We are pleased to announce our next AMA on April 14th 2021 at 03:30 PM UTC Time: Satoshi Club x Decus
⚠️Click to see the hour
⚠️Total Reward pool: $500
⚠️Requirements:
👉 Join Satoshi Club Telegram group
👉 Join Decus Telegram group
We will have the following structure:
Part 1: 100$ /6 users – We’ll select 6 questions from the community. A user can post maximum 3 questions.
Part 2: 100$/10 users – Open chat for 120 seconds. You can post Max 3 questions. Decus Team will select 10 questions and answer them.
Part 3: 300$ – A quiz about Decus
For more details:
Decus Website – decus.io
Decus Telegram – @decus_official
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish
tytytyr
I see that one of your potential target clients is large institutional firms. How will Decus be used on an institutional scale? and what is the previlliage they will get since they invested a large fund?
As a cross-chain platform, are there any possibilities for other tokens outside of your ecosystem to take advantage of the Decus infrastructure? Was this infrastructure built for own use or commercial use?
DeCus is a cross-chain custody system which offers tokenized Bitcoin ($eBTC), an ERC20 token backed 1:1 with real Bitcoin. What is the essence of the tokenization with BTC if $eBTC is not going to reflect the market price of Bitcoin as said in your project document? How is $eBTC expected to react to fluctuations in $BTC price and how is the supply peg affected? Lastly, in what way will $eBTC improve on some of the available tokenised Bitcoin and provide decreased risk in a truly decentralized manner?
The DeCus platform will kick off with the keepers Auction as you will have KEEPERS at the core of your protocol. I read that these Keepers are going to undertake the custody of a large amount of crypto assets at a lower collateralization rate. Who can become a Keeper and how are they broken into Custodian Network Group? Since these Keepers are allowed to operate in a permissionless manner, how will you ensure that they do not pose a security risk to the system? In addition, since Keepers also receive fee on $eBTC minted or redeemed, how are they different from Node runners?
The process to mint eBTC looks difficult: First, a user submit request to the smart contract, gets a Multi-Sig BTC address from Keepers, deposit BTC and submit proof of deposit before the corresponding amount of eBTC will be sent to the user’s ETH address. With all this processes taking place on the Ethereum chain, how will the user be able to cope with the challenge of high gas on this chain? Is there no way the entire process can be automated? And If a user wishes to redeem the eBTC back to BTC, what is the procedure and how will you determine the ratio of BTC that the users will get after redemption?
I read that DeCus does not have token currently and instead you decided to launch with eBTC, a better tokenized bitcoin to satisfy the tremendous market demand. Can you tell us more about this decision you made? Why did you decide to launch without a token of your own but with tokenized Bitcoin? What are the benefits of this decision? Also, without a DeCus token, how do you plan to meet all the needs the tokens tend to fill within the growth and maintenance of DeCus’ ecosystem?
While looking for information about your project I saw on your Docs that DeCus is a high capital efficiency cross-chain custody system based on innovative algorithms. May I ask, what innovative algorithms are those that you used to based DeCus on and why did you decide to based it on them? Also, what advantages will DeCus have thanks to this if we comparing to other projects with similar goals but based on other algorithms?
While reading your website I saw that DeCus is “Community Led”, you said that the power of community is high valued. And this intrigued me because the most common thing we see in projects is that communities can help or have voting rights thanks to the hold or stake of the project’s token, but DeCus doesn’t have one. So, can you tell us more about how will DeCus be Community Led? How will users be able to participate and give their power to your platform without a token they can use to do so?
Your project has great features. There must be an experienced team behind. Can you tell some about your team and their experiences in the market?
Can you explain how is your Tokenomics Distribution? How many tokens Will be minted ? And How many tokens Will be locked by the team?
Would you agree with EVERYONE that community is everything? How important is the community to you? How can we collaborate or help you to develop the project?
How do you plan to solve the interoperability issues? Which technology will you use to acheive awesome interoperability?
Do you have any Coin Burn/BuyBack systems or any Token Burn plans to increase the value of the Token and attract Investors to invest?
Right now issuing a token is a rather simple process. However, building the system and ecosystem is the most difficult part. My question is, How will this token use within the ecosystem?
Since Blockchain bridges enable interoperability between vastly different networks, such as Bitcoin and Ethereum. Talking about the other tokens outside of your ecosystem, is there any possibility for them to benefit or take advantage of the Decus infrastructure? Or can we be expecting that this infrastructure will also be for commercial purposes in the future?
DeCus IS A HIGH CAPITAL EFFICIENCY CROSS-CHAIN CUSTODY SYSTEM DEDICATED TO BRINGING BITCOIN TO THE DEFI ECOSYSTEM.
What are the requirements that took you before accomplishing this project? Did you meet with some of their founders (BTC) maybe for one or two discussions? And why did you choose bitcoin in the first place among thousands of digital currencies in the world?
Tokenized bitcoin is another frequently used pegged value crypto assets, and alot of tokenized bitcoin has already existed like
WBTC, HBTC, tBTC, renBTC, sBTC and so forth. How do you want to stand out among these since most of them are also ERC20 token backed 1:1 with real BTC? Is there any new package we should be expecting from
eBTC in order to convince the community about this project?
It is mentioned in the tweet that DeCus are welcoming partners and other leading companies to participate in the test. Why would DeCus open for this partnership? is there no formal incredible institution that may perform the test?
So far, Decus is seeking partnership and companies to participate on the test. Can you tell us who are already join in as your partner? And what is their contribution to the test?
Decus through it’s tokenized peg eBTC, is building a supply peg not a price peg, which means BTC/eBTC might not be exactly the same, and eBTC might trade at a slight premium or a discount. This stated price disparity is the most challenging scenero faced with the numerous pegged assets available today, but a part Decus’s sole purpose of service sold to prospective investors and community is the fact that Descus aims to eliminate this problem and mitigate the associated risks that comes with them. Therefore, how does Decus reconcile it’s intended solutions as stated to the obvious price fluctuations with it’s eBTC?
Decus in the long run will build Bitcoin bridges to a variety of notable public blockchains within the cryptocurrency space. What particlar solution is Decus bringing to these chains that it feels are currently lacking, knowing fully well that these are recognized and notable chains and therefore Decus wouldn’t be the only project incorporating and building similar solutions and services to them?
DeCus is launching with eBTC, an ERC20 token backed 1:1 with real BTC. eBTC uses a system of ‘Custodian Network’ to accomplish the tokenization of bitcoin, i will like to know what a custodian network is and why do we need a custodian network to accomplish the tokenization of bitcoin.
Hi DeCus!
DeCus is a cross-chain custody system dedicated to bringing bitcoin to the DeFi ecosystem. How is eBTC different from the existing wrappers like wBTC, hBTC etc? What are the main benefits compared to competing solutions?
Hi DeCus!
I read in your Medium article that Keepers will need to provide crypto collaterals to ensure honest behavior. Who and how will the collateral be stored? How can keepers be sure of the safety of their collateral?
Hi DeCus!
Do you plan to launch your own staking/farming platform to allow DeCus users to gain yield on their eBTC or will you only partner with existing DeFi yield platforms? This seems like a great growth opportunity for DeCus project.
Keepers are said to undertake the custody of a large amount of crypto assets at a lower collateralization rate, with the security of custody still being guaranteed. What are the crypto assets that keepers have in custody, and how will these low collateralization rate help reduce low capital efficiency.
In your recent kick off at keepers, you said that to ensure honest behavior and avoid system security risk, Keepers need to provide crypto collaterals, and based on our original algorithm theory. I will like to know maybe this reports are being provided to the general public and how do you publish it also
In your whitepaper, you talked about how users are the other crucial participants to accomplish the minting and redeeming of eBTC, i will like to know other ways users can help boost the Decus ecosystem apart from minting and redeeming. Also in your redeeming process do we need to pay a certain amount of fee before redeem.
Decus aims to solve one of the problem in the blockchain space is INTEROPERABILITY by creating a decentralized bridge connecting bitcoin to other blockchain assest. When you said other Blockchain assest, did you mean all blockchain assest including NFT, Stablecoins? You created a tokenized Bitcoin “eBTC” on ethereum network. Does that mean that the bridge will be a link between “original bitcoin on bitcoin network” and “bitcoin on other blockchain networks”? or the tokenized coins on bitcoin network? Or maybe both or more… what edge did it have over other tokenized bitcoin? An explanation will help.
How scalable is the eBTC compared to the many other tokenized BTC? In percentage, can you rate the Decus team performance with relation to goals achievement?
Can you summarize how the 1st round of the keeper auction test was done and how subsequent ones will be done?
Also, what’s the governance token on Decus?
Every great project comes with partnership. So I’d like to ask; who are the various partners of Decus and what services do they provide? Also, how do you ensure that the eBTC is backed 1:1 with the real BTC?
Decus project is a bridge which allow BTC enter like ETH Defi world. Could you please share to us information all about Decus Roadmap and new development? And how is the proggress work so far until now?
I read that Decus will have first signature product name with eBTC, can you explain how this eBTC different with other tokenized BTC from other project? And what new innovation that you will bring to your product eBTC ?
I quoted this from the website when i was trying to understand how to mint eBTC “After depositing a certain amount BTC to that multi-sig address and submitting the proof of deposit…”. The proof of deposit; is it a screenshot, the transaction id/hash, or any other thing proving that i made a deposit? Or is Proof Of Deposit a consensus mechanism just like PoW,PoS? What is the Proof of deposit?
On your docs I’ve seen that eBTC is building a supply peg, not a price peg so eBTC might trade for upper or lower price. What do you mean with supply peg? Also how much will you allow for price to change? Will it be possible for eBTC price to be 2 BTC or 1/2 BTC?
Thinking about Bitcoin there is no support for smart contract and farming staking system on Bitcoin Core. After you create eBTC which is pegged to real BTC, will it be possible to do all those things and what will be the usecase of eBTC?
As far as I see you don’t have your token right now. Why did you decide to create a BTC peg token instead of creating your own tokens? There are already some BTC wrapped tokens right now such as wBTC and renBTC. What is the difference of eBTC?
What will be the eBTC supply? As eBTC is supply pegged to BTC, did you mint all the tokens that Bitcoin has right now? If not, will you mint eBTC tokens after people send BTC into the ecosystem? And what is going to happen to eBTC supply when people want to convert his eBTC into BTC?
I see that Decus Project already have many big project as partner like FBGCapital, SevenXVentures, PuzzleVentures, BreederDodo, Conflux_Network, dForcenet, and hiFramework also more. Can you tell us what is the biggest achievement that Decus get from partnership and what are criteria to become one of Decus partner?
DeCus will soon launch a permission-less Dutch Auction to select the first batch of Keepers. Anyone who is interested to be a Keeper can participate the auction without any KYC or AML processes. As a Keeper they are responsible for the custody of underlying crypto assets, why DeCus not make each of them undergo KYC as added security?
You said the whole system of minting eBTC and redeeming back to BTC is based on KEEPERS NETWORK. What is the Keeper network and who are the keeper? Why does the system needs a keeper. Is the keeper like a miner or the cross-chain bridge? What is the benefits of becoming a keeper? You had a dutch keeper auction recently, how often will you be doing that and what is the requirements for me to become a keeper?
REGARDING THE HIGH GUARANTEE RATE ON BTC BACKED TOKENS, DECUS HOW DO YOU PLAN TO MAKE THE DIFFERENCE TO THE REST OF THE TOKENS AND BE ABLE TO PROVIDE YOUR USERS WITH A FAIRLY LOW GUARANTEE RATE?
THANK YOU VERY MUCH SIR.
AMONG THE MOST FREQUENT PROBLEMS PRESENT IN BTC-BACKED TOKENS IS THAT THEY PRESENT CENTRALIZATION AS THEY ARE ISSUED BY A SMALL CENTRALIZED PARTY, SO HOW ARE THEY PLANNING TO SOLVE THIS MAIN PROBLEM WITH TOUCH DECUS?
THANK YOU VERY MUCH SIR.
DeCus is built by a group of decentralization believers and DeFi natives with prior years of developer experience at leading companies both in Internet and blockchain field. How can we verify this information? Can you atleast name some leading companies that your founders work before? Will DeCus founders have plan to reveal their names in the future?
COULD YOU GIVE US A BRIEOF HOW THE ECOSYSTEM OF THE DECUS PROJECT WORKS OR HOW IT IS BASED, WHAT ARE ITS STRENGTHS AND WHAT ARE ITS WEAKNESSES THAT YOU HOPE TO IMPROVE OVER TIME AS THE PROJECT DEVELOPS?
THANK YOU VERY MUCH SIR.
DeCus does not have token currently. The token economy model is under plan and will be released soon. What might be the usecase of DeCus token? Is it for governance which many projects are already implementing?
How decus solves the problem of Bitcoin volatility?