Month: December 2020

We are pleased to announce our next AMA on December 22nd 2020 at 09:00 AM UTC Time: Satoshi Club x Digitalax

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

⚠️Requirements:
👉 Join Satoshi Club Telegram group
👉 Join Digitalax 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. 6 Questions will be selected from our website – please submit your questions in the comments section of this post.

Part 2: 100$/10 users – Open chat for 100 seconds. You can post Max 3 questions. Digitalax Team will select 10 questions and answer them.

Part 3: 300$ – A quiz about Digitalax

For more details:
Digitalax – @digitalaxTG
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish

Welcome to a new episode of our AMA series. Today we are glad to tell you about the AMA session with our friends from YVS Finance. The AMA took place on December 15 and our guest was LUCAS – CEO and speaker from YVSFinance.

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

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PART 1, INTRODUCTION AND COMMUNITY QUESTIONS

Gold Rocket | Satoshi Club: Hello dear community! We continue our today’s AMA marathon with the YVSFinance project. Our guest today is LUCAS – CEO and speaker from YVSFinance! Welcome to Satoshi Club, @yvsfinance_lucas!

Lucas @ YVS: Hello everyone! Happy to be here in the Satoshi Club community and present our project, YVS Finance!

D. | Satoshi Club: Please, tell us a bit about yourself and about your project. 😃

Lucas @ YVS: Gladly, let me start by saying something about myself and the team behind YVS Finance. After a few years of experience in fintech companies throughout Europe, I have decided to leave the “traditional” sector and focus on developing innovative, transparent, and self-executing smart contracts focusing on decentralized finance products, because I found that traditional finance is just too far out of reach from the customers they serve. In any case I’ve long had the wish to create something of my own and here we are today!

I have completed my studies in the field of macroeconomics and have been involved with crypto since 2017 when I started to do blockchain programming and creating mining software and similar applications such as analytic tools for early adopters.

Together with my team, our goal is to build blockchain services that do not require governance or admin control and are completely self-sustainable from the deployment onwards.

Gold Rocket | Satoshi Club: It is very interesting! what does your project name mean?

Lucas @ YVS: We chose the name because it means YVS = Yield-farming, vaults and staking. We didn’t want to complicate with the name itself and so we decided to go with something descriptive that exactly portrays the use-cases of our platform, which brings me to a brief introduction to the project :).

YVS is an innovative decentralized finance project that combines the best features for creating a truly unique, transparent and secure yield-farming platform. Because the smart contracts are completely pre-programmed before launch, investors can be calm with their deposits into our project. All tokens, from the pre-sale to the last token distributed, are coded in the contracts and cannot be changed anymore. Everything will be audited by the top blockchain security firm Hacken, from which we’ve just received a spotless audit report, and there will be no admin control on the contracts and no functions exposed that could lead to exploits. Everything is pre-defined.

Gold Rocket | Satoshi Club: How big is your team? Are you public or anonymous?

Lucas @ YVS: We have collectively decided to stay anonymous, because we cannot have and do not wish to have any further impact on the project after the initial launch as everything will be pre-programmed. This will bring the ultimate security for investors. Otherwise, we’re composed of a team of three developers, two of which are solidity programmers and website developer. We have two main advisors, which help us with marketing and promotions as well as a general project advisor. Along with that we’re working with a designer and several community managers.

Q1 from Telegram username @Highpee

While studying your project, I found out that you said your smart contract will be audited by top security firm and there will be no admin control on the contracts once deployment has been activated. What does this “no admin control” means? If for instance there is an obvious bug noticed in your smart contract after deployment, how will such be rectified?

Lucas @ YVS: By “no admin control” we mean that the contracts can not be changed after deployment. The owner of the contracts has no control over functions which could change the distribution, transfer any funds or similar flaws that similar projects have been exposed to recently. For example what happened to Compounder, can not happen here, as there are no back-door exploits. What happened to Pickle or Harvest can not happen here, because we’ve disabled arbitrage and enforced a time period between depositing and withdrawing. Everything is pre-defined.

That’s why we’ve mentioned the audit from Hacken – we’ve fixed all the issues they were able to find and we’re more than certain there will be no problems after launch!

D. | Satoshi Club: What about bugs? if something will go wrong, how could you fix your contract?

Lucas @ YVS: We’ve conducted several full tests of the contracts on the Ropsten testnet to check for exactly that! While some small modifications could be done still after the launch, this kind of decentralized commitment means that there is almost nothing we can change, but that is also the goal of the project itself.

Q2 from Telegram username @KevSalom

In the whitepaper in the pre-sales area you mention that the “Bonus per day will be 12.5%, 7.5%, 5%, 2.5% and 0%” but you don’t explain more about this in your medium publication. Can you explain to us better what these bonuses are and how I can benefit from them? Or will anyone who buys $YVS Token receive these percentages automatically the next five days?

Lucas @ YVS:Our pre-sale has been running from Friday and will end tomorrow on Wednesday at 4pm UTC. During this period, users can earn a bonus on their deposit the earlier they join the presale – this is what the percentages in the whitepaper mean. However, even if there is no presale daily bonus tomorrow before the timer runs out, you can still earn a 0.5 % deposit bonus by using a referral link!

D. | Satoshi Club: And how can get this link?

Lucas @ YVS: Any user can set it up on our presale page at yvs.finance/presale. You can also use a referral link provided by someone else if you are interested to join. There have been several posts with links included in them and I’m sure some of the community members would be glad to share theirs for you!

Q3 from Telegram username @abujoans

Pre-sale is a good strategy for marketing and investors.After the end of the pre-sale, will YVSFinance have plan to running more advertising campaigns or airdrops with token rewards to attract users? How will YVS finance focus on marketing your product in the future?

Lucas @ YVS: 80 % of the funds collected in the presale will be used as revenue for the project. This will be used for launching marketing campaigns, providing initial liquidity on Uniswap and for exchange listings. We’ve teamed up with several influencers that believe in our project and will help us get even more investors. We’ve launched successful collaborations with JustLiquidity and Hacken to provide the best security standards on the market for investors.

We will be subscribing to marketing campaigns on prominent cryptocurrency sites to attract new people. We still have several other venues to reach new investors such as YouTube and more.

D. | Satoshi Club: Thanks! by the way, how many tokens are you planning to sell and what will you do if you not sold all allocated for pre-sell tokens?

Lucas @ YVS: We’re planning to sell 100.000 tokens and any tokens that will not be purchased will be burnt. 👍🏼

Q4 from Telegram user @Winterkom

 Liquidity at Uniswap will be locked for 1 year after the launch of the smart contract. My question is, will the pre-sale tokens also have a lockout period?

Lucas @ YVS: No, the pre-sale tokens will not have a lockout period. As you’ve mentioned the liquidity will be locked for a one-year period, enforced by a time-lock contract. Additionally, half of the deposited liquidity on our platform will be locked forever, which will insure a healthy liquidity and low slippage on orders.

D. | Satoshi Club: So each buyer be able to easily trade your tokens right after end of the sell? and when we can see your token on exchanges?

Lucas @ YVS: Exactly, they will be immediately tradable after the end of the pre-sale. We’re already in talks with several exchanges for possible listings, but we’ll start with Uniswap and work from there.

Q5 from Telegram user @JesusFre1tes

In a few hours the YVS Finance liquidity pools will be open. How easy will it be for users to create liquidity in these pools? What will be the platforms where it will be possible to do this? How will your liquidity creation model improve on all the others we know?

Lucas @ YVS: We will have one liquidity pool – ETH-YVS on Uniswap. It will not be possible to peg YVS against a stablecoin. This pool will receive 65 % of the total allocation of rewards. 50 % of the deposited liquidity will be locked forever and will ensure good liquidity and low slippage. We think this is very important for any defi project. You will still receive rewards on your entire amount and it can be claimed at any moment without any additional fees. Additionally, we will also have a staking pool and two vault pools for interested users!

Gold Rocket | Satoshi Club: Please tell us more about staking. Participants are always interested in it.

Lucas @ YVS: Our staking pool will receive 20 % of the daily created rewards and will have a minimum deposit period of 2 weeks with additional rewards for users who will be willing to lock their tokens for longer periods, up to a period of 12 weeks and a maximum bonus of 10 %. Rewards can be claimed at any moment without any additional fees.

Q6 from Telegram user @borysfireball

Why did you abandon such a fashionable now governance function? What is the value of your tokens and their future if there is a need for new features for DeFi in the future and neither you nor the community can change anything?

Lucas @ YVS: Because the functions itself will be controlled by the smart contract! This is the meaning of true decentralization where no actor can have an impact of the direction of the project. The so-called controller contract will keep distributing rewards in the future and provide incentives to investors for as long as the blockchain itself exists. No possible changes in the allocation of the pools, or any other form of flaw, that could be exploited by external hacks. Everything is pre-defined and will stay so. If you ask us, then this is the true value preposition of a decentralized finance project!

D. | Satoshi Club: Thanks! now we come close to the second part of our AMA!

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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 @AmitGoyal1444

$YVS Finance collaborate with the renowned blockchain security firm Hacken for official audit of the entire project. Can you tell us the result of the Audit? Why do you choose Hacken to audit your project?

Lucas @ YVS: Hacken is one of the best cyber-security firms in the world and that’s why we’ve chosen them. The audit results have revealed their best possible security score and absolutely all issues have been fixed and amended. We’re very glad to be able to share this audit report with the community!

Q2 from Telegram User @Cakelov

How many pools that YVSFinance have in their platform including Staking, liquidity and vault pool? Do you also have pool for a stable coin like USDT? Is there any limit if we want to deposit in your vault pools?

Lucas @ YVS: In total there will be four pools on our platform: a staking pool, a liquidity pool (ETH-YVS pair on Uniswap) and two vault pools. There will be no liquidity pools offered against a stablecoin pair. However, you will be able to deposit stablecoins in one of our vaults which will accept USDT/USDC/DAI/USDN.

There is no impermanent loss in these pools and you will only continue to earn your investment while receiving additional YVS rewards! The only limit is the minimum deposit period of one week, but we don’t believe this should be an issue as vaults are long-term investments :). Additionally, there will be a wrapped bitcoin vault with exactly the same features, so make sure to check it out!

Q3 from Telegram User @borysfireball

I see big expenses that have been made by YVS.Finance lately – a lot of AMAs, Hacken audit (we all know, that it’s not cheap), JustLiquidity lock etc, this list is long. Where this funds come from? If it’s from early VC investors can you tell us if they have any preferences or bonuses?

Lucas @ YVS: We have conducted no VC sales or private rounds. Everyone can access our presale. 80 % of the funds collected in the presale will be used as revenue for the project. This will be used for launching marketing campaigns, providing initial liquidity on Uniswap and for exchange listings.

Our project will generate revenue from the collected burn rate and from the vaults which will continuously generate revenue from investing into underlying strategies.

Q4 from Telegram User @bathulosnom

We know that Ethereum has high gas fee for the DeFi trend. Is this the main reason behind partnership with Justliquidity to solve the hog gas fee? In future will you expand on more chain?

Lucas @ YVS: JustLiquidity is a renowned name in the blockchain industry, which provides many services to both normal users and emerging projects themselves. We will be using their services to connect to BSC in the future to provide cross-chain liquidity and also locking all remaining project tokens in their protocol for ultimate security. This will be a huge benefit for us as it will show we have no bad intentions with the project funds and they will only be used for specific purposes such as exchange listings in the future, promotions, marketing campaigns etc.

Q5 from Telegram User @rockmorti

800,000 $ YVS distributed into pools for 20 months, how do you plan to counteract this inflationary shock and if you have any intention of introducing governance models to counteract these effects?

Lucas @ YVS: Because of the limited total supply and no minting capabilities we have a deflationary token system with a constant reward amount per day – this will balance out the inflation on a longer basis and provide long-term value to the token. Along with a 0.75 % burn rate on all transactions this should mean that the inflation should not be too high – only for a short initial period which should be counteracted by the locking periods in our pools.

Q6 from Telegram User @BboyForteVZLA

To get my referral link to invite people to participate in your presale, is it mandatory to buy your token in your presale or not?

Lucas @ YVS: No, it is not mandatory for you to purchase our tokens to create a referral link which you can share to other people who will participate in the presale!

Q7 from Telegram User @AmirJosh

50 % of deposited LP tokens will be locked forever and cannot be access anymore. Will this apply for all the liquidity providers? What is the compensation fo losing half of the tokens?

Lucas @ YVS: Yes, 50 % of the deposited liquidity will be locked forever. However, you will still gain rewards from the full amount of liquidity you provide and rewards will be claimable at any moment. The only limit will be that when you try to withdraw your funds, you will only be able to withdraw 50 % of the total deposited amount. And to answer why, there are several reasons. The most important one is as you already have said to stabilize the price of YVS on the market. By locking half of the liquidity, trading will always be possible and with very low slippage – this is the main advantage locking LP tokens will give us. Everyone likes a project with good liquidity on Uniswap and that is what we will provide.

Q8 from Telegram User @JP_Morgan_Chase

Even the most reputable cybersecurity companies like Hacken cannot guarantee that a smart contract is 100% secure. Since your contract cannot be changed, what if a vulnerability is found after launch?

Lucas @ YVS: We are experienced solidity developers and we believe in the quality of our code. That is why we’ve announced a collaboration with Hacken, one of the most reputable blockchain auditing firms, to conduct a full review of our project repository. All the functionality has already been pre-tested on Ropsten and this audit will only solidify the quality of our code and products.

And remember, all of this is done pre-launch so there is no doubt for our investors. Not many other projects can say something like this. All possible security breaches have been accounted for – flash loans, back-doors and all other types of exploits are programmatically disabled and we’ve made it completely decentralized where only the contract itself can execute functions.

Q9 from Telegram User @Orrangelp

What are the requirements for staking? What are the daily returns? Is there any lock-period for withdrawing my asset? And for claiming my rewards do I need to pay extra fees?

Lucas @ YVS: Staking is the process of holding native tokens in a so-called staking pool which pays out rewards for locking the tokens for a certain amount of time. We will be offering a staking pool with attractive rewards starting with a 2 week locking period. The maximum locking period will be 12 weeks and if you decide to stake for this period, you will receive an additional 10 % of rewards.

Q10 from Telegram User @stargateeatlantis

How much do you plan to burn for every transaction occur in yvs?

Lucas @ YVS: We have a 0.75 % burn rate active on all transfers except to the main staking pool. This burn rate will be used to fund future rewards in the protocol.

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PART 3, QUIZ AND INFO

As usual, for the third part, Satoshi Club Team asked the chat 4 questions about YVSFinance. 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: YVSFinance: https://t.me/YVSFinance

Firestarter is building world’s 1st NFT use case in a dApp that connects stars with their fans… Where stars can launch engagement campaigns through NFTs.

Today we are glad to tell you about the AMA session with our friends from Firestarter. The AMA took place on December 12 and our guests were Rj Firestarter and Son GokuBg.

The total reward pool was 700$ and was divided into three parts. In this AMA Recap we will try to summarize some of the most interesting points for you.

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PART 1, INTRODUCTION AND COMMUNITY QUESTIONS

Mary | Satoshi Club: Hello again, Satoshi Club! We are happy to announce our AMA session with Firestarter! welcome to Satoshi Club. @SonGokuBg @RJFirestarterNFT welcome here. 😀

Rj Firestarter: Hello. How are you today, guys? 😉

Son GokuBg: Hello.

Mary | Satoshi Club: We are great, thanks! Could you please introduce yourself and Firestarter project to Satoshi Club. 😀

Rj Firestarter: First of all, I would like to thank Satoshi Club for having this AMA. It’s a pleasure doing this AMA. Thanks.

I am RJ, been in this space for few years. Our project is Firestarter NfT, we are trying to create worlds 1st NfT use case in a dapp, where stars can interact with their fans and bid/buy, auction/sell, swap/trade, their NfTs while improve their engagement campaigns and share upcoming events.

Mary | Satoshi Club: When did you get this idea to create Firestarter project?

Rj Firestarter: We have been following the NfT marketplace and the development for some time and are excited about the future of ownership through NfTs. We found that most of the projects are doing a great job in identifying use cases in the NfT space … We decided to go for the niche segment instead of identifying them. The idea was conceived 3 months back. And since then we have been working on the RnD front and have reach here so far 🙂

D. | Satoshi Club: Do you have another team member? or you just team of two?

Rj Firestarter: Yes, we are 3 of us. @Yupi87 here is the 3rd one Yupi Dk “Doxxed”

Q1 from Telegram user @iulya_i

Your fire token will be used for governance in your ecosystem. I think that there should be more utilities. Do you plan to add more?

Rj Firestarter: Yes ofc. We have staking feature starting tonight. And there will be more holding rewards coming up. I would like to add about the deflationary governance model of $Fire.

Since we are near Christmas time, we introduce $Fire with a twist 🙂 $Fire is burning this December to reach its minimum supply. There are back to back events, prizes competitions while we reach approx 4,000-4,500 $Fire by 25th December. We had a total supply of 7,500 but wWe wanted to decrease the sell pressure hence we introduce BURNING 20% when you sell till we reach 6,000. Then on 25th as a Christmas gift we have locked 1,500 tokens in the NfT vault to BURN them to make $Fire more Scarce!

D. | Satoshi Club: By the way, i saw your tweet from December 10, you reported that you reached presale hardcap (300 ETH) only for 2 hours. first of all, congrats on this! and how did you guys do that? 😄 i mean most of new projects can’t reach the same amount for days, sometimes weeks.

Rj Firestarter: So on 25th December once we burn those tokens, we will move forward to creating a DAO for the %Fire token where community will be the decision makers of the $Firestarter ecosystem.

Thank you the support everyone has given us. 🙏

Mary | Satoshi Club: 2021will start with community governance?

Rj Firestarter: Yes we are, anyone holding 10 $Fire will have 1 Vote. Then there is more much more to come in 2021.

Q2 from Telegram user @Ubik1337

As I see your roadmap in this December is jam-packed. Every 3 or 5 days we can expect big event from you – like NFT Sale, Airdrop, Big Burn. Could you please fill us in all these events in details?

Rj Firestarter: So as I was mentioning earlier. We have staking going live tonight. With crazy rewards, I would recommend everyone to join our TG to be learn more. Then on 14th we have NfT sale starting where we are doing a test run on our use case. 🙂 https://t.me/FirestarterNFT

We have picked few famous Influencers from the cryptospace and are auctioning their NfTs for our community and the space. For that we have been fortunate to have the NfT artist who has worked on projects like CORE to name a few.

Mary | Satoshi Club: Which rewards? What i will need to do to stake?

Son GokuBg: It will be more like a farming, you stake FIRE and get FireX. We will distribute 14,700 FireX in the period of 14 days.

Rj Firestarter: For now we can only share the total supply of FireX Token and its utility. Total supply is 21,000. Yes. it’s our utility token for the app.

It can be used to rewards and and taking part in NfT auctions/sale.

D. | Satoshi Club: And the climax of december will be a big burn?

Rj Firestarter: Yes we will BURN 1500 $Fire over Christmas!! Btw, Holders of NfT Burn will be rewarded 10x Airdrop of FireX Tokens. So, the airdrop distribution is on the 1st January 21. And during Jan we will be release our new roadmap for the app, the white paper, new partnerships, and few surprises in all!!

Q3 from Telegram user @KelierTG

In your future DApp the stars will be able to interact with their fans right? However, famous social networks will be a difficult obstacle. How do you plan to make those stars fall in love with Firestarter NFT? Besides, I’m pretty sure most of them will know at most that Bitcoin exists.

Rj Firestarter: Well, we are not creating a social media platform rather a marketplace with a touch of social connections and interactions. Our core model is based on NfTs. I think by the time they reach to NfTs we will be on V3. 🙂

Mary | Satoshi Club: Which stars do you already have on the board?

Rj Firestarter: We are in conversation with few influencers, sports personalities and and musicians at the moment, since we are seeing the app launch in Q2 21, we believe we will have few brand ambassadors by then. And a lot of tweets before the release of the app. Can’t disclose the names till we sign the agreement.

Q4 from Telegram user @Cakelov

Im very interesting with competition that you do in your litepaper, because you give really big reward for total 10 ETH!!! Wow that’s a big reward! And the 1st position will get 4ETH. But the explanation is not clear for me, it’s said only for holder firestarter NFTs. What kind of competition is this like? are there any other requirement to join in that competition? What must I do beside become a holder of your NFTs?

Rj Firestarter: You will have to join our TG community to learn more. And yes we are giving 10 Eth to 4 winners. Everyone who participates in our NfT will be a winner because there are 4 NfTs for December in total 🙂 So it’s a win win scenario. Win Eth from us then be able to sell your NfTs at opensea or rarible!! You just have to bid and buy the NfT.

Mary | Satoshi Club: Ok, will users buy NFT directly on your platform?

Rj Firestarter: Yes with $FireX tokens.

Mary | Satoshi Club: Is it secure? Did you make any audit?

Rj Firestarter: Yes, we are audited by VIDAR The Auditor https://twitter.com/VidarTheAuditor and are fully decentralized protocol. https://ipfs.io/ipfs/Qmet1VR1Ct9Ezzksq3NyfAyjzEnFLHdcdGkEFYCJWxcRii?filename=fire_review_v1.pdf

Q5 from Telegram user @chinthaka93

You have mentioned that “All Presale Participants Are Eligible for 10x FireX Tokens Airdrop On 31st Dec 2020” what is about this FIREX tokens? What is the difference between FIRE and FIREX? And could you please explain how can I join this airdrop to receive FIREX?

Rj Firestarter:It was mentioned earlier, and yes there is a big difference. $Fire in the governance token which will work as a DAO and there are plenty of rewards for holding them. While $FireX are the utility tokens for app and can be used to take part in our NfT related activities. So the holders of presale and the big burn will get 10x FireX tokens, we are taking a snap shot on the 25th during the Big Burn.

Q6 from Telegram user @Pratze

I already read you litepaper, it said you will launch 4 Firestarter NFTs of famous influencers. Who are this famous influencers? And what connection do they have with the NFTs? Could you explain more?

Rj Firestarter: I can disclose 3 name at the moment. IvanOnTech, EllioTrades and Satoshi Nakamoto. 🙂 The connection is they are famous. And we are building the 1st use case through collectibles i.e. Autographs and ownership of rare NfT.

Mary | Satoshi Club: Super👍 famous names! Did you contact Satoshi personally? 😂

Rj Firestarter: I am Satoshi. 😂

Mary | Satoshi Club: Oh, have anyone else already tried to use Autographs in such way? 😂

Rj Firestarter: No we are the 1st ones. And there will be more however we will have the first mover benefit. While Autographs are the start, NfT are a paradigm shift how we perceive ownership.

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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 @eeaq15

In the pre-sale you indicate that the value of 1 FIRE is equivalent to 0.10 ETH, and stipulate that the minimum purchase is 1 ETH and the maximum is 10ETH. The minimum purchase is quite high considering the very high value of ETH, so my question is as follows Do you consider that the minimum purchase of 1 ETH can affect the pre-sale of FIRE?

Son GokuBg: The presale is already over and it get filled very fast.

Q2 from Telegram User @Jonahapagu

From your plans what you are trying to build is a DApp where Stars can be connected with their fans and engage them with various campaigns what I want you to explain is…. Stars of what industries are you targeting, is it the entertainment (Music and Movies), Sports, or Popular personalities across all platforms, and in terms of connecting them with their fans, what kinds of campaigns will they be able to run on this DApp and will this stars be subjected to meet any requirement before using this dApp platform of yours…

Rj Firestarter: Every one is a star. Depends how you look at it 😊 Take tik tok for instance you don’t have to be famous to be a star, you just need a talent and people will eventually catch up on you. digitization has this benefit for ordinary human being. But to be specific, we are going for musicians, artists, movie stars sports figure etc to start with. They will be able to create campaigns and add a NfT feature to it.

Q3 from Telegram User @Loversss10

Can you tell us about your goals and motivations for making this project?

Rj Firestarter: Interesting Question. Imagine as a kid we all have our idols and stars. That we love to keep their collectibles. Now imagine having the power to do the sitting in your home. And following the latest events and thing they like to do. So it’s every house hold need in our opinion.

Q4 from Telegram User @KevSalom

Non-Fungible Tokens have several interesting features that make them very attractive. In your opinion what do you like about them? How will Firestarter NFT take advantage of all this potential?

Rj Firestarter: We like the rarity and value in the NfT scene. If you have an NfT of an up and coming artist and in 5 years he becomes a star, do you know the value of your NfT? Mind blowing imo.

Q5 from Telegram User @lahkoklu

Is there a buyback system in FireStarter itself on $FIRE tokens and What is the reason for dumping $FIRE tokens if everyone gets the price at the FireStarter presale itself?

Rj Firestarter: All who bought the presale for overnight gains sold. Now we have true believers!!

Q6 from Telegram User @KeymerS

I understand that you really comply with the policies in the US, the EU, Switzerland and GDPR, and that data from Europe, North America, South America or Asia can also be stored, but could those of the African continent really be part of it? or is it in the future that they will include them?

Rj Firestarter: We will be a global decentralized platform, so anyone can take part. The code cannot be stopped 😂 however they can stop us, so use VPN.

Q7 from Telegram User @Pannicota

I saw that BIGGEST PROBLEM in DAOs now is a large investment bodies (ie.whales) purchase large amounts of tokens then unfairly skew the voting process in the

DAO for malicious purposes. This is because when only the token provides voting power/rights, which is very easy to buy and sell on exchanges, and staking reward is high, so it becomes too easy to buy votes. So how will you solve this problem in voting process after launch DAO?

Rj Firestarter: We tried to solve that too. By making $Fire scarce and allowing only 10 Eth max buy in the presale.

Q8 from Telegram User @Temptation_Provider

How dо yоu plan to crеate demand for yоur Firestarter NFTs in this cоmpetitive crypto space? What is yоur strategy for mass distribution of Firеstarter NFT?

Rj Firestarter: We plan to launch our NfTs every month. And the inclusion of our audience i.e. stars in general will create the hype much needed for this initiative. As we have discussed, we will be decentralized so You all will be the users and will guide us how to improve and make our interface more user friendly!!

Q9 from Telegram User @Jonahapagu

You plan that Holders of your NFTs can increase the rarity and value of their NFTs by following certain social tasks built in the app… the rarity of an NFT is mostly due to its limited supply and rarity will of course have an effect on the value of these NFT’s what I am curious to know is what kinds of social tasks users will be involving themselves in when this feature is launched to increase he rarity of their NFT’s.

Rj Firestarter: We needed to create a win mechanism for stars, what will they get. We came up with reach. so all our tasks will be to expand the reach of our NfTs while the stars will also be benefitted from this strategy. Join us on 14th on our TG, you will have a chance to participate in the auction.

Q10 from Telegram User @KASG95

How far will FireStater really climb? Or will you just seek to form an ecosystem with the sole function of sharing data in a reliable, secure and decentralized way?

Rj Firestarter: Stars!! 😊

---

PART 3, QUIZ AND INFO

As usual, for the third part, Satoshi Club Team asked the chat 4 questions about Firestarter. A link to a Quiz form was sent into the chat. Participants had 10 minutes to answer. 400$ were distributed between the winners.

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

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

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

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

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

Website: https://esatoshi.club/

Twitter: https://twitter.com/esatoshiclub 

Our Partners:

Firestarter NFT $Fire 🚀: https://t.me/FirestarterNFT

Website: https://www.firestarternft.com/

We are pleased to announce our next AMA on December 21st 2020 at 12:00 PM UTC Time: Satoshi Club x Peanut Project

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

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

Part 3: 700$ – A quiz about Peanut Project

For more details:
Peanut Project – @peanuttrade
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish

PART 1. Introduction of MASQ Network project and community questions.

Hello, Satoshi clubbers and guests of this site. We are happy to present you with a project called MASQ Network. It is a community-driven network providing people around the world access to a censorship-free, clear internet.

The plan of AMA session:

1. Part – Introduction and preselected questions.
2. Part – Live questions
3.  The Quiz about MASQ Network

The reward pool is 500$

Leading the AMA our clever and fun admins:

Mary | Satoshi Club – @madamlobster and D. | Satoshi Club – @Cool_as_Ice

The Representative of the project:

M V – [MASQ NETWORK] – Marketing and Branding

KauriHero – Project Leader and Head of MASQ committee.

Introduction of MASQ Network

Mary | Satoshi Club:

Hello, Satoshi Club! We are happy to announce our AMA session with MASQ! Welcome to Satoshi Club😀

KauriHero:

Hello everyone!

Thanks for having us

Mary | Satoshi Club:

You’re welcome 😀

D| Satoshi Club:

Hello! Welcome!

Mary | Satoshi Club:

Let’s start our day with MASQ!🚀

M V – [MASQ NETWORK]:

Hello!!!

Mary | Satoshi Club:

Hello! Happy to see you here!

M V – [MASQ NETWORK]:

We’re thrilled to be here. I’m Mac Vaughn – Marketing and Branding.

Mary | Satoshi Club:

And first of all, guys, I want to ask you to introduce yourself and of course MASQ project 👍

KauriHero:

Of course!

Mary | Satoshi Club:

Nice to meet you👍

KauriHero:

I go by KauriHero- and I hail from way down in New Zealand!

I am the Project Leader and Head of our MASQ committee running this project.

We have started our project back in Oct 2019, and have been working with an amazing and diverse team up to this point

Mary | Satoshi Club:

New Zealand, it’s a beautiful place 😀

Mary | Satoshi Club:

You made a lot of things this year!

M V – [MASQ NETWORK]:

I’m From San Francisco, Ca, and have been doing marketing for over 10 years. I make things look pretty. lol

KauriHero:

Yes, we are very lucky here! 😉

Mary | Satoshi Club:

Your marketing is very nice, I saw your gifs😉 but for sure, it’s just the top of the iceberg. What is the MASQ project about? How can you describe its concept in several sentences?😀

M V – [MASQ NETWORK]:

I have an amazing team behind me. I have someone for every aspect of our branding. I couldn’t be happier with the team I’ve put together. One of the best teams I’ve been a part of and had the pleasure to lead.

KauriHero:

Absolutely. MASQ is all about freedom against censorship in the world wide web (the clear web – that you, me and everyone surf every day)

We are developing a solution that is both open-source and accessible to everyone, and they don’t have to sacrifice the 3 main powers that fuel the solution:

Privacy

Community Spirit

Decentralization

Mary | Satoshi Club:

Oh, my favorite words!😀

M V – [MASQ NETWORK]:

Me too!

KauriHero:

sorry my keyboard stalled lol

D| Satoshi Club:

Nice! I like ideas like that 👍

Mary | Satoshi Club:

Thank you, guys, for your intro! Ready to start with the questions from our community?😀

KauriHero:

absolutely!

Let’s go!😍

M V – [MASQ NETWORK]:

Can’t wait.

Preselected questions about the MASQ Network project.

D| Satoshi Club:

Q1 from Telegram user @getrichie

How are the results that MASQ provides different that the results that Tor Browser provides? Looks like it has the same end result.

KauriHero:

Good question!

This is a technical question, as well as a good question for non-tech people who want to use these things. Tor uses a concept called onion routing.

Of course, this is where traffic will be routed through several layers

Mary | Satoshi Club:

Yes, I also use Tor from time to time😉

KauriHero:

Yes, it is great and an amazing non-profit foundation fighting for free web. Onion routing is great, but there are a few issues that happen when it comes to the end of the onion. The last few hops on Tor are on a public list of ‘exit nodes’ which everyone can reference with MASQ. This is not an issue – only the nearest nodes around you (your neighbors – up to 5 nodes) will know you are a possible exit node for their traffic,

since that knowledge is so limited, no one watching or inspecting the traffic can try to monitor this, but here is the magic of MASQ Nodes. With Tor, there is no incentive for the node runners, other than to help others for the cause. (which is noble in itself)

MASQ will incentivize users who will earn for sharing their bandwidth!

Mary | Satoshi Club:

I wonder if it affects in any way the speed?

KauriHero:

Good question. As many users of Tor report, there are slight latencies since traffic is routed around 6 nodes total for one cycle. Our initial tests show that we are in between the speeds and latency of VPN and Tor. But of course, it also depends on your nearby Node neighbors the development of Node will allow us to continually improve this, and once of our stages of development will be advanced Node Terminal Intelligence, where it will detect when your speeds are low and will route you to a fast and better path

Mary | Satoshi Club:

I want the speediest neighbors 😂 because my Tor is very slow and it’s annoying when I have to use it.

M V – [MASQ NETWORK]:

And it doesn’t incentivize you to use it whereas MASQ will! 😉

D| Satoshi Club:

If there will be more nodes in MASQ ecosystem, speed would be higher?

KauriHero:

Yes, I hear you!

That’s another issue with Tor, as there are only so many exit nodes out there on Tor.

Tor is great don’t get me wrong – but with Node nearly every user can choose to be a routing node or exit node if they wish (and earn MASQ)

No special set up required

Mary | Satoshi Club:

And now I want to ask – your browser is ready and I can start to use it today, right?

KauriHero:

Technically yes, as there are more node pathways, and the fastest ones will be used

Actually, we have a usable alpha version on GitHub.

It is a medium level skill to download it and run it, but it is open source and anyone could actually try to use it today (at their own risk – please don’t try to do illegal things on it lol. The user GUI is browser-based and will work on any major browser (Firefox, Edge, safari, opera, etc)

M V – [MASQ NETWORK]:x

We have a testing group and we are always looking for more testers!

KauriHero:

Yes,  that’s right!

Mary | Satoshi Club:

Thank you! I think you will definitely get new users today!

M V – [MASQ NETWORK]:

Here, you can see a video of it actually working

https://www.youtube.com/watch?v=CEFZqekzdHM&t=4s

Mary | Satoshi Club:

Testers😉 And are you ready for the next question?😉

KauriHero:

SURE

D| Satoshi Club:

Q2 from Telegram user @flagschemicals

The MASQ team intends to have a core group of individuals forming a committee. How will the members of the first committee be chosen? Also, is this committee a decision-making entity or its role is to give suggestions and expertise?

KauriHero:

The first committee was formed when the project first started.

Since then, some of the members have moved on to other things, and we have engaged a few loosely as advisors – who just help with business connections and advice.

Our ultimate goal is to make the MASQ network successful and large enough where it can not be shut down.

Then the committee will be dissolved. MASQ started as a community project of volunteers and remains that way today 😉😉🙏🙏We are grateful for all the help we have had along the way.

Mary | Satoshi Club:

And what about decisions and committee roles?

KauriHero:

Our committee does discuss and make strategic decisions now.

But there is NO central CEO.

I was voted project Leader, and each role was voted on based on skillsets in the real world.

Mary | Satoshi Club:

Does the word volunteer mean that you are not paid for your work?😀

D| Satoshi Club:

Looks fair😊

M V – [MASQ NETWORK]:

That is correct!

KauriHero:

Yes. We do have some committee tokens that are released now, but for the last 12 months, it was all volunteer work.

Mary | Satoshi Club:

Got it😀 but it seems that everything works great in this way👍 Thank you for your answers! Ready to go forward to the next question?😀

M V – [MASQ NETWORK]:w

Let’s go!

KauriHero:

Yes 🤝🤩

D| Satoshi Club:

Q3 from Telegram user @klaus_crypto

Recently you listed on Linkswap. Why you have chosen this DEX instead of the more popular Uniswap? or do you have some special relationship with the link swap team? because you are making campaigns together

M V – [MASQ NETWORK]:

Great question

Mary | Satoshi Club:

Yes, I also wondering) Uniswap is something like a must-have nowadays

M V – [MASQ NETWORK]:

LInkswap had already been in the works/development for awhile. I knew through an associate of mine that the features they were going to implement would be revolutionary in this space. I asked my associate if there was any way we could be a part of their launch. I knew that launching on Linkswap would give MASQ more eyeballs than just being another coin listing on Uniswap. We were offered an exclusive listing with rewards and that I knew our community would be thrilled about and Linkswap launched and after 1 week was already the 8th largest DEX in the world

Mary | Satoshi Club:

Can you tell us more about these rewards? We like rewards 😀

M V – [MASQ NETWORK]:

https://cointelegraph.com/news/linkswap-hits-20m-value-locked-as-new-farmers-boost-yfl-price-outlook

KauriHero:

Yes Uniswap has like 50 new project listings per day – it’s almost like a flood of unknowns to try to stand out from (even though we know we have a very special project and solution for the world!)

M V – [MASQ NETWORK]:

Amazing article on Linkswap, sure!

KauriHero:

Sure that’s another reason we really liked Linkswap as our first listing partner. Link swap has offered rewards for staking liquidity tokens for many of the initial pairs.

We are one of the initial ones to be included.

They are rewarding our liquidity provider token holder YFL + MASQ tokens each day

Mary | Satoshi Club:

You’re right 😂

KauriHero:

Some users are reporting APY of well over 200%

KauriHero:

😍😍

M V – [MASQ NETWORK]:

AND Linkswap will have some amazing features soon like “LINKCHECK” where they will do verified checks of projects so that users can feel more comfortable getting involved in a new token/coin.

Mary | Satoshi Club:

I see the logic behind your decision! It’s original and there are a lot of benefits for your members 😀

M V – [MASQ NETWORK]:

100%

KauriHero:

Also to add is when we did due diligence on Linkswap, we looked at where their strengths were compared to Uniswap.

In nearly every area where Uniswap has a flaw, Linkswap had identified it and implemented a feature to help make it better!

D| Satoshi Club:

This is really awesome!

Mary | Satoshi Club:

Btw, what about fees on Linkswap?😀

M V – [MASQ NETWORK]:

LInkswap will take over the DEX space… of course, that is my opinion haha

Mary | Satoshi Club:

Everything is possible 😀

KauriHero:

It’s the same fee structure as Uniswap.

0.3% trading fee

Mary | Satoshi Club:

Got it! Thank you! Ready to go to the next question?)

KauriHero:

For sure! 🙌🙌

D| Satoshi Club:

Q4 from Telegram user @barkadita

You have an airdrop pool that is not very common this day. Please tell us who will be able to benefit from it and when will it take place?

M V – [MASQ NETWORK:]

We picked up the code from a dead project and basically ran with it. We tried to engage that old community of users and already did that airdrop. It was a 1:1 at first. Once we realized that we would not be able to honor that original airdrop, we did a 40:1 swap for those original tokens.

KauriHero:

The current airdrop pool is to help any loyal members who still have original airdropped MASQ to use it on the software.

Mary | Satoshi Club:

Old community? what do you mean by that?

KauriHero:

The community from the dead project 😅 We continued the code development and still going strong after 13 months.

Mary | Satoshi Club:

Oh, you rewarded them, that’s nice)

KauriHero:

Yes that’s right

Mary | Satoshi Club:

Everything is clear for me here😀

KauriHero:

😉😎

Mary | Satoshi Club:

Do you want to add something or we can go to the next question?

M V – [MASQ NETWORK:]

Well. There is something else…

KauriHero:

Yes, one more thing. Early Xmas cheer for those watching.

D| Satoshi Club:

Very generous airdrop from you, those people should be happy😄

M V – [MASQ NETWORK:]

ALMOST ALL remaining airdrop pool tokens that were not claimed in the swap will be BURNT

KauriHero:

After 3rd jan

M V – [MASQ NETWORK:]

lowering our supply even further

Mary | Satoshi Club:

Wow!

KauriHero:

Let’s see who is watching from our current community 🤩🤩

M V – [MASQ NETWORK:]

HaHa

KauriHero:

You heard it here first at Satoshi Club

D| Satoshi Club:

Nice! Satoshi club good place for news

Mary | Satoshi Club:

Thank you, we like to be the first to hear good news 👍🥳

KauriHero:

🎁🎁🎁

Mary | Satoshi Club:

Sure, your community will be happy 👏 5th question?😀

M V – [MASQ NETWORK:]

let’s do it

D| Satoshi Club:

Q5 from Telegram user @cryptomonkss

MASQ tokens power connectivity, and when people pay for your shared bandwidth, you’ll earn tokens. What is the reward? is it fixed or is it based on the market demand and the speed I provide? What is the maximum number of nodes I can provide?

M V – [MASQ NETWORK:]

Great question

KauriHero:

Wow, very good question. The reward will be MASQ tokens, and the design will be such that the user can set their rate for traffic.

If it’s too high, other nodes won’t use them. if it’s too low they won’t earn much, and will likely not be able to handle the ideal amount of traffic. So it will create its own market within the MASQ network.

M V – [MASQ NETWORK:]

What is the maximum number of nodes I can provide? – One per public IP address.

Mary | Satoshi Club:

Do you have any structure described in the article, for example, for these rewards?

KauriHero:

Good question and right now, that mechanism is undocumented, other than in the code.

D| Satoshi Club:

Do you have a guide on how to run a MASQ node?

KauriHero:

Yes, there are several guides.

And we have a lot of documentation on GitHub for medium to advanced users. We can provide these to anyone who is interested in testing.

D| Satoshi Club:

Great!

Mary | Satoshi Club:

Thank you! Now we know where we can get it! Ready for the last 6th question from this part?

D| Satoshi Club:

Thank you guys for the answers! ready for the last question from this part? HeHe.

KauriHero:

Yes! 🤩

M V – [MASQ NETWORK:]

Let’s do it

D| Satoshi Club:

Let’s go!

Q6 from Telegram user @balabas4bounty

You are working on the third pillar of your system: Clandestine

Potentially eyebrow-raising traffic, both inbound and outbound, is masqueraded as harmless, boring traffic so that an observer will not be able to tell that an MASQ Node is even running. As I see here, you want to hide the user which uses your services, in order not to detect me as a user of your services. So, you want to say that at the moment I can be detected as a user of your services? until this third pillar is ready

@MASQ_ai don’t forget to join!

KauriHero:

Very good question. Nice one to end on! So right now, the 3rd pillar isn’t active, that’s right.

But all that means is that if someone was to inspect the traffic or data packets, it will look like they have had some changes to the packet, but still look fairly normal, and also of course they are encrypted.

It also might be able to be used over time to detect patterns that are unusual. Of course, this is not 100% safe yet for users in China who might have police knock on their door if they get caught using a VPN.

Mary | Satoshi Club:

Yes, for sure

M V – [MASQ NETWORK:]

Basically, as it stands now, the software works like a VPN, so even though clandestine isn’t active now, it is still powerful in its current form.

Mary | Satoshi Club:

If there is no policeman behind the door it’s safe, right?

KauriHero:

Clandestine will be the ultimate final product. Hahaha.

Mary | Satoshi Club:

Guys, thank you! I really excited to try how the MASQ browser works and earn rewards😀

M V – [MASQ NETWORK:]

That’s amazing! We hope you do.

Mary | Satoshi Club:

Sure😉 And now we are close to the live part😀 ready for the storm?

KauriHero:

Yes I have my storm coat on! 🙌🎑🎑

Mary | Satoshi Club:

Let’s go 🚀

PART 2.Questions about the MASQ Network project from the live chat of the telegram community.

In this part, we open a chat for the crypto community for 100 seconds. Then the guests from the MASQ Network DeFi project choose the top 15 questions.  – 10 in the AMA, 5 in an article after AMA. The 15 crypto enthusiasts have earned cryptocurrency in the sum of 250$.

Q -1 from a telegram user @Joseunda

After being on Linkswap, do you plan to be listed on any CEX, what does DEX offer you that CEX doesn’t?

M V – [MASQ NETWORK]:

No plans at this point BUT we are looking to see what platform might help us grow next! We’re looking at several options. I am sure we will but cannot give a date.

Q -2 from a telegram user @abowhasebe

Does the MASQ project have NFTs?

M V – [MASQ NETWORK]:

No BUT, we are exploring that now and think it’s a great way to reward and engage your community for loyalty.

Q -3 from a telegram user @wonderkit

If Linkswap has been released, what event will Masq raise on Linkswap to attract new users?

M V – [MASQ NETWORK]:

Both Linkswap and MASQ have extensive marketing plans in place. MASQ has just hired a top tier marketing firm who will be helping us reach out to influencers, magazines, blogs, and other crypto-related sources to help us spread the word. We are very active with our marketing. Thank you!

Q – 4 from a telegram user @bathulosnom

Can you tell us more about your tokenomics? What will happen with unclaimed airdrop tokens? Will you burn them?

M V – [MASQ NETWORK]:

Yes! As we answered in our AMA, we will be burning the majority of the airdrop/swap tokens. Thank you.

Q – 5 from a telegram user @cindy_crypto

I know how to use command line but I wonder if do you have GUI for us to use Masq easily?

KauriHero:

Good question here!

Advanced and medium-level users can actually run the entire software from the command line.

It’s open-source and some users have done this and also done tests on their own machines.

We have found it is very stable on Linux in the command line and some users are actually hosting ‘cloud nodes’ of MASQ in cloud VPS providers like AWS and GoogleCloud.

Q – 6 from a telegram user @Tunmiii

How do I get my computer/device connected to MASQ network?

M V – [MASQ NETWORK]:

Right now, you can download an HTML/GUI demo but we are working on an electron-based app that will run on windows/mac/Linux.

Q – 7 from a telegram user @macvaughan

What was your power throughout the journey of MASQ? How has the artistic and creative vision of MASQ changed the whole of its development?

M V – [MASQ NETWORK]:

I love this question. MASQ stands for “Masquerade”. I personally love the idea of masquerade parties even though I have only been to one. I used my experience from that to drive the graphics and feeling. I wanted people to have the feeling that they were at a party where they could truly be themselves.

Q – 8 from a telegram user @Nickkiii

I’m new to this and I want to participate in the MASQ Liquidity Providers (LP) and Staking program, but I need assistance, do you have any tutorials or guidelines explaining how to Add MASQ-ETH Liquidity and How to Stake LSLP Tokens for Rewards?

KauriHero:

We actually released 2 video guides for using Linkswap with a full walk thought tutorial to show you have to add Liquidity to the MASQ-ETH pool and to stake the tokens for rewards.

It’s on our YouTube channel

Q – 9 from a telegram user @AC7878

What Blockchain project has similar technology with MASQ?

M V – [MASQ NETWORK]:

We’ve done our research and we are the only one with the ground up technological solution NOT using a vpn. It will be a one of a kind, never seen before.

Q – 10 from a telegram @Pratze

So why the MASQ team have chosen to stay anonymous? Don’t you think this can scare off potential investors, because I think the anonymity of team member can increase the scam case?

KauriHero:

At the moment, the project is all about the software solution.
We are simply just the volunteers making this happen.
Since we never did an ICO or asked for private investors, we want to keep it that way and don’t feel our identities are important in that way.

We also know one-day large agencies, govts and corporations may not like how disruptive this technology is.
They will want a target to blame or try to shutdown.

So much like Satoshi himself, we feel at least for now, it’s best to keep as much of the personal info out of the limelight.

But that could change in future 😉

Q – 11 from a telegram user @Idee02

MASQ only have 3 international TG community. Do you have any short-term plans to expand to the Chinese, Korean, European, and UK markets? How can community members contribute to the development and expansion of the MASQ project in this aspect?

M V – [MASQ NETWORK]:

YES! I want to expand to all of these and am looking for admins and moderators. If you know anyone please send them my way!

Q -12 from a telegram user @regard94

What mechanisms do you have for the case of security – aren’t you afraid that some AI or hackers could just hack you?

KauriHero:

Hackers and botnets won’t be able to get into the MASQ network and traffic themselves.

The data packets going through the network and nodes are still encrypted and using standard TCP/IP protocol and security.
So it’s really no riskier of getting hacked than normal use of the Internet.

That said if you aren’t using strong passwords, or try to click on a phishing or hacked website, you are still at risk either way.

Q -13 from a telegram user @boradam

What was the most challenging part of your project that you overcome?

M V – [MASQ NETWORK]:

Honestly, getting taken seriously as a project and then being listed. It took us a year to get here to this place. Good question.

Q -14 from a telegram user @KASG95

I understand that privacy is necessary, but really without it, MASQ will not be able to provide Internet access to those who need it? How then do conventional networks that do not have privacy do it?

KauriHero:

Very good question.

That’s where the power of three pillars come into play.

With MASQ Network the traffic will be made to look like other traffic (gaming, telnet, email, etc)

So even though the traffic may be inspected it is still encrypted in the contents (meaning it is private) but the packet just looks like it came from something else.

Usually, gaming data somewhere like Russia or China won’t be inspected

Q -15 from a telegram user @Malfala

Smart contracts are vulnerable to bugs, and even recently three big new DeFi projects were victims of this, costing users funds. How efficient and secured is your smart contract, and did you ever audit it via any external party?

KauriHero:

Yes, our smart contract was audited through quantstamp as we cloned a contract that was used by another team.

Part 3 – Quiz about project

In the final part, we would like to check your knowledge in terms of the MASQ Network project. They’ve prepared 4 questions for this part, so everyone could be a part and answer. Participants had 10 minutes to answer. 1500$ was distributed between the winners.

Our contacts for more details: 

  English Telegram group  |  Russian Telegram group   |  Spanish Telegram group  |  Telegram Channel   |  Twitter |  Website 

Our Crypto Partner by this AMA: MASQ Network

Telegram group  |  Telegram Chanel  |  Tweeter  |  Website  |  Medium  |  GitHub  |

Hello, Satoshi clubbers Another AMA took place in Satoshi Club and we would like to introduce to you the AMA session with our friends from Flare Finance. The AMA took place on 26 November.

The AMA session was divided into 3 parts with a total crypto reward pool of 1000$

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

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

Gold Rocket | Satoshi Club: Good evening, dear community!

We are happy to announce our AMA session with Flare Finance.

D. | Satoshi Club: hello Satoshi club!

@TheCryptoFrenchie hello and welcome! :blush:

Gold Rocket | Satoshi Club: Welcome to Satoshi Club, @TheCryptoFrenchie!

CryptoFrenchie: Hello everyone!

Thank you for having me today and Happy Thanks giving to you all.

D. | Satoshi Club: thank you! good to have you here! :smiley:

Gold Rocket | Satoshi Club: Thanks for joining.

CryptoFrenchie: Great day to be here to show some appreciation to our great following by answering some of the questions I am sure they have been waiting to ask.

Gold Rocket | Satoshi Club: Tell us a little about yourself before we hear about your project!

CryptoFrenchie: Of course!

My name is @CryptoFrenchie, or Frenchie for short. I am a 9 year cryptocurrency supporter having entered the industry back in the day around late 2010-2011. I am the Founder and Lead of the Flare Finance Project. We are delivering institutional class DeFi on the Flare Network, which is currently creating the first smart contract platform that settles on the XRP Ledger!

What this means for those of you who are a bit unfamiliar with smart contracts and the XRP community; XRP is yet to have smart contract capabilities allowing for the trust free management of XRP in any multitude of ways. Flare Network solves this issue and brings both smart contracts and a trustless bridge for XRP to enter the decentralized world.

Gold Rocket | Satoshi Club: Amazing experience! when did you buy your first bitcoin?:grin:

D. | Satoshi Club: sounds interesting! we will find out more about all of this during our AMA:relaxed:

CryptoFrenchie: I never purchased a single Bitcoin. At the time, it was utilized more as a early payments system experiment. It would hold value and you would use it to pay for online gaming material such as game items and other things. I had earned a few hundred Bitcoin in the past utilizing it as a payments system for one of my early stage gaming servers. At the time, Bitcoin had nowhere near the value it did.

(In the sense that I used it, as I was younger at the time of discovery!)

Gold Rocket | Satoshi Club: Thanks for the answer! :blush:

do you want to add something or we can proceed to questions of community?

CryptoFrenchie: Feel free to proceed 🙂

Q1 from Telegram user @ashkarovich

You say that you are an independent group of developers who seek to bring an inovative change for XRP and Flare. But you mention that you didn’t receive any funding. How are you operating then?

CryptoFrenchie: We are indeed an independant group of developers. Each of us possessing unique skills trained in the market over our own years of experience in the industries we followed. I myself specializing in marketing, business development, and business psychology and my partners specializing in operations, business management, and full-stack development. We generally have all we need to deliver a full suite of products without the need for major investment. Any platform or project that attempts to say they need $10M, let alone $1M, to bring a product to life either does not believe in their work or does not have the skill to produce it themselves.

Our value is not in the amount we could easily raise from you guys as holders and interested investors, our value is in what we can deliver, how we can deliver it, and why we will deliver it without needing or hoping for someone to risk a dollar on what we could do ourselves.

D. | Satoshi Club: by the way as i know you a part of anonymous team?

CryptoFrenchie: We indeed are an anonymous team!

Please do not let this discourage you though as we have placed collateral in the hands of the Flare Network team for any time of need. Flare Network is entirely away of our identities and we do not hide them to remain shadowy. We hide them as to protect any potential chance of outside interference into the production and development of our products. We have full intentions to have a public exposure of our identities in the future. We just feel our product and code can speak for itself for now, and we will stick a face to a name when it ultimately matters.

As an anonymous team, we promise to deliver a trust-free, vigorously audited user experience that will deliver exactly what it is designed to do with user security, safety, and overall sustainability in mind.

Gold Rocket | Satoshi Club: How many people are on your team? How many specialists are needed for your project to function

CryptoFrenchie: We are currently just a team of 7 doing as much as we have done to date, in a little less than 2 short months. To break that down for you:

2 Developers

2 Administrative Members

1 Design Member

1 Marketing Member

1 Relations Member

Our team will expand out to roughly 10-12 members come the new years, but we do not see many more team members needing to be added to properly manage a project of our size and magnitude. Open-source nature will eventually take over, and the community developers will maintain and add on to the ecosystem itself.

Gold Rocket | Satoshi Club: Thanks! Everything is clear to me. Can we jump to the next question?

CryptoFrenchie: Of course 🙂

D. | Satoshi Club: thank you for answer! 7 is a great number:grin:and you have cool stickers as well:+1:

Q2 from Telegram user @crypto_propeller

Can you tell us what is the link between Flare Network – Spark and XRP? I see a lot in your tweets this 3 together, but don’t understand why?

CryptoFrenchie: Although we are not the Flare Network, I will definitely be able to address a couple of those concerns, but note this would definitely be a better questions for the Flare Network themselves.

A great way to relate what everything is in the Flare Ecosystem, and please forgive me if my description dulls any of the bright light that the Flare Network is;

Trustless XRP ($FXRP) is to Flare Network as Wrapped Bitcoin is to Ethereum, except it is not wrapped, it is trustless.

Spark ($FLR) is to Flare Network as Etheruem is to Ethereum. It is it’s main ecosystem token and is utilized for gas and value transfer mainly.

YieldFlare ($YFLR) is to Flare Network as Yearn Finance is to Ethereum. It is a DefI platform and token utilized within the ecosystem.

Gold Rocket | Satoshi Club: Trustless XRP :see_no_evil:

never heard that:grin:

D. | Satoshi Club: so you have 3 tokens in your ecosystem?

CryptoFrenchie: There are two tokens in the Flare Network ecosystem, $FLR and $FXRP.

There are three tokens in the Flare Finance ecosystem, $YFLR $YFIN and $YMIN.

This does not include the assets that Flare Network plans to bring to the network, or the Ethereum Bridge we have completed to bring over any multitude of Ethereum assets to the Flare Network, and from the Flare Network to Etheruem.

Gold Rocket | Satoshi Club: :+1: sounds good!

Gold Rocket | Satoshi Club:Tell us please about your tokenomics btw

CryptoFrenchie: Of course!

YieldFlare has a total supply of 110,000,000 $YFLR

YieldFin has a total supply of 11,000 YFIN

YieldMine has an expanding supply that is determined by the total time it takes to mine the entire supply of YFIN and YFLR.

YieldFin is a zero pre-mine, zero team-allocation, fully minable governance token that will be mined by staking YFLR, FLR, FXRP, or xUSD on our platform.

YieldFlare is the main ecosystem token that will be airdropped to all $FLR holders on the one month anniversary of the Flare Network launch!

More on our tokenomics can be found at https://paper.flr.finance/

Gold Rocket | Satoshi Club: thank you very much for sharing:+1:

D. | Satoshi Club: when we able to try your bridge?

CryptoFrenchie: We actually will be opening up BETA applications right after the December 12th network snapshot to begin allowing a few lucky individuals to bug test our platform for us. During this time, we will be having white hack hackers penetration testing our platform and looking for any attack vectors under a low-mid stress level environment.

You can possibly be one of our lucky testers. Oh, did we say this is paid for? That’s right, you as a BETA Tester will receive a small stipend as a token of our appreciation for properly testing our platform when the time comes.

Q3 from Telegram user @andreea_gym

Is your SPARK airdrop still active? Word’s around that it’s been a huge success. Can you comment on this?

CryptoFrenchie:I believe this is a question for the Flare Network themselves. 🙂

It is infact a huge success though! I applaud the Flare Network team and the work that Hugo and the rest of the guys have been putting in behind the scenes. True sign of hard work and dedication.

Gold Rocket | Satoshi Club: :clap::clap::clap:

D. | Satoshi Club: i think some people (including myself:grin:) thought that Flare Network and Flare Finance are the same project

Gold Rocket | Satoshi Club: I’m a little confused too

CryptoFrenchie: We are not 🙂

Flare Network is the entire network themselves.

Flare Finance is the first institutional decentralized finance platform on the Flare Network.

Gold Rocket | Satoshi Club: because twitter tags indicate #FlareFinance #FlareNetwork

CryptoFrenchie: Well, essentially, Yearn Finance would say #YearnFinance #EthereumNetwork but does not mean they are the Ethereum Network.

D. | Satoshi Club: thank you for clarification! :+1:

CryptoFrenchie: #FlareNetwork simply implies we are supporting and tagging our posts to that specific hash tag since our platform is relative to the network that it is being hosted on.

Q4 from Telegram user @adrianeth

You will do a snapshot at 1 month anniversary and will make an airdrop. How many tokens will be distributed and is there any minimum amount to be eligible?

D. | Satoshi Club: i hope this question relates to Flare Finance 😀

CryptoFrenchie: We will be hosting our snapshot for the $YFLR Airdrop on the 1 month anniversary of the Flare Network launch. The launch date is considered the first day that your tokens arrive in your wallet, and you are able to utilize them.

40,000,000 $YFLR Tokens will be airdropped to holders of $FLR a few days after the snapshot. There is no minimum amount to be eligible. All holders will receive a bit of YFLR whether that be a fractional amount or an entire token.

Gold Rocket | Satoshi Club: Wow! tempting!:+1:

CryptoFrenchie: Indeed 🙂

Q5 from Telegram user @prahenkris

There are so many great chains. Why did you decide to build your own infrastructure? Isn’t this a waste of money?

CryptoFrenchie: This would definitely be a Flare Network question, as we are not building our own infrastructure.

Gold Rocket | Satoshi Club: Oh sorry about that:sweat_smile:

D. | Satoshi Club: Oops

Gold Rocket | Satoshi Club: then I have another question

CryptoFrenchie: Shoot for it 🙂

Gold Rocket | Satoshi Club: Flare Finance is launching 6 decentralized finance products that will serve as an all in one trust free solution to traditional banking and investing.

Tell us a bit about these financial products

D. | Satoshi Club: im sure in the second part of our AMA, would be more questions related to Flare Finance:+1:

CryptoFrenchie: There we go!

Flare Finance will infact be delivering 6 key products to our ecosystem. (7 if you include Flarescan.org, but we do not consider that one of our main ecosystem products. More of a side project.) These products are:

1. FlareX – Decentralized Swaps and Decentralized Margin/Spot Trading Platform.

2. FlareFarm – Decentralized Yield Farming and Governance Platform

3. FlareWrap – Decentralized Asset Wrapping Bridge ETH-FLR

4. FlareLoans – Decentralized Asset-Backed Collateralized Loans Platform

5. FlareMutual – Decentalized Peer to Peer Insurance Mutual Fund

6. FlareMine – Decentralized Yield Mining Platform

A more indepth analysis on exactly how these products deliver what they do can be found at https://paper.flr.finance/ .

I can give you a brief rundown of what each product does if you would like as well 🙂

Gold Rocket | Satoshi Club: thanks for the clarification!

D. | Satoshi Club: of course!

CryptoFrenchie: Wonderful. Give me a moment to prepare it all. I will drop it in sections.

Gold Rocket | Satoshi Club:Personally, I’m interested in farming:blush:

CryptoFrenchie: FlareX is a uniswap style swapping platform allowing for Flare Network users to engage in the simplified trading of any Flare Network hosted assets. Additionally, it will offer advanced decentralized spot trading and margin trading to the same users. Transaction fees can be paid in YFLR and there is of course all of the amazing yield generating options that Uniswap offers like liquidity pools.

FlareFarm is a decentralized yield farming platform that allows holders of several approved assets on the Flare Network to become their own yield generating bank by staking their available funds and liquidity pool tokens to mine and earn YieldFin, the low supply, coveted Ecosystem Governance Token. Additionally, they can create and vote on proposals that will enact system wide changes to the ecosystem if approved or denied.

FlareWrap is a decentralized asset bridging platform that allows holders on either the Ethereum or Flare Network to bridge their assets over to the other network easily without the need for any third party intermediaries or exchanges. With FlareWrap, the Flare Network will receive xUSD (USDT), xDAI (DAI), xETH (ETH), xBTC (WBTC), and more. Additionally, for the first time, XRP will make it’s way to the Ethereum network as WXRP through our bridge.

FlareLoans is a decentralized collateralized loans platform that will allow a network of creditors and debtors to operate and enact loans and credit lines to borrowers against their collateral limit. Borrowing and lending earns you YFIN!

FlareMutual is a decentralized peer to peer mutual insurance fund that covers new projects smart contracts and teams for potential issues such as hacks, bugs, and other ruining events that could cripple an ecosystem.

FlareMine is a decentralized yield mining platform that allows users of ASIC rigs to mine Bitcoin and Ethereum, which is then automatically swapped at best value for Spark ($FLR) and provided to the miner. This creates positive price support and action for the Spark Token itself and promotes a long term healthy way to mine Spark!

Gold Rocket | Satoshi Club: When do you plan to release these products?

CryptoFrenchie: Are first three products; FlareX, FlareFarm, and FlareWrap are complete and ready for team testing before moving onto public BETA Testing. You can expect 5 of our 6 products ready for release in Q1-Q2 2021, with our final product coming in Q3 2021.

Gold Rocket | Satoshi Club: The rocket is at the start!:rocket:

D. | Satoshi Club: pretty soon. time flies very fast in crypto world:relaxed:

CryptoFrenchie: Oh it definitely does. 9 years has flown by like a snap of the finger. Time flies when you are having fun.

D. | Satoshi Club: thank you for answers! and we have the last question from this part. are you ready?

CryptoFrenchie: Ready!

Q6 from Telegram user @bitociok

There is a mention that you are anonymous. What is the reason behind it? Are you afraid of lawsuits from ripple or someone else? How many people work on your team?

D. | Satoshi Club: question was partially covered:smile:

Gold Rocket | Satoshi Club: partially answered. tell us what you think is the main thing in your project

CryptoFrenchie: We are indeed an anonymous team, not all of us are though. One of our team members, and in fact, one of our main developers, is not at all anonymous and actually is public!

The reason for our anonymity is to protect us during the birthing and building of the project and to release it free of any outside interference or want to jump on the potential at hand. Our approach was not anonymous to the Flare Network Team, and we very much so eagerly stated that we would LIKE to give them our identities as reassurance that we are here to deliver a top notch product and just want to be safe while doing it.

Gold Rocket | Satoshi Club: I personally understand your reason.

CryptoFrenchie: We are not afraid of lawsuits from Ripple, as Ripple would not be able to place a lawsuit on us for any reason. Our main fear is the uncertainty of who exactly are supporting entities in Ripple, and how will they see to it that a decentralized non-custodial platform is coming alive to deliver exactly what they do as banks at a better rate, with better accessability, and without the strings that come with a bank like not having immediate access to your own funds when and however you want it.

D. | Satoshi Club: yeah, good reasons for anonymity, in my opinion

CryptoFrenchie: Once the platform is birthed, and we are able to ensure it’s existence is NOT dependent on us as team members to have our hand in it, we will happily expose our identities. Until that point, we will ensure the platform is secure, audited, and released in a way that is as decentralized as possible as to remove any chance of outside forces acting on it, including ourselves as team members.

This includes working with projects like Codius to help bring forth a truly decentralized hosting network that can allow projects to be born, and pretty much never die as long as the nodes that host it exist.

Gold Rocket | Satoshi Club: Yes, the choice of this blockchain is a non-standard solution. And I am sure it will lead you to success.

Part 2 — live questions from the Telegram community

Q1 from Telegram user @aym1212

As individual user, what ways can I contribute to the development of Your $YFLR $YFIN $YMIN Project? Do you have Ambassador programs and What is its benefit?

CryptoFrenchie: Let’s start with this one!

We do in fact have a Global Ambassadors Program that will be selecting a number of individuals to represent Flare Finance in events around the world and help host community organized events when the time comes. Additionally, we will be opening our BETA Tester program that will allow people to test and utilize our platform and look for any available bugs or attack vectors that may exists on platform.

We strongly believe in community interaction and community support. We believe in this so much that we have dedicated 75% of our marketing budget to person to person user generated marketing tactics that can help place more money back into the pockets of you all for spreading the word about our products!

Q2 from Telegram user @jerlyyyyn

Why did you chose to work with XRP community rather than ETH blockchain?

CryptoFrenchie: We strongly believe XRP is a community that has been screaming out for a chance at a truly decentralized financial ecosystem. XRP has been one of the last platforms to innovate to date and has been specifically focused on client and partner acquistion. At this point in time, Flare Network is bringing exactly what the people have asked for, while we at Flare Finance are taking it one step further and challenging the centralized nature of banks that XRP supports. We see this more as friendly competition rather than a full all out war on traditional financial institutions.

ETH has it’s benefits, but has been plagued with projects that contain little to no substance, making Ethereum have this balloon of hot air value that is yet to pop.

Q3 from Telegram user @wonderkit

Is it safe to use FlareWrap and how much does it cost to swap certain coins in one transaction?

CryptoFrenchie: FlareWrap will be as safe to use as the audits that review it say it is to be. Our team holds over 12+ years as full-stack developers and has the skillset and drive to deliver a product that is properly reviewed and cared for while it is built. This being said, we are very happy and confident in our abilities to deliver a safe and useful product.

The cost to bridge any token to FLR or ETH in one transaction will have a ranging fee of 0.075%-0.1% of the tokens being minted/burned and will be split evenly between both. The fee goes down as the amount you wrap goes up. Meaning if you are bridging $100 of USDT to xUSD, you will pay a total fee of $0.075-$0.10 for the entire amount.

Q4 from Telegram user @Idee01

YieldMine, YMIN, supply is determined by the total time it takes to mine the entire supply of YFIN and YFLR. Is there a cap in the total supply of YMIN and is there a formular to use to calculate it? Do you have any mining guidelines for YFIN and YFLR?

CryptoFrenchie: There is no cap to the total supply of YMIN. It’s main use case is to be utilized much like POL-X as a rate multipler token. It can be burned to increase your mining rate for staking YFIN to mine YFLR on the FlareX platform. This being said, the supply is more time determined and does not have a hard number set.

Q5 from Telegram user @baimwong1

Why did flare Finance create three coins for its project ecosystem and how do the three coins work together?:

CryptoFrenchie: Flare Finance created three tokens for sheer need of what the ecosystem wants to deliver.

YieldFlare ($YFLR) is the platforms main transaction fee, listing, and secondary governance token. It can be used in place of transaction fees, used to vote on new token listings in the ecosytem, and used to vote on secondary governance proposals in the ecosystem.

YieldFin ($YFIN) is the platforms main governance token. It can be used to vote for all things that are related to the platform and carries a much larger voting weight than $YFLR does. It will be used to change fees, fund projects, or provide grants to new developers seeking to expand the ecosystem.

YieldMine ($YMIN) is a rate multiplier token that will be used to increase your mining rate of mining YFLR for staking YFIN on the FlareX platform. It is a way to create harmony between miners and traders and to promote healthy price action for FLR and $YFLR alike.

Q6 from Telegram user @KhaleesiTheCryptoLady

Regarding on the opening of Beta Application, How could we join as Beta Tester, any requirements? Do we have to hold the said 3 tokens of Flare Finance?

CryptoFrenchie:We do not have any pre-set requirements for you to become a BETA Tester, all we ask is that you are technologically proficient enough to look at a website, analyze your experience on it, and be able to pay close attention to detail. Any skills above that would be not needed, but greatly accepted and would put you at a more priority ranking on our BETA Tester list.

You do not need to hold any tokens, we will be providing you BETA Testers each with a different amount of the three tokens as to test a real world experiment of different holders ratios and so on.

Q7 from Telegram user @lexiagarcia

When will we meet the team behind Flare Finance?

CryptoFrenchie: Well, I won’t put a hard date on it, but we can almost guarantee you will be seeing us for Q4 2021. 🙂

Q8 from Telegram user @Emidm37

There is something that confuses me. There is another project called Flare Networks, which is a partner of Ripple, is Flare Finance in any way related to any of those projects? Can you clarify this please? Don’t you think this can cause confusion for other users too?

CryptoFrenchie: Flare Finance is not in any way related to or supported by Ripple, XRPLabs, or any of it’s affiliates. Additionally, we are not affiliated with the Flare Network or TowoLabs Team or any of it’s afilliates. We are an independant third-party team. We are not in any way partnered with either of them either. We are, however, doing everything possible in the book to raise the chances of becoming an official partner to either ecosystem. For now though, we are in discussions with Flare Network, and we are doing all requested to ensure we bring a good product to the netwok that can support it and not damage it.

Q9 from Telegram user @ Amila19932

What is your major product? What are you going to develop for the users? And how are you going to get that product famous? @TheCryptoFrenchie

CryptoFrenchie: We believe our largest product will be FlareWrap.

FlareWrap delivers what has been long awaited for. A bridge to bring XRP to Ethereum. Flare Network pulled the heavy load getting XRP to it’s own network, not we will bring XRP to Ethereum and Ethereum Assets to XRP.

With FlareWrap, you will be able to wrap your USDT on the Ethereum Network and mint it on the Flare Network. Additionally, you will be able to wrap your FXRP on the Flare Network, and mint it to WXRP on the Ethreum Network!

We will finally be able to help bridge over $20B in locked liquidity to Ethereum and over $50B in liquidity to XRP!

Q 10 from Telegram user @supper_star_2

Every projector has a special aspect. If you have anything like that, what is it?

CryptoFrenchie: We strongly believe our special aspect is being the first user-friendly and carefully designed decentralized finance platform to offer institutional defi to a mass of traders and investors who are yet to see any innovation to the asset they hold. Flare Network is able to spark this innovation, while Flare Finance is able to help ease in some of that innovation as well.

Flare Finance will be the first institutional DeFi platform to hold the grunt of over $20B of locked liquidity waiting to burst out and seek a truly trust free means of becoming their own bank and yield generating custodian. Flare Network is the key to unlocking value. Flare Finance is the key to unlocking decentralized finance.

Part 3 – Quiz Results

As usual, for the third part, Satoshi Club Team asked the chat 4 questions about the crypto project. A link to a Quiz form was sent into the chat.

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:

Telegram: https://t.me/FlrFinance/

Twitter: https://twitter.com/FlareNetworks/

Websites: https://www.flow.page/FlareFinance/

Hello, Satoshi clubbers Another AMA took place in Satoshi Club and we would like to introduce to you the AMA session with our friends from Eclipseum and our guest was Taylor.  The AMA took place on 14 December.

The AMA session was divided into 3 parts with a total crypto reward pool of 500$

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

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

Mary Satoshi Club: Hello, Satoshi Club! We are happy to announce our AMA session with Eclipseum! welcome to Satoshi Club

D. | Satoshi Club: hello everyone!

Taylor – Eclipseum: Hey everyone! Excited to be here

D. | Satoshi Club: @Eclipseum good to have you here!

Mary | Satoshi Club: Hello, happy to see you here

How was your day?)

Taylor – Eclipseum: Good, no complaints so far

Mary | Satoshi Club; Great) let’s start then

Could you please introduce yourself and Eclipseum project

Taylor – Eclipseum: Sure, my name is Taylor. My background is in Mechanical Engineering, first got into blockchain in 2015 with Bitcoin.

I got interested in DeFi in early 2019 and decided to build my own project. I came up with the concept of Eclipseum to be a store of value asset that utilizes two Automated Market Maker (AMM) liquidity pools to generate transaction fees for the ECL holders over time.

Mary | Satoshi Club: Oh, long time here

Taylor – Eclipseum: Yes!

Mary | Satoshi Club: Great idea  btw, how many members do you have in the team?

Taylor – Eclipseum: I worked as a solo developer building the website and smart contract. Now that the project has launched, we have a group of around 10-12 that build content for Eclipseum in various ways

Mary | Satoshi Club: Oh, that’s nice, you’re growing

Taylor – Eclipseum: We are!

Mary | Satoshi Club: Thanks for the intro ready for the questions from our community?

Taylor – Eclipseum: Yes!

D. | Satoshi Club: great! let’s go!

Part 2 — live questions from the Telegram community

Q1 from Telegram username @jobel4

As one of the quick facts of Eclipseum is stated that “there is No VC investors, no pre-launch token sale. Developed and deployed by a solo developer.” So can you explain to us how will your platform obtain funds especially for liquidity without having pre-sale of your token? Why did your platform decide to not conduct a presale for $ECL token? Can you explain more about the interesting fact that your network is being developed and deployed by only one developer? How does the solo developer do it? Can you share some of the background of the developer in Eclipseum? Thank you!

Taylor – Eclipseum: So in Eclipseum, liquidity is provided by the ECL buyers. When they buy ECL, they send ETH to the contract, and ECL is minted during the buy, so total liquidity increases.

I personally don’t like the concept of a pre-sale, when Eclipseum can scale it’s liquidity organically relative to the price. IMO this is much better for price discovery

I simply spent a lot of time work on developing the concept, whitepaper, smart contract, and website. Now that it is all complete, most efforts are purely on marketing, which the community is great at helping with.

Mary | Satoshi Club: Not so many projects who decided to start without sales, investors etc

D. | Satoshi Club: yes, marketing is a very important part

Mary | Satoshi Club: My applouds

Taylor – Eclipseum: Thank you

Mary | Satoshi Club: Do you have any bounties for your community?

D. | Satoshi Club: and do you plan any collaboration with other projects in the near future?

Taylor – Eclipseum: Not currently any bounties for the community, so far we haven’t had issues with volunteers stepping up and working on content

Not at the moment, I think we need to grow and size in liquidity first. But I have long term visions of ECL being used as collateral in various DeFi protocols.

We just need to get over the hump in terms of liquidity and stability

Mary | Satoshi Club: Wow, you have really strong and smart community. Thank you for your answers, ready to go to the next question?

Taylor – Eclipseum: Agreed!

Yes

Q2 from Telegram username @JesusFre1tes

Eclipseum (ECL) is an ERC-20 token designed to be an anti-fragile active. What decentralized methods do you use to make your token resistant to depreciation? In the DeFi world the markets are very fluctuating, especially when it comes to currencies that are not stable, how come ECL does not suffer any exchange rate in these situations?

Taylor – Eclipseum: Yes, well ECL is definitely susceptible to price fluctuations, as we have seen lately.

However, one of the mechanisms that minimizes how far the price can decrease is the Soft Sell Function, which is coming into play now. When sellers sell with this function, the ECL / ETH price does not decrease, and creates somewhat of a “price floor” that the ECL / ETH price is unlikely to decrease below.

This Soft Sell ECL / ETH price can also move up or down depending on what the ETH / DAI price is doing.

Mary | Satoshi Club:It’s interesting, do your users have a choice to sell with this function or without?

Taylor – Eclipseum: They can, using the website. If the Soft Sell Price is lower than the ECL / ETH price, a profitable arbitrage opportunity emerges where users can “Buy ECL” => “Soft Sell ECL”, which increases the ECL / ETH price.

We recommend users to buy and sell ECL from the website, as there is much more liquidity there than on Uniswap. The website app interfaces directly with the Eclipseum smart contract AMMs.

https://www.eclipseum.org/app/

D. | Satoshi Club: are there analogous of this function in other projects on the market right now?

Taylor – Eclipseum:I think some other projects do have a “price floor” mechanism, but I’m not very familiar with those projects right now. Too many projects out there

Q3 from Telegram username @KevSalom

Referring to your elastic delivery system you comment that “When ECL is sold to the ECL pool, ECL is burned from the ECL pool. My question is: Is there a limit to this burning? In an unfavorable scenario where ETH is experiencing a sharp drop in price and for a long time could not bring the supply to minimum values?

Taylor – Eclipseum: Good question! The ECL supply can continue to decrease during strong selloffs, but there is a lower limit that the ECL supply cannot decrease below due to the way the math works out.

Plus the Soft Sell price floor would prevent it from decreasing that low far before it gets to that point.

Mary | Satoshi Club: Can you tell us this lowest limit?

Did you already have strong selloffs?

Taylor – Eclipseum: Right now it is 0.000019 ECL / ETH, but this floor can increase or decrease as well. It increases if the ETH / DAI price decreases, and vice versa

Yea, there has been some selling over the last few days.

Mary | Satoshi Club: Oh, got it

D. | Satoshi Club: understood. it’s very elastic system

Taylor – Eclipseum: Yes, for sure.

Mary | Satoshi Club: I see that you prepared for different scenarios

Taylor – Eclipseum: Yes! We just reached the price floor recently, so it will be very interesting to see how it plays out

Mary | Satoshi Club: And as you have the lowest limit do you have highest limit for $ECL supply?)

Taylor – Eclipseum: Ahh good question. There is no upper limit for the supply

But the supply only increases when someone buys ECL. So supply and price always increase together.

Mary | Satoshi Club: It’s good for the way to the moon

Q4 from Telegram username @apocan99

You have integrated elastic supply in Eclipseum ecosystem, and thus minting and burning are taking important role for the whole environment. This reminds rebasing system. Do burning and minting affect the users wallet balances like in rebasing? If yes, in what way; if no, where do the minted assets go and which assets are burnt? Can you also summarize the main differences between Eclipseum and rebasing systems in general?

Taylor – Eclipseum: Fantastic question. Eclipseum is not like AMPL, so the ECL balances in users wallets do not change.

The minting and burning is only done to the ECL AMM pool in the Eclipseum contract.

This helps to minimize price swings from buying and selling

Mary | Satoshi Club: Is this AMM pool big now? Which was the latest event – burn or mint?)

Taylor – Eclipseum: The ECL pool has about 100 ETH, and the DAI pool has about 245 ETH.

I believe a burn happened last, but they are happening continuously as people buy or sell.

Mary | Satoshi Club: Not bad:smile: but sure, it will grow more!

Taylor – Eclipseum: Yep, I think so too!

Q5 from Telegram username @KelierTG

According to the game theory that Eclipseum applies one of the ways it has to minimize downward price volatility is by encouraging ECL buyers to purchase ECL immediately after ECL is sold by a different user… My question is: How do you encourage them to buy, and how are you sure they will?

Taylor – Eclipseum:Well, we cannot be sure that they will, but we can incentivize them too, here are the ways they are incentivized:

1) Transaction fees from the DAI pool are larger when there is more ETH in that pool, so the ECL / ETH price is more likely to increase from those fees

2) The contract transfers less ETH to the DAI pool, so more ETH remains in the ECL pool from an ECL buy

3) After a selloff, the ECL / ETH price is closer to the “price floor”, meaning less downside potential, and a better buy opportunity.

Mary | Satoshi Club: It really can encourage  by the way, as the main event happening on your platform, what can you tell about its safety?)

Taylor – Eclipseum: The security of the contract?

Mary | Satoshi Club: Yes

I am always asking everyone about audit, so looking for a new words

Taylor – Eclipseum: Gotcha. So I had a security audit done by Trail of Bits. The article for this can be seen here:

https://eclipseum.medium.com/eclipseum-trail-of-bits-security-audit-overview-bc91996fc0b9/

Also, the War on Rugs guys looked it over and gave it the ok

D. | Satoshi Club: you currently have two pools, right? so your system will be always based on two pools or you can add more pools with other assets?

Taylor – Eclipseum: This system has two pools and will always have two pools

The contract is immutable, and therefore cannot be changed by anyone

Mary | Satoshi Club: Got it, thanks

Q6 from Telegram username @ahmadjohon

Liquidity is a major issue for the DeFi project, so does $ECL have a liquidity program to drive natural token demand and liquidity?

Taylor – Eclipseum: So ECL is designed to have most of it’s liquidity on the Eclipseum smart contract AMMs. When a user buys ECL from the contract, they effectively increase the liquidity on the contract.

As far as Uniswap liquidity, we have had some community members step forward and add liquidity there, as the transaction fees have been quite signficant there.

Mary | Satoshi Club: Which is the volume of Uniswap liquidity now, do you know?)

Taylor – Eclipseum: Right now, about $11,000 USD per day

Which is significant relative to the liquidity in the Uni pool

Mary | Satoshi Club: btw, are you already listed on cointrackers? Coingescko?

Taylor – Eclipseum: Not yet, have applied but waiting to hear back

Mary | Satoshi Club: Oh, hope it will happen soon

Part 2 — live questions from the Telegram community

Q1. from Telegram user @dumpspump

When a user buys ECL, the elastic supply system mints new ECL tokens. But that means unlimited numbers of supply. Wouldn’t it cause the coin price to go down?

Taylor – Eclipseum:No, because enough ECL is minted that the price still increases from each ECL buy. So ECL price and supply always increase together, or decrease together.

Q2. from Telegram user @PerishepaTrade

Eclipseum is difficult for a beginner to understand. How do you plan to explain the vision and technical features of Eclipseum to a wider audience?

Taylor – Eclipseum: Continue to write articles explaining the concept in the simplest terms possible. There will be an article coming out today explaining the Soft Sell function

Q3. from Telegram user @Deamy_genius

Eclipseum is not modifiable and has no governance. But the DEFI space is changing rapidly, won’t your concept become obsolete without changing it?

Taylor – Eclipseum: I don’t believe so, the concept as it stands is solid and does not need to be changed. As it grows, the liquidity creates network effects attracting more liquidity.

Q4. from Telegram user @Temptation_Provider

Why is the price directly through the Eclipseum smart contract better than through Uniswap?

Taylor – Eclipseum: The price is not always better, but the liquidity will almost always better, meaning less slippage. So you will probably get a better price through the contract / website.

Q5. from Telegram user @PyaraLarka

For using Eclipseum liquidity pools is there any minimum or maximum requirements swaps?

Taylor – Eclipseum: There is no maximum. The only minimum is that the quantity must be greater than zero.

Q6. from Telegram user @Nickkiii

How many percent of the Circulating Supply is locked up on TeamFinance and for how long, Where can I view the Team.finance ECL lockup overview? @Eclipseum

Taylor – Eclipseum: My coins (~13.5 M ECL) are locked up for 1 year, another user has locked theirs up as well. It can be seen here:

https://team.finance/view-coin/0x08e411220e47e3Fc43BFb832186ABA95108F2861?name=Eclipseum&symbol=ECL/

Q7. from Telegram user @eeaq15

Today (December 14th) is expected to be one of the biggest eclipses of the year, it is a coincidence that the Eclipseum AMA is held on exactly the same day?

Taylor – Eclipseum:It is a coincidence. Great observation!

Q8 from Telegram user @cengizhantekin

Eclipseum has 2 pools: ECL Pool and DAI pool. I understand that these are not independent from each other. There are some interactions between them and I guess it is bidirectional. You created some functions which perform these interactions and some equations which are used by these functions. Looks complicated so can you elaborate about the relation between the 2 pools? What are the interactions and what missions are they needed to perform?

Taylor – Eclipseum: Good question. The ECL pool  transfers some ETH to the DAI pool when users buy ECL, to fill this AMM with liquidity. The DAI pool then transfers half of the transaction fees back to the ECL pool on every transaction, increasing the ECL price as a result.

Q9. from Telegram user @OlegDubinskiy

Some projects with elasistic offering had problems listing on CEX. What do you think about this and do you plan to list on centralized exchanges?

Taylor – Eclipseum: ECL does not have this problem, since it is a different kind of elastic supply system. It only mints and burns ECL tokens from the Eclipseum contract AMMs, and not from user’s accounts.

Q10 from Telegram user @warny

Is Eclipseum entirely decentralized, will all users have equal rights when interacting with the Eclipseum smart contract?

Taylor – Eclipseum:Yes, Eclipseum is entirely decentralized. All users have equal rights. I don’t have any special abilities over any other user in the contract.

Part 3 – Quiz Results

As usual, for the third part, Satoshi Club Team asked the chat 4 questions about the crypto project. A link to a Quiz form was sent into the chat.

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

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We are pleased to announce our next AMA on December 19th 2020 at 09:00 AM UTC Time: Satoshi Club x Unique One

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

⚠️Requirements:
👉 Join Satoshi Club Telegram group
👉 Join Unique One 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. 6 Questions will be selected from our website – please submit your questions in the comments section of this post.

Part 2: 100$/10 users – Open chat for 100 seconds. You can post Max 3 questions. Unique One Team will select 10 questions and answer them.

Part 3: 300$ – A quiz about Unique One

For more details:
Unique One – @unique_one_rare
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish

We are pleased to announce our next AMA on January 15th 2021 at 10:00 AM UTC Time: Satoshi Club x Bifrost

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

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

Part 3: 500$ – A quiz about Bifrost

For more details:
Bifrost – @Bifrost_Global
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish

We are pleased to announce our next AMA on January 6th 2021 at 03:00 PM UTC Time: Satoshi Club x Pastel

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

⚠️Requirements:
👉 Join Satoshi Club Telegram group
👉 Join Pastel 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. 6 Questions will be selected from our website – please submit your questions in the comments section of this post.

Part 2: 100$/10 users – Open chat for 100 seconds. You can post Max 3 questions. Pastel Team will select 10 questions and answer them.

Part 3: 300$ – A quiz about Pastel

For more details:
Pastel – @PastelNetwork
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish