveaway

🐙Participate in TakoSwap AMA Sessions on Telegram and stand a chance to win! Over $10,000 USDT in prizes! 🐙

Website: https://takoswap.org

Takoswap Grand Launch AMA: 30th September 2020, 9pm UTC+8

88 lucky winners shall win $88 USDT each!

Instructions:

1. Follow https://twitter.com/multipliermxx

2. Tweet [1 good advice on what Multiplier should do next] @MultiplierMXX and https://t.me/themultiplierio” 

Example: “Multiplier should do a DeFi product on BinanceChain @MultiplierMXX https://t.me/themultiplierio” (Users may give multiple advice in one tweet.)

3. Post the link of your tweet in the telegram group https://t.me/themultiplierio.

(Please note you can only post once, and you may only post within 60 minutes after the AMA ends.)

How we pick the winners:

1. For users that give multiple advice in one tweet, we’ll choose the best.
2. We favor advice which are useful and unique.
3. Advice that show a deep understanding of our projects will likely win.
4. Winners will be contacted via their twitter accounts. All winners shall be publicly announced on our community platforms.

Format of our AMA

1. Introductions
2. Basic and Obvious questions by Admin
3. Open up to the floor for questions (5 Minutes)
4. Commencement of TakoSwap $10,000 USDT Giveaway – Posting of tweets Link (60 Minutes)
5. Back to regular Programming.

Thanks and I hope you all support the spirit of the AMA – to really get to know the projects we highlight and curate for you.

(We reserve the right to change these terms without prior notice at any time.)

We will have more giveaways so do join our community.

Q7 from Telegram User @Nickkiii

Kindly explain how the MultiChain Mining works?

D.R.Dudley | Multiplier.finance: Multi-chain Mining is one of our upcoming products due to be launched very soon. Multiplier will operate numerous POS (Proof-Of-Stake) validator nodes to secure those networks. By doing so, we will accept and allow token owners to stake their token in our mining pool.

An example will be the Cardano stake pool which accepts ADA tokens. Based on each epoch, our pool will generate a certain ROI. This ROI (ADA rewards) will be used as an incentive for the MXX holders who have pledged their MXX token to govern the Multiplier platform. In a way, we are incentivising MXX holders to govern our platform.

Once you pledge your MXX to govern, you will automatically be enrolled into the Earn program, where the Multi-Chain Mining rewards will be fully distributed.

DEFI is about bringing traditional financial products in a decentralized fashion to the masses. An emerging trend we foresee is the integration of different blockchains to create a “Universal Tokenomic”; to be able to use an ERC20 token to mint bags of coins from other blockchains.

The up-coming Multi-Chain Mining product is the first protocol which we will design, that allows our community to govern and earn rewards from our POS staking pool operation. Our pool will cover promising and prominent projects such as Cardano, Polkadot, Cosmos, Kava, Kusama, Tezos and many others.

Q8 from Telegram User @finball

Any more efficient ways, small dolphin player can join the pool? (Without hurting their weekly salaries to gas fees) I mean budget, under $100.

Yewnan | Multiplier.Finance: Do consider our SSB (Simple Stable Bonds). It offers a high and stable APY. If you choose 9 months tenure, you get 1000% APY. The beauty of this system is that you do not have to withdraw reguarly. IN this way, the gas fee is reduced drastically.

Q9 from Telegram User @Trust_Yourself22

How can UNI & SUSHI token holders have an alternative way of using their coins from Takoswap?

Kimxx | Mulitplier.finance: Simply just need to provide liquidity in TakoSwap Exchange UNI – SUSHI and will receive UNI – SUSHI TLP token. With that you can stake in our UNI – SUSHI Pool to mint TAKO! 🐙

Q10 from Telegram User @Ravi2139

You have very interesting project name #TAKOSWAP, AND I found Tako means Octopus in Japanese, so can you tell us what inspired team to name project as #TAKOSWAP any interesting story you want to share with us?

D.R.Dudley | Multiplier.finance: TAKO means Octopus in Japanese. The octopus has 9 brains, 8 legs with lots of suckers, 3 hearts, blue blood, camouflages and produces toxic ink. The genius of the ocean!

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PART 3, QUIZ AND INFO

As usual, for the third part, Satoshi Club Team asked the chat 4 questions about TakoSwap. 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:

Multiplier: https://t.me/themultiplierio

We are pleased to announce our next AMA on October 16th 2020 at 12:00 PM UTC Time: Satoshi Club x Wootrade

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

⚠️Requirements:
👉 Join Satoshi Club Telegram group
👉 Join Wootrade Telegram group

We will have the following structure:

Part 1: 100$ /6 users – We’ll select 6 questions from the community. A user can post maximum 3 questions. 4 Questions will be selected from our website – please submit your questions in the comments section of this post. 2 Question will be selected from Bitcointalk thread.

Part 2: 100$/10 users – Open chat for 80 seconds. You can post Max 5 questions. Wootrade Team will select 10 questions and answer them.

Part 3: 300$ – A quiz about Wootrade

For more details:
Wootrade – @wootrade
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish

SatoshI Club present next AMA. Our guests from Plutus project. Interesting fact! ‘Plutus’ is the name for the Greek God of Wealth. Let’s get learn about the project and maybe we can become richer.

Our guest: PlutusTeam

Danial Daychopan | CEO and Founder

A FinTech entrepreneur and an early ambassador of digital currencies. Dan has been immersed by blockchain to deliver innovative payment systems and licensed crypto exchanges since 2013.

Jasper Tay | Co-Founder

Previously a bond trader and a FinTech entrepreneur with nearly a decade in the financial markets. Most recently he launched an all-to-all hedge fund trading platform for credit derivatives.

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

Total Reward pool: $1500

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

Mary | Satoshi Club: Hello, Satoshiclubbers once again! Now we are happy to announce our AMA with Plutus!  Welcome to Satoshi Club!

D| Satoshi Club: Hello again!

Irina K. | @satoshi_club | Daily Rewards & AMA: Hello everyone 😊 How are feeling @madamlobster @Cool_as_Ice ?

D| Satoshi Club: everything OK)

Mary | Satoshi Club: Great, thank you😂

Serg | Satoshi Club: @PlutusTeam, welcome 🙂

Irina K. | @satoshi_club | Daily Rewards & AMA: It’s been quite a ride today 😊

Serg | Satoshi Club: Indeed 🙂

David Plutus: Hey everyone 👋 The Plutus Team here. We’re joined by Danial Daychopan, our CEO and Founder, and Jasper Tay, our Co-Founder. Thanks for having us!

Serg | Satoshi Club: Very original, I’ve never seen in AMA, 2 persons joining with 1 account 🙂

Irina K. | @satoshi_club | Daily Rewards & AMA: @PlutusTeam welcome guys, glad you took the time to join us 

 😊 I’m sure there should be a good movie about this somewhere. 2 people, one account, a great AMA

Mary | Satoshi Club: @PlutusTeam you are welcome 👍

D| Satoshi Club: @PlutusTeam hello and welcome to Satoshi club!

Where is the third one? I know you have team of three 😊

David Plutus: We’re happy to be here guys, super excited to get started and share what Plutus is all about!

 Our CPO, Minyi, is currently working hard on delivering an excellent customer experience for our token sale – as she always does! A true asset to the team.

Mary | Satoshi Club: Please, tell us about yourself and your way in crypto) also – how did you decide to create Plutus?)

David Plutus -Danial: I first heard about magic internet money at the start of the last decade and I was finally forced to buy my first bunch of Bitcoin for $7 each in 2012 when I had to send survival money to a friend who was stranded abroad in a third world country with limited bank access. The on-boarding process was quite strenuous back then, but I very quickly understood the potential of the underlying technology once the transaction had gone through almost instantly and at no cost.

With a background in payments and an ambition to join the future pioneers that helped make crypto easier for everyday lives, it seemed like a no-brainer to devote all my time to developing tools that make crypto more accessible.

As well as launching one of the first licensed crypto exchanges in the UK, I have also previously run a merchant Bitcoin solution called LazyPay which was operational at brick and mortar stores across the country.

Due to the low merchant adoption caused by friction between the legacy system and Bitcoin in the earlier days of crypto, I was led to create Plutus in 2015, in order to bridge the gap and enable crypto payments at over 60 million retail merchants across the world that accept Visa.

Mary | Satoshi Club: Thank you, Danial) it’s impressive 👍 all story) and Bitcoin for 7$ also😂

D| Satoshi Club: an interesting story from the past. I like it!

David Plutus- Jasper: I’ve been working in the traditional finance sector in a senior role for the past 10 years, I’ve since moved to a full-time position here at Plutus overseeing the day to day operations and governance. 5 years ago, Danial and I set out to achieve one goal; crypto anywhere.

Mary | Satoshi Club: Great, I’m sure your experience will help a lot. Why Plutus, sure you heard this question one million times) but we need to know)))

D| Satoshi Club: I like those kind of stories👀 why you did choose this name or that name for the project.

David Plutus – Danial: For those of you who might not be familiar, here’s an interesting fact! ‘Plutus’ is the name for the Greek God of Wealth.

  We’re positive that if he were around today, he’d be an early adopter and HODL for sure.

Irina K. | @satoshi_club | Daily Rewards & AMA: 😀 maybe he is, guiding the Satoshi’s of our time.

David Plutus – Danial: Plutus being the name for the Greek God of Wealth, we felt it would fit well with our product offering, and reflect our combination of the two financial systems

Mary | Satoshi Club: I think he is proud that your project got his name)

D| Satoshi Club: He is looking from the skies and smiling

Mary | Satoshi Club: And I know that he is also waiting for the questions from our community)))

Mary | Satoshi Club: Are you, guys, ready for them?)

David Plutus- Jasper: Absolutely, we can’t wait!

D| Satoshi Club: Q1 from BTT user nyosant, TG user: @nyo_cant

   One thing that draws my attention is that Plutus can provide users with an IBAN, so I guess you have a banking license. In which country was it issued? And how can you both act as a bank (and meet regulatory requirements) and having a DEX? How are both things compatible? Thanks!

David Plutus- Jasper: Plutus has partnered with two FCA (UK) regulated banking partners, Contis and Clear Junction, in order to offer our product range and services.

We’ve not yet acquired our personal banking license, that’s penned in for 2022.

We can deliver our services as we’re 100% committed to regulatory compliance at all times, as result we are able to bridge the gap between crypto and decentralized finance.

D| Satoshi Club: and between fiat 🙂 to connect all three things together.

Mary | Satoshi Club: Crypto/fiat) what do you think – who will win? Or both systems will exist?

David Plutus- Jasper: As two early adopters into the crypto space, of course, we both believe the future is bright for crypto. However, we’re confident that fiat and crypto will live in harmony – at least for a little while!

D| Satoshi Club: I think they need each other, for now, at least.

Mary | Satoshi Club: Thank you) and I have a personal question) my country is not EU member, but it’s on the first place for cryptocurrency adoption in the world) I want your card) when it will be possible😉

David Plutus- Jasper:  We’ve got international expansion to Asia and Latin America penciled in for 2021, so if you’re based over there we’ll see you next year!  

  Otherwise, international expansion is one of our major goals, so wherever you are in the world, we’re confident you won’t be without Plutus for too long.

Mary | Satoshi Club: No, Western Europe. Almost all crypto cards are not available for my country 🤦

D| Satoshi Club: You just need to wait..Soon™

Mary | Satoshi Club: Yes, I will😂 this bridge isn’t built yet))) Ok, we can go to the next question and talk about this a bit later if you, guys, want))) I will not abuse my official position😀

D| Satoshi Club: Good idea)

David Plutus – Danial:  Happy to, I’d just like to mention one more thing regarding the future of crypto/fiat.

Mary | Satoshi Club: Yes)

David Plutus – Danial:  Days are numbered for paper currency, we are moving towards an era of digital currencies issued by central banks around the world.

  From my personal assessment, the current financial crisis will pave the way for governments to completely phase out paper fiat currency and replace it with their digital fiat issued on a private blockchain.

  I actually welcome that, overnight you will have billions of people who learn about crypto and will then be presented with the centralized Fed Coin for example, or a more superior decentralized version, Bitcoin.

Mary | Satoshi Club: Yes, I hold about the same opinion) I think we don’t have to wait for a long time for this) and your project will help us with this)

  So, move to the next question?

D| Satoshi Club: 100% agree with this.

David Plutus – Danial:  Sounds great, looking forward to it.

D| Satoshi Club: Q2 from BTT user freelikewindstill, TG username: @astalavistabby

I am using your card in Europe and I receive 3% cashback in PLU for every payment. I am wondering where these funds are coming from? And how much cashback do you give monthly? What is the inflation created by this? Thank you!

speaking of Europe.

David Plutus – Danial:  This is from our reward pool of 17.5M PLU.

We released a whitepaper written in 2015 and created the token the following year to incentivize our users for making everyday purchases.

You can check out the Pluton (PLU) longevity calculator here:

https://plutus.it/pluton-calculator

And the original White Paper here: https://plutus.it/public/white-paper.pdf

Mary | Satoshi Club: Everything is already counted) This fund is just for this 3% reward?

 David Plutus – Danial:   The 17.5m PLU reward pool is only for the PLU rewards feature which is 3% as standard and the occasional promotional offers where users will be awarded a higher rate.

 For example, back in July, we gave 5% for all purchases on Amazon with the Plutus card even for our members on the Starter account which is completely free.

We held this promotion to introduce Amazon as our new Plutus Perks partner where you can unlock additional benefits by staking PLU.

Mary | Satoshi Club: 👍 that’s great)

D| Satoshi Club: Ready for the third question?

Mary | Satoshi Club: I think we have a lot to cover in the next questions, also, about this fund) so, can we move to the next?

David Plutus – Danial:   Absolutely, looking forward to it.

D| Satoshi Club: Q3 from Telegram user @bitcoinistic

Your development plans for the future are vast. I am very excited especially the expansion in Asia and Latin America, banking license and big exchanges. In order to achieve this, you need funds. But you are selling the PLU with a big discount. Aren’t you afraid that people will dump the price? I am asking as a hodler.

 David Plutus – Danial:   Absolutely not, the discounted PLU available in the PlutusDEX token sale is only 0.25% of the total supply.

We’re conducting this sale, and others, to generate liquidity and awareness which, in turn, generates more users thus more revenue.

 There are other funding plans from traditional routes for next year, but that’s something to be announced once inked in. As a result, we have a 2-year expansion plan as well as a 5-year plan which VC funding will help us to achieve.

 Mary | Satoshi Club:  Two days left for sale) how can I buy tokens? Do I need to pass KYC?

 David Plutus – Jasper:   All the details can be found in our Medium post below. Every participant will receive a 40% bonus to the amount of PLU they purchase.

 Yes, for regulatory reasons, all users must pass KYC/ KYB (if applicable) – it’s open worldwide though, with the exception of a handful of countries. So long as your documents are up to scratch, the process is near-instant.

https://medium.com/@plutus/the-plutusdex-token-sale-d83c5a72e8e0

D| Satoshi Club: Useful information! thank you!

Mary | Satoshi Club:  Thank you! We still have time) Ready for 4th question?

David Plutus: Let’s go, we’re ready!

D| Satoshi Club: Q4 from Telegram Username @ShiftyShapes

Hello, why I can top up my Plutus current account with fiat just from the bank account which is under my name. I consider starting receiving my salary in euros, straight to the Plutus from my employer. Otherwise, I am losing quite a decent amount of money on the exchange rates.

 David Plutus – Danial: Due to regulatory restrictions for crypto-related services, our users are only able to deposit and withdraw to/from accounts in their own names. Plutus was, and always will be, completely dedicated to the remaining 100% regulatory and legally compliant at all times and will remain to do so. This is crucial when merging the two financial systems; crypto and fiat.

As our services expand, and particularly when we reach our goal of a banking license in 2022, we’ll be able to expand our services to include deposits from external entities (unless the regulatory environment changes before that).

Mary | Satoshi Club:  Hope, the regulatory environment will change one day) it’s also near that question we discussed before – crypto/fiat, decentralization/centralization.

 By the way, how do you assess your chances of obtaining a banking license?

David Plutus – Danial: It’s a crucial requirement to be cash positive and in revenue, we are building a business model with low CAC and with multiple high sources of revenue to be able to successfully obtain a license by 2022.

Of course, there is a lot of other due diligence and red tape, but those are hurdles we can easily overcome as we have done in the past.

D| Satoshi Club: Btw guys can you give us some more info about your sale?

Mary | Satoshi Club:  Yes, how is it moving?))) ‘D. | Satoshi Club’ You want to jump into it? 😉

D| Satoshi Club: Well, I think about it, not sure yet. need more info to decide 🤔

David Plutus – Jasper: Absolutely -PlutusDEX Token Sale Summary

• PlutusDEX Sale Starts: Wednesday 7th October
• PlutusDEX Sale Ends: Saturday 10th October
• Refund Policy End: Monday 12th October
• PLU Allocation Revealed: Tuesday 13th October
• Refunds Paid: Tuesday 20th October
• PLU Received: Monday 14th December
• Sale Price: $8.00
• Refund Policy: YES
• Price Guarantee: $8.00 (minimum rate set for 90-days)

The price of PLU has been determined by calculating the 30-day average between 3rd Sep-2nd Oct. PLU will be available for a public sale at this rate with a 40% bonus applied on top.

The minimum price of PLU is locked at $8 on the PlutusDEX, which means PLU can only be swapped at this rate or higher if the external market forces push the price above this rate.

The price guarantee is in place for 90 days, however, there is a 60-day lock-up of the tokens purchased with the bonus.

All crowd sale participants will receive a 6-months subscription to our Premium Account priced which is ordinarily priced at £/€9.99 per month.

The road map and more details can be viewed on the sale page.

https://medium.com/plutus-it/the-plutusdex-token-sale-d83c5a72e8e0

Serg | Satoshi Club: There is a refund policy as well 🤝 how does it work exactly?

David Plutus – Jasper: Participants will have until 23:59 BST on October 12th to cancel their pledged amount. The PLU allocation will then be calculated and announced on October 13th and you will receive your refund within five working days via the same payment method you pledged. This is an additional measure that gives you more flexibility over your purchase.

Mary | Satoshi Club:  I like this👍 your community should be happy with these rules)

  Should I forward to the next question?)

David Plutus: Definitely, we’re looking forward to it.

Mary | Satoshi Club: Btw, @Cool_as_Ice are you still here or already buying PLU tokens?)

D| Satoshi Club: I will think a bit more and make my decision 😉

Serg | Satoshi Club:

D| Satoshi Club: Q5 from Telegram Username @GoldRocket27

17.15 million Plu is in the reward pool. You say that this pool is designed for more than a hundred years. I have a question: how many addresses are involved in the pool and who has access to these wallets? Will this pool be inherited, or will it cease to exist with the founders? Are you going to live forever? 😉

Serg | Satoshi Club:  I already have some

Mary | Satoshi Club:  I knew that you will surpass us😂

David Plutus – Danial:  There is only one single master wallet for PLU:

https://etherscan.io/address/0xedf28066f227df32b584fcc892e2c69b0bda7702

It is only accessible by Plutus management and the company lawyers (Bird&Bird) in case something ever happened to the management. We take precautions.

Mary | Satoshi Club:  So, funds are safu?)

D| Satoshi Club: This wallet needs more eth for transactions 😉

 David Plutus – Jasper:  I can confirm they’re very SAFU. They’re stored in deep cold storage.

Mary | Satoshi Club:  Great👍 and now we can safely move to the last question from this part, yes?)

David Plutus: Of course.

D| Satoshi Club: Q6 from Telegram Username @PaoloMonte87

Are you planning on expanding to business accounts in the future as well?

David Plutus – Danial:  We have seen patterns of users using their Plutus card for business purchases, as well as multiple requests from the community.

It has been discussed internally and we will aim to add it in our road map for release next year.

D| Satoshi Club: can you tell us how many users you have?

David Plutus – Jasper:  Specific information is proprietary, but I can reveal that we are still under 50,000 users. 100k users are our next target which we are set to achieve in early next year with the help of tier-one exchange partnerships and cobranded cards with our partners which will reveal Plutus to millions of users.

Mary | Satoshi Club:  Great numbers👍

Serg | Satoshi Club:  Also with extending to Latin America and Asia.

Mary | Satoshi Club:  Very true 🚀 That’s happy continents) they will have Plutus card😉 And services).

Serg | Satoshi Club:  @PlutusTeam Would you like to add something before we proceed to part 2? Maybe some interesting info about the sale we didn’t hear yet? Or maybe something we should pay attention to?

David Plutus: Yes, we’d love to add something. Coming up…

Well, there are a few things that are important to note in regards to the token sale:

Price guarantee at $8

 The minimum price of PLU will be locked on the PlutusDEX at the sale price for up to 90 days. This means participants will also be able to swap PLU on the PlutusDEX for the same price or higher depending on external market forces. This will be available for 30 days after the token lock-up period has ended.

 We are taking on the risk to ensure users are able to use the purchased token on the app and load their account/card for everyday purchases whilst earning 3% in rewards.

 Note: Although the price is already locked at this rate on the DEX, there are some swap limits while liquidity remains low, these will be increased periodically with our ultimate aim to see them removed by the end of the year.

Mary | Satoshi Club:  We like guarantees)

  And now, can we jump into the live questions from our community?)

David Plutus:  Absolutely, we can’t wait.

Part 2 — live questions from the Telegram community.

$350/15 users – 10 questions answered in the AMA, 5 questions in an article after AMA.

Q-1 from Telegram User @jpsarmah: Not your keys, not your coins is a well-known quote in crypto. Does Plutus believe the same and how do you act to enable users to have full control of their crypto anytime?

David Plutus:  Absolutely, this is one of our core beliefs here at Plutus HQ and that’s reflected in our decentralized, non-custodial approach to crypto. We never touch your crypto funds at any point when you’re using our services. Our exchange is entirely peer to peer.

Q-2 from Telegram User @Gutike95: “On your website they say that “Plutus is better than a bank”? but is it really a fully legal and registered financial institution in the UK? What is your headquarters location? or is it all in the cloud?”

David Plutus – Jasper:  Plutus is an all-in-one finance app that is better than a bank!

We have bridged the gap between crypto and traditional neo-banking features such as Sort Code/Account numbers as well as an IBAN for our European based members.

We are only able to do this with the blessing of the FCA and other regulatory bodies in the UK and Europe. Some of our partners include Contis, Clear Junction and Visa.

Q-3 from Telegram User @GoldRocket27: Q-a. I’m interested in the staking program. what is the minimum and what is the maximum amount can be staked? is it true that is 1 PLU  ???

Q-b What does the Premium account package include? What is the difference from the usual?

David Plutus: Yes, Plutus Perks is designed to be open and accessible, that’s why the minimum amount of PLU required to access the first perk is 1 PLU. The maximum is 4000, but you can hold as many as you wish of course.

Our Premium users receive access to PLU Rewards and Plutus Perks. PLU Rewards allows our users to earn 3% of the value of their transactions back in Pluton (PLU). In addition to this, Premium users enjoy higher limits and 0 fees when using the PlutusDEX .

Q-4 from Telegram User @bulbul03: The sale in the DEX is for 50.000 PLU. The 40% bonus will come from the 700.000 or the sale is 30.000 and the bonus the remaining 20.000? /// 2- If the sale is oversubscribed, the pledge for more PLU at the same sale price with a 20% bonus in PLU applied, and the load of the account with the remaining balance to receive the 20% bonus in PLU, will come from the 700.000? If yes, there is a specific cap for that?

David Plutus: Ok, so here is the structure:

700K PLU Liquidity fund for short- and long-term development as described here.

300K PLU is available for all five rounds of sale to fund the liquidity program.

50K PLU is the hard cap for the first sale round on our PlutusDEX. If oversubscribed, the 40% bonus will be applied which will result in 70k PLU being paid out.

 We have allocated 100k PLU towards oversubscription which will come out of the 700k pool.

 After the additional 20k has been issued towards the initial 40% bonus, there is 80k PLU remaining for the follow-up sale. It has been split in two and has different refund/re-pledge options with different caps as follows:

 Load your Plutus Current Account with the balance and receive a 20% bonus in PLU.

  There is a 50k PLU cap allocated to this option.

 Pledge for more PLU at the same sale price with a 20% bonus applied.

 There is a hardcap of 25k PLU allocated to this option, once the additional 20% bonus has been applied this will amount to a payout of 30k PLU.

 If we go over either of these caps and participants still have a remaining balance, this will be automatically returned via the same payment method we received it in.

 It is important to note that if you select the option to load funds to your account then you can start spending and earn 3% back in crypto. Funds derived from the refund to your Plutus account/card with 20% bonus in PLU are not eligible for withdrawals via bank transfer, this restriction has been put in place in order to prevent malicious users gaming the system for the bonus amount, the funds will be available for spending via the Plutus Card only where you can earn additional PLU for your everyday spending.

All PLU tokens acquired from different parts of this sale will have the same lock-up period and benefits as outlined in the sale details of our recent sale announcement.

https://medium.com/@plutus/the-plutusdex-token-sale-d83c5a72e8e0

Q-5 from Telegram User @surendra040: What are the motivations of your projects?Is there any further plans and goals that you would like to share with us in the coming period?

David Plutus: The motivation behind Plutus was realizing the ability to spend your crypto pre-2015.

I founded LazyPay in early 2013, a bitcoin merchant service, but soon realized that merchant adoption is not going to happen unless it’s enforced by the government and the banking system, cash and debit card payments just work fine for every retailer.

As a result, Plutus was first introduced to the community back in 2015 with the concept of bridging the two financial systems, crypto and fiat. in one user-friendly app.

Future goals include co-branded cards, Latin America and Asia launch, and a banking license, among many others.

You can check out our road map in our blog here.

https://medium.com/plutus-it/pluton-liquidity-injection-programme-4b7670dae509

Q-6 from Telegram User @Kargil1999: What are the various incentives & Caskbacks I can Get while using my Plutus Card?

Why there was a need for a New Crypto Card?

David Plutus:  Premium/Pro members will get 3% of every purchase back in crypto (PLU). Staking sufficient PLU will then unlock additional rewards (over 15%) at selected online retailers when you use your Plutus Card.

Most cards on the market are centralized which removes the entire value proposition of crypto, which was designed to empower the user with ownership of their money. We have created a non-custodial card that upkeeps the values of crypto.

Q-7 from Telegram User @MsKiwi206: Finding investors is hard, keeping investors is harder, so what strategy does Plutus have enough to make investors trust and with Plutus project go a long way?

David Plutus: Many of the participants from the current sale participated in our initial sale back in 2016. Over the years we have focused on building a decentralized way of connecting to the neo-banking network, and we have delivered above and beyond all our original whitepaper promises off a very lean budget.

Now that we have built a great product with a strong business model, we can prioritize utility for PLU and scale the business to millions of users.

Q-8 from Telegram User @regard94: Your CEO Eric Benz told in earlier AMAs that Plutus is planning to launch debit cards in the future. Which markets are you targeting initially with the cards and are you eventually planning to launch them globally?

David Plutus: Hey El Padre,

  I believe you may have us mixed up, we already have cards landing throughout the UK and EEA. Our CEO is Danial Daychopan, a fintech entrepreneur who has been involved in crypto since 2012.

   In regard to your question – we’ll be expanding to Latin America and Asia in 2021.

Q-9 from Telegram User @konditer_rolex: What is the formula for calculating the percentage of remuneration for the cardholder? What is more profitable to buy 10 scooters with different receipts or one Mercedes to receive awards?

David Plutus: Let’s say you spend £50,000 over the course of the year, you would earn 3% of that back in crypto (PLU) which works out to £1,500 in savings. The items do not make a difference.

 Whilst the reward rate is currently 3%, this will decrease over time as the number of users on our PlutusDEX increases. This is to keep the supply low and to provide value to users.

Full yellow paper here: https://plutus.it/public/yellow-paper.pdf

You can test our calculator out which better explains how the emission rate works: https://plutus.it/pluton-calculator.

Q-10 from Telegram User @bulbul03: PLU token sale is live. 

You mention that

Sale Price: $8

Bonus: 40%

Refund Policy: YES

90-day Price Guarantee: YES

Best sale ever: YES

Best project ever: YES

Sale price, Bonus, Refund policy, 90 -day price guarantee is okay for me. But Why do you think its the best sale and best project ever? What is the reason?

David Plutus – Danial: Whilst this is was a tongue-in-cheek marketing tweet, we do believe this is a very strong sale as we have put in place several rare policies to ensure the risk for participants is reduced. This includes structures such as:

Refund Policy = We have given users up to five days to cancel their pledge and will receive a full refund.

Price Guarantee = We have locked in the minimum price of PLU and have given it a floor at the sale price of $8 for up to 90-days so participants can sell their PLU back on the platform to load their account/card until January 8th.

Free Service = All participants will get a 6-month free Premium Account to use the product and earn more rewards.

The team are also huge believers in the product. here are currently two completely different financial systems (legacy fiat and decentralized crypto) – Plutus is bridging this ap but in a way that stays true to the culture of both. On top of this, we have focused on delivering a real product with the potential to earn for every expense rather than over-allocating to marketing in order to provide real substance rather than overhyped vapourware.

Mary | Satoshi Club: Thank you for your answers 👍 Did you choose 5 questions for press-release?)

Serg | Satoshi Club: I think we can choose them later 🙂

David Plutus: The team will reach out to you with these questions and answers as soon as possible.

Thanks again to everyone at Satoshi Club and their welcoming community!

From everyone here at Plutus HQ, we’re truly grateful for your time. Thanks everybody for having us.

   All the best, The Plutus Team

Mary | Satoshi Club: Thank you guys👍 It was a great AMA and you have an amazing project! Good luck with Plutus Sale and hope to see you soon at Satoshi Club with more news!

D| Satoshi Club: Thanks guys!

Serg | Satoshi Club:  Thank you very much for joining Satoshi Club AMArathon. I think it is a record here 😁 

P.S. The AMA was 3 hours 35 min

Part 3 – Quiz Results

In the final part, we tested your knowledge in terms of PLUTUS. They’ve prepared 4 questions for this part. The total reward pool for the 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:

PLUTUS Community: https://t.me/plutus_group

Men build too many walls and not enough bridges, Joseph Fort Newton said. In Satoshi Club we build bridges! And today we would like to tell you about the AMA session with our friends from Centaur. The AMA took place on October 08 and our guests were James, co-founder of Centaur and Sean, the Co-founder of Centaur and lead the crypto team in SG.

The total reward pool was 3000$ 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!Today we are happy to announce our AMA with Centaur! @james_CNTR @sean_CNTR welcome to Satoshi Club!

D. | Satoshi Club: hello all! @james_CNTR, @sean_CNTR hello and welcome to Satoshi club!

Serg | Satoshi Club: Welcome to Satoshi Club!

Sean | Centaur: Hey everyone great to be here!

James | Centaur: HI guys, James from Centaur, good to be here!

Mary | Satoshi Club: Could you please introduce yourself and Centaur? How did you both start with this project?)

James | Centaur: I’m James, co-founder of Centaur. I am a serial entrepreneur that started in the Maritime industry a good number of years ago but have since transitioned into deep tech and fintech. By leveraging on the networks I’ve established over the years across Southeast-Asia, I spearhead the integration of blockchain technologies into emerging industries to drive digital transformation and digital banking solutions. At Centaur, I manage most of the business development efforts for the Asian region together with our Singapore team.

Sean | Centaur: Hi I’m Sean, I’m the Co-founder of Centaur and I lead the crypto team in SG. I’ve been in the crypto space for a few years have worked with a number of different project teams in the past. At Centaur, I oversee most of the crypto developments!

Mary | Satoshi Club: Nice intro, guys! Thank you. Who’s idea was to create Centaur?

Sean | Centaur: I would say we actually came up with the concept together as there were quite a few discussions we had while bouncing ideas off each other. Our other co-founders Mark and Raj were both also a big part of helping ensure our plans were feasible, both in terms of implementation and technical development. We’ve known each other for some time now and were both passionate about blockchain technology. Early last year, we decided to work on an unsecured lending platform which then became the underlying framework for ProDeFi, ultimately cumulating in the Centaur we see today.

D. | Satoshi Club: and how long Centaur in development?

James | Centaur: Centaur has been in conceptualization phase in early 2019, we incorporate late 2019. I would say it has been in development for a good 1.5 years!

Mary | Satoshi Club: Ok, how big is your team? Because as i understand it has to be big) developers, lawyers etc)

Sean | Centaur: So far we’ve got about 8 people in the Singapore office that work directly on the DeFi/crypto-related aspects of Centaur. We also have a separate dev team in India that works together with the devs in Singapore to cross-audit the work, followed by a business development team in London that helps with onboarding of partners, mostly established fintech players or licensed entities.

Q1 from bitcointalk user juanes @juaniss on Telegram

You have a vesting period of 10 years for seed investors!!!! How did you manage to convince them to agree to this? It is very risky to wait 10 years in crypto space. It means they trust you and you presented a good roadmap and tech

D. | Satoshi Club: 10 years woow…long run project 😀

Mary | Satoshi Club: I think the longest i ever seen before)

James | Centaur: Our seed investor is a traditional fintech player in London, with portfolio of licenses under their management, that includes Estonia virtual currency wallet license, Czech republic e-money license, Swiss SRO license which is convertable to a full fledge banking license. They are also equity investors, hence having a longer term horizon because time is required to bridge the C-Defi market. Of course, they are also confident in the potential of the team 🙂

Mary | Satoshi Club: Sure, they find something special in your roadmap and presentation) but what about community?) You leave them just 1% for public sale:unamused:

D. | Satoshi Club: you think it’s now enough? 🙂

Mary | Satoshi Club: You know, i like sales:joy: It’s always not enough for me)

D. | Satoshi Club: i feel you)

Sean | Centaur:

Ahh don’t worry about it, even though the 1.39% allocated to the public sale may seem small, its important to remember that they are fully unlocked. This means that on the first day, the public sale tokens actually account for 40% of the circulating supply. If you take a look at the vesting schedules for the other segments, they are mostly also based on longer durations. Team and advisors have 3 year vests with 9 month cliffs and Ecosystem and Treasury are on 4 year vesting schedules.

Mary | Satoshi Club: Your Public Sale was concluded as Public lottery, right?

James | Centaur: that’s right

Mary | Satoshi Club: Are you happy with the results? Are tokens already distributed?

James | Centaur: We are certainly very flattered to have received over 10x the interest from the community. Although it was very tedious for us to filter out about 34000 entries to removes repeated submissions and bots, we were happy that we were able to make this a fair and transparent process for our community. The tokens had not been distributed but it will be soon, there will be huge announcement in the next few hours as well, so do follow us on @CNTR_ANN to get updates!

Sean | Centaur: And it was done fully on-chain! So everything about the lottery was transparent and provable. We even used Chainlink VRF to generate the initial seed!

Mary | Satoshi Club: Yes, i saw this) never participated in such sales, it is something new for me)

Q2 from bitcointalk user gustafsson @jmalton on Telegram

The vision of Centaur is To be the bridge between decentralized and traditional finance. I have seen this moto at several projects. One example is FinNexus: bridging centralized and decentralized finance. Why do you think we need one more project specialized in this? What new do you bring? Thanks!

Sean | Centaur: Hahaha the main difference is in the approach. Our solutions are focusing on cross-chain interoperability for the blockchain space, while also integrating solutions with regulatory compliance through the licenses that we have access to, as James shared earlier.
What this means is that the C-DeFi bridge that we are designing is not just to bring centralized solutions over to the blockchain space, but rather to design blockchain solutions while considering the strengths and potential impacts of traditional finance.
We’re also doing a three phased rollout where the liquidity pools (that are already built) will be deployed first, followed by an oracle network and the Centaur Chain for settlements (which are also already built) followed by the Dapps that will leverage on the frameworks that are already deployed.

Mary | Satoshi Club: So, as i understand you plan to cooperate with banks, am i right?)

James | Centaur: Yes, it is our core ethos to bring the traditional finance user into the crypto space. Not just the banks, also credit companies, payment processing companies 🙂

D. | Satoshi Club: do you have any real competitors on this field? or you working on something unique?

Sean | Centaur: Hmnn I think due to the sheer scale of things that we are doing, its hard to identify one specific competitor to name. The core solutions we’re building are still going to be in the DeFi space so there’s quite an overlap with many of the other projects in the same area, but we do focus more on integration as opposed to competition as we are very ecosystem focused.

Mary | Satoshi Club: Mix of centralisation and decentralisation, hope it is possible, because for me it is always was like blend of fire and water))) but we live in such world and, of course, need bridges)

James | Centaur: We all can have hopes! From our on-the-field experiences, many fintech companies are keen to join the blockchain space and Centaur will certainly make their entry to it seamless!

Sean | Centaur: I prefer to think of it as a blend of human and horse, something akin to a Centaur 😉

D. | Satoshi Club: haha this is great!

Q3 from Telegram user @ion_cristescu

Elrond are my friends from Romania – a great team. When I’ve seen on your website that you partnered with them, it gave me a lot of confidence in you. I would be glad to hear in what consists your partnership with them? Also, What other good partnerships do you want us to tell about?

Sean | Centaur: Collaborating with Elrond has been an amazing experience and we’ve been really fortunate to get the chance to work directly with the team. Apart from the eGLD stakedrop program we just did with them, we’re also working on plans to roll out our ZKP-powered liquidity pools on the Elrond Mainnet once they support smart contracts! One of the pleasant experiences we’ve had was also when integrating Chainlink’s VRF for our public sale. The onboarding process was very seamless and we’ll definitely be looking forward to working with them on the oracle implementations in future!

Mary | Satoshi Club: Any new partners names that you can tell us about?))) We like news here:wink:

James | Centaur: Definitely there will be, shall we start with the listing of CNTR that will be announced in a few hours! There are more in the pipeline and will certainly come to light in due time 🙂

Mary | Satoshi Club: Wow, it’s near:+1: Please, don’t forget to share this news about listing with us) And, of course, we will follow your announcements)

Q4 from Telegram user @jefer_bn

Can you explain what do you mean by measured regulatory control? How can you influence regulations or laws?

James | Centaur: I would not say that it is influencing regulations or law, but rather have proper processes and accountability in the design of our platform that will be more palatable for current regulators.

Mary | Satoshi Club: Current regulators are very rigorous with crypto. What do you offer them for cooperation?

Sean | Centaur: Hahaha just to be clear, we do not offer anything to regulators. I think what James was trying to explain is rather that we are working within the constraints of existing laws and going about the proper processes, such as applying for licenses, ensuring the right capital requirement, performing stringent KYC processes and making sure we our accounting done in a very detailed manner.

Mary | Satoshi Club: Oh, that’s clear for me:joy:

Sean | Centaur: For example, the rollout of the unsecured lending platform will be done regionally, starting with the UK and EU region where we have strong partners who are working in Fintech and Compliance related solutions and have many years of track record under them 🙂

Q5 from Telegram user @lionelos

In what jurisdictions are you operating at the moment? Do you expect to become a global company or to cover just some strategic regions?

Sean | Centaur: We are currently operating in SEA with a foothold in Singapore, and the UK/EU region with our London team and Fintech partners. The solutions will be rolled out in various phases and structures. For example, the financial solutions that are more centralized in nature will have to be based on strategic regions first and slowly expand outwards, whereas the other solutions that are more crypto-centric such as our collateralized lending platform, liquidity pool and upcoming mobile wallet will all be launched globally with a focus on blockchain technology.

Mary | Satoshi Club: In simple words – how it will work? For me, for example) imagine that i am your ordinary user)

Sean | Centaur: Hope this helps a little. Centralized finance solutions (Unsecured lending / Asset Management / Custodianship) -> Strategic Regions. Crypto focused solutions (Staking / Overcollateralized Loans / P2P Transactions / Cross-chain DEX) -> Global. The long term goal is definitely to be a global company though

Q6 from Telegram username @barkadita

In your roadmap you have as an objective integration of EU and UK partners for this quarter. Could you share how is this going and who are your partners in this area?

James | Centaur: We have definitely paved the way for extensive adoption in the EU/UK region, our pilot project includes our partner imiilion, they are a payment processor whose monthly transaction volume is about 200million, we have signed an MOU looking to on-board about 10% of the payment volume onto our network. It will require them to hold a certain deposit amount of CNTR which will support the health of the token ecosystem and also bring in steady revenue for Centaur.

Mary | Satoshi Club: Wow, incredible :+1: Btw, do you already applied for any lisenses?

James | Centaur: Our seed investor as mentioned, have a portfolio for licenses under them including the Estonia virtual currency wallet license, Czech Republic e-money license, Swiss SRO license and UK payment licenses, so this will definitely make our adoption by traditional fintech players easier. In Singapore, we are also in the process of working for a payment services license which will allow us to process, hold and remit digital currencies and fiat.

Part 2 — live questions from the Telegram community

Q1 from Telegram user @Jonahapagu

In a Research done by Blockfyre on Centaur (Prodefi) one of The risks and concerns they pointed out about Centaur(Prodefi) was that it will be hard to bank the unbanked through Centaur’s strategy, as many of these individuals do not have credit scores. One of Centaur’s Main aim is to Drive Mass Adoption do you see this as a barrier in bringing in the unbanked into Defi, and what strategies do you have that will ensure that even the Unbanked especially in underdeveloped developing regions do not miss out on what Centaur is doing?

James | Centaur: For this initiative to bank the unbanked, it is directly led by myself through my network build over my years of entrepreneurship.It has been well thought out, the initial steps would be to work through regional non-profit organisations that have worked on ground with the villages for years and have good data on their source of income, this will allow Centaur to predict transactions between the users within the local community. For unbanked communities like migrant workers, it will be an easy solution as we can work with their employers and predict the amount of credit that can be allocated to them, for example, in traditional finance, the monthly credit should not be more than 40% of the person’s income.

Q2 from Telegram user @K2ice

Centaur has a fixed limit on the total supply of CNTR which is 6,000,000,000. Will Centaur burn/buy back any percentage of these tokens? Or will Centaur distribute these tokens to strong community members rather than burning the tokens or buying them back to drive the price up? What is the reason for your choice?

Sean | Centaur: Although there is a fixed limit, we have allocated them out into a few major categories of which a large portion (38.13%) has been set aside for the Ecosystem and placed into a vesting contract (this can be found in our transparency report). These tokens are meant to incentivize community support either directly through campaigns, staking, block producing and oracle rewards, or indirectly via strategic partnerships with key players in the crypto space. As much as possible, we will try to avoid burning any tokens as we believe that there are better ways to utilize them for the community.

Q3 from Telegram user @baobao265

Why is the $CNTR token necessary for your ecosystem? What kind of a value does it bring to Centaur and in which different ways is it used within the project?

James | Centaur: The CNTR tokens is necessary to support governance measures like voting, it is also used to rewards our network oracles that will be providing crosschain data that is essential to the health of our network.CNTR will be used in a transactional nature for Centaur solutions such as to function as collateral and loans or Dapp fees.

Q4 from Telegram user @chelyabinsk_crypto

You claim to be ”semi-decentralized” and making it as the new standard of DeFi. What does it mean actually to be semi-decentralized? Which parts of your project are centralized and why?

James | Centaur: Centaur strongly believes in the ethos of decentralization and the use of centralized elements in our approach is merely a fail-safe layer. A semi-decentralized model allows us to tap into the strength of decentralization (transparency and accountability) and centralization. A good example of this is the Centaur lending platform. The settlement of loans happens onchain while the KYC and credit review process is conducted through centralized organisations such as credit rating agencies and KYC/AML platforms. This allows us to expand beyond the niche use cases (e.g. lending restricted to over-collateralised loans) plaguing the DeFi space.

Q5 from Telegram user @TVT6VI

My brother is new but he wants to invest his spare money in CENTAUR’s liquidity fund, what are the conditions of participation? Is it easy for a novice like him?

Sean | Centaur: Because of the way we designed the liquidity pools and the use of Zero Knowledge Proofs and Ring CTs, the liquidity pools have to take in fixed denominations for the inputs and outputs. However, we have placed a strong emphasis on user interface and the user experience which will reduce, the difficulty in interacting with the liquidity pool. We’ve also designed a front end which is metamask compatible to help ease the learning curve.

Q6 from Telegram user @Jonahapagu\

Is it true that In the event of a default by a borrower from the platform, the team will pursue such borrower through the traditional judicial process.. Don’t you think that using traditional Judicial processes to resolve issues like this as Opposed to DAO Will hinder people from Using Centaur (Prodefi) and What types of Offences will borrowers commit before they are tried through the Traditional Judicial Process

Sean | Centaur: The use of judicial processes for the enforcement of bad debt is meant only as a last resort. The primary means of reducing the incidences of bad debt will be through the use of the credit review system to determine the creditworthiness of borrowers which in turn will determine the interest rates of loans as well as the collateral-to-loan ratio that the borrower will have to put up. Furthermore, laypersons are more familiar with traditional legal systems as opposed to DAOs. This, we believe, will ease the onboarding process for those who are less tech-savvy.

Q7 from Telegram user @endtimeprophet

Centaur offers under-collateralised loans, however We all know in the DeFi space the problems of OVER COLLATERALIZATION. can you briefly describe this problem and how Centaur deals with it

James | Centaur: We are looking to implement the uncollateralized loan regionally starting with places like Singapore and London where they have comprehensive credit records on the users and we will be able to access the credibility of the users effectively. Once user have established sufficient on-chain records, we can then based it on that and allocate him or her a credit ratio through our proprietary algorithm.

Q8 from Telegram user @jpsarmah

How will the Cross-chain DEX function and what major play will it allow for Centaur’s development?

Sean | Centaur: Before that can be rolled out, the liquidity pools, oracle network and Centaur Chain have to be built and deployed first. The deposits into the liquidity pools are tracked and forwarded via the oracle network to the Centaur Chain and this happens across multiple protocols, not just on Ethereum. Once that part is stable, it becomes the foundation for the cross-chain DEX, where users can transfer tokens from one liquidity pool to the other because the deposits and withdrawals are tracked and transactions can be matched on using the Centaur Chain as an aggregator and settlement layer.

Q9 from Telegram user @joy19x

Most of investor just focus on the price of token in short term instead of real value of project. Can you tell us the motivation and benefits for investors to CNTR long term?
Q: What are the utility of CNTR and the main real-world use cases? What is the long-term plan for the 5 year Alpha Finance project?

James | Centaur: Yes you are right, unfortunately that seems to be the trend that is in crypto space investments. However, we took our time to select investors that have the same long term goal as us and is aligned in terms of vision. We have build the Centaur platform from the ground up with architecture that is flawless in executing DeFi solutions and our investors were able to identify the huge potential in Centaur, knowing the limitations of current solutions.
https://t.me/Satoshi_club/325293

Q10 from Telegram user @Dmsaly14

Currently attracting real users and mass Adoption is a problem for Blockchain projects. So how will Centaur solve this problem?

Sean | Centaur: One of the issues that Centaur (and many other DeFi projects!) seeks to address is the banking of the unbanked. The unbanked population amounts to close to 1.7B globally and represents a market opportunity of about $200-300B. The adoption within the unbanked population is more than simply a technological problem. We at Centaur understand this and as such we are working closely with the authorities in South East Asia through our local partners. We believe are well-positioned to take advantage of this opportunity.

Part 3 – Quiz Results

In the final part we tested your knowledge in terms of Centaur. They’ve prepared 4 questions for this part. The total reward pool for quiz was 1800$.

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:

Centaur Community: https://t.me/OfficialCentaur

We are pleased to announce our next AMA on October 14th 2020 at 02:00 PM UTC Time: Satoshi Club x Finminity

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

⚠️Requirements:
👉 Join Satoshi Club Telegram group
👉 Join Finminity Telegram group

We will have the following structure:

Part 1: 100$ /6 users – We’ll select 6 questions from the community. A user can post maximum 3 questions. 4 Questions will be selected from our website – please submit your questions in the comments section of this post. 2 Question will be selected from Bitcointalk thread.

Part 2: 100$/10 users – Open chat for 80 seconds. You can post Max 5 questions. Finminity Team will select 10 questions and answer them.

Part 3: 300$ – A quiz about Finminity

For more details:
Finminity – @finminity
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish

Do you like cats? Many of us adore them, but even if you don’t, you’ll love the project with which the Satoshi Club held AMA. Cats, Fights, Crypto – it is not a movie from Luke Besson, it is a Crypto project – Kitty Fighters.

Our guest: @Innovator256

 Total Reward pool: $1300

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

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

300$ 12 users – 6 questions

Luis Merino 🇪🇸 | Satoshi Club: Hello SatoshiClubbers! Welcome to another AMA session with Satoshi Club 🙂 (Third one today) Our guests today are from Kittiefight  @Innovator256 welcome! 😉

Mary | Satoshi Club: Hello again, Satoshi Club! Now we are happy to announce our AMA with Kittiefight! Welcome to Satoshi Club Kitties😉

Serg | Satoshi Club: @Innovator256, welcome to Satoshi Club!

Mary | Satoshi Club: You’re welcome @Innovator256 )

Innovator256: Hello guys, thanks for the welcome. Nice to be here.

Mary | Satoshi Club: Please, tell your story briefly) who you are, how you got into the crypto world, how Kittiefight appeared 😀 or it can be a long story) we like longreads)

Irina K. | @satoshi_club | Daily Rewards & AMA: Hi guys, glad to have you here 😊

Innovator256: I came into the Crypto space in 2010 as an entrepreneur looking for a viable micro-payment solution for the google app store alternative we build. I had stumbled on a video discussion with Gavin Andresen back then talking about bitcoin as this new payment system that would become the backbone for internet payments which was also not able to be controlled by entities like governments. This peaked my interest and I took the dive down the rabbit- hole.

Luis Merino 🇪🇸 | Satoshi Club: You are an extra early adopter of crypto 🥳

Innovator256: Yes, I am…and I have grown fur from many winter bear markets

Mary | Satoshi Club: You are a real rock)

Innovator256: By 2013, I had studied enough about crypto and with knowledge in application of Crypto-primitives for various software applications. So, in 2013 I wrote the first smart contract based mental poker protocol called pokereum, this was before Ethereum. The protocol was initially based on a platform called NXT… So now with the experience as an early adopter/investor in the “2.0” blockchain protocols (Mastercoin, Counterparty, NXT & Ethereum), I now strive to create and investigate new products in decentralized finance and with gaming and also leverage the trend in the emerging yield farming domain….

 KittieFIGHT was born out of the necessity to bring the internet cat meme culture and cryptokitties to its logical conclusion.

Mary | Satoshi Club: Yes, I saw, that you are DeFi pioneers) you had this hashtag in your tweet more than one year ago) when it wasn’t ‘hot topic’

Mary | Satoshi Club:  Ok, so your Kitties fighting? Hope they stay alive after fights?

Innovator256: Yes, for the Winner. The loser gets to pay some fees in KTY tokens and also sacrifice more nft kitties to a blackhole called KittieHELL if they want their loosing kittieback, which might be an expensive NFT.

https://www.kittiefight.io/about/game-overview

Mary | Satoshi Club:  I see that we will question about this later) so, let’s leave the swittiest details for it) And one more question – why so long?

Luis Merino 🇪🇸 | Satoshi Club: Ops 🤭.

Please, can we start with the questions from the community? I’m impatient to see great answers about KTY :))

Innovator256: Ok no problem.

Mary | Satoshi Club:  You developed your game for a long time?

Innovator256: The project is one of the most complex project in the Ethereum-sphere to date with multifaceted applications in Lending, Gaming UX, tokenomics design and incentives.  Secondly, we had a rough ride with a lot of developers, no funding, winter-bear market and limited bandwidth from developers. We tried to raise funding during the bear market, but it was close to impossible then. But from the gaming overview its pretty easy to see how intricate and complex the project is : https://www.kittiefight.io/about/game-overview

Mary | Satoshi Club:  Yes, I see. Hope this just made Kitties stronger😀 ready for the questions from our community?)

Innovator256: waiting.

Mary | Satoshi Club:  Q1 from bitcointalk user nikola_crypto

Your token distribution even was supposed to be in the end of the September but it was delayed until October 5th. Could you please tell us more about the reasoning behind this delay? Has your smart contract been fully audited by a third-party?

Innovator256: it will be fully audited by the new date. The reason for the delay was a result of the need to make sure the yield farming smart contracts where fully secure. The Yield farming program is necessary to be in place before distribution is done to ensure that Investors enjoy the benefit of massive ROI from the market demand generated from the yield farming program and exponential price increase of KTY Tokens.

Mary | Satoshi Club:  Can I still buy $KTY or auction is already closed?

Luis Merino 🇪🇸 | Satoshi Club: Were there any problems with the yield farming smart contracts?

Innovator256: There is an auction ongoing which sets the market price democratically, but it’s complicated to user for investors. So we are holding a discounted private sale for your members. With backing from . your members this will ensure that we thrive as a team with our launch plans an growth and that investors enjoy the massive ROI from our programs launching in a few days.

@qs1o1 will provide more info on this.

Nothing specific. We just had to double check our function routines and make them less complex, as you know with more complexity introduces more surface area for mistakes.  Luckily tokenizing the yield farming with NFT futures made the system much more simpler.

Luis Merino 🇪🇸 | Satoshi Club: Got it.

Mary | Satoshi Club:  @qs1o1 you are welcome 😃

Quicksilver© QS™: Here is the sales info for now 🙂 A last round 😇, before listing. Thanks for adding me 🙂

https://t.me/Kittiefight_ANN/69

Luis Merino 🇪🇸 | Satoshi Club: Next question then?

Innovator256: Yes sounds good.

Mary | Satoshi Club:   Q2 from bitcointalk user linderm @nata_jakarta on Telegram.

Users visit kittiefight page and can register with a current cryptokitties address. Does it mean that the higher the price of the cryptokittie, the higher the chance to win?

Innovator256: The first part is right in terms of Cryptokitties NFT holding address. However, the chances of winning are entirely dependent of a fighting team/groups ability to bet ether in an increasing and frequent manner. So outcomes of fight are entirely based on strategic collaboration.  Having an expensive or rare kittie NFT only means that your defense level in games is higher than a less expensive kittie NFT fighter. The details are in this  friendly info-graph we have prepared for public : https://www.kittiefight.io/about/game-overview

Mary | Satoshi Club:   Got it, so everyone will have a chance, just need to find right team)

Innovator256: Yep exactly

Mary | Satoshi Club:   Where can I find another players? In your social media?) Tg, discord?

Innovator256: We have a marketplace so your fighting Kittie will be matched with an opponent automatically and in a randomly secure manner. However you do need supporters, like fans at a boxing match? these supporter coordinating action are critical to outcome of fight. I am sure teams will be using discord to coordinate better.

Mary | Satoshi Club:   Nice, complex approach 😊. So, third question? 😊

Innovator256: Yep go on.

Luis Merino 🇪🇸 | Satoshi Club: I think we are ready.

Mary | Satoshi Club:   Q3 from Telegram Username @Winterkom

How is the winner decided at Kittie FIGHT? If all NFTs are “equal” because they don’t have superpowers, how do you decide who wins? Is this election transparent?

Innovator256: The winner of the fight is the group that collaborate to bet in an increasing a frequent manner. So, the winner is the team that sustain the least amount of damage. You sustain the least amount of damage by being active in the betting process. The winner is selected algorithmically based on the frequency of increasing bets coupled together with the least damage sustained

Yes, the process is transparent and decentralized an implemented in smart contracts

Mary | Satoshi Club:   These algorithms are public?

Innovator256:  Yes very, For the technically inclined, please visit.

https://github.com/kittiefight/contracts/tree/dev/contracts/modules/algorithm

Luis Merino 🇪🇸 | Satoshi Club: Really nice! Will check It as soon as the AMA finishes.

Mary | Satoshi Club:   Do you understand algorithms Luis Merino

?)))

Luis Merino 🇪🇸 | Satoshi Club: Not much, just curious about it 😅🤣

Mary | Satoshi Club:   Great, that’s what everyone can check) of course if he understands algorithms).

Thank you for your answer) Do you have something to add or we will move to the next question?

Innovator256: lol ok got you.

Mary | Satoshi Club:   Q4 from Telegram Username @AmirJosh

It is just a game but why do your Kittiefight game includes a kittiehell that will torture the loser kittie forever? What is the significance of this feature to the game.

Innovator256: Yes, this is indeed sadistically funny, but it also allows you to escape this forever torture chamber by paying fees in KTY and sacrificing other less worth NFT cryptokitties.

Mary | Satoshi Club:   I don’t know if i have to cry or laugh)))

Luis Merino 🇪🇸 | Satoshi Club: I thought the same haha. That’s cruel 🤣 Poor kitties 🥺

Innovator256: Many people get same feeling. Cruel and unusual punishment.

Quicksilver© QS™: It’s like HellFire!! Lmao.

Mary | Satoshi Club:   I think you will have volunteers which will save poor kitties with poor owners😂

I can be one of them😂

Luis Merino 🇪🇸 | Satoshi Club: Yep 😆  Q5? 🙂

Mary | Satoshi Club:   Q5 from Telegram Username @fivestar4ever

In terms of payment, I will like to know what happens to those who loose their kittie forever in a fight, will there be any form of compensation for the person who owned the kittie that was lost?

Innovator256: For our release in November 2020, all players loosing Kitties without paying the “redemption fee” or “fee and sacrifice” will just suffer the loss for now. We have planned upgrades in future iterations where we reward losers with a few KTY tokens, once the Market cap of KTY is well over $500 million

Mary | Satoshi Club:   I like this) it will muffle pain from loosing)

Luis Merino 🇪🇸 | Satoshi Club: 500$ million! Great amount :))

Innovator256: Yes a viable goal once we have a community in place ( which is growing exponentially) together with limited market supply on market an ungodly demand pressure from games and yield farming.

Luis Merino 🇪🇸 | Satoshi Club: You’ll see Satoshi Club Effect today and in the next days… 🙂

Mary | Satoshi Club:   So, it’s near, I mean November)

Innovator256: Yes, the platform is ready to be deployed even now. But we need to audit some important components to keep the system and user funds safe.

Mary | Satoshi Club:   Yes, safety first👍, with all this recent hacks i understand why you choose such scenario.

Luis Merino 🇪🇸 | Satoshi Club: Next Q6?

Mary | Satoshi Club:   And the last question from this part?)

Q6 from Telegram Username @Claude101

Can you explain further why there was a delayed distribution of the token wherein, investors may or may not trust you anymore because of what happened? What you will do so that investors will still trust KITTY?

  To be honest, I saw some replies in twitter and as i understand users are ready to wait for the safe launch 😀

Innovator256: I know, no one wants us to launch a burning boat right ? 😅…We rather make people uncomfortable for a few days and laugh to the bank later.

  We will list KTY and launch the yield farming program an distribute tokens on one day, The ROI enjoyed from the token demand should ease things for investors. As far as trusting us, we have a track record as veterans in this space, we are open and transparent and in it for the long term to bring the planned success of this project into fruition.

Mary | Satoshi Club:   Right👍😉 it’s just few days).

You are planning to list on Uniswap, of course?)

Innovator256: Yes, we are listing on UNISWAP and then we have a surprise exchange listing coming up. This will be announced in a few days.

Mary | Satoshi Club:   Great👍 patiently waiting for announcements 😉

And now we are ready for the second part of the AMA) aren’t we?

It will be live questions from our community)

Part 2 — live questions from the Telegram community

300$ 15 users – 10 in AMA, 5 in an article

Q1 from Telegram User @Nickkiii

Kindly explain how the VOLCANO KittieFIGHT YIELD FARMING PROGRAM works and how to participate?

Innovator256: We have a liquidity mining program setup called “volcano yield farming” you can add liquidity on UNISWAP for the token pairs we support and then locked the liquidity tokens generated from adding liquidity on uniswap, in our yield farming program to earn even more KTY and SDAO tokens ( our DAO: https://www.kittiefight.io/about/kty-dao-token ).  When you lock LT on our platform, additional NFT’s are generate for you which represent your current position and future earning potential, these can be sold on opensea or other markets

Q2 from Telegram User @cengizhantekin

Why should I connect my wallet with KittieFight, what does it provide? Isn’t it risky for me in terms of privacy and security?

Innovator256: All our contract are open secure and work on the ethereum decentralized blockchain. Our contracts and website are completely safe as we work more than 1000% to make sure that we deliver high value to users. That said, make sure that when you are participating in our programs that you are visiting https://www.kittiefight.io and not another copy

Q3 from Telegram User @iam12312

As I see, 65% of the KTY tokens are locked up in Treasury, Can You talk about the reason behind locking 65% of the tokens?

Innovator256: we want an extremely limited supply on the market, with the ability to potentially more supply into the market if KTY price becomes too exponentially high

Q4 from Telegram User @BlancaSdF

When I put my cryptokittie to fight, in any certain circumstances can I offer a truce or surrender?

 Innovator256: its always a fight to death 🙂

Q5 from Telegram User  @Winterkom

 Can anyone with a CryptoKittie participate in Kittie Fight? Besides of the NFT do we need any amount of ETH or KTY

 Innovator256: anyone can participate even without owning an NFT or KTY token, all you need to have to bet on an ongoing fight is a wallet like metamask and some ETHER. If the team you. are supporting wins then you get to claim back you betted ether and additional ether from the losing side

Q6 from Telegram User @ Kargil1999

2key & kittieFight did a Opertional Partnership, What service does 2key provide to Kittiefight Community?

Innovator256: 2KEY has guaranteed some liquidity provision to the KTY-2KEY Token pool on UNISWAP, this is a great partnership initiative which will bring great demand to both community tokens.

Q7 from Telegram User @jpsarmah

In Community Pre-Sale Round 2, we send our ETH to get our KTY+SDAO. Why only ETH and not stable coins also? When will I get it after paying ETH?

 Innovator256: Participators in this round will also get SDAO tokens as bonus, for support. SDAO tokens are useful for ETH staking rewards in kittieFIGHT Games

Q8 from Telegram User @tungvodoi206

According to coinmarketcap last month, KittieFight ranked 8th in the top 10 DeFi Lending Platforms in 2020. What is the unique point you bring to be able to stand in this position? What do you need to do to get a higher ranking?

Innovator256: We will be eventually be number 1 due to the High compounding interest earning possibility earned by lending to KittieFIGHT games. No lending protocol so far is able to guarantee +100% interest on money locked up to be lend. we were able to empirically generate +200% to lenders  in our testnet games and we are very confident more interest will be generated when we launch to main net in November 2020.

Q9 from Telegram User @Idee01

Why did KittieFight make use of Aragon DAO for its decentralized governance? What incentives are available for members of DAO and how do they create a decentralized ecosystem?

Innovator256:  Because Aragon DAO codebase and product suite is the most time-tested active community for now. Its also very modular and easy to augment. They actually built the system we intended to build ourselves. DAO members can earn week ETH passive income by locking SDAO in the KittieFIGHT dapp, they can also vote on changes on the direction and development on the KittieFIGHT dapp itself.

Q10 from Telegram User @King_Raja

As I see your Yield Farming Program has partnered with multiple DAO based communities,

What is the reason behind it?

What community tokens are used in your yield Farming Program?

Innovator256:  Some of our community tokens are ; (ARAGON) ANT, (MAKERDAO) yDAI, (YEARN) yYFI, yyCRV, yaLink, (aave aLend/ $Aave, (SYNTHETIX) aSNX, yETH, aYfi ,(2key)  2key, (GNOSIS) GNO, AND UNI (Uniswap). This allows us to tap into potentially now +$5B USD worth of governance power and community growth

Mary | Satoshi Club: Thank you for your answers) and now we will ask @ciupidos to help us with Quiz part)

Part 3 – Quiz

As usual, for the third part, Satoshi Club Team asked the chat 4 questions about Project Kittiefight. A link to a Quiz form were sent into the chat. Participants had 10 minutes to answer. 700$ 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
Twitter: https://twitter.com/realsatoshiclub
Website: https://esatoshi.club/

Our partners: https://t.me/KittieFIGHT

   DeFi projects appear more and more and Satoshi Club always tries to introduce us to the best of them. Today we will get to know the LID Protocol and learn that The Liquidity Dividends Protocol uses new technology that provides solutions for depositing liquidity into Uniswap while also offering a social rewards-based staking system.

Our guests: @Ty | LID Protocol, @Pen, @Wolf , @Carlsbad | Lid Dev

        The total reward pool was 600 and has been splitted in 3 parts.

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

PART 1, INTRODUCTION AND COMMUNITY QUESTIONS

Mary | Satoshi Club: Hello, Satoshi Club! Today we are happy to announce our AMA with LID Protocol! Welcome to Satoshi Club.

Serg | Satoshi Club: Hello and welcome to Satoshi Club

D| Satoshi Club: hello everyone!

Ty | LID Protocol: Hey there! 🙂

Pen: Hey guys 👋

Wolf: Hello

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

Ty | LID Protocol: Very well! Very productive – happy to be here guys! Very exciting 🤩

Pen: So far so good! Just getting started

Mary | Satoshi Club: That’s great, tell us more about yourself and how did you start with LID Protocol.

Ty | LID Protocol: Hey to everyone again! I’m Ty, I’m the LID CFO. My background is business management and longtime trader and investor of traditional markets, and in the last handful of years have been applying myself in the crypto space. Found LID through a mutual friend of mine, who mentioned that LID was creating a project based around Locking Liquidity; having fallen victim to a few ‘rug pulls’ myself, I knew that this was a project I wanted to align myself with 110%.

It’s been a great journey and working with one of the best teams in the business is a huge plus. I’m “all in on LID” as they say ha-ha!

Mary | Satoshi Club: Sure, I see you have a real motivation.

Pen: Yeah! I’m the COO of LID Protocol and I’ve been in crypto since 2016. I’ve been involved with a few other projects along the way as well.

Much like a lot of our current members, LID was something that stood out to me having fallen victim to rug pull scams on Uniswap. I, Carl (our CEO) and our UX design started LID because we were tired of seeing rug pulls run rampant. We wanted to be able to create tech that anyone could use to lock liquidity and that leads us to today.

Mary | Satoshi Club: Yes, you are right, the number of ‘rug pull’ victims is growing day by day and someone must stop this!

D| Satoshi Club: so how big is your team? only you four?

Pen: The 4, we have here represented the ownership of LID, our entire team is actually more than 15. We have a team of full stack in house developers, a video editor, a UX design lead, a marketing team, community managers and a sales business to business lead.

Mary | Satoshi Club: And what about you @ImNotTheWolfOfficial?  It’s nice to see familiar faces from crypto Twitter here))

Wolf:  Ha-ha sure. I’m ‘Wolf’, CMO of LID. I’m definitely “new guy” on the team. Was recently brought on to bring exposure and awareness to the brand. As a victim of rug-pulls to this crazy DeFi scene, I found a familiarity with the mission that LID is aiming to provide, by creating a safer environment for the community to trade in. Scams & rug pulls are just getting worse and worse every day, and if there isn’t a ‘gate keeper’ to help police the environment then it can really do damage to the booming industry.

Mary | Satoshi Club: Oh, nice, sure you will help a lot.

D| Satoshi Club: yeah, fighting with rug pulls is also good for karma

Carlsbad | Lid Dev: Hello, I am Carl, lead dev and acting CEO for LID. I have a background in defi tech consulting and economics. LID is a result of the continuation of my grad school research, specifically into Lemons in capital markets.

D| Satoshi Club: hello @carlsbad_sunshine welcome to Satoshi club!

Mary | Satoshi Club: You are welcome) was it your idea to create LID Protocol?

Carlsbad | Lid Dev: Yes. The core issue with blockchain projects right now is a lack of investor protections. Usually we think of these issues as impacting the investors themselves, meaning loss of investment. This is a serious impact. However, there’s an even larger, hidden impact. Because there are so many scams, legitimate projects often get judged as scams. This crowds out legitimate scams and creates a sort of prisoner’s dilemma where projects which are scams outcompete ones that aren’t in fundraising capital, since it’s much easier to fake a project than to actually build one. This reduces capital efficiency and the rate of growth of technology in blockchain.

This secondary impact is what I call “Lemons in Capital Markets” which is a reference to Akerlof’s paper on the used car market.

Mary | Satoshi Club: Yes, it reminds me 2017 ICO madnessю

Carlsbad | Lid Dev: Exactly, the 2017 ICOs ultimately failed due to the Lemon market where fake projects replaced legitimate ones.

Something over 95% of ICOs ultimately failed or scammed in some way.

Mary | Satoshi Club: Yes, i didn’t hear about this Lemon  theory before, but quick look at it helped me and i tend to agree with you.

Carlsbad | Lid Dev: Yeah, and actually the theory of Lemons was one driver of regulation in certain markets, epsecially used car markets, which is why used car markets in countries with such effective regulations are much better than they used to be. But in blockchain we need to find ways to build code that protects investors without a central agency.

Mary | Satoshi Club: Hope, we will find with your help.What about LID Protocol smart contacts audit, did you make it?

Pen: So, our audit has been done through Halborn auditing, they audited over 10 different smart contracts we use in our ecosystem including our upcoming LID DAO. The audit came back very positively, we will be sharing the results soon and have the full audit report posted on our site once we fix the minor things they requested.

https://halborn.com

D| Satoshi Club: Good into guys, thanks! i think we ready for the first part of our AMA.

Mary | Satoshi Club: So, let’s go) thank you for intros.

D| Satoshi Club: Q1 from bitcointalk user pedronino @xaviermaya on Telegram

I have read that you locked your liquidity on uniswap permanently. Do we have to trust in your words or is there any smart contract which ensures this statement and nobody can do anything to change that?

Carlsbad | Lid Dev: Liquidity tokens are sent to the burn address. You can easily check the permanent burn by checking the holders list for the LP tokens.

Pen: I know Carl answered this above, but we also have an open GitHub you can see for yourself as well.

https://github.com/carlsbad-sunshine/lid-contracts

Mary | Satoshi Club: Not sure if I will understand everything there😉, but I see, that you are open to everyone) and I think that those, who have doubts can easily check this.

D| Satoshi Club: Ok. So, everything is transparent. I can find all info about this in blockchain or github.

Carlsbad | Lid Dev: Let me show how to verify locked liq, it’s very easy.

Mary | Satoshi Club and D. | Satoshi Club: Yes, please!

Carlsbad | Lid Dev: So lets say you wanted to check the lid token.

• First you go to etherscan, and search for LID.
• You’ll find the token here: https://etherscan.io/token/0x0417912b3a7AF768051765040A55BB0925D4DDcF

Mary | Satoshi Club: The beginning is easy.

If you go to the holder’s tab, you’ll see the Uniswap V2: LID 7 right at the top. This is the Lid/Eth pool.

• If you click it, it’ll take you to the liquidity token for the Lid/eth pool.
• You’ll then click on the contract and then navigate to the token holders tab.

https://etherscan.io/token/0xc822d85d2dcedfaf2cefcf69dbd5588e7ffc9f10#balances

 And you’ll see right at the top, 95% of the liquidity tokens are held by the burn address, which means no one can transfer them or remove them, ever.

Mary | Satoshi Club: Yes, thank you for this guide) everything is clear now.

D| Satoshi Club: So, nobody cannot use them?

Ty | LID Protocol: That’s right. The burn address is sometimes referred to as the “dead address”, as once tokens are deposited there, they are completely unable to be accessed ever again.

Locking liquidity this way ensures they are untouchable by anyone, ever.

D| Satoshi Club: good to know! thank for answer! Ready for the next question?

Ty | LID Protocol: Yeah! Let’s do it! :smile

D| Satoshi Club: Q2 from bitcointalk user JonahAp @Jonahapagu on Telegram

Recently Hatchdao a project using Trustswap’s fully Audited smartlock  Trusted system still rug pulled despite using Trustswap as a Third-party Lockup system.. What makes LID’s Lockup system different from that of TrustSwap and gives users the confidence that projects using LID will not be able to exit scam.

Carlsbad | Lid Dev: Hatchdao used a mint attack to violate the locking agreement. One of LID’s requirements, is that a project is either using an audited token contract, or has a standardized token. Given this, we verify there is no mint function so that this attack is not possible. This has been our requirement from day 1.

Mary | Satoshi Club: And, as I know they locked on Trustswap just their team tokens. That’s according to their statement.

Carlsbad | Lid Dev: There are many other issues with TrustSwap’s system, this is just one.

Pen: To add onto this, we’ve partnered officially with two auditing companies to ease the process for new projects interested in launching through us.

Carlsbad | Lid Dev: Yes, so the funny thing about the team token lock, is LID has it built right into the product, again from day 1, as a very minor feature. A team token lock takes about 4 hours of dev time and is very easy.

All our projects have a 10 month team token lock, and its never been violated.

Mary | Satoshi Club: How many projects already used your platform?

Pen: We’ve launched 9 thus far. No rug pulls have taken place, no-exit scams have taken place. Our most notable launch recently was Xfinance (XFI & XSP) which has exploded over the last few days. They are also the only project we’ve launched that is an official partner of LID.

Mary | Satoshi Club: Congratulations 🎊 wish you much more good projects and partnerships!

D| Satoshi Club: what is a “mint attack” tell us a bit about that weapon.

Carlsbad | Lid Dev: So, moving towards LID, a mint attack on a LID project would be where a project’s token had a mint function controlled by the team. The team can then mint themselves enough tokens to fully drain liquidity from Uniswap.

It’s not possible with LID, because we check for this possibility.

D| Satoshi Club: i can check this somehow through ethscan? if some project have this fucntion?

Carlsbad | Lid Dev: Yes, you can, however it gets very difficult since it can be hidden in custom code. Which is why an audit is needed. But the standard way, is to just had a method called mint() to the contract that is callable by onlyOwner which allows the dev who owns the contract to mint tokens.

Mary | Satoshi Club: Oh, 😂 now it’s quite clear)

Carlsbad | Lid Dev: Good! Yes, unfortunately its often hard for non devs to tell the difference between legit projects with real tech and ones that are faking. LID is a tech first project, and it’s something that shows if people can take the time to wrap their minds around it.

We’ve never had a rug pull, not even once. And our view is that just one, even if its for reasons not directly under LID’s control, would ruin the project.

Mary | Satoshi Club: Yes, it’s a big problem) and for newcomers it’s the biggest one.

Pen: This is very important to note here, and I just wanted to echo off this. While other projects have focused on marketing and claimed to solve rug pulls but only solve one small piece of the puzzle, we have actively been solving the puzzle and letting our tech do the talking.

Carlsbad | Lid Dev: Rug pulls are actually a solved problem with LID, again we’ve had 9 launches with 0 rug pulls and every time the team locking, project locking, all locks have worked. It’s the difference between locking the gate at the front of the house versus installing a full security system.

  And we’ve had this tech for 2 months. Everyone else has been playing catchup and failing at it.

D| Satoshi Club: good analogy.

Mary | Satoshi Club: So, you are using integrated approach and succeed.

Carlsbad | Lid Dev: Exactly. And it’s not that hard to do. All our code is open source, no one has any excuse who claims to prevent rug pulls. All they need to do is fork our code, and they can do it as well.

Mary | Satoshi Club: Thank you, guys, your answers, they are very informative and even this AMA can help a lot of people to stay safe)

Carlsbad | Lid Dev: However, we’re working on a next level system now, because the current one takes a lot of manual labor and is very restricted in who can use it.

We’ve been developing a new method that allows locked liquidity to scale, and is fully automated.

Mary | Satoshi Club: So, new method soon? Did you already test it?

Carlsbad | Lid Dev: We’re keeping it secret, because there’s a lot of risks and there may be major adjustments. However, tests are underway on a prototype and it appears to be holding up well.

We have a 100% iron hard guarantee of protection against rug pulls. So, we cannot release any new tech without being certain it will work. But speed is also important, I believe @ty_sofresh has some stats on how much is being lost to rug pulls.

Mary | Satoshi Club: He has? I am afraid of this numbers🤦. Okay great) hope, when it won’t be such big secret as now you will inform Satoshi Club.

Carlsbad | Lid Dev: Hee-hee 😉 Very soon, sometime in October.

Ty | LID Protocol: Most definitely – as we are all aware, rug pull scams run rampant within the DeFi space. Specifically, and most notably, the Uniswap ecosystem.

We have a full article coming out very soon, however, to give you the core numbers:Between September 21st, 2020, to 25th September (inclusive), there were no less than 559 instances where liquidity was reduced to zero. This totaled to a USD figure of $28,324,772. That’s 28 million dollars potentially stolen from unsuspecting investors and traders. And this is exactly why locked liquidity is such an important aspect for the growth of the DeFi space.

Carlsbad | Lid Dev: That’s $5.6m every day lost to just rug pull scams only.

Mary | Satoshi Club: Insane numbers, so many life’s ruined…

Ty | LID Protocol: And just to bounce of this – many of the rug pull scams that occur never make it to “mainstream social media”, simply because they are sometimes just $5000 in value. But when you get 100, or even 1000, the numbers start to add up and become vary scary.

We are all acutely aware of the major rug pull scams, unfortunately many traders and investors aren’t aware of how widespread the issue is.

Mary | Satoshi Club: Ok, thank you for this explanations, your job is really necessary!

Pen: We cannot wait! It’s going to be a real game changer.

D| Satoshi Club: Oh. we have a question about LIFTOFF in this part. Ready for third question?

Mary | Satoshi Club: Can we move to the third question or you have to add something?

Ty | LID Protocol: Third question here we go! 🙂

D| Satoshi Club: Q3 from Telegram user @dani_minkowicz

It wasn’t quite clear for me how does the certifying process work. How can a project hold their presale and be approved by the LID team?

Ty | LID Protocol: Projects that approach LID to use our LID Simplified presale service offering need to meet strict requirements. These strict requirements are designed to provide optimal levels of locked liquidity, as well as providing sufficient funds to the project to enable them to continue to develop their project.

Our strict requirements go all the way from how much Ethereum is locked in to liquidity, to specific percentages of token allocations.

Only once these requirements are met, can they be eligible for launching through the LID platform.

This in turn creates a very beneficial environment not only for the project, but most importantly for the safety of the presale contributors, as well as those looking to purchase once listed on Uniswap.

Mary | Satoshi Club: Honestly, were there many projects that you refused?

Pen: Yeah so, we have refused quite a few actually. We’ve canceled some just prior to launch, and in one instance with CXN project actually ended their presale early, issued a full refund and required they go get a new token contract audit before they could reapply. They ended up doing just that and have been very successful since!

Carlsbad | Lid Dev: Yes. And several went on to rug pull.

Ty | LID Protocol: LID has always been for the community, by the community, so we hold the investors and traders in very high regard.

Mary | Satoshi Club: Do you work just with Uniswap?

Carlsbad | Lid Dev: Currently, yes. We are looking at adding other dexes as an option, but Uniswap is just so much bigger that its difficult to get projects to move to other dexes with better tech.

Mary | Satoshi Club: Yes, Uniswap is huge) but hope, you will add more) Mooniswap is also nice one

D| Satoshi Club: Do you planning to work with other blockchains or you focusing is only on Ethereum?

Pen: We’ve begun working on integrating with TRON quite aggressively and that has been something the team’s been working on. But at the moment we’re mainly focusing on LIFTOFF through the ethereum blockchain.

Mary | Satoshi Club: Why Tron?

D| Satoshi Club: Because Tron is great! 😉

Carlsbad | Lid Dev: Tron has the most developed DeFi ecosystem outside of Ethereum.

Mary | Satoshi Club: I don’t know the statistics, but  i will believe you) thank you for the answers) are you ready for the next question?)

D| Satoshi Club: Yeah, I have heard about it.

Carlsbad | Lid Dev: It’s also evm compatible which means our eth tooling can migrate over.

D| Satoshi Club: Q4 from Telegram Username @alice_wonderland12

How does the standardized non-custodial presale smart contracts lock liquidity, can this be publicly seen by users?

Pen: Once the presale has ended, two buttons on our presale dApps open up, one is “send to Uniswap” the other is “issue tokens”

 This can be done directly with interaction through the presale smart contract itself but we made a UI for ease of use and so that anyone can do it to keep it truly decentralized.

 Once the “send to Uniswap” function is called, it sends to the tokens to the other smart contract Carl previously went over with the burn address. And he walked through it all above.

  I’ll go ahead and post the GitHub here again
https://github.com/carlsbad-sunshine/lid-contracts

 But yes, this is all publicly visible.

Ty | LID Protocol: And just to bounce off what Pen has said, the presale dApp page acts as a direct function of the presale smart contract. Through lock and trustless initiation, the presale smart contract automatically takes care of the all the processes involved. Doing so this way, ensures that no single person ever has all the ETH and tokens in their possession. The presale smart contract holds these and distributes them once the Functions are called to action as Pen mentioned.

These actions are not only visible in the code of the contract, but once they are initiated, are also visible on Etherscan as individual transactions.

Mary | Satoshi Club: So, no humans involved?

Carlsbad | Lid Dev: The locked liquidity is fully automated, but the buyback fund and some other pieces still manual, which we’re working on.

All of the locks are fully automated with no human involvement .

Mary | Satoshi Club: I believe that you will make all the pieces of this puzzle automatic very soon.

Thank you) next question?

Ty | LID Protocol: Yeah let’s do it! 🙂

D| Satoshi Club: Q5 from Telegram Username @KeymerS

As LID Protocol is governed by the DAO community, then why implement certifications or “licensed cover” that restrict SCAM tokens, when can the community really vote for which tokens to list and which to block?

Ty | LID Protocol: The LID DAO is one of the big development stages in our road map, and one that is still currently in deployment. Once the LID DAO is fully deployed and operational, control will then be given over to LID Stakers.

This will enable those who are involved, full voting rights to the direction of the project.

Mary | Satoshi Club: When you plan it to be fully deployed?

Ty | LID Protocol: However, just to follow on, many of the presale ILO requirements will still be active, so potential projects will still be required to meet these marks.

There are a few stages needed for completion before the LID DAO can be fully deployed, some of these include upgrades to the LID Staking system, as well as finality for the audits. We hope to get it released and deployed very soon, however a final date has not been set yet.

D| Satoshi Club: In this year?

Carlsbad | Lid Dev: Yes, this year. We’re waiting for the audits to complete.

Mary | Satoshi Club: Yes, I want to ask – what will you do if you will clearly understand that a project is scam, but community will vote for it?

Carlsbad | Lid Dev: Actually, what we already do, is talk to stakers and ask what they think, and generally we’ve found they know better what is scam and what isnt than the team does.

We’re working on formalizing this process soon, but LIFTOFF has to get built first.

D| Satoshi Club: Each stakers will have power to vote, and make some decisions about project directions?

Ty | LID Protocol: Yes, that’s right 🙂 the exact specifics and metrics are still a closely guarded secret, but in essence those who hold and stake LID, will earn voting rights to take part in LID DAO governance matters.

Carlsbad | Lid Dev: The Lid Dao Aragon Template is actually already up on Github, its just that since the Lid Dao treasury has almost $1m in assets (including assets in bootstrap fund that will be transferred) its critical it won’t be hacked.

D| Satoshi Club: but if I am a big holder/staker i guess i will have more power?

Carlsbad | Lid Dev: Exactly, votes are proportionate to your stake. It uses a snapshot which checks what % of staking power you had at the time a proposal was submitted.

Mary | Satoshi Club: Thank you for answers) and now we have the last question from this part) ready?

Pen: Yep!

D| Satoshi Club: Q6 from Telegram Username @Finball

LIFTOFF Finance vs LID protocol you both probs more like a sibling, one handle big project and the other handle small/niche project. How do you define which is which big project vs niche one, is it in liquidation pool invest or any other market valuation?

Pen: So there are going to be a few different factors on this one. The main one is that since LIFTOFF will be fully run through its own site, where anyone can go to it and use it (assuming their project fundamentals fit and don’t require audits) the hardcaps will differ.

The larger projects, or premium launches like XFI has to meet a certain criteria in brand activity level, community size, quality of project + team and overall marketing plan. These also tend to have higher hard caps in excess of 3k eth raises.

Carlsbad | Lid Dev: What we’ve seen in the market, is that there’s 2 major types of ILOs that do well. On the small end, there are the experimental gems with under 500 eth raises. These tend to have very small teams, sometimes just 1 or 2 people, and some experimental technology.

Mary | Satoshi Club: Yes, that’s right.

Carlsbad | Lid Dev: The other market that does well, is the raises over 3k eth, which have teams with backgrounds in high tech, grad school research, and deep knowledge and long-term plans. These projects tend to have longer marketing timelines and more complex requirements.

D| Satoshi Club: So, LIFTOFF is for smaller projects?

Carlsbad | Lid Dev: There’s a bit of a “dead space” in the middle, thats difficult. We have had ILOs do well in the middle, but it’s harder. The reason is between 500-3k eth, the raises are too large for it to be an experimental gem, but too small to fund the costs of an extremely well qualified dev team.

LIFTOFF is targeted for smaller projects, but we may see some larger ones on there as well. We’re designing it to scale liquidity to the size needed for the project, so the market determines the amount of locked liq.

Generally larger raises are going to not like LIFTOFF because its not going to provide the custom service they need.

D| Satoshi Club: Makes sense.

Carlsbad | Lid Dev: The competitive landscape is super different for these two markets as well.

For gems, really its Bounce.finance, that they go for, if they dont use LID or cant meet LID’s requirements. That used to be coupled with UNC, and now looks like it will be coupled with team.finance.

Both of which are great projects btw, that have excellent tech.

Mary | Satoshi Club: Someone can tell that this mean that small projects will not be as thoroughly checked.

Carlsbad | Lid Dev: Correct – so to go into that idea a bit deeper, we always require an audit. And for liftoff, the dev cannot even provide their own token. Liftoff deploys the token for them.

Mary | Satoshi Club: Cleverly thought up

But for larger raises, we have a much deeper investigation into the team, product, and project. The big part being, they must have a real product available at launch.

The other thing larger raises have to have, is a marketing plan with an extended timeline.

Carlsbad | Lid Dev: Small projects still must not be able to rug pull. So that means no mint attacks, etc.

But they are experimental gems, and dont have the resources to necessarily have a product at launch, or a longer marketing plan. But thats ok, because their raises are lower.

Mary | Satoshi Club: Will you have investigation department? Or already have?

Carlsbad | Lid Dev: Right now, its super informal, and it needs to be formalized and handed over to the stakers. Currently we talk to the large stakers who are actively involved in ILOs, and so far, their predictions have been completely accurate. But we need a formal voting system and investigative committee.

 We were hoping to partner with 3rd party certification services, but unfortunately none of them have been able to demonstrate as much competence as Lid Stakers. Maybe having capital at stake helps sharpen the mind.

I’m super proud of our stakers, they are really very competent. My opinion is that once we can get the tech for them to fully run LID, it’s going to be super good for growth.

Mary | Satoshi Club: I had experience, when i know exactly when project will rug pull (just my feelings) and just watch how they deleted their accs.

Carlsbad | Lid Dev: Oh man, yeah, its horrible feeling. And its so many people, like Ty was saying, $5m stolen a day.

Mary | Satoshi Club: Yes… But now we have LID Protocol.)))

Carlsbad | Lid Dev: It makes me very sad. I try not to think much because it’s so depressing. Yes!!!! Yes, and it’s so critical for the community to support LID.

Mary | Satoshi Club: We will👍

Carlsbad | Lid Dev: Because if people support real tech, like what LID has, then we can end rug pulls. But its not something that tech can do by itself.

There has to be a change in the mindset from community, that rug pulls arent acceptable, and that decentralized technical solutions are the answer.

D| Satoshi Club: Definitely!

Mary | Satoshi Club: Thank you for your job! And now, i know, that our community is waiting to ask you live questions) are you ready for them?

Carlsbad | Lid Dev: Yes!

Pen: Yeah, Let’s go

Part 2 — live questions from the Telegram community

Within 10 seconds, everyone could ask their questions in an open chat. From which the 10 best were selected, with which you can familiarize yourself. Reward pool of PART 2 $200/10 users. 

Q1 from Telegram user @Nickkiii:

 I’m a bit confused, if the LIFTOFF is not yet live, how come the XFinance $XFI and CxnNetwork $CXN Presale was run through LID ?

Carlsbad | Lid Dev: We already have done 9 ILOs through the Lid Simplified Presale v1.0. Liftoff is a different system, that locks liquidity in a different way. XFI and CXN were both run on Lid Simplified Presale v1.0 which you can see at http://sale.lid.sh

Q2 from Telegram user @endtimeprophet:

I have seen many projects claim to lock liquidity and will even show proof of unicrypt, but they will still remove liquidity later, how do you prevent such happening on LID

Carlsbad | Lid Dev: Most liq locking projects make two mistakes. (1) they dont burn the liquidity tokens, they put them in a contract. (2) they dont audit the token contract. LID fixes both of these issues. Liquidity tokens are automatically burned, and are never touched by a human ever. Contract audits prevent the mint attack.

Q3 from Telegram user @ngoccam

Please tell me your biggest challenges and barriers that LID Protocol is facing and how you overcome to become the best?

Pen: I think right now just getting the word out there is the biggest thing to us. Our tech has worked since day one, we had a few bumpy launches bug wise but have since ironed them all out.

Q4 from Telegram user @GoldRocket27

With a total supply of 142M Lid, 38M Lid of this is staked. According to CoinMarketCap, 87M Lid is currently circulating. I have a question: where are 17M Lid’s that CoinMarketCap doesn’t know about? And isn’t Uniswap too cramped for you, maybe you are thinking about listing on other exchanges?@carlsbad_sunshine  @ty_sofresh

Carlsbad | Lid Dev: CMC doesn’t properly list all of the locking contracts for LID, CoinGecko is much better. But there is substantial supply locked in 3 places: (1) Lid team tokens (2) Lid Dao Treasury (3) Lid Bootstrap fund.

Q5 from Telegram user @JoxesXIII

How long does LID protocol unsure investors from possible exit scam? is eternal, is there a moment in which the insurance contract expires?

Carlsbad | Lid Dev:  With LID, liquidity is locked permanently and forever by burning the LP tokens. Unlike most competitors, which use smart contract locking that could potentially release LP later.

Q6 from Telegram user @Jonahapagu

For  projects that dont have audit and use your audit companies will LID be responsible for covering the expenses and why were this particular audit companies selected and will one audit company not be able to do the work

Pen:  LID won’t be covering the expenses, one of the companies will be paid from a % of total eth raised as it’s more of an in-depth auditing company. The other one is very quick, not too expensive, has strong trust and can do a token contract audit fast. The other company were partnering with is more for auditing entire ecosystems of a project

Q7 from Telegram user @ruhel00786

Do #LID is global project?

Pen: Yes, we have active communities in Japan, China, Vietnam and Bangladesh currently. We will continue to expand further as well

Q8 from Telegram user @kuru1231

Does LID have any Coin Burn / Buy Back system or any plans for Token Burn for increasing the value of Tokens & attracts Investors towards Stake for investments?

Pen: We have done a few since we started launching projects. The more presales we can do, the more eth we can generate and do additional buyback and token burns

Q9 from Telegram user @annasmirnn

What kind of incentives do you offer for the LID token stakers? Where is it possible to stake LID tokens?

Carlsbad | Lid Dev:  You can stake LID tokens at stake.lid.sh. We’re working on an analytics dashboard to help display APY data, right now its around 67%. Theres no fee to stake, but there is a 2% unstaking fee. LID token stakers also get entry into the 15 minute early access for Lid Simplified Presales, depending on amount staked.

Q10 from Telegram user @bitboyss

Can you tell us the motivation and benefits for investors to hold LID token long term? What plans do you have to help drive demand and scarcity for the token?

Carlsbad | Lid Dev:  10% of every ILO is used to buy LID for a LID/XXX pool, where XXX is the token doing the ILO. This means the amount of locked liquidity for LID is constantly increasing. LID also has a 2% transfer tax, which is granted to stakers, so each LID/XXX pool increases rewards to stakers through arbitrators trading against the different pools.

Part 3 – Quiz Results

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

Questions and  Answers for a quiz.

1-How long does LID Protocol lock Liquidity into Uniswap?

A -6 months

B-1 year

C-Permanently – Correct

D-They don’t lock liquidity

2-Does LID timelock any tokens?

A-Team tokens, marketing (over 5%), DAO, staking and any other relevant sections – Correct

B-Team tokens and marketing (over 5%)

C-Just team tokens

D-All of the marketing tokens

3-Who can use LIFTOFF when it releases in October?

A-Only projects that hold LID

B-Only public teams

C-Only public teams that stake their LID

D-Anybody can – Correct

4- Which project not only launched on LID’s presale platform but also launched a full partnership?

A-Swapfolio

B-CXN Network

C-Buy-sell Network

D-Xfinance – Correct

For more information and future AMAs, join our Social Media channels:
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Q1 from Telegram user @Nickkiii:

 I’m a bit confused, if the LIFTOFF is not yet live, how come the XFinance $XFI and CxnNetwork $CXN Presale was run through LID ?

Carlsbad | Lid Dev: We already have done 9 ILOs through the Lid Simplified Presale v1.0. Liftoff is a different system, that locks liquidity in a different way. XFI and CXN were both run on Lid Simplified Presale v1.0 which you can see at http://sale.lid.sh

Q2 from Telegram user @endtimeprophet:

I have seen many projects claim to lock liquidity and will even show proof of unicrypt, but they will still remove liquidity later, how do you prevent such happening on LID

Carlsbad | Lid Dev: Most liq locking projects make two mistakes. (1) they dont burn the liquidity tokens, they put them in a contract. (2) they dont audit the token contract. LID fixes both of these issues. Liquidity tokens are automatically burned, and are never touched by a human ever. Contract audits prevent the mint attack.

Q3 from Telegram user @ngoccam

Pen: I think right now just getting the word out there is the biggest thing to us. Our tech has worked since day one, we had a few bumpy launches bug wise but have since ironed them all out.

Q4 from Telegram user @GoldRocket27

With a total supply of 142M Lid, 38M Lid of this is staked. According to CoinMarketCap, 87M Lid is currently circulating. I have a question: where are 17M Lid’s that CoinMarketCap doesn’t know about? And isn’t Uniswap too cramped for you, maybe you are thinking about listing on other exchanges?@carlsbad_sunshine  @ty_sofresh

Carlsbad | Lid Dev: CMC doesn’t properly list all of the locking contracts for LID, CoinGecko is much better. But there is substantial supply locked in 3 places: (1) Lid team tokens (2) Lid Dao Treasury (3) Lid Bootstrap fund.

Q5 from Telegram user @JoxesXIII

How long does LID protocol unsure investors from possible exit scam? is eternal, is there a moment in which the insurance contract expires?

Carlsbad | Lid Dev:  With LID, liquidity is locked permanently and forever by burning the LP tokens. Unlike most competitors, which use smart contract locking that could potentially release LP later.

Q6 from Telegram user @Jonahapagu

For  projects that dont have audit and use your audit companies will LID be responsible for covering the expenses and why were this particular audit companies selected and will one audit company not be able to do the work

Pen:  LID won’t be covering the expenses, one of the companies will be paid from a % of total eth raised as it’s more of an in-depth auditing company. The other one is very quick, not too expensive, has strong trust and can do a token contract audit fast. The other company were partnering with is more for auditing entire ecosystems of a project

Q7 from Telegram user @ruhel00786

Do #LID is global project?

Pen: Yes, we have active communities in Japan, China, Vietnam and Bangladesh currently. We will continue to expand further as well

Q8 from Telegram user @kuru1231

Does LID have any Coin Burn / Buy Back system or any plans for Token Burn for increasing the value of Tokens & attracts Investors towards Stake for investments?

Pen: We have done a few since we started launching projects. The more presales we can do, the more eth we can generate and do additional buyback and token burns

Q9 from Telegram user @annasmirnn

What kind of incentives do you offer for the LID token stakers? Where is it possible to stake LID tokens?

Carlsbad | Lid Dev:  You can stake LID tokens at stake.lid.sh. We’re working on an analytics dashboard to help display APY data, right now its around 67%. Theres no fee to stake, but there is a 2% unstaking fee. LID token stakers also get entry into the 15 minute early access for Lid Simplified Presales, depending on amount staked.

Q10 from Telegram user @bitboyss

Can you tell us the motivation and benefits for investors to hold LID token long term? What plans do you have to help drive demand and scarcity for the token?

Carlsbad | Lid Dev:  10% of every ILO is used to buy LID for a LID/XXX pool, where XXX is the token doing the ILO. This means the amount of locked liquidity for LID is constantly increasing. LID also has a 2% transfer tax, which is granted to stakers, so each LID/XXX pool increases rewards to stakers through arbitrators trading against the different pools.

Part 3 – Quiz Results

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

Questions and Answer for a quiz Lid Protocol.

1- How long does LID Protocol lock Liquidity into Uniswap?

A-6 months

B-1 year

C-Permanently – Correct

D-They don’t lock liquidity

2- Does LID timelock any tokens?

A-Team tokens, marketing (over 5%), DAO, staking and any other relevant sections – Correct

B-Team tokens and marketing (over 5%)

C-Just team tokens

D-All of the marketing tokens

3- Who can use LIFTOFF when it releases in October?

A-Only projects that hold LID

B-Only public teams

C-Only public teams that stake their LID

D-Anybody can – Correct

4- Which project not only launched on LID’s presale platform but also launched a full partnership?

A-Swapfolio

B-CXN Network

C-Buy-sell Network

D-Xfinance – Correct

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

LID Protocol Community https://t.me/LIDProtocol

The future belongs to those, who believe of their dreams.(c) This can be said about our friends and partners from RioDefi. Satoshi Club always wants to present the most promising and interesting projects to our community. Our guest was James Anderson CEO / CO-FOUNDER at RioChain.

Total Reward pool: $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

Luis Merino 🇪🇸| Satoshi Club: Hello SatoshiClubbers! Welcome to a new AMA session, this time with RioDeFi. Our guest today is @LibertyBuddhist. Welcome! Thanks for joining 🙂

Gold Rocket | Satoshi Club: Hello dear community! @LibertyBuddhist We are very glad to see you again. We missed RioDefi. Tell us what has happened at this month.

James Anderson: Hello, thank you for hosting me again! Satoshi Club is quickly becoming my favorite group on Telegram (besides the RioDeFi official one of coure 😉).

Luis Merino 🇪🇸 | Satoshi Club: Satoshi Club likes RioDeFi too! What a gem project 🙂

Serg | Satoshi Club: Hi James! Glad to see you here again 🙂 RioDeFi is one of my favourite projects as well. Btw, people are talking here about a mysterious listing 😁 are the rumours true?

James Anderson Hmmm… depends on which rumors you’re hearing 😉

Serg | Satoshi Club: so, our dear James, what new happened in this month?

James Anderson: A lot has happened this month!

We’ve had new partnership announcements almost every day this week. Let me share an overview

At RioDeFi, we have a broad ecosystem of partners that we work with. Yesterday we announced our partnership with Vauld (formerly Bank of Hodlers) to offer INR focused financial infrastructure services for any developers wanting to build their dream businesses on RioChain. With this partnership, RioWallet will now have easy-to-use fiat on-and-off ramps for INR. https://medium.com/@riodefiofficial/riodefi-builds-a-bridge-to-india-663e02a71e2f

We’re also partnered with Hex Trust, a licensed Hong Kong Trust company that offers bank-grade digital asset storage services for its institutional clients. These assets are also insured. From the moment we start accepting money to build our business to when assets are stored on Rio Chain and eventually withdrawn back to their native chain, we operate in a secure and audited system that uses Hardware Security Modules (HSMs) and multi-sig cold storage solutions to ensure the safety of all digital assets. https://medium.com/@riodefiofficial/riodefi-appoints-hex-trust-as-custodian-c5c5bb62d6fc

We also worked with CertiK, one of the leading blockchain security auditing firms, to audit the core runtime modules of RioChain and penetration test the web & mobile versions of RioWallet. https://medium.com/certik/certik-audits-three-riodefi-modules-and-performs-a-pen-test-for-riowallet-54d21af3741d

RioDeFi has brought on digital payment & network technology experts BCW Group to assist in expanding its services infrastructure. BCW Group is a strategy consulting firm that specialises in digital payments, digital assets infrastructure, and DLT node validation as a service for enterprise clients. BCW Group will design key strategic infrastructure initiatives, technical elements, and industry best practices to bolster the payment and value transfer aspects of the RioDeFi ecosystem. The BCW consulting team is experienced in leveraging its global network to facilitate critical partnerships in cross-asset payment rails, merchant services and regulatory compliance requirements throughout the evolution of RioDeFi’s journey from startup to established industry player. https://medium.com/@riodefiofficial/bcw-group-inks-partnership-with-riodefi-5b71bb859bdd

RioDeFi has brought SK Chain Advisors on digital payment and network technology to guide us in expanding the services which will benefit the community members in various ways.

SKChain has a great team which has senior management from top global investment banks also they have management consulting firms such as McKinsey & Company, Ernst & Young, and HSBC. https://medium.com/@riodefiofficial/sk-chain-advisor-builds-partnership-with-rio-chain-98b44e5591de

RioDeFi has partnered with payment gateway MoonPay to offer effortless purchasing of its RFUEL token. The new decentralised finance protocol will host MoonPay’s payment services on its website to facilitate purchases with all major debit/credit cards, bank transfers and new mobile payment methods such as Apple Pay, Google Pay and Samsung Pay. RioDeFi’s RFUEL token will also be made available for purchase through other channels where MoonPay is enabled, such as exchanges and digital wallets. MoonPay accepts payments from over 160 countries with its simple, developer-focused API’s. https://medium.com/@riodefiofficial/riodefi-goes-live-with-moonpay-as-a-payments-partner-efd1ea2e50a0

Additionally, twelve Venture Capital funds joined the RFUEL Community Crowdsale and are providing strategic support to RioDeFi as we develop our ecosystem. https://medium.com/@riodefiofficial/rio-defi-scores-landslide-victory-during-private-round-of-investments-f03b0b398a5e

Q1 from bitcointalk user gustafsson

20% of the tokens are meant for distribution for the community. Please tell us how this process works and how can I be a part of it

James Anderson: Our economic model encourages rapid adoption. We will distribute 10 free RFUEL to new users of RioWallet, which is enough for 100 transactions since the current transaction fee is 0.1 RFUEL. These promotional RFUEL can only be used for transaction fees; they cannot be transfered or traded. We will also have a referral program in RioWallet to encourage people to share it with their friends.

We will also be adding a referral program into RioWallet soon that will encourage people to invite their friends to try it out. Additionally, community members can earn additional RFUEL by staking RFUEL.

Our IDO starts tomorrow at 8:30am UTC. Get your gas ready! https://medium.com/@riodefiofficial/rfuel-initial-dex-offering-ido-on-uniswap-14033dff930c

Q2 from bitcointalk user JonahAp

As part of RioDefi’s effort to build bridges between traditional finance and the digital asset services RioDefi recently Built a bridge for India.. Can you explain how this bridge functions and what it does…. What other regions are you currently looking at to build a similar bridge for

James Anderson: We certainly hope that doesn’t happen, because we really value our Indian communities and feel that India could be a huge market. That said, we are a global company with communities in many countries. RioDeFi is also working with the team at Vauld (formerly Bank of Hodlers) to offer INR focused financial infrastructure services for any developers wanting to build their dream businesses on RioChain. With this partnership, RioWallet will now have easy-to-use fiat on-and-off ramps for INR. Developers can also build dApps on RioChain focused on Indian markets that allow Indians to easily interact with them due to the fiat payment rails. We’re currently exploring create a similar system in other countries. Our partnership with Moonpay allows the fiat on-ramps side of things with MANY different fiat currencies, including:

AUD – Australian Dollar

BGN – Bulgarian Lev

CAD – Canadian Dollar

CHF – Swiss Franc

CNY – Chinese Yuan

COP – Colombia Peso

CZK – Czech Koruna

DKK – Danish Krone

DOP – Dominican Peso

EGP – Egyptian Pound

EUR – Euro

GBP – Pound Sterling

HKD – Hong Kong Dollar

HRK – Croatian Kuna

IDR – Indonesian Rupiah

ILS – Israeli New Shekel

JPY – Japanese Yen

JOD – Jordanian Dollar

KES – Kenyan Shilling

KRW – South Korean Won

KWD – Kuwaiti Dinar

LKR – Sri Lankan Rupee

MAD – Moroccan Dirham

MXN – Mexican Peso

MYR – Malaysian Ringgit

NGN – Nigerian Naira

NOK – Norwegian Krone

NZD – New Zealand Dollar

OMR – Omani Rial

PEN – Peruvian Sol

PKR – Pakistanee Rupee

PLN – Polish Złoty

RON – Romanian Leu

RUB – Russian Ruble

SEK – Swedish Krona

SGD – Singapore Dollar

THB – Thai Baht

TRY – Turkish Lira

TWD – Taiwan Dollar

USD – US Dollar

VND – Vietnamese Dong

ZAR – South African Rand

Q3 from Telegram user @alex_satang

I’ve seen that Certik has done your audit and made some recommendations for you to improve. What have they found and are you working on it? Also, do you plan to have any other audit from other parties?

James Anderson: We’ve already made all of their recommended changes, which was done prior to them publishing the audit report announcement. We’ve also just had an audit completed by Slow Mist on the RioFuel (RFUEL) ERC20 token smart contract, which successfully passed every check!

Serg | Satoshi Club: btw, I’ve got some messages now. People ask me why have you chosen the name Rio? 🙂 is it from Rio de Janeiro?

James Anderson: Rio is the name for river in spanish, and to us it represents the ideas of liquidity and flow. We believe that money is energy in a liquid, spendable form, so Rio represents these flows of wealth. As you know DeFi stands for Decentralized Finance, and its RioDeFi’s mission to accelerate the mass adoption of digital assets by bridging traditional and decentralized finance.

Gold Rocket | Satoshi Club: @LibertyBuddhist By the way, do you have something like insurance fund in case of some emergencies?

James Anderson: Yes, our reserves can be used for insurance should the need ever arise. Additionally, our custody partner Hex Trust has an insurance policy in place for the digital assets they store on our behalf.

Q4 from Telegram Username @stekbyte

At the moment, there are three wallets in development (Android, iOS and Web wallet). When can we expect the development to be completed?

James Anderson: We plan to have this finished during Q4 of this year. We’re actually planning to launch our on-chain staking program toward the end of October. RioWallet will be able to store a wide variety of digital currencies from different blockchains, plus it will allow users to easily purchase cryptocurrencies with that large list of fiat currencies I shared earlier. At the beginning it will have staking functions and a dApps section, and by Q1 2021 we’ll have savings programs & lending programs as well.

Users can deposit assets from other blockchains using our Generic Asset Bridge, then they can use those currencies within RioChain dApps and send them to other users at the speed and cost of RioChain, which is 2 seconds and 0.1 RFUEL. I don’t know that we’ve actually set a minimum in there yet, but it’d probably be as low as 1 RFUEL.

Q5 from Telegram Username @julioceazar

The Rio Generic Asset Bridge supports simultaneous cross-chain transfers of multiple assets, and the end-to-end functionality. How can the Rio Generic Asset Bridge compete with Lightning Network and Liquid Sidechain?

James Anderson: It definitely offers an alternative to using the Lightning Network and Liquid Sidechain, but it also has a ton of other features such as being able to interact with RioChain dApps, including our planned Savings & Lending applications. Currently just the features already mentioned, which are having access to cross-chain DeFi services and fiat payment solutions.

Q6 from Telegram Username @BeratToker

I saw on your telegram group that RioDeFi will hold an IDO for your $RFUEL token at September 28th. My question is, what is the maximum supply of $RFUEL token to be circulated, and how do you control the coin price so its doesn’t get dump and keep stable after its get listed on several markets soon?

James Anderson: The circulating supply on day 1 will be 109,375,001 RFUEL. The total supply after 5 years will be approximately 1 Billion RFUEL (a bit less due to the burning of some promotional tokens). We had over 14,000 people subscribe to our Community Crowdsale whitelist with over $65M USD in commitments, which is over 10 times the entire public sale raise amount, so we think the buying demand for RFUEL is incredibly strong. And that was a few weeks ago. Demand has grown even stronger since then. Additionally, we’ll have some staking programs in place from day 1, which will give people strong incentives to hold RFUEL.

We’re planning to expand quite rapidly to build out our ecosystem. First we’ll be focused on finalizing and launching the Rio Chain main-net, which is currently planned for the middle of October. We already have a strong team in China, and we’ll be hiring Country Managers in the Philippines, Vietnam, Indonesia, India, Thailand, Japan, Korea, Turkey, and a few other countries, because we really aim to expand the reach of our ecosystem and get everyone familiar with our financial solutions. Additionally, we’re working with some of the leading marketing & PR companies in the blockchain industry, including Market Across, Block72, and SK Chain Advisors

Part 2 — live questions from the Telegram community

Q1 from Telegram Username @Fitri1510:

✅ Increasing Token price

✅ make Token Valuable

✅ Building Community Trust

From 3 aspects above,. I want to ask,. Which one the most important for you?? If all above are important for you,. Which one that Will you do first??

James Anderson: Our #1 priority is to build long-term sustainable value for the RioDeFi ecosystem and the RioFuel (RFUEL) token. Of course this involves building community trust as well, and if you do a good job with those two things, then price appreciation is the natural result. Every action on RioChain has a transaction cost (0.1 RFUEL for basic transactions) that is paid in RioFuel (RFUEL), which is its native platform (gas) token. The more dApps that build on RioChain, the more demand there will be for RFUEL, and with a fixed supply of 1 Billion and a rapidly expanding ecosystem of dApps, users, and businesses built to support the ecosystem, we believe that RFUEL will increasingly gain in value over time in proportion to the growth of the network. RioDeFi will also earn revenues by engaging in new ventures with entrepreneurs and businesses who seek to build products and services on RioChain. We have arranged our business model so that we can get paid in tokens for assisting projects to grow. All these profits will go back into building a stronger ecosystem, all powered by RFUEL.

Q2 from Telegram Username @starshades007

What is the mutual development between Mantradao and Rio Defi? Will you share users or business value?

James Anderson: In addition to being the CEO at RioDeFi, I’m also a Council Member of MANTRA DAO, which was incubated by RioDeFi. MANTRA DAO leverages the wisdom of the crowd to create a community-governed, transparent, and decentralized ecosystem for web 3.0. Built on RioChain for the Polkadot ecosystem, it focuses on staking, lending, and governance. MANTRA DAO gives financial control back to the people to grow wealth together. As a dApp on RioChain, every MANTRA DAO staking, lending, or governance action will require RFUEL. Sending OM tokens on RioChain will also require RFUEL. In this way, RFUEL will grow in value when the MANTRA DAO ecosystem grows. We are thrilled to have MANTRA DAO as the first external dApp that’s built on RioChain. In this way, every user of MANTRA DAO is also a user of RioChain, so both users and business value will be shared.

Serg | Satoshi Club: which one is your first priority? 🙂 Rio or Mantra?

James Anderson: 100% RioDeFi. My duties as a Council Member of MANTRA DAO only require a few hours per week, whereas I work around-the-clock, 7 days a week on RioDeFi.

Q3 from Telegram Username @Brucedt

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

James Anderson: Rio Chain has faster speeds, better scalability, lower transaction costs, lower energy consumption, strong security, and an increased ability to work with regulated institutions when compared with many other blockchains. Rio Chain features 2 second block times, and up to 3,000 transactions per second. We think these features will make it VERY attractive to build dApps on. One key reason for developers to build on Rio Chain is that we give 20% of all RFUEL fees back to the dApps that generate those fees. We reward developers for bringing value to our ecosystem. Additionally, we have grant allocations that can encourage people to build on the superior technology offered by Rio Chain, which is a scalable, interoperable, fast, and secure blockchain that can interact with the Polkadot network, as well as directly with other blockchains. We have a suite of financial products to rival those of Crypto.com, and a layer 1 blockchain with a DeFi focus that can challenge Ethereum, so we think long-term HODLers of RFUEL will be very happy in the coming years.

Q4 from Telegram Username @Alika061

When will #RioDefi see uniswap with $FUEL tokens and can you give a little leak about how many purchases on Uniswap at the initial price ?? for all of us. thank you!

James Anderson: Sure, we’ll be on Uniswap tomorrow starting at 8:30am UTC. We’ll be putting 5M RFUEL tokens and $1M worth of Ethereum on Uniswap as initial liquidity in order to set the starting price at $0.20. More details can be found in our official announcement. https://medium.com/@riodefiofficial/rfuel-initial-dex-offering-ido-on-uniswap-14033dff930c

Q5 from Telegram Username @rogerass

Does Rio Defi have offices in the real world or only work in cyberspace?

James Anderson: Haha, good question! We have offices in both Hong Kong and Shanghai, plus we have remote developers and operations staff that work in co-working spaces around the world.

Q6 from Telegram Username @foreveralonek

Your project development is really commendable. Let me know how can you survive this longest market and keep building and growing as many projects are dead and scrapped during this time period?

James Anderson: We were fortunate to have a strong seed investor, our President Calvin Ng, who believed in our vision from day 1. RioDeFi was established in April 2019 by its co-founders, which include Calvin Ng, Stephane Laurent Villedieu, Katerina Volkova, and myself. All of us are veterans in the Blockchain industry. The vision behind RioDeFi has always been to connect traditional financial services with interoperable DeFi in order to make DeFi services accessible to everyone. We believe this is the prerequisite to bring blockchain and cryptocurrencies to mainstream adoption. We’re building a long-term sustainable financial ecosystem, so this is more resilient to temporary market cycles.

Q7 from Telegram Username @DimasLavigne

What are the use cases of the RFUEL token and how do you ensure that the token captures the value of the architecture of Rio DeFi?

James Anderson: RFUEL is RioChain’s native platform token, it is required to conduct a transaction or execute a smart contract on RioChain network. Every action on RioChain has a transaction cost (0.1 RFUEL for basic transactions) that is paid in RioFuel (RFUEL), which is its native platform (gas) token. The more dApps that build on RioChain, the more demand there will be for RFUEL, and with a fixed supply of 1 Billion and a rapidly expanding ecosystem of dApps, users, and businesses built to support the ecosystem, we believe that RFUEL will increasingly gain in value over time in proportion to the growth of the network.

Q8 from Telegram Username @RoZerius

With the economic crisis and outbreak due to Covid-19, What difficulties does your project have? What has been done to maintain growth, strengthen investor confidence, and community support?

James Anderson: COVID-19 has been terrible, but one positive effect that came out of it is that it gave us time to focus and build. Without much else to do or conferences to travel to, we’ve been able to do more work and build faster than we ever have in the past. This has allowed us to accelerate our plans. We think COVID-19 has also helped to spur the adoption of digital assets and mobile payment solutions, as these can be utilized 24/7 from around the globe. No visit to a bank needed.

There have been some struggles at times due to team members not getting to visit each other as much as we’d like, but it’s also helped us to develop some better communication systems so that we can work effectively even while geographically dispersed.

Q9 from Telegram Username@Maksyrn

What else needs to happen in the world in order to start using DeFi?

James Anderson: There has always been strong demand for DeFi. The reason that DeFi has not yet reached mass adoption is correlated to the over-extension of centralized finance, as well as the complexity and lack of scalability in existing DeFi products. Some people may think DeFi is overheated these days, but I will regard this as the avid exploration of what is possible with DeFi. There is still a lot which DeFi can do for the people. The more people paying attention to it, the better future it has.

In order to achieve mass adoption, we need to make cryptocurrencies so easy to use that even a grandmother can use them. This happens by massively simplifying the user experience and having integrated services so that the blockchain components happen in the background.

RioWallet will have an OAuth wallet creation solution using a Gmail or Facebook account, and free RFUEL will be pre-loaded into every mobile RioWallet, so we think our users will find RioWallet to be a refreshing experience compared to what’s come before.

Q10 from Telegram Username@DavidHunte

How is RioChain Bette than Ethereum? As the current situation Ethereum facing so, do you think in future RioChain can be a replacement of Ethereum Network?

James Anderson: RioChain is faster, more scalable (up to 3,000 TPS compared to Ethereum’s 17 TPS), and has lower transaction fees than Ethereum. We chose to build on Parity’s Substrate framework because it allows for cross-chain communications and true interoperability, which is something Ethereum hasn’t achieved yet. The Substrate framework allows for forkless upgrades, lower fees, better efficiency, faster speeds, and customizable consensus modules. Their on-chain governance features are also quite robust. We’re to be a part of the rapidly growing Polkadot ecosystem. With the Polkadot network leading the charge on cross-chain interoperability, and RioDeFi forming the bridges between CeFi and DeFi, as well as scalable business applications within the Polkadot ecosystem, we are ready to lead the future of cryptocurrency mass adoption!

Part 3 – Quiz Results

In the part 3 we would like you to check your knowledge in terms of RioChain. 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!

RioDefi Quiz Correct Answers:

1. What is the speed of RioChain?

3000TPS

2. What’s percentage of $RFUEL will be used for Reward distribution ?

20%

3. What will be the estimative staking APR in the beginning ?

50%+

4. When RioWallet will be launched?

Q4

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