Month: January 2021

PART 1. Introduction of Telos project and community questions.

Hello, Satoshi clubbers and guests of this site. We are happy to present you with a Telos crypto project.

  Telos powering the networked ecosystem of the future.

  The Telos Network working with visionary leaders and communities to build a new trusted global economy

Features of Telos Network:

• 0.5 second block times
• Free user transactions
• Free user accounts with human-friendly names
• 10,000+ TPS
• Massive community network effects

The plan of AMA session:

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

The reward pool is 500$

Leading the AMA our clever and fun admins:

Mary | Satoshi Club – @madamlobster and Gold Rocket | Satoshi Club – @GoldRocket27

The Representative of the project:

Suvi Rinkinen – Representer the Telos Foundation that is the promotional and marketing body for the decentralized Telos blockchain network.

Douglas Horn – GoodBlock, dStor – DApp developer. Telos architect.  Wrote the white paper and initially pulled the community and devs together.

Telos doesn’t have a “founder” per se. We are really decentralized.
That also means there’s no Charlie Lee who can dump 40% of the supply if they choose.

Introduction of Telos project.

Gold Rocket | Satoshi Club:

We hope to learn a lot!😊

Mary | Satoshi Club:

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

Gold Rocket | Satoshi Club:

Good evening, dear community!

We are delighted to welcome our guests from Telos.

Suvi 🇫🇮:

Hello everyone!

Gold Rocket | Satoshi Club:

Greetings @suvirink & @DAPPerD! Welcome to Satoshi Club!

Mary | Satoshi Club:

Welcome here 😀

Suvi 🇫🇮:

Thank you, happy to be here to tell you about Telos 😁

Gold Rocket | Satoshi Club:

Thanks ❤️for joining.

Douglas Horn – GoodBlock, dStor:

Hi!

Mary | Satoshi Club:

That’s great🚀 Welcome 😀

Douglas Horn – GoodBlock, dStor:

Excited to talk about Telos.

Suvi 🇫🇮:

Me too

Mary | Satoshi Club:

Ready to start, guys?😀

Suvi 🇫🇮:

Yes 😁😁

Gold Rocket | Satoshi Club:

Welcome.

Mary | Satoshi Club:

Could you please introduce yourself and tell us more about Telos?🎉

Gold Rocket | Satoshi Club:

Tell us please a bit about yourself before we hear about  Telos

Mary | Satoshi Club:

Me first 😂

Gold Rocket | Satoshi Club:

As always 🚀😁

Douglas Horn – GoodBlock, dStor:

Just took a look at this chart. It made me happy!

Mary | Satoshi Club:

Wow,🚀🚀🚀 the moon is almost here. Mars next🚀

Gold Rocket | Satoshi Club:

It’s amazing🚀🚀🚀

Mary | Satoshi Club:

It made happy all Telos holders😉

Douglas Horn – GoodBlock, dStor:

Here’s the weekly version.

Mary | Satoshi Club:

Stable growth 💪 It’s really cool 😎

Douglas Horn – GoodBlock, dStor:

Yeah, we’ve worked hard and people love our new Uniswap Liquidity plan.

Plus we just released an ambitious 2021 Tech Roadmap that people loooooove.

Gold Rocket | Satoshi Club:

The results are visible!👍

Mary | Satoshi Club:

I heard about it😀 Can you share this plan with our community?

Suvi 🇫🇮:

Here is the full plan https://telos.net/telos-uniswap-liquidity-implementation-plan-tulip/

Douglas Horn – GoodBlock, dStor:

Big picture it’s fixing our liquidity problem that has kept price 3,000x below comparable chains by:

🔥 Sell T-Bonds to finance ERC-20 TLOS presale.

🔥 Conduct limited presale with ascending prices each round.

🔥 Put big liquidity pools on Uniswap & TSwaps.

🔥 Add top exchange listings.

Mary | Satoshi Club:

Amazing plan! Telos is on fire 🔥

Douglas Horn – GoodBlock, dStor:

Here’s a shorter version.

https://telos.net/tulip-plan-eli5-explain-it-like-im-5answer-platform-peeranha-io-is-giving-out-generous-tlos-rewards-for-a-limited-time/

Mary | Satoshi Club:

We will definitely read it!🔥

Suvi 🇫🇮: 

I am Suvi Rinkinen and I represent the Telos Foundation that is the promotional and marketing body for the decentralized Telos blockchain network. Unlike other foundations, the TF does not have any ownership of the network. We work for the network in terms of business development, partnerships, and marketing. Telos has hundreds of contributors around the world, we are safe and proud to say we are truly decentralized and every token holder has a governance vote.

Douglas Horn – GoodBlock, dStor:

Yeah.

Gold Rocket | Satoshi Club:

This is a very interesting solution!

Mary | Satoshi Club:

Nice intro, thank you, Suvi😀 I see you like decentralization as well😉

Suvi 🇫🇮:

Most of all decentralization is a community protection form. There is no single entity any regulators could point at telos who has been behind the success. This is not the case with most of the chains that have companies running the whole network (people rely on one entity providing value).

Secondly, only open networks where everyone has a genuine opportunity to participate can scale at mass. Telos is open and not a private club.

And this is already proven to work. We have +200 contributors, individuals, apps, node operators, community activists. We all are in the same game to make telos succeed.

Gold Rocket | Satoshi Club:

To be honest, this is captivating! Your openness!

Suvi 🇫🇮:

Yes. We have a functional WORKER PROPOSAL Telos works system where anyone can put their proposal and get compensated for the value they produce. We have seed-funded various apps, one of them got later 1 mil EUR funding from the EU.

Douglas Horn – GoodBlock, dStor:

I’m Douglas Horn. I wrote the white paper and initially pulled the community and devs together, but Telos doesn’t have a “founder” per se. We are really decentralized.

That also means there’s no Charlie Lee who can dump 40% of the supply if they choose

Mary | Satoshi Club:

We had Charlie here recently 😀 he said he didn’t.

Gold Rocket | Satoshi Club:

😁😅

Mary | Satoshi Club:

But I understand what you’re talking about and you really choose the decentralized way of development.

Douglas Horn – GoodBlock, dStor:

Okay. I like Charlie actually. I just thought it was a well-known example. I Shoulda said Brad Garlinghouse I guess. 😆

Mary | Satoshi Club:

😂 it’s ok

Gold Rocket | Satoshi Club:

Thanks, guys for the great intro!😁

Suvi 🇫🇮:

Douglas and I talk a lot…😂😂

Gold Rocket | Satoshi Club:

We love Charlie too! And I am sure we will love you too! ❤️

Gold Rocket | Satoshi Club:

Ready to jump into community questions?😊🚀

Douglas Horn – GoodBlock, dStor:

You got it!

Suvi 🇫🇮:

Yes 😊

Douglas Horn – GoodBlock, dStor:

Psyched for great Qs!

Preselected questions about the Telos project.

Gold Rocket | Satoshi Club:

Q1 from Telegram user @ovkneze_big

 Telos positions itself as a sustainable decentralized EOSIO network. Why did you choose EOS? Do you solve the problems of this platform alone or the problems of the crypto environment in general? What problems do you consider the most relevant today and have already been solved by Telos?

Douglas Horn – GoodBlock, dStor:

Yes.

I was part of the EOS mainnet launch group actually. I was concerned about some issues I saw that were going to become problems. No one in power wanted to hear about them at the time.

4 weeks after launch it became clear that not only were these EOS problems real, but they were worse than I feared. So I wrote the Telos whitepaper and started getting others who felt the same to join me.

We solved all the big EOS problems with our design & hard work.

Suvi 🇫🇮:

Eosio is one of the leading smart contract platforms. It solves many issues that for example Ethereum has. There are some applications that are just impossible to be run on Ethereum, like those that require microtransactions. We have plenty of social media applications, who would be making significant losses if every transaction would cost several USD to process.

But we do not position telos as a “killer chain” of anything. Our core values are openness and collaboration and this is why we are now heading towards Ethereum and the larger crypto community; there is room for many legit operators.

Mary | Satoshi Club:

Yes, glad to see that you’re not planning to kill any blockchain. In my mind, it’s better to cooperate if it’s possible or to offer their own ways of development.

Gold Rocket | Satoshi Club:

This is a good tactic in crypto.

You have great intuition by the way😉

Mary | Satoshi Club:

Yes, I heard that EOS is far from perfect and I see that wasn’t just rumors

Douglas Horn – GoodBlock, dStor:

We solved a lot of EOS-specific problems but also problems of crypto in general like:

Super high capacity

1/2 second block times

No front running

True community governance

Extending our L1 gov engine to all Dapps

Free TXS.

Mary | Satoshi Club:

I remember, that most everyone was talking about problems with governance. Happy to hear that you find a solution👍 Oh, that’s a very important point💪

Gold Rocket | Satoshi Club:

 How big is your community?

Douglas Horn – GoodBlock, dStor:

There are over 500,000 unique accounts on Telos and growing very quickly. We are often adding more accounts per day/week/month than EOS in fact.

Suvi 🇫🇮:

We have over 500 k user accounts and growing. We have a unique tactic at telos. First, produce value, then start distributing the tokens more widely.

Telos is an ideal position for growth, already proven track record. 😊😁 not WP stuff.

Douglas Horn – GoodBlock, dStor:

Yep. That’s how most big tech unicorns grow.

Gold Rocket | Satoshi Club:

This is an incredible amount! 👏👏👏

Suvi 🇫🇮:

Also, let’s keep in mind. TELOS is running on EOSIO, not EOS. EOS is only one implementation of EOSIO software. They may be the first, but not the best 🤓🤓🤓

Telos active community has worked for over two years to improve EOSIO 😊

Douglas Horn – GoodBlock, dStor:

Yes, we believe there will be massive blockchain adoption and Telos will be a big part of it as

Free & instant transaction for more expensive chains, but on a real governed blockchain,  not just a roll-up.

Fee-less DeFi.

Adding free voting to be used by other chains through CCI

Gold Rocket | Satoshi Club:

You want to make an ETH token. TELOS ERC-20, in order to raise money for its listing and create liquidity, you launched the sale of T-BONDS, which are Maribel-NFTs, which are secured with funds for a certain period. The higher the blocking period, the higher the discount percentage forT-BONDS. I understand correctly?

Suvi 🇫🇮:

Mary | Satoshi Club:

Now we know your reasons and they seem logical and clear! Sure, we will add members to your community today💪

Douglas Horn – GoodBlock, dStor:

I think the “Ethereum killer” phrase is the stupidest thing I’ve ever heard in blockchain

And I’ve heard a lot of stupid stuff.🤣

Suvi 🇫🇮:

Me too 😂😂

Mary | Satoshi Club:

Lol, my thoughts 😂

I see the word NFT😂🔥

Gold Rocket | Satoshi Club:

Yes😁

Douglas Horn – GoodBlock, dStor:

Yep! Plus T-Bond NFTs are a new way that other projects will also raise funds or liquidity. We have a long line of projects coming to use these on Telos. It could become the next ICO-type boom.

Mary | Satoshi Club:

Hope not only “could” but that it “would”😀

Douglas Horn – GoodBlock, dStor:

Yeah. T-Bond NFTs are the nexus of DeFi & NFTs. 🚀🚀🚀

Gold Rocket | Satoshi Club:

Thanks a lot for the clarification! I’m starting to love your project😁❤️

Douglas Horn – GoodBlock, dStor:

We get a lot of good press coverage.

https://cointelegraph.com/news/telos-t-bond-nfts-aim-to-breathe-liquidity-life-into-projects-young-and-old

Suvi 🇫🇮:

Yes, T bonds are the first step in the larger TULIP plan. There is only a limited number of tokens to be purchased at these low prices.

We can think the T-bond sale as a private round for the earliest who want in.

T-bonds are NFTs that include a number of tokens that can be resold immediately without them going into exchanges though.

Why we release T BONDS with relatively low value is to grow our community, get more people in as stakeholders. No one during these two years has been able to buy a big amount of TLOS without pumping the price significantly, as no one has really wanted to sell.

Gold Rocket | Satoshi Club:

Show these NFTs, please🙏

Suvi 🇫🇮:

SOON TM 😄😄

Gold Rocket | Satoshi Club:

Ready for the next question?😁🚀

Suvi 🇫🇮:

Yes

Gold Rocket | Satoshi Club:

Q2 from Telegram user @Egory0k

In your WP you offer economic decentralization – no whale addresses. How will Telos achieve this? Is it really worth removing big investors from the game?

Douglas Horn – GoodBlock, dStor:

One thing that separates Telos from other projects is, they are promising to do something groundbreaking in 2 years…

Telos has already been doing groundbreaking stuff FOR 2 years!

But because of liquidity, the price got stuck. Now we’re gonna take the cork out of the champagne bottle!🍾

Gold Rocket | Satoshi Club:

Let’s do it finally! 🚀🥂🍾

Mary | Satoshi Club:

No more problems with liquidity 🎉 congrats!

Douglas Horn – GoodBlock, dStor:

Well, once the TULIP 🌷 plan is complete. But yeah, it’s getting better now but barely even starting.

Mary | Satoshi Club:

@HelloTelos To List On @UniswapProtocol Following Liquidity Implementation Plan

Read More: https://t.co/bzWGjBVPa6

— Digital Notice (@digital_notice) January 14, 2021

Mary | Satoshi Club:

I like these flowers 😄

Suvi 🇫🇮:

Right, this was the initial distribution over two years ago to ensure a fair launch, and it has helped Telos to position itself in the market as a decentralized and governed blockchain.  We have never restricted anyone from buying as much TLOS as they want, but like mentioned, it has been a challenge as people value their TLOS much more than the current market price.

But in order to get more stakeholders in, we have T Bonds and also Uniswap Sale right after. We welcome big and small buyers alike. 😊🔥

Douglas Horn – GoodBlock, dStor:

We did this over 2 years ago!

What we did was:

1) Cap <1% of the accounts on the EOS genesis snapshot to 40k TLOS. This alone reduced the token supply by 2/3rds!

2) Keep just a 5.2% founders reward that was spread among about 130 contributors worldwide.

Most chains don’t become centralized with whales. They start out that way. As time passes, chains get less and less centralized economically, in general.

Mary | Satoshi Club:

Can you tell that now Telos is 100% decentralized?

Mary | Satoshi Club:

Fair distribution is the key👍

Douglas Horn – GoodBlock, dStor:

Well, StakingRewards.com uses % of circulating supply staked as one of their quantifiable measures of decentralization. Telos is in the top 3 in this measure.

I doubt that anyone person owns more than 3% of the TLOS token supply. I don’t think you could say that about many chains.

Suvi 🇫🇮:

There is no single entity behind or Telos is not controlled by a few whale accounts, this is a clear strength for the network 🧐

Mary | Satoshi Club:

Ok! I see, that you really achieved what you planned!

Suvi 🇫🇮:

With tightening regulations, ( I don’t want to spread FUD) many projects need to look at again their governance and who is actually running the projects.

Mary | Satoshi Club:

I don’t know if it really works somewhere.

Douglas Horn – GoodBlock, dStor:

So true. We solved that from the beginning. No company, no ICO, no sketchy practices…greater regulation will probably only help Telos by removing some very bad actors in the crypto world.

Suvi 🇫🇮:

Are we the only one 😅😅

“Telos style”

Mary | Satoshi Club:

We have a lot of these actors here! And you have your own style.

Suvi 🇫🇮:

It is clearly a risk factor for any investor as well.

Douglas Horn – GoodBlock, dStor:

Bur, we’re also decentralized because no one company owns or leads Telos. It’s run by over 50 validator companies around the world that compete for position while cooperating to build Telos.

Suvi & I work for competing validators in fact!

Mary | Satoshi Club:

And now you will harvest results 😄 

Gold Rocket | Satoshi Club:

How interesting! The one who invented this is a genius! 😁

Suvi 🇫🇮:

How refreshing in crypto 😅😅

Mary | Satoshi Club:

Thank you, guys, for your answers!

Suvi 🇫🇮:

First, build then start selling any tokens 😅

Douglas Horn – GoodBlock, dStor:

Yeah, 2.5 years after the project began! 2 years after the mainnet launch in December 2018.

This is the opposite of almost every other crypto around but bitcoin.

Suvi 🇫🇮:

Satoshi style.

Mary | Satoshi Club:

Huge work was done👍

Suvi 🇫🇮:

Hard work, hahaha. Well, I am proud of all those who have worked to do this.

Douglas Horn – GoodBlock, dStor:

We built everything people got so excited about in the EOS whitepaper but that Block One never built. Plus now a LOT more.

We gotta talk about the new Roadmap at some point because it’s incredibly exciting.

Gold Rocket | Satoshi Club:

Yes, time makes its own adjustments! And flexibility in the crypto world is half the battle!😉

Mary | Satoshi Club:

We have one question later😉 you will definitely have this chance

Mary | Satoshi Club:

👍 Ready to proceed?😄

Douglas Horn – GoodBlock, dStor:

Yep

Gold Rocket | Satoshi Club:

Q3 from Telegram user @lzamg

 I understand that Telos provides the possibility for developers to create their tools and DApps. So if I want to launch my DApp on Telos, what is the step by step I need to follow to do so? Do you also offer financial support in certain conditions?

Suvi 🇫🇮:

We do have a worker proposal system, where anyone can submit their proposal and community votes if the project should get funding. Many projects have been built with help of this.

In addition, Telos Foundation offers small grants, there are angel investors on telos.

Let’s get telos to the market cap it deserves (how much 🧐🧐🧐 given we have delivered all that block one promised and more and EOS failed to deliver) so we have more funding for projects 😊

Douglas Horn – GoodBlock, dStor:

We have helped dozens of apps with some form of financial assistance and also technical assistance. We give grants, devs can use the user-voted Telos Works funds and we have a very helpful developer community including help from the Telos Core Devs. Dapp developers love us. Several have said we saved them over a year of development!

Suvi 🇫🇮:

Yes, we are really happy to get more people into the ecosystem, there is certainly room for growth.

Gold Rocket | Satoshi Club:

Visionary charity 😊

Douglas Horn – GoodBlock, dStor:

Not charity. Wise investments in the growth & utility of the Telos blockchain!

Mary | Satoshi Club:

Wise words 😃

Do you have a step-by-step guide?😄

Douglas Horn – GoodBlock, dStor:

To create an app, get on the telos TGM groups like @hellotelos, @telosdappdevelopers, etc. You can also go to telos.net or direct to docs.telos.net to get a ton of information and sample code.

Mary | Satoshi Club:

Oh, that’s easy 😄

Do you have statistics on how much funds were granted in total?)

Suvi 🇫🇮:

All we do is weighed against the goal of network growth.

Douglas Horn – GoodBlock, dStor:

Not on hand. But a few hundred thousand just in Telos Works proposals.

Mary | Satoshi Club:

Wow! Great! 👏

Gold Rocket | Satoshi Club:

Very good detailed answer !!! Thank you so much!😊👍

Douglas Horn – GoodBlock, dStor:

When you look at chains like Tezos or Cardano with massive valuations and almost no Dapps, it’s hard not to think that Telos should have at least the same market cap with over 100 Dapps (see explore.telos.net.

I’m not saying those should be lower, I just think Telos should be up there at similar m.c. of course that would be around a 3,000x in price.

Mary | Satoshi Club:

Yes, it’s definitely true.

Ready for the next question?😃

Douglas Horn – GoodBlock, dStor:

Yes Please.

Gold Rocket | Satoshi Club:

Q4 from Telegram user @Gutike95

 You mention that by 2021 you will develop many more applications that use TLOS as a payment method, but could you really give us a little more detail about how those applications will be? one will be of NFT art but what about the rest?

Douglas Horn – GoodBlock, dStor:

We have so many already. For payments, there’s Sesacash, for example, which is a West African payment platform that used to be Yensesa on Ethereum but came to Telos for the free TXS and high capacity. We actually have a lot of payment Dapps coming now.

But Telos has much more function than just payments. It’s the most powerful platform for DeFi, for example. Telos is about the only place that you can bring on wrapped bitcoin and instantly (0.5 seconds) make payments of as little as 1 Satoshi because there’s no fee! With wrapped Eth coming too, and an Ethereum bridge for ERC-20 tokens, that means you don’t have to be a millionaire with huge transactions to be profitable with DeFi because of the huge Ethereum gas fees.

So Telos will definitely be the DeFi platform of the developing nations soon.

We have NFT markets now and they’re heating up.

There are so many Dapps too. See explore.telos.net for more.

Mary | Satoshi Club:

When wrapped ETH will be available?😃

Douglas Horn – GoodBlock, dStor:

We just released a new 2021 Tech Roadmap which is pretty incredible.

https://telos.net/telos-technical-roadmap-2021/

Mary | Satoshi Club:

NFT markets? You mean you have these Dapps on the Telos chain?

Douglas Horn – GoodBlock, dStor:

Of course! Several. My favorite is areaxnft.com

Suvi 🇫🇮:

Yes, Areas is one of the NFT markets we have.

Mary | Satoshi Club:

Super 👍 it’s cool

Mary | Satoshi Club:

Even Telos ID👍😄

Your roadmap looks very solid 👏

Douglas Horn – GoodBlock, dStor:

And we will achieve these. About 1/3rd of them will release in Q1!

Mary | Satoshi Club:

Don’t forget to share your achievements with Satoshi Club 😉

Douglas Horn – GoodBlock, dStor:

Totally!

Gold Rocket | Satoshi Club:

By the way, I read something in your roadmap and I have a question.

You are running the Ethereum virtual machine in 2021. Will it be a parallel network with ether or will it work as a 2 layer?

Douglas Horn – GoodBlock, dStor:

It’s a parallel network but faster and about 1% the gas cost of Ethereum.

We are not looking to replace Ethereum but there are many Dapps now that just can’t handle the rising gas fees. Some of those can come to Telos EVM to save money while reducing congestion on the Ethereum mainnet.

Suvi 🇫🇮:

100% We really embrace cross-chain collaboration over any tribalist’s fights. It is best to be objective and find synergies for common good for the crypto community.

Douglas Horn – GoodBlock, dStor:

Cross-chain interaction (CCI) is also on our 2021 roadmap. You will be able to perform smart contract actions on other connected chains through CCI from Telos!

Mary | Satoshi Club:

When I hear the word gas fees my eye start to tremble😂 they are insane in the bad meaning of this word.

Douglas Horn – GoodBlock, dStor:

Some new things we’ll release:

✅  dStor decentralized storage

✅  Telos EVM – run  Ethereum solidity dapps for almost free on Telos

✅  Telos Private – zk proofs based privacy sidechain

✅  Telos ID

✅  Telos Location – blockchain provable location

✅  Decide Voter mobile app for making Telos Decide voting & governance super easy!

Suvi 🇫🇮:

I mentioned earlier that it is difficult for some apps to run with high gas fees.

Crypto is not only about generating massive wealth, but this technology actually can be life-changing for many (more freedom, more places, and opportunities for people to make their living) one example can be an artist or a photographer who has so far suffered from centralized marketplaces that actually eat their profits. I think shutter stock pays like 10 cents per download for the photographer. Now imagine this on-chain where there are high transaction fees. It becomes very difficult for all participants.

Mary | Satoshi Club:

I should check it😂 but after AMA, because I can disappear there and spend all my money 😂

Douglas Horn – GoodBlock, dStor:

I hear you there! I love our NFT artists on Telos!

Suvi 🇫🇮:

Happy to check in here every day 😬😬😬

Gold Rocket | Satoshi Club:

And we are very glad to have you here today❤️

Mary | Satoshi Club:

Satoshiclubbers, don’t forget to join here to stay updated 😄🚀 @HelloTelos

Mary | Satoshi Club:

Sure, you will get a lot of Dapps which will come to work on Telos🚀

Thank you for your answers 👍 Ready to proceed? Or you want to add something?😄

Suvi 🇫🇮:

Douglas probably adds 😅

Douglas Horn – GoodBlock, dStor:

Thank you so much for the great questions!

If anyone wants to come to the  @hellotelos group and create a free new Telos account, we will tip you some free TLOS to start you off so you can explore why we are so excited about our awesome Dapps and super positive & helpful community.

Gold Rocket | Satoshi Club:

By the way, I already made an account today 😉

Mary | Satoshi Club:

You’re real rocket😂

Suvi 🇫🇮:

She is just not interested in being late to the party

Gold Rocket | Satoshi Club:

I plan to use and study this further 😊

Gold Rocket | Satoshi Club:

No martini no party 😂

Suvi 🇫🇮:

😅😂😂😂Maybe someone sends you Martini NFTS. I have only cats coming.

Gold Rocket | Satoshi Club:

I will be happy. If this happened! I really like NFT😁

Suvi 🇫🇮:

I think I have whisky or something.

Maybe Finnish Koskenkorva vodka would be $LEGENDARY

Gold Rocket | Satoshi Club:

So! Can we proceed to the next question? 😊

Suvi 🇫🇮:

Yes, please.

Douglas Horn – GoodBlock, dStor:

I’m pretty psyched that people had 2 years to get into Telos very cheap. It really helps with decentralization and allows people in the developing world to better take part. But now that’s going to change in a big way through the TULIP 🌷 plan and it is going to change a lot of investors’ lives.

Suvi 🇫🇮:

Well, the opportunity is still over there. Maybe not in 2 months 😬😬😬

Douglas Horn – GoodBlock, dStor:

Yeah. This is the sweet spot. But it’s picking up a lot of steam now.

Suvi 🇫🇮:

I am most of all psyched that with TULIP plan we open the opportunity for people to get into our winning club. No empty promises, we delivered already, and continue to deliver.

Gold Rocket | Satoshi Club:

Good job!👏👏👏

Suvi 🇫🇮:

You can’t have a better track record than Telos has

Mary | Satoshi Club:

Yes, TULIP is a chance 👍

Suvi 🇫🇮:

👍👍🔥🔥🔥👍👍

Gold Rocket | Satoshi Club:

I’m sorry I didn’t know about you 2 years ago😊

Douglas Horn – GoodBlock, dStor:

Well, that’s good because it’s actually cheaper now!

Gold Rocket | Satoshi Club:

Q5 from Telegram user @JesusFre1tes

 Reading about TELOS, I found that dStor is a decentralized cloud storage platform like Filecoin or Siacoin in some aspects and like Amazon Web Services or Google Cloud in others. My question is, can storage node operators earn TLOS as “miners” for dStor? How will it be possible to do this to incentivize high-performance nodes with a higher payout?

Douglas Horn – GoodBlock, dStor:

Yeah, I’m really proud of dStor and what it will do for all blockchain. All kinds of chains need this. It’s not just for Telos. But the storage node operators will all be paid on Telos in TLOS tokens.

One thing no cloud storage project like Filecoin is doing is invoicing services in fiat with credit cards. So 99.5% of companies can never use them. dStor does bill this way and offers around 35% lower costs than AWS or Google Cloud. So we will also capture a lot of non-crypto businesses just looking to save.

Half of this income gets pulled into the Telos economy to pay storage node operators. Cloud storage alone is a $170B year business. Imagine if dStor captures even 3% of that!

Check out dStor.cloud for more info.

Mary | Satoshi Club:

Credit cards are great! Do they accept credit cards from all over the world?

Douglas Horn – GoodBlock, dStor:

Yes. You pay at the end of the month in credit cards or regular bank transfers. (You can also pay in TLOS. )

To most payment processors there’s no crypto element at all. So banks can handle it fine.

On the back end, paying the massive global network of storage node operators, we use the efficiency and instant payments of Telos to streamline things.

Just think how much new fiat wealth will onboard to Telos and crypto, in general, each month!

Mary | Satoshi Club:

Perfect 👍

Gold Rocket | Satoshi Club:

The future is born before our eyes! It is surprising! 😊

Douglas Horn – GoodBlock, dStor:

We are even considering offering a dStor governance & revenue sharing token so we can fully decentralize it as well. But that would be after Telos if it happens.

Suvi 🇫🇮:

There is also an increasing demand to find decentralized service providers. It seems that there are too many operators that actually are “single point of failure”

$BULLISH for security

Gold Rocket | Satoshi Club:

Sounds good 👍😊

Mary | Satoshi Club:

Yes, it’s an interesting idea😄

Gold Rocket | Satoshi Club:

Thanks for the answer! ready for the last question of this part?😉

Suvi 🇫🇮:

Yes 😊😊😊

Gold Rocket | Satoshi Club:

Q6 from Telegram user @meml97

I saw that you are planning to add Telos Private in Q3 2021, why did you wait so long to now add this privacy feature? Will this Telos Private be any kind of premium or maybe some sort of membership feature, or will it be available for everyone?

Douglas Horn – GoodBlock, dStor:

Well, no 3rd generation smart contract platform in the world offers private TXS yet, so it’s not like we are “waiting’. 😆

It’s great to have the main chain that’s transparent. And we see a lot of govt crackdowns forcing privacy blockchains to be delighted etc. So we did not want to create that situation for Telos.

Telos Private will be a separate chain that you can send any Telos-based tokens (including wrapped BTC or ERC-20 tokens).

Once there, you can make payments, do DeFi, etc. But then when they come back to Telos, they are transparent again.

There will be small fees for using Telos Private (also with Telos Location, Telos EVM, etc) these will be very low but the plan is to have them generate enough income for the gain to keep funding everything without having to do any inflation (Telos has been zero inflation for 1.5 years now!!!) while still allowing basic TXS to be fee-less.

Mary | Satoshi Club:

Nice move, it is really important for those, who need privacy

Douglas Horn – GoodBlock, dStor:

I expect that people will use it in various ways. For a company that just wants to keep its vendors as a trade secret, I doubt any other steps would be required. For a political dissident trying to bring democracy to a dictatorship, they may want to add more steps since lives are in the balance.

Mary | Satoshi Club:

It’s like a must-have feature now. To be honest, even I interested in this😄 just because I want more privacy 😉

Douglas Horn – GoodBlock, dStor:

People should have a right to privacy. The Govts like to paint it as crime & tax evasion, but really, it’s just some personal privacy 99% of the time.

Real criminals won’t use Telos Private, they will use $100 bills as they do now or occasionally Monero.

Mary | Satoshi Club:

Yes😂 actually, they always find a way.

Douglas Horn – GoodBlock, dStor:

Imagine if Apple’s vendor payments were all transparent and people could divine a lot of potential secrets based on who the vendors are, who they aren’t & how much they’re being paid, and when. That data is valuable not only to competitors but people betting on Apple stock, the stocks of various suppliers, etc. There’s a lot riding on these things and very legitimate reasons to use strong privacy tools.

Mary | Satoshi Club:

It’s not using just by criminals like some are saying.

Sure, that’s right! And thank you for care about our privacy 👍🚀

Suvi 🇫🇮:

Yes, this is funny… I mean then the whole “real world” would-be criminals 😅😅

Mary | Satoshi Club:

Yes😂

Gold Rocket | Satoshi Club:

Great answer! Do you want to add something to our community before the open chat? Useful links for example?

Douglas Horn – GoodBlock, dStor:

telos.net

explore.telos.net

Blocktivity.info where Telos is on top .

Suvi 🇫🇮:

It is a larger discussion but I find it very interesting that some people who called “transparency” with crypto are actually those who are the most opaque by themselves 😅 (if we think of current finance and banking )

Gold Rocket | Satoshi Club:

By the way, why such a name Telos? Who invented?

Mary | Satoshi Club:

Yes, this is an endless discussion, but in this, we can find the truth.

Suvi 🇫🇮:

Danske Bank, Deutsche Bank, and their money laundering and tax evasion. LOL.

Gold Rocket | Satoshi Club:

Awesome👍

Douglas Horn – GoodBlock, dStor:

I named it. Telos means “the ultimate purpose of something” like what it can become.

Aristotle said, “The telos of an acorn is to become an oak tree.”

Gold Rocket | Satoshi Club:

Great character! I wish you strong roots of a dense crown and generous fruits of labor 👍👏👏👏

Mary | Satoshi Club:

Oh, its really deep sense👍

Gold Rocket | Satoshi Club:

Get ready for a storm of questions! 😁😁😁

Mary | Satoshi Club:

Yes, I have one😂 ready for the part of the live question?

Douglas Horn – GoodBlock, dStor:

Yes

Mary | Satoshi Club:

Let’s go 🚀

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

In this part, we open a chat for the crypto community for 120 seconds. Then the guests from the Telos crypto project choose the top 10 questions. The 10 crypto enthusiasts have earned cryptocurrency in the sum of 100$.

Q – 1 from a telegram user @warny

Do T-Bond NFTs have a face value and can they be traded a number of times?

Douglas Horn – GoodBlock, dStor:

Yes. Each T-Bond NFTs carries a fixed amount of locked TLOS tokens that unlock on the maturity date.

You can trade as many times as you like on the secondary markets and they act like US T-Bills in that as other interest rates change (Telos staking rewards in this case) the T-Bonds can be sold for more or less.

There’s no settlement though, unlike bonds. The owner holds and controls all the TLOS in the T-Bonds they hold. They are just locked to the NFT.

Q – 2 from a telegram user @RosemaryBianco

What will allow Telos transactions to be so fast (0.5 seconds), what would be the value of these transactions? Thx.

Douglas Horn – GoodBlock, dStor:

Again, this is something Telos already does and has without a single Telos mainnet pause for over 2 years now.

The speed is based on the DPoS protocol we use and the high-quality validator nodes required.

Q – 3 from a telegram user @Cakelov

I just wonder, does Telos have an ICO or private sale for TLOS token? Which exchanger that already listing TLOS? Please share the link where to get TLOS, thanks?

Suvi 🇫🇮:

Question number 1: Telos TULIP plan https://telos.net/telos-uniswap-liquidity-implementation-plan-tulip/ explains this very well.

Currently we are trading at Probit, newdex and coin tiger. Unfortunately, our liquidity is quite bad. This is because not many people who has telos, are willing to sell at these prices.

That is why we first arrange T BONDS SALE. This is 25th January, we are waiting for audit to complete.

T bonds will be sold at average market price. If the market price is 4 cents, you can buy for example 100k TLOS at 4 cents. Currently this is not possible without pumping the price like 100%, and no savvy investor/trader does that.

But the number of T BONDS is limited (just because it is such an awesome deal) that is why we organize a separate Uniswap presale after T bonds, and all proceeds will be used to liquidity and exchange listings and MM.

We believe these actions significantly improve telos markets, taking TELOS to the market cap it deserves.

Q – 4 from a telegram user @cengizhantekin

You have an upcoming project called “dStor” which will make you a competitor to Filecoin and Siacoin. What will the unique features of this service be and what earning model will it have?

Douglas Horn – GoodBlock, dStor:

dStor has several unique points over Filecoin, Siacoin’s Skynet & Storj’s Tardigrade.

I mentioned that users can pay for services in fiat with credit cards. That alone opens dStor up to the 99.5% of world users & businesses who will not even consider paying in a token.

Also, on other chains, users make deals with storage nodes to directly host their files. But dStor customers make the deal with the network which then selects nodes all over the world and rebalances them if any go down. It also incentivizes nodes to have high performance so they get paid more. So dStor is inherently an “all-region” service local to anywhere in the world, making it faster, more decentralized & more resilient to disasters or government actions.

Q – 5 from a telegram user @eeaq15

The ETH network is the most famous and used network to date by different users, however, what makes it superior to the TLOS network of the ETH network and why should we stop using ETH for using TLOS?

Suvi:

We don’t think users should stop using Ethereum. I use Ethereum every day (although I don’t like gas fees). But I am big in Defi and this bull run is driven by Ethereum DeFi, until it will reach saturation and can’t take any more new users due to scalability issues. (it is difficult to trade if a transaction fee is bigger than the tradable amount).

We mentioned earlier that different chains have their own advantages, telos is for example perfect for microtransactions that require high capacity. We see that Telos is very well aligned to support a bigger crypto ecosystem, that effectively has one common goal. Some actions are on Telos and some on Ethereum. We think that by collaborating many chains will achieve positive synergies. These are not achieved in isolation. Collaboration only leads to massive growth, for all participants.

Q – 6 from a telegram user @shabeeb6035

Telos runs on EOSIO, which you mention is the fastest blockchain software on the market, but is that the only reason for your decision to work with it? What other characteristics can you tell us about? Would you say EOSIO is the perfect fit for Telos and its users’ needs?

Douglas Horn – GoodBlock, dStor:

We have been building on eosio for almost 3 years (yes, before the EOS launch. I helped launch the EOS mainnet.) It is great software in many ways. The problems with EOS are not the eosio software.

+ Eosio smart contracts are written in C++, a more functional & mucg more widely used computer language than Solidity.

+ eosio compiles to web assembly (wasm) that is faster than Ethereum can be until Ethereum 2.0 phase 2.

+ The network is just massively faster & higher capacity.

+ Accounts have simple names and key abstraction meaning you can change your account’s keys and even assign certain keys for specific purposes without compromising the accounts. This is great for businesses, Dapps, IoT devices, etc.

There are many more examples but these alone are very powerful.

Q – 7 from a telegram user @adamlike

What is the minimum tokens I can buy to get-in Telos ecosystem for staking?

Suvi 🇫🇮:

Any amount 😊 telos REX staking pays now 17% APR.

Q – 8 from a telegram @Maksyrn

Why is TLOS token available for trading only on these exchanges? When will there be others with more liquidity?

Suvi 🇫🇮:

We never had any ICO, and exchanges are expensive. That is why we have now this liquidity sale on uniswap / bounce finance. We will raise funds specifically for liquidity.

Exchanges are chicked and egg issues for projects like telos. They want money and traction, and we need to build value before getting money, traction, volume, and investors. But I think we are quite near that all this is solved.

Q – 9 from a telegram user @kikirush

Can you touch a bit on the Telos community governance, what exactly can the community decide on?

Douglas Horn – GoodBlock, dStor:

Telos is entirely run by its community and they can control everything.

The Telos validators (aka block producers) that operate the chain are elected by the stake-weighted votes of users. This is updated every 2 minutes.

The Telos governance rules called the TBNOA (Telos Blockchain Network Operating Agreement) are stored on-chain and users can propose and vote for changes.

Telos Works is our development fund that users propose and vote on projects with.

And we also make all of these governance tools available for and Telos Dapp to use (and soon any Ethereum dapp using CCI) easily and cheaply. So Dapps on Telos also end up having great governance features including treasury & committee management.

And since it’s free for token holders to vote on Telos, we get better parties than projects where voting has high gas costs.

Q -10 from a telegram user @Maksyrn

I had never heard of the Telos project before. Why is that? What happened during these 2 years? Where can you check out the previous RoadMap, not just starting this year?

Suvi 🇫🇮:

Again we did not have ICO. This means that we didn’t have funds to pay for example crypto influencers (decent budget starts from 50 k USD month)

It would have been a very much easier route for us just do an ICO. This is clear. But I think we have built an ecosystem of massive value and now giving people the opportunity to join.

We have significantly improved the work Block one is doing for eosio. There is a number of solutions that is Telos innovation, for example, steemit like reward mechanism (used by appics.com the best social media platform, telos decide, used by join seeds (and a number of them under NDA), etc.

We see that we actually delivered what block one promised. EOS Network is not doing anything as we do. And we did this all without that 4 billion.

Telos, the chain that made eosio work 😁🔥

Part 3 – Quiz about project

In the final part, we tested the knowledge in terms of the Telos project. They’ve prepared 4 questions for this part, so everyone could be a part and answer. Participants had 10 minutes to answer. 300$ 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: Telos

Telegram group  |  Facebook |  Tweeter  |  Website  |  YouTube

PART 1. Introduction of 3x exchange project and community questions.

Hello, Satoshi clubbers and guests of this site. We are happy to present a 3x.exchange is the first complete decentralized leveraged tokens exchange built on top of Ethereum and powered by chainlink data oracle.

The plan of AMA session:

1. Part – Introduction and preselected questions.
2. Part – Live questions
3. The Quiz about 3xt Exchange

The reward pool is 800$

Leading the AMA our clever and fun admins:

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

The Representative of the project:

Sam – co-founder of 3x.exchange

Introduction of 3xt exchange

Mary | Satoshi Club:

Hello Satoshi Club! We are happy to announce our AMA session with 3XT! Welcome to Satoshi Club😀

D| Satoshi Club:

Hello all!

Mary | Satoshi Club:

@sam_3x welcome here 👍

Sam ( 3X.Exchange ):

Hey Mary thanks for having me today

Mary | Satoshi Club:

We always happy to see guests here! How are you?) Do you feel New Year is coming?

Sam ( 3X.Exchange ):

I am doing great and yeah it’s a good feeling to see 2020 finally ending. Lol.

Mary | Satoshi Club:

Oh, yes🤣 Ok, please, introduce yourself and of course 3XT project to our Satoshiclubbers 😀

Sam ( 3X.Exchange ):

Sure

Sam ( 3X.Exchange ):

Hey everyone this is sam and I am the co-founder of 3x.exchange an upcoming decentralized leveraged tokens exchange built on Ethereum and powered by chainlink data oracle.

D| Satoshi Club:

👍 How many people in your team?

Sam ( 3X.Exchange ):

So atm our team consists of 5 full-time members including 3 devs

Mary | Satoshi Club:

Do you have trading experience?) If yes, did you trade only crypto or also on traditional markets?

Sam ( 3X.Exchange ):

So I personally entered the crypto market during early 2018 and have worked with several crypto startups, I also day trade crypto so yes you can say I have a bit of trading experience.

Mary | Satoshi Club:

Got it😉

Ready to go to the questions from our community?😀

Sam ( 3X.Exchange ):

Sure.

Preselected questions about the 3xt exchange project.

D| Satoshi Club:

let’s go!

Q1 from Telegram user @ThinhLe1219

3x.exchange is the first complete decentralized leveraged tokens exchange. So your project is very new in the eyes of investors. Therefore, the community plays a very critical role to promote and make your project develop further. So how do you plan to build your community in 2021? What are special incentives for your community as well as an investor?

Sam ( 3X.Exchange ):

So yes it’s true that we are very new in the market and it’s also true that community plays a very critical role in the success of any project and keeping that in mind we have taken certain measures ( such as airdrop ) to reward community members and early believers so that we can build a vibrant community around them. And we will keep doing this kind of stuff so that we can keep growing organically at the same pace

Mary | Satoshi Club:

How is it possible to get airdrop?

Sam ( 3X.Exchange ):

So we have 3 planned airdrops in the next 3 months ( Jan, Feb, and Mar ) to reward early believers and investors and anyone holding 3XT tokens will be eligible for the airdrop.

Mary | Satoshi Club:

Wow, it’s attractive 😉

D| Satoshi Club:

Yes, very cool 👍

Mary | Satoshi Club:

What other activity you will have?😀

D| Satoshi Club:

Maybe a meme contest? 😄

Sam ( 3X.Exchange ):

We are planing certain activities such as Meme contest, NFT giveaways, etc

D| Satoshi Club:

Nice😀 Thank you for your answer!

let’s go to the next question?

Sam ( 3X.Exchange ):

Sure

D| Satoshi Club:

Q2 from Telegram user @Brainchest

The total number of tokens is 1000 and there is information that 576 were burned. For which it was necessary to issue 1000 tokens, which would then burn most of them. Why you create and then burn? Is it smart financial action or what?

Sam ( 3X.Exchange ):

Yeah so wanted to keep 3XT a highly disinflationary asset that keeps reducing and therefore we planned to burn 500 3XT ( 50% ) of the total supply to create a “Black Hole” that can keep eating more tokens every day.

D| Satoshi Club:

And how many tokens are you planning to burn?

Sam ( 3X.Exchange ):

So every token transfer attracts 1% transaction fees and it is equally distributed amongst token holders and since 50%+ tokens are with Burn address it keeps reducing the token supply

Mary | Satoshi Club:

Explain to us more about Black Hole?

Sam ( 3X.Exchange ):

Answered above

Mary | Satoshi Club:

Yes, I see😀 doesn’t this mean that one day all tokens will be burnt?

Sam ( 3X.Exchange ):

Only if people will keep transferring and those who will hold get rewarded.

Mary | Satoshi Club:

I see😉 thank you for your answers! Ready to proceed?

Sam ( 3X.Exchange ):

Yes.

D| Satoshi Club:

Q3 from Telegram user @Highpee

3x exchange is going to charge 1% on all trading fees. In one of your interviews, you said 50% of this token fee will be distributed among $3XT holders to serve as a yield reward while the remaining 50% of the fees will go to the company. However, from your medium, it is published that the remaining 50% of transaction fees will be burnt and sent to a “black hole” in order to ensure the relevance and integrity of $3XT. If the latter is true, how then will the project be sustained profitably in order to avoid liquidation? What is your project revenue structure and how will the project team be rewarded?

Mary | Satoshi Club:

Partially covered 😀

Sam ( 3X.Exchange ):

So it seems we have some confusion here, 1% fees are charged when you transfer 3XT tokens and it is equally distributed amongst token holders including 50%+ going to burn address since it’s holding more than 50% tokens. The platform will have trading fees and 50% of the collected trading fees shall be distributed between 3XT holders in ETH and the remaining 50% will be reserved for liquidity providers and project development.

D| Satoshi Club:

Ok, makes sense now

Sam ( 3X.Exchange ):

Great

Mary | Satoshi Club:

When you tell 50% from 1% will go to token holders does this mean that they will have daily income from this 1%? How often you will distribute these rewards?

Sam ( 3X.Exchange ):

It’s frictionless and distributed in real-time as transfers occur

Mary | Satoshi Club:

Will all holders be eligible?

Sam ( 3X.Exchange ):

No team vesting wallet is excluded from rewards

Mary | Satoshi Club:

Because, theoretically, if I will hold, for example, 0.0003 3XT I can also be eligible to get some piece of this cake. But it will be so small, that the gas transaction fee will be much bigger.

Sam ( 3X.Exchange ):

Yes, you will be eligible and you don’t have to spend any gas to claim it. It’s credited in real-time into every wallet.

Mary | Satoshi Club:

Wow😀 is this already working?

Sam ( 3X.Exchange ):

Yes, a total of 25 3XT has already been charged as fees and distributed amongst token holders. So if you calculate at the current price $50,000 has been rewarded within 7 days period.

D| Satoshi Club:

Then what about a wallet on the exchange? if someone holding your tokens on the CEX exchange. how they can claim their tokens?

Sam ( 3X.Exchange ):

Honestly, it’s up to the exchange but if they won’t agree to distribute they would lose business

D| Satoshi Club:

Understood.

Sam ( 3X.Exchange ):

We always have an option to exclude wallet address but we won’t do it until the community votes on such proposals

D| Satoshi Club:

Thank you for the explanation! ready for the next question?

Mary | Satoshi Club:

Are we ready to jump to the next question?

Sam ( 3X.Exchange ):

Yes, please.

D| Satoshi Club:

Q4 from Telegram user @chiefiel

Since the 3xT token will be used as a governance token in the future, what can the token holders vote on? Will they be allowed to vote on transaction fees, trading fees and also vote on new features on the exchange, or are these set in stone?

Sam ( 3X.Exchange ):

Yes so we don’t have any immediate plans to introduce governance as first we want to get the product right and once its perfect we can move to governance and the community will be able to vote on every proposal.

Mary | Satoshi Club:

So, anything decided yet?

Or you have something that you can tell 100% will be implemented?

Sam ( 3X.Exchange ):

It’s too early to introduce governance until our product is right so nothing atm

Mary | Satoshi Club:

Gotcha 👍Let’s proceed then?

Sam ( 3X.Exchange ):

Sure

D| Satoshi Club:

Question number five!

Q5 from Telegram user @Gutike95

Is the 3XT leveraged exchange platform fully developed and complete? Will, it does not require future updates or important events that users should know through a Road Map? really why not have it on your website?

Sam ( 3X.Exchange ):

So 3x exchange is in the final phase of development and a public testnet is expected before the end of Jan. The reason we don’t have our roadmap and other important information on the website as the website will be fully converted into a Dapp most probably in the next few weeks and we want to keep medium as our go-to source for the all-important information.

Mary | Satoshi Club:

Will, it is safe? Audit?

Sam ( 3X.Exchange ):

Yes, we are planning to get it audited by Certik once all the development work is finished.

D| Satoshi Club:

Wow. you choose the best.

Mary | Satoshi Club:

Sure, let’s wait then😀

D| Satoshi Club:

Ready for the last question?

Sam ( 3X.Exchange ):

Yes.

D| Satoshi Club:

Q6 from Telegram user @KathDM

The 3X exchange motto says “THE FIRST COMPLETE Decentralized Leveraged Tokens Exchange”, since it says that it is the first complete, why do you consider that the others are incomplete? What are they lacking that 3X exchange does have?

Sam ( 3X.Exchange ):

So the reason we say “First complete decentralized leveraged tokens exchange” is because we want to become Uniswap for leveraged tokens and in days to come you will be able to trade all the ERC20 leveraged tokens currently being traded across many CEX such as FTX.

Mary | Satoshi Club:

So, you mean all erc20 tokens? Or what? Who will choose tokens which will be listed on 3X.Exchange?

Sam ( 3X.Exchange ):

Yes so apart from leveraged tokens created on our platform users can also swap ERC20 leveraged tokens currently being traded on CEX

D| Satoshi Club:

Very nice! thank you! ready to start the second part? we also have 10 questions there 😉

Sam ( 3X.Exchange ):

Yes sure.

Mary | Satoshi Club:

Let’s go 🚀

PART 2.Questions about the 3xt exchange project from the live chat of the telegram community.

In this part, we open a chat for the crypto community for 120 seconds. Then the guests from the 3xt exchange crypto project choose the top 10 questions. The 10 crypto enthusiasts have earned cryptocurrency in the sum of 100$.

Q – 1 from a telegram user @Emmie971

What does 3XT exchange have to offer that makes it special? Give me killer features that make this project the best option to go for?

Sam ( 3X.Exchange ):

If you love Uniswap for ERC20 token trading you will definitely love 3x for leveraged tokens trading as it will offer the same user experience.

Q – 2 from a telegram user @cindy_crypto

Can we buy some 3XT and use leverage right now or is it in the beta phase? Thx.

Sam ( 3X.Exchange ):

Haha, you can definitely buy 3XT but you won’t be able to trade leveraged tokens until the end of Feb or early March.

Q – 3 from a telegram user @vedamatrix

How much leverage do you give to the users and what is the main difference of using leverage with dex and not a CEX?

Sam ( 3X.Exchange ):

So our LTs don’t use fixed leverage rather our pairs will maintain leverage between 1.5x to 3.5x in order to avoid a liquidation during unfavorable price movements.

Q – 4 from a telegram user @tuvalunia

Are you planning to have 3XT token listed on any CEXs or DEXs, when?

Sam ( 3X.Exchange ):

Initially, all leveraged tokens will be funded with ETH however at a later stage we will also introduce the USDT funding method.

Q -5 from a telegram user @atillayeni

Let’s say I want to buy XLMDOWN token. For getting it, which tokens do I have to need first?

Sam ( 3X.Exchange ):

Initially, all leveraged tokens will be funded with ETH however at a later stage we will also introduce USDT funding method

Q – 6 from a telegram user @ronaldo_super

I get the connection with Ethereum and ERC-20 but I didn’t understand how LINK is connected with this project? Could you please explain?

Sam ( 3X.Exchange ):

So we are using chainlink data oracles for price feed.

Q – 7 from a telegram user @azrayeni

Do I need to use have 3XT in my wallet in order to be able to use leverage?

Sam ( 3X.Exchange ):

No, you can buy leveraged tokens directly with ETH.

Q – 8from a telegram user @ubuntucoder

How can a user take advantage of dual farming while holding 3XT or staking it? Can you describe a little about dual farming?

Sam ( 3X.Exchange ):

So 3XT allows its holders to benefit from the dual reward capability of the token. It allows its holders to earn 1% of all transaction fees in real-time plus 50% of all trading fees generated by the platform in ETH.

Q -9 from a telegram @Maksyrn

Are you planning to use fiat currencies? And will you need a KYC procedure for this?

Sam ( 3X.Exchange ):

No, since its a decentralized leveraged tokens exchange you can only trade leveraged tokens for eg ETHUP and ETHDOWN

Q – 10 from a telegram user @Santa077

How are you? Simple question 😷😂??

Sam ( 3X.Exchange ):

Haha, I am doing great thanks for asking!

Part 3 – Quiz about project

In the final part, we tested the knowledge in terms of the 3XT exchange project. They’ve prepared 4 questions for this part, so everyone could be a part and answer. Participants had 10 minutes to answer. 300$ 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: 3XT exchange

Telegram group  |  Telegram Chanel  |  Tweeter  |  Website  |  Medium  

We are pleased to announce our next AMA on January 16th 2021 at 11:00 AM UTC Time: Satoshi Club x Absorber Protocol

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

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

Part 3: 600$ – A quiz about Absorber Protocol

For more details:
Absorber Protocol – @AbsorberProtocol
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
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Hello, Satoshi clubbers and guests of this site. Today we would like to tell you about the AMA session with our friend from Bifrost. The AMA took place on January 15th and our guests were Dohyun Pak – co-founder and CEO of Bifrost & BiFi.

The total reward pool was 800$ and has been splitted in 3 parts.

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

Part 1 — Introduction and questions from the Telegram

Mary | Satoshi Club:
Hello Satoshi Club! We are happy to announce our AMA session with Bifrost! Welcome to Satoshi Club😀

D. | Satoshi Club:
hello @Bifrost01 welcome to Satoshi Club! 👋

Dohyun Pak:
Hi to all thank you for having me here 👋

Mary | Satoshi Club:
@Bifrost01 welcome here

Mary | Satoshi Club:
Happy to see you in Satoshi Club!

Mary | Satoshi Club:
How are you today?

Dohyun Pak:
I am doing great how are you Mary?

Mary | Satoshi Club:
I am great as well! So, let’s start?😄

Dohyun Pak:
Yes let’s dive in

Mary | Satoshi Club:
Please, introduce yourself and Bitfrost project to our members 👍

Dohyun Pak:
Sure. Hello everyone nice to meet you all.
I’m Dohyun Pak and I am the co-founder and CEO of Bifrost & BiFi. For over 10 years, I have developed and managed complex derivative products for financial institutions in the US and Korea. I received a Ph.D. in financial engineering at the University of Michigan, Ann Arbor, and I currently serve as the professor of mathematical finance at Gachon University.

Mary | Satoshi Club:
Oh, amazing experience!

Mary | Satoshi Club:
How old is Bifrost?

Dohyun Pak:
Bifrost is a multichain middleware platform and BiFi is the first DApp on top of Bifrost and BiFI is a multichain DeFi platform

Dohyun Pak:
BIfrost is 3 years old

Mary | Satoshi Club:
It’s not a young company😄 you had time to develop it👍

Mary | Satoshi Club:
Which country are you based in?

Dohyun Pak:
We are based in South Korea

Mary | Satoshi Club:
Is it crypto friendly?😄

Dohyun Pak:
Yes there are many crypto supporters in Korea

Mary | Satoshi Club:
That’s great!

Mary | Satoshi Club:
Dohyuns, thank you for your intro!

Mary | Satoshi Club:
Are you ready for the questions from our community?😄

Dohyun Pak:
Sure let’s dive into questions

Q1 from Telegram Username @NataliyaKil
What is the BFC Bot at bfcbot.com for? I still do not understand how to start it and prepare it for use?

Dohyun Pak:
BFC Bot is a Telegram Chatbot created by BIFROST to educate about Bifrost, grow our community, and keep it active. It rewards members with Points for making referrals and contributions, and Bifrost converts the Points into BFC_K every month. The conversion happens in the middle of every month and gets announced on our Medium (https://medium.com/bifrost). So basically, you can earn BFC_K by checking in daily in our Bifrost Group, chatting with community members, jackpot points that randomly rewards points.

When our multichain wallet on BiFi releases in early 2021, members will be able to convert the Klaytn-based BFC_K Token to our Ethereum-based BFC Token in the Bifrost Wallet.

D. | Satoshi Club:
can people use your bot in different Telegram chats? or this bot made special for your chatroom?

Dohyun Pak:
Can check out BFC Bot in our Telegram group

Bifrost Global: https://t.me/Bifrost_Global
Bifrost Korea: https://t.me/Bifrost_Korea
Bifrost Vietnam: https://t.me/BifrostVietnam
Bifrost Japan: https://t.me/BifrostJapan
Bifrost Indonesia: https://t.me/Bifrost_Indonesia

Our bot was formally made for our own Telegram groups, but we have recently expanded the use of our BFC Bot to different Telegram Groups who want to try out our product. We welcome anyone to message our CMs if you are interested in trying out the bot if you have your own group!

D. | Satoshi Club:
👍

Mary | Satoshi Club:
It’s crypto, everyone want to try😉 sure, another tg groups will use it!

Mary | Satoshi Club:
Let’s proceed or you want to add something?

D. | Satoshi Club:
good way to get rewarded with crypto👌

Dohyun Pak:
I am done with the first question and we can move onto the next question

D. | Satoshi Club:
let’s do it!

Q2 from Telegram Username @AugusS7
With Bifrost you can change the types of blockchain you use whenever you want? Or will I have to wait for some time using the selected strings? Also, by changing them, will it greatly modify the programming and characteristics of the application you are developing?

Dohyun Pak:
User can change the types of blockchain anytime. For example in gaming DApp, users can choose Tron for battle when they need faster speed and choose Ethereum for items to save records. Developers can change the types of blockchain anytime when they wish to do so. All the migrations and codes will be deployed by Bifrost under the hood, so there will not be much for developers to do.

Mary | Satoshi Club:
Is it already working?

D. | Satoshi Club:
does user has to pay any sort of fees, while changing blockchains?

Dohyun Pak:
Currently Bifrost is focusing on DeFi and suite for developers will be launched on Q2

Dohyun Pak:
Yes users have to pay BFC as gas fees whenever they use multichain services.

Mary | Satoshi Club:
Great! Can’t wait to see this going live! It will be something new and easy to use😄

D. | Satoshi Club:
got it 👌

Mary | Satoshi Club:
Thank you, @Bifrost01 for your answers!

Mary | Satoshi Club:
Ready for the third question?

Dohyun Pak:
Of course, let’s move on the third question

D. | Satoshi Club.
🚀🚀🚀

Q3 from Telegram Username @Highpee
You published an article in your medium about YFI price collapse from an unfortunate hack. While concluding the article, you advised that “users should always be mindful of the risks when using a DeFi service that connects with another DeFi service as well as the security of the service”. However, Bifi is also a multichain middleware which is not an own blockchian but directly connects different blockchain protocols. Since BiFi project approach is similar to the one described in your article, how have you been able to design your project to protect users from unfortunate incidents such as this? How tested are your contracts and how do you reduce security risk when leveraging profit from using other DeFi Services during cross-chain interractions?

Dohyun Pak:
First off, BiFi is not a multichain middleware. It is a DeFi platform powered by the multichain technology of Bifrost. Thus, BiFi uses the technology of Bifrost to connect to different blockchains.

I am aware that a lot of DeFi services got hacked recently. However, those contracts were still going through testing or in the development phase. To prevent the hacks or any loss for our users, we go through numerous testings and we do not release the service until it confirm and pass all tests. Also, we go through audits not just from one company, but from various companies. This applies to Bifrost multichain technology as well. Check out our Medium Post about BFC Token audit reports here (https://medium.com/bifrost/audit-report-for-bfc-token-623250b23fae): We recently also received BiFi audits from Theori and we will keep sharing the audit reports on our Medium.

Mary | Satoshi Club:
Yes, testing and audits are important now. Who can participate in testing?

D. | Satoshi Club:
great! but why you didn’t publish audit results on Etherscan?

Dohyun Pak:
Before the launch of the new product, we are doing test within our team and some of the experts such as our advisors.

Dohyun Pak:
There are many things going on right now and we recently submitted the audits and we are waiting for the updates

Mary | Satoshi Club:
Got it😄

D. | Satoshi Club:
awesome 👍

D. | Satoshi Club:
thank you for answers! ready for the next question? @Bifrost01

Dohyun Pak:
Yes we can move onto the next question

Q4 from Telegram user @Michelth
Bifrost makes it easy for DAPP providers to migrate between containers to ensure optimal service for DAPPS. How does migration facilitate? How does Bifrost guide operators?

Dohyun Pak:
Bifrost has a Recipe component that ensures optimal service. Recipe is a smart contract codes with guaranteed code-level flexibility. With Recipe, we support the deployment of the codes and services. Current service does not support migration of data. We are still developing Bifrost to support the migration to lessen the burden for the users. Operators can easily migrate using Bifrost Builder.

Mary | Satoshi Club:
When do you have plans to integrate this migration? Do you have any timeframes?

Dohyun Pak:
We plan to integrate migration when our Bifrost Suite comes out in the last half of 2021.

Mary | Satoshi Club:
Not so long to wait 👏

Mary | Satoshi Club:
Do you want to add something or we can go to the next question?

Dohyun Pak:
Nope we can move onto the next question

Q5 from Telegram Username @Korryl
I want to ask regarding your Lending system that just launch last week. Bifrost supporting 4 asset ERC20 thats are ETH, DAI, USDT, and LINKS for lending system. But each asset have different “collateral ratio”.Can you please explain why we should pay attention to “Collateral Ratio” when do deposit or borrow? And how is “Collateral Ratio” work in your lending platform?

Dohyun Pak:
Once you make a deposit on our Lending service, you can borrow against it as a collateral. The collateral ratio for for each token is different. For example, if the collateral ratio for a token is 80%, you will be able to deposit 100 tokens and borrow 80 tokens worth of different assets. When you do so, your net debt-to-asset ratio will be 80% (80 in borrow against 100 in deposit). a

You can check the debt-to-asset ratio on the Lending page. Each asset may have a different collateral ratio, so be sure to check when you do a deposit or borrow. Note that if your net debt-to-asset ratio reaches more than 90%, your collateral is at the risk of liquidation so always keep your eye on the collateral ratio.

You can read more about our Lending service on our Medium (https://medium.com/bifrost/bifi-lending-rewards-service-launch-c99de7ffbc93) post.

Mary | Satoshi Club:
Do you have any statistics how many users already use your lending system?

D. | Satoshi Club:
yes, statistics would be nice 😉

Dohyun Pak:
User data is confidential because we are in Open Beta. However, I can tell you that we recently surpassed $10M on our deposits and borrows.

D. | Satoshi Club:
impressive start 💪

Mary | Satoshi Club:
Very nice numbers 😉

D. | Satoshi Club:
thank you for answer! ready for the last question from part 1?

Dohyun Pak:
Thanks 🙏

Dohyun Pak:
Sure let’s move on

Q6 from Telegram Username @Brainchest
For me, as an investor, it is important to get the most income with the least risk. Tell me, the BIFI platform, acting as a financial acceptor in providing a profit-making service, does it conduct market analysis to understand which crypto pair is most profitable and minimize risks? Or you stick to the concept, like most existing DeFi – Your money is your problem, we are not responsible for anything.

Dohyun Pak:
Bifrost and BiFi team is a group of financial experts and developers with various backgrounds. I have developed and managed complex derivative products for financial institutions in NYC and Korea for more than 10 years, and our COO has worked in finance, developing games and softwares for many as well. Coming from a mathematical science and hacking background, our CTO is especially focused on security of our services.

We are constantly speculating which pair to support on BiFi based on price volatility. That’s why we are not supporting many pairs right now because there may be drastic changes in the price of assets which can cause great harms to both BiFi and our users. Think of the blackswan event last year. We are unlike most other existing DeFis – we always put security as our priority when we are developing our services, and we have greater visions for creating an equal, decentralized, and finance for all attitude.

Mary | Satoshi Club:
Yes, prices are changing in some seconds)

Dohyun Pak:
Agree especially in these days

Mary | Satoshi Club:
It’s really good, that security is your priority, i think Bitfrost users appreciate this and give you even more support 🚀

Part 2 — live questions from the Telegram community

Q1 from Telegram user @topind7

I have interest to learn more about your Bifrost project, do you have any local communities or channels I can join to learn more about you and also be able to stay updated about your project?

Dohyun Pak:
As I mentioned in the intro we have different local communities below are the links to our Telegram Group:
Bifrost Notice: https://t.me/Bifrost_Notice
Bifrost Global: https://t.me/Bifrost_Global
Bifrost Korea: https://t.me/Bifrost_Korea
Bifrost Vietnam: https://t.me/BifrostVietnam
Bifrost Japan: https://t.me/BifrostJapan
Bifrost Indonesia: https://t.me/Bifrost_Indonesia

Also we are planning to expand to different regions and there is no local communities for you then you can join the global group and join when local community is created. Currently you can check out thr information of Bifrost and BiFi on our Medium

Q2 from Telegram user @Gutike95

Really implementing multiple protocols in dapps will allow them to be faster and more efficient without causing any error or inconvenience? everything is really that simple to join the chains?

Dohyun Pak:
Yes, we make it all simple! Bifrost enables DApp developers to write smart contracts for multiple blockchains in a unified environment. They can simply select target blockchain for each part of the code, then Bifrost will transpile, compile, and deploy the code into the target blockchains at once. Developers can even switch the target blockchain as new and better protocols become available.

Q3 from Telegram user @lzam

🌟The interest rates of the BiFi Lending are calculated by the supply and demand of deposits and borrows. Other projects that also include lending and borrowing platforms decide to let their users decide the interest rates. Why did you choose to set a specific formula and what is this formula? Do you think users prefer BiFi’s Lending and Borrowing system above others? @Bifrost01

Dohyun Pak:
Interest rates in other DeFi changes on the market condition and users can check the interest rate. Thus, BiFi has its own formula for the interest rate and collateral ratio too. We believe that more people will use Lending and Borrowing if we connect tokens from other blockchain protocols such as Bitcoin, Tron and Klaytn with more financial services.

Q4 from Telegram user  @CryptoDurden

Was Bifrost built from scratch and has its own code, or is it a fork?

Dohyun Pak:
Bifrost is built from the scractch and we created our own codes for BiFi as well. This is the reason that we are going audits from different compaines such as Hexlant and Theori. Currently, we are going through audits and we will share the reports ASAP.

Q5 from Telegram user @KINGVINU7

Can you list some of the most important features of Bifrost Project that put it ahead of its competitors? What is your competitive advantage that you trust most about your project?

Dohyun Pak:
Our competitors are all trying to create their own ecosystem. This will only result in more fragmentation of the blockchain ecosystem, where every ecosystem is trying to compete and cannibalize users, holders, and developers. Bifrost has a unique approach, where we are trying to create a universal language for blockchains and smart contracts, so we can connect any of these blockchain ecosystems and make blockchains completely interoperable, scalable, and flexible for developers.

Q6 from Telegram user @doithay1617

What do users get from being active in the group?

Dohyun Pak:
Of course users in group can learn information and communicte with us. Also they can earn BFC_K when they chat and share good infornation. When they share good information admins can tip you or react with emojis, admins replaying through emoji means that you can earn BFC_K.

Q7 from Telegram user @zaferce

How many BFC tokens must be staked in Bifrost to use Bifrost or participate in the Bifrost Ecosystem?

Dohyun Pak:
BFC (Bifrost token) is the currency of Bifrost’s multichain ecosystem. Developers pay BFC for using the multichain middleware to develop and operate their DApps, minimizing the cost of gas fees when using multiple blockchain protocols than when using one blockchain. More specifically, they will be required to stake a certain amount of BFC and the fees will be deducted from it. Once the staked amount reaches below a threshold level, they will be asked to purchase BFC to meet the threshold again.

Q8 from Telegram user @Korryl

I want to ask regarding Burn / buyback system, actually burn token is great because its possible to increasing value from the token, So do Bifrost have Burn or Buyback system ? if yes, how was your burn system work in Bifrost Platform?

Dohyun Pak:
Many people are asking this question whether Bifrost has a plan to burn or buyback BFC tokens. At this moment we do not have plans to burn or buyback our tokens and you can learn more information on our Medium post.

Q9 from Telegram user @Nickkiii

I’m interested in joining the Lending and Reward program to earn myself some $BIFI tokens, how do I get started, Do you have any any tutorials or guidelines detailing how to go about it ?

Dohyun Pak:
Our Medium blog has several posts for instructions on using the BiFi service, from setting up MetaMask, buying BFC and BiFi, and using each services (Lending, Pooling, Staking) on BiFi.

Our YouTube channel has tutorials on Lending & Rewards (https://youtu.be/MBqnhqYDfL0)

This is the link to the Medium Post on Lending & Rewards program (https://medium.com/bifrost/bifi-lending-rewards-service-launch-c99de7ffbc93)

Q10 from Telegram user @Shaa93

What is the relationship between BiFi and Bitfrost?
@Bifrost01

Dohyun Pak:
Please do not confuse Bifrost with ‘Bitfrost’. I am aware a lot of users get confused with another company with the same name as ours. However, we are a blockchain middleware platform and does not have our own blockchain. Please make sure you are not confusing us with the other!

Bifrost is the multichain middleware platform that enables DApps to connect to different blockchains. BiFi is the first DApp powered by the multichain technology of Bifrost. Using the technology of Bifrost, BiFi can use different tokens and coins from different blockchains and protocols on its services. Through this multichain connectivity, BiFi will lower the gas fees, increase accessibility, and expand the ecosystem to enable more innovative financial products to more people.

Our websites are http://thebifrost.io/ and bifi.finance.

Part 3 – Quiz Results

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

For more information and future AMAs, join our Social Media channels:
English Telegram group: https://t.me/Satoshi_club
Russian Telegram group: https://t.me/satoshi_club_ru

Spanish Telegram group: https://t.me/satoshi_club_spanish
Telegram Channel: https://t.me/satoshi_club_channel
Twitter: https://twitter.com/realsatoshiclub
Website: https://esatoshi.club/

Our partners:

Bifrost Community:  https://t.me/Bifrost_Global

A new day and new guests at Satoshi Club with an incredibly interesting history of development and their way to success. And today we would like to tell you about the AMA session with our friends from Hathor Network. The AMA took place on December 29th and our guests were Gabriel Aleixo – Business Developer and Researcher at Hathor Network, Yan Martins – one of the Core Developers and Co-Founders of Hathor Network.

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

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

Part 1 — Introduction and questions from the Telegram

Mary | Satoshi Club:
Hello Satoshi Club! We are happy to announce our AMA session with Hathor Network! welcome to Satoshi Club😀

D. | Satoshi Club:
@jansegre @obiyankenobi @aleixooo hello guys! welcome! 😊

Mary | Satoshi Club:
Welcome to Satoshi Club @jansegre
@obiyankenobi @aleixooo

Gabriel Aleixo: Hi Satoshi Club, my pleasure! Gabriel Aleixo here, Business Developer and Researcher at Hathor Network!

Yan Martins:
Hi everyone, happy to be here. I’m Yan, one of the core developers and co-founders

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

D. | Satoshi Club:
how are you doing? 😁

Mary | Satoshi Club:
How was your day guys?) Sure, you’re very busy now)

Gabriel Aleixo:
We’ve never been busier, I think. Which is very good for the project hahaha. Lots of things going on and good news to come in the next days, weeks and months, I would say 🙂

Yan Martins:
Great to be here and thanks for the invitation. Indeed, pretty busy these past couple of days making sure Hathor ends the year on a high note

Mary | Satoshi Club:
Ahaha, it’s the best thing you can do for your project! And let’s start with Hathor project introduction 😉

D. | Satoshi Club:
after that we will start first part of our AMA 😊

Mary | Satoshi Club:
Explain us more about it) and how did you get involved in Hathor Network)

Yan Martins: Sure

Yan Martins:
Hathor Network started as part of the PhD thesis of our founder, Marcelo. He proposed this new architecture for blockchains and did an amazing academic work.

After finishing his PhD, he decided to pursue this idea and started assembling a team. I had already worked with Marcelo and some of the other co-founders before, so it was a very cool opportunity to us

Yan Martins:
That was way back in 2018. If I’m not mistaken he presented his final paper on May or June and we first talked about it in July. A month later, in August, we started the first lines of code 😁

Mary | Satoshi Club: Wow, two years!)

Gabriel Aleixo:
I’ve been involved with crypto for couple years, first as an academic researcher and then as a market researcher. Our CEO Marcelo Brogliato and I studied in the same university. As we got interested in research more about crypto, we were introduced by a friend who worked as a Tenure Professor there at the time.

I’ve been advising Hathor since it was started and I joined the team as a full time member 6 months ago, after things start to grow a lot and very quickly. I was recruited to take care of some use cases and understand how the current and future market trends would shape the future of Hathor.

Mary | Satoshi Club:
Which is the main concept of Hathor Network?)

Gabriel Aleixo:
I would say that from a high level perspective, Hathor Network core features are scalability and ease of use. From both the technical and the business standpoints, we understood that there was still a lot to be done in these fronts and by doing so we could be more steps closer to blockchain mass adoption by startups, end users and Enterprise businesses.

D. | Satoshi Club: 👍

Yan Martins:
From a technical perspective, Hathor Network has a DAG of transactions with a blockchain intertwined. That was the architecture Marcelo came up when researching how to solve the problem of scalability of blockchains. We could spend some time here debating all the challenges this presents, how to guarantee consensus and prevent double spendings and conflicts given this new model. But the basic idea is that of the DAG + blockchain

D. | Satoshi Club: interesting idea🚀

Gabriel Aleixo:
From a business perspective, dynamic fees are a problem, the cost of implementation is a problem and how to start small and grow your blockchain application is also a problem. These are some of the most important bottlenecks we’re trying to tackle with how we designed our network.

We offer predictable costs, easy to use tokenization and smart contracting features (the so-called Nano Contracts) and a higher throughput.

Mary | Satoshi Club:
Guys, once i was involved in one cryptoproject and i clearly understand that besides scalability and ease of use you need a lot of users and developers. Or your project will be just one of the Networks. Ethereum network with all its disadvantages is still number one. We have Polkadot, Tron, Cosmos etc. I want to see if you understand this)

Yan Martins:
No doubt about it. In order for any crypto project to gain adoption, having a community of developers and builders around is essential. In that sense, Ethereum is probably the most successful one. So we understand we’ll have to attract these types of users by offering easy to use dev tools and lots of tutorials and technical training. But that’s only from a technical standpoint. @aleixooo is better suited to talk about the business side, which is just as important

Mary | Satoshi Club:
That’s great, from my point of view, it’s one of the hardest sides of network development. I am glad that you understand this😃

Gabriel Aleixo:
A strong community of builders and enthusiasts, interoperability with other chains and understanding blockchain as a whole ecosystem instead of merely a single network are key elements to me.

This is why we are in touch with people from some other amazing projects, such as PolkaDot and Quant Network, to help us implement our Interoperability Working Group, starting on January 2021. It’s going to be conducted with a very hands-on approach, putting our developers and prominent community members to work together with some of the current leaders in the industry. We will provide more information about it in the coming weeks and everyone will be welcome!

I should also add the fact that I’m in touch with 2 interesting projects building bridges with Ethereum as well. We should expect a vibrant ecosystem of more complex applications being possible to be deployed in the next year!

D. | Satoshi Club:
nice! we can expect lots of big news from you soon😊 thank you! great intro guys! are you ready to begin our AMA session now?

Gabriel Aleixo:
Yeah!

Yan Martins:
Let’s go!

D. | Satoshi Club: 🚀🚀🚀

Q1 from Telegram user @nadynas
Your mainet is live on 3rd of January. That is cool. Tell us how did the testnet go and what problems have you found, if any. What were your main objectives for the development of the project since the foundation

Yan Martins:
So we started development on August 2018. A bit over 1 month later, we had our first prototype of a testnet. Of course that it was very basic and without a lot of the protections and features, but we had a network running. It’s sometimes nice to go back to GitHub and look on the old commits and see how much the code evolved

Mary | Satoshi Club:
Do you think it’s perfect now?)

Yan Martins:
It’s never finished 😉

Mary | Satoshi Club:
So, you will start on 3d of January 😀?

D. | Satoshi Club:
i checked your Github and saw that you working at your code daily. this is awesome! 👍

Mary | Satoshi Club:
Which problems did you have during testing?)

Yan Martins:
The testnet was super important to us considering we’re a network coded from scratch. We didn’t base ourselves on any other code. Of course there are ideas in common with a lot of other projects. We use the same hash as BTC and also the UTXO model, but having a DAG of transactions and a blockchain was the main challenge. In the end, we were putting together a PhD thesis. A theoretical work is very different from a finished, real world product

Yan Martins:
This January 3rd we celebrate 1 year of mainnet!

Gabriel Aleixo:
The network has been live, on mainnet, since January 3rd 2020. 🙂

Mary | Satoshi Club:
Oh🤣

D. | Satoshi Club:
super! this is good to know 😄

Yan Martins:
Main challenge in our case was dealing with the consensus algorithm, given the uniqueness of our architecture. There are a lot of edge cases that needed to be handled

Yan Martins:
The testnet also enabled us to test larger deployments of the network, testing it with 20, 50, 100 peers. That revealed not only bugs but also performance improvements that we could make

Mary | Satoshi Club:
Sure, now everything works good now😀

Mary | Satoshi Club:
Ready for the next question, guys?)

Gabriel Aleixo:
Yep!

D. | Satoshi Club:
let’s do this!

Yan Martins:
Yeah… definitely there’s still work ahead but the testnet running for 1,5 year before mainnet launch was essencial

Q2 from Telegram user @Tommyramble
It’s said in your documentation that new transactions confirm older ones. Isn’t this consensus mechanism prone to more risks of being compromised?

Yan Martins:
As I mentioned, the consensus part was one of the most tested ones and that we had to work the hardest. Having the DAG of transactions, with new transactions confirming old ones, sure makes things a bit harder. But that was part of the innovation in the original PhD thesis. Also, this works together with the chain of blocks we also have, making sure transactions are confirmed in due time

Mary | Satoshi Club:
Is this mechanism new? Or it was already used by someone?

D. | Satoshi Club:
how fast transactions on Hathor Network?

Yan Martins:
It’s a new one. I mean, each of them separately have already been used before in other projects. The DAG model was first proposed by Sergio Lerner a while back and became famous with IOTA. Obviously the chain of blocks is the most famous one and that started all this revolution. But the novelty here was using both of them combined

Gabriel Aleixo:
Based on the feedback from multiple users on our Discord and Twitter, sometimes they are not even able to say to the other party that they sent the transaction, because it had already shown to them in their wallets hahaha. So, super fast 🙂

Mary | Satoshi Club:
👍 that’s nice

Mary | Satoshi Club:
Wow🤣

Mary | Satoshi Club:
Thanks for your answers! Ready to proceed?

Gabriel Aleixo:
Yes!

D. | Satoshi Club:
🤣 yeah, i know that DAG project are very fast, but i thought maybe your project even faster 😁

Q3 from Telegram user @Highpee
One feature of Hathor’s network is the ability to create a DAG side chain by anyone based on their business necessities. Implementing Directed Acyclic Graph (DAG) is one of the ways to tackle some major issues of blockchain network such as Scalability, low speed and high transaction. You said that these side chains will have their own algorithmic logic and data structures. Bearing in mind that various private or temporary DAGs can be created to suit various business model, how are coordinator or validator’s node used in the confirmation of transaction determined? Also, how will Hathor’s main DAG interact with these side-chains to ensure that it doesn’t record transaction activities from private DAG?

D. | Satoshi Club:
what a question. i think it’s from techie to techie 😄

Yan Martins:
That’s a nice question. Just to clarify, side DAGs are still a feature under research. We have a nice concept for it and the question already explains it very well: it will allow businesses and interested parties to have business specific logic and data structures in it, without having to add this back on the main network

Mary | Satoshi Club:
So, let’s imagine, i am business) convince me to use Hathor Network side chain) tell me how easy this will be😉

Yan Martins:
As for validators, the idea is not using those. We actually plan on having special transactions on the main DAG that bridge to these side DAGs, but don’t necessarily have specific data on it. It would be like having some tombstones. This ensures the security of the main network, with all it’s mining power, will also secure the side DAGs. Since these special transactions live on both DAGs, to reverse anything on the side DAG would mean reversing it on the main network

Yan Martins:
(Sorry if it got a bit technical 😅)

Gabriel Aleixo:
I would like to add from a business standpoint that Side-DAGs will be amazing to bring Enterprise mass adoption of Hathor. We’ve been in touch with different players, specially in the Financial sector, already building applications based on our easy, secure and cost-efficient tokenization tools.

But for them to build more complex services, tools like Side-DAGs are essential, because they bring an hybrid approach. They can build on top of their own “network”, at the same time parts of the information are confirmed by our mainnet.

Usually, we start conversations with senior managers who already are crypto enthusiasts, got to know Hathor Network and liked our value proposition: a user-centric network with high levels of scalability and usability. But then it takes some time for them to reach the C-Level decision makers, because these ones are not that familiar with blockchain. At least not in the context of their business.

Gabriel Aleixo:
Side-DAGs will make it possible for them to build on top of something they are more familiar with, they have more control of, etc, so it will bring the “blockchain layer” to the background, in a good way.

Mary | Satoshi Club:
Guys, i would tell that as business i am interested) just will explore more tech details🤣

Mary | Satoshi Club:
Thank you!

Mary | Satoshi Club:
Sure, you will find a lot of new users!

Mary | Satoshi Club:
Ready to start with 4th question?😀

Gabriel Aleixo:
Yes!

D. | Satoshi Club:
thank you for good answers!

Q4 from Telegram user @Jonahapagu
Using Hathor Network users can create their own digital tokens with customized specifications using only a few clicks.. you even stated in one of your documents that this can be done using only one click… and it is so easy to use that even a 13-years-old kid can create their own token for fun. What customizable features does Gather offer to token creators in comparison to ERC standards and other token creating platforms and how do you assure users that there was no trade-off of important aspects in your token creation platform for simplicity..

Yan Martins:
Our approach for tokenization is supporting the most used features and making them super easy on our network. So for tokenization, the ERC-20 standard was what we based ourselves. We also implemented other features such as mint and melt capabilities, which are not part of the standard but used by almost everyone. That was the logic behind. With that approach, we believe we can foster to the majority of use cases in the tokenization space

Gabriel Aleixo:
Consider YouTube. There are millions of videos about every single topic on YouTube. What if anyone could create a token as easily as we upload videos to YouTube? What if any 13-year-old could create their own token? It would be possible to explore any use case, even the craziest ones. This is the way to bring about a million ideas, and let the best rise.

Creating a new token to explore a new use case must be just as trivial and mundane as taking a photo. You take 20 pictures and keep only the best. You create 20 different tokens and keep only the best one; you play around with new use case scenarios. The whole community can use Hathor in the search for the killer apps for blockchains, the most profitable ones, the most charitable ones, and so forth.

Yan Martins:
For businesses and use cases requiring a more specific and customizable token logic, having bridges with other networks that support such functionality will enable our network to also access them

Mary | Satoshi Club:
How many apps you already have?

D. | Satoshi Club:
what kinds of tokens i can create? can i create a privacy DAG token by using Hathor Network?

Yan Martins:
We also plan on adding new features to the tokenization side to support other standards, such as ERC-721 with non fungible tokens

D. | Satoshi Club:
it would be cool!

Mary | Satoshi Club:

Gabriel Aleixo:
Hundreds of custom tokens (last time I checked, more than 300) have been created on our network.

Mary | Satoshi Club:
If i need to creat token with 1000000 supply, i need to deposit 10k HTR, right? What is the price of HTR?

Yan Martins:
Yes, that’s the deposit a user has to make when creating a new token. Also, if you later mint new tokens, you also have to deposit HTR.

Mary | Satoshi Club:
What will be the total supply of HTR?)

Yan Martins:
That’s correct. The price is always fluctuating, it’s not up to us to decide. I’d actually have to check CMC for the current info

Yan Martins:
There’s no cap to the total supply, as new HTR tokens are created with every new block. We also have halvings and our last one will bring block rewards to 8 HTR/block

Gabriel Aleixo:
After January 2023, mining rewards will be constant at 8 HTR per block, the inflation rate will be below 1.1%, and this rate will decrease each year thereafter.

Mary | Satoshi Club:
So, i found HTR on Coingescko) if 13 years old wants to create a token with 1000000 supply he need to lock 1500$ worth of HTR😀

Mary | Satoshi Club:
It’s a bit expensive)

Mary | Satoshi Club:
Gotcha 😀👍

Yan Martins:
Yeah, this is something we are considering. First of, you can start with a lower supply and mint more tokens as needed. Also, if you later decide the tokens are no longer need, you can melt them and get your HTR back

D. | Satoshi Club:
then 13-year-old should create a token with less supply than that 🤣😉

Mary | Satoshi Club:
Understand) thanks guys!

Mary | Satoshi Club
Ready to go to the next question?)

Yan Martins:
Yep

D. | Satoshi Club:
🚀🚀🚀

D. | Satoshi Club:
Q5 from Telegram user @natarajmarble
Let’s say I mint a token on the hathor network and I want to list that on an exchange that has hathor already listed. Would the exchange have to integrate a new wallet SDK or can they leverage existing integrations with hathor to also get my token listed with minor code additions?

Yan Martins:
Excellent question. Custom tokens are very similar from a technical perspective to our native HTR token. So after HTR (or any other token) is in the exchange, adding new ones is very easy. Only minor code additions 🙂

Yan Martins:
We also allow a transaction with up to 16 different tokens as inputs and outputs, so that can make things even more interesting when having these tokens on exchanges

Mary | Satoshi Club:
Do you have plans about new listings? Which exchanges is HTR currently listed on?

Yan Martins:
At the moment we’re listed on qTrade and Vitex and on the last steps with another awesome exchange

Yan Martins:
We definitely learned a lot this year with this exchange processes and will help us for 2021 when talking to new ones

Mary | Satoshi Club:
Did you have problems with exchange integration?)

Yan Martins:
So far, it’s been ok. Exchanges have been able to integrate pretty quickly and our team is always available to support them when needed

Mary | Satoshi Club:
Great 👍

D. | Satoshi Club:
👍 ready for the last question from part 1?

Gabriel Aleixo:
Yes!

D. | Satoshi Club:
let’s gooooo

Q6 from Telegram user @Arisabela
Hathor Nerwork has been sucessfully audited by a respected audit firm: SlowMist. Now your project can be cataloged as secure and strong. But what comes next? What kind of rewards can the bug hunters get from your Bug Bounty program?

Yan Martins:
It was nice collaborating with SlowMist for the audit report. But it doesn’t stop there. We still don’t have an official bug bounty program, which is in our plans for next year. That’s definitely something any public software company needs. At the moment, we can analyze on a case-by-case scenario if someone discloses a bug to us.

D. | Satoshi Club:
do you plan to do more audits in the next year?

Yan Martins:
That’s something we’ll probably do. Our code is always evolving, so having a periodic “check-up” is very important

Mary | Satoshi Club:
Yes, safety first 👍

Yan Martins:
🔒 🔒

Part 2 — live questions from the Telegram community

Q1 from Telegram user @KASG95
I understand that they say that Network Hathor is the “natural evolution of the Bitcoin blockchain”, does that mean that tokens developed in minutes will be part of the BTC chain? or really what is the symbolism since Hathor is not a fork of any project?

Yan Martins:
It’s the second case. We’re an independent network and our tokens won’t go to the BTC chain. What we meant by that was on the architecture side, considering the innovation of the DAG + blockchain design.

Q2 from Telegram user @cryptodotgmail
FGV is a Brazilian institution of higher education and think tank with the mission “to stimulate Brazilian socio-economic development”. Does that mean Hathor’s focus is only on Brazil? What about other countries such as parts of Asia, Europe and others.

Gabriel Aleixo:
Thanks for the research, you are right 🙂 FGV is the leading think-tank & Business School in Latin America, where I had the honor to study and meet our CEO & Founder Marcelo Brogliato.

For sure, with most of our team members being born in Brazil, it makes life easier when developing projects locally. The good aspect of it is that Brazil’s economy has continental proportions. So even the very first projects that are coming from the country could easily reach hundreds, thousands of users. We also have a strong network here, both in the private and the public sectors, and multiple parties are always positively impressed by the fact that a whole network was built by locals. This helps a lot in terms of business culture, technical and business supports, etc.

I should add, however, that we’ve a global team with members spread from Seattle to Brussels and many Marketing campaigns focused in Asia for the coming weeks. In terms of use cases, it also came to our knowledge that we have people in North America, Europe and Asia building solutions on top of Hathor! So, it’s a global thing 🙂

Q3 from Telegram user @Korryl
Decentralized oracle is a trend right now. How about Hathor? Would you create your own oracle solution or pick the oracle solutions that already exist?

Yan Martins:
We have a basic oracle solution already working, when we were debating our initial ideas for Nano Contracts. They are not decentralized and rely on public/private key signatures.

I think the best way to move forward is enabling the user to choose from different oracles. So he may prefer to use decentralized ones, which as you mention are very popular now, or centralized ones, like Coinbase price oracle, based on the Compound open oracle model.

Q4 from Telegram user @Cakelov

So it said on 2021 there will be start new development about Nano Contract.
Can you please explain more about nano contract? What is use for?

Gabriel Aleixo:
We envision smart contracts capabilities on top of Hathor to be as simple and easy-to-use as our current tokenization features. According to Pareto’s Principle, we can expect 80% of the real-world use cases for smart contracts to be based on 20% of the full possibilities they can offer.

So Nano Contracts will be focused on bringing a bulletproof and radically accessible version of “that 20%”. This can be very relevant for mass adoption, especially when paired with the scalable nature of Hathor’s architecture.

We want everyone to be able to create contracts with only a few lines of information. They’re not going to create the most complex dApps in the world, but 80% of their needs should be fulfilled in a few minutes. And having these contracts built-in at the protocol level will make it possible for a Nano Contract to serve multiple applications as well.

Q5 from Telegram user @KhaleesiTheCryptoLady
You mentioned that this January 3rd is the 1-yr celebration of Mainnet, what do we expect during this day? Will you give something special for your users and HATHOR network supporters?

Yan Martins:
Jan 3rd 2021 was the date the first halving was expected to take place. However, just like in Bitcoin, our mining is probabilistic, so even though it was scheduled for January 3rd, the date changed a bit and now will most likely happen on January 5th last I checked (yesterday). So we’ll have our first halving event!

Q6 from Telegram user @Emidm37
Miners are a key piece on Hathor’s environment: they help keeping the network secure by mining Hathor blocks. What mining software do we need to install if we want to mine Hathors (HTR)?

Yan Martins:
We use the same algo as BTC and actually support merged mining! So you can mine HTR with the same miners you’d mine BTC. If you want more details, you can check the resources section of our website or take a look on the mining-and-pools channel on our Discord

Q7 from Telegram user @atakansan
If a transaction fails or one side doesn’t send its tokens, what happens to the tokens the other side sends on an atomic swap?

Yan Martins:
Actually, when we say it’s an atomic swap, it’s because it happens inside the same transaction. So it’s not like each party has to send a tx and there’s some coordination needed to make them work together. In the same tx, you can have users exchange different tokens. So either this tx is confirmed and the swap happens or it’s not and there’s no risk for the users

Q8 from Telegram user @Pradaner
What kinds of industries are you trying to penetrate, what kinds of companies and partnerships are you aiming for? thanks bos

Gabriel Aleixo:
I would say that the financial sector is the most obvious one. We can see from the DeFi movement to the institutional approach to blockchain and crypto that financial applications are the low hanging fruits of our market.

So, in this sense, we’re 100% open to onboard and to directly support multiple use cases at once, from different industries. But as we’ve been approached mostly by people interested in building financial applications on top of our network, we’re aiming to establish specific partnerships and/or “bridges” that can help them bring their use cases to another level: fiat gateways, other networks for interoperability with complex DeFi dApps, integrations with CeFi, etc.

Q9 from Telegram user @ronaldo_super
I’ve seen a lot of defi projects lately but Hathor network is really something different. Do you think you can become a real Ethereum killer?

Yan Martins:
A lot of projects have been called that already and so far it’s a difficult task. We believe that there’s space for many different crypto projects out there and each has it’s benefits. For instance, we mentioned we support some kinds of token characteristics and, if the user requires something more customized, he can use a different network that will better suit his needs. We understand we cannot support all needs from all different users in the crypto space. Instead of trying to have that, we think interoperability with other networks is a better approach

Q10 from Telegram user @feranno
Communities are very important for the development and spread of projects. Will you build communities that add value to the Hathor Network? Are you open to different and creative ideas?

Gabriel Aleixo:
100% agreed, we’ve an amazing community and I would like to say thank you to all of you that has been supporting the development and the growth of our network!

Also, this is why our Marketing Manager Guto Martino is taking care of our Community Program. We want to incentivize content creators from our community, as well as hearing from them to have not only guidance, but build more together.

Some of the most interesting articles and use cases currently being built on Hathor came originally from community members, people that approached us interested in our architecture, our tools, etc. We want to reinforce this behaviour that only brought us good things so that if can become a permanent thing, and we will be doing so by continuously offering HTR grants and rewards for contributors.

Part 3 – Quiz Results

In the final part we tested your knowledge in terms of Hathor Network. They’ve prepared 4 questions for this part. The total reward pool for quiz was 400$.

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:

Hathor Network Community: https://t.me/HathorOfficial
Website: https://hathor.network

PART 1. Introduction of Morpheus Labs project and community questions.

Hello, Satoshi clubbers and guests of this site. Today we will learn about Morpheus Labs.

Their motto is POWER of the BLOCKCHAIN WORLDWIDE. They empower you to develop, deploy, and integrate applications on blockchain technology to solve real-life problems.

The plan of  AMA session:

1. Part – Introduction and preselected questions.
2. Part – Live questions
3. The Quiz about Morpheus Labs

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:

Pei-Han – @Phchuang – a serial entrepreneur with more than 10 years of experience in business development and fundraising. Co-founder of Morpheus Network
@irisee
@EncryptUser
Dorel – @dorelb – more than 18 years of experience in Technology Transformation in the Banking & Financial Sector. spearheaded IT initiatives & Implementation totalizing €2B Budget, risk analysis, and cost optimization resulting in remarkable savings, and successfully implemented multi-million dollar projects, some of them were for Amundi Pioneer (ex. Pioneer Investments), National Commercial Bank, Central Bank of Libya, HypoVereinsbank and UniCredit Group. And I became passionate about blockchain back in 2016.

Introduction of Morpheus Labs project

Mary | Satoshi Club:

Hello Satoshi Club! We are happy to announce our AMA session with Morpheus Labs! Welcome to Satoshi Club😀

D| Satoshi Club:

Hello Satoshi Club!

Mary | Satoshi Club:

Welcome to Satoshi Club 😀

@Phchuang

@irisee, @EncryptUser, @Dorelb

D| Satoshi Club:

@Phchuang @irisee @EncryptUser @Dorelb good to have you here guys! welcome to Satoshi Club! 😄

Pei-Han (沛翰) [Not Responding to PM] Chuang (莊):

Hi Everyone in Satoshi Club, thank you very much for inviting

A l:

Hello everyone!

Mary | Satoshi Club:

Hi, guys!

D| Satoshi Club:

How are you doing today? 😊

Dorel:

Hello Everyone!. Thank you for inviting us.

Pei-Han (沛翰) [Not Responding to PM] Chuang (莊):

We are good and excited to be here. Thank you very much 🙏

D| Satoshi Club:

Great! let’s begin with the intro! please tell a bit about yourselves and about your project😀

Mary | Satoshi Club:

Great! So, let’s start with your introduction and, of course, Morpheus Labs intro! I was first😂

Pei-Han (沛翰) [Not Responding to PM] Chuang (莊):

Hi Everyone, my name is Pei-Han, a serial entrepreneur with more than 10 years of experience in business development and fundraising. Being a business veteran, I managed to expand my previous company with conglomerates in the emerging market. My involvement in start-ups across varied industries enabled me with my network and resources to expand the previous businesses rapidly. I exited my previous company about 5 years ago, and I am currently running Morpheus Labs with Dorel: & Bruce, which is one of the fastest-growing low-code, one-stop blockchain application development platforms in the market today.

Mary | Satoshi Club:

Were with Morpheus Labs from the beginning or joined later?

Dorel:

Hi all, I’m Dorel, the CIO at Morpheus Labs. I have more than 18 years of experience in Technology Transformation in the Banking & Financial Sector when I acquired an interdisciplinary mix of technical and business skills. As an IT industry leader in driving organizations towards the adoption of an enterprise solution to scale their businesses, I spearheaded IT initiatives & Implementation totalizing €2B Budget, risk analysis, and cost optimization resulting in remarkable savings, and successfully implemented multi-million dollar projects, some of them were for Amundi Pioneer (ex. Pioneer Investments), National Commercial Bank, Central Bank of Libya, HypoVereinsbank and UniCredit Group. And I became passionate about blockchain back in 2016.

Pei-Han (沛翰) [Not Responding to PM] Chuang (莊):

@Dorelb @bruceluy and I co-founded Morpheus Labs about 4 years ago

D| Satoshi Club:

Impressive! 18 years of experience 😱

Mary | Satoshi Club:

Wow👍😂 so, you’re co-founder 😀 how did you get this idea about Morpheus Labs?)

Pei-Han (沛翰) [Not Responding to PM] Chuang (莊):

More than 4 years ago,

We were seated together discussing the potential of blockchain technology, which embodied four core principles: cryptography, distributed systems, peer-to-peer networking, and game theory. We realized that what seemed like a disruptive technology concept was not sufficiently adopted by many programmers worldwide. A quick check online on Reddit, Stack Overflow has revealed the challenge and lack of resources as the main reason many programmers chose to forego learning.

Then, we had this idea, “Why can’t we just have an online platform that allows programmers to learn and develop blockchain-based applications easily?”

Mary | Satoshi Club:

That’s so simple and at the same time genius idea😂

D| Satoshi Club:

Agreed! 👍 thank you guys for the intro! if you are ready we can start with the questions from the Satoshi Club? 😉

Pei-Han (沛翰) [Not Responding to PM] Chuang (莊):

Sure, our team is here 🙏👍

Preselected questions about the Morpheus Labs project.

D| Satoshi Club:

Nice! let’s do it!

Q1 from Telegram user @samuelstook

From your whitepaper, I have found that most projects will be in trouble because of the huge cost to develop. And you offer a solution to that problem. Can you tell us how you came up with ideas for solving the problem? How efficient is your solution to reducing costs?

Pei-Han (沛翰) [Not Responding to PM] Chuang (莊):

Let me share a slide and @Dorelb will further explain and Pass the question to @Dorelb

Dorel:

Yes. We thought the market would finally need a platform that does the heavy lifting while clients can focus on value-adding work like blockchain application creation and experiment with the blockchain technologies. Morpheus Labs SEED offers development tools, infrastructure, eminent blockchain protocols, and blockchain use case references for enterprises and developers to build, experiment, and manage their own applications effortlessly, saving about 75% of cost and time.

Mary | Satoshi Club:

How do you save cost?😀 Do you mean by this you will save it by reducing expenses for development?

Pei-Han (沛翰) [Not Responding to PM] Chuang (莊):

Yes, correct. Let us further answer here in a min.

Mary | Satoshi Club:

Take your time 😀

Dorel:

Good question. The process of discovering, designing, building, and implementing blockchain-based solutions takes a lot of time and resources.

Big enterprises spent millions of dollars on blockchain technology to stay competitive in the market. But they can make use of Morpheus Labs SEED to:

– Easily pick up which blockchain fit better for the problem to solve

– Eliminate hassle to prepare the  environment for the project

– It is blockchain agnostic and spins up nodes in minutes

– Application samples and use case can make decision making easier

– Prototyping blockchain application shorting the lifecycle for the GTM

We are the one-stop development and implementation platform

Pei-Han (沛翰) [Not Responding to PM] Chuang (莊):

Adoption started with us here is what people say.

 

Mary | Satoshi Club:

Nice reviews 👍 from famous persons😉

A lot of solutions, which of them are the most demanded now?

Pei-Han (沛翰) [Not Responding to PM] Chuang (莊):

Hope this gives a clearer picture of how Morpheus Labs SEED helps our partners to design and deploy blockchain applications

Mary | Satoshi Club:

Sure, it gives😀 I think A lot of people read reviews and only after that dyor😉

Pei-Han (沛翰) [Not Responding to PM] Chuang (莊):

Currently, we are seeing high demand using MLSeed to build in Defi, and financial solutions in demand which is only the beginning, and next are supply chain, healthcare, NFT related and the list goes on. Many industries are in the exploration and experiment stage to streamline business operations generally.

Mary | Satoshi Club:

Oh, no wonder, DeFi and NFT are on fire! Hope Morpheus Labs will help them to bring the best products for their users👍

Pei-Han (沛翰) [Not Responding to PM] Chuang (莊):

That is also a reason many Blockchain protocols working with us 😊🙏

Recently, we were engaged by our client who was looking for a token issuance solution.

We successfully designed and deployed a web application tool for non-tech users to create and launch the three types of tokens. The solution was designed and simplified by the Morpheus Labs tech team where he can easily issue utility tokens by filling out the form with necessary data without the burden of technical knowledge.

Pei-Han (沛翰) [Not Responding to PM] Chuang (莊):

D| Satoshi Club:

Q2 from Telegram Username @Gutike95

Since Morpheus Labs is responsible for solving multiple problems, have you really managed to solve any of them? What applications developed with BPaaS have been a great success?

Pei-Han (沛翰) [Not Responding to PM] Chuang (莊):

– Use our platform in education training and solve Adoption problem: Dream plus/ICON

– Use platform to do workshop bring more community to the Blockchain: Major League Hacking

– Enterprise

@bruceluy  took the lead in a compliance application project and dived into identifying the challenges in the current regulatory process of our client’s business with an aim to automate the current regulatory compliance process with future proof capabilities. We developed a modularised solution on the Morpheus Labs SEED platform that integrates RPA technology, with Blockchain-based capabilities plugged in, enabling proof-of-process for compliance as required by regulations. RPA’s capability to pull and aggregate data from multiple sources has enhanced work process efficiency, helping to eliminate or reduce the time-consuming processes of handling large amounts of information; streamlining tedious approval processes and improving governance.

Morpheus Labs SEED platform was used to rapidly build blockchain-based Regtech innovation solutions for businesses in their efforts to comply with tax-related regulations.

For more information of this

https://en.prnasia.com/releases/apac/morpheus-labs-supported-pwc-in-developing-a-smart-compliance-application-to-help-staff-focus-on-higher-value-tasks-290903.shtml

Mary | Satoshi Club:

It’s real success 💪

D| Satoshi Club:

Pretty informative and detailed clarification! thanks!

Mary | Satoshi Club:

Ready to proceed?😀

D| Satoshi Club:

Q3 from Telegram user @Guretxea41

A token burn was recently performed and more token burns are scheduled in the coming months. Why are you burning so many tokens? How many do you plan to bring in the total supply?

Pei-Han (沛翰) [Not Responding to PM] Chuang (莊):

Avoid flooding long text

Here is a clear explanation of the token related

[Last section]

– Why are token burns necessary?

https://morpheuslabs-io.medium.com/morpheus-labs-token-burn-update-90f6b2c98f8c

We burn tokens as a deflationary measure helping to retain the confidence of the utility token holders. The higher is the platform user stake the greater are the platform benefits they can access

D| Satoshi Club:

Thank you! this article explains everything about the question.

I noticed you have lots of token holders with more than 111k addresses according to Etherscan, this is an amazing number and achievement for any crypto project!💪

Mary | Satoshi Club:

Guys, do you want to add something or we can go to the next question?)

Pei-Han (沛翰) [Not Responding to PM] Chuang (莊):

Done 🙏👍

D| Satoshi Club:

Thank you! next question…

Q4 from Telegram Username @sirdefi

According to your documentation you have incorporated 9 blockchains: Ethereum, Hyperledger, Multichain, NEO, Vechain, Waves, ICON, Fusion and NEM. However, other popular ones like Tron and Binance are not incorporated. Why haven’t they been taken into account from the beginning and when do you plan to incorporate them?

Pei-Han (沛翰) [Not Responding to PM] Chuang (莊):

In fact, we have many requests to integrate with more blockchains, currently est around 7+ in the queue. However, we have our own metrics now to work with the selected one as we are pushing adoption with our business partners at another end. Hence we will gradually integrate more but for now, focusing on working with biz partners to bring these blockchains to more customers first.

@Dorelb pass to you

D| Satoshi Club:

It makes sense, smart move 👌

Mary | Satoshi Club:

How long does it usually take you to integrate a new blockchain?

Pei-Han (沛翰) [Not Responding to PM] Chuang (莊):

Technically is not very long, but most of the time is in Due D of their technology if they have solutions for real usage, is the team supportive in implementing (and not only empty words), etc

  E.g. we recently sat down with our partner Huawei team to look through some of partners solutions.

I think Dorel has something to add.

Dorel:

Often it comes as a package, not just integration but also applications/solutions after the integration. So will always look to the “after integration” 😊

Mary | Satoshi Club:

Everything is complex with Morpheus Labs 😀

Dorel:

Aside those supported by large open-source organisations like  Hyperledger and Ethereum  for the other blockchain the key element was the mutual business benefits. Hence constituting partnerships were part of our GTM we considered blockchains that have high popularity, large community, and enterprise traction. As for Binance we started on first step last year by introducing our BEP2 token and we are looking to ways to integrate BSC (Binance Smart Chain)

Mary | Satoshi Club:

Thank you 😀

We will wait for the news from you, sure, you prepared more in this direction 😉 Let’s go to the next question, guys?

Pei-Han (沛翰) [Not Responding to PM] Chuang (莊):

We hope and aim to select good blockchain partners to work with 🙏

D| Satoshi Club:

Thank you for answers! let’s proceed to question 5…

Q5 from Telegram user @lzamg

I read on your whitepaper about the Community ‘Nodes’. Can you explain more about the role of these Community ‘Nodes’ and why they are called that way? Also, what are the requirements to be a Community Node?

Pei-Han (沛翰) [Not Responding to PM] Chuang (莊):

CN (Community node) is a way we want to get crowd effort to build a more engaging community for the long term, by contributing various efforts hence we called it “community”

It is a Program enables true supporters to participate in Morpheus Lab’s community governance and collaboration. Establishing Morpheus Lab’s global community nodes is helpful to break the shackles of corporation structure, greatly improving efficiency.

here are more details and requirements

https://medium.com/morpheus-labs/morpheus-labs-community-node-program-canopy-announcement-dbc6af9e29dd

@Dorelb anything you want to add 😉👍😀

Mary | Satoshi Club:

Nice article 💪 Satoshi Clubbers, don’t forget to take A look at it👍

D| Satoshi Club:

Give a 50 claps 😉

Mary | Satoshi Club:

And join Morpheus Labs community here @morpheuslabs 🚀 Already 😂

Dorel:

A short recap of the requirements will be:

– basic understanding of Morpheus Labs and blockchain technology

– willing to build communities and expand Morpheus Labs influence

– participate in community building, help to solve problems, and maintain an active atmosphere for discussion.

– must be willing to learn, develop, and share in-depth observations and reflections on the industry, and help Morpheus Labs optimizing its product

– There’s a minimum amount of 125,000 MITx required to participate to the program

D| Satoshi Club:

Got it! thank you for the good clarification and the last question from the first part.

Q6 from Telegram user @Highpee

In 2019 and 2020, Morpheus Labs was featured by the Singapore Government as an Enterprise blockchain solution provider. What is the role of the government of Singapore in the Morpheus Labs project? Why have most of your blockchain solutions focus mostly on the Asia Market especially in Singapore and Malaysia? Do you have further plans to spread into the global market and take your blockchain solutions to a wider reach of the global community?

Pei-Han (沛翰) [Not Responding to PM] Chuang (莊):

Yes, we definitely have a plan to reach out to the global market, for now mainly due to Viruses and geo limitations we are working via sales distributor channels to reach out. It happens to be our government strategy and entities (collaboration with government entities such as Sg Tech, IpI  SFA, Open Node) in blockchain focusing on growing Asia pac now hence we riding on their effort too. But we are working with e.g. integration work (a German-based company too), we will also explore further outreach with Huawei and few new partners (in discussions)

D| Satoshi Club:

Very nice! Europe is the next on the list 😉

Mary | Satoshi Club:

Didn’t USA sanctions for Huawei matter? If you will have relationships with them? So, don’t you think you can have some troubles because of this?

Pei-Han (沛翰) [Not Responding to PM] Chuang (莊):

Guess that would fall under political conflicts.

We are cloud-agnostic hence we would not say no to any cloud that comes to us, esp Huawei does have a sizable market share in Asia Pac

Mary | Satoshi Club:

Yes, as I remember you have such plans in your WP😀

Dorel:

Nonetheless, our platform is cloud-based and already allows people from any angle of the globe to work with it

Pei-Han (沛翰) [Not Responding to PM] Chuang (莊):

Yes, we are a cloud-agnostic too hence good potential collaboration. The last part to add on.

Pei-Han (沛翰) [Not Responding to PM] Chuang (莊):

We are based in Singapore. 😂We see a lot of opportunities as there are many emerging markets in Asia.

Recently, we got into the top 15 amongst more than 500 startups globally in Huawei Spark, an accelerator program. This is a great opportunity for us to gain direct access to many respectable mentors in various areas of the business. This is the time for Morpheus Labs to seek greater market validation and set foot in the emerging technology market.

Blockchain is one of the key national strategies for China & SG. The collaboration with the Huawei team (of senior positions) has started. We see that there is a lot of synergy between us to move forward in the blockchain space.

Mary | Satoshi Club:

Got it😃👍 to thank you! Ready for the live part?🚀

D| Satoshi Club:

Thank you for the great answers! first part of our AMA is over! the second part is ahead! @Phchuang @EncryptUser @dorelb @bruceluy we will open chat for 120 seconds, our community will ask you some questions, after chat will be closed, kindly select 10 questions from Satoshi club members!  😉

Pei-Han (沛翰) [Not Responding to PM] Chuang (莊):

Ok (y) @EncryptUser @dorelb @Irisiee

Mary | Satoshi Club:

Let’s go 🚀

PART 2.Questions about the Morpheus Labs project from the live chat of the telegram community.

In this part, we open a chat for the crypto community for 120 seconds. Then the guests from the Morpheus Labs crypto project choose the top 10 questions. The 10 crypto enthusiasts have earned cryptocurrency in the sum of 100$.

Q – 1 from a telegram user @DiegoRME

Congratulations on your new NERVOUS NETWORK partnership which helps fix Morpheus Labs App Library V2.0 from what I understand but can you tell me how it helps fix Morpheus labs problems?

Pei-Han (沛翰) [Not Responding to PM] :

Nervos network is one of our recent partners which has numerous good solutions been used by the Chinese gov and SMEs.
As our aim moving into to push industrial implementation, hence our first step is to curate more good solutions hence you will be seeing more renowned partners (not only blockchains but SIs, etc) publish their solutions with us. This then becomes a door for all enterprises to pick up, customize. aka we become a door for blockchain and enterprises.

Q – 2 from a telegram user @chzrles

On Forbes can be seen that Morpheus Labs has been endorsed and onboarded as a Standard Technology Partner within the Amazon Web Services (AWS) Partner Network. What was the impact of having AWS as a technology partner and what opportunities has this provided for the development of Morpheus Labs? Thx.

Dorel:

We are technology partners yes. We are closely working with AWS which is supporting us to emerge into a business offering their top-notch tech. This is a great privilege and currently, in the pipeline, we work together to test and integrate new products such as AI and ML (Machine Learning) services. We will keep the community updated about it!

Q – 3 from a telegram user @jerryziz91

During 2020 I got scammed a few times, rug pulls – soft rugs, etc. – how can we investors be sure that Morpheus will not be similar, are your contracts public & somewhere to be seen?

Dorel:

Yes please check our smart contracts and sc audit made public a long time ago. Moreover, we are in the market since 2018 and we are already in the second version of our commercial product 😊

Q – 4 from a telegram user @GingerMila

What is next in the roadmap for MITX? The business side is getting very strong, and marketing seems to be getting some traction: will we get some formal announcements on partners? Is there an estimation usage for the tokens this year?

Pei-Han (沛翰) [Not Responding to PM] :

Here is an internal business road map which we use (and aim for) timeline is indicative. We are moving into a real heavy collaboration to be a go-to place for implementation with Webinar > Workshops > hackathon.

Q – 5 from a telegram user @Hellomee8

Why do customers need to use mitx tokens?
And if mitx tokens are required for the bpaas platform (for example for subscription) are there also alternatives like using fiat instead of mitx tokens and wont this decrease the usage of mitx tokens by customers?
If fiat does the job then how do we expect massive usage of the mitx tokens?

Dorel:

Yes, fiat is possible too. we do offer a fiat gateway for our subscription model, but that fiat then buys mitx through our treasury- the more usage we’ll get, the more mitx gets utilized. Please check about our tokenomics on media. Thank you

Q – 6 from a telegram user @Cakelov

I read from your website that Mitx Coin will be used by big companies like Huawei and PwC . Huawei also put Morpheus Lab platform available on their phone user, can you please give clarification about this? How this affects Morpheus Labs?

Dorel:

Our platform will be open to Huawei cloud’ customers. It means some Huwavei products will be available via Morpheus Platforms for their customers. Implicitly they will need the Mitx token to use the platform. Since the Huawei market means also a new market for us we expect good demand in the future

Q – 7 from a telegram user @Santa077

Any 3 reasons to choose your project rather than others???

Pei-Han (沛翰) [Not Responding to PM] Chuang (莊):

I think in the marketing now, there isn’t many low code one stop development platform which provide end to end dev tool.
Not to forget for Blockchain to go to the next level
the key is mass adoption, this happens to other technology as well e.g AI, IOT, mobile dev
in the current market, there are many Defi, protocols, or solution layers building on “still” evolving tech which needs fast validation then improvement, and the key is still a rapid dev tool which is us.

Q – 8 from a telegram @zaferce

How is the Morpheus team working to design solutions on blockchain and technologies like RPA, AI, IoT, and what are your initiatives to provide incentives with partners like Dream Plus, Conflux, and ICON on your roadmap?

ei-Han (沛翰) [Not Responding to PM]:

In fact – a few of our customers had used our platform to work with RPA and we have a few projects exploring now is with AI and IoT. Our platform is designed to cater to easy work and connect with this tech.

Q – 9 from a telegram user @leixagarcia

How many programming languages does Morpheus Labs support? Do you plan to incorporate more?

Dorel:

20+ languages and not difficult to add new ones. Based on users’ feedback we can create new development stacks for different needs. It can be languages, SDKs, and blockchain specific stuff. 😊

Q -10 from a telegram user @Santa077

Any 5 benefits of your project???

Pei-Han (沛翰) [Not Responding to PM] :

Part 3 – Quiz about project

In the final part, we tested the knowledge in terms of the Morpheus labs project. They’ve prepared 4 questions for this part, so everyone could be a part and answer. Participants had 10 minutes to answer. 300$ 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: Morpheus labs

Telegram group  |  Telegram  announcements Chanel  |  Tweeter  |  Website  |  Medium  

We are pleased to announce our next AMA on January 20th 2021 at 04:00 PM UTC Time:Russian Satoshi Club x Alien Worlds Russian

⚠️Click to see the hour
⚠️Total Reward pool: $700

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

Part 3: 400$ – A quiz about Alien Worlds Russian

For more details:
Alien Worlds Russian – @AlienWorldsRuOffical
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish

Some people don’t need to be introduced, but communication with them brings a lot of useful and interesting information. And today we would like to tell you about the AMA session with our friendCharlie Lee. The AMA took place on January 12 and our guestwasCharlie Lee, creator of Litecoin, cryptocurrency Enthusiast, ex-Director of Engineering at Coinbase, Managing Director of the Litecoin Foundation.

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

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

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

Irina K. | @satoshi_club: Hi everyone

Serg | Satoshi Club: Hello to everyone! We are pleased to announce our guest today: @coblee (Charlie Lee) Welcome to Satoshi Club!

Irina K. | @satoshi_club: welcome @coblee. We’re glad you took the time to join us today

Charlie Lee: Hey guys. Happy to be here.

Irina K. | @satoshi_club: Looking forward to a cool AMA 🕶 How are you today? What part of the day is for you?

Charlie Lee: it’s 10am

Irina K. | @satoshi_club: Sorry we made you wake up so early 😀

Serg | Satoshi Club: I am curious, have you ever done an AMA on Telegram before? 🙂

Charlie Lee: yes, a few times

Serg | Satoshi Club: some people actually wake up at 7-8 AM, not like us 😁

Irina K. | @satoshi_club: Really? 😁

Serg | Satoshi Club: Usually we ask for an introduction from our guests but I think you don’t need any intro 😀 maybe you would like to say some interestinf news before with the querstions from the community?

Charlie Lee: Let’s do it

Q1 from Telegram user @likechips

I read that you created LTC while being employed at Google. Didn’t this create some conflict of interests? I heard that sometimes they try to steal tech developed by people who are employed by them at the time of it being created.

Charlie Lee: I’m not aware of Google trying to steal tech from people. But it is true that if you used your company’s resources to develop something, that thing belongs to the company. I didn’t work on Litecoin on Google campus. Only worked on it on nights and weekends at home. That said, Litecoin is open source software. Even if I did work on it at Google, there’s nothing for Google to steal. They can’t claim it because it’s already open source.

Serg | Satoshi Club: what was the main purpose behind it? Did you want to make a better Bitcoin or something different

Charlie Lee: Partially for fun and partially to make something that complements Bitcoin. Before Litecoin, there were about a dozen or so other alcoins. Each of them was launched with a premine. I decided that I can create something better than what’s out there but launch it fairly. So Litecoin doesn’t have a premine and I released the source code and binaries a week ahead of launch so people can test the software and mine on testnet before the launch. At launch, people can just change a configuration and immediately start mining Litecoin. I had no unfair advantage and had to compete with everyone else to mine my litecoins.

Serg | Satoshi Club: At the beginning, did you ever imagine that Litecoin and crypto in general will get at such capitalizations and growing adoption?

Charlie Lee: Lots of coins forked from Litecoin, but I don’t know of a single fork that copied the way I launched Litecoin. I believed Bitcoin would get such capitalization and adoption, but I did not expect much from Litecoin. Litecoin’s success was truly unimaginable. Just for reference, when I launched Litecoin, Bitcoin’s marketcap was around $100m. Today, Litecoin’s marketcap is about 100x that of Bitcoin’s marketcap back then.

Irina K. | @satoshi_club: What hardware did you use in the beginning?

Charlie Lee: When Litecoin launched, it was CPU minable. So I just mined on my laptop.

Irina K. | @satoshi_club: Not a lot of people caught the days when it was still reasonable to mine from a laptop 😀

Serg | Satoshi Club: When I first heard of that I didn’t take it seriously. So, I didn’t mine 😁

Irina K. | @satoshi_club: No lost hard drives for you then 😀

Serg | Satoshi Club: and no pizza with 10k BTC 😁 Btw, I’ve read in some articles that you net worth is 21 billion $. If it’s true, you are among the richest people on Earth. Is it true? 🙂 It’s up to you if you want to answer that 🙂

Charlie Lee: I’d love to see that article. I will frame it. I’m doing well because I was early into Bitcoin. Since I launched Litecoin fairly, I didn’t have a lot, so selling LTC didn’t really move the needle for me. People don’t understand that. Creators of Ethereum, Ripple, and other premined coins, are billionaires because they printed coins out of thin air to give to themselves. I didn’t do that. So, unfortunately, no I don’t have a billion dollars. If I did, I wouldn’t be here doing an AMA. 😄

Irina K. | @satoshi_club: Why not? AMA’s are fun 😀 But I guess they are more fun when you do them from your yacht or something 😀

Serg | Satoshi Club: https://www.wealthypersons.com/charlie-lee-net-worth-2020-2021/
this is the article 😁

Charlie Lee: They also made me 3 inches taller. lol

Serg | Satoshi Club: they even claim to know your weight, height and so on 😁 oh, so they don’t know 😁

Irina K. | @satoshi_club: so it’s 18 billion? 😀

Serg | Satoshi Club: and some billions richer 😁

Charlie Lee: closer 😄

Q2 from Telegram user @waterbanner

When I write Charlie Lee in google, the first search recommendation is for: Charlie Lee sold Litecoin.
There were a lot of discussions regarding this topic. Can you clarify those speculations. Do you still have LTC or not?

Serg | Satoshi Club: btw, @iri_kravchuk , do you hodl LTC?

Charlie Lee: I still have some LTC that I have bought over the past couple years. I spend LTC and use it for example with the Litecoin Visa card. I’m not invested financially in LTC, but that doesn’t mean I’m not invested in Litecoin. I’ve been working on Litecoin with the Litecoin Foundation and I’m invested in the success of Litecoin, but I’m not financially tied to it. The reason I did that is because I don’t want to be motivated by money. I don’t want to make decisions that pump Litecoin price but is not good for Litecoin in the long term.

Irina K. | @satoshi_club: Yep

Serg | Satoshi Club: Is the card available in Europe?

Charlie Lee: Not yet. US only for now, but working on Europe. Maybe soon

Irina K. | @satoshi_club: I guess some people think that hodling is a form of showing trust. You think this is relevant?

Serg | Satoshi Club: I think that yes. I do trading but I have a portion of crypto which I am never touching

Irina K. | @satoshi_club: Nice to see it :grin:. What about @coblee? So what are the untouchables for you @sspurss?

Charlie Lee: Most people are stuck in thinking it like CEOs having shares of their company. Litecoin is a decentralized currency and is totally different. CEOs are given shares for free. (I wasn’t) Their job is to increase shareholder value. (Mine isn’t) So you need to incentivize them to do the right thing by having them hold a lot of the shares, so the interest is aligned. My job is not to increase LTC value, but to increase LTC adoption. Yes, it’s correlated but it’s not exactly the same. Maybe you can be upset if Vitalik doesn’t hodl because he was given his ETH or Brad Garlinghouse for dumping his XRP for billions. But since I bought and mined all my LTC just like everyone else, I can do whatever I want with them. And the only reason why people know that I sold is because I was transparent about it. If I didn’t say anything, no one would know.

Irina K. | @satoshi_club: Yeah, that’s interesting actually. Why did you feel you needed to announce/ talk about it?

Charlie Lee: Lastly, I’m not paid anything by the Litecoin Foundation. I’m doing what I do because I want Litecoin to succeed. My legacy is tied to the success of Litecoin. That’s more incentives than any LTC can give me.

Serg | Satoshi Club: The top of the Maslow’s hierarchy. Yes, I remember your Tweet from 2017 🙂

Charlie Lee: I always think transparency is important and I have nothing to hide. But “sold at ATH” narrative is definitely very distracting today. And there was no way I knew it was going to be near the ATH back then. I don’t have inside information on the price movement of the whole industry. If people thought it was a bad thing, they could have sold their coins after I announced. The price of LTC actually went up for a few days after that. To me, it’s ridiculous that people are still blaming me. But it is what it is.

Q3 from Telegram user @mikolajcek

Litecoin have almost 10 years. There are not so many projects with such longevity. What are your next objectives at Litecoin Foundation and what are your duties for the foundation

Charlie Lee: It’s pretty special that Litecoin has remained in the top10 marketcap for so many years. The best part is that the Litecoin network has worked nonstop and flawlessly for almost 10 years. I’m managing director of the Litecoin Foundation, so I effectively run the foundation. The foundation’s mission is to work on development and adoption of Litecoin. So that includes work on the Litecoin Core software, wallets like Litewallet, partnerships with the likes of Litecoin Card, and just everything that will help increase adoption of Litecoin worldwide.

Currently, one of the bigger projects is MWEB, which is adding Mimblewimble as extension blocks to Litecoin. We plan to push that out this year

Serg | Satoshi Club: can you tell us on what have you worked in the last 3 months for example? What was the main focus of the foundation. Or your department work on different aspects simultaneously? I’ve read some news about Flare as well. are you helping them or they build independently?

Charlie Lee: we work on many things at once with many different parners like Flare, Ternio, etc.

Irina K. | @satoshi_club: Is Litecoin Card an inhouse project? Or is it developed by another company? I think this could be a great adoption tool

Charlie Lee: It’s a partnership with Ternio. They developed the Blockcard and we are using that technology for the Litecoin Card

Irina K. | @satoshi_club: Got it. How fast is the LTC community growing? Did it change in 2020? Or it’s a steady grow?

Charlie Lee: It’s very hard to measure community growth for a decentralized cryptocurrency.

Serg | Satoshi Club: yep, you can get some sort of idea based on how many wallets or active wallets are there, but some people use only exchanges. So, it’s hard to measure how many people own LTC just on exchanges

Charlie Lee: We saw a lot of growth in Litewallet downloads and daily users. I expect 2021 to be an even better year.Bull markets tend to be very good as expected

Q4 from Telegram user @hadrianus14

How big is the Litecoin foundation at the moment? How many people are involved directly in it? I mean on the about us section I saw a lot of names, but the has a few errors, copyright info is not updated, looks a bit forgoten to be honest

Charlie Lee: Litecoin Foundation has 4 board directors, who are all unpaid volunteers. We have a few paid positions: operations director, projects director, marketing director, website manager, and 2 developers. And many volunteers helping out with all sorts of things.

Serg | Satoshi Club: what is the early budget of the foundation? yearly

Charlie Lee: Budget is about $100k-$150k

Serg | Satoshi Club: is it from donations or you have some sort of income?

Charlie Lee: From donations, merchandise sale, and partnership rev share. For example, we’ve made money from selling the Litecoin Block.

Irina K. | @satoshi_club: What is Litecoin Block?

Charlie Lee: ltcblock . com

With the recent rise in crypto prices, we now have a runway of 5+ years. We’re pretty lean. We’re not like other foundations that have millions of dollars from selling premines. So we do what we can to help Litecoin.

Irina K. | @satoshi_club: Oh, that’s creative

Serg | Satoshi Club: thanks, Charlie. I really like your philosophy at the foundation

Charlie Lee: If Litecoin Foundation runs out of money and disappears, Litecoin will still go on without any issue. Some people may not realize this but the Litecoin Foundation only started in 2016.

Q5 from Telegram user @peerpeer

With the evolving of all other chains, some of which have low to no fees at all, what makes LTC relevant? Why is it special?

Charlie Lee: Low fees is not that important. That’s what communities like Nano, for example, don’t understand. The most important thing for success at least initially is liquidity. Litecoin is one of the most liquid coins. It’s on practically every single exchange and it’s daily volume exceeds even its marketcap on most days. Without liquidity, the coin cannot succeed. The 2nd important thing is infrastructure adoption. I’m talking about wallets, ATMs, credit cards, merchant processors, and brokerage sites like Robinhood and PayPal. Compared to most coins, Litecoin is doing extremely well in here. LTC is the #2 most supported coin on ATMs behind Bitcoin. It’s one of only 4 coins supported on PayPal.

That said, Litecoin’s fees are still very low today. Litecoin is boring but it works. In the end, that’s what you want your money to be. Boring but works flawlessly.

Serg | Satoshi Club: and I think you have an answer for this in a recent tweet of yours 🙂

this is the tweet I mentioned 🙂

Charlie Lee: yeah, that’s a good tweet. 😄

Q6 from Telegram user @fabricino

The foundation is registered in Singapore, but the team seems from all around the word. Where are you located after all?

Irina K. | @satoshi_club: That should be an easy one

Serg | Satoshi Club: I think he meant about offices, headquarters

Charlie Lee: I’m in California. We have some people in LA, UK, Singapore. People are all over the world. we don’t have offices and headquarters. Don’t have the money! 😄

Serg | Satoshi Club: I know some very cheap places for offices 😁 😁

Charlie Lee: when we are ready, we will have our headquarters on the moon

Irina K. | @satoshi_club: Which side of the moon?

Serg | Satoshi Club: bright side of course 😁

Irina K. | @satoshi_club: You never know 😀

Charlie Lee: Lite side of the moon

Part 2 — live questions from the Telegram community

Q1 from Telegram user @Gutike95

the definition of Litecoin is simply “decentralized money”? but really the other cryptocurrency projects are not the same Decentralized money?

Charlie Lee: Most projects try to do too much. Litecoin just tries to do one thing, which is to be good sound money.

Q2 from Telegram user @cengizhantekin

XRP had a great Spark airdrop recently but after that has been dealing with SEC case and delistings. Now I heard that Litecoin will also do a Spark airdrop. Can you please share the details of the airdrop? And should we expect a SEC case afterwards 🙂

Charlie Lee: I don’t have details on the airdrop right now. Stay tuned. Flare will announce it. I don’t expect an SEC case. 🙂

Q3 from Telegram user @Jonahapagu

There are reports that no one is working on the development of Litecoin protocol.. does this bother you at the moment, and what can you say is the reason for the lack of interest of developers in working on Litecoin protocol.. don’t you think this spells doom for the future of litecoin

Charlie Lee: We are constantly working on protocol development. But you have to understand that Litecoin gets most of the work from Bitcoin. So there’s not a lot of work to keep Litecoin up to date. Never was a lot of work. Litecoin works as is today. So if we stop all future development work, Litecoin will still continue to work. So development is not a requirement for success like it is for most other projects.
That said, we are doing a lot of work on MWEB. Stay tuned for that.

Q4 from Telegram user @Nickkiii

Are one-sided mimblewimble transactions finally supported on the Litecoin Network?

Charlie Lee: We’re working on that. We plan to have one-side transactions at launch of MWEB

Q5 from Telegram user @KeymerS

The only benefits that LTC provides to its users is the guarantee that its value will increase considerably over time? Or do you plan to benefit them with some liquidity mining system, farms?

Charlie Lee: That’s a wrong way to look at it. The value LTC provide is censorship-resistant money.

Q6 from Telegram user @Spott

” Core v0.18.1.” of LITECOIN was released last year,
How can users upgrade and what are the added features and will you release another upgraded version ?

Charlie Lee: Working on v0.20 now.

Q7 from Telegram user @Isabelherrera_fontes

About scalability, have any project to make the transactions of ltc more fast? I wait five ten minutes to send small amount!

Charlie Lee: The Lightning Network also works on Litecoin. I think LN will continue to improve this year and will become very popular on Bitcoin and Litecoin.

Q8 from Telegram user @Jonahapagu

There has been a lot of controversies regarding litecoin’s instamine phase, that the initial distribution of Litecoin was done in an unfair and uneven manner, and two years back you were criticised for posting and deleting a tweet that was aimed at Dash where you claimed that Dash was launched to friends only for the first few days and then total supply reduced after that which to many isa similar issue to what you were being criticised for…so what is your stand regarding the controversies associated with litecoin’s Instamine phase, what issues did you have with DASH and why was that tweet deleted…

Charlie Lee: Litecoin had an issue initially where it was mining coins very fast for the first few days. But because it was fairly launched, everyone had the same opportunity for those coins. Like I said previously coins forked from Litecoin but didn’t copy the way it was launched fairly. Dash didn’t launch with Windows binaries and launched secretly to insiders. Those insiders were able to mine a lot of coins very fast, much faster than with Litecoin’s launch. And later on they voted to reduce the total supply, which made the initial distribution problem worse. So I criticized them for this and later on deleted the tweet because I didn’t want to create more drama.

Q9 from Telegram user @K2ice

Why do you feel low fees is not that important?

Charlie Lee: Decentralization comes at a cost. There are trade offs. Ideally you want a coin that is secure, low cost, and censorship resistant. I think you may only get 2 out of these 3. So low cost might have to go eventually. But you can build layers on top of the coin to achieve low cost and that’s what Lightning Network is.

Q10 from Telegram user @GoldRocket27

Tell me please, is Litecoincard working or still in development? I can’t figure out, the registration form works, and the Android & IOS app doesn’t downloads. What prevents the release of this card?

Charlie Lee: The card is works. You can register and order a card from the website. We are working on integration with Litewallet. That should launch soon.

Q11 from Telegram user @konditer_rolex

In 2018, you bought a Nano and told everyone about it. Since then, I have been a Nano holder and have never used Litecoin. Tell me which coin is better than Litecoin now?

Charlie Lee: Nano still can’t compete with Litecoin in terms of liquidity, decentralization, and adoption. Only coin better than Litecoin is Bitcoin.

Q12 from Telegram user @Boylut

Can you tell us the relationship between you and Bobby lee of Ballet?

Charlie Lee: Bobby is my brother

Q13 from Telegram user @Mamitabella

Hi what do you think of Hex @coblee is at Litecoin level?

Charlie Lee: Not even in the same ballpark 😄

Q14 from Telegram user @alptrader

Is it possible for a coin to be forked from litecoin and reach a higher market cap than litecoin?

Charlie Lee: yes. at one point Dash had a higher marketcap

Q15 from Telegram user @Cakelov

As I remember, the selling point from Litecoin is “Asic Resistance”. ASIC-resistant is the property of a cryptocurrency that is “immune” to Asicmining. But it looks like Litecoin already abandoned that goal. Can you tell us the reason?

Charlie Lee: To me asic resistance means that it resists asics from happening, but it’s not asic-proof. It was very important for Litecoin to be CPU-minable in the beginning, so asic-resistance was important and it did its job.

Q16 from Telegram user @stargateeatlantis

Do you allow anyone to copy your code and start publishing their own coin?

Charlie Lee: yes, it’s open source. Thousands have

Part 3 – Quiz Results

Charlie Lee prepared 4 questions for this part. The total reward pool for quiz was 300$.

For more information and future AMAs, join our Social Media channels:
English Telegram group: https://t.me/Satoshi_club
Russian Telegram group: https://t.me/satoshi_club_ru

Spanish Telegram group: https://t.me/satoshi_club_spanish
Telegram Channel: https://t.me/satoshi_club_channel
Twitter: https://twitter.com/realsatoshiclub
Website: https://esatoshi.club/

Our partners:

Litecoin Community: https://t.me/Litecoin

We are pleased to announce our next AMA on January 20th 2021 at 11:00 AM UTC Time: Satoshi Club x MahaDAO

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

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

Part 3: 300$ – A quiz about MahaDAO

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