We are pleased to announce our next AMA on February 24th 2021 at 04:30 PM UTC Time: Satoshi Club x PolkaBased
⚠️Click to see the hour
⚠️Total Reward pool: $500
⚠️Requirements:
👉 Join Satoshi Club Telegram group
👉 Join PolkaBased Telegram group
We will have the following structure:
Part 1: 100$ /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$/10 users – Open chat for 120 seconds. You can post Max 3 questions. PolkaBased Team will select 10 questions and answer them.
Part 3: 300$ – A quiz about PolkaBased
For more details:
PolkaBased – @PolkaBasedOfficial
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish
How will you bring value to the PolkaBased token?
The Polkabased ecosytem is said to be built on Ethereum. A set of smart contract interacts to form the Polkabased ecosytem. How does these contracts interact and what is the relationship between the Polkabased ERC-20 token and the Price Oracle according to the Polkabased ecosytem architecture?
PolkaBased is the described as the first protocol with the token pegged to Polkadot fully diluted market cap. What benefits do you intend to take advantage of by pegging POB to Polkadot Diluted Market Cap rather than using other rebase parameters? Which oracle will Polkabased use to determine its price target for POB and how frequent will the expansion or contraction occur? And lastly, apart from the rebasing model you have created which will determine the value of POB, are there other utility features that POB has which can equally contribute to its worth?
Polkabase objectives are centred around Rebase, Liquid and Governance. For your governance model which will be done on-chain using POB token, I read that a small fee is charge before a user can use the governance platform. Why didn’t you make your governance platform free in order to encourage participation and what does it really cost? Are users also required to hold a needed amount of POB in order to initiate a proposal/participate in voting? Will the Team be willing to implement all successful proposals (since only 51% of votes is required for a proposal to PASS) even if such proposal is against the team’s core plan?
PolkaBased Protocol is built on Ethereum, pegged to the Polkadot market cap but will launch on Uniswap. This sounds a bit complicated. Why did you build on Ethereum rather than on Polkadot despite the problem of gas and congestion on Ethereum network or do you already have a solution for this? Do you have further plans to progressively migrate to Polkadot (since you like Polkadot Market Cap) after launching on Uniswap and coexist on the two chains and will you consider other chains such as BSC which has gained a great deal of traction recently?
In your medium says
“the number of POB tokens in users wallets automatically increases or decreases according to the price” this means that it is a volatile token, they also add that part of the PolkaBased network never falls. How can we be sure of this? What confidence does it give us so that we can use $POB and be profitable?
How can i benefit holding the token (medium term/ long term)?
How does PolkaBased incentivize users to act as liquidity providers within the network? What reward structure does the Liquid program have for these LPs? Will it be possible to build liquidity bridges for assets managed within Polkabased? Have you thought about using this model within your project?
The expansion or contraction of POB tokens, called “Rebases”, are an integral part of the core functionality of PolkaBased. How periodic will these rebases be? What will be the reliable data providers for the PolkaBased oracles that you will use to ensure a fair, transparent and well-functioning system?
What are the main Polkadot assets that you have chosen to underpin the price of your Native token? This model is rarely mentioned or used by DeFi platforms in general, what advantages has Polkabased found in this capitalization model? Why choose Polkadot as the base network?
Can the governance also influence the Rebase time frequency?
PolkaBased protocol receives price information every 24 hours to simultaneously calculate the proportional expansion or contraction of POB’s to each token holder, how is the information collected, how many tokens are revised? And will the new tokens that get launched in Polkadot be part of POB be added?
Polkabased is the first protocol with a token pegged to Polkadot’s fully diluted market cap, though it is innovative in Polkadot, this design has been used already, to different market caps, with different options of rebased deflationary tokens, what made you thinkk POB was necessary, why is Polkadot the best to thiss type of coins? Is it a better investment to buy POB than any other with similar design?
How is the structure of the Community Governance, what actions is the community allowed to modify, retire or add to Polkabased, how are the proposals made and voted? What are the requirements to be part of the community member that have deciding power?
To wich side do you think the governance will steer the developments of the PolkaBased platform?
I saw that your token is called $POB, what kind of token it is? What plans do you have for your token in the future? Do you plan to have only one token that fulfill all the necessities or are you planning on having later two separate tokens; one commercial type standard token, and one for governance issues?
I saw on your roadmap that for Q2 2021 you have “Integration of Orchestrator#. Could you tell us what will this be about and on what will affect Polkabased’s future and its community? What benefits will this bring to your users and how?
I’ve notice that your project name is quite similar to a lot of other projects that I’ve seen before, so, how are you going to make PolkaBased standout and not be one among the otherS with a similar name? What features and remarkable aspects will make it shine and be the only PolkaBased that everyone knows?
What I find very difficult to understand about the idea behind the POB is the unrelated nature of currency. Its pure value depends on a shared belief in its value and a fluctuating / elastic supply. With Polkabased completely unsupported, can they face a situation without an offer ?? With price fluctuation based on supply and demand, how do you ensure demand for POB tokens at an early stage of the project?
PolkaBased price oracle receives every 24 hours price information through the
Chainlink DOT/USD price oracle. The PolkaBased marketcap oracle updates
the total supply of Polkadot every 24 hours. Within 24 hours there will be a difference in the POB price. Does this reduced volatility reduce the attractiveness of traders? If I don’t show up on time due to this price difference, can I get other benefits when investing in POB?
PolkaBased is a protocol with the token linked to the fully diluted market capitalization of Polkadot, how does this benefit its users and what incentives do you promote to make the project even more attractive?
The expansion or contraction of POB tokens, called “Rebasing”, is an integral part of the core functionality of PolkaBased, how many rebases occur in a day, and how will it ensure a fair, transparent and well-functioning system?
The Liquides program rewards users who bet their POB tokens in the liquidity pool, could you please clarify what is the basis of these rewards ?
The staking is a revolutionary function in the centralized markets, but now is expanded successfully to the DeFi market, so how much profitable is Your staking?
I was a white hat hacker in internet, and now I’m investor, so do you think Your system is secure enough from hackers? Does Your project have a program that rewards individual vulnerability detection of the system?
I’m curious about the team’s record. I think it is zimportant to invest on a project who has a reliable workers. Do the team already worked on something related to crypto industry?
The community is basically the center of the PolkaBased project and there is a Governance where users can decide the course of PolkaBased. But I would like to know, how are the decisions made? Do users have a certain number of votes based on the amount of POB they hold or all users have the same number of votes no matter how much POB they have? Is there a minimum of POB required to hold to participate on the Governance?
There is a section of Airdrop & Referral Program on the PolkaBased website. Can you explain how is structured the referral program? How much can an user earn through the referral program? What are the conditions of this program? Is it already available to participate?
The security is important for every crypto project, so I would like to know if you already made an audit for the POB contract? If not, do you have plans of performing one soon?
When I started reading about your project I quickly remembered the PolkaBase project, for a moment I thought you were the same but I took a closer look and you are PolkaBased. So, why such a similar name? In the context of investments and money it is something that does not really convey confidence, have you not thought about rebranding, or do you have any kind of problem with this? I guess I won’t be the last one to be confused by this.
Polkabased is a protocol that issues a synthetic token that is linked to the Polkadot market cap, so far so clear, what I don’t quite understand is why you decided to build on Ethereum and not Polkadot directly? You yourselves are aware of the potential Polkadot has by building a token based on its market cap, so why not build on them as well?
You say that “The first protocol in the world with the token linked to the completely diluted market capitalization of Polkadot”, but there are really others, like Polkabase Finance, which has the same capitalization in DOT, did you not have knowledge of it? or does it really have very different characteristics?
You mention that contractions and expansions of POM (Rebased) tokens occur once a day in POB tokens, but could you give us more detail about it? and why this temporality?
is it really impossible to create a synthetic asset on the Polkadot chain or other than ETH? in case yes, then why do you prefer to use that chain and match it with Chainlik and Polkadot, why not just use just one?
What will be the direct ratio of the value of POB to the market capitalization of Polkadot? would it be the same as Polkabase Finance 1: 1billion?
Understanding that it was developed in ETH and as its name is strongly related to Polkadot, do you plan to emigrate to that chain in the near future? Or that chain does not have the characteristics required for your project yet?
If really “The community plays an important role in improvements”, what facility and rewards will it provide to all those who are part of the governance to attract them?
If there really are several chains with such a large capitalization in the market in addition to multiple tokens that enhance them, why not use that capitalization before that of polkadot that only has 10 tokens? why not use another chain like TRX or BSC?
Polkabased has decided to use Chainlink’s Oracle services. I understand that for this moment there are many good options in the DeFi ecosystem, why have you decided to work with them? Have you not thought about developing your own Oracle in the future?
Is rebased really the only way to create a solid monetary ecosystem? If so, why isn’t the monetary system really solid without it? not regulating the market is a problem?
Tell us a little bit about how POB token works. How do you determine its price? How do you determine its contraction and expansion phases? What happens to the tokens that holders have in their wallet? How often does this time occur?
How Polkabased (synthetic active) can effectively simulate Polkadot market patterns? Most synthetic assets have risks. What would be the risk levels within Polkabased as a synthetic asset?
Why are Polkabased smart contracts based on Ethereum? What are the benefits of Ethereum-based contracts? Does this make Polkabased Proposals and Votes transparent?
Why do you mention that the community plays an important role in Polkabased? Can the community really help develop network improvements, updates and stability? Where could the community contribute botos to the project? Can you provide me with the link?
I’ve read that Partnerships is included in your Roadmap in Q2 2021, and we all know that one of the way a cryptocurrencies and crypto projects will succeed is through the creation of strong products and services that are adopted by people all over the world, and to create those products and services, crypto projects will need to create the right strategic partnerships right? So can you tell us your plan about these Strategic Partnerships of yours and how is it going on now so far?
Keeping digital assets secure is essential to maintain value for the community, that’s why you created Liquidity Locking to prevent rug pulling right? So may we ask what’s your liquidity locking process and how can you say and believe that this gives community members more confidence in PolkaBased Protocol? Also why you chose TrustSwap to lock liquidity and can you explain why your current minimum lockup period is 6 months?
It’s so nice that Community plays a very important role in your network improvements, upgrades and stability. And your Community Governance works by voting on proposals or pushing a proposal to be voted on. So about these Proposals and votes, how are they being applied and how this can be done through the on-chain Governance Platform?
PolkaBased launched an Airdrop and Referral Program but there is not much information about it in your website. So can you tell us more about the Airdrop and Referral Program in PolkaBased?Can you explain it’s reward mechanicsm and structure? How does this Airdrop and Referral Program bring impacts to PolkaBased network? Thank you
1. Will you lock in liquidity? And how? And how much?
POB holders play an important roles in network improvements, upgrades & stability by voting on proposals or pushing a proposal to be voted on. Pushing proposals and voting on proposals can be done through the on-chain Governance Platform by using the POB token. Is there any minimum amount of $POB to hold inorder to be able to vote a proposal and to publish a proposal to be voted on? What kind of proposal that a holder can publish? Can you explain more about what is the on-chain Governance platform in PolkaBased and how to access it? Aside from having a voting power, what other benefits of being a $POB holder in your platform? Thank you
$POB holders play an important role in network improvements, upgrades & stability by voting on proposals and submit proposals to be voted upon. If 51% agreed to the proposal it is considered as approved. What kind of voting mechanism are you deploying? How will the PolkaBased team ensure that no particuar group or individuals can control the outcome of the voting event?
I read on PolkaBased website under scarcity topic; “Your share of the PolkaBased network only changes if you transfer POB to some other party. This is the base from which we will create a strong monetary ecosystem”. I guess this was always given, when you transfer or sold your token then you’ve got lesser share. But can you further explain on how will you create strong monetary ecosystem base on this concept?
I’m searching for PolkaBased topics about possible $POB farming programme and found none of it. Is farming not gonna be part of your platform or the team have plan to add it in the future?
Surprisingly the entire Polkabased ecosystem is built on ethereum, why did you decided to adopt the infrastructure of the Ethereum network and not take in advantage the Polkadot’s benefits? Will you improve it in a future?
Polkabased is using a contraction mechanism of POB token “rebases” that occur one each day. Can you tell us how secure is this mechanism? Was it inspired in another that already exists on DeFi?
On the on-chain Governance Platform all the users woould have the oportunity to raise their own proposal for future projects/ideas, just by free or are you planing the use of the POB Token to be able to raise a proposal por a project/idea? if so, do you plan to implement a in-page trade sistem in wich the POB Token holders could use their own tokens of the page to propose those with out have to pay the 3% fee for the transaction
after i read in PolkaBased medium i know that you are using Elastic Supply in Polkabased ecosystem. So what is PolkaBased aims by using this and what are the benefit for user ?
could you please explain about PolkaBased Liquid Program ? How is the way from Polkabased to prevent HOLDER from selling POB Token and makes price dumb ? How do you convince user that your Liquid Program is great for Long term investment?
i cant found any info from your site about PolkaBased’s Team info, I understand your team doesn’t want to be notice for important reasons but many people prefer to invest in projects whose CEO / owner is known.Can PolkaBased team give clarification ? any plan to introduce your team in the future?
Will there be another Bounty campaign for us to participate in?