Month: January 2021

Today in Satoshi we had Club thematic guests – in the middle of winter our friends from NORD Finance visited us. And now we would like to tell you about this AMA session. The AMA took place on January 10 and our guestwas Amarnath CEO of Nord Finance.

The total reward pool was 1000$ and has been splitted in 3 parts.

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

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

Luis Merino | Satoshi Club: Hello SatoshiClubbers! Welcome to another AMA session with us. Today we have Nord Finance. @amarnath_reddy welcome!

Amarnath | Nord Finance: Hello Everyone , thank you for inviting me here . Glad to be here !

GoldRocket: Good evening, dear community! We are delighted to welcome our guest from Nord Finance. Greetings @amarnath_reddy! Welcome to Satoshi Club!

Luis Merino | Satoshi Club: Can you please tell us a short intro about yourself and how did you get involved in Nord Finance? 🙂

Amarnath | Nord Finance: Sure. My self Amarnath CEO of Nord Finance , I have been into crypto since 2017 end, the exact last bull run. I was fascinated by the technology and volatility of the industry, we then Co-Founded Amesten Asset (crypto Hedge fund) along with Sachin jain, taking care of operations and Research analyst for early-stage blockchain startups.
After leaving from Amesten in Sept 2020 , I have Co-founded Nord Finance along with @jigneshvasoya who is lead Developer at Tezos India Foundation , he also worked on financial platforms with Ethereum & Hyperledger Fabric. Jignesh and me know each other for quite sometime and we have been exploring DeFi space for quite some time , we then came up with this idea of founding Nord Finance ( Earlier it was Slick Finance ).

Luis Merino | Satoshi Club: Maybe that bull run impulsed your interest in crypto? 😉

Amarnath | Nord Finance: Yes and happy to see Bulls are back in force !

Luis Merino | Satoshi Club: Two friends are doing business! :+1:

Q1 from Telegram User @miki_mik

What does block-chain agnostic mean? It’s the first time I encounter this term, can you tell us how does it reflect in your tech and project in general?

Amarnath | Nord Finance: Yes in simple terms we meant to be a cross chain Interoperable solution for the needs of users , by saying so we wanted to be onestop solution for user needs and provide access to different blockchain compatible DeFi protocols.

Nord.Bridge
Designed as a unique combination of smart contracts to facilitate cross-chain transactions to enhance platform’s utility and drive functionality. Therefore, there are two significant aspects to consider to implement the use-case of the protocol – atomic cross-chain swaps followed by cross-chain bridges.
The Atomic cross-chain swaps facilitate token exchange from one blockchain network to another.
In comparison, the cross-chain bridge serves as an instant transaction mechanism across different blockchain networks.
The Nord.Bridge mechanism allows connecting the ERC20 contracts to other compatible blockchain and side chains such as Binance Smart Chain, Matic Network, and others. The Nord.Bridge is designed to deliver the best of both worlds by promoting token swaps in real-time and depositing/withdrawing funds across compatible blockchains. This fuels adoption as it helps integrate seamless access to financial markets and different financial instruments under one roof.
The Nord.Bridge and Nord.Controllers are interoperable as the former facilitates the latter to extract the APY details across different compatible chains. Thus, making the process easier as all relevant data is available at the same place in real-time.

little more explanation about this !

Q2 from Telegram User @michaelaelf

Can you tell us more about your partnership with Frontier? Why did you need a partner to develop a mobile version of your service? Or is this partnership more than this?

Amarnath | Nord Finance: The partnership with Frontier will enable access to Nord Savings on Frontier Mobile interface. Users will be able to access Nord Savings by connecting mobile wallets with the Frontier DeFi interface.
The synergy between Nord Finance and Frontier helps us build the perfect tools to make DeFi more accessible bringing us one step closer to mass adoption. Both companies share the same vision of bringing cross-chain interoperability to DeFi.
You can find more at https://nordfinance.medium.com/nord-finance-and-frontier-form-strategic-partnership-to-introduce-nord-savings-on-mobile-8e3a635850d9

Luis Merino | Satoshi Club: Go give some claps to that article guys 😉

GoldRocket: Btw in your article on Medium, you said: “The opportunities in front of us were much bigger than the goal we set for ourselves at the very beginning.” Reveal the secret of what features have become available to you and can you say that your protocol is better thought out than CURV?

Luis Merino | Satoshi Club: Are you planning some other parterships to keep developing your product?

Amarnath | Nord Finance: I think you are referring to this , we initially formed Slick Finance with the goal of only a savings product and then evolved into Nord Fiancee as a full pledged DeFi Eco System https://nordfinance.medium.com/slick-finance-is-evolving-introducing-nord-finance-5f1352a2196d

We do have few in advanced discussions and due for announcements in coming weeks. We had Zokyo announcement just couple of days back

https://nordfinance.medium.com/nord-finance-forms-strategic-partnership-with-leading-blockchain-security-and-engineering-firm-ec03babe7c58

Luis Merino | Satoshi Club: Any hints you can give us about future collabs?

Amarnath | Nord Finance: haha 🙂 , you will see them very soon . Fellow DeFi ecosystem projects who are supporting us even from early stage investments . Also may be a one or two blockchains who will be officially onboarding us ! Too much to reveal now I think 🙂

Q3 from Telegram User @aawutt

You talk about APY Maximization but don’t explain how you intend to do it. Please get into specifics, because everyone promises higher APY’s, but not everyone can deliver this.

Amarnath | Nord Finance: We have written a full article about this on our medium platoform
The Nord Savings Module is an automated tool designed to identify the best stable-coin based yield-farming strategies across blockchains. The module tracks prices, pool-wise liquidity, current & historical pool APY trends and assigns a risk-score to each strategy in real-time. Post which, the module allocates capital based on pool-wise risk-scores with the objective of delivering highest APY while following the community identified risk strategies as guard-rails.
https://nordfinance.medium.com/how-does-nord-savings-work-part-3-39e4a918c6c2

Luis Merino | Satoshi Club: As I see your Medium is full of useful information. I’ll follow it 😊 😊

Amarnath | Nord Finance: Yes they are indeed 🙂 you will sure like them and give some claps too !

GoldRocket: I didn’t understand about Zero-Cost Transactions because of the word final APY.Pooled liquidity. Is it really zero transaction cost or is the cost per transaction deducted from my final income?

Amarnath | Nord Finance: What we are trying to do is to optimize the fees of users by pooling the liquidity . Also for user to onboard onto our platform we are integrating a solution where user dont need to worry about ETH balance for paying the gas fee and at the same time contract will automatically adjust gas fees in final APYs. So its a effective zero transaction fee on the user while onboarding. Can read more about here https://nordfinance.medium.com/how-does-nord-savings-work-part-2-b70483631273

Q4 from Telegram User @Anacruzz

Raising too much money in private or seed is always a concern for small investors who participate in the public sale. This is because they buy with lower price and can easily sell with profit. So, my question is: How much did you raise in private and what is their vesting period?

Amarnath | Nord Finance: We are aware of this concern of raising heavy , due to which we set our fund raising goals to limited amount so that it will help us to run overheads at least for 2/3 years . We also make sure that our fundings are spread across many investors and fellow founders who believed in us so that immediate sell pressure from single entity wont be there . We have long vestings for the investors as well. We tried our best to balance things and raised only what is required . 510,000 $NORD is allocated to seed round investors at 0.45$. 1,590,000 $NORD are allocated to private sale round at 0.63$. Early-stage seed round and strategic private sale investors tokens are vested for 12 months with 15% token being unlocked on listing and rest with daily distribution from day 31 for the next 11 months. https://news.yahoo.com/nord-finance-raises-1-23m-104200710.html?soc_src=community&soc_trk=ma

Q5 from Telegram User @fabricino

The first product available in your ecosystem will be Nord.Savings
Explain what features will be available there and why should I move my funds from other platforms where I use their savings services to your savings platform?

Amarnath | Nord Finance: Nord Savings allows optimizing returns through a multi-chain yield-farming mechanism for stable coin farming with the highest possible risk-adjusted returns. To maximize returns, the protocol employs the highest risk-adjusted APY’s. Whereas it leverages the DeFi Score framework to assess and analyze the dynamics of protocol risks. Nord.Savings provides a seamless interface to access the world of DeFi-based yield farming effortlessly without any technical implications as the traditional financial counterparts.
We are also not limited to single chain , as we are going to integrate with different blockchains enabling the user pools able to interact with most secure DeFi protocols and try to get optimize yield. We are also not limited to only one product as we are going to onboard additional services like advisory loans and swaps etc.. what we are trying to do is become an One stop solution for all the needs so that user dont need to switch between platforms incase of any change in priorities in future .

Q6 from Telegram User @bitalik_vuterin

Nord Advisory is interesting. It’s practically a robot which tells me how to invest according to my profile. Creates a custom strategy for me. As far as I know, this kind of things require a very performant AI. It’s very hard to do such a thing and it’s prone to errors. Who will take responsibility if that AI chooses to invest in a low quality token and I will loose my money?

Amarnath | Nord Finance: Nord’s robo-advisory service designed to bring customized strategies for users to hold better positions based on their financial goals. The automated robo service analyzes the user profile and evaluates personalized solutions that will help accomplish the users’ financial goals by employing a diversified portfolio.
Risk profile based on their risk required, risk tolerance and risk capacity to accomplish the user’s financial goals
By saying this I have to agree with you that the customized stratagies has to be back tested and make sure that user assets goes to safe and secure investments according to their risk appetite . As this involves lots of internal testings and we have chosen our road map to late 2021 so that we have enough time to test these stratagies and will have guarded launch of this services to make sure we learn over the time and implement changes if any accordingly .

Part 2 — live questions from the Telegram community

Q1 from Telegram user @Spott

Explain ZOKyo’s relationship with NORD FINANCE ?

Amarnath | Nord Finance: The Nord Finance team is always on a hunt to join forces that could bring out the best in the decentralized space. Today we undertake a crucial strategic partnership with Zokyo’s Blockchain Security team, a well respected and well renown team of white-hat hackers, cryptographers, security researchers, and blockchain engineers. Forging ahead, Nord Finance will have its entire product portfolio audited by Zokyo in a long term strategic security move. https://nordfinance.medium.com/nord-finance-forms-strategic-partnership-with-leading-blockchain-security-and-engineering-firm-ec03babe7c58

Q2 from Telegram user @vedamatrix

Do you create any tokenburn roadmaps for increasing the token value for customer benefits?

Amarnath | Nord Finance: We do have similar plans , as part of our token utility we have service fee structure in-place , brief details are as follows
Service fees: For the services rendered a small fee/profit share would be charged by the protocol in $NORD. These fees will be retained in the protocol treasury. As part of our revenue model we have some % of fund used to buy back our own token and move the same to the treasury. This will help us to believe in accumulating our own token and indirectly help to lock circulation supply from the market.

Q3 from Telegram user Marian Merheb

We can see your Founding Team on your page, but what about all your team right now? How many people do you have working with you? Are you looking to hire more staff? Could you tell us a little bit of their background and why did you choose them to work with you in Nord Finance?

Amarnath | Nord Finance: We do have 5 developers working under our CTO Jignesh , experience with blockchain , Solidity programming and Smart-contract writing and security is the main focus in choosing . We also have 1 CMO and under him marketing and PR team . We do have few advisors on board . We will revamp our website soon which will reflect with all details.

Q4 from Telegram user @AugusS7

An event as important as “Nord Finance IDO is on Polkastarter” why is it not on the Road Map or in the advertisements on your website? Is it because it was unexpected? If so, then should we not be guided by the information on your Road Map but by the official Telegram channel?

Amarnath | Nord Finance: Polkastarter is a permissionless DEX built for cross-chain token pools and auctions, enabling projects to raise capital on a decentralized and interoperable environment.
Our goal is to use a platform for enabling public to contribute in decentralized environment. So we have identified polka-starter in later stage of our IDO search and we are glad we chose them.
https://nordfinance.medium.com/nord-finance-nord-announces-its-ido-on-leading-cross-chain-auction-protocol-polkastarter-4f34bcfbf07d

Q5 from Telegram user Mega

Can you tell what is the use of NORD token in your platform? Do you have incentives program for holding NORD token?

Amarnath | Nord Finance: $NORD token has various utilities in the Nord Finance financial ecosystems:
Liquidity Mining: In order for the Nord Finance ecosystem to function properly, users would need to be incentivised to play the role of liquidity providers and stake their digital assets into the market making pools. As compensation for opportunity costs as well as impermanent losses, these liquidity providers which help to promote adoption of the Nord Finance ecosystem by staking or including assets to liquidity pools would be rewarded with $NORD tokens (i.e. liquidity “mining” programs on the Nord Finance ecosystem), according to each user’s relative contribution after various adjustment and correction parameters.
Incentivizing programs: Users can earn $NORD token incentives by participating in the platform, for example trading/exchanging, or development of new strategies for the vault.
Distributing Fee Rewards: In order to stimulate participation in the platform , $NORD token will be distributed as rewards to users for various contests and community giveaways.
Community governance incentives: The $NORD token holders will earnestly participate in the protocol’s governance by voting on various proposals regarding product upgrades. Users will be required to stake their $NORD tokens in the staking program to participate in governance and vote on proposals, and as a reward they will be able to earn additional $NORD tokens proportionate to their contributions.
Service fees: For the services rendered a small fee/profit share would be charged by the protocol in $NORD. These fees will be retained in the protocol treasury.
Cross Chain Settlement: Using the $NORD token as the base platform currency, $NORD will expedite digital asset swaps between compatible blockchain seamlessly.

Q6 from Telegram user Borax

Which wallet applications on android or ios will you support to buy and sell Nord tokens to?

Amarnath | Nord Finance: We dont have any inhouse app for android or IOS , all users will have to interact directly on our website. However we have partnered with Frontier which has their inbuilt app to interact with nord finance products in future .

Q7 from Telegram user @konditer_rolex

How can I Purchase Nord Token without using the Ethereum network?

Amarnath | Nord Finance: You cant as of now ,we are ERC20 token and will be available to trade on uniswap on 12th Jan onwards. We do have plans to launch our token on other blockchains , however it will come in later stage after integrating our protocol into other chains.

Q8 from Telegram user @Korryl

Hello, you have great project.Do you have any private sale or ICO that still ongoing right now ? How to participate ? Could you pls share link where to buy?

Amarnath | Nord Finance: We have our IDO on polkastarter on 12th Jan and immediately listing on Uniswap same day with $373K initial market cap with very low initial supply of 4.14%.
Our whitelisting application process is completed with overwhelming 20K+ applications for 700 slots . We will have lottery results on 12th Jan before the IDO.
https://nordfinance.medium.com/nord-finance-nord-announces-its-ido-on-leading-cross-chain-auction-protocol-polkastarter-4f34bcfbf07d

Q9 from Telegram user @smelekin

Did you publish your smart contract to be viewed by public or is it private?

Amarnath | Nord Finance: Our Smart contract for both Token contract and Nord savings V1 is under security audit , we will release them for the public after completing the audit with detailed report !

Q10 from Telegram user @m_i_l_e_s_u

What was the biggest milestone your project has? What is plan in the future ?

Amarnath | Nord Finance: Nord Savings V1 on ethereum is planned to be launched in Jan 2021, followed by our liquidity mining program and applying stable coin yield farming strategies. Savings V2 is planned in Q1 2021 which will be extended to other blockchains such as the binance chain , matic , tezos and polka dot ( not in any particular order). Then we have a road map to launch swaps, loans and advisory etc.. . More can be found at https://nordfinance.io/

Part 3 – Quiz Results

In the final part we tested your knowledge in terms of NORD Finance. They’ve prepared 4 questions for this part. The total reward pool for quiz was 700$.

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

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We are pleased to announce our next AMA on January 12th 2021 at 06:00 PM UTC Time: Satoshi Club x Charlie Lee

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

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

Part 3: 300$ – A quiz about Charlie Lee

For more details:
Charlie Lee – @Litecoin
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish

PART 1. Introduction of ShuttleOne project and community questions.

Hello, Satoshi clubbers and guests of this site. This time we are hosting a project that provides seamless access to credit and efficient cross-border transactions, cross-border transfers for our users and partners from ASEAN to the world, G2B organizations to facilitate the financing of global trade, and much more.
  Shuttleone builds digital currency infrastructure on the blockchain that delivers seamless financial services in an age of programmable money.

The plan of AMA session:

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

The reward pool is 500$

Leading the AMA our clever and fun admins:

Gold Rocket | Satoshi Club  – @GoldRocket27 and D. | Satoshi Club – @Cool_as_Ice

The Representative of the project:

Zhuang – @Zhuangg535 – Steering the shuttle

Introduction of ShuttleOne project.

Gold Rocket | Satoshi Club:

Hello, dear Satoshi Clubbers!

We are pleased to announce our AMA with ShuttleOne. 😊

D| Satoshi Club:

Hi everyone!

Gold Rocket | Satoshi Club:

How is your Christmas going?🎄😊

Gold Rocket | Satoshi Club:

@Zhuang g535 welcome to Satoshi Club❤️

Zhuang:

Thank you!! A pleasure to be here.

D| Satoshi Club:

Welcome! 😊

Zhuang:

Thanks for having me

Gold Rocket | Satoshi Club:

Please tell us a little about yourself! how did you get into the crypto industry?

Zhuang:

Happy to….! My friends call me Zhuang, I am based in Singapore…. I’ve been involved in crypto since sometime in 2017, and have been full time in this for the past 4 years now…

Gold Rocket | Satoshi Club:

And about ShuttleOne. What is it?

Zhuang:

Prior to that, I was doing another type of farming…in agriculture, and prior to being a farmer, I was in investment banking.

ShuttleOne is a blockchain project that we’ve been building for the past 2 years by now, it basically Defi for the real world where we tokenize assets and against those assets underwrite loans for various assets such as food commodities, energy commodities, and other real-world assets.

D| Satoshi Club:

Awesome! 👍

Zhuang:

Thank you!

Gold Rocket | Satoshi Club:

Thank you! share immediately useful links about the project @Zhuang g535

You guys may find a one-stop-shop of information here:

https://shuttleone.gitbook.io/step-by-step-guide-to-the-shuttleone-network/

Since we’ve been around for the past 2 years, our products can be found here, where we are paying out one of the highest and most stable APY% in the crypto space here:

www.shuttleone.io/mainnet

For a full list of our products you may go to:

https://www.shuttleone.io/product.php

You may check out our list of products here too

Liquidity Mining

https://www.shuttleone.io/mainnet/

Demo of Our Enterprise Product

Basically, we have been serving institutions and more specifically government 2 business (G2B) institutions here in South East Asia…

So this current BTC wave. HaHa i can safely say institutions are already in.

Gold Rocket | Satoshi Club:

Sounds good! 😁 Thanks for sharing👍

Zhuang:

Thank you my pleasure.

Gold Rocket | Satoshi Club:

Thanks for the introduction, we will have a question selected for Part 1. ready to start?

Zhuang:

Yes, let’s go!

Preselected questions about the ShuttleOne DeFi project.

Gold Rocket | Satoshi Club:

Q1 from Telegram user @Arisabela

Shuttle one is especially concern about money laundering and terrorism financing, maybe it’s the reason you have built your technology under the premise: “Private but not secret”. What innovative tools does Shuttle One have to protect its user’s data?

Gold Rocket | Satoshi Club:

Um … interesting question

Zhuang:

To fully address this question. I would like to say that ShuttleOne is currently under the application for the licensing regime here in Singapore, under the Monetary Authority of Singapore. That’s why we are especially concerned about money laundering + CTF (counter-terror financing). However, on the flip side, we are very concerned about users’ private data and information. At the same time, the nature of openness that public blockchains bring, for the past over 2 years, we have pioneered and beta tested a mobile wallet (which is currently decommissioned for further upgrades) but you folks may find it in the Apple and Google app stores under ShuttleOne Wallet. What we do is using the digital identities of the users that we serve, we hash it into an NFT (we call it now the Risk Assessment Token) and we represent the identity data of these users that we serve using this NFT. At the same time, their private data isn’t stored by us, only the representation – there for private but not secret.

Gold Rocket | Satoshi Club:

Can you demonstrate this?

Zhuang:

Sure.

Zhuang:

https://etherscan.io/token/0x8be308b0a4cb6753783e078cf12e4a236c11a85a?a=3723

If you folks look at this eth transaction…under the RAT u will find this token ID to be 3723

Btw this was a loan that was taken from the ShuttleOne Network today.

Gold Rocket | Satoshi Club:

Yes! It’s looking good👍

Zhuang:

If we cross-check it against the database that we’ve built. You will see all the information that is needed that comes from this NFT. Underwriting this would be the digital identity of the user taking a loan + the loan details and here are the details of the trade finance that was taken.

🔥Watch $SZO Burnnnn🔥

Trade Financing disbursed by the ShuttleOne Network for US$3,500.00 in support of a Food Trader importing food commodities from Europe!

🔥Watch $SZO Burnnn🔥

Trade Financing disbursed by the ShuttleOne Network for US$3,500.00 in support of a Food Trade importing food commodities from Europe!https://t.co/YDlVC4A05w pic.twitter.com/1DmffoVb88

— ShuttleOne🚀 (@shuttle_one) December 27, 2020

So in this RAT token, which is basically an NFT, it represents not only the identity (which we are able to verify back with our partners), it also showcases the assets that are under tokenization and the loan (lien) details on it. This is how we deal with “private but not secret” since the loan is public, but yet ID remains private. NFTs are very powerful tools in enterprise DeFi of course powerful too for art haha.

We’ve been one of the few in Asia utilizing NFTs for financial services..

Gold Rocket | Satoshi Club:

I see you are at the peak of crypto trends😍

Zhuang:

HaHaHa, we are not. We are just nerds…trying to create useful products in the financial services industry.

D| Satoshi Club:

This is cool! some people suggest that NFT would be the next big thing in crypto😁

Zhuang:

Transform finance they say right? Yes!

Gold Rocket | Satoshi Club:

Thanks for such a great answer!

Zhuang:

😀

Gold Rocket | Satoshi Club:

Ready to move on?

Zhuang:

Yes sir!

D| Satoshi Club:

Q2 from Telegram user @NataliyaKil

Your Shuttle Wallet app is available on the App Store and Google Play. But after several attempts, I still could not enter it. Are there any difficulties with the application on a mobile device, or is it not fully functional yet?

Zhuang:

This question comes from a very sharp user. ShuttleOne has always prided ourselves as product creators. The wallet was something that we’ve created in 2019 actually as an MVP for the remittance industry. It didn’t gain too much traction, to be honest. At its height we were facilitating only about 1mil of remittance a month, it was a super tough business. Therefore sometime in April this year, we decided to deprioritize it and focused on DeFi for trade financing and lending and borrowing. The infrastructure of the wallet has therefore been slowed down at this stage as we focused on our partners and eventually it became the wallet in the enterprise partners that we serve here’s an example:

As for the mobile app, we are going to revive it in 2021 Q2 to connect to these enterprise users so that they are able to interact with our systems on the go! So unfortunately it is still a work in progress. To be clear on Calista Finance is owned by a Singapore government-linked company and serves global logistics networks. ShuttleOne was asked to license our Defi tech to them this year and we started to build the lending/borrowing modules into the government systems.

D| Satoshi Club:

Got it! so Calista is your partner?

Gold Rocket | Satoshi Club:

Fine! thanks for the answer! you are great fellows! tell us a little about your team.

Zhuang:

https://www.globalpsa.com/psa-and-gets-team-up-to-develop-calista/

This is Calista😀 I can’t shill government connections. hope the community makes their own minds haha. We have a pretty lean team… (helped a lot in covid19) it is only 3 of us, but we believe that lean teams can create huge impacts in products and execution…so it’s a bit different from the typical crypto project of more than 5 sometimes even 10 pax per project.

In terms of caliber, my CTO Samret W. and Lead Developer Ekkrach P. were both game developers, they developed games for Sony Playstation and XboX and was Thailand’s first licensed PS and Xbox game developers outside of the US and Japan. That has been their experience for almost 20 years since their early teens and switched to blockchain development sometime in 2018 (when I asked them to join ShuttleOne. So if you know game developers – they are legit full stake devs…I am lucky to call them teammates.

Gold Rocket | Satoshi Club:

Yes, covid ruined plans for many of us in 2020😔

Zhuang:

HaHa it’s a shit show for sure. But not for BTC? When BTC $41,549? HaHaHa.

D| Satoshi Club:

Soon 😄

Gold Rocket | Satoshi Club:

🚀 BTC to the moon

Zhuang:

In fact, it hasn’t been a shitshow for us also. Our business and transactions rocketed quite a lot during the pandemic merchants and small businesses (especially online ones) are turning to digital finance more. We’ve had e-commerce merchants who can’t get a loan from the bank for all sorts of reasons turning to crypto borrowing and i am happy to say we’ve served some 3000+ of them here in South East Asia this year. In the span of 7 short months..

🔥Watch $SZO Burnnnn🔥

Trade Financing disbursed by the ShuttleOne Network for US$16,222.00 in support of an Events Production Company importing Advertising Frames from South East Asia!

🔥Watch $SZO Burnnn🔥

Trade Financing disbursed by the ShuttleOne Network for US$16,222.00 in support of a Events Production Company importing Advertising Frames from South East Asia!https://t.co/GCwJyLFcw7 pic.twitter.com/WxW7kJ6iwN

— ShuttleOne🚀 (@shuttle_one) December 23, 2020

This is a typical example.

Gold Rocket | Satoshi Club:

Wow! Sounds good👍 You got lemon and made lemonade😉😁

HaHaHa….well we needed the support of these merchats too..typically these merchants have these characteristics:

Zhuang:

1. They do not have a relationship with the bank
2. their credit health isn’t that great
3. their borrowing quantum is very small as u may see and therefore no profits for the banks…

So it is this segment of business that we target…and it is great business we are able to consistently payout to our liquidity suppliers in the ShuttleOne Network 10% APY (that doesnt flucuate) over the past 6 months now. Likely the system will be increasing the payout soon sometime in January – on your stablecoins. Meaning if you supply $10,000, the ShuttleOne Network pays you 10% APY on $10,000 over a year’s period.

Gold Rocket | Satoshi Club:

By the way, how do you feel about KYC? Do your users need to pass KYC?

Zhuang:

Should be one of the highest stablecoin payouts in the industry. For our liquidity suppliers no – they do not need to KYC…it is as DeFi as DeFi gets.

D| Satoshi Club:

Good deal 👍

Zhuang:

However on the supplying end – we do scan the wallets and the coins that comes into our systems. If the coins are found to be blacklisted, or wallets that are shody we will inform the user and not accept the stabelcoins. That is important for our licensing application in Singapore. In terms of the  borrowing end. Definitely we go through the same stringent checks that FATF requires to ensure that the funds borrowed and interacted by these users are of good integrity (and for us to legally chase them if they default). So it is fairly simple to supply liquidity.

https://shuttleone.gitbook.io/step-by-step-guide-to-the-shuttleone-network/guides/supplying-liquidity-into-shuttleone.network

You folks may read up more on how its done here.

Gold Rocket | Satoshi Club:

Thank you! Great answer!

Zhuang:

Thank you!

Gold Rocket | Satoshi Club:

Can we proceed. Or you want to add something?

Zhuang:

Yes lets continue..

D| Satoshi Club:

Q3 from Telegram user @apocan99

While handling and managing one token is a very serious job, you have 3 different tokens: RAT, CAT, SZO. Why did you decide to have more than one? Are they required for only one service or do you aim to provide a wider range of services by them? Can you briefly explain what they are used for? Do you plan to have more tokens in the future?

Zhuang:

Wow long qns for long ans haha. I think firstly, we DO NOT plan to have more tokens. 3 is more than the usual. Let me do a quick summary of what the 3 tokens are about.

I hope this answers the utility of the 3 tokens. I will explain what they are used for…as I’ve mentioned for Risk Assesement Token or RAT

I am will start with CAT. The special thing about CAT is that it has been voted into the MKR protocol by the Maker community in Oct 5th and we are in the process of working to onboard CAT into the Maker protocol.

⚡Maker (MKR) Token Holders Votes to Greenlight ShuttleOne’s CAT to begin Collateral Onboarding Work in the Maker Protocol⚡

We would like to say a big thank you to the MKR holders that voted to greenlight us. Please read on to find why this matters and what does it bring to ShuttleOne.

The MKR Community has voted to Greenlight ShuttleOne's RWA Credit Application Token to being Domain Onboarding into the Maker Protocol.

We'd like to thank all our community and the MKR token holders who voted to Greenlight us.https://t.co/Hj0I3aLbYk pic.twitter.com/BCO1q2RQD1

— ShuttleOne🚀 (@shuttle_one) October 5, 2020

This is one of our milestones this year…and we are proud that the Maker community has signalled that crypto is ready for real world assets to be the future of finance. Both RAT and CAT are enterprise tokens (therefore utilized by enterprises that we serve)

One is an NFT one is a ERC20. For obvious reasons for RAT, however for CAT, one can say it is a stable coin of sorts for global trade. 1 CAT = US$1 of traded assets and it appreciates in value when the user repays (or other users pays) for the trade loan. We envision a world of finance that basically allows for open and transparent loans and borrowing trading. Therefore, one may say CAT is also a algorithmic stablecoin of sorts where it automatically appreciates (when a merchant returns a loan + %) and rebases itself when there are new assets being minted from the real world, as for SZO. Let me go through a simple eth txn.

D| Satoshi Club:

Sure!

Zhuang:

https://etherscan.io/tx/0x8afc56a539340067fac157fa275e26cbabe5c1f476b1fc97d67ce4711ffb4639

for ease, let me screenshot this…

SZO is mainnet and we’ve been BURNING SZO whenever that is a smart contract interaction on the ShuttleOne ecosystem

This is again the same loan that was borrowed out earlier for $3500

You will see that every contract interaction SZO is burnt from circulating supply reducing the vol.

More importantly, it is also the same for repayment:

🔥Watch $SZO Burnnnn🔥

Repayment of US$2,682.84 from a trade finance loan taken in November 2020. Earning our Liquidity Suppliers 10.00% APY

🔥Watch $SZO Burnnn🔥

Repayment of US$2,682,84 from a trade finance loan taken in November 2020. Earning our Liquidity Suppliers 10.00% APYhttps://t.co/sTCtlpbpeK pic.twitter.com/Hgfp3aVB5G

— ShuttleOne🚀 (@shuttle_one) December 23, 2020

So it is designed to be a utility token whenever merchants take a loan, interact with remittance and doing payments, etc…financial services products that ShuttleOne has designed.

It is important to note

Gold Rocket | Satoshi Club:

Clear! An impeccable answer!

Zhuang:

Thank you!

ShuttleOne – HAS NEVER done an ICO. Therefore, there are no whales, even our equity investors gets locked for 4 years from the day of trading. So as more SZO is created (as there are liquidity suppliers supplying stablecoins), more business is done, more biz is done more SZO burnt, you get it.

HaHa. It’s a beautifully designed crypto economic system.

As a team, we are proud of this design and more proud that there are actual working products with real revenues generating SZO and supporting the business. 

I don’t think many projects can showcase real-world utility vs a strong crypto design.

D| Satoshi Club:

Thank you! do you have additional questions? @GoldRocket27 😊

Zhuang:

I think we can move on HaHa… it’s a long answer.

D| Satoshi Club:

Ok, let’s go!

Q4 from Telegram user @Jonahapagu

In one of your articles, it is stated that Shuttle one is utilizing a mix of fungible and non-fungible tokens, to provide on-chain and off-chain management of trade financing and operational oversight. In line with this, I read that ShuttleOne captures basic merchant information and tokenizes the merchants’ financial data and port operational data into a non-fungible token called Risk Assessment Token (RAT)… In what ways does Shuttle one utilize fungible and non-fungible Tokens to provide on-chain and off-chain Management.. and What will the RAT (Risk Assessment Token) be used for.

Gold Rocket | Satoshi Club:

Thank you! everything is clear to me! and I like your approach😁👍

D| Satoshi Club:

I think you have already answered this one😄

Zhuang:

Thanks, buddy, Haha yes, I think I’ve covered all of it. But one point I’d like to add since this qns touches on risk management, especially the off-chain part.

Gold Rocket | Satoshi Club:

You are welcome😁😉

Zhuang:

For crypto to work in the real world…in our experience especially governments entities. There need to be very strong in off-chain processes and procedures. This basically means you need to be able to “punish” the borrower should he default. Notwithstanding that when SZO and CAT the ERC20s reach a certain market cap, it will add as insurance (as part of our staking product) to compensate defaults that happen off-chain. You folks may read more on how we deal with risk here”

https://shuttleone.gitbook.io/step-by-step-guide-to-the-shuttleone-network/the-shuttleone-token/risk-management-and-disclaimers

And to answer this question in 1 picture

😀

Gold Rocket | Satoshi Club:

I am very impressed that a relatively small team in a short period of time was able to create a fairly good MVP

Zhuang:

Beauty in small numbers. Razer focus on execution. No ICO= no distraction

Zhuang:

We also had many great investors.

D| Satoshi Club:

I like that you have so many guides and even video instructions, it helps a lot👍

Zhuang:

Who helped us in the equity round from last year 🙏🙏 Some of the folks as shareholders Included CMT digital, who advised a lot on how trading works especially legal.

Coinshares one of the largest listed BTC fund in Europe And Maker Ecosystem growth holdings. The investment arm of Maker 😀 And no there’s no tokens for them to dump on day 1

Gold Rocket | Satoshi Club:

Fine! thanks for sharing! ready for the next question?😉

Zhuang:

Yes!

D| Satoshi Club:

Q5 from Telegram user @Highpee

You have dedicated an entire publication on your website to pinpoint the risks your users will be exposed to for using your protocol and issuing disclaimers in this regard. 5 ‘scary’ risks were published by you. It seems your users will have themselves ONLY to blame for using your protocol in case something goes wrong including if a coding error or bug in smart-contract led to financial risk. Is it fair enough for users alone to bear the cost for flaws or other risk cases that are no fault of theirs? What Risk Management and Prevention Strategies has your team put in place to ensure that the chances of exposure to internal/external risks while using your protocol are minimalized?

Zhuang:

Very good questions its these type of questions that we can steer the narrative back from food coins and farming without vision I will address the off-chain risks at the moment. Crypto is a beautiful asset class that has shown many promises in making sure the default risks are kept to a minimum if we take black thursday for example this year in March where the MKR protocol was attacked by a 30% ETH price drop in relatively 6 hours. MKR was printed to “cover” for these losses, making whole the entire coverage of the losses. This can be done too in the SZO space where SZO tokens ensure the underlying defaults.

Point 2, our borrowings are small between a few thousand to the largest being a US$100,000 trade finance done in Oct 2020. We have relatively NPL – it stands a 0% at the moment, even during the pandemic. That’s only because off-chain, we’ve signed partnerships with strong partners that are able to claw back defaults on our behalf.

Gold Rocket | Satoshi Club:

Absolutely right!

Zhuang:

So the responsibility lies on the team to set these up off-chain as part of our responsibility. Also, these are part of our licensing coverage that we needed to do. We go on to the smart contracts. Firstly if you read codes and if you go to any of our smart contracts, basically the token assets – there are 0 admin keys on the main-net version especially as we like to see ourselves not as the bank itself being centralized, but user funds are non-custodial and protected – even from the team (us) itself.

So there’s no rug to be done or whatever else – these were designed and planned for in April 2020, way before this whole DeFi Summer started.

Gold Rocket | Satoshi Club:

By the way, have you already done an audit of smart contracts?

Zhuang:

Yes, we have! The SZO contract is audited by Peckshield in April 2020

Here’s the link 

Gold Rocket | Satoshi Club:

Can you share your results with our community?

D| Satoshi Club:

I’ve heard about these guys 👍

Zhuang:

We prepared for this way before the DeFi boomed. One of the finest in Asia.

Gold Rocket | Satoshi Club:

You were the first 😁🚀

Zhuang:

HaHaHa, I like to think we are – especially in Asia. So the reason we like to list out so many risks including this VERY VERY ominous advisory message from the Monetary Authority of Singapore:

We are required by the Monetary Authority of Singapore to post this risk advisory for anyone who interacts with our products.

“The Monetary Authority of Singapore (MAS) requires us to provide this risk warning to you as a customer of a digital payment token service provider. Before you pay your DPT service provider any money or DPT, you should be aware of the following.

1. Your DPT service provider is exempted by MAS from holding a licence to provide DPT services. Please note that you may not be able to recover all the money or DPTs you paid to your DPT service provider if your DPT service provider’s business fails.
2. You should not transact in the DPT if you are not familiar with this DPT. Transacting in DPTs may not be suitable for you if you are not familiar with the technology that DPT services are provided.
3. You should be aware that the value of DPTs may fluctuate greatly. You should buy DPTs only if you are prepared to accept the risk of losing all of the money you put into such tokens.”

*dpt = Digital Payment Tokens.

DPT = crypto is we want ALL our users to know their risks, and what they are getting involved in. That is responsibility in crypto and creating products in the DeFi space. So these are the policies that we’ve put in place as a company to safeguard user funds, the returns and abide by the rules of the central bank.

I’d like to think we are the few Defi projects globally that have these safeguards atm.

Gold Rocket | Satoshi Club:

It is obvious that in Singapore, crypto is in the legislative field.

Zhuang:

I mean buddy the largest Asian bank DBS just announced crypto trading. HaHa, so Singapore is legit for crypto regulations.

Gold Rocket | Satoshi Club:

Mass adoption in action! thanks for the great answer!

Zhuang:

Thank you! let’s move on.

Gold Rocket | Satoshi Club:

@Cool_as_Ice shoot🚀

D| Satoshi Club:

Q6 from Telegram user @Rosane1a8

ShuttleOne sets a bridge between CeFi and digital currencies, how is thus possible without bringing the centralized issues of fiat currencies to the ShuttleOne ecosystem?

Zhuang:

This is a very good question, that goes back to 2019 actually when we built remittance. At this stage, we are live in major South East Asian countries such as Singapore, Malaysia, Thailand, Indonesia, Philippines, and China. Serving these trade finance merchants we are going to open up to 80 different countries in 2021 Q3. The centralized issues of fiat can be summed up in many many problems. I would like to address 1 that we felt important. The censorship of such funds i.e a central authority has the right to stop you from transacting or freeze your assets.

Everything that ShuttleOne has built from the remittance wallet you’ve seen to the lending protocol that you’ve seen also are all non-custodial. Especially if you keep your holdings in crypto – no one has the right to touch it except yourself. You keep your own keys and dictate your own destiny. This is basically the philosophy of how ShuttleOne de-risks ourselves and our users from the centralized issues of fiat.

Take for example. The remittance, the problem is that there are too many middlemen handling your money you want to send to your friends and family, and let’s not kid ourselves, you need/want domestic currency. Say Dai to Indonesian Rupiah in our systems.

Our remittance partners and fiat on and off-ramps DO NOT hold your money until they have sufficiently proved that they have deposited the domestic currency into the desired bank accounts before they can withdraw the crypto, if they do not do it, the user will get their crypto back. This is simply smart contracts in action, and codes in action – no need for an intermediary for value. Essentially, we found that this reduces the level of trust that is needed in humans and decreased the transaction costs for our remittance users.

That’s how we hybrid and bridge CeFi into DeFi 😀

D| Satoshi Club:

Thank you for answer! Very a detailed explanation! Thank you!

Gold Rocket | Satoshi Club:

It’s incredible! thanks a lot for the answers! are you ready for the live part?

Zhuang:

Yes, the most exciting part!! HaHa.

D| Satoshi Club:

Yes! 😁 Let’s goooo!🚀🚀🚀 120 seconds

PART 2.Questions about the ShuttleOne 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 ShuttleOne 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 @Eliasbb

It is clear that so far you don’t have any fundraising program (like ICO, IEO, Pre-sale …etc). So, without any funding how you are doing so much development? where does the money come from for development? Are you selling team Tokens? Or are there any seed Investors? Explain to us how strong is your funding? them?

Zhuang:

Since its inception, ShuttleOne has been a small team. We’ve been validated both in Singapore when we obtained not 1 but 2 grants from the central bank.

Globally, ShuttleOne equity investors include Maker, CMT Digital, Andromeda Capital, and various angels in Singapore. Recently, Microsoft’s ex-Director Charlie Songhurst who took over Yahoo and Skype also invested in us.

Q – 2 from a telegram user @leixagarcia

Could you please inform us what is the value of the SZO token? As it is not specified on your website. How do I get it? Thx.

Zhuang:

The only way to get SZO is to provide liquidity through our liquidity pools. Therefore you get it somewhat “free”. We designed this to protect investors from the main risk of price drops. And it is the safest way to obtain the tokens.

If you hold the ShuttleOne token, you are able to share higher interest rates that are generated by these real world assets.

We allow the average stablecoin supplier to be exposed to bank-grade quality assets that usually people are not able to invest in. These include commodities like rice, metals, and soon energy.

Q – 3 from a telegram user @Pannicota

What will happen if there are NO MORE $SZO to burn? And about the Mainnet, is it complete yet? If we providing liquidity to get $SZO on Mainnet, will $SZO running on its own chain or still using Ethereum?

Zhuang:

there will always be SZO, just as there will always be ETH. it is hardcoded with hard inflation built per 365 days to ensure there is enough liquidity in the system for the burn and also to incentivize SZO holders and liquidity supply into the protocol for business to be done.

https://shuttleone.gitbook.io/step-by-step-guide-to-the-shuttleone-network/the-shuttleone-token/introduction

Q – 4 from a telegram user @Pratze

I learn that Shuttleone has a product name with “The SpacePods” Which can support to supply of liquidity for stablecoins, but how does The SpacePods work? What is the requirement if a company that has stablecoin wants to join The SpacePods?

Zhuang:

this is simple, you connect your wallet, and you supply! and start earning real yields. some people that we know take this as a way to hedge the inflations of their domestic currencies as the protocol pays out 10% at the moment. you may read more here:

https://shuttleone.gitbook.io/step-by-step-guide-to-the-shuttleone-network/guides/supplying-liquidity-into-shuttleone.network

Q – 5 from a telegram user @Pannicota

You said that we can earn the tokens through Mainnet liquidity providing but I checked that Mainnet still not complete yet so when we can start to earn $SZO??

Zhuang:

This is clearly started, we’ve started our main-net on September 25th of 2020 here’s a screenshot.

u start earning SZO once you supply liquidity.

Q – 6 from a telegram user @Xusuo

I read your twitter its all about $SZO token burn. I know “burn” usually has a good impact with a token but how does the burn system in ShuttleCoin? Does it burn for every transaction for $SZO token? And How many percentages from total supply $SZO did the ShuttleCoin team planning to burn?

Zhuang:

we will burn until there’s no more SZO to burn. as long as there’s the business to do, there will be a burn.

Q – 7 from a telegram user @boradam

What’s the main difference between ShuttleOne and the other lending projects?

Zhuang:

I would like to say there are 6 main differences.

1. We did not do an ICO
Therefore, this means that the tokens in circulation and marketcap will be very low and it will grow according to the business that we do. Essentially, in cryptotalk it means there are no whales to dump on you.

2. Watch SZO BURNNNN
To ensure that there is a constant burn and reduction of total supply, if you have been following us on twitter (@shuttle_one) and our telegram announcement page, you will see that successful business done via the ShuttleOne.Network will DECREASE the token supply.

This potentially allows for strong price appreciation and the token holders are incentivized to hold SZO and supply liquidity via the ShuttleOne.Network to gain more value

3. Very low starting supply
If you go to our Guides on the ShuttleOne.Network, you may see that more than 50% of the token supply IS NOT MINTED. The tokens can only be minted when there are successful business to be made (along with the burn) so the circulating supply on day 1 is actually less than 1% of the token supply if we would do a good estimate. The total number of tokens minted for the team and also our equity investors are also locked for 4 years from listing.

4. Working Business
Many project these days are in their early days of inception. Most of the tokens do not have real use cases or are battle tested. Even the projects in 2017, most do not garner a proper use case for their tokens. ShuttleOne stands out by having a working crypto business first (we decentralized over the past 2 years) and this is highly different. The amount of revenue that we have clocked in our trade financing this year of almost US$3mil allows us to say we are firmly a start up looking to scale and we need the community’s help at www.shuttleone.io/mainnet to make it happen

5. We are backed by some highly notable equity investors.
ShuttleOne equity investors include Maker, CMT Digital, Andromeda Capital and various angels in Singapore. Recently, Microsoft’s ex Director Charlie Songhurst who took over Yahoo and Skype also invested in us.

6. Regulated DeFi
We believe we are one of the few DeFi projects that are successfully in process of applying for licensing in the world via Singapore. If you go to our GitHub at www.github.com/shuttle-one you will be able to find our application submission to the monetary authority of Singapore.

I would love to also point out, we are also a part of Singapore’s Financial Sector Development Fund awardee. This means the technologies and business that ShuttleOne has built is being recognized by the central bank in Singapore.

Q – 8 from a telegram @cryptovgh

What is the linkage with CALISTA systems? Do you have any relationship with CALISTA? Or Both CALISTA and SHUTTLEONE are one project? Could you please explain about this?

Zhuang:

Calista is a government-linked company’s product, basically our partner, we’ve licensed our technology to these folks to enable them to conduct financial services in a more efficient manner using the blockchain and DeFi philosophies.

Q – 9 from a telegram user @Chinthaka93

What is the difference between SZO, RAT, and CAT? What are the use cases of these three different coins and Is there any special reason to launch three tokens?

Zhuang:

The reason why we are a 3 token ecosystem, is because we attack a very unique space in the real world industry…..we have designed 3 tokens to properly facilitate the product and business.

Q -10 from a telegram user @taemin_vj

Having three tokens each with a “different” utility gives you an advantage over the others in a certain way? Where did the idea of having three tokens come from?

Zhuang:

we believe that all 3 tokens serve different functions in 1 product to tokenize and facilitate financial services in the real world. just like a car, you have the body, engine and then you need fuel to properly function in an intimate design. we see ShuttleOne’s 3 tokens as a strong contender in the financial services space!

Part 3 – Quiz about project

In the final part, we would like to check your knowledge in terms of the ShuttleOne 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: ShuttleOne

Telegram group  | Facebook |  Tweeter  |  Website  |  Medium  | Litepaper 

Winter 2021 is very hot for Satoshi Club, the January amarathon is in full swing! And today we would like to tell you about the AMA session with our friends from CUDOS. The AMA took place on January 9 and our guestwas Jeff-Ell, Head of Marketing and Community at CUDOS.

The total reward pool was 1300$ 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

GoldRocket: Hello, dear Satoshi Clubbers! We are pleased to announce our AMA with CUDOS. Today our guest is @Jeff_Ell! Welcome to Satoshi Club, @Jeff_Ell

Luis Merino | Satoshi Club: Hello dear community! Today we have CUDOS as guests. It’s a real pleasure to host this AMA

Jeff-Ell: Hi there 😊 Thanks for having me today 😊

GoldRocket: Thanks for joining @Jeff_Ell ! To begin with, please tell us a few words about yourselves and how did you get to be involved in CUDOS 😊

Jeff-Ell: Sure, I’m Head of Marketing and Community at CUDOS , I’ve been working with crypto and building crypto communities for over 4 years now.

Luis Merino | Satoshi Club: 4 years, not bad 🙂

GoldRocket: Good experience! So, what is CUDOS?

Jeff-Ell: CUDOS is a cross-chain decentralized compute network designed to power Web 3.0. It enables anyone to sell their computing or consume decentralised computing resources either via blockchain/smart contract or via more traditional cloud computing API’s.

In essence, what this means is CUDOS is one of the few networks which can power other blockchains and scale to the demands of cloud computing required today.

GoldRocket: Sounds good! the problem of scaling is currently very important

Jeff-Ell: Definitely, this has led to the rise of layer 2 networks such as our own

Q1 from Telegram user @Okkk0p

Does Cudos support any smart contracts, from any network or does it work only with a number of blockchains?

Jeff-Ell: Great question! The CUDOS token will be able to provide access to global scalable Decentralised compute for blockchains and smart contracts:.
We have other networks we are working with like NKN, Noia Networks etc.. that are lined up to use the CUDOS global network to expand their own network coverage.
As well as that we’ll be providing scalable Cloud Computing:
resources can be consumed on the network as required in the same way as traditional compute but in a greener more efficient manner.
Lowering the cost of compute/transactions and DeFi on blockchains:
The transaction costs and compute costs on the CUDOS network are substantially lower and scale better. Able to scale on EVM, eWASM , Rust and other languages. Also this provides greater language flexibility.
As well as that we’ll provide turing complete solutions for non turing complete networks. Algorand is a good example, we have a partnership with Algorand. Algorand is a low cost fast transaction network, but because of the design choice it is limited in its functionality and it not turing complete. Working with Algorand we are integrating the CUDOS network so that Algorand smart contracts will be able to do full turing complete work using the CUDOS network. The network can run this in WASM, Docker or VM’s.

GoldRocket: Wow! You have great plans! what have already been implemented? Or will it be implemented in the near future?

Jeff-Ell: Our work with Algorand is almost complete and we’ll have announcements regarding this coming out very soon. As well as that many Validators have been onboarded already which we’ll be releasing more details about over the next few weeks. These are a mixture of Staking Validator providers and also global data centre and hosting providers. Software platforms that are integrating our platform to monetise their users hardware include the likes of Ultra gaming network, which is like a blockchain version of steam and lets gamers sell their games afterwards. Gather is using the CUDOS network to scale its underlying blockchain network. Blendergrid is using the network to scale video rendering films and movies, which is one of the largest Blender rendering platforms.
Kings Partnership (Distributed compute labs ) – For providing global research and distributed compute / HPC. There are many more we have been working with we will be announcing over the coming weeks.

Q2 from Telegram user @fottiomel

It’s stated on your website several times that Cudos is already generating revenue. This is very good, and already more than many projects have, but very often the devil is in the details. Can you tell us more about the generation revenue model? How profitable is it for the users to participate in sustaining the network?

Jeff-Ell: This is a good question, as you mentioned we’re already generating revenue via Cudominer our sister company, with this we’ve already built an extensive network with mining farms, as well as that our CEO Matt Hawkins previously built C4L which was one of the UK’s largest cloud and data centre providers. We ended up providing 1% of the UK’s infrastructure and had a global business. With this combined we have already built an extensive network of users who require large amounts of compute resource, the CUDOS network will not only allow them to get it a a lower cost but also be able to earn by renting out their excess compute capacity.

GoldRocket: This is a very smart decision! How green does it work? Are you green?

Jeff-Ell: Yes so by utilising excess compute, you are not only being more financially efficient, it’s also highly energy efficient and can contribute towards keeping a low carbon footprint and being as green as possible 😊

GoldRocket: Ecology is our common concern! Thanks for thinking about it!

Q3 from Telegram user @Kany_West

Your biggest partners are directly involved or very much in contact with the gaming industry. Does this have anything to do with the functionalities of Cudos or the team’s background and contacts with the gaming industry? Should we expect that the gaming industry is a central focus point for your project?

Jeff-Ell: Another great question, so cloud gaming has increased in popularity over the coming years and is set to continue to grow, as it expands and the demand increases there will have to be a much more scalable and cost efficient infrastructure to support this, this is where our network comes in, decentralized cloud gaming will be key to ensuring this is possible, We have AMD rebranding our technology which you will see in the coming weeks, and Ultra integrating our compute engine, between them is due to expand the network to over 1 million nodes in 2021. We are currently already live in over 145 countries.

Luis Merino | Satoshi Club: I see you have partnered with huge projects 😉

Jeff-Ell: Yes, we work very closely with very well established projects, and they are all very excited about our network, the CUDOS token and what’s to come

Q4 from Telegram user @mohaa198o

Your network is designed to power WEB 3.0
How exactly are you going to do that? Share some real use cases with us

Jeff-Ell: So as previously mentioned we’ll be providing decentralised compute which will be able to support industries such as gaming, Scientific research that requires high levels of computing power, especially those using AI and Machine learning, during the COVID period demand for this has increased as AI and Machine learning has been heavily implemented in the battle against covid. We’ll also be able to support projects that require intense compute resource for rendering such as movie and animation studios.

GoldRocket: By the way, share your tokenomics. I heard private distribution of the #CUDOS token is closed.

Jeff-Ell: Yes unfortunately it’s too late to get involved in our private distribution, however we will be listing this month and will be releasing more details about that 12 hours before we list accross all our channels, so stay tuned especially if you’d like to get involved early. 😊

In terms of tokenomics our total supply is 10bn CUDOS and the initial supply is around 8%:blush: We will be releasing in depth break downs of our tokenomic model for the community in the next few days so please keep an eye out for that too!

Luis Merino | Satoshi Club: When will you list and where? Any hints you can give us?

Jeff-Ell: Sorry, we’re under a strict NDA and so we cannot give any hints unfortunately.🤐

Q5 from Telegram user @dominiksss

If I correctly understood, you aim to become a global compute network, connected with traditional and blockchain computing. Also, you aim to create a greener cloud computing. I didn’t quite understand the process. Any computing requires energy. How will ensure it’s greener? How would you know its using green energy?

GoldRocket: partially answered :see_no_evil:

Jeff-Ell: haha! no worries but yes as mentioned previously, being able to use excess compute power can lead to a massive drop in your carbon footprint and is far more energy efficient.

GoldRocket: Thanks for the answer! You can share important links and information with Satoshi Clubbers if you like. 😉

Jeff-Ell: Sure, please visit our channels and join our community to stay up to date with what we’re up to:blush:
Website: https://www.cudos.org/
Twitter: https://twitter.com/CUDOS_
Telegram: https://twitter.com/CUDOS_

Q6 from Telegram user @george_benderos

I’ve seen many projects with similar objectives like Oasis or Matic. You think that they haven’t performed well and want add something new? Is AMD helping you build this infrastructure?

Jeff-Ell: Great question, there are a number of great projects in this space. These include the likes of Near Protocol, Oasis Protocol, Matic Network. The vast majority have focused purely on smart contracts. You of course have Ethereum and the upcoming Ethereum 2 as well. CUDOS enables you to scale out compute on EVM/eWASM, Docker Containers and VM’s on a global compute network. We have over 30,000 active compute nodes already and over 150,000 users which is scaling quickly, which gives us substantial global compute capacity. As well as this we have been busy signing up global data centre providers and bandwidth providers to expand the network further. The difference is we took a market approach first and applied the technology to that which is what is giving us the quick scale of network and users. I say quick we have been working on this for 3 years now! 🙂 Our work with AMD will definitely help to accelerate us and differentiate us from others in the market.

Part 2 — live questions from the Telegram community

Q1 from Telegram user @Demvrick

Where does the project name come from? What does it mean for you and why did you choose that name for your project?

Jeff-Ell: I like this one! Cudo is Latin for coin/money when used as a verb and Cudos is the term for giving praise. So we felt CUDOS was a good name as we are building a more sustainable cloud where anyone can be part of it. CUDOS to that! 😊

Q2 from Telegram user @cryptofollower

I see that as Cudos you are against to tokenburn events. Is it because you want to enter to U.S market and don’t want to face problems with SEC? If that’s the case, which alternative ways will you use to gain better token economics?

Jeff-Ell: Yes that is correct! We have removed the earlier idea of burning. The reason being is that we have designed our tokeneconomics along with Delphi Digital (who advised ETH 2.0) to limit the amount of circulating supply, keeping it low at all times. We are also targeting 70-75% of the circulating tokens to be staked with high staking rewards to incentivise this.
As a utility token, we want to make sure that we can operate within the US as well, so it is very important for the token to remain a true utility, rather than a vehicle for profit which is how US law views burning

Q3 from Telegram user @Shuvoapon4

Any new updates coming cudos?

Jeff-Ell: Yes we have lots of great announcements coming up regarding listing, partnerships and the development of or network, so please join our channels to stay up to date! 😊

Q4 from Telegram user @feranno

You say that CUDOS has reached 145 more countries. You have covered almost the entire Earth? How did you achieve this great feat?

Jeff-Ell: As mentioned previously, we are already well established in the cloud space we ended up providing 1% of the UK’s infrastructure, with the relationships we built and the development of that network on top of the coverage we have with cudominer we were able to expand globally.

Q5 from Telegram user @tsafik

You’ve already gathered a pretty impressive list of validators for the project with +100 validators out there. Why does Cudos need so many validators and what’s your plans with validators moving forward?

Jeff-Ell: Good question, we’ve gone with 100 global validators as this provides us a secure distributed core network and will enable it to remain decentralized. Our validators are all well known Validator providers or recognised hosting providers.
As our project develops the network will open up to allow anyone to become a validator.

Q6 from Telegram user @m_i_l_e_s_u

No Project can ever Guarantee the Safety & security of the Platform, Isn’t it? What is the Your Plan to do that?

Jeff-Ell: Naturally we have a lot of internal risk and security policies. We are ex data centre and cloud people so this runs in our blood. We have resiliency and failover across our smart contract, blockchain and infrastructure. From a market perspective, the network relies on the blockchain and the cloud computing market. This enables us to spread our risk between 2 markets. When the crypto market goes down , we have the compute market to rely on to continue to build demand for the network and the token.
Proof of Stake also brings demand and stability of the token and network. As well as its utilisation.

Q7 from Telegram user @kikirush

The private distribution of the #CUDOS token closed yesterday, Do you have plans for a public sale, especially for those that missed the private round and are still interested in getting the CUDOS token?

Jeff-Ell: So we’ll be having an initial listing this month with an exchange that we cannot currently name, but we are very excited about this and will be announcing details very soon so please keep an eye out across our channels! 😊

Q8 from Telegram user @boradam

Do you have any ambassador program for growing the community of Cudos?

Jeff-Ell: We do! You can sign up to it here! 😊 https://www.cudos.org/ambassador

Q9 from Telegram user @RjDisha

Everyone knows, if you want to go fast, go alone, but if you want to go far, you go with your partners, so with Your Project which partners will promote and help Your Project reach and achieve the project’s goals?

Jeff-Ell: I completely agree with you, we are 100% about our partnerships and our community. Major partners we are working with really closely at the moment include Algorand, which I mentioned before. We are a key partner of AMD , the chip provider. Our software is running their blockchain partnerships, also we are releasing in a few weeks and AMD branded version of our software enabling anyone to monetise their hardware. We get access to their entire community. We work closely with their R&D team. We are bringing out an enterprise version of the software later in the year enabling their enterprise clients to use our network. On top of that we also have advisors on board with extensive backgrounds across multiple industries,

Q10 from Telegram user @Baby_Crypto

What does your slogan ‘To make better use of the world’s computing power’ mean in practice?

Jeff-Ell: This means utilising the idle computing power which would otherwise go to waste, in order to create a more financially and environmentally efficient networks for cloud computing.

Q11 from Telegram user @cindy_crypto

The covid19 pandemic affected every business in the world. How did you affected from that? In better way or bad way?

Jeff-Ell: As a tech company we’ve been relatively unaffected as we can all work remotely, this has actually helped us, as now we can choose from a wider pool of talent to add to the team and have team members stationed across the world.

Q12 from Telegram user @Joseunda

I read in your telegram group, they are not yet listed in any exchange only in uniswap, do you have plans to launch in any CEX?

Jeff-Ell: We will be announcing more information regarding listing very very soon

Q13 from Telegram user @atillayeni

You postponed the launch of the Cudos in 2020 and stop working with Amazix blockchain & crypto marketing agency. What happened at that time and what are you using right now for marketing purposes?

Jeff-Ell: We postponed the launch because we felt it wasn’t the most advantageous time for us, this turned out to be a great move as we were able to develop the technology further and make a lot of key partnerships!

Q14 from Telegram user @imrealsatoshi

You have many competitors in this market area with traditional centralized but really powerful solutions and technologies. How do you think you can compete with them?

Jeff-Ell: As demand for cloud computing grows, there will be an increased demand for financially efficient alternatives, this is where we come in, the traditional centralised solutions will not be able to compete, as our networks will be open for anyone to join and the continued development and interest coming into the blockchain space demonstrates that

Q15 from Telegram user @topind7

Marketing is a central element for every project. So that everyone knows the potential that a project can bring is vital to achieve the goals set. What is your strategy to attract new users and Investor to CUDOS and keep them long term?

Jeff-Ell: Great question, our marketing efforts have increased over the past few months and will continue to do so as I’ve mentioned before we are running an ambassador programme which you could join www.cudos.org/ambassador. We will also be hosting all sorts of contests, giveaways and challenges in the future, so please visit our channels to be in with the chance to get involved! 🚀

Part 3 – Quiz Results

In the final part we tested your knowledge in terms of CUDOS. They’ve prepared 4 questions for this part. The total reward pool for quiz was 1000$.

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:

CUDOSCommunity: https://t.me/cudostelegram

We are pleased to announce our next AMA on January 26th 2021 at 02:00 PM UTC Time: Satoshi Club x Spartan.Casino

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

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

Part 3: 600$ – A quiz about Spartan.Casino

For more details:
Spartan.Casino – @spartancasino
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish

We are pleased to announce our next AMA on January 13th 2021 at 11:00 AM UTC Time: Satoshi Club x Morpheus Labs

⚠️Click to see the hour
⚠️Total Reward pool: $600

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

Part 3: 400$ – A quiz about Morpheus Labs

For more details:
Morpheus Labs – @morpheuslabs
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish

We are pleased to announce our next AMA on January 11th 2021 at 05:30 PM UTC Time: Spanish Satoshi Club x OKEX

⚠️Click to see the hour
⚠️Total Reward pool: $100

⚠️Requirements:

👉 Join Spanish Satoshi Club Telegram group
👉 Join Satoshi Club Telegram group
👉 Join OKEX Telegram group

We will have the following structure:

Part 1: 50$ /15 users – We’ll select 5 questions from the community. A user can post maximum 3 questions. 15 Questions will be selected from our website – please submit your questions in the comments section of this post.

Part 2: 50$/5 users – Open chat for 100 seconds. You can post Max 3 questions. OKEX Team will select 5 questions and answer them.

For more details:
OKEX – @OKExLAES1
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish

We are pleased to announce our next AMA on January 11th 2021 at 04:30 PM UTC Time: Satoshi Club x StaysBASE

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

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

Part 3: 300$ – A quiz about StaysBASE

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

We are pleased to announce our next AMA on January 10th 2021 at 04:00 PM UTC Time: Satoshi Club Russian x CUDOS

⚠️Click to see the hour
⚠️Total Reward pool: $300

⚠️Requirements:

👉 Join Russian Satoshi Club Telegram group
👉 Join Satoshi Club Telegram group
👉 Join CUDOS Telegram group

We will have the following structure:

Part 1: 75$ /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: 75$/10 users – Open chat for 100 seconds. You can post Max 3 questions. CUDOS Team will select 10 questions and answer them.

Part 3: 150$ – A quiz about CUDOS

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