BarterTrade is an ecosystem of various products within the suite. Ultimately working with each other interoperably. All centered around a spot exchange with unique trading products.
Today we are glad to tell you about the AMA session with our friends from BarterTrade. The AMA took place on November 28 and our guests were @yaanurag, @hodls and @ManmeetBT
The total reward pool was 500$ and was divided into three parts. In this AMA Recap we will try to summarize some of the most interesting points for you.
PART 1, INTRODUCTION AND COMMUNITY QUESTIONS
Mary | Satoshi Club: Hello, Satoshi Club! We are happy to announce our AMA session with Barter Trade! welcome to Satoshi Club 😀
Gold Rocket | Satoshi Club: Welcome to Satoshi Club, @yaanurag @TheEdge76 @Logomina @hodls @ManmeetBT!
Anurag Yadav: Thanks a lot for the welcome. Really happy to be back again. And, thanks a lot for the wonderful support the last time.
Mary | Satoshi Club: Satoshi Club already had AMA with Barter Trade on 16th of August. Could you tell us what had changed on your platform since that time? Which goals already reached, which are still on line? Sure, you have a lot to tell us. 😀
Alexi: From a project management perspective, we’ve reached many milestones. Apart from successfully raising community awareness, we’ve been able to successfully test our test net… and uphold the highest standards of development. As mentioned many times in the past, we want to launch with a product we can finally stand behind, and so far the quality has been great, and I think we all look forward to Dec 7th.
Anurag Yadav: Post successfully fund-raising and reaching our Hardcap in record time, we have just been working heads down to get our Exchange Live to our Users. This has been a really hard sweat and toil journey and we have loved every bit. On average the development team has been working nearly 15-16 hours a day (sometimes even on Sundays) to get all bugs, security fixes sorted and get the exchange to the stage of Launch.
In the process we also a health scare where a number of our Developers tested +ve for COVID19 and hence our Delhi office was closed and we went to Work-From-Home, which we are again stopping shortly.
So, I want to place on record my gratitude and heartfelt thanks to the wonderful Technical team led by our CTO – Priti. We are now ready to Go-Live on 7th Dec. And, I can’t be more proud of what the team has achieved. That’s for the Technical Team. On the Business and Marketing front, our team has been very active as well.
We have been adding new partners building new relatiosnhips and running an extensive internal community engagement and growth programs, led by my superb teammates @hodls @TheEdge76 @ManmeetBT @Logomina – just to name a few
Mary | Satoshi Club: Do you have new partnerships, btw?
Anurag Yadav: Now as we are in the final lap of Launch our team members are now stationed in the UAE as we in the process of incorporating our Exchange there as well (along with the current locations of Hong Kong, Estonia) to service the Middle Eastern & North African Markets.
We are also in the process of finalizing the incorporation in India as well. And, the final bit of work going on is in the overall Legal and Regulatory and Compliance setup before we Go-Live.
So, work is going on all aspects…as we now graduate from being an Exchange Project to a full-fledged business in just 10 days…It’s both exciting to see the fruits of our labor ripe and also a little intimidating…so some nervous energy. 😊
Manmeet: There have been a lot partnerships related to legal, tech and operational partnerships that are of great value. These partnerships add little to the marketing value hence are not public. Next quarter will be really huge for us as we are exploring a lot of DeFi stuff and our discussions with a number of projects which once matured will be in public knowledge. Our Aim is combine the best of both i.e. CeFi + DeFi.
Q1 from Telegram user @Corrie_Dorf
The two biggest dilemmas in crypto are the Liquidity issue and volatility issue. What steps BarterTrade is taking to tackle these two dilemmas? Does your Exchange easy for newbies? KYC is a must to fully enjoy your service?
Alexi: I’ll break the question up into parts… Is your Exchange easy for newbies?
Yes the ecosystem was built for this purpose actually. To level the playing field with advanced traders. It has a beautiful user interface and offers comprehensive and thoughtful trading experience through products like algo trading and pie algorithm, which are both very intuitive and easily presented. We pride ourselves in providing an “exchange that empowers you”.
FATF regulation requires a level of KYC, we’re trying to make this as minimal as possible and obviously for the time being lower tiers won’t require it, but we are globally incorporated and aim to be compliant, failing to do so becomes an existential risk. That being said we’re in ongoing talks about encrypting KYC through a 3rd party service provider, which is kept on a cloud. Data privacy is our topmost priority.
Anurag Yadav: So, despite us having a series of differentiated features, we like any other Exchange business have these as our key internal business proposition development critical component. We are taking a number of steps to address these topics. First and foremost is to partner with a number of reputed service providers to ensure that our Users get the same Trading experience as they would from any top exchange.
The idea is to build on the original vision of being a standout community oriented exchange and not merely be another exchange which is either expensive, have little trading volume (as settlements are long), or have fake volumes… All this requires as to consider to Liquidity as central to all our offerings. And, have taken all the steps towards it.
Mary | Satoshi Club: You know, i was a bit lost first time on your site😂 do you have step-by-step guide how to use it?
Anurag Yadav: This is a great insight and I am always on the lookout for such feedback. From what I have learnt from most early users we have a great UI. But, I would certainly love to hear from you (in a separate discussion) how you felt lost whenever you navigated last. And, I would be sure to utilize your inputs to further improve the User Experience. Because, User Experience is something that we want to completely hone in. 😊
Mary | Satoshi Club: Will you have some services which won’t require KYC?
Alexi: Sure, there’ll be lower tiers and appropriate requirements or lack thereof.
Anurag Yadav: Up to a certain threshold KYC is not required. Beyond which for Legal reasons KYC would be mandated.
Alexi: Funny thing is we find that usually the users asking the KYC question are the “beginners” who aren’t aware their private wallets are already been catalogued by some of the leading KYT providers in the space through various techniques. The more advanced users are familiar with FATF and clustering analysis software and understand the risks of being identified outside of our ecosystem anyway.
Q2 from Telegram user @Brainchest
How far are you willing to go in being open to the public and putting out open source? Aren’t you afraid that this openness could be exploited by hackers? Knowing Your code makes it easier to find holes to crack.
Alexi: The question has part of the answer in it. Being an exchange we always need to be careful with what is publicly available code so as to avoid exploits. Out CTO is quite familiar with this process and we only share responsibly and in the interest of public transparency. For example, our audit was made public, as we were confident at that point it was bullet proof.
https://bartertrade.io/BART_Secondary_SC_Audit_Report.pdf
Q3 from Telegram user @magic2crypto
I see that you have allocated 30% of BART as a so called “company reserve”. It’s a big enough qty, let’s say it’s near the same qty(28%) as you have allocated to sales to investors. What is the purpose of this reserve? How will you use it? And how can investors be sure that the reserve will not unlock before 60 months of the vesting period ends?
Alexi: An exchange is a very capital intensive endeavor. Reserve is in place to support liquid order books and ensure a healthy market among other key objectives. We also require these funds to scale through our ambitious but achievable roadmap. The vesting/locks are available on etherscan to verify that the contract for team and company vesting is time-locked with tranches. Our raise was very small in total, so that 30% can be deceiving.
Mary | Satoshi Club: What about your roadmap? Do you have some goals, which are still pending? 😀
Alexi: So far (and when our mainnet launches soon) we’ve achieved everything on our roadmap, we look forward to the checkpoints ahead too, and meeting them meticulously.
Mary | Satoshi Club: Can the total numbers which are time-locked?
Alexi:
Q4 from Telegram user @zaferce
What are the special membership cards you have prepared for BarterTrade users and what premium features will they unlock when purchased? Do these cards provide additional discounts for those who hold BART tokens?
Alexi: The incentive tiers will be in a digital format for the time being. We’re exploring cards and they are in the works for the future. We’ve actually started an NFT system that may serve this purpose shortly. Exact reward hasn’t been announced yet. (Other than the very rewarding referral system that is). Thus far 90 NFTs have been distributed. Almost faster than our fundraise. 😂
Mary | Satoshi Club: Your NFTs are really attractive.
Alexi: Thank you, more on this to come!
Mary | Satoshi Club: They are the same or have some premium levels?
Alexi: 3 levels and scarcity, accordingly. bronze gold platinum NFTs thus far as part of the #mainnet series.
Mary | Satoshi Club: Oh, that’s nice 😀 we are waiting for your next steps in this field.
Alexi: Yes this is a vertical we plan to build on. I think NFTs have huge potential utility and incorporating them into the product is quite unique, I haven’t seen another CEX do it.
Q5 from Telegram user @Jonahapagu
BarterTrade did a $BART Community Burn… allowing users to voluntarily burn $BART Tokens…. what incentives do you give user who voluntarily burn $BART tokens… and why did you decide that users should send exactly 3000 $BART to the burn address… what if a user wants to burn more than that or less?
Alexi: 3000 was for that specific activity. It sounded fair at the time. Generally we’re quite aware of the attractiveness of a deflationary token economy, and as a result it was decided to center an activity around that.
BarterTrade foundation will be undertaking burns too, with ~15% of quarterly profits. We want our supply to eventually be 120m, down from the form initial 240m. It’s all part of the mechanism design and initial concept.
Mary | Satoshi Club: So, how many burns did you already have?
Alexi: No foundation burns yet. That’ll come with profits 🙂 only the community burn event.
Q6 from Telegram user @Cakelov
I read that one of your best feature from your exchange is Social Trading, which allow a trader to copy from one of the top rank trader. What is the requirement if we want become one of the top ranker in Social Trading? What is the benefit of become one of top rank and have much follower who copy all your trade?
Anurag Yadav: There is not a requirement as such. One should have a demonstrated background and experience in successfully trading for a period of time. Once we assess that and find that you fit into the basic criteria, then we will let you be one of the Leader on the Leaderboard which others can follow.
The first and foremost benefit is financial. You are a Leader will earn from the successful trade of your Followers. But, besides money, it is also about reputation as you would get public visibility and there will be credibility attached to it. So, a lot of things will be around building a reputation that others can trust on to…
Mary | Satoshi Club: So, it will be exactly like in social networks.
Anurag Yadav: Yes, but, we have our own variations and enhancements.
Alexi: Yes although like Anurag pointed toward there’ll be a strict criteria/framework behind what’s deemed a reputable master trader, to keep others safe.
Mary | Satoshi Club: Social trading will also start on the 7th of December?
Anurag Yadav: This will be the first major release Post Go-Live.
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 @katie1508
When does Barter Trade support “STAKING”?
Alexi: Staking is currently powered by Ferrum Network and their unique Unifyre wallet product. There is huge demand for staki ga me we know this… Eventually this will be absorbed, and a more sustainable staking system will be natively incorporated. Thus far we have done 4 staking events through Ferrum and the demand has been massive.
Q2 from Telegram User @turgut47
What are the features of BARTER TRADE you think can be a trump card for it?
Anurag Yadav: We have some unique features that we have been thinking about finessing for a period of time…chief among them being, Social Trading, Algo Trading, and a number of other features such as our Desktop Trading Platform, EasyPay to name a few.
Q3 from Telegram User @cryptovgh
I am new to crypto, what is meant by ALGO TRADING? I have heard about future, margin and spot trading but not about this ALGO TRADING offered in your exchange, could you please explain about it little a bit?
Alexi: Sure, so algo trading basically enables the capacity to trade using technical indicators as inputs. So for example: you can have an algo to buy/sell at specific levels on moving averages (as these aren’t static). It’s what a beginner trader does anyway, only now it can be automated. Algo trading is often referred to as High frequency trading as it allows traders to move in and out a lot faster, based on conditions they input.
Q4 from Telegram User @Pannicota
BARTERTRADE is a GOOD new exchange with many partnerships, many OUTSTADING functions and ultilities but appeared a PROBLEM that there are many NEW EXCHANGE like $BARTERTRADE born EVERYDAY, EVERYSEC, HIGH COMPETITIVE LEVEL, and most of people focusing on BIG EXCHANGE like Binance, Huobi,… So how will you solve about that USERS PROBLEM?
Alexi: I couldn’t agree more, if you look at it macroscopically, it seems like a saturated vertical, however we always look at a more granular level. We see our predecessors not as competition but rather as lessons, in success and failure, and this helps us set our goals of what we hope to avoid and achieve.
Q5 from Telegram User @BboyForteVZLA
The listing of your BART token is currently 4 exchange, do you plan to increase the listing of your BART token or are you satisfied for now?
Alexi: Many of the exchanges that listed us obviously saw the value in the underlying product. Listings are important to maintain a healthy market, however we are an exchange, and we aspire to support our native tokens market and maintain our order books too. Thus for an exchange token external listings are always secondary, not that they’re not important, sure the utility of the token is important and if that can proliferate through the space then it’s a win win for everyone. However that’s based on the underlying value of the product. Perfect the product and the listings will come. (Same way they have thus far).
Q6 from Telegram User @K2ice
Why is BarterTrade regarded to as a complete ecosystem for traders and how can BarterTrade empower users?
Anurag Yadav: We consider ourselves as an Ecosystem rather than just an Exchange is becuase of the range of features and services, we aim to offer to our community. These include a variety of differentiating offerings such as the Market place, EazyPay, DEX, Desktop Trading Platform, Social Trading, Algo Trading, etc. This is going to open up a host of opportunities for our community.
Q7 from Telegram User @KhaleesiTheCryptoLady
You said about taking advantage of the user side by offering thorough extensive bug bounties. How to take part in bug bounties, any form to fill in? How much usually is the minimum and maximum a user can receive in bug bounty?
Alexi: Yes we will leave the feedback for the bug bounty open indefinitely. We feel it’s very valuable to have user feedback, (also being a community run exchange) You can find the ongoing bug bounty here: https://forms.gle/1gGp8XWaA153jMYy8
Q8 from Telegram User @Eliasbb
What is BarterTrade Pie? What’s the use of this features?
Alexi: BarterTrade pie is our flagship product. It’s an advanced trading tool that makes it easy for any level of users to trade effortlessly. Pie allows traders to set buy and sell orders concurrently, without the need to wait for a previous order to execute. You can set buy at support and sell at resistance without needing to look at the charts 24/7. Basically it’s another level of user-friendly automation.
Q9 from Telegram User @Robotliker
Does your exchange will provide us any special offers and discount like trading fees. to attract more new users?
Anurag Yadav: We have a unique Referral program. Please check it out. It offers an unparalleled level of incentives that no other platform offers.
Q10 from Telegram User @BERTA2020
Currently where can I buy your BART token and what benefits can it offer to hold it in the long term?
Alexi: BarterTrade ($BART) is tradable on these Preferred Exchanges:
– Uniswap: https://uniswap.info/token/0x54c9ea2e9c9e8ed865db4a4ce6711c2a0d5063ba (DEX)
– MXC: https://www.mxc.com/trade/easy#BART_USDT (CEX)
PART 3, QUIZ AND INFO
As usual, for the third part, Satoshi Club Team asked the chat 4 questions about BarterTrade. A link to a Quiz form was 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:
BarterTrade.io: https://t.me/BarterTradeofficial