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$/10 users – Open chat for 120 seconds. You can post Max 3 questions. Prasaga Team will select 10 questions and answer them.
Part 3: 300$ – A quiz about Prasaga
For more details:
Prasaga – @prasagaofficial
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish
Hello, Satoshi clubbers and guests of this site. Today we will talk about the Mun Finance project. Mun finance is an NFT-focused protocol making yield farming easy and simple with cards that contain their token MUN inside. The AMA took place on February 3 and our guests were @munfinanceofficial – CEO of Mun Finance.
The total reward pool was 1100$ and has been split into 3 parts.
In this AMA Recap, we will try to summarise the most interesting points for you.
Part 1 — introduction and questions from the Website
D. | Satoshi Club: Good day Satoshi club! 👋 another AMA today 😊 with Mun Finance at this time! 😃
Gold Rocket | Satoshi Club: Good evening, dear community!
D. | Satoshi Club: @munfinanceofficial hello and welcome! 😇
Mun Finance CEO: Hello everybody I’m the CEO of mun finance
Gold Rocket | Satoshi Club: Welcome to Satoshi Club @munfinanceofficial
D. | Satoshi Club: Good to have you here!
Mun Finance CEO: Indeed it’s a pleasure to be here.
D. | Satoshi Club: How are you doing today? 😊
Mun Finance CEO: Great excited to talk about the project and a bit nervous since this is a big community, probably one of the biggest in crypto.
Gold Rocket | Satoshi Club: Please tell us a little about yourself.
Gold Rocket | Satoshi Club: How did you get to be involved in crypto & Mun Finance?
D. | Satoshi Club: No worries, everything will be alright ☺️
Mun Finance CEO: So I started in crypto a few years ago working as a software developer for several companies. Initially, I was focused on full-stack and front-end development for web apps. Then I heard of Ethereum and got involved as a programmer, learning everything about it.
Mun Finance CEO: From there I coded smart contracts non-stop. I rather remain anonymous for personal reasons but just so you know, I’ve been in crypto for a while.
D. | Satoshi Club: So are you still working somewhere or Mun Finance now is your main focus?
Gold Rocket | Satoshi Club: It is very interesting! We love secrets here at Satoshi Club😉😎
Mun Finance CEO: I’m in a few other projects as a developer but mun finance is my focus correct.
Gold Rocket | Satoshi Club: Does your project have a large team?
D. | Satoshi Club: Got it! 👌so what is Mun Finance? please tell us briefly in this intro 😊
Mun Finance CEO: We have a frontend developer, a designer, and me working on it
Mun Finance CEO: Mun finance is an NFT-focused protocol making yield farming easy and simple with cards that contain our token MUN inside. Those cards allow users to yield farm by staking NFT cards directly on our future yield farming dapp. This platform will be developed after the ILO.
Besides the NFTs, our protocol rewards liquidity providers with a 1% fee on every transaction so that they generate a continuous profit while they facilitate liquidity for traders on uniswap.
We want to make the project as sustainable as possible, that’s why there will be a treasury for developers to reward them for contributing with their code.
Mun Finance CEO: Had prepared just in case.
D. | Satoshi Club: 😁👍
Gold Rocket | Satoshi Club: It was smart 😁👍
Mun Finance CEO: Gotta make sure all the important points are there.
D. | Satoshi Club: So i think it was a nice little intro @munfinanceofficial from you! are you ready to dive into the first part of our AMA? 😉
Mun Finance CEO: Indeed let’s go into the first part.
D. | Satoshi Club: Let’s do this! 🚀
Q1 from Telegram user @Antoni_azx Transparency is taken into important consideration when you’re a new project. I don’t see any information about the team, its mission, vision, purposes, all that information you should have already on your website or whitepaper. Where is all that information?
Mun Finance CEO: It’s mostly in our discord group where we explain how the protocol works and how it will be developed over time.
Mun Finance CEO: We rather have more close contact with each user.
Gold Rocket | Satoshi Club: Please share the link to the discord channel with our community.
D. | Satoshi Club: So all important info on discord?
Mun Finance CEO: Yeah we have an FAQ channel explaining all the key details.
Mun Finance CEO: All the progress is shared in the announcements.
D. | Satoshi Club: Okay, this is a good reason to join your discord 😄
Mun Finance CEO: Yes, I like how organized it is.
Mun Finance CEO: I also like telegram for its simplicity.
D. | Satoshi Club: But do you have plans to put your white paper or more information about your project, on your site also?
D. | Satoshi Club: Not everybody use discord you know 😊
Mun Finance CEO: Yeah, an article explaining our vision, goals, and roadmap is clearly necessary so we’ll make sure the information is reflected there for simplicity.
Mun Finance CEO: I’m not against whitepapers but if an article does the job, I see them just as effective.
Gold Rocket | Satoshi Club: Thanks for your answer! Do you want to add something or can we proceed to the next question?
Mun Finance CEO: I want to point out that our token has not been released yet, we’ll do what we can an ILO (Initial Liquidity Event) by the end of this month where half the funds raised will be locked as liquidity.
Mun Finance CEO: For traders to buy or sell on uniswap.
Mun Finance CEO: That’s about it.
Gold Rocket | Satoshi Club: You have a lot of work in this shortest month of the year 👍
D. | Satoshi Club: It’s important information to share, thanks 👍
Mun Finance CEO: Indeed we want to make sure all the legal stuff is handled properly to have a safe and proper launch.
Q2 from Telegram user @Highpee From one of Discord messages, you said investors should not invest money they can’t afford to lose as you can’t make a guarantee for funds lost, bugs in your smart contracts, or any code written by you. I know that projects may be unable to guarantee 100% security, but some take extra effort to reduce security leakage from their protocol through external audits, insurance, bug bounty, and other deliberate efforts. How secure is your protocol and what actions are you taking to ensure that the risks investors may be exposed to for using your protocol are reduced so that even if investors are unable to sleep with two eyes closed, they should at least able to sleep with one of it closed?
Mun Finance CEO: That’s why users have to be whitelisted with our form before participating.
Mun Finance CEO: We’ll have audits done by reputable companies when the code is ready while at the same time do a bug bounty rewarding finders with tokens.
Mun Finance CEO:] Even though there could be issues that we can’t foresee so it’s just a warning for people to be mindful of their investments.
Gold Rocket | Satoshi Club: Have you already chosen auditors?
Mun Finance CEO: Not yet we’ll do that after the token sale. What’s certain is that it will be a well-known auditor company such as openzepelin and others.
Gold Rocket | Satoshi Club: 👍 Sounds good!
D. | Satoshi Club: Btw when your token sale will happen?
Mun Finance CEO: it will be on February 28th. It could be delayed but that’s the ideal date.
D. | Satoshi Club: Do you have some requirements for people who want to buy?
D. | Satoshi Club: Or maybe restrictions?
Mun Finance CEO: They must be whitelisted by completing this form https://forms.gle/QzDNMmKcuQ16457B6 . We may have to implement KYC to comply with the law but no country restrictions so far.
D. | Satoshi Club: Got it. so there is no minimum Eth amount for buying?
Mun Finance CEO: You know every country has different regulations so we gotta be sure they are cool with the token sale.
D. | Satoshi Club: That’s right.
Mun Finance CEO: Nop, everybody is open to participating.
D. | Satoshi Club: Got it! I hope ethereum fees will be lower to the selling date 😄
Mun Finance CEO: Indeed gas prices can be on the higher side sometimes.
D. | Satoshi Club: Thank you for your answers! ready for the next question?
Mun Finance CEO: I’m ready.
Q3 from Telegram user @Xusuo I see that Mun Finance try to combine NFT with Fungible Token together into one, but what is the main goal of that infused NFT except for collection and sell it on open-sea ? for example I combine my MUS token and MUN token to create NFT with token Mun inside, can I split it again later and take only the NFT?
Gold Rocket | Satoshi Club: Good question👍
D. | Satoshi Club: I think it’s a good question to share your tokenomics as well 😉
Mun Finance CEO: Great point. To mint NFTs you must lock MUN tokens inside and you can extract those MUN tokens whenever you want. However doing so will destroy the NFT, so there can’t be a mun NFT without tokens inside. This makes each NFT more valuable by having that price floor based on the MUN token itself. Plus, we can use those locked MUN tokens on our yet-to-come yield farming dapp so people can stake cards while earning a profit.
Mun Finance CEO: NFTs are great to collect coins together to create a larger cluster for all sorts of purposes such as yield farming.
Gold Rocket | Satoshi Clu: Are there any ready mint NFTs? Please show us! 🙏
D. | Satoshi Club: So your system uses two tokens? should I stake/add to pool one token to earn another? or how does it work?
Mun Finance CEO, [03.02.21 18:10] Yes, we have a dapp deployed in ropsten here: https://mun.cards/ with the token designs so people can see how the platform will look like. We will release the final version after the token sale.
Mun Finance CEO: There are 2 tokens correct. The MUN token is the main token for all sorts of purposes while the MUS token is used exclusively to mint NFT cards.
Mun Finance CEO: MUS is just a temporary token that proves a staking period.
D. | Satoshi Club: Got it! how many tokens I should have to be able to mint just one NFT?
Mun Finance CEO: That depends on the NFT. There are normal, rare, and ultimate varieties.
D. | Satoshi Club: Oh, that’s interesting.
Mun Finance CEO: The normal NFTs cost 0.1 MUN and 0.1 MUS.
Mun Finance CEO: To allow more people to have our NFTs since they will be used later on for yield farming.
D. | Satoshi Club: Gotcha 👌
Gold Rocket | Satoshi Club: Thank you for the clarification! ready for the next question? It also touches on this topic.
Mun Finance CEO: I’m ready.
Q4 from Telegram user @NataliyaKil I drew attention to the collection of your NFTs that are offered for minting on your website: playing cards, chess, chips, pins and bowling balls, billiard balls …. Is this your only collection? Why exactly the attributes of the gambling business?
Mun Finance CEO: The gambling theme is the one we chose because we want to make the NFTs part of this larger game of yield farming. As you may have read on our website, we will have a treasury dedicated to the development and we may use it to create yield farming games for people to play with those NFT cards such as a lottery and the likes.
Mun Finance CEO: More collections will be added in the future after the current one sells
D. | Satoshi Club: 👌btw are you hiring? 😄maybe you searching for artists, who can make fancy NFTs?😉
Mun Finance CEO: Sure we’re always open to hiring new people as long as they are experienced in their field.
Mun Finance CEO: Yes
Q5 from Telegram user @KeymerS You mention that in addition to distributing the tokens fairly, you want to implement a super liquid market cap, but could you really explain its characteristics and how it works in more detail?
Mun Finance CEO: Sure.
Mun Finance CEO: Watching many other projects struggle with liquidity, we’ve implemented a 1% transfer fee on every token transfer that gets distributed to liquidity providers. That way, people are incentivized to provide liquidity creating a strong pool on uniswap for people to trade with.
Mun Finance CEO: The fewer people provide liquidity, the larger the rewards therefore it’s expected that many yield farmers take this opportunity to lock their liquidity for those transfer fee rewards.
D. | Satoshi Club: How much liquidity will you add to the pool? and people can be start trading, right after the sale?
Mun Finance CEO: half of the funds raised will be locked on uniswap. Our goal is to raise 1000 ETH so if we reach it, 500 ETH will be added as liquidity. And yes, people will be able to trade right after the sale since the token will be added to uniswap right away.
D. | Satoshi Club, [03.02.21 18:28] Got it, so what if you don’t reach your hard cap and soft cap as well, what will happen with unsold tokens?
Mun Finance CEO: If we don’t reach the soft cap of 200 eth, all the sold tokens will be refunded manually one by one to investors. If we reach the soft cap but not the hard cap, we’ll burn the unsold tokens.
D. | Satoshi Club: Fair enough.
D. | Satoshi Club: Thank you! and the last question from part 1.
Q6 from Telegram user @asalas95 Is MUN a project that was born with aspirations of being a global project, or on the contrary, are you focused on the development and adoption you could have in a specific market and region? What are your goals regarding the expansion of your initiative?
Mun Finance CEO: We want to make the project a global effort for the entire world without fixating on any country in particular. When it comes to our expansion we’ll continuously reach out to influencers, groups, and websites to spread the word so new developments are properly received by the crypto community.
Gold Rocket | Satoshi Club: Great goals!
Gold Rocket | Satoshi Club: Please share helpful links and information with our community before opening the chat.
Gold Rocket | Satoshi Club: @munfinanceofficial Thank you very much for your answers! ready for the most impressive part of the AMA?
Mun Finance CEO: Let’s get it!
Part 2 — live questions from the Telegram community
Q1 from Telegram user @Ayshunasrin What are the major advantages that attract investors to your platform?
Mun Finance CEO: The fact that users are rewarded for locking their liquidity and for locking their MUN tokens to generate MUS tokens to buy NFT cards. All that moves lots of tokens out of circulation, making all of them more valuable over time since the circulation is reduced by that. Another thing is that we plan to use NFTs for multiple purposes such as yield farming and gambling games. A similar project such as dontbuymeme is only focused on releasing NFTs without giving them any utility. We focus on the practicality of these NFTs first.
Q2 from Telegram user @highpee If the MUS token is a temporary token that is exclusively for the purpose of minting NFTs, what then is the need for MUN token in the NFT minting process? Can’t the minting be done with only one of these tokens?
Mun Finance CEO: Great question. You may think the MUS token is useless and can be removed from the system without any major consequences. However, having this secondary token can potentially create a separate market for people to trade and collect even more profits since people will be able to stake MUN and get MUS tokens to then sell them on uniswap. That alone creates a huge incentive for an extra utility token.
Plus having the option to send MUS to other wallets you may have is always interesting from a practical standpoint.
Q3 from Telegram user @apocan99 On your website, the images show cards containing games such as bowling, chess, dart, etc. Do these NFT cards exist, or are they just symbolic? Having all related to games, will the NFTs on Mun Finance only focus on gaming content or more?
Mun Finance CEO: Yes, those cards exist and are NFTs that will be released after the ILO. You can see the marketplace dapp here: https://mun.cards . The theme is related to gambling and gaming because we want to focus on making yield farming fun and attractive to crypto users. Plus we are open to building dapps such as lotteries to give them even more utility.
Q4 from Telegram user @moe_808 What is your top 3 things for priorities in 2021? Could you share some plans for the upcoming year?
Mun Finance CEO: These are the priorities for this year:
Complete the ILO successfully by reaching the hard cap.
Release the final NFT selling dapp to sell all the NFT tokens to interested users.
Create the yield farming NFT dapp to allow people to stake their cards and generate a profitable APY.
Q5 from Telegram user @Sumione How much MUN will be locked in liquidity and why the token sale date is Feb 28 so a long period?
Mun Finance CEO: We want to have time to comply with regulations in the many different places where crypto is treated carefully with the law. We’re focused on the long term so having a solid foundation that is secure to investors and set up properly is beneficial.
Q6 from Telegram user @Maksyrn How can you characterize ILO in comparison with other existing types of sales? Why did you choose ILO for sales?
Mun Finance CEO: As I said, an ILO is a token sale where half the tokens get locked as liquidity. We created this model because we believe it benefits investors who want to trade freely without excessive volatility since having a low liquidity pool makes trading almost impossible for users.
Mun Finance CEO: There’s the ICO where all the profit from the sale is kept by the team, the IEO where the tokens are sold on an exchange, and others. We chose a fairer system to provide more benefits to investors since that creates a better community.
Q7 from Telegram user @dumpspump Price is 1 ETH = 50 MUN right now. Will it change after the pre-sale has done or is it fixed?
Mun Finance CEO: Yes, the price will be adjusted to the price of ETH a few days before the ILO to make sure we sell at an appropriate price for everybody to participate in our ecosystem.
Q8 from Telegram user @boradam Do you think the digital art market can exceed the physical art market in the future? I’d like to learn your thoughts about the digital art market?
Mun Finance CEO: I believe so. The digital art marketplace is exceedingly faster and more efficient than the traditional art marketplace because users don’t have to wait any time to receive their NFTs. Compared to traditional art selling, buyers have to verify their art piece is legit, it takes time and security, and a whole system to make that possible.
Q9 from Telegram user @konditer_rolex When I use MUN and MUS tokens for NFT minting do I need to use Metamask and pay for gas multiple times?
Mun Finance CEO: You’ll need to make 2 transactions since these are separate tokens so yes, you’ll have to pay gas for them.
Q10 from Telegram user @BJosefina61 Will your token exit be in ETH or can we also use USDT, USDC?
Mun Finance CEO: We are interested in doing future ILOs for other pairs such as MUN / USDT or MUN / USDC. That will be definitely beneficial to the project and investors alike.
Q11 from Telegram user @BlancaSdF What kind of technology are you using for the NFTSs, 1155 or 721?
Mun Finance CEO: The tokens will be ERC721 with some modifications to create several identical copies for all of them. In fact, the code is openly visible on our GitHub so I encourage you to check it out and see how it works for yourself.
Q12 from Telegram user @AugusS7 I understand that Mun Finance intends for users to cultivate NFT infused with MUN, but really why should users cultivate NFT and with MUN instead of investing in other NFTs or other projects?
Mun Finance CEO: Because the token grows in value over time corresponding to our developments and expansion, the NFTs people buy become more valuable since they contain MUN tokens inside. You can also sell them on opensea for an extra profit at any point. It gives people options to trade with more tokens.
Q13 from Telegram user @centoscu Can another defi project be able to use your ecosystem on their projects?
Mun Finance CEO: Yes, Opensea can trade with our tokens since we’ve taken measures to make that possible.
I want to mention that the development treasury will reward developers that freely create valuable dapps using MUN tokens. That way developers can create their own projects and get rewarded for improving the MUN protocol.
Q14 from Telegram user @jackytran123 Who is your investor? How do you generate revenue to sustain the project? What are your goals to the end of 2021 and beyond?
Mun Finance CEO: Great questions. Our ideal investor is someone that understands DeFi and is aware of the risks associated with using smart contracts. We will take every precaution to guarantee the security of our contracts but there are many malicious actors out there that will do whatever they can to hack the contracts. That’s why it’s good to have experience in the DeFi field.
We generate revenue from selling NFTs, from the initial token sale, and from transfer fees. A small portion of the 1% transfer fee is sent to the development treasury to guarantee the stability and continuous building of the project. Our goal is to be the 1º NFT protocol in the market and to make that possible we need as much community effort as coders. So feel free to help out where you can.
Q15 from Telegram user @meml97 Munfinance is really new and with a really small community. What are you going to do to make users choose you over the other similar projects that have more time on the market, and make them trust you in order to build a really big and strong community?
Mun Finance CEO: Our new name in the market gives us the potential to carve a niche out in the crypto community for those interested in yield farming. We believe people prefer the simplicity of an effective protocol like ours to the complexity of advanced projects with hundreds of features and complex algorithms. By focusing on doing a few things right from the beginning we make it easy for investors to understand how they benefit and what they should expect from a project like ours.
Part 3 – Quiz Results
In the final part, we tested your knowledge in terms of Mun Finance. They’ve prepared 4 questions for this part. The total reward pool for the quiz was 900$.
Part 1: 100$ /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$/10 users – Open chat for 120 seconds. You can post Max 3 questions. The Famous Token Team will select 10 questions and answer them.
Part 3: 300$ – A quiz about The Famous Token
For more details:
The Famous Token – @TheFamousToken
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish
Hello, Satoshi clubbers and guests of this site. Today we will talk about the Bitsonic project. Bitsonic is a Crypto-Exchange based in South Korea. Bitsonic launched in early 2018 and was the first Korean VASP offered IEO and profit-sharing with Bitsonic Coin holders. The AMA took place on February 3 and our guests were Jun – lead of strategic partnership and mainly responsible for global partnership and Simon Yoon – in charge of Strategy & Planning at Bitsonic Exchange.
The total reward pool was 700$ and has been split into 3 parts.
In this AMA Recap, we will try to summarise the most interesting points for you.
Part 1 — introduction and questions from the Website
Mary | Satoshi Club: Hello Satoshi Club! We are happy to announce our AMA session with Bitsonic! Welcome to Satoshi Club😀
Gold Rocket | Satoshi Club: Hello, dear Satoshi Clubbers! We are pleased to announce our AMA with Bitsonic!😊
Gold Rocket | Satoshi Club: Today our guests are @BTSN_StrategicPartnership_JL and @simon_yn!
Simon Yoon: Hello Satoshi Clubbers! Glad to meet u guys here today:D
Jun Lee: Hi Satoshi Clubbers! Great to connect! I am Jun from Bitsonic! honor to be here today 🙂
Mary | Satoshi Club: Hello, Simon, welcome here 😀
Gold Rocket | Satoshi Club: Welcome to Satoshi Club 👋
Mary | Satoshi Club: Happy to see you here 👍
Gold Rocket | Satoshi Club: Thanks for joining❤️
Jun Lee: Thank you 🙂
Mary | Satoshi Club: Let’s start our party 😉
Mary | Satoshi Club: Could you please introduce yourself and tell us more about Bitsonic?😀
Jun Lee: I am ready 🙂
Jun Lee: No worries! Bitsonic first!
Jun Lee: Bitsonic is a Crypto-Exchange based in South Korea.
Bitsonic launched in early 2018 and was the first Korean VASP to offer IEO and profit-sharing with Bitsonic Coin holders.
Bitsonic is operated by the IT company, Skoopmedia opened in March 2011 and its extensive development experiences with big companies such as Samsung SDS, SM Entertainment, POSCO, NAVER, and whatnot are the key underpinnings of the new challenges to the new business, Crypto
BSC is Bitsonic Coin launched in the same year of Bitsonic exchange launching – 2018, Aug, and its holders can enjoy the utilities of BSC on Bitsonic such as trading fee discount, Staking, limited item purchase, IEO, and whatnot.
Bitsonic recently introduced BSC burning scheme to tighten its supply before we deploy some of the De-fi programs because I believe providing an attractive rate of return is the key to success in De-fi market.
Jun Lee: The intro is prepared to avoid hassle 🙂
Jun Lee: Myself.
I am Jun from Bitsonic and was appointed as a leader of strategic partnership and mainly responsible for global partnership as well as global business development in late-2019.
Previously managed PYC 2018 winter Olympic games as payment infrastructure lead at Visa inc and also worked in one of the top 3 international banks right before that.
Since we have a trustworthy operation team, my team, strategic partnership, focuses more on adding values and utilities on Bitsonic Coin.
Any questions regarding our new product? Just ping me on TG.
Jun Lee: Typo 🙂
Simon Yoon: And~! I’m Simon Yoon, and I am in charge of Strategy & Planning at Bitsonic Exchange. I have been working in the blockchain industry for 3 years now, and I am focusing on research on the Defi ecosystem 🙂
Gold Rocket | Satoshi Club: Thank you very much guys you were lightning fast!🚀😁
Jun Lee: As mentioned, just to avoid hassle 🙂
Gold Rocket | Satoshi Club: Do you want to add something or can we proceed to questions of the community?
Jun Lee: We are happy to move on for the questions 🙂
Mary | Satoshi Club: Bitsonic is working for a long time! That’s great, a lot of progress and experience 😀
simon Yoon: I look forward to your guy’s questions!
Jun Lee: Correct:) but more to come 🙂
Mary | Satoshi Club: Sure👍
Q1 from Telegram User @Arisabela Since the release of your native token $BSC, it is already possible to swap with coins/tokens based on other blockchain projects. Currently, what are the choices to swap on other blockchains? Is this project purpose to allow through its services interoperability cross-chain?
Jun Lee: Yep, we launched cross-chain bridge to allow swaps between BSC and hBSC.
Mary | Satoshi Club: And more coins?
Jun Lee: This is to support Huobi Eco Chain as a partner and we are planning to support a majority of HECO (Huobi Eco Chain) tokens on our bridges. so the answer would be 1. BSC – hBSC (right now) 2. in the near future, the majority of HECO tokens.
Jun Lee: It is also interoperable so users are free to cross the bridge if they find the right products to play with.
Mary | Satoshi Club: I see HECO is developing fast, a lot of new projects there😀
simon Yoon: We are working hard to expand the ecosystem with more major blockchains, so you guys can expect it.
Jun Lee: Correct 🙂 Lots of pre-arranged dev schedules coming up lol.
Gold Rocket | Satoshi Club: look forward to🙏
Mary | Satoshi Club: Do you have any guides explaining how to swap?😀
Jun Lee: Once swap and stakings are open those guides will be shared too.
Jun Lee: Thanks, Simon.
Mary | Satoshi Club: Great! It’s interesting to try this! At least to have experience! But it can capture😂
Jun Lee: Let me add some highlights on that.
Reasonable swap fee. (not pro-rata)
Willfully support HECO token.
Swap and Stake scheme. One simple transaction for staking (when users want to stake heco coin from ERC swap and stake can happen simultaneously) users will save fees and time.
Backed by Centralized Exchanges so those listed on Bitsonic are always welcome to get onboarded on HECO for swap.
Jun Lee: Also any questions about BSC bridge you can feel free to submit the inquiry through Bridge@skoopmedia.co.kr
Mary | Satoshi Club: I see, there are a lot of reasons to try this!
Mary | Satoshi Club: Thank you, guys, for your answers!
Jun Lee: Still beta 1.0 btw 🙂
Mary | Satoshi Club: Betas are my passion 😂😂😂
Jun Lee:
Mary | Satoshi Club: Ready to proceed, guys or you want to add something?😀
Jun Lee: Good to move on 🙂
Q2 from Telegram user @Wormz28 I heard that after the launch of the Bridge service, the Staking Pool service will be activated. So may we know in advance the details of your upcoming Staking Pool Service especially how it works? Also, where are you more focused right now?
Jun Lee: Guess we have lots of questions today.
Mary | Satoshi Club: Don’t even doubt😂
Jun Lee: As mentioned briefly earlier, ETA is Feb, this month. you guys will have various choices on ETH and HECO for staking and Yield farmings.
Gold Rocket | Satoshi Club: You can be sure! There will be many interesting questions 😁
Jun Lee: Since BSC is our native token that would be the most high listed pairs and we will also support 9 Huobi tokens to work with HECO team.
Jun Lee: We are currently reviewing what to add and this will be finalized once we complete the discussion with HECO team.
Jun Lee: HECO team is Huobi Eco Chain team – FYI.
Mary | Satoshi Club: Did you ask your community opinion?😀
simon Yoon: With close cooperation with the major projects issued on the HECO chain, the BSC token will be able to successfully take root in the HECO chain’s ecosystem.
Jun Lee: We will ask 🙂 however, the list should be along with an attractive rate of return.
Jun Lee: This means that we also need to forecast a bit of price movement to ensure our users are better off.
Mary | Satoshi Club: Can you give us a hint about how attractive it will be?😂
Jun Lee: We can’t be always correct but for the best result for our users
Jun Lee:: APY
Jun Lee: Pretty obvious.
Mary | Satoshi Club: I mean numbers😉
Jun Lee: We are currently offering 20~25% of APY for our USDT and ETH staking (lock-up) on Bitsonic.
Jun Lee: We want them to be also attractive to ensure our holders are better off.
Mary | Satoshi Club: Good numbers!🚀
Jun Lee: So! It is pretty to work on lol.
Jun Lee: Lots of things to consider.
Mary | Satoshi Club: Yes, I can imagine how busy you’re!
Jun Lee: Hopely we can provide a good rate for the stakings on the Bridge too 🙂
simon Yoon: I wanna tell you guys, 20~25% APY is in a high position in Cefi market!
Mary | Satoshi Club: But the harvest will come soon😉
Jun Lee: Not long to go 🙂
Mary | Satoshi Club: Yes, in Cefi, yes!
Mary | Satoshi Club: Thanks, guys! We will follow your updates!
Jun Lee: will keep you posted! 🙂
Mary | Satoshi Club: Sure! Ready for the next question?😉
Jun Lee: 👌
Q3 from Telegram user @AmirJosh One of Bitsonic articles said that the exchange is using 100% of the profits on buy-back and burn to reduce the overall circulating BSC token supply. May I ask where do Bitsonic gets the funds for the operating expenses if 100% of the income is being use for Buy and Burn purpose?
simon Yoon: Sure we 😀
Jun Lee: This is one of the questions we are frequently asked 🙂
Mary | Satoshi Club: Yes, I saw a lot of such questions 😂
Gold Rocket | Satoshi Club: So we will get an interesting answer. 😁
Jun Lee: We are an IT company that started in 2011. Bitsonic is one of the services we developed and operates. While we are operating Crypto business, we are also working on different parts of businesses such as Service integration, Development, Emojis, and Reg-Tech.
Jun Lee: Some are fully on us and some are invested by us for the operation.
Jun Lee: They are doing pretty good so we have multi-business channels to generate revenue.
Jun Lee: Bitsonic. BSC holders are the underpinning of Bitsonic I believe.
Jun Lee: We need to ensure that our users and holders are well looked after.
Mary | Satoshi Club: Are you operating worldwide or in some regions?
Jun Lee: Worldwide. but mainly in KR.
Mary | Satoshi Club: Got it😉
Jun Lee: The Emoji on Simon’s profile.
Jun Lee: That is the one we produce on Kakao.
Gold Rocket | Satoshi Club: Share with us, please 😁
simon Yoon: Name is Dongle-e.
Jun Lee: Lol.
Mary | Satoshi Club: I like it! 😀 Btw, Kakao is very popular in KR, right?
simon Yoon:
Jun Lee: One of the best-selling Emoji on Kakao.
Gold Rocket | Satoshi Club: I love it ❤️😁
Jun Lee: So!
Jun Lee: Let me add one more comment!
Gold Rocket | Satoshi Club: Sure.
Jun Lee: BSC. we offered BSC for those Staking participants on us. it means that BSC supply keeps growing. We needed to ensure that BSC value is well looked after to deploy some of the defi services with BSC.
Mary | Satoshi Club: It’s logical 😀
Jun Lee: Now we decided to burn BSC as much Bitsonic Exchange generates trading fees rather than supply more of BSC.
Jun Lee: We believe the earnings from value kept are higher than getting shares from staking.
Jun Lee: That was the reason being we changed our policy if this makes sense.
Jun Lee: Daily trading fee -> we buy BSC on the market -> Burn
Mary | Satoshi Club: Both strategies are profitable 😀 but, of course, it’s better to choose the best!
Gold Rocket | Satoshi Club: By the way, have your plans to move to Europe?
Jun Lee: We have a partnership with one of the European banks!
Jun Lee: We will!
Jun Lee: Definitely.
Gold Rocket | Satoshi Club: The next question will be about this😉
Jun Lee: Not physically! we will work with European partners since they know the market more than us )
Q4 from Telegram user @Antoni_azx I had some difficulties to research this project because the website it’s all Korean. Will you add some translated information in the future? For what populations are principally intended for your marketing strategies?
Jun Lee: We are working to rebrand ourselves to work globally and Full translation of our web is one of the top priority. We will get it done once we are fully ready for the coming regulation waves in Korea.
Jun Lee: BTW, BSC bridge is in full ENG. 🙂
Mary | Satoshi Club: We noticed 👍
Mary | Satoshi Club: Do you plan to rebrand?😀
simon Yoon:
And also, You can change the language by clicking the Korean or English tab in the upper right corner of our website.
Gold Rocket | Satoshi Club,: By the way, your crypto legislation is one of the most progressive in the world, isn’t it?
Jun Lee: Yep. our newly designed website image is shared with our users however, we have a deadline coming for the upcoming regulation from KR Gov.
Jun Lee: That is the priority.
Jun Lee: Yep Pretty tough.
Jun Lee: The deadline is the coming March.
Gold Rocket | Satoshi Club: Thanks👍
Jun Lee: We have 6 months grace period however we need to make sure we are fully ready! that is the top priority.
Mary | Satoshi Club: The difficulty is that the website download in Korean😂 and we can’t find the right button.
Jun Lee: Noted!
Gold Rocket | Satoshi Club: A lot of work, little time🚀
Jun Lee: Top priority now.
Jun Lee: But we will get there 🙂
Gold Rocket | Satoshi Club: By the way, how big is your team?
simon Yoon: Oh, that globe icon is what I said.
Mary | Satoshi Club: Thanks, guys! I hope it will be resolved as soon as possible 😀 and we will enjoy a comfortable interface!
Jun Lee: Started with 60 when I joined but now around 30.
Jun Lee: Thank you!
Mary | Satoshi Club: Oh, we will know!
Gold Rocket | Satoshi Club: Good number! You will cope with all tasks and goals! 👍🚀
Jun Lee: dedicated Bitsonic team number.
Jun Lee: Other businesses, other teams.
Mary | Satoshi Club: Did you mostly automate your work or you had to fire someone?
Jun Lee: It is more about dealing with the regulation. We restructured our team last year but we needed a dedicated team for information security to ensure we can still operate our business after the regulation is down on the ground.
Mary | Satoshi Club: Gotcha 👍
Gold Rocket | Satoshi Club: Thanks for the answer.
Mary | Satoshi Club: Ready to jump to the next question?😀
Jun Lee: We are also hiring many ppl these days but not that easy lol.. developers.
Jun Lee: Let’s move on.
simon Yoon:: Let’s Roll up!
Q5 from Telegram user @konditer_rolex There is an interesting page on Bitsonic called EasyBuy. I expected to see there something similar to a regular swap, or buying a currency with a credit card … But what I saw raised even more questions. Unfortunately, there were no active offers, but in history, you can see the sale of physical goods. What is EasyBuy, BSC LEAGUE, and SHOP? Auction, marketplace?
Mary | Satoshi Club: Oh, devs are on fire now, like defi😂
Jun Lee: Easy buy is Tokens sales like IEO.
Jun Lee: Majority of token sales were closed early last year and IEO is not the trend these days. We also offer some of the lock-up (staking) products on the page as well as some shopping items like iPhones and stuff.
Jun Lee: Those were available to purchase with BSC’.
Gold Rocket | Satoshi Club: Are you planning to continue this direction?
Gold Rocket | Satoshi Club: Or are there other priorities?
Mary | Satoshi Club: I heard you have feminism token there😂😂😂
simon Yoon: About two years ago, the exchange-led IEO market was very popular in Korea, and we were at the core.
Jun Lee:: Some good offer can be up there too so we will continue to leave it open for other products like hash power 🙂
simon Yoon: Wow. How did you find it!
Jun Lee: If there are good products we are always happy to put them up there. Lock-up products are still on there regularly but all sold out.
Gold Rocket | Satoshi Club: This is very reasonable.
Jun Lee: The next one will be open there again soon.
Mary | Satoshi Club: Not me, but our members 😂
Jun Lee: 🤣
Jun Lee: I Gotta move on lol.
Gold Rocket | Satoshi Club: I suggest moving on to the last question of this part. 😁
Mary | Satoshi Club: Thank you, guys! We will follow this market for updates 😉
Jun Lee: Yep! I am ready 🙂
Jun Lee: Thank you! we will keep you updated!
Q6 from Telegram user @Gutike95 In many IEOs it is required to complete a KYC to be able to carry out the smallest operation, with Bitsonic it will happen the same? Or is your focus on decentralization and will you avoid all kinds of personal data from users?
Mary | Satoshi Club: KYC is my pain, guys😂
Gold Rocket | Satoshi Club: Yes you hate it 😁
Jun Lee: On Bitsonic! KYC is mandatory! Sorry guys. that’s a must lol You know that we can’t compromise on the Gov guideline right? lol
simon Yoon: To be sure, Jun is one of the top experts in this field in Korea.
Jun Lee: However.
Mary | Satoshi Club:: Because i know who is working in my tax department 😂
Jun Lee: Lol
Jun Lee: It is hard however it is not evitable lol.
Jun Lee: However!!
Mary | Satoshi Club: Any countries restricted?
Jun Lee: We have bridges coming up soon! Some of the Dex features will be open too.
Jun Lee: Sanctioned and high-risk countries
Jun Lee: Of course
Mary | Satoshi Club: Oh, that’s what I love😍
Jun Lee: I used to work in that area of work so I know how harsh the consequence can be if we don’t follow the rules lol.
Gold Rocket | Satoshi Club: Yes your passion 😁
Jun Lee: We are on it!
Mary | Satoshi Club: As a tax inspector in my previous life, I understand you 😂
Jun Lee: Haha Yep! 🙂 Good to share.
Jun Lee: Part 2 I guess?
Gold Rocket | Satoshi Club: We were very pleased to talk to you guys! You are very cool!
Mary | Satoshi Club: Thanks, guys! I really enjoy our conversation today! But our members want their voices to be heard also and prepared their questions for the live part 😀
Jun Lee:: Yep! Let’s move on!
Mary | Satoshi Club: And their voices are loud 😂
Jun Lee: Love the voice.
Part 2 — live questions from the Telegram community
Q1 from Telegram user @Amila19932 What kind of idea on NFT on BITSONIC?
Jun Lee: Easy one first. Not sure how you know we actually looking at this part. Yep! one by one 🙂 NFT. this should be linked with something with value. We can’t disclose much since we are currently evaluating the model however we have Emoji businesses 🙂
Q2 from Telegram user @ronaldo_super Do you have any Banking customers from anywhere in the World?
Jun Lee: We have only a Banking customer. Dukascopy bank. They are our corp client and we are their corp client. We are currently preparing some collaborative products for us. ETA was Jan 2021 however since they are a bank they are conducting full test since Jan and we hope that ends soon so that we can provide their products to us soon 🙂
Q3 from Telegram user @Garrinepotter Bitsonic used Sygna Bridge – a solution for secure data transfer. Explain why the exchange needed this and why it is important for the user?
Jun Lee: When ppl are transferring money to others, Banks share the account holder’s information so that who involves in the transaction. this is to ensure that financial institutions are not abused by criminals. In the crypto world, we have more spaces to grow however this can only happen when Governing bodies are happy with Crypto. when we can safely protect ourselves and our users from financial crimes we can grow faster and bigger. lots more to tell but since it’s too long lol. Sygna, they are also one of our good friends 🙂
Q4 from Telegram user @Nickkiii What varieties of the program is Bitsonic planning for the global market beyond Korea?
simon Yoon: We are advancing into the global market by paying particular attention to the Defi market. In addition to we opened Vietnam-based Mtobit exchange, BSC tokens were successfully supplied to Uniswap through collaboration with a project last year. Through Uniswap, many people around the world can access BSC, and I think that everyone can experience various ecosystems that we will create in the future and now.
Q5 from Telegram user Hidden Didn’t Bitsonic raise the price to 2,850 won and do nothing for the past year?
Jun Lee: A bit tough to answer however I have to tell you something. Myself and our team is working super hard to find the best way to maintain the value of BSC. Our effort on that is something you can’t imagine. De-fi, stakings, Uniswaps, NFT, Bridges, partnerships with global exchanges, Partnerships with banks, and Reg-tech companies. I and our CEO were overseas to meet those partners all the time. This is to make sure that we find the best opportunity to grow our business (bitsonic) because we believe our effort will pay back all one day. I know that the current price of BSC is a bit low however I want to let you know that our CEO and my team are working super hard to protect the value of BSC. that is why we keep introducing new stuff. it is not easy to partner with global banks and companies. My next pick would be.
Q6 from Telegram user @leixagarcia What other products besides BSC Bridge do you plan to launch? Do you have in mind to work with loans or NFT Token?
simon Yoon: If 2020 was the era of Defi, I think the second half of 2021 and 2022 will be the era of the NFT market. We will be prepared with some concern about this. At the moment, we will focus more on the Defi market and further increase the use of BSC tokens, and the development team is making great efforts to introduce other Defi systems in addition to Mining-Staking.
Q7 from Telegram user @adamlike If BSC staking is still going on won’t it cause the token price to go down?
Staking reward was BTC
When we are reviewing products, we also consider that it is also fun to play with. what we offered on Hotbit was BTC and APY was about 120% when BTC was approx. $20,000. What we are preparing is also with other HECO partner’s tokens so it won’t affect its supply.
Q8 from Telegram user @cryptofollower Why did you choose BSC name as a coin? Don’t you think it can make confusion with Binance Smart Chain BSC?
simon Yoon: Since the name of our exchange is Bitsonic, we named it Bit-Sonic-Coin. Because Koreans read characters in syllables, it is easier to pronounce them in B-S-C. For reference, we started the blockchain business in 2018, and from then on, Our native token’s name is BSC.
Q9 from Telegram user @MCBTrade BSC Bridge has a lot of strong opponents. Does this situation worry you? How are you planning to tackle them?
simon Yoon: Currently, we know that our project is the only one in Korea where products have been developed to some extent in the Huobi eco chain ecosystem. In particular, in the Heco Chain, we will preoccupy the position of a pioneer, and through partnerships to be announced in the future, the ecosystem of BSC will be expanded to more major blockchains.
Q10 from Telegram user @Tony253210 The BSC is the main token that works on Bitsonic platform, this token has special uses on your exchange like BNB with Binance?
Jun Lee: Lots of utilities on BSC
IEO
Shopping on Bitsonic – (Hot deals like I phones)
lock-up and staking
trading fee discount
Trading experience on BSC market
and out of Bitsonic
Staking on Hotbit
Staking on Octetfi
Staking on BSC Bridge
Staking on Hubdao
BSC is also listed on Uniswap to ensure global users have access to it.
Part 3 – Quiz Results
In the final part, we tested your knowledge in terms of Bitsonic. They’ve prepared 4 questions for this part. The total reward pool for the quiz was 500$.
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$/10 users – Open chat for 120 seconds. You can post Max 3 questions. BitBerry Team will select 10 questions and answer them.
Part 3: 300$ – A quiz about BitBerry
For more details:
BitBerry – @Bitberry_Official
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish
Part 1: 1000 KTLYO / 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: 1000 KTLYO / 10 users – Open chat for 120 seconds. You can post Max 3 questions. Katalyo Team will select 10 questions and answer them.
Part 3: 80000 KTLYO – A quiz about Katalyo
For more details:
Katalyo – @katalyo
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish
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$/10 users – Open chat for 120 seconds. You can post Max 3 questions. Finxflo Team will select 10 questions and answer them.
Part 3: 300$ – A quiz about Finxflo
For more details:
Finxflo – @Finxflo_Community
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish
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$/10 users – Open chat for 120 seconds. You can post Max 3 questions. ZKSwap Team will select 10 questions and answer them.
Part 3: 300$ – A quiz about ZKSwap
For more details:
ZKSwap – @zkswapofficial
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish
Welcome to another episode of our AMA
series. Today we are glad to tell you about the AMA session with our friends
from Mimo. The
AMA took place on February 1 and our guest was @Nick_C_C.
The total reward pool was 500$ and was
divided into three parts. In this AMA Recap we will try to summarize some of
the most interesting points for you.
PART 1, INTRODUCTION AND COMMUNITY QUESTIONS
Mary | Satoshi Club: Hello
Satoshi Club! We are happy to announce our AMA session with Mimo! Welcome to
Satoshi Club😀
Nick_C: Hi, I’m
Nick, a growth manager for Mimo. I have been in community management, growth,
and even politics in the past, and I’m thrilled to be helping the Mimo team
with our mission. We’re building a bridge between the old financial world and
what we believe to be sound money. The money you all use here, but that most
people still don’t: Crypto! We’re starting with PAR and the Mimo DeFi platform.
Which I’m excited to tell you more about today.
Q1 from Telegram User
@dustyllanos
May I Ask, why does
MIMO chose your STABLECOIN to be pegged into the EURO and not the very
traditional USD?
Nick_C: Well,
Thank you for this question, Dustyllanos! Our initial research showed us that
having the USD as a single “safe” currency for your blockchain life was not
meeting the needs of many crypto users, especially (as you can imagine)
European users. The reasons vary a lot from user to user. Some complain that
their trust in USD is waning, and that even a seemingly wonderful 10% gain on a
fiat currency which can drop 10% in a year is not great, some feel that while
crypto is great, living between volatile assets and USD feels like a lack of
options, and even more reasons.
In addition, we see a solid opportunity with building a
token in 2021, partly because of what the DeFi world can offer (AMM pools,
oracles, and the larger DeFi space).
Gold Rocket | Satoshi
Club: You have big plans and goals! What has already been achieved?
Nick_C: The
lending platform is live, so the PAR token and the
borrowing/repaying/liquidating mechanisms are live. There is about 2M USD
locked in the contract already, and we have about 1M of liquidity in our
balancer pool.
Mary | Satoshi Club: When
did it go live?
Nick_C: Exactly a
week ago. I know it’s a bit young, but that’s why it’s also so exciting. We’ve
been working on this for months. We have more in the pipeline of course, as we
are focused on the mission I told you about: bringing people to sound money.
Mary | Satoshi Club: Btw,
where did you find your users? 😉 Which marketing tricks
did you use?
Nick_C: I have to
thank our amazing team here. The advantage of crypto, and DeFi in particular,
is that the community, while large to a certain extent, is rather small
compared to the larger finance or tech world. This allows for noise to spread
faster! Telegram has been extremely helpful.
We have a team in the small dozens of people. Most are in
product and engineering. I know that sounds rather vanilla in the tech space,
but that’s how we’re built. We also have a rather substantial piece in
operations and legal, which is necessary for what we’ve been working on that we
intend to release in 2021. In terms of product and engineering, we have a
healthy mix of Solidity devs and React devs. Classic again!
Q2 from Telegram user
@JesusFre1tes
MIMO offers a stable
token based on Ethereum, something very uncommon when talking about the ERC20
network. What are the tools you have used to make your ERC20 token stable? How
easy will it be to mint this token? How do you plan to solve the problems of
high fees and transaction delays that working with ETH currently entails?
Nick_C: There are
quite a few stable tokens based on Ethereum. What will make PAR stable are the
mechanisms of issuance and liquidation of the loans, alongside with the
interest rates offered by the platform for borrowing and offering liquidity.
These are not related to Ethereum per se, but what Ethereum can bring here is
more users which can ensure more liquidity. We do believe that Ethereum will
work on fees as a platform, and are confident that their efforts will help, but
we also intend to leverage layer 2 solutions to solve this problem. Our layer 2
developments are too early at this point to have much to share though.
We also believe that Ethereum is still where most of the
action is happening, and it’s important to know when not to reinvent the wheel
when you want to bring change.
Mary | Satoshi Club: So,
it’s almost impossible for small players to enter now?😃
Gas fees insane now.
Nick_C: It is
easier and more reasonable to borrow with larger tickets today, this is true,
but we are working on it and are confident that it is temporary. At the end of
the day, every project needs an MVP and we consider Ethereum a solid platform
to start, even with its high fees. We’re working towards transitioning a lot of
people to sound money, which means we have to take this very seriously, but we
need to tackle one problem at a time!
Mary | Satoshi Club: Did
you already contact some l2 services?
Nick_C: Yes, and
we have very competent staff when it comes to l2. We didn’t take the approach
to learn as it goes, but hired people familiar with building l2 solutions. 🙂
Q3 from Telegram user
@meml97
I
couldn’t find your roadmap anywhere, why? what does the future holds for the
project, could you please tell us? I would like to know more about what is
coming for the project before investing on it, but certainly without a roadmap
I can’t tell if its safe or not.
Nick_C: Thanks
for this question Meml! Using Mimo is safe.
We are purposely not sharing much of a roadmap at this point
as our focus is to bring attention to our platform so we can enter an iterative
process of receiving feedback and improving it. In the meantime, we have a
mobile app in the works as we believe that some users would prefer a mobile
interface to our DeFi products. We see a large gap between the freedom and
privacy that crypto offers and what users need for their daily lives, and
everything in our internal roadmap works around addressing this gap. However,
if safety is your concern before using Mimo, I would like to point to you that
the platform in its current state is safe, and that an audit realized by
Quantstamp backs it up (linked in the footer of our website).
Gold Rocket | Satoshi
Club: It seems to me. You are very right about the mobile app. At the
moment, a mobile phone is a full-fledged working tool for a modern person.
Nick_C: We will
go through an audit again as we come out of Alpha stage and bring a
decentralized governance model.
Thanks! This is what we believe is limiting a lot of people
to join the large DeFi ecosystem the right way.
Mary | Satoshi Club: Don’t
you think it’s 50/50, as you bring stable coin, but without roadmap and strict
development plans it doesn’t seem stable?😉
Nick_C: Fair
point! We believe that we should establish a solid platform first. Come to
think of it, Bitcoin didn’t need a roadmap. It established a solid product that
became better with time. We are not saying we’re re-doing Bitcoin, but it’s
important not to rush things out. We’re talking about people’s assets here.
Safety first!
Q4 from Telegram user
@Korryl
So I read from Mimo whitepaper that you have an insurance to give
safety and its covered all your ‘vault’ in Mimo platform. Could you explain
what insurance did Mimo offer for your vault? What is the benefit that your
investor / user will get from this insurance?
Nick_C: The
benefit is a more stable PAR. PAR tokens are not backed by fiat currency in
bank accounts, but are issues by the creation of over-collateralized loans in
volatile assets. Mimo also does not loan out collaterals, which makes the
platform safe from a bank-run. However, the volatility of some assets might be
so strong that even the over-collateralization could not make the liquidation
of some loans profitable. Mimo’s Safety Reserve is here for that. When someone
wants to liquidate a loan and its collateralization is unhealthy, the Safety
Reserve kicks in! The code of “VaultsCore” explains how it works.
Essentially, the safety reserve will pay what the collateral (minus the
discount) can’t pay for.
Mary | Satoshi Club: Do
you have any articles, which explain how it works? Or maybe you can explain in
simple words this mechanism?
Nick_C: Let me
try to make it simple! I’ll try to explain how it would work without a safety
reserve first. If Mimo had no reserve. Let’s say Alice loves ETH but wants to
buy a PS5, she doesn’t want to sell her ETH, so she comes to Mimo and issues a
loan in PAR using her ETH as a collateral.
She goes on with her life but suddenly… * insert thunder
noise here * … ETH drops furiously, and Alice was not very careful so she
borrowed right above the minimum collateralization ratio (or MCR).
It’s now time to liquidate Alice! Bob comes in and finds
that Alice’s vault is open to liquidation, but ETH is so low that what Bob can
pay for the ETH will not cover the outstanding PAR amount that Alice borrowed. The
platform ends up with a certain amount of PAR that are unhealthy. Mimo doesn’t
want to work like that 🙁
WIth a safety reserve, the platform covers the difference between
what Bob would pay for the ETH, and what is needed to pay the outstanding
amount that Alice has borrowed.
Q5 from Telegram user
@Mora110
You mentioned whenever
PAR tokens are borrowed and repaid, fees are collected at the protocol level.
Fees include the origination fee and the borrowing fee, both of which are
collected from borrowers. Income payable is calculated using the same formulas
as borrowing fees. Fees collected are distributed to a safety reserve and
incentivized liquidity pools. So, what are the fees that you charge from your
users when entering into your project?
Nick_C: The
answer is way simpler than for the other ones: All the fees that are charged
are transparently listed as parameters on the platform. We, as a company, do
not currently charge a fee. As described earlier, we’re in the process of
building additional services to transition people to sound money.
Mary | Satoshi Club: May
be they appear in process after wallet is connected?
Nick_C: Oh sorry,
by “on the platform” I meant, “on the platform, on
Ethereum”. The smart contract has been deployed with a certain set of
variables, these are the parameters. They are not visually displayed in the web
app! Sorry for the confusion.
Mary | Satoshi Club: Thank
you! But users will be aware about them in the process of transaction creating?
Nick_C: Sorry for
the shortcut, I guess we all over-use the word platform to mean different
things in the DeFi space! That’s a good point. We believe that it’s important
to display the most relevant information to users, such as the interest rates.
However, displaying how the fees are distributed could also add a great layer
of transparency for those who don’t want to dive into etherscan. I’ll take
note!
Q6 from Telegram user
@Gutike95
You mention that Mimo generates “Effortless High Yield Rates”, but is
this totally safe and reliable? or is it just another high-risk project?
Nick_C: Thank you
for this question, Gutike! It is safe, and this question comes at the right
moment, given the previous answer.
Today, generating high-yield rates from a Euro point of view
is not simple for most (even, and especially for finance-savvy people). As
shared above, Mimo incentivizes providing liquidity via the fees collected on
the borrowers, and this happens on a smart contract that has been audited by
Quantstamp. (I’ll paste it again, the audit is available here: https://mimo.capital/assets/pdf/Mimo%20DeFi%20-%20Parallel%20Protocol%20-%20Report.pdf)
PART 2, TELEGRAM COMMUNITY LIVE
QUESTIONS
The
chat was open for 120 seconds; a lot of questions were posted by Satoshi Club
community. Our guests chose some of them.
Q1 from Telegram User @moe_808
Can you tell us how #
PAR token holders benefit in the ecosystem and what power within the governance
model individuals have? Why is it so attractive and what are the basic
requirements to participate?
Nick_C: Thank you
for the question, moe!
Given the smart contract architecture of the smart contract,
the governance model is very powerful. The first layer I can communicate here
is that all the parameters we’ve discussed today (such as the interest rates
for borrowing, the distribution of fees, the supported collateral and their
minimum collateralization ratios, etc…), will all be controlled by the
decentralized governance.
Q2 from Telegram User @apocan99
$PAR will be the first decentralized
EURO price-stable token. Being first is usually great but also have some
disadvantages. You prefered EURO instead of USD but EURO is not used as common
as USD. So will you focus on EURO-using locations or do you target worldwide?
What plans do you have to make PAR used widely in many locations?
Nick_C: Thanks
for the question, Apocan!
Our PAR token which follows Euro is the first we’re coming
with, but our ambition is international. You’re right to say that coming first
is essentially a double-edged sword, but in crypto, it’s important to know how
and when to take risks, and we believe this one is the right bet!
Q3 from Telegram User @cryptoflower13
What is the idea behind the name Mimo
and why did you choose it?
Nick_C: Thanks
for the question, dear crypto FLOWER!
Multiple input, multiple output was how the name appeared,
but it’s not what it stands for. For example, we realized that it could mean
Money in, Money out, and even more things! Therefore, we’ve decided that Mimo
as our name must stand for itself, that brings us more flexibility.
Q4 from Telegram User @Maksyrn
Will users from some countries of the
world have legal problems when using Euro from Mimo?
Nick_C: Thanks
for the question Maksym!
We chose the safe route. While I can’t comment on every
legal system, I can point that we’ve designed Mimo for PAR to be as “on
chain” as possible, making it simpler for regulators to understand what’s
going on. On-chain means transparent, and transparent is safer for regulators.
This is one of the reasons why we believe it will be safe to use in many
jurisdictions!
Q5 from Telegram User @Gutike95
Are decentralized stable tokens
really necessary? why not just have conventional stable tokens like usdt erc20
or usdc? aren’t these decentralized?
Nick_C: Thanks
for the question, Gutierrez!
Not all currencies are made equal, and the centralized
stable coins have to manage the risks of their underlying currencies. With the
USD, it’s OK for now, but with Euro, it is very challenging, and we believe
that a decentralized token is the safest and most reliable route to provide
stability in the long term.
Q6 from Telegram User @atakansan
Why didn’t you choose a name like
TEUR or EURT but chose PAR for a EURO token?
Nick_C: Thanks
for this question, Ahulya!
We see it as essential to differentiate PAR from the
centralized stablecoins. We’re not alone here, and users seem to be OK, DAI
isn’t DUSD. We also believe that the concept of PAR (for Parallel) token
communicates the way Mimo works.
Q7 from Telegram User @highpee
Who are the Liquidity manager/profit-seeking
actors (contracts algorithm or human?) in the network that can reposes a poor
health vault’s collateral and what will happen if the owners of these vaults
decided to reclaim their collateral by paying off accumulated debt and fees?
Nick_C: Thank you
Johnny!
There is a direct incentive to liquidate an unhealthy vault,
and everyone is able to do it! Our experience in the space has showed us that
there is no shortage of users willing to get cheaper ETH when available, and
that’s exactly what liquidating a vault gives you.
Q8 from Telegram User @lionsaver
On your website it says Alpha use at
your own risk. Why do you say that? Is this not safe?
Nick_C: Thank you
for this question, Lion!
It is safe, and we have the Quantstamp audit linked in the
footer (https://mimo-capital-staging.netlify.app/assets/pdf/Mimo%20-%20White%20Paper.pdf)
helping us share this view. The Alpha label is more here to communicate our
view of the development state of Mimo as a platform. It is also important to remember than
whenever you’re using anything on-chain, you’re generally at your own risk. We
preferred to remind people of this for good measure. Safety first!
Q9 from Telegram User @leixagarcia
I don’t know much about DeFi. If I
don’t plan on borrowing or anything like that, would it still be advantageous
to save money in $PAR?
Nick_C: Thank you
for this question, Super Girl!
Today, PAR provides you the ability to stay in crypto,
without taking the risk of USD, which can be a positive product to bring in
2021. There is no need to embrace the entirety of the DeFi space to benefit
from PAR!
Q10 from Telegram User @esrarengizbtc
We know how important partnerships
are for the strengthening of crypto projects, but I could not see information
about your partnerships on your website. Do you plan to make new partnerships
that will support the #Mimo ecosystem in the coming period?
Nick_C: Thank you
for the question, with your long username (I’m not going to take the risk to
botch it!).
Our goal is to transition a lot of users into sound money,
and we know that doing this alone is not always realistic. We will partner with
other companies as we go, but for any of this to start, we need a solid
foundation, and this is what we’re sharing today. We believe the best way to
establish partnerships is trust, and we know that trust will come from
exhibiting a solid and audited foundation first.
PART 3, QUIZ AND INFO
As usual, for the third part, Satoshi
Club Team asked the chat 4 questions about Mimo. A link to a Quiz
form was sent into the chat. Participants had 10 minutes to answer. 300$ were
distributed between the winners.
For more information and future AMAs, join our Social Media
channels:
Hello, Satoshi clubbers Another AMA took place in
Satoshi Club and we would like to introduce to you the AMA session with our
friends from Roxe Chain. Roxe Chain is a global
payment network that allows businesses, banks, cross-border remittance
companies, and third-party payment platforms to interconnect with each other
and make instant, low cost, cross-border, cross platform payments and our guest
were @LDA_Michael @HaohanApifiny @hackapreneur. The AMA took place on 2nd
February.
The AMA session was divided into 3 parts with a total
crypto reward pool of 500$
In this AMA Recap we will try to summarise the most
interesting points for you.
Part 1 — introduction and questions from the Telegram community
Mary
| Satoshi Club: Hello Satoshi Club! We are happy to
announce our AMA session with Roxe Chain! Welcome to Satoshi Club😀
Michael Huynh:
Hello! Welcome everyone and glad to be here!
Haohan
Xu:
Hi Satoshi Club, how are you guys today?
Thanks for having us
D.
| Satoshi Club: great! how are you?
Mary
| Satoshi Club: Hello, guys! Happy to see you here 👍 we are great!
Hope you’re as well😉
D.
| Satoshi Club: market is growing so everybody should be
in a good mood😁
Haohan
Xu:
We’re doing well, excited for this and feel good to be here
Mary
| Satoshi Club: So, we can start🚀
Haohan
Xu:
Great, let’s do it
Mary
| Satoshi Club: Could you please introduce yourself and
tell us how did you start with Roxe Chain!
Haohan
Xu:
We are a global payment network that allows businesses, banks, cross-border
remittance companies, and third-party payment platforms to interconnect with
each other and make instant, low cost, cross-border, cross platform payments.
D.
| Satoshi Club: sounds cool
Mary
| Satoshi Club: We need more such projects! Payments
should be accessable everywhere 😉
Haohan
Xu:
I have a crypto background and use to trade aggressively😂 in college. But
most of my background is traditional finance, I have always identified some
inefficiencies with the payment world, especially how our settlement system is
so outdated. We have a growing team of blockchain, IT, finance, regulatory
agency veterans. Many members of the team have decades of experience in the
payment industry. And they mostly come from SWIFT, DTCC, Google, Microsoft and
a few other established companies.
Mary
| Satoshi Club: It’s your time now, a big storm on the
market 😂
Haohan
Xu:
We want to try our best and yes indeed there’s movements in the market
Mary
| Satoshi Club: How old is Roxe Chain?
Haohan
Xu:
Almost 2 years!
Mary
| Satoshi Club: Wow! Long way!
And i feel that it’s a very good time to dive deep in
details about Roxe Chain and start with the questions from our community 😉
Haohan
Xu:
Yes fire away!
D.
| Satoshi Club: 🚀
Q1 from Telegram user @meml97
Roxe Network will offer a lot of
innovative features to your users, will any of this services be restricted to
membership access only? Will Roxe have this kind of thing where they offer
standard services to normal users and other ones to some kind of VIP members?
Haohan
Xu:
At the moment, we do not have a membership program for retail users who are
using Roxe App. But we have thought of membership programs and membership based
incentives, will perhaps implement in the future as we gain more ability to
give value back to our users
D.
| Satoshi Club: perhaps you have some affiliate program?
Haohan
Xu:
Yes we definitely have that, and that will vary depending on the region you are
in
Mary
| Satoshi Club: Thank you for your answers! Ready to
proceed?
Haohan
Xu:
Yep!
Q2 from Telegram user @JesusFre1tes
Recently, Roxe Chain Foundation has
launched a Supernodes partner program to drive a new paradigm for global value
exchange with the American continent. How can users become part of this
protocol and become a Roxe Chain Supernode? With this protocol, how will you
streamline the way payments are made within the platform?
Haohan
Xu:
So our supernode program is only avaiable to enterprises such as banks, central
banks, exchanges, payment and remittance companies, IT companies. We plan to
have only 21 supernodes gloabally. However, for the normal nodes program, any
company from the above categories can become a node. A node will empower the
network and share its value. For the supernodes, each supernode will get 1% of
the annual transaction fee revenue Roxe gets.
Supernodes will bring in their own use cases in the
payment world, thus significantly empowers the network in the beginning. The
network will then be able to draw in nodes even faster.
Mary
| Satoshi Club: So, normal nodes also only for companies?
Private person can’t become a part of this?
Haohan
Xu:
So the nodes program is not really open to individuals, but individuals can
join as a businesses, and keep in mind, they are already interacting with Roxe
Chain when they use Roxe App, since it is a decentralized wallet
Mary
| Satoshi Club: But they don’t get shares of the 1% of
the annual transaction fee revenue 😉
Hope, you will have a lot of another incentives for
private persons😉
Haohan
Xu:
You are right, nodes do not. But currently the nodes that have joined are very
very very happy with what we bring in terms of speed and cost.
D.
| Satoshi Club: so Roxe App is already available? can i
download it and try?
Haohan
Xu:
yes we will definitely have that. We always pass on the value we get to our
users as soon as we get to
No not yet available on App Store/Google Play yet, it
is in testing stage, but more than 90% done
D.
| Satoshi Club: nice! 👍
Mary
| Satoshi Club: Great! We will be waiting for it!
Q3 from Telegram user @esrarengizbtc
The Roxe Chain ecosystem is designed to
use two digital tools, Roxe Cash (ROC) and DO. Can you give information about
the technological structure and functioning between ROC and DO in a way that
every user can understand without going into too much technical detail? Could
you also summarize the financial returns to investors by holding ROC tokens?
D.
| Satoshi Club: i think here, you can share info about
your token as well, it’s a good question for this 😉
Mary
| Satoshi Club:
👍
Haohan
Xu:
Yes, I will try my best. DO is the first central bank model algorithmic stable
coin that has an economy of itself. I have to emphasize the fact that it has an
economy of itself because it can be used just like the US dollar can be used in
US economy. So for those of you familiar with relations between central banks
and their respective currencies, taking US for example, ROC is like US
Treasury, and DO is like US dollar.
So to explain in detail:
DO (pronounced “dough”) is a hybrid stablecoin
collateralized by two assets: USD and ROC, implementing a central bank
algorithm, and anchored 1:1 to the USD. What I mean by that is DO has a target
price range of +/- 0.5% of $1 USD. Since it is not backed by USD, it can expect
fluctuations. The price is automatically adjusted through smart contracts on
decentralized exchanges (DEXs).
The issuance of DO is entirely based on smart
contracts and is completely decentralized.
On other hand, ROC,
in addition to serving as the gas for Roxe Chain, has a close
relationship in value with DO. To expand on how DO is back by ROC in additional
to USD. We first have to know one of the ways to MInt DO is by pledging ROC.
Following this equation:
This ensures the stability in value for ROC as well.
Roxe Reserve (“RR”) is just a set of smart contracts that is used to reserve
roUSD, ROC, DO, and to implement DO issuance and price stability. The number of
reserved and pledged ROC (at the weighted average issue price) in RR should be
no less than twice the total amount of DO that has been issued following that
equation.
Mary
| Satoshi Club: So, it will be required for users to
have ROC tokens to interact with Roxe Chain, right? For transportations, for
example?
Haohan
Xu:
We are still doing ROC private sale at this stage and are speaking to many
token funds out there many of us here have heard of
Mary
| Satoshi Club: Can you tell us some names?😎
Haohan
Xu:
For nodes yes, but if strictly speaking, using Roxe App is interacting with
Roxe Chain, and you do not need ROC to use the Roxe App
Mary
| Satoshi Club: Got it👍 thank you!
Haohan
Xu:
Sorry not at the moment, but we will annouce it when both parties allow and I
would say you guys would be hearing from us soon
But fair question @madamlobster 😂
Mary
| Satoshi Club: Ok, i understand! We can wait a bit😂
Q4 from Telegram user @KevSalom
Is Roxe really compatible with the
traditional financial system? How do you get my money to my bank? Aren’t there
any policies or regulations that need to be approved first?
Haohan
Xu:
To answer the first part “Is Roxe really compatible with the traditional
financial system?”, yes. By design, Roxe can be integrated very easily for
financial institutions. Roxe Instant Settlement Network (RISN) clears and
settles each transaction in real-time. Banks, trading markets, and financial
institutions can make fast, reliable, and automated clearing and settlement
without intermediate service providers. We know how hard it is to educate the
tradition market and thus we want to make the institutions comfortable, mostly
importantly, removing the skepticism and fear in order for them to understand
how powerful blockchain can be for certain applications. We offer very
lightweight APIs to them, without them having to “touch” crypto
And to expand in detail on how we do that exactly, I
will answer the second part “How do you get my money to my bank?”
So I will give an example of someone sending USD to
someone in HK receiving HKD, showing the example process from our whitepaper:
Through Roxe Settlement Service (RSS), the minting and
redemption of roFIAT (roEUR, roGBP, roUSD,etc…) can be done in real time. The
following criteria are followed when digitizing fiat on-chain: (1) 1:1 Full
Asset Anchoring (2) Real-time Minting and Redemption (3) Real-time disclosure
of on-chain mapped fiat data and bank account balance (4) Having read the audit
through a trusted auditor (5) The collateral bank or trust company is compliant
with applicable regulations
Mary
| Satoshi Club: Will it be possible to recieve USD in HK?😂
Haohan
Xu:
In the middle, the exchange happens in RPP which follows an AMM model.
of course, it works the other way around as well
D.
| Satoshi Club: will you have any DAO mechanism or who
will be make decisions in your project? what better for project and what is not
Haohan
Xu: Yes
we will:
Mary
| Satoshi Club: Will users need to pass KYC to send money
from USA to HK, for example?
Haohan
Xu:
This touches one of the previous questions regarding the relationship between
ROC and DO. At the initial project starting phase, Roxe Reserve will allocate
100% of roUSD as a reserve. After the initial phase is over, DO will be handled
by DAO. When RR conducts decentralized automatic issuance through smart
contracts, RR will reserve roUSD at no less than 80% of total DO value. As the
Roxe economic system grows, and ROC completes 100% of its public offering, the
expectation is that the community will ultimately vote to revise the percentage
of roUSD, or other asset class in the RR.
D.
| Satoshi Club: gotcha
Haohan
Xu:
Yes of course. And that brings me to part 3 of the question “Aren’t there
any policies or regulations that need to be approved first?”. Because we are
dealing with fiat that can be spent almost everywhere, we have to make sure no
bad actors are in the process. Banks and other financial institutions
themselves are compliant to local standards, in addition we follow the
compliance requirement from our partners and local governments.
Mary
| Satoshi Club: Thank you! That’s clear😀
Are you ready for the next question?
Haohan
Xu:
Many investors use to asked me about the issue of time and capital cost to
achieve compliance in so many countries, we have to know that sending money is
considered “money transmitting” and each country has their own regulatory
requirements for that. This is where our partners come in, since they are
already compliant in that standard
yes
Q5 from Telegram user @Wormz28
Nowadays some Applications are offering
CASH BACK for using their App. So in your platform, is there any EARN CASH BACK
you offer to your users in using the ROXE APP? If so what’s the details &
how it works?
Haohan
Xu:
Yes of course. I love this question and it is one of the best perks we offer to
retail users. We can provide real time cashback up to 30% on certain
payment/purchases. That is all in cash in whatever currency the user is using,
not restricted to points or certain tokens
Mary
| Satoshi Club: How it will work? Will it be instantly?
Haohan
Xu:
I know 30% sounds very high, but we have to acknowledge given the friction of
today’s payment system, if you liberate the cost these tradition insitutions
charge merchants in addition to the value merchants themselves are willing to
offer for cheaper payments, you can get a lot more than the 5-10% on your
creditcard
yes it will be instant. When you make a payment to a
merchant, you will get % back immediately
Mary
| Satoshi Club: It will be a pleasure to use an app with
such cashback 😂
D.
| Satoshi Club: with insta cash back ☝️
Mary
| Satoshi Club: Hope to see all this to go live vey soon!
Haohan
Xu:
Yes indeed, I can’t wait to release the app and have people see this can be
real
Mary
| Satoshi Club: Sure👍
Ready for the 6th and last question from this part?😉
Haohan
Xu:
Yes
Q6 from Telegram user @reinleoken
Time for each transaction is clocked at
less than 24 hours with a transaction fee of about 1.5% from the example given
in the site. But in the era of blockchains where using USDT TRC as an example,
time is less than 5 mins and the fees are way lower. I’m hoping that the time
and fee is something that you guys are working on to improve, and is your
service truly global like it can be found everywhere including Africa?
Haohan
Xu:
Yes of course we are always looking for room to improve the fees. Less than 24
hours at 1.5% for total cost is very competitive in terms of time and cost for
international remittance. Due to the fact that today’s payment system is
outdated, transaction today can take up to a week to settle and cost up to 10%.
But overall, as soon as we get a chance to improve our speed and lower our
cost, we will past that onto our users. And yes it is truly global. We actually
have lots of parnters from Africa, one of them is N2xpress whom many in the
region have heard of for sure. And another big region we have a lot of partners
in is Philippines
Mary
| Satoshi Club: In which countries your services will be
available and which will be restricted?
Haohan
Xu:
Besides the OFAC sanctioned list countries, the service is available in all
countries. We have been receiving interest from and reaching out to partners
all over
Mary
| Satoshi Club: Gotcha 👍
Thanks for great answers!
Haohan
Xu:
Of course, thanks for the great questions!
Mary
| Satoshi Club: Ready for the live questions part?🚀
Haohan
Xu:
yes, open the gate!
Part 2 — live questions from the Telegram community
Q1 from Telegram user @surendra040
How do I join ROC pending private
sale , WHY and how long will it be pending and please drop me the all
information and details about it.
Michael Huynh: For
all private sale inquiries, please contact me. Also a reminder, All sales are
prohibited for non-accredited investors in the U.S. and restricted countries
Q2 from Telegram user @JesusFre1tes
Q: How efficient is the cross-border
payment platform that Roxe Chain has developed? Are FIAT currencies supported
within your payment protocol so that it is adaptable to the country of origin
or destination where the payment is made? Is it possible to convert and
exchange my crypto for FIAT and vice versa to make this type of payments?
Haohan Xu: Fairly
efficient to meet more than the needs of average retail users. And yes to both
questions after. It supports roFIAT, (so roEUR, roUSD etc..) so it can support
currencies from the origin and destination. And it is possible to convert
crypto and exchange it. One thing I want to emphasize here is that Roxe’s duty
is to enable fiat to pay more efficiently using blockchain technology, not so
much enable payment for cryptocurrencies. A major problem we see here at Roxe
is how hard it is to send value today, while we can send messages instantly.
Many people have to eat massive cost just to send money home, and that is not
right
Q3 from Telegram user @attilayeni
If I want to send money to my friend
or my brother does he also need a Roxe account?
Michael Huynh: No.
Receivers of cross-border remittances from Roxe do not need a Roxe account. The
cash may be deposited directly in the recipient’s bank account, picked up at a
local remittance partner office, and in some countries, delivered directly to
your doorstep.
Q4 from Telegram user @asalas95
I am very struck by the fact that DO
is the first “central bank model algorithmic stable coin”, when one
of the reasons that people have to venture into cryptocurrencies is to flee
from the influence of central banks. I would like to know: what exactly is Roxe
Chain referring to when you say that DO follows a model similar to that of a
central bank, and how do you achieve such algorithmic stability?
Haohan Xu: That
is a very good question and the answers can get very deep. First, I want to
point out DO just expand and contracts in value using a method that central
banks use, and the rules/metrics can be decided by the community as I mentioned
in one of the part 1 questions. So in terms of control, it is the opposite of
what central banks in some countries are trying to do. We want to measure up
the supply of DO propotional to the scale of Roxe, instead of over inflating
it. So DO is the first central bank model algorithmic stable coin that has an
economy of itself, the emphasis is placed on having an economy of itself. ROC
is like US Treasury, and DO is like US dollar.
Q5 from Telegram user @mobilejii
Hello! @HaohanApifiny
Can I do a payment from mobile or not ? As for a beginner like me Do you
have any guide of how to make a payment from Roxechain network
Michael Huynh: Yes.
We’ll have a Roxe mobile app on both iOS and Android in development that will
allow you to make, send and transfer payments on the go. You can view https://roxe.io/ and join the waitlist.
Q6 from Telegram user @csgonub
Sending money in 24 hours into the
bank account looks promising but can’t you make it faster?
Haohan Xu: Actually,
we do. Cross-border transactions with Roxe are settled in minutes, and even
seconds. Roxe Chain is purpose-built for cross-border value transfer, and Roxe
Instant Settlement Network’s smart payment routing ensures the fastest, least
expensive route.
Q7 from Telegram user @warny
Why is Roxe Better than Ripple for
Global Payments? @LDA_Michael @HaohanApifiny @hackapreneur
Michael Huynh: Great
question Ho-jin! It’s a long and complex answer but we have released an article
about Why Roxe is Better than Ripple for Global Payments.
Did you made any partnership with stores
or restaurants?
Haohan Xu:
Great Question! Not yet, but please know once we start to the progress will be
very fast, since we will have already onboarded supernodes and normal node
partners who are banks, central banks, payment companies, etc. These nodes are
the ones who dictate the transaction cost paid by merchants so we will have a
lot of benefit that can be passed on to merchants, and then merchants can pass
these to their users.
We will offer ‘Roxe Commerce’, which
enables merchants to receive digital payments in real time.
Roxe Commerce, which is serviced by
Roxe Instant Settlement Network (RISN, enables online and offline merchants to
receive digital payments in real time — by joining the network for free and
adding a snippet of code to their website for checkout.
Roxe Pay users can simply use the
Roxe-generated QR code at checkout, and your bank receives the deposit in real
time
Q9 from Telegram user @araceley
How is Daollar Protocol issued and
can it be exchanged to USD-backed stablecoin?
Haohan Xu: Based
on the Daollar protocol and the RR, there will be issues of doFIAT like doKRW,doJPY, etc Those stablecoin can be exchanged to roUSD at international
market FXrate through an oracle. You can read in the whitepaper about
how the exchange works and how it prevents slippage in the AMM model during the
exchange.
Q10 from Telegram user @poorweirdokid
@HaohanApifiny Could you please tell me about the ROC usecase
. What benefits will be for the long term holders of ROC?
Michael Huynh: Sure! A key function of ROC is to provide a
convenient and secure method of payment and settlement for participants on Roxe
Chain. ROC runs on Roxe Payment Protocol (“RPP”), an open, peer-to-peer
payments protocol that enables any person, business, payment platform, or bank
to make instant, low-cost cross-border payments. RPP is powered by an automated
market maker (AMM) on a smart contract that executes automatic transactions
between digital tokens. Instead of a traditional order book, RPP uses AMM pools
to provide liquidity for faster, more reliable, and less expensive payment
settlement. RPP is built on Roxe Chain, a hybrid blockchain purpose-built for
payments.
A few takeaway points:
* An intermediate currency that can
be quickly exchanged with foreign currencies.
* A universal currency for global
payments that can be exchanged in real-time.
* As a payment and intermediate
currency on the Roxe global payment network, including payments of deposits or
fees to use the Roxe network.
* As a VIP token, required to access
“VIP services” in the Roxe payment network, or as a payment of a deposit or fee
to use the Roxe network.
