We are pleased to announce our next AMA on November 22nd 2020 at 02:00 PM UTC Time: Satoshi Club x Offshift
⚠️Click to see the hour
⚠️Total Reward pool: $1000
⚠️Requirements:
👉 Join Satoshi Club Telegram group
👉 Join Offshift Telegram group
We will have the following structure:
Part 1: 150$ /6 users – We’ll select 6 questions from the community. A user can post maximum 3 questions. 6 Questions will be selected from our website – please submit your questions in the comments section of this post.
Part 2: 150$/10 users – Open chat for 100 seconds. You can post Max 3 questions. Offshift Team will select 10 questions and answer them.
Part 3: 700$ – A quiz about Offshift
For more details:
Offshift – @OffshiftXFT
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish
What are the advantages and unique features of using the zkAssets on Offshift?
I like your whitepaper, your whitepaper explains the risks of purchasing XFT Tokens. Do you have any reference recommendations to fully understand the XFT Tokens and your protocol?
In your whitepaper, Offshit maintaining stablecoin price using a SemiDecentralised Oracles Network. I don’t fully understand how it works. Can you explain it in simple and easy language? I’m really curious about that
If I am not wrong, you reserved 2250000 tokens for the marketing activities. That’s a pretty amount. How much have you used from it, on what activities, and what’s left?
Is it possible to use Offshift to not pay taxes or use it in a way that’s really making a difference to the financial world?
I do not know the potential that storage protocols have in DeFi, what benefits does DeFi technology receive when merging with a storage protocol like OffShift and what is the storage limit?
Offshift is listed as cryptographically private in Ethereum, why is this a fundamental feature of a storage protocol and what are the benefits of being private?
I have read that Offshift is “the first double-sided public / private protocol”, what is the function of a double-sided private protocol and what does the term “double-sided” refer to?
I have read on your website that Offshift specializes in connecting the public and private side of the crypto ecosystem, how does Offshift build a two-way bridge that connects the public and private of the ecosystem?
there are very few projects that encourage private side storage, what incentive model has Offshift built to encourage private side storage and gain more popularity in this area?
Offshift is the first protocol that adequately encourages speculation so much, why is it a main objective to increase speculation according to the Offshift platform and what benefits does this bring to the community?
You are not limited to current functionalities and according to your roadmap, you will add more private peggs. Which are the next to be added and how is the process of adding them? Do they apply or do you have a vote?
Beside your native erc20, you now have private and asset pegged zkerc-20 tokens. It makes me a bit confused. Why would I need the later version? What advantages does it give?
According to etherscan data about 80% of XFT(0xabe580e7ee158da464b51ee1a83ac0289622e6be) total supply are concentrated on 5 addresses and has no move since a long while ago. In the same time only about 2% are available on Uniswap. Usually investors consider as a risk if so large amounts are concentrated in a few hands. Could you explain what are those funds? And how investors can feel safe from a sudden price dump if these tokens came to exchange?
Offshift gives users the ability to convert a native ERC-20 token (XFT) into private zkAssets. Will Offshift be able to convert other erc20 tokens into zkAssets in the future or you just designed it solely for XFT’s usage?
You recently launched Phase 2 of Offshift three phase public testnet roll-out. Are you currently accepting testers? For those interested in trying out Phase 2 testnet, what are the guidelines to follow?
When should we expect the launch of the final phase 3 testnet?
XFT recently got listed on Balancer. What are your plans to launch an incentivised Liquidity Campaign to boost $XFT token value and will the campaign also extend to LPs on Uniswap?
Please,I would like to know why the name Offshift? Why did you choose such name.. And also your token XFT?? Thanks
Is $XFT a governance token? As an XFT holder, As a professional investor, what do I stand to benefit from holding XFT for a long period of time?
There have been lots of unreal projects and occurrences in recent times flooding the DeFi/Liquidity markets. What kind of safety measures do you offer for long time holders of XFT, so they can feel very comfortable with providing liquidity on your platform?
I heard that zk-Assets can only be minted by burning XFT, are zkAssets cryptographically private stablecoins on Ethereum or is their design defined by another concept of crypto privatization?
Offshift’s token, “zkAssets” includes zkUSD, zkBTC, zkETH, is it possible for the community to link the preferred asset they want based on the value of zkAssets or should there be a compatibility feature?
Token XFT is the public and negotiable side of the Offshift ecosystem, what plans does XFT have to make the market generate great value for the XFT token and what adaptability does Offshift have for the market?
Offshift is a cryptographically private offshore storage & DeFi protocol on Ethereum, and the first dual-sided public/private protocol to be built entirely on a public blockchain.
Dual-sided protocol means that protocol can be public or private, here it says that it is public blockchain too.
How can project has private protocol with public blockchain? What does building protocol on public blockchain changes about project?
zkERC-20 tokens, zkAssets include zkUSD, zkBTC, zkETH and virtually any other asset to which users want to peg value. They are the private, stable-valued side of the Offshift ecosystem, and can only be minted by burning XFT.
Why would someone like to peg their tokens, what changes with token and does it improve in some ways?
Offshift Testnet is active and there is guide on your medium profile. There are 15 steps and 5th step is to Request some zkA tokens from an admin in the Offshift Telegram.
Why are you giving free zkA for trying Offshift Testnet? What if something wrong happens when using it since it is still in testing mode? Have you recieved any bad report (bugs,problems…) till today about Offshift Testnet?
In my opinion, I think there are no other private stablecoins on the Ethereum and the zkUSD will be the first and only private ethereum dollar that users can use for exchange, to stake and recieve staking rewards ards in zkUSD. Why did Offshift decide to have the zkUSD on the Ethereum network at a time when most projects are beginning to abandon Ethereum network because of high gas fees?
When user shifts XFT to zkAssets the token is burned and viceversa its burned. So is this burning permanent or will it shrink the XFT supply in long run?
What are the other uses of zkAssets other than being private?
Will XFT be available in any CEX in the near future?
I came across the public private bridge on the Offshift platform and I think this will be the first dual-sided public/private protocol built entirely on a permission-less chain if am not wrong. Can you expantiate on this public/private bridge as regards to how it works and what kind of problems does it solve?
How is zkAssets maintain their base price value from time to time? I know that price pegging from chainlink at time M&B(zkA = zkB), but I don’t get the point of burn with chainlink oracles can make stabilisation price of zkAssets, please explain it
$XFT is a token on ERC20 intended to provide public trading, and $ zkUSD is a token also on ERC20 wallet but for private transactions? So, are $XFT and $zkUSD linked? Currently in new projects, they usually create 2 tokens to balance the same (especially the farm) and the other 1 will be taken away to make a fee for this token when trading? So do you have such thoughts?
Are all your assets ERC20? ERC20 works on ETH, so the transaction price is really high due to an expensive gas. For example, when I want to use my 1000$ to buy $XFT, maybe it has lost a large part of the fee which will range from 50$ – 200$? Then it will be a disadvantage with Offshift, but surely you have a new plan to put most of your assets in it?
Will our $ XFT token be the main character? Because in the Offshift ecosystem that connects public and private parties, almost every benefit I see goes to $ XFT (reducing the supply of XFT, encouraging everyone in the natural world to bet to win and contribute money. an incentive model to store, ..). What about $ zkUSD? Since it’s a token for private transactions, is it less useful and less attractive?
Offshit uses a two-way bridge architecture which is very innovative. Therefore new things are sometimes tough to understand, that I couldn’t fully get the the minting and burning processes of your 2 assets: XFT token and zkAssets. Which one will be burnt, which one can be minted? I also saw there is re-minting, and you have a process called “shifting”. So, can you tell about all these processes and summarize the cycle of your assets?
Offshift users are able to shift back and forth between XFT tokens and zkAssets via the shifting process. Is there a time frame when a user can “shift” back the newly minted zkAssets or XFT or they can do the process anytime they wanted to?
So Offshift is the first ever dual-sided public/ private protocol built on a public blockchain. Would you briefly comment how the private part of your protocol can work on the public blockchain as well?
zkERC-20 tokens, include zkUSD, zkBTC, zkETH and virtually any other asset to which users want to peg value. How could I create a new zkERC-20 token and peg value to it? If anybody can easily do it, how do you prevent scam tokens?
zkAssets are the first cryptographically private stablecoins built on on Ethereum. What are the main benefits of being private for its use above all the already existent ERC20 stablecoins?
Did you complete your roadmap for Q3 2021 Token Distribution & DEX Listing? Where can I buy XFT?
You say for your “Offshore” feature this: “Perhaps zkAssets most appealing use case is as a method of private wealth storage”. Can you elaborate on this feature? Is this the same as traditional offshore or just a simile? Doesn’t the crypto world already work like a kind of offshore, what is different here with your zkAssets?
zkAssets are an implementation of EIP #1724, “zkERC20: Confidential Token Standard:, Kindly explain what is this Token Standard, where did you modeled it from, and why is this the one that Offshift Protocol implemented. Where can I find the detailed information about EIP #1724?
Will zkAssets assets work as a pre-planned protocol by your team (such as zkUSDC or zkYFI) or will XFT owners participate in the asset adding process with a governance task by voting?
While some analysts claim that the transition from Eth 1.0 to Eth 2.0 can be problematic, it is claimed that Eth 1.0 will lose its availability. In such a case, how will the XFT’s transition of zkAssets ERC-20 tokens to Eth2 be processed and will you encounter any scaling issues?
Will a bridge fee be determined for the transition after ZkAssets is issued, and how will the bridge fees be distributed among the staked zkAssets in zkAsset to XFT transition?
Offshift is a cryptographically private offshore storage & DeFi protocol on Ethereum. Can you explain more about how does Offshift become a cryptographically private offshore storage? Why did you choose Ethereum?
In the third quarter of next year staking is going to be launched, would the staking include both the Public token(XFT) and private token(zkAssets)? And what percentage of APY are you looking at for stakers? Are you going to include penalties to prevent stakers from leaving the pool early?
zkERC-20 tokens, zkAssets include zkUSD, zkBTC, zkETH and virtually any other asset to which users want to peg value. So in this situation, can users have the right to choose what asset to peg value? Can you explain more about pegging value of a certain token or coin in zkAssets in Offshift? How it will be done? What is the purpose of pegging value? Why does your platform choose to peg USD, BTC and ETH?
A quick check on coinmarketcap shows XFT is listed on Uniswap and Hoo only, XFT is stated to be public and tradeable, are you in talks with other trading platforms to list the XFT token? And if yes can you share which platforms you would list on soon?
You had quite a lot of events in October, working on your testnet. How did it work out? What is the feedback, the conclusion of the tests and the opinion of the community?
Offshift is the first protocol to adequately incentivise both speculation and use as a currency for value storage or private spending. Can you expand more about this statement in your website? Can you explain to us in a simple word what is Offshift and its purpose in the Blockchain industry to make us fully understand? Thank you
How will your team ensure that XFT remains the top platform and keeps pace with your competitors, in the next 2.3 years and beyond? What are your views on DeFi Ecosystem? What are XFT doing in order to facilitate development of DeFi?
What are the core features that create the value of XFT ? What does XFT have that other projects don’t?
Defi, NFT, Mining and burning are very popular right now, What steps have been taken to progress $XFT in the future?
The XFT token provides access to the Offshift ecosystem and enables users to migrate to zkAssets. How do I get the XFT token in the first place and how do I correctly apply it in order to have access to Offshift and zkAssets?
The fact that Offshift is focused on launching zkAsset makes me think about the complete anonymity of staking. Is cooperation with Aztec a desire to make the platform as decentralized as possible, or is it an attempt to steer finances a little illegal?What is your general attitude to the idea of some projects to combine CeFi and DeFi? Do they betray the ideology of the existence of cryptocurrencies?
Does the use of the XFT token for referrals to zkAssets and vice versa imply a fee for each transaction?
I know that you have completed the integration of ChainLink Oracle on the testnet, when will the public test run and we can try the solutions you created in action?
The zkAssets theme is very interesting. What advantages will XFT holders have on zkAssets: the ability to vote, manage, select assets, place bets, can there be zero commission on transition?
As I know ZKASSETS are World’s First Cryptographically private Stablecoins On Ethereum Blockchain.. So, What are the main advantages of being private over all the existing fixed coins built on Ethereum?
I have read on your website that
Your team was able for implementation of non interactive zero knowledge proofs (zks) and link oracles . How does it guarantees fairness and secures offshores storage?
I always interesting with stable coin and Offshift do have stable coin. Can we shift Offshift stable coin into zkAssets ? How did Offshift handle problem about “Inflation” that every Stable Coin have?
Decentralised oracles are an integral part of the Offshift ecosystem. At the protocol’s core is a feature called ‘shifting’, in what way it is being shifted? What particular asset is used? Can you simply explain to us what shifting process means?
Offshift Taps Chainlink to Provide Oracle Feeds for Its zkAsset Private Pegs, with this integration with Chainlink what are the benefits it brings to the ecosystem?
Congratulation to Offshift partnership with Chainlink Oracles at the end of Q3-2020. Can you pls share the New possibilities about these partnership offer to Offshift project?
According to etherscan data about 80% of XFT(0xabe580e7ee158da464b51ee1a83ac0289622e6be) total supply are concentrated on 5 addresses and has no move since a long while ago. In the same time only about 2% are available on Uniswap. Usually investors consider as a risk if so large amounts are concentrated in a few hands. Could you explain what are those funds? And how investors can feel safe from a sudden price dump if these tokens came to exchange?
You are not so new in the market and it means that it makes you more trustworthy. However, your website is down and price has fallen in the last hours. What has happened?
OFFSHIFT’s Zk-Assets uses zKERC20 standard and no one will be able to track any transaction. It means total privacy. But, what happens if there’s any claim or scam involved in a transaction? Who is able to solve this situations?
I understand the golden card of OffShift is privacy, but… $XFT, the utility token of the platform isn’t. What is the purpose of that?
Feedback is always important to keep growing and improving. What does OffShift expect of their community and what are you doing to keep them happy and committed to the privacy solutions?
offshift has launched their 3 phase testnet in October :
Phase 1: Simple 1:1 shifts between two ERC20 assets
Phase 2: Price-pegged shifts between two ERC20 assets using an oracle
Phase 3: Price-pegged shifts between an ERC20 asset and a zkERC20 asset using an oracle
How’s the response of the community to the testnet ? What problems have you discovered in the testnet and what improvement is to be done to the system ? thank you
How do you see Offshift users? Have you done any special marketing research on the possible audience of your users? As an example, I can cite the fact that porn star Brenna Sparks, going back to the crypto first bought your coin and reported it on her Twitter. Aren’t you afraid of a certain marginalization of your ideas and their use only by a specific audience?
Which type of architecture do Offshift use to approach the scalability issue – zkRollup, validium or volition or i can rephrase it – where you store your data on-chain or off-chain? What is the reasons and advantages of using exactly this one?
To the end of the year will be possible the Swap ERC20—> ZKerc20, but I need to ask OffShift will also create ZKtrc20 or ZKbep-20 too? Are you just limited to Ethereum framework?
I have browsed your GitHub and found it look as died. It contains only 1 simple activity since Aug 2020 (within all it’s lifetime), a logo file has been added to Trustwallet. There is no either XFT contract deployed, or zkAsset contract development, or anything else related to your testnet activity which has been announced in Medium, such as Chainlink oracles integration for instance. Do you prefer to keep hidden the process of development and codes because of some reasons? Why? Could you explain those reasons? Didn’t you think that it could add a certain trust to your token if you will have a transparent activity on GitHub?
Are you planning to create your token specifically for zdAssets? Will Offshift benefit?
Is very interesting your concept about the public and private Bridge, How is the process to mint ZK assets?
Your Private+public Brigde is a good solution to keep the user’s fund “out of range” of hackers. But how do you avoid the possibility that users use your private capacities to take refuge after do scams or just Cybercrime?
Is the a three-phase public testnet rollout still running? It was planned for 4th Q. Do you offer the same bug bounty as for previous phases?
Price Shifts Are Pegged Between Two ERC20 Assets Using Chainlink’s Oracles
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why ChainLinks what’s so interesting about this
Today’s offshift developers deploy four timeLock smart contracts and store XFT tokens reserved for marketing & ecosystem, development, teams and stakes to their new addresses.
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Can you explain what is meant by TimeLock smart contract?
What is innovative about offshift tokenomics and how can it attract me as an investor? If possible, divide the response into short-term interest and what I might be attracted to invest in for the long term. And in terms of trust, how can I be confident about investing?
why do you have a bug bounty, is there a problem with your project?
if so, please inform here so everyone knows
Offshift’s protocol uses Zero Knowledge Proofs – that is, it it is all about creating the zkAssets, which are private, stable-valued zk ERC-20 tokens. While many have come to know the shortcut “zk”, I believe few people actually know that it stands for “Zero Knowledge” and what this truly means. Could you tell us more, at a very base level and in simple words, about the inner workings behind the Zero Knowledge Proof architecture and how it is fueled?
I believe privacy concerns represent a huge, yet not truly felt issue at the moment. That’s why I do have a position in XFT, but I also have other positions open in the Secret token, ENIGMA and Haven. These projects – which I suppose you know about as they seek to address most of the privacy issues you’re confronted with as well – are poised to be competitors to XFT in the market. Could you tell us in which way does XFT differ from these competitors and how would you say your value proposition is superior?
Dear Managers as you know, DeFi projects are very popular these days. What is your most important feature that makes you different from other DeFi projects / competitors? Can you explain briefly, please?
Security is very important in blockchain projects, especially DeFi projects. How do you ensure the security of the offshift project?
Plainly speaking Offshift mechanism works by taking an asset and putting it “offshore”, so to speak. When that happens, you burn the XFT tokens and a private asset gets created on Offshift’s ecosystem, which is powered by Zero Knowledge.
And when you want to have them back, the same mechanisms happen but in reverse – so tokens get recreated, based on the current value of the asset that gets “swapped” back and forth. As a layman techie, I’m wondering… is there any chance of involuntary (negative or positive) arbitrage mechanisms when these “back & forth swapping” operations happen?.
What feature of the project you think will make a difference?
What was the biggest problem you faced while navigating your project and how did you solve it?
What will you follow to explain your project in countries where different languages are spoken and express it to them in the best way?