Month: October 2020

A new month begins and at satoshi club we continue to educate our community and giving great rewards for it. So, today we would like to tell you about the AMA session with our friends from FACT. The AMA took place on October 1st and our guest was Chris Fletcher.

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: Hello, Satoshi Club 😀 We are happy to announce that today we have FACT finance as our guest @Chrisfletcher welcome to Satoshi Club!!

Chris: Hi everyone, glad to be here today to answer your questions.

Mary | Satoshi Club: Tell us some interesting facts about yourself) And, of course, how did you start your journey with FACT finance?

Chris: My name is Chris, i’ve started the Crypto in 2016 as a normal trader and as an entrepreneur it sparked in my mind to pick a Professional team and make something to add value to the Defi world.

Mary | Satoshi Club: Good, when this idea about FACT came to you? Was it yours?

Chris: Early in July when i was confused about the Variable APY and interest rate loans that i’m taking from other projects. then i asked myself why there’s no project that have clear 0% interest rate and why the staking is only for staking.

So i came up with FACT to offer bother services. the 0% interest loans and the staking users will be having more than one revenue stream. Yes, the initial idea is mine and it was modified and developed over the time, for example we’re working on YFACT which will empower FACT holder and i’m going to explain how later on.

D. | Satoshi Club: Thank you for intro Chris!  i think we can star with questions from our community.

Q1 from bitcointalk user let098765

If FACT Loans Interest Rate Is 0%, how will you earn profit from your customer? Is there any hidden or additional charges in making a loan with Fact?

Chris: it’s not a hidden fee it’s a fixed processing fee explained in the website and the whitepaper. This fee will be fully distributed on the Liquidity providers (staking users) and this is the second revenue steam for the LP.

In return the borrower will be incentivized by paying off the loan in FACT or in the initial collateral which is DAI. So it’s always a winning deal for them by securing their collateral back if FACT value has decreased.

Mary | Satoshi Club: And what about your profits? Will it be enough for team?

Chris: It was when the Team’s wallet was 1.35M FACT but we’ve had a meeting discussing how to preserve the FACT value ans we’ve taken an important decision to burn 90% of the available tokens and it took place bringing the Max supply from 16M FACT to less than 3M FACT. It’s a motivation for all the team to keep working hard to maximize the value of FACT. Also it was effective bringing the price from almost $0.5 to over $2 once we’ve announced the burning.

D. | Satoshi Club: For example, if I’m a newbie in crypto and not good at finance, all those rates/loans etc. would you still recommended me use your service?

Chris: If you have the opportunity to borrow any commodity and you’ll be a 100% in profits i believe that everyone will chose borrowing rather than Buying FACT.

Why you’ll be always in profits from borrowing:

1. 1-FACT value increased in this case you can keep your borrowed FACT and don’t pay off your loan (we will liquidate your collateral once it exceeds the collateral value) this will increase the demand.
2. 2- if FACT value decreased during the 6 month you can pay off your FACT amount borrowed and take back your full collateral so you’ve secured yourself.

Q2 from bitcointalk user linderm @nata_jakarta

I want to stake in FACT Lending Pool. What will be the revenue from it and what are the conditions?

Chris: Actually you have 3 revenue steams by entering the FLP.

1-the fixed rewards from the staking rewards wallet which is 350K FACT dedicated to the FLP the APY is 57.5% per year (no locks as you can unstake anytime).

2-the 2% processing fee which will be distributed on the staking users (Liquidity providers).

3-the LP tokens to use it later on for farming YFACT which is going to be released by end of October.

Mary | Satoshi Club: And now, as i see, your app in beta stage, yes? So, i can’t borrow now? Or can?

Chris: Yes, the bonus pool which was released a few days ago is dedicated for staking only and the smart contract is audited. All the smart contracts will be audited again by Open Zepplin team for FACT V2.

FLP will be live on the 10th October and the loans will follow a few days after.

Q3 from Telegram user @abedmahmud

According to your whitepaper, FACT is a decentralized finance ecosystem that allows users to borrow FACT directly from the liquidity pool by paying a one-time processing fee to the pool participants. But what happens when the demand is bigger than the pool? people wouldn’t be able to borrow?

Chris: Loans won’t be available once the pool reaches 25% of the FLP liquidity.

Mary | Satoshi Club: Btw, can you tell us more about loan liquidation? When it happens?

Chris: Good question. Liquidation will be fully automated. i’ve had a meeting yesterday with Chainlink to use their services to detect the FACT value versus DAI (the collateral) once the FACT value exceeds the DAI value that you’ve deposited the loan will be liquidated automatically from the market by buying FACT with the same liquidated DAI and it will be added back to the FLP automatically.

Unlike other liquidation systems which is offering the liquidated loans on a discount. 🙂

Mary | Satoshi Club: So, you have an agreement with Chainlink?

Chris: Yes. they’re the most trused when it comes to the price determination.

Q4 from Telegram Username @konditer_rolex

You have a very unusual token burning program. This is napalm, I would say. How is it possible to burn 90% of the tokens? Is it about a total supply? Or is it a specially created fund to support liquidity? Then what part of the total supply?

Chris: Refer to FACTNOMICS on the website. The initial one was 16M FACT. we’ve burned the wallets that is available and no one owns it like the liquidity pool (5.5) wallet and the staking rewards which was 7M alone. what we can’t burn is the circ supply because it’s owned by FACT holders.  also the marketing wallet after creating a pool on burning or not burning it and the FACT holders have chosen not to burn it as this is our marketing funds for getting listed on new exchanges and for the marketing campaigns which is activated from day one.

Mary | Satoshi Club: You have bounty campaigns?  They are live now?

Chris: Yes we have a wallet for security and bounty program this Wallet was 150K FACT and after burning it’s only 15K FACT around $25K and i’d be happy if anyone can detect any bug on the website or the smart contract. we’ll have a poll to decide how much would they take from this wallet. 🙂

Q5 from Telegram Username @Tony253210

Sometimes be eligible to use a loan is very hard, so can How FACT solves this? What are the guidelines to get access to a loan? Also there exist a borrow limit per user?

Chris: There are no restrictions on the loans all you need to do is deposit collateral in DAI. you’ll be eligible for up to 80% collateral factor loan.

D. | Satoshi Club: Do you accept only DAI? i cannot use any other stablecoin?

Chris: Yes the plan is to use the most stable token which is DAI.

Q6 from Telegram Username @Jonahapagu

In One of your early articles in a solution tagged as “new revenue stream” it was stated that liquidity providers are not eligible for staking rewards as long as they’re participating in the liquidity pool … Yet another of your article states that By staking FACT, you’ll be automatically recognized as a Liquidity Provider and you will receive a share of the 2% fixed borrowing fee and also a part of the tokens (7 million FACT) allocated for staking rewards can you help clarify what is meant on this two articles as this appears contradictory to me… Who are the liquidity providers and who are the stakers?

Link to early Article: https://medium.com/@fact.finance0/financial-active-collateral-token-redefining-defi-loans-and-staking-2097e369335b

Chris: Bonus pool is for Staking only as it’s highly rewarded already 0.15% daily and a 5% bonus every 30 days on your FACT amount. The one in the article is referring to the FLP (minimum amount to enter this pool is 500 FACT) >> 3 revenue streams.

Mary | Satoshi Club: So, that’s different pools) Ok, and where can i get 500 FACT now? Which exchanges?

Chris: We’re listed on Uniswap, Hotbit and more exchanges are coming in October including (Probit and Kucoin).

Mary | Satoshi Club: So, Probit will be soon) Don’t you afraid to list on Kucoin?

Chris: They’re fixing what happened. i believe they won’t lose their reputation adding to that we’ve created a poll to the users on the Telegram group asking if they want to change the plans and seems like everyone likes Kucoin still.

D. | Satoshi Club: What fees for withdrawal on Hotbit? that exchange has crazy withdrawal’s fee sometime.

Chris: It was 29FACT and they’ve reduced it to only 1.2FACT once we launched the bonus pool.

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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 @bitboyss

How did FACT liquidity pool and tx fees design differ from other projects? And what is the maximum FACT amount that a borrower can get from a loan?

Chris: Liquidity pool tx fees are determined by the network based on a lot of factors not controlled by us. there’s no limits since you have the DAI collateral and you will be eligible for 80% collateral factor to borrow FACT since the pool has more than 25% FACT tokens to lend.

Q2 from Telegram User @GoldRocket27

What is the difference between FACT and YFACT tokens? Why do you need two tokens and what functions do they have?

Chris: YFACT as a project came up after launching fact to empower the FACT holders. let’s say we need one more revenue for fact holders which is Yield Farming we will need a long process to get listed on any other YF protocols but we’ve decided to launch YFACT and it will have its own DEX and Yield farming pools.

Q3 from Telegram User @Manugotsuka

How many control i have of my funds? Can i move my staked funds without limit? Fact can be considered a fully non – custodial platform?

Chris: You can unstake your FACT anytime without any restrictions the same condition is applied to the loans as well.

Q4 from Telegram User @Sefirot998

I understand that if current supply is 3,082,428. Are you planning to do a Token burn soon?

Chris: We’ve done all the burning so far. But once we get listed on Kucoin we’ll have another poll asking the community if they want to burn a percentages of the marketing wallet.

Q5 from Telegram User @atusxzx

Defi is a very hot keyword at the moment, many projects have started cooperating with DeFi platforms. So is FACT planning to cooperate with DeFi projects and develop towards DeFi in the future?

Chris: Yes we’re already making partnerships with other Defi projects since it will add value to FACT.

Q6 from Telegram User @Nickkiii

I Missed the FACT bonus Pool staking in September, when is the FLP Launch and how do I participate?

Chris: Sometimes you’ll find a room to enter the bonus pool if you keep your eyes on. on the 10th October you’ll be able to stake your FACT with minimum of 500FACT for the FLP.

Q7 from Telegram User @araceley

What is the difference and relationship between YFACT and FACT?

Chris: Once you enter the FLP you’ll receive LP tokens and you can use it for YFACT farming later on.

Q8 from Telegram User @Rivaills14

What a special for your security? And what make you confident is safe? I think security its important, please tell us about security of xhumanity?

Chris: Functionality wise we are carrying out our own unit testing then the security comes to make the smart contract audit to maximize the security of the smart contracts this is what makes me confident before deploying any smart contract.

Q9 from Telegram User @konditer_rolex

Why did you abandon the more familiar practice of charging interest on loans? Perhaps the interest rate would bring more income to the platform.

Chris: The 0% interest rate will bring enough borrowers and this will affect the users to provide more liquidity since they’re taking the 2% processing fees and it will increase the FACT demand.

Q10 from Telegram User @cengizhantekin

You say that there are two revenue streams for liquidity providers. What are these streams and what is the ROI for each?

Chris: FLP staking rewards are 57.5% APY + the 2% processing fee distribution on the LPs + the LP to farm YFACT.

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PART 3, QUIZ AND INFO

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

FACT DEFI – Official Community: https://t.me/factfinance

We are pleased to announce our next AMA on October 7th 2020 at 02:00 PM UTC Time: Satoshi Club x Akash

⚠️Click to see the hour
⚠️Total Reward pool: 2000AKT

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

We will have the following structure:

Part 1: 500AKT /12 users – We’ll select 12 questions from the community. A user can post maximum 3 questions. 9 Questions will be selected from our website – please submit your questions in the comments section of this post. 3 Question will be selected from Bitcointalk thread.

Part 2: 500AKT/15 users – Open chat for 80 seconds. You can post Max 5 questions. Akash Team will select 15 questions and answer them.

Part 3: 1000AKT – A quiz about Akash

For more details:
Akash – @AkashNW
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish

The world is constantly evolving, societies, the economy, everything changes and systems must adapt to it, around speculative markets have been born multiple ways of making money as well as different types of traders. So, today we would like to tell you about the AMA session with our friends from PlotX. The AMA took place on September 28 and our guests were Kartic (Founding Member) and Divij (Community leader).

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: Hello, Satoshi Club 😀 Today we are happy to announce that today we have PlotX project as our guest. Welcome to Satoshi Club!

Divij: Hello Everyone. Glad to be here. 😄

Kartic: Hey hey! Glad to be here and pumped for the AMA 🔥

Mary | Satoshi Club: So, let’s start with intro.

Kartic: My name is Kartic and I’m part of the founding team behind PlotX. Divij, here, leads our community efforts. I’ll share a quick overview of each founding member of the team as well.

D. | Satoshi Club: Where are your guys from?

Kartic: The team is primarily based in India.

Ish Goel, Founding Member of PlotX.io entered the Ethereum ecosystem back in 2016. Along with Nitika, Ish won the London Blockchain Week Hackathon in 2017 and joined Nexus Mutual as the CTO.

Nitika Goel, Founding Member of PlotX.io entered the Ethereum ecosystem in 2016 and has served as the Lead Developer of Nexus Mutual. She also co-founded GovBlocks, an on-chain governance toolkit. She was also the author of the ERC1132 lockable token standard on Ethereum.

Kartic Rakhra, Founding Member of PlotX.io entered the Ethereum ecosystem in 2017 and co-founded GovBlocks along with Ish & Nitika. He also set up India’s largest blockchain community via the India Blockchain Week in partnership with Fintech Worldwide.

Satheesh A, Founding Member of PlotX.io entered the crypto ecosystem in 2019. He comes with 25 years of experience working on CXO positions in the IT sector across marquee organizations like Cognizant, BORN and various others.

17+ other members that have been working on PlotX via Somish Blockchain Labs. A lot of people ask us about our journey in this space and how we got the idea of PlotX. We covered that as a video here – http://youtube.com/watch?v=eNuOlkAVKys

D. | Satoshi Club: Great! i’m happy that team is not a group of anonymous.

Kartic: The team has been in the Blockchain and Ethereum space since 2016. 😄

Q1 from bitcointalk user tolgaozek

The first round of the PlotX Community Offering ended hours ago. Did whole process meet your expectations? Will this process be done again?

Kartic: The community offering has been really good. The response has been humbling for us.  It has given us an opportunity to build a solid community of actual users from day 1. The offering was specifically for the community of PLOT Heads who have been testing the alpha since its launch in August

Divij: We have a lot of offerings for our community members going on from time to time in our communities. We have a Daily Alpha Challenge going on where community members can win daily rewards in USDC.

D. | Satoshi Club: Please, tell us a bit about those rewards.

Divij: You can find all the details about the Daily Alpha Challenge here – https://t.me/plotx_ann/47. Pretty good opportunity to test and improve your skills while earning some rewards as well.

Kartic: It was launched via our partners DAO Maker. Only members who had made atleast 1 transaction on the alpha were considered qualified for the lottery. There were a total of 250 slots for $125k. Members who were active on the alpha for a longer time were given a preference in the lottery.

Kartic: Details – https://medium.com/daomaker/2d4bcbfe0135

Mary | Satoshi Club: Do i need to have special technical knowledges to participate? Is it on Kovan Testnet?

Divij: Not at all, PlotX has been made keeping all the users in mind. Its pretty simple to use. Yes, it is on the Kovan Test Network. Please follow this quick user guide for using PlotX Alpha https://medium.com/@Tryplotx/plotx-guide-how-to

Kartic: It’s on the kovan testnet, so pretty much free to participate! As for technical knowledge, we have shared a number of resources on our wiki to help users get a better understanding of the product before they actually buy positions https://docs.plotx.io

Q2 from bitcointalk user k.muller

There were a lot of projects trying to predict the market using different algos. Some of them were using predictions from thousands of people to make an estimation, some of the were using AI and so on. What is your model for this? are you using both those models or have you added something else?

Kartic: PlotX doesn’t make any predictions itself. It’s the users who make predictions by choosing from the three availble options. These options are typically bullish, bearish or neutral in nature. The AMM algo generates the question as well as the options for the associated market. Users simply come on to the platform and predict.

Mary | Satoshi Club: That is, in simple words, you are a platform that allows users to earn on their predictions. You will predict only financial assets?) May be Oscar winners in the future?

Divij: Overview of the market with the 3 prediction options.

Kartic: Currently we see predictions on crypto assets as a huge, untapped opportunity. Our community decides which trading pairs to add next. We ran a few signal polls in the community and found that there was a lot of interest in the community to predict on the ETH-USDT pair as well. Hence, we added that in the mainnet version of the alpha.

D. | Satoshi Club: How many competitors do you have? i’m not sure about “a lot of projects” i’m personally know only about Augur.

Divij: There are a number of prediction markets out there already, like HXRO, Augur, Synthetix Options etc.

We have a detailed document that captures the differences that PlotX holds from some of the others mentioned above. We have a lot of respect for what those platforms have done and how they are evolving. We believe there’s still a fair bit of room to innovate in the space for PlotX to capitalize and grow.

You can access that document here: https://docs.plotx.io/faqs#how-is-plotx-different-from-projects-like-augur-synthetix-binary-options-and-hxro

Kartic: Yes, Augue has been around for a while and innovating a lot lately. We’ve actually done a comparison of the different competitors out there.

Q3 from Telegram user @trustmywallet

I have read that the rewards are not released instantly. Why it is so? Or you are checking manually if everything is ok and you need some time for this?

Divij: Market after the participation time is over, gets in the settlement period. The period for which is equivalent to the market maturity length and then enters the cooling period, in which market participants can raise dispute over the result. So for example in case of an hourly market, the market after closing will remain in settlement period for another hour and then enter a cooling stage of 15 mins, after which the market will be fully settled.  There is no manual interference. Everything is done on-chain.

For more details refer to https://docs.plotx.io/

Mary | Satoshi Club: For me everything is clear) btw, what about fees on PlotX?

Kartic: That platform charges a fee of 0.1% for each position that is bought using ETH. This fee reduces to 0.05% if the user makes the purchase via PLOT.

The smart contracts that we’ve created are highly optimised for gas consumption, so that checks off something that’s in our hands. Apart from that we’ve partnered with Matic to explore L2 scaling as well.

With the Automated Market Making algo, it becomes very easy to run perpetual prediction markets but that also means that the underlying infra needs to scale.

So on that – we’ve been looking at various L2 solutions and MATIC has been one of our preferred choices so far. Being on L2, it will allow PlotX to run shorter time frame markets as well. For example 5 mins, 15 mins – which are interesting from a retail perspective. It will also solve the Gas issues that Eth faces at the moment.

Divij: PlotX YouTube link – https://www.youtube.com/channel/UCiUd_PC6uUdsavWk3vYbtgA

Q4 from Telegram Username @Lorax14

Can you explain more about the mechanism of prediction in your platform? What is the structure of this feature in your platform? Do you plan to expand another entity like staking or lending in PlotX?

Kartic: We recently started a series on our medium blog talking about the these features as well https://medium.com/plotx/towards-mainnet-1-56bfcde168f2?source=collection_home—4——2———————–

Q5 from Telegram Username @JesusFre1tes

The main problems of traditional forecasting markets are: counterparty risk, high cost, inability to show proven fair deals and liquidity. How does PlotX address this issue on its platform? What do you do to solve it?

Kartic: This is a great question, more so, a great observation. PlotX is a non-custodial platform so there’s no counterparty risk, since the entire platform runs on chain via smart contracts, there is no running cost. Lastly, all smart contracts are easily available on GitHub and can be verified for authenticity so users never get cheated.

Divij: To add to that, security is a very important consideration for the team. We have already gone through 1 audit from a hacker friend of ours who has been researching security issues in Ethereum Dapps. The other, more comprehensive security audit is already under way via ZK Labs, we recently announced a partnership with them. You can read more about it here – https://bit.ly/2DNCowt

Q6 from Telegram Username @Jonahapagu

PlotX is built by and for the Ethereum community… Does this rule out the possibility of PlotX using other platforms and Tokens other than ERC-20 Tokens? If No what plans do you have in this regards

Kartic: We’ve been building on Ethereum since 2016. It has one of the largest developer communities in the world. Our goal, for now is to bulid a more stable product on the Ethereum chain. WE may explore other chains going forward, however, that would be a community driven decision. Also, to clarify, PlotX platform can host trading pairs other than ERC-20 for predictions.

Mary | Satoshi Club: You are right, Ethereum is huge) and how your community will take decisions? Voting?

Kartic: Yes. It’s very casual right now – over Telegram and discord polls. It’s more of a signal vote than anything, however, we’re integrating with GovBlocks for bringing on-chain voting for the community as well.

D. | Satoshi Club: Do you have plans to work on the cross-chain bridges to other blockchains? in the future?

Kartic: Yes. That’s something we will explore once the need arises. We’re builders, so always excited to solve problems by writing code.

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PART 2, TELEGRAM COMMUNITY LIVE QUESTIONS

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

Q1 from Telegram User @JoxesXIII

Recently a centralized forecasting market had to take a case to the KLEROS decentralized court due to a discrepancy of the results. This made me wonder what mechanisms your Prediction Protocol has to resolve disputes?

Divij: Dispute resolution is an important aspect of prediction markets but is also a complicated feature. There have been multiple attempts at creating decentralized judicial systems on Ethereum – and while the early contributors are cognizant of the importance of dispute resolution, the idea with PlotX was to stay away from markets that require subjective opinions at the time of market settlement, reducing the chances of dispute.

On the off chance that there are any disputes, a Dispute Resolution Panel will kick into action. The entire process has been described here: https://docs.plotx.io/faqs#what-if-i-have-an-issue-with-the-result-of-a-market-is-there-some-way-i-can-raise-a-dispute

Q2 from Telegram User @BlancaSdF

On Twitter I read that in PlotX I can refer for mining. Can you explain how it works?

Kartic: Yes, one of the key utilities for $PLOT is referral mining. PlotX believes that prediction markets are a way to sum opinions of many and capture what is known as the “wisdom of the crowd”. To be able to achieve that, it is critical for PlotX to reach the masses. If the community is able to achieve that, a new version of information will be created that is driven by true market opinions.

Thus, To reach the masses, the PlotX token provides virality by design via the Referral Bonus program. Users can refer other users, and mine referral rewards. Referral rewards are implemented by using a non-transferable bPLOT token that is equal to PLOT at all times, but only usable within the PlotX markets. You can read more about the other utilities here: https://docs.plotx.io/plot-token/token-model and hope to see you mine some $PLOTs for yourself soon. 💪

Q3 from Telegram User @DiegoRME

What plan do you have to increase liquidity in the coming years?  How do you plan to attract users to use PLOTX?  What benefits does PLOTX bring that its competitors do not offer to users?

Divij: We have a detailed roadmap that lists our Go to market strategy for the coming months, I’ll share our roadmap below.

 PlotX follows a very different approach towards prediction markets. Ability for Automated Market Making, Risk Spread Mechanism, Liquidity Mining and Reward Schema are some areas that differentiate PlotX from both new and old incumbents in this space.

Q4 from Telegram User @doithay1617

Where can I buy or earn $PLOT?

Kartic: The PLOT token generation event has not yet happened (the announcement will be made in the next couple of days).

However, post the TGE, PLOT will be trading on multiple DEXs including Uniswap, for people to easily buy and sell. Earning PLOT can happen in multiple ways – liquidity mining is one that most folks are aware of.

Apart from that, users may also earn PLOT by referring others to the platform, participating in the governance of the platform and ofcourse, winning in the prediction markets!

Q5 from Telegram User @ndbetting

How does the PlotX platform solve the occurring problem with manipulation? Can you with your smart contract completely exclude the influence of humans?

Divij: PlotX protocol follows a pragmatic approach for predictions, whereby results can settle with mathematical equations that are based on price-feeds of any asset. This focussed approach provides opportunity for bootstrapping liquidity, enhanced participation in each market (hence, better rewards) and opportunities for people to create Prediction DAOs that are better targeted in terms of audience.

Market Settlement is performed on-chain to compute the winning option and allow distribution of rewards. The markets are settled using external oracles and are settled using smart contracts to ensure zero manual intervention and automated, transparent and provable settlements.

Provably fair algos go hand in hand with the autonomous nature of markets created using the PlotX protocol, which are not dependent on settlement and dispute resolution by a counterparty (at times also called as the “options writer”, “house”). All disputes are governed uniformly by the community of users.

All the details regarding every market are accessible by everyone. Details like how many participants staked how much with what leverage are publicly available. Moreover, the formulas used for rewards calculation and distribution can also be seen in the whitepaper. Using all this information, everyone can verify the results of every market.

Q6 from Telegram User @NickOxa

What are the benefits of using PlotX?

Kartic: $PLOT has 6 utilities:

• AMM Mining: Incentives for Market Creators
• Referral Mining: Building in virality by design
• Community Mining: Wide distribution in communities
• Play Mining: Stake & Play
• On chain Governance
• Liquidity Mining

More on each: https://docs.plotx.io/plot-token/token-model

A $PLOT holder can either use their tokens for taking positions, which means a 50% discount on the txns fees or they can provide liquidity on certain DEX liquidity pools to mine even more $PLOT for themselves.

Q7 from Telegram User @konditer_rolex

Is your platform a binary option, can we only play on the price of bitcoin, or is it possible to play on the price of altcoins and your token?

Divij: PlotX offers 3 options for Prediction. We want the community to be heavily involved in such decisions and have already started taking some signal votes in our Telegram & Discord groups for the same. The project will be managed through community participation governance and that should help make some of these recommendations. Having said that, there will be base criteria for assets to be considered by the community.

This is how new markets will be created: –

1. Any PLOT holder can initiate a governance proposal for adding a new market. They will mention the price feed as well.
2. Plot holders vote.
3. If the proposal is accepted, markets will be created automatically.

The project in the future might enable more analysis & indicators and it will be captured in the roadmap.

Taking some feedback from our community in regards to addition of Ethereum Markets we’ve decided to include them once the mainnet is live.

📢Towards Mainnet #1 📢

As the PlotX mainnet launch fast approaches, the community is getting ready with bated breath.  From overwhelming participation on the Alpha, to embracing PlotX’s 2ED principle, to giving constant feedback, the community has been at the forefront of chalking out the roadmap.

 In the build-up to the mainnet launch, here’s presenting 2 new features based on the feedback received from the community.

– ETH-USDT market pair to be added as per the popular demand

– Participants can buy positions using PLOT, apart from ETH.

Hodl on! PlotX is about to take-off. 🚀

Stay tuned for more exciting announcements coming your way!

Read more here: https://bit.ly/33OuT1t

Telegram: https://t.me/plotx_official

Discord: https://discord.com/invite/8CWNQnG

Q8 from Telegram User @AyD80

How does PlotX make your platform easy to use and how does it encourage mass adoption?

Kartic: Hey, PlotX has been designed keeping in mind all the users. Even users who are not familiar with Prediction markets can easily sign up and start predicting using the PlotX App.

Some of the best features of PlotX are the Smart Contract driven market creation with Automated Market Making, Lowered risk via the risk-spread (multiple options & deleverages) and the Simple User Interface. For starters, we have created an easy to follow user guide of the PlotX Alpha for our users, you can follow that and start predicting. https://docs.plotx.io/guide

We stand by the ethos of Abraham Lincoln’s very famous saying: “The best way to predict your future is to create it”

The most critical aspect of growing PlotX is driving education for the people who don’t know about it today. It’s the PLOT Heads who will drive that movement. With that in mind, we’re asking the PLOT Head community to follow the 2ED principle – Educate, Engage & Drive adoption

Educate: Sharing thought leadership posts on social media about PlotX and the PLOT token, explaining the 6 utilities of the token and in general, the product’s vision.

Engage: Introduce relevant partnerships & projects that are complementary to what PlotX is today with a vision of increasing the TVL and the Trading Volume both in retail & institution.

Drive adoption: Stake on the platform and invite peer networks to do the same.

Q9 from Telegram User @BJosefina61

Can you tell us a bit about what kind of oracle PlotX uses and how it works there? what if oracle fails?

Divij: Chainlink & Provable are the two oracles being used in PlotX at the moment. Read along for details…

All prediction markets in PlotX are specifically related to the price of digital assets like BTC/USDT, ETH/USDT etc. This makes on-chain price discovery of assets a very important aspect of the PlotX protocol. PlotX needs price feeds for 2 reasons:

To compute the odds of a prediction option – PlotX provides 3 prediction options for every prediction market in which odds are calculated. For example, in a market like “What will be the price of BTC/USDT in the next 1 hour?”, there are three prediction options as under: 

Option (a)  <$10500

Option (b)  Between $10500-$10600

Option (c)  >$10600

The odds of each of the above Options is different. The calculation of the odds involves the Current Market Price of BTC (or any other crypto asset) as a factor. Meaning, if the current market price is falling under Option (c) (>$10600) then Option (c) is relatively more expensive than others. This means BTC price is constantly needed on-chain. Chainlink is used as a decentralized oracle for computing odds.

Settlement of market – Markets on PlotX are settled on-chain. At the moment, Provable feeds the asset price via Binance API, at the end of the market. However, this is susceptible to manipulation. If the oracle fails the market will enter into dispute resolution. You can read more about it here – https://docs.plotx.io/faqs#what-if-i-have-an-issue-with-the-result-of-a-market-is-there-some-way-i-can-raise-a-dispute

Q10 from Telegram User @thebastaboy

How do you plan to build a strong community for PlotX? What kind of community events have you organized recently and how do you plan to keep people active within the community?

Divij: We stand by the ethos of Abraham Lincoln’s very famous saying: “The best way to predict your future is to create it”

The most critical aspect of growing PlotX is driving education for the people who don’t know about it today. It’s the PLOT Heads who will drive that movement.

With that in mind, we’re asking the PLOT Head community to follow the 2ED principle – Educate, Engage & Drive adoption

Educate: Sharing thought leadership posts on social media about PlotX and the PLOT token, explaining the 6 utilities of the token and in general, the product’s vision.

Engage: Introduce relevant partnerships & projects that are complementary to what PlotX is today with a vision of increasing the TVL and the Trading Volume both in retail & institution.

Drive adoption: Stake on the platform and invite peer networks to do the same.

…

🎯🎯PLOT Head Daily Alpha Challenge

Thank you PLOT Heads for making PLOT Head Alpha Challenge week 1 and week 2 such a roaring success.

Over the 2 weeks, we had

• more than 1600 predictions
• over 1700 kETH staked

On the back of this amazing response, the PLOT Head Alpha Challenge is back as the PLOT Head Daily Alpha Challenge!

Highlights of PLOT Head Daily Challenge:

• $50 reward pool to the top profit makers of the day.
• Special surprise challenges at regular intervals.

To ensure complete transparency, the daily log will be maintained in this sheet: http://bitly.ws/9LIi 

For More Details on the challenge: https://bit.ly/3mNpsIT

TG: https://t.me/plotx_official

Discord: https://discord.com/invite/8CWNQnG   

Get the ball rolling at the Alpha: https://alpha.plotx.io/

Don’t forget to join our community – https://t.me/plotx_official we have a lot of fun activities planned for our PLOT Heads.

---

PART 3, QUIZ AND INFO

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

PlotX [Official]: https://t.me/plotx_official

We are pleased to announce our next AMA on October 4th 2020 at 03:00 PM UTC Time: Satoshi Club x Celsius Network

⚠️Click to see the hour
⚠️Total Reward pool: $1000

⚠️Requirements:
👉 Join Satoshi Club Telegram group
👉 Join Celsius Network Telegram group

We will have the following structure:

Part 1: 200$ /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: 200$/10 users – Open chat for 80 seconds. You can post Max 5 questions. Celsius Network Team will select 10 questions and answer them.

Part 3: 600$ – A quiz about Celsius Network

For more details:
Celsius Network – @Celsius Network
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish

Amarathon continues and Satoshi Club brings you food for your mind every day. Just come and take it. Today we would like to tell you about the AMA session with our friends from Gather Network. The AMA took place on October 02 and our guest was Raghav Reggie Jerath, Founder&CEO of Gather Network.

The total reward pool was 1000$ 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 :grinning: We are happy to announce that today we have Gather Network as our guest :smiley: @RJerath welcome to Satoshi Club!!:+1:

D. | Satoshi Club: hello @RJerath and welcome to Satoshi club! )

Serg | Satoshi Club: Hello! Welcome to Satoshi Club!

Reggie – Gather Founder: Hey @Cool_as_Ice thanks for the warm welcome, and thank you for hosting Gather! Looking forward to a great AMA

Mary | Satoshi Club: Hello, Reggie) how are you today?)

Reggie – Gather Founder: Hey Mary, I’m doing good , how about yourself?

Mary | Satoshi Club: Great, thanks))) Could you please introduce yourself and Gather network? How did you start with Gather project?)

Reggie – Gather Founder: Started my career in Oil and Gas managing a couple bases in and out of Iraq managing about 200 or so people, was there for about two years or so, ISIS invaded around the end of the two years. Post evacuating the staff. I decided I wanted to shift industries. – I ended up working in advertising for a bit – with different agencies – the first being MSLgroup ( Where I met our Marketing Advisor Naren ). Post this I had my first exposure to entrepreneurship. It was a startup similar to what Deliveroo is – provides the technology and riders, making deliveries for banks, supermarkets etc. Post this – I was hired as a consultant to help a website – to help them figure out how to monetize. – That is where everything started.

And for Gather – here if a brief description, and a picture as well:
Gather is a platform that allows publishers to monetize without ads, provides businesses & developers to access cheap and reliable processing power.
Gather Online (Layer 0) allows web & mobile developers to monetize from their users processing power.
Gather Network (Layer1) is the protocol layer, a hybrid proof of work and proof of stake blockchain, where stakeholders are incentivized to maintain transparency and security.

Gather Cloud (Layer 2) provides affordable processing power to enterprises and developers.
Gather Enterprise provides consultancy services and tooling for developers, businesses and crypto networks.

Mary | Satoshi Club: Interesting biography :+1: from Oil to Gather)

Reggie – Gather Founder: Hahah, yeap and a few other industries along the way

Mary | Satoshi Club: Nowadays you have to have the flexibility to retrain quickly)

Reggie – Gather Founder: Indeed, I believe the ability to adapt and be flexible is a key part of achieving success

D. | Satoshi Club: so how long Gather Network in development? if im not mistaken, this is not a project from yesterday )

Reggie – Gather Founder: Roughly we have been around for almost three years, had a very small seed around in 2018 and then the bear market hit hah But this thread explains our history well: https://twitter.com/chatwithcharles/status/1311042919311253505

Mary | Satoshi Club: Yes, but surprisingly i never heard about this project before:smiley:

Reggie – Gather Founder: We have only started focusing on marketing now, – we were focused on building the product and fundraising back in 2018/2019

Mary | Satoshi Club: For me it is a certain indicator of quality) to survive the bear market and not give up)

Reggie – Gather Founder: Hah thanks – all of us here at Gather are here for the long haul 🙂

D. | Satoshi Club: yeah, you have tons of articles on medium, but i was surprised that you have launched your project not so long ago

Reggie – Gather Founder: Sorry? We have been around since the start of 2018?

D. | Satoshi Club: i mean trading on exchanges. )

Q1 from bitcointalk user vicpocho @vicpocho on Telegram

The Gather Network project has caught my attention. As a content creator, I want to make sure that I compete in a fairer environment with other creators. Can you give us the confidence that the system is free from manipulation of visits generated by bots? How do moderators already have a way to detect those who do not play fair?

Reggie – Gather Founder: This is a good question, since click bots have always been an issue in the ad industry.

Mary | Satoshi Club: They are everywhere 🤦

D. | Satoshi Club: beep boop

Reggie – Gather Founder: Gather would have mitigation strategies in place to detect and warn/suspend/ban publishers that partake in un fair practises. – We have a few people from the ad industry on the team, so are well versed with such issues. With that being said, if a publisher goes and pays for click bots here – it would be a net 0 gain for them. Gather pays for time spent, not clicks or cpm and we are based on processing power

D. | Satoshi Club: did you know, im a bot as well?

Mary | Satoshi Club: I had suspicions:joy: Let’s see, how @RJerath will fight with you:joy:

Reggie – Gather Founder: You fooled me!

D. | Satoshi Club: so there is no point to use bots to make profit from Gather Network?

Reggie – Gather Founder: No net incentive – unless the cost of the bots are very very cheap. Since they are required to stay on site – and have the processing power used. Most click bots – come to the site, scroll and then leave – some of them are easy to spot

Mary | Satoshi Club: Great) see, @Cool_as_Ice ) Gather is not your place:joy: Or we will re-educate you:joy: Ok, next question?)

Reggie – Gather Founder: Hah for sure lets do it

Q2 from bitcointalk user gustafsson @jmalton on Telegram

Hello. I would like to talk about your mechanism. It will be a hybrid which will include pow and pos. If you can apply pos already, why use pow as well? isn’t it outdated? we need to conserve the energy of our planet

Reggie – Gather Founder: So there are multiple parts to this question: 1) one of the reasons Gather Network will have its own mainnet is to maintain a sustainable Proof of Work consensus, which will be only used by publishers (website and application owners) and will not be open to any external mining options. To make the web/app mining viable, low processing power is required, and this will be maintained as observed earlier in our prototype testing process. 2) We use the spare and idle compute power – so this not a giant ASIC farm, the idea here it tap into untapped resources

Mary | Satoshi Club: It’s something like Decred, yes? Pos/pow

Reggie – Gather Founder: I am not to familiar with Decred, but if it has a hybrid model, then somewhat similar yes

Mary | Satoshi Club: Yes, it has a hybrid model)

D. | Satoshi Club: i think Gather the first project with hybrid that im aware of

Reggie – Gather Founder: I believe there have been quite a few others in the past, one the main differences for us is that our master nodes will also be the back bone of Gather Cloud ( The cloud computing product )

Mary | Satoshi Club: So, what about mainnet?) Is it near or i missed something?)

Reggie – Gather Founder: So we have an MVP for a while, with a bunch of technical milestones – Merged mining for example, – for major dates we have the TN v.01 shortly – this is just the process of mining $GTH via the browser and then merged mining take place between the parent chain and child chain. Full test net is aimed for 3 months roughly from now and then a main net 6 months from now

Q3 from Telegram user @iulya_i

Please explain Gather Online. Also, what are the skills required to run it? Do I need to know how to code?

Reggie – Gather Founder: Not at all Gather online is a brand that has been created to target and acquire websites and applications, Similar to how we have Gather Cloud and Gather Enterprise. As for actual integration purposes – in its current form, once you are whitelisted for the early adopters program, – you will login and from there a small script will be generated for you, you just have to put that on the back end of your website. We also have a video that walks you through step by step of how to do it – specifically for word press based sites. In the future we will come out with plugins, – For Apps we will be releasing a SDK.

Mary | Satoshi Club: And how it will work in simple words? If i will put this script on my site)?

Reggie – Gather Founder: So no, the average you do not need to be a developer to use Gather hah, but some basic technical knowledge will always help – or just follow the instructional video. Once its on your site your users would see this:

Mary | Satoshi Club: Don’t think, that all users will read this) I mean, my site users)

D. | Satoshi Club: see guys, now you have a video tutorial

Reggie – Gather Founder: This was for the MVP – so it includes things that are no longer there – the disclaimer has changed etc – to new branding

Mary | Satoshi Club: But, basically, my site will mine crypto from its visitors, yes?

Reggie – Gather Founder: Mine $GTH which will be merged mined with other Child chains on the Gather network. In essence yes. There may be portions of processing power also used for cloud computing purposes – but this would be very limited, majority of the storage and processing power would come from master nodes

Mary | Satoshi Club: Nice structure, one thing i need now – my own site and visitors) Thank you for answer:wink:

Reggie – Gather Founder: Hah, that is not something we can help with at this time! However if you want to deploy a child chain on Gather – then we can hah

Mary | Satoshi Club: Yes, got it. So, not 50/50 pos/pow? Main processing power from pos, yes?

Reggie – Gather Founder: I need to double check the exact figures, but If I recall correctly its more like 70% PoW / 22.5% Master node / 7.5% PoS. So processing power from MN’s + POW mostly – but POW is for websites/apps – MN’s for cloud computing.

Q4 from Telegram Username @justgata

Something that caught my attention about your project is the ad-free environment that they promise to users, we currently know that ads are part of earnings for many content creators. How would creators generate revenue from the platform? Where would the backing of those earnings be without monetizing ads?

Reggie – Gather Founder: Well – once integrated with Gather – the publishers end user would be shown a disclaimer ( the one I attached above ) once opt’ed in their processing power would be used for various purposes. IE Mine $GTH and other child chains, and cloud computing. The idea here is instead of bashing your users with ads and steal their data or invade their privacy you ask them to share a very small portion of their computing power. I should also mention via the loyalty program – this is a feature that allows you to share earnings with your users in the from cryptocurrency.

Mary | Satoshi Club: Will you give your users a choice between ads or sharing their computing power?

Reggie – Gather Founder: That is on the website, they can do that

D. | Satoshi Club: creators can get revenue only in $GTH tokens?

Reggie – Gather Founder: The payout can be in GTH, BTC, FRM, DEC, DIA and fiat

Mary | Satoshi Club: Even fiat? Which currencies?)

Reggie – Gather Founder: Currently we support all SEPA based transfers – however we are in talks with a bank to support SWIFT – so any currency or bank that uses SWIFT would be supported

Mary | Satoshi Club: Great) So, a lot of choices for your users)

Reggie – Gather Founder: Indeed! Just trying to be as user friendly as we can 🙂

Q5 from Telegram Username @MaxiVV

What are the main differences between Sapphire, Onyx, Ruby and Emerald Programs? and how could community contribute them?

Reggie – Gather Founder: 1. Sapphire – Gather Network Community Outreach: Engage and help build awareness about Gather Network for the cryptocurrency community, help create content that will expand, engage and retain the overall community.
2. Onyx – Gather Online Publisher Outreach: Spread awareness about Gather Online as an alternate form of monetization for websites and applications, proactively reach out to the relevant stakeholders and educate them about the benefits about using Gather Online.
3. Ruby – Gather Cloud Blockchain Developer Outreach: Spread awareness about Gather Cloud blockchain security solutions to both existing and potential new blockchains, proactively reach out to the relevant stakeholders and educate them about the benefits about using Gather Cloud.
4. Emerald – Gather Cloud Enterprise Outreach: Spread awareness about Gather Cloud to potential new enterprises, proactively reach out to the relevant stakeholders and educate them about the benefits about using Gather Cloud. We got our first ambassador on board yesterday, read more here: https://bit.ly/Gather_Krillin

Mary | Satoshi Club: So, if i only publish i will be Sapphire?)

D. | Satoshi Club: we have a lot of potential ambassadors here 😉 in Satoshi club

Reggie – Gather Founder: Depends case to case – Ideally A sapphire ambassador needs to have knowledges of both the ad world and tech world, and be active in the community

Mary | Satoshi Club: Thanks) i think @Cool_as_Ice is right, our members have a great potential to be your ambassadors)

Q6 from Telegram Username @cengizhantekin

Let’s say we started to use Gather system on a website. How does the site owner make revenue, when the site visitors do what?

D. | Satoshi Club: i guess question was partially covered, already)

Reggie – Gather Founder: The end user just needs to provide consent, and then a small portion of processing power is used

Mary | Satoshi Club: How much can site owner earn? did you make approximate calculations?

Reggie – Gather Founder: Rough calculations on average is 1.4x more ads right now ( CPC .3, CPM 1, Page views 1 )

Part 2 — live questions from the Telegram community

Q1 from Telegram user @adityaaryah

When would Web staking be Live for $GTH using Ferrum Network infrastructure?

Reggie – Gather Founder: This should be live in the next week, the details of the staking APY etc will be out shortly, we are currently listed on the Unifyre wallet as well

Q2 from Telegram user @K2ice

What are the purposes and features of $GTH?

Reggie – Gather Founder: The GTH token is used for:
– rewarding suppliers, in Gather’s case publishers and application owners;
– for the loyalty program, where publishers and application owners reward the website visitors and application users
– for network interaction and smart contract fees
– for passive income via staking and masternodes
– for enterprise/PoW network charges

Q3 from Telegram user @RoZerius

Can you give GTH tokenomic such like burning and buyback?

Reggie – Gather Founder: Check out the token economy here: https://gather.network/docs/Gather_Token_Economy.pdf

Q4 from Telegram user @nyo_cant

Gather Cloud provides processing power to organizations, developers, etc., but where does that processing power come from? Is it collected exclusively through Gather Online? Or are there additional sources of processing power?

Reggie – Gather Founder: This is mainly from the master nodes and a slight amount will come from websites and applications

Q5 from Telegram user @Yiselen

It will be a bit ugly and cumbersome that you pirated my information, what security methods implement Gather for information security?

Reggie – Gather Founder: Gather does not hold users’ data, it only uses a very minimal part of their processing power based on their explicit consent. As a matter of fact, this is one of the main reasons why we are developing Gather; privacy is not respected in today’s digital advertising context. Websites have been adding more ads and selling your data. Ad-tracking is against consumers’ privacy rights. With Gather, we will provide a transparent and powerful alternate monetization method for online businesses while all respecting users data.

Q6 from Telegram user @ramman4_1

Are there any plans to better connect the community? Like a social media type system where people can share ideas & suggestions about it? because we know the power of community to easily create famous projects?

Reggie – Gather Founder: This is an interesting, a separate social media built just for Gather once there is large amount of users, might be viable then, but right now using third party platforms is the best way, we are on Facebook, telegram, twitter and linkedin

Q7 from Telegram user @biegy

Does Gather Network use a smart contract to ensure transparency of payment for Publishers and Viewers and Is that the core difference between standard platforms like vimeo or Youtube?

Reggie – Gather Founder: Payments to publishers and viewers would be recorded on the blockchain, for transparency purposes

Q8 from Telegram user @Termuxnih

What about DeFI and Yield Farming, does Gather have a plan to make Defi and yield farming

Reggie – Gather Founder: Gather is not a DeFi project. In the means of DeFi, Gather already has passive income elements such as web wallet staking or masternodes. However, our product adds another dimension to the existing DeFi websites and applications, by adding an option to reward users for using these websites and applications. So, with Gather Online you can actually earn more tokens while using DeFi websites and applications so it’s a complete new approach.
I suggest everyone to have a read on these articles to understand how Gather can be the missing piece in the DeFi puzzle and how Gather can create competitive advantage for DeFi platforms:
1) https://thedailychain.com/gather-the-missing-link-of-defi/
2) https://bit.ly/Gather_Ferrum
3) https://bit.ly/Gather_Decentr

Q9 from Telegram user @Mohitku1

Yesterday you had announced Partnership with Dia. How Gather network will improve their user experience through less dependence on advertising.
And What benefits it brings to Gather network?

Reggie – Gather Founder: Gather will be using the DIA’s oracle infrastructure, for price feeds specifically, while $DIA was added as a payout currency in $GTH. There are other areas around oracles we will be working on, learn more here: https://blog.gather.network/partnership-with-dia/

Q10 from Telegram user @tv100029

What is Child Chain ?

Reggie – Gather Founder: New Child-chains can be forked off from genesis child chain (created by Gather) , and they use the processing power that is generated from websites and applications. Child Chains and parent chains are linked via merged mining. This allows PoW blockchain developers to deploy a chain without finding a mining community. It is well known that with high hashrate POW provides bulletproof security, but with low hashrate, this is not the case. When launching a new POW network, finding a miner community is always tough. Especially miners that incentivized for the long term growth of the POW network.

D. | Satoshi Club: @RJerath that’s it! thank you for your answers! :blush:

Mary | Satoshi Club: Thank you @RJerath for your time and answers! It was a pleasure for us to talk with you!:+1:

Reggie – Gather Founder: Thank you very much for hosting Gather here today and for the amazing questions.
For any further question, please follow Gather Network social accounts below and join them. We’d be happy to reply 🙂
Have a great day everyone!
Website: https://gather.network
Twitter: https://www.twitter.com/Gather_Network
Facebook: https://www.facebook.com/GthNetwork
Reddit: https://www.reddit.com/r/GatherNetwork/
Telegram
English: @GatherNetwork
Announcements: @Gatherannouncement
Russia: @GatherNetworkRussia
Indonesia: @GatherNetworkIndonesia
Turkey: @GatherNetworkTurkiye
Korea: @GatherNetworkKorea
India: @GatherNetworkIndia
Vietnam: @GatherNetworkVietnam
Japan: @GatherNetworkJapan

Part 3 – Quiz Results

In the final part we tested your knowledge in terms of Gather Network. They’ve prepared 4 questions for this part. The total reward pool for quiz was 500$.

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:

GatherNetwork: https://t.me/GatherNetwork

And here we have the last day of September 2020 and hope, you will remember it not only as autumn day, but also as a day, when you visit Satoshi Club and get new knowledge about new project. Today we would like to tell you about the AMA session with our friends from Falcon Swap. The AMA took place on September 30 and our guest was Eric, co-founder of Falconswap.

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

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

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

Mary | Satoshi Club: Hello, Satoshi Club! Today our guest is FalconSwap:grinning: @eric_falconswap welcome to Satoshi Club:grinning:

Luis Merino | Satoshi Club: Hello Satoshi Club! Welcome to another AMA with us. Today we have FalconSwap. @eric_falconswap is our guest, welcome!

How are you today Eric? Ready for a great AMArathon? :))

Eric | FalconSwap: Hey guys, Thanks for having me over. I am all set for the AMA

D. | Satoshi Club: hello all! im on my way to home, will join you soon) Hello, Eric!

Mary | Satoshi Club: So, can you introduce yourself and tell us how did you start with FalconSwap?)

Eric | FalconSwap: I am Eric, co-founder of Falconswap
I am have been a blockchain developer for about 4 years and have worked on various trading platforms before coming up with the idea of Falconswap.
Decentralization is the way to go and the current infrastructure and approach have a lot of scope of improvement. This is why we are building Falconswap to improve the user experience and reduce the gas fees for trading.

Luis Merino | Satoshi Club: So you want to stop this huge fees from UniSwap? 🤭

Mary | Satoshi Club: Great background) Gas prises annoying now, we are really looking for those, who can save us

Eric | FalconSwap: The gas fees is a considerable part of trading these days and this is pushing out a majority of traders out of the ecosystem. Falconswap is working on solving this issue.

Q1 from bitcointalk user Jonahap

Falconswap is currently getting ready to launch its public beta version after recently concluding its private beta test..what were the successes recorded in the private beta test ,were there issues discovered how are they being resolved.Q1 from bitcointalk user Jonahap
Falconswap is currently getting ready to launch its public beta version after recently concluding its private beta test..what were the successes recorded in the private beta test ,were there issues discovered how are they being resolved.

Eric | FalconSwap: Private beta was a success as we were successfully demonstrated the working of the protocol and the features we promised:
– Non-custodial
– No gas fees trading
– Order aggregation
– Order matching on Falconswap before sending them to Uniswap
The private beta has been highly successful from a technical standpoint.
There are some bugs/feature requests like displaying the price, or optimising the slippage, UI optimisation on multiple devices etc which we are working right now

Luis Merino | Satoshi Club: When will the public beta be available?

Eric | FalconSwap: I’ll share that at the end of the AMA 😁

Mary | Satoshi Club: Oh, nice))) we will remind you)

Q2 from bitcointalk user pedronino

The token is deflationary, right? since 10% of the trading fees is used to buy and burn tokens. and also we can Earn staking rewards from trading fees on FalconSwap. In order to understand the numbers behind this sentences, please tell what is the average trading fee on the platform. In this way we can understand how much in fact are burned and are distributed to those who are staking

Eric | FalconSwap: The trading fees is 0.3%. When the orders settle on Uniswap, the trading fees goes to the liquidity providers on Uniswap and when the order settle on Falconswap it goes to the protocol. 10% of all the fees generated in the protocol is used for buying tokens and we have staking rewards and trading fees that is being used to cover gas costs.

Users don’t need to pay any additional trading fees than they would be paying on Uniswap

Mary | Satoshi Club: It has to be good numbers)

Eric | FalconSwap: The gas fees for settlements on Falconswap will be much less than aggregated order sent to Uniswap, so users will be able to select how they want to settle their orders.

Q3 from Telegram user @reidman_rosa

I’ve read your use case and it states: the gas savings are significant with approximately 64% gas saved per transaction. Even looking at the highly conservative number with zero storage variables and residual order sent to Uniswap liquidity pool (which users may opt not to), the savings on transaction fees per order is over 10%. However, when paying 15-25$ fees on uniswap, it is still expensive if I pay 7-10 on falconswap. Do you have any ideas how to reduce it to pennies?

Eric | FalconSwap: Reducing the gas fees to a third is still a considerable feat. If you are looking to reduce it to pennies then that won’t be happening on Ethereum blockchain, at least not in the foreseeable future.
Falconswap protocol can operate on multiple chains, so if there is sufficient liquidity and traction building up on other chains then we can also launch there.
Bear in mind that the aggregated orders are sent to Uniswap and it will still incur gas fees when interacting with Uniswap. What we are doing at Falconswap is reducing the need to send orders to Uniswap for settlements. Users will be able trade entirely on Falconswap with prices coming from Uniswap and other AMM pools.

Mary | Satoshi Club: Will you have orderbook?

Eric | FalconSwap: No, there will be no orderbook. But the protocol can support limit orders from users. By bringing orderbook we will actually be moving back in time and many dexes failed because of low liquidity and thin walls.

D. | Satoshi Club: and what technology do you use – ZKR or Optimistic Rollup? since you working on L2 scaling solutions

Eric | FalconSwap: The current scaling solution is on Ethereum only, so there is no friction for users to move between the chains. The current results are for Ethereum chain, where we demonstrated savings.
ZK rollups or Optimistic roolups can be used when there is liquidity on on those scaling solutions. It’s not efficient to move orders between the chains without any lags.

Q4 from Telegram Username @erol1763

How do you plan to list other coins , do they need to submit any documents verification or any ERC20 compatibility can be traded on Falconswap automatically?

Eric | FalconSwap: We need to run relayers for every coin that is listed on Falconswap, the listing process is initiated by us but the trades are decentralised.
We will work on making the listing process permissionless too, so anyone will be able to list tokens on Falconswap.

Mary | Satoshi Club: Which coins do know that will be listed at this moment? Can you name them?

Eric | FalconSwap: Can not share the name of all the coins but some of the other coins to be added after FSW have been announced by us and there are a few more to come.
We will also be listing some high volume tokens from Uniswap.

Q5 from Telegram Username @Manugotsuka

How is possible to FalconSwap have Zero gas Swaps? Considering the interaction of ETH and ERC-20?

Eric | FalconSwap: We will generate trading fees on Falconswap which will cover the cost to an extent, these zero gas swaps will be available for everyone in the beginning and then to our staking holders

Mary | Satoshi Club: During what time will it be available for no-staking holders?

Eric | FalconSwap: We will have this for a substantial time after the mainnet launch, we have set aside considerable budget for this. This feature will be essential for the adoption of the platform.

D. | Satoshi Club: do you have github? where we can see your tech/codes?

Eric | FalconSwap: We haven’t open sourced it yet, we will do that before we launch. There are already copy cat products coming in the market.

Q6 from Telegram Username @Gutike95

Does FalconSwap have any security system that prevents the existence of SCAM tokens on its platform? Will it be controlled by community vote or simply use the existing tokens on the different DeFi platforms?

Eric | FalconSwap: This is a decentralised trading platform, so if you are looking to build a permissionless system then it is open to the market like Uniswap.
In the beginning we will be adding the pairs and will be working towards making this a permissionless platform.

D. | Satoshi Club: and btw Eric can you tell us about the dates for public beta-testing, audit and mainnet launch?

Mary | Satoshi Club: We remember 😀

Eric | FalconSwap: Haha. Public beta will be launched next week! We will share the date on our official channel but this will be available for everyone with the bug fixes and some additional features

Part 2 — live questions from the Telegram community

Q1 from Telegram user @Olonade02

Will FalconSwap support yield farming?

Eric | FalconSwap: Not in V1

Q2 from Telegram user @Jonahapagu

Falconswap is looking at optimizing slippage by using multiple liquidity pools from mooniswap, balancer , kyber e.t.c can you tell us how you intend to use this multiple pools together and has the use of this pools already been effected in Falconswap for the Public beta launch

Eric | FalconSwap: Our relayer can actually split the orders across multiple AMM pools for optimising slippage.

Q3 from Telegram user @Nickkiii

Is the FalconSwap Beta testing program still on? If yes, how can I join?

Eric | FalconSwap: We will launch Public Beta next week. It’s currently available to top 50 token holders and few selected members.

Q4 from Telegram user @jpsarmah

What is the mechanism to put limit orders on FalconSwap? Will putting limit orders and cancelling them cost fees each time?

Eric | FalconSwap: We currently don’t have limit orders on Falconswap but they can be added later. Placing and removing limit orders will not cost any gas fees.

Q5 from Telegram user @bitboyss

What is the strongest points of FalconSwap that helps to attract new investors on project & how is FalconSwap a better alternative than Justswap, Sushi swap and Unilayer?

Eric | FalconSwap: All the other protocols are either creating their own AMM pools as a fork of Uniswap or adding features to Uniswap.
Falconswap is aggregating orders and multiple AMM pools and also saving gas fees (usually aggregators cost even higher gas than normal trades).

Q6 from Telegram user @bulbul03

Recently UniSwap give a lot of $Uni for their user.Do you have any plan Airdrop or bounty FOR $FSW?Or without planning you give $FSW to FalconSwap user like Uniswap? :smiley:

Eric | FalconSwap: Stake FSW when we’ll open our staking and you’ll get zero gas fees trading. Uniswap is not offering that 😉

Q7 from Telegram user @konditer_rolex

Do you take liquidity only from dex to ETH? There is an example when projects transferred liquidity to dex built on other networks. Do you now have the opportunity to work with them? Or perhaps there are such plans

Eric | FalconSwap: Yes, we can work on multiple EVM compatible blockchains

Q8 from Telegram user @Maksyrn

Does the FSV token provide benefits other than owning it?

Eric | FalconSwap: We have a detailed blog for all the token utilities. Add zero gas fees trading to that

Q9 from Telegram user @Albert3990

Many of DeFi projects is gone in days or weeks. With this sadly cenary, why i need to choose falconswap and what is the security of this project?

Eric | FalconSwap: Projects may come and go, you’ll still need reliable way of trading them. We are building a long term project and growth of decentralised trading is just beginning. There are a lot of tools/apps/solutions available to facilitate decentralised trading which were not available to users a couple of years ago and this is only going to get better.

Q10 from Telegram user @Termuxnih

will Falcon enter the BSC (Binance Smart Chain)? which is very low fee for swapping

Eric | FalconSwap: We can, we’ll share the news if we are moving to another chain too

Part 3 – Quiz Results

In the final part we tested your knowledge in terms of FalconSwap. They’ve prepared 4 questions for this part. The total reward pool for quiz was 300$.

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:

FalconSwap: https://t.me/Falcon_Swap

We are pleased to announce our next AMA on October 8th 2020 at 02:00 PM UTC Time: Satoshi Club x pNetwork

⚠️Click to see the hour
⚠️Total Reward pool: $750

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

We will have the following structure:

Part 1: 175$ /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: 175$/10 users – Open chat for 80 seconds. You can post Max 5 questions. pNetwork Team will select 10 questions and answer them.

Part 3: 400$ – A quiz about pNetwork

For more details:
pNetwork – @pNetworkDefi
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish

We are pleased to announce our next AMA on October 3rd 2020 at 12:00 PM UTC Time: Satoshi Club x ChartEX

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

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

Part 3: 300$ – A quiz about ChartEX

For more details:
ChartEX – @ChartExCommunity
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish