Month: April 2021

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 MonoX and our guest  were @ruyiren and @floody1.  The AMA took place on 1 April.

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 MonoX! Welcome to Satoshi Club😀

D. | Satoshi Club: our today’s guests – @ruyiren and @floody1 ! hello! nice to have you in Satoshi Club!  👋

Hugh: Hello everyone pleasure to be here!

Mary | Satoshi Club: Hello, Hugh! How are you today?)

Ruyi Ren: Hey everyone. Thanks for having us.

Mary | Satoshi Club: Ruyi, welcome here👏

Hugh: Doing very well thanks, things are getting pretty busy and we are at an excting time for our project

D. | Satoshi Club: cool! 👍

Hugh: How are you guys doing?

D. | Satoshi Club: great! 🚀

Mary | Satoshi Club: Wow, we are also excited to hear more about MonoX project and let’s start from your intro😉 and of course MonoX intro🚀

Ruyi Ren:I got into the space around the end of 2016. Started trading and mining. That’s how I got into building crypto projects. I’ve been building anon small projects since then. Last year Hugh and I met, we did a couple more. That’s when we realized it’s really hard for small projects to launch on exchanges, even DEX’s.

Hugh: For our proejct:

MonoX is a new DeFi protocol using a single token design for liquidity pools (instead of using pool pairs). This is made possible by grouping deposited tokens into a virtual pair with the vUSD stablecoin.

Single token liquidity pools are more capital efficient, resulting in a more optimized experience for all participants.

– As a project or developer, you can launch your token with zero extra capital.

– As a liquidity provider you only have to deposit one token to the liquidity pool.

– As a trader, swapping tokens is made much cheaper.

– We use one pool so LPs will receive fees for both swaps and borrowing.

Our first use case for single token liquidity pools will be an Automated Market Maker – Monoswap, which is set to launch in Q2 2021.

In the future, we will be launching lending/borrowing and derivatives products.

Mary | Satoshi Club: Yes, that’s true😀

Hugh: I have also been in the space since 2016, worked at various start ups in the space including ConsenSys, and also worked more on the venture capital and advisory side too.

Mary | Satoshi Club: It’s near! Can’t wait to see Monoswap launch😀

Hugh: Yes! Its pretty near now. We have been building since October, security is one of our main focuses now as we head into the later stage of the product development life cycle.

Mary | Satoshi Club: Is your team big? How many developers MonoX has?

Ruyi Ren: Yeah, liquidity pairs kill small projects. Fair-launching a market cap $1m of token ABC would require $1m worth of ETH from the founder. With MonoX, all the founding team needed is their own token. No any other token needed to do a fair launch.

Mary | Satoshi Club: I am happy to hear that you care about security! 👏

Could not imagine before that it’s possible

So, what about your team😀

Hugh: We are currently hiring. But the core team all devs, including Ruyi (who is both CEO and tech lead) then myself the non dev.  Team of 6

Mary | Satoshi Club: Hiring?😀 Who are you looking for?

Ruyi Ren:I found it pretty hard to find QAs who understand how blockchain/dapps work.

Hugh:On my side I need a bit of extra help now! So hiring a business / partnerships lead to help me with growth

Mary | Satoshi Club: May be we have some here, in Satoshi Club 😉

Hugh: 👀

Ruyi Ren: Yeah sounds interesting. Definitely reach out to us if anyone’s interested.

Mary | Satoshi Club: Hope, you will find some help from us😉 Satoshiclubbers, check your skills🚀

Mary | Satoshi Club: Guys, thank you for your intro! Do you want to add something or we can start with the questions from our community?😃

Ruyi Ren: I’m good. Hugh?

Hugh: Thank you for the intro, Lets get down to business with the community!

Q1 from Telegram user @Antoni_azx

The information about the private and public sales for your token $ MONO is a little limited, I couldn’t find your roadmap on your website either, what plans do you have for this year? When will all those dates be available?

Mary | Satoshi Club: We decided to start with sale😉

D. | Satoshi Club: well, question is not only about sale 👀😉

Ruyi Ren:

 

Here’s our roadmap today. We are looking into updating this though. Would love to have financial NFTs sooner but L2 is also attractive.

On public sale, we’ve decided to do IDO. We are still working on the details. Most likely it’ll be on more than one platform. Stay tuned.

Mary | Satoshi Club:Yes, it’s hard to get whitelisted now, if it will be more than one platform this will be awesome!

Hugh: We will update our documentation with our newly finished roadmap soon

Mary | Satoshi Club:Guys, do you plan to launch only on ETH?

D. | Satoshi Club: about L2, what kinda of solution are you looking for? will it be optimism or zkrollups?

Ruyi Ren: Yes. We are looking into launching on other chains a little bit after ETH mainnet launch.

Mary | Satoshi Club: Good news😉👍

Ruyi Ren: Good question. ZK-Rollup would be ideal but we are willing to settle for sidechain for better timeline. We are a huge fan of polygon’s work.

D. | Satoshi Club: yep, those guys did a good job 👍

Mary | Satoshi Club: We as well😃

Thank you for your answers, guys! Ready to proceed?

Hugh:Lets do it, cheers

Q2 from Telegram user @MaxiVV

I read that instead of using regular liquidity pool pairs, you utilize Single Token Liquidity pools, what is the main difference between the traditional and your single token liquidity pool? What are the pros and cons of your model? Do you think will be easy users get involved fast and trust? Give us an overview how it works.

Ruyi Ren: The biggest advantage we have is trustless listing. Listing $1m of ABC no longer requires $1m worth of ETH (or DAI). All the founders need is their own token. I believe this will encourage even more innovation in this space and we’ll see tons of awesome projects soon. I also encourage you to read more on our medium post to learn more about how our AMM works.

Hugh: You can also do more a deep dive into how our single token pool works in our medium article we posted just yesterday: 

https://medium.com/monoswap/single-token-liquidity-eff05dfebd75

Mary | Satoshi Club: As a future Monoswap user what i will be able to do on your platform?

Hugh: Do you mean overall? Or just for our first product?

Mary | Satoshi Club: Let’s start with first😃

Hugh: Sure

1. Launch your token with zero capital

2. Traders can swap. Every trade is a flat 0.3%

3. Provide liquidity, user only need to deposit one token

MONO token holders will also be able to participate in protocol governance

Mary | Satoshi Club: To be honest i like everything, but 3 i like most of all😂

That’s great! Do you already have some articles about you governance system?

Hugh: We are super excited for our users to experience 3 too, it should lower the barrier to be an LP

D. | Satoshi Club: can’t wait to try this 😏

Hugh: We don’t have an article on that yet, but we have release more info in the coming weeks. We touch on it in our two tierd pool system in our documentation

Mary | Satoshi Club: We will stay tuned 👍

Hugh:

How it will work. But yeah stay tuned for a more in depth explination

Mary | Satoshi Club: 👍

Thank you for your answers! Ready to jump to the next question?😃

Hugh: sounds good

Q3 from Telegram user @Highpee

One of the features of MonoX protocol is Trustless Listing Pools which will give any user the capacity to create and list token as well create liquidity pool. We are already aware of several fake versions of real tokens created on Uniswap and other DEXes by malicious actors. How does MonoX Trustless listing safeguard users as well as prevent the propensity to rug or list scam tokens at ease? What in built functionalities will be used by your protocol to protect users interest and allow them to be able to identify scam from genuine products?

Ruyi Ren: Good question. It’s been a big problem in the space. We are fully aware of this. We’ll do our best to warn users of suspicious tokens. It’s also important for users to doublecheck the token address before investing.

D. | Satoshi Club: that’s true lots of people forgetting about this

Ruyi Ren: I like uniswap’s warning when you enter a token by address. We might do something similar.

Mary | Satoshi Club: You will list tokens or all tokens will be available for trading just with contract address?

I am not sure that some users even read it😂 but it’s good idea

Ruyi Ren: How do you mean?

Mary | Satoshi Club: For example, on some DEXs i can trade only those tokens which are listed there

Ruyi Ren: We keep a list of popular tokens. For trustless listings, user can trade if they know the address. Alternatively, we’ll have an “explore” feature so users can view, for example, top 10 new projects.

Mary | Satoshi Club: Got it👍 thank you

Nice features 😃

Ready to go to the next question or you want to add something?

Hugh: Ready

Ruyi Ren: Ready

Q4 from Telegram user @johana0012

I understand that you are not listed on any exchange portal yet and that you will offer retroactive token distribution via airdrop to reward early beta users. Am I still in time to participate among these first users?

Ruyi Ren: Sorry for any confusion. You probably saw this from one of our older version docs. We’ve decided to do a liquidity mining program instead.

D. | Satoshi Club: yeah. i have read your docs today and saw this info as well

Ruyi Ren: This way we can expand the program to more people, instead of only benefiting a few exclusive beta users.

Hugh: This was we can expand the program to more people and they can start earning those LP rewards

LOL took the words out of my mouth

Will make sure its updated, thank you 🙏

D. | Satoshi Club: and what will we need to participate in liquid mining?

Mary | Satoshi Club: It happens when you work together 😂 right, @Cool_as_Ice ?

D. | Satoshi Club: yeeesss

Ruyi Ren: It’s easy. 1) provide liquidity for, say, MONO or ETH and 2) stake the LP token to earn MONO.

Mary | Satoshi Club: Will this program start in Q2?😃

Ruyi Ren: Yes. This starts as soon as we launch.

D. | Satoshi Club: so only one asset need for mining? MONO or ETH

Ruyi Ren: Yes. It’s all single token pools.

D. | Satoshi Club: btw what if some project wanted to organise liquid mining on MonoX platform, like they do on Uniswap, as we know user need to create a pair of tokens for this, like ETH/UNI for example. on your platform user will have to deposit only one token in the mining pool as well?

Ruyi Ren: We have LP tokens just like the other AMMs. The only difference is that our LP tokens are actually ERC1155, which is kinda like NFT.

D. | Satoshi Club: wow cool

Ruyi Ren: And yes, user only needs to deposit one token to get the LP token.

Mary | Satoshi Club: sounds tempting😃

D. | Satoshi Club:gotcha, thank you for answers!

ready for the next question?

Hugh: sure

Ruyi Ren: sure. absolutely

Q5 from Telegram user @AmirJosh

MonoX Platforms single token liquidity pools can also be used to build optimized lending/borrowing products, as well as derivatives like futures and options trading. This is like all in one system that if will built and run efficiently can help other projects minimized their spending. Do you have plans to use your platform’s technology to offer services for other start up defi projects?

Hugh: We will scale up to a fair lanch service so promising start ups can launch their token without the need for extra capital. Kinda like a fair launch – launchpad

But any project and developer can do this with a trustless pool from the begining. However as we scale we will build services around this feature so it can operate more like the fair launch launchpad.

Mary | Satoshi Club: But you will have fees, right?

Hugh: For the services?

Mary | Satoshi Club: Yes, exactly

Hugh: We’d like to work with the project and form a partnership not necessarily charge a fee

D. | Satoshi Club: got it, but will projects need to have some requirements to use your launchpad? for example like team should be fully public etc

Mary | Satoshi Club: wise approach😃

Hugh: Yeah we are coming up with a framework internally so we can perform the necessary due diligence to assure that projects listed will be of high quality

D. | Satoshi Club: nice! 🙌

Mary | Satoshi Club: Awesome!

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

Ruyi Ren: sure

Hugh: sounds good

Q6 from Telegram user @zennixjoen

Uniswap recently announced the launch of V3 which they claim will allow LPs to provide liquidity with up to 4000x capital efficiency relative to Uniswap v2, earning higher returns on their capital”. In light of this announcement, can MonoX still compete with Uniswap in terms of capital efficiency and do you have the evidence/test results to prove it?

Hugh: Great question. And Uniswap v3 certianly looks pretty cool, however it’s more trying to fix the impermanent loss problem and looks like they did a great job at it.

We, on the other hand, focus on solving the capital inefficiency problem, especially for new project launches. As uniswap still uses a two-token pair system, to do a trustless listing, one still needs that extra capital to build a pair. On monoswap, only the token being listed is required. That’s 100% capital saving and it’s still true.

Plus making one trade on monoswap is always one trade. On uniswap, if your trade involves 2-3 pairs, you’d be paying 2-3x gas fees and trade fees.

Mary | Satoshi Club: I see your advantages😃 especially when i think about gas fees

Ruyi Ren: Plus the lending and swap share the same pool. Uniswap or any other duo-token pools won’t be able to do that.

Mary | Satoshi Club: 👍

Thank you, Monoswap advantages obvious😃

And we came close to the live part, guys😃

Ruyi Ren: awesome

D. | Satoshi Club: @ruyiren  @floody1 we will open chat for 2 minutes, after chat will be closed – you can start select questions from Satoshi Сlub members!

Hugh: awesome thanks

Part 2 — live questions from the Telegram community

Q1 from Telegram user @cindy_caypto

Do you support NFT’s and what can I do with the NFT’s I get while I get using Monoswap platform and where can I sell them?

Ruyi Ren: We’ll support ERC1155 trading on our platform but not ERC721. We are making our platform extremely NFT friendly: 1) our LP tokens are NFTs 2) we’ll support and work with fractionable NFTs so in the future lending/borrowing NFTs is possible 3) derivatives will be financial NFTs as well

Q2 from Telegram user @Beterror203

You say that the vUSD is backed by assets of its group, what kind of assets are these that can support the vUSD, how can we verify these assets?

Hugh: Great question, I am choosing this one becuase we haven’t really touched on vUSD yet.

So for MonoX protocol its the pair is virtual. vUSD is a real stablecoin. vUSD is technically backed by all the assets in the pool. However, it’s more accurate to say that it is backed by the sell function because when a user sells into vUSD it mints the physical stablecoin. In essence, vUSD is backed by the liquidity itself, not the assets. vUSD is only backed when there is a positive vUSD balance in the pool. Trustless listing pools cannot go below 0 for vUSD balance. If a pool has a positive vUSD balance it means someone has bought the asset at this price and therefore it is backed.

Q3 from Telegram user @JuanSB07

I noticed that the name that represents your project is MonoX, but “mono” means monkey in Spanish. So this makes me wonder, do you have any relationship with Latin American communities or people? Does MonoX have any focus or plans in Latin America?

Ruyi Ren: Absolutely. As you can see, all of our brandings are about monkeys. As we are a global team, two of our engineers are located (in two different countries) in Latin America.

Q4 from Telegram user @surendra040

Hello! Are there any private or public sale I can join? will you have whitelisting process?

Hugh: We announced for the first time to the Satoshi Club comminity that we will be doing an IDO. We plan to do IDO on multiple platforms so more of our comunity can participate. Stay tuned for more updates!

Q5 from Telegram user @mobilejii

Are your smart contracts audited? What security measures has Monox adopted  to prevent from vulnerable hacks and attacks

Ruyi Ren: Yes. All of our contracts will be audited. We actually have a higher standard than just audits. On top of audits, we’ll do actual pen tests. We’ll ask a few white hat hackers to try to exploit our contract and make sure it’s secure enough before we launch.

Q6 from Telegram user @nadee5

Monoswap  uses  single  token design  for  liquidity pools instead  of  using  pool pairs..

What  are  the  competitive advantages  Monoswap  has  with  single  liquidity  pool instead of pool  pairs ? How can  user  be  benefitted  from  single token  design   rather  than  the  pool pairs?

Hugh: Another great question.

Users only need to supply one token (Token A) to be an LP

Projects can launch their token with zero capital (no ETH needed to create the pair)

More capital efficient:

i. As a Liquidity Provider there is no need to deposit multiple tokens. This increases decentralization because being an LP is much less capital intensive

Lower trading fees — Cheaper than Uniswap on average:

i. All the pools/pairs are in the same ERC1155 contract. It is much cheaper to interact with the same contract internally, than involving multiple other contracts

ii. Lengthy transaction paths are avoided because thanks to our vUSD stablecoin, Token A will not go through a ‘path’ of pairs to swap into Token B

iii. Every trade is one swap and a flat 0.3% fee

Less capital siloed in multiple pool pairs:

i. As there is no need for multiple pool pairs, more capital is unlocked and free to use

Allows for borrowing and lending from same pool

i. The borrowing and lending process is more optimized as users do not have to withdraw/reserve two tokens to keep the ratio (price) the same

Q7 from Telegram user @Robotliker1

I am little confused , why have you change your project name?is there any reason to name MonoX

Hugh: We decided to change the name.

This is because there are too many “swaps” in the market. Moreover, our protocol can do much more than just AMM/swaps, unlike Balancer or Uniswap which are not optimized for additional DeFi products.

We will instead name our products accordingly – Monoswap, Monolend, Monotrade (derivatives).

Monoswap will be our first product on MonoX.

Q8 from Telegram user @KhaleesiTheCryptoLady

What kind of derivatives products you can offer in MonoSwap? How much is the cost for every completed transaction?

Ruyi Ren: Good question. We’ll offer futures and options (call and put) as a start.

The transaction cost and gas fees are estimated  to be about the same as a direct pair transaction on uniswap.

Q9 from Telegram user @alptradaer

If for the listing of the token the project just need its own token, how can they set the inicial value of the coin on Monoswap platform?

Hugh: They set the initial price however someone needs to buy at that price in order for vUSD to back the asset. The vUSD balance starts at 0, if someone purchses 500 of Token A and the price it was set, then the pool is backed by the equivalent vUSD once bought. However in trustless listing pools the vUSD balance cant go below 0.

Q10 from Telegram user @didikpluss

Yield Farming and Liqiudity Mining, what do you think?  What about your Liquidity Mining Program sir?

What can we expect from this project in the short term at some point in 2021, and in the long term of course?

Ruyi Ren:

Ours is different from most liquidity mining programs. We are in for the long game. MONO rewards are issued every 6,000 blocks and first issuance is 420,000 with a decay of .999. This means that the reward is consistent and it’ll last a long time. In fact, After 1,500 days (about 4+ years), only about 80% of the MONO rewards will be released (see chart)

Part 3 – Quiz Results

As usual, for the third part, Satoshi Club Team asked the chat 4 questions about the crypto project. A link to a Quiz form was sent into the chat.

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

English Telegram group: https://t.me/Satoshi_club/

Russian Telegram group: https://t.me/satoshi_club_ru/

Spanish Telegram group: https://t.me/satoshi_club_spanish/

Telegram Channel: https://t.me/satoshi_club_channel/

Twitter: https://twitter.com/realsatoshiclub/

Website: https://esatoshi.club/

Our partners:

Telegram: https://t.me/MonoXAnnouncement

Twitter:https://twitter.com/MonoXFinance

Websites: https://monox.finance

Welcome to another episode of our AMA series. Today we are glad to tell you about the AMA session with our friends from GamerHash. The AMA took place on April 1 and our guests were Artur GamerHash (CMO and Co-founder) and Adasko.

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

Andrés M. | Satoshi Club: Good day beloved community, I’m glad to introduce you our guests today @Xar00 and @adasko.

Artur GamerHash: Pleasure to be here guys, looking forward for our AMA. We saw great energy on our Twitter when we announced AMA here

adasko: Same here, lets the fun begin.

Andrés M. | Satoshi Club: Let’s have it, how is going your day guys?

Gold Rocket | Satoshi Club: I saw on your Twitter everyone is really looking forward to this AMA.

Artur GamerHash: My name is Artur, I’m CMO and cofounder of GamerHash. about by background – over last 15 years I managed digital teams in one of the top Swiss corporations in Zurich, with a team of over 50 people.

The crypto journey for me started 3 years ago when I traveled to Zug when Vitalik was running an Ethereum ICO there – I just felt this new energy, and I was totally in. I cofounded few blockchain projects in Poland but actually GamerHash is taking 120% of my time. It’s really great one. I’m Oxford BlockChain Program Alumni with a broad network in UK, Switzerland and Poland. Shortly about me.

Gold Rocket | Satoshi Club: What is the essence of your project? How long does it take to develop a project? What plans do you have for the future? And what can we expect from GamerHash?

Artur GamerHash: just imagine self-financing super computer – build on the computers of gamers.

Andrés M. | Satoshi Club: That sounds so good to be true.So, please tell us how achieve it.

Artur GamerHash: As mentioned – GamerHash in a nutshell is a self-financing supercomputer. We direct the idle CPU & GPU of gamers to mine crypto. Gamers install our application on PC and our system is calculating real-time, which two out of twelve cryptocurrencies should be mined. There is always one crypto mined on CPU and one on GPU.

How profitable is it for the user? Currently, the average gaming PC mine monthly $70 to $80, and we don’t calculate 24/7 usage – just when the computer is idle (on average). We can be trusted as GamerHash is already 3 years old and has more than 550.000 users!

So to conclude – You install our app, and our secret source does ale the calculation what is the best crypto to mine for your PC, real time, no mining know how is required.

Andrés M. | Satoshi Club: How much RAM power it consumes?

Artur GamerHash: Mining happen on CPU & GPU, tokens/coins protocols describe which crypto can be mined on which. we never overclock your machine – to keep the temperature and noise level low.

Andrés M. | Satoshi Club: So, are you only focused on users with PC gamer?

Artur GamerHash: so its an app which work in the background and give daily income.

For now, yes, but already we are preparing Max version, we are researching M1 CPU possibilities. In the long run I see GamerHash on consoles – like crypto console ATARI. And in few years’ time also on mobile phones but for now mobiles without GPU are too weak.

Andrés M. | Satoshi Club: With the same monthly income?

Artur GamerHash: for sure not, to evaluate monthly income we calculate crypto prices, hashrate and many different KPIs. For now, it’s hard to evaluate how mining will be profitable in future.

I’m very proud of my team, as together we managed to acquire first EU crypto license for our $GHX GamerCoin. we worked hard with Maltese regulator – MFSA, and we are first fully regulated project working in the EU. it’s really smth that differentiate us on the market and provide security to our private sale investors.

Q1 from Telegram User @Andrey_Seleznov

You mention earning while playing games or watching movies. What is the process, do users need to play specific games through your client or any game and just keep the mining client in background? How do you make sure mining will not adversely affect performance and drop fps to 0? Thank you?

Artur GamerHash: very good question Andrey, and I will be able to touch base our Play & Earn module. with the mining – we do have access to all motherboard KPIs and we are able to choose precisely level to which PC can work without being loud and mess the performance. We do have 3 years in experience in setting this up – we are fully safe solution, about the Play&Earn –

This is solution which we propose to low-end computer which are to week to mine crypto – like laptops f.ex. The way it works is that our gamer sees number of games in which they can play to earn money like. f.ex. famous World of Tanks – if gamer will play the game and will achieve the targets that we show for each game he will get paid. for each country we have different set of games, as each game dev studio have different targets with user acquisition. hope it’s clear now.

Q2 from Telegram User @Pratze

As written in your whitepaper, there will be tokens monthly that will be shared among gamers participating on the platform. How is the way GamerHash share the token? Is it through airdrop & bounty activity or you just drop it randomly to participant?

Artur GamerHash: On the daily basis we have tens of thousands mining PC on our platform, on the first day of the month we do unlock GHX bonus budget for miners, its 10.000$ in GHX for month. So for each X daily BTC income users get 20%X in GHX. When the 10kUSD finishes the bonus is stopped and miners function without bonus, so actually we can say that $GHX is the first ERC-20 token that can be mined.

Andrés M. | Satoshi Club: That’s the Gamercoin, right? Which are the use cases or main benefits for holders?

Artur GamerHash: yeap, exactly – we are already at CMC, without being listed https://coinmarketcap.com/currencies/gamercoin/   thanks to our great community.

Artur GamerHash: our GamerCoin is native token of GamerHash platform gamers can use it for following:

• Ordering products from GamerHash Store with additional bonus.
• Access to dedicated competitions / events for GHX hodlers.
• Hodling and owning GHX tokens would allow to receive bonuses in GamerHash ecosystem, e.g. daily bonuses (rewards, additional rebates, also we are working now on staking.

Gold Rocket | Satoshi Club: Does community activity affect the final product?

Artur GamerHash: For now, we don’t have DAO or governance token – it’s in the pipeline. gaming community love these things, we are really lucky to work with gamers, as CZ mentioned once in his twit – Adoption of crypto will come through gaming. No one is prepared to understand physical value of digital assets like gamers, they’re paying for sword in WoW or other games for long time already.

Q3 Telegram User @JuanSB07

In 2017 the $ GHX private sale was a great success with a “Hard Cap” of ($2.8 M). But you mention that not only this sale brings success, but also the legal issues. So, could you explain me how GamerHash managed to leverage these funds? Were they used for the development of the project and community? And speaking a little bit about the legal issues, did you have any problems, since you mention it a lot in your medium?

Artur GamerHash: Our legal procedure with Maltese MFSA was not easy, probably you guys remember that companies like Binance or okex were running away from Malta after not meeting requirements, for us it was very exhausting but it the end now the success taste better, probably we are the smallest company that managed that and definitely first the will list its token soon, that’s why I mentioned in the beginning that I’m really proud of our team.

What it has complicated?

1. much more procedures with AML/ KYC, but it secures our investors better, we have Maltese agent who is checking are we delivering our promises from the roadmap.

2. we couldn’t do public sale. in our license allowed was only private sale and listing. Luckily we were oversubscribed in private sale and reached hard cap. otherwise we would have to burn some tokens before the listing.

Gold Rocket | Satoshi Club: Do your users need to pass KYC?

Artur GamerHash: In private sale they had. mining have different rules, depending on the levels of cashouts.

Andrés M. | Satoshi Club: privacy and security is an important topic for gamers, so has been your project audited or is it in process to be?

Artur GamerHash: it definitely has, when we were applying for crypto license we were audited by gov. security company on Malta, our apps, procedures, wallets approach & smart contracted were revised in technical audit. It was >200 pages and we passed that of course, as it was necessary to acquire the license. Now on quarterly basis we are being checked by them.

https://play.google.com/store/apps/details?id=com.gamerhash.app

iOS – https://apple.co/2VxLMcE

Q4 from Telegram User @victorogb

One major drawback to achieving a full user experience on most gaming platforms is ultimately the constraint of user geographical location. I was particularly taken back knowing I just couldn’t enjoy these amazing service because of my current location. How will GamerHash address this and what are your geographical expansion plans for your services over the coming months and maybe years, and do some of your unique gaming products and service vary with countries and regions?

Artur GamerHash: cool question, thanks, mining possibilities of GamerHash are not limited to any localization, just today we were twitting that in last month we have users from 168 countries.

limited offer is for Pley&Earn – over here as I mentioned already for each country we have different contracts with game-dev studios, we are working now to have coverage in our main markets with top games like World of Tanks or Game of Thrones, that’s it Victor, thanks for the question!

Andrés M. | Satoshi Club: Great answer, btw, which other games do you have in plans?

Artur GamerHash: we are specially working with top crypto games, we are partner in Blockchain Game Alliance with companies like Sandbox, Enjin, Atari, Decentraland or Animoca Brands, we want to bring education to our gamers with decentralized gaming concepts, this year will be full of them but cannot disclose details yet.

Andrés M. | Satoshi Club: Come on, any Easter egg for our community?

Artur GamerHash: we have nice parcels in few decentralised metaverses, speaking about the Easter – really nearby.

Andrés M. | Satoshi Club: And what about NFTs, do you have in plans some?

Artur GamerHash: yeap, we were working on them before it was cool, already last year in conference in Miami we were saying the its the next big thing after defi, people were laughing, but well, we are building P2P NFTs marketplace within our ecosystem. We see that there is number of great NFT protocol and concept but real life gamers don’t have the clue, we want to be bridge here, connect technologies with gamers via education on our platform. We will become Amazon of NFTs in 2-3 years’ time.

Q5 from Telegram User @Derazy

 Gamerhash promote gaming generation while playing games for crypto using PC. That is interesting because people mostly only playing games without knowing they can mine while playing. Taking consideration on this PC game, we know that gaming requires minimum standard specification on PC/Laptop. In that case, is there minimum PC/Laptop specification for Gamerhash? Is it high space requirement?

Artur GamerHash: good one, lets dig into details, laptops are not perfect for mining – I do mean general mining, not only with us, its connected with the fact that laptops have integrated GPU – graphic cards, it’s not good match.

So minimum I would say its classic PC with normal graphic card, on average now gamers earn 70-80 monthly, but also – to show to scope – we have top notch gaming PC in the office. with components very hard to get, it earns 700-800$ monthly, it will break even in 7-8months.

Q6 from Telegram User @AmirJosh

Do the GamerHash mobile app contains all the functions when using GamerHash on PCs / laptop? And do your app work with all kinds of mobile phones?

Artur GamerHash: Our app works with all mobile phones on iOS & Android, it now allowing mining but its showing & monitoring devices, so while being in school or work u can guys check is the device earning or not, also it allows to keep crypto as a wallet and do purchase in our store, btw. our store allows to buy via crypto >600 digital products, like Netflix, Spotify or amazon coupon cards with us You can passively earn and then pay Your monthly services bills.

Andrés M. | Satoshi Club: What kind of products we can find in the store?

Artur GamerHash: Also we do have games and games keys, everything that gamers need and there is much moooore to come like I said we have perfect timing surprisingly COVID situation helped us a lot soon we will have our first listing. Hope I see lot of You guys on our telegram – https://t.me/GamerHashOfficial & twitter https://twitter.com/GamerHashCom

---

PART 2, TELEGRAM COMMUNITY LIVE QUESTIONS

The chat was open for 120 seconds; a lot of questions were posted by Satoshi Club community. Our guest chose some of them.

Q1 from Telegram User @cryptonation2

Adoption and awareness of project is essential for a global project but for non-English speakers do you have any plan?

Adasko: Hey, firstly we started in Poland after reach more than 50k of users in really quick time decided to go worldwide – for now focusing mostly to involve Asian community so I Can say we already trying to involve non-English speakers because we believe that community is key to scale our success.

Q2 from Telegram User @Xusuo

GamerHash makes user possible to create money only by install application and let the computer mining, is there any specification for PC so your mine program can run smoothly? If I turn on my PC 24/7, how profitable for me?

Adasko: Hey, so our user friendly app make possible to earn money from your computing power – if you want to know exactly amount of money check our refresh  profitability calculator on our website https://gamerhash.com/en/calculator.

Q3 from Telegram User @Airborne19

I see in white paper that there will be a MONTHLY TOKEN DISTRIBUTION to all users…what is the conditions to be concerned by the airdrop?

Adasko: So as Artur already mention, in the beginning of every month we open a cap of 10.000$ in GHX for our users as an additional bonus to their incomes – first come, first served, so all of our users can become a GHX owners, also in Q2 we will add to our Play&Earn module bonuses in GHX too.

Q4 from Telegram User @smelekin

What are you bringing to the world with mining?

Adasko: That’s good one 🙂 We are bringing community of more than half millions of gamers who has great PC’s and now they are able to share the computing power and has income from it, they can exchange their crypto which they earned with us to digital goodies or coupons for your local grocery shop etc. – we call its mass adoption.

Q5 from Telegram User @boradam

I didn’t see any NFT support on the website. Don’t you like NFT’s too? Will GamerHash support NFT in the future?

Adasko: Hey, yes predict that NFT’s will be new trend when we were part of MIAMI blockchain week! We want to be p2p marketplace for NFT till the end the year so if you are NFTs lover (we all, right?) just follow us.

Q6 from Telegram User @ubuntucoder

For which operating systems did you build the software for? Can I use it on my Linux?

Adasko: for now, its Windows only, Linux & MacOS in preparations.

Q7 from Telegram User @csgonub

What is your favorite game?

Adasko: Well – its CS:GO 🙂 our advisor is NEO, known from famous Virtus Pro & FAZE, he is helping us in Asia.

Q8 from Telegram User @cryptofollower

You said you are controlling the computer when it is idle. Is it possible for us to run the mining software even while we are using the computer for daily stuff like surfing?

Adasko: Hi, great question – yes, meanwhile watching Netflix, YouTube or simple surfing you are able to do this and mine same time 🙂

Artur GamerHash: Exactly – seeing Netflix or YouTube usually takes up to 15% if available computing power, in this way we allocating electricity loss and are ecological mining. We don’t advise to keep PC up and running 24/7 – GamerHash works in the background while you guys do other stuff.

Q9 from Telegram User @nadee5

$GHX is not listed yet… Where will it be listed first? How can I buy $GHX?

Artur GamerHash: I kept this questions for the end. We will be listed in coming month – we are aiming in top tier exchanges as we are fully operational business with 500k gaming community. Check our channels for details – it’s coming.

Q10 from Telegram User @Jhon300896

Do I have to leave the computer running while mining is in progress to get monthly income?

Artur GamerHash: We advise to mine when computer is idle anyways – on daily usage- Gamers have their computer switched on 24/7 so their perfect partners for us.

---

PART 3, QUIZ AND INFO

As usual, for the third part, Satoshi Club Team asked the chat 4 questions about GAMERHASH. 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:

English Telegram group: https://t.me/Satoshi_club

Russian Telegram group: https://t.me/satoshi_club_ru

Spanish Telegram group: https://t.me/satoshi_club_spanish

Telegram Channel: https://t.me/satoshi_club_channel

Website: https://esatoshi.club/

Twitter: https://twitter.com/esatoshiclub 

Our Partners: GamerHash Official: https://t.me/GamerHashOfficial

We are pleased to announce our next AMA on April 6th 2021 at 01:00 PM UTC Time: Satoshi Club x Orakuru

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

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

Part 3: 300$ – A quiz about Orakuru

For more details:
Orakuru Website – orakuru.io
Orakuru Telegram – @orakuru
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 Genesis Shards.

Genesis Shards is a decentralized ecosystem powered by Polkadot redefining NFTs as DeFi options. The AMA took place on March 30 and our guest was @NilotpalM (Co-founder). 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

Andrés M. | Satoshi Club: Hello Satoshi Club, our AMArathon continues with Genesis Shards project. Our guests today are @garlamw and @NilotpalM

Nilotpal: Hi, a pleasure to be here.

Andrés M. | Satoshi Club: Welcome, how is going your day?

Nilotpal: Been a wild ride the last few days. Haha!! But nothing I can complain about.

Andrés M. | Satoshi Club: Haha I understand that there’s some coming events for Genesis Shard.

Nilotpal: Yeah, certainly. Some major ones.

Last week we closed our private raise https://cointelegraph.com/press-releases/genesis-shards-raises-27m-to-create-new-pre-ido-market-using-defi-nft-options

Gold Rocket | Satoshi Club: So. Let’s start! Introduce yourself. How did you get to be involved in crypto & Genesis Shards?

Nilotpal: So my first step in Crypto was back in 2015. Being an investment banker with Deutsche Bank working on deal structuring, valuation and IPO processes, and later a strategic consultant at Accenture with a deep love for economics, it didn’t take me long to fall in love with the dynamics of the crypto space.  2016 and 2017 were quite eventful wherein I consulted and invested in a lot of local projects alongside building my network. Over time I became a key player in the Asian blockchain ecosystem, advising and backing projects along the way.

In 2018 I joined Marlin Protocol (a 1.7Bn$ project atm) and headed the Business there till 2020. I was instrumental in early growth of the company, where my expertise around business growth, crypto-economics and strategy helped lay a strong foundation for the brand.

Later in 2020, I co-founded Genesis Shards with Garlam Won (who has also been in the ecosystem since 2015, and previously headed Marketing at Harmony before starting his venture – Momentum 6).You can find me here on twitter:  https://twitter.com/M15Nil?s=09

Gold Rocket | Satoshi Club: What is the essence of Genesis Shards? How long does it take to develop a project? What plans do you have for the future? And what can we expect from Genesis Shards?

Nilotpal: Genesis Shards is a whole new marketplace for pre-IDO tokens on NFTs powered by Polkadot.  GS was created to usher in a new paradigm for DeFi transforming NFTs into a liquidity vehicle for pre-IDO tokens, and to introduce a whole new suite of DeFi products across multiple blockchains. By wrapping time-locked fungible tokens into NFTs, Genesis Shards is creating a new marketplace for previously illiquid tokens. This opens up a whole new universe of possibilities! 

 – For Investors – they will no longer have to worry about shady OTC deals with high default risk: they can simply utilize the safe, trustless pre-IDO liquidity provided by Genesis NFTs.

 – For DeFi projects – they can leverage the early liquidity of their tokens offered by the platform and build a strong community support early on in their journey. They can also get a sense of early price discovery helping with quicker course corrections.

This opens up a new frontier for DeFi NFT’s where they can now be reimagined as Defi options, from being mere collectibles.

For us timeline isn’t that important, the commitment is. There are quite a few:

On tech side: We have made significant progress on the tech side and are well positioned on our roadmap.  The tech team has already shipped codes for –

Landing page design, Gen Tickets Web Frontend Mockups, Gen Tickets NFTs Design, GEN Access Cards NFTs Design, GenFactory & GenTicket contracts (on testnet), GenFactory smart contract v1 + tests, (on testnet) GenTickets smart contract v1 + tests (on testnet), GenAccess cards smart contract + tests and Gen token contract + tests (on testnet)

We would be sharing a detailed roadmap for the project with a complete snapshot on the tech progress in the coming weeks. There is a lot in pipeline in weeks and months to come.

Let me share a quick glimpse into the Gen world for the community:

On ecosystem side:  We are creating a massive ecosystem around Genesis Shards with participation from experts from all corners. In lieu of it we have built a 3 tier value network within its community, consisting of

– Genesis Access partners – primarily VCs and strategic investors to help expand its ‘field of vision’. Just released a few partners recently.

We're delighted to announce @3commas_io
and @capital_spark
as #GenesisShards💎Access Partners. 🤝

As Access Partners, they will help bring promising early-stage #DeFi projects into our ecosystem. 📈

More on Access Partners: https://t.co/inLZKES4Aw#NFTs pic.twitter.com/xclw3b5zNH

— Genesis Shards (@GenShards) March 30, 2021

About Genesis Access Partners. As Genesis Access Partners, they will help bring in promising early stage DeFi projects into our ecosystem, this will effectively help expand our ‘field of vision’

Learn more about Genesis Access Partners here : https://medium.com/genesis-shard/introducing-access-shards-69716b784bb3

Genesis Ecosystem partners – Channel partners within its community to provide the best possible support to projects in terms of engagement, social media reach out, etc. and

– Genesis Mentor partners – industry angels to help and guide projects with product-market fit, formulating sales pitches, tokenomics, partnerships, building business models within the GS ecosystem

Happy to share that we have nearly 50+ Access, Ecosystem and Mentor partners at the moment supporting the network. Further details around them would be shared on our twitter handle in the coming weeks:

We're delighted to announce @PnyxVentures and @SolidityVenture as our latest Access Partners!!! 🤝🔥

For more about how Genesis Access Partners will contribute to the #GenesisShards 💎 ecosystem, read our @medium post: https://t.co/S1wpyu6kY4 🗞️#NFT pic.twitter.com/lzHEDGAxiy

— Genesis Shards (@GenShards) March 26, 2021

We are also in talks with several top tier projects exploring integration with them at different levels. Glad to share that we recently closed a strategic partnership with Polygon, PolkaFoundry and Kylin and have many more to come in the near future

In addition to strategic partners for Genesis itself, we have a strong lineup of partner projects that wants to launch on our Genesis Pre-IDO marketplace once it goes live.

Andrés M. | Satoshi Club: I know that 3commas is used as a trading bot, which benefits this partnership will bring to your project?

Nilotpal: The ultimate vision of Genesis Shards is to be a self-sustaining ecosystem where projects can get the best possible early stage support to navigate through the DeFi waters. A DeFi project today faces a multitude of challenges on its journey to maturity. This includes but is not limited to community growth and participation, exposure, partner networks, etc. – all of which need to be brought together quickly and effectively in order to scale. These issues are further accentuated by the current state of the market, which is moving at an ever accelerating pace – giving projects very little time to settle and put these pieces together.

To achieve that vision, we have decided to bring on a group of strategic partners who will help the Genesis ecosystem function effectively and sustainably at scale. Genesis Shards has built a 3 tier value network within its community, consisting of

– Genesis Access partners – primarily VCs and strategic investors to help expand its ‘field of vision’.

– Genesis Ecosystem partners – channel partners within its community to provide the best possible support to projects in terms of engagement, social media reach out, etc. and

– Generis Mentor partners – industry angels to help and guide projects with product-market fit, formulating sales pitches, tokenomics, partnerships, building business models within the GS ecosystem

The 3-tier value network keeps the interests of community, projects and investors aligned within the GS ecosystem, with each of them benefitting the other to create a completely self-sustainable ecosystem.

3 commas is a part of Genesis access shard, and would help expand our field of vision in the space.

Gold Rocket | Satoshi Club: Does community activity affect the final product?

Nilotpal: The coming weeks would have a lot of community engagements lined up with some major announcements to be made.

Community is at the core of Genesis’s vision. The very heart of the product focuses on two main challenges faced by the community in Pre-IDO space:

 – Lack of liquidity in OTC markets and 

– Inconsistent OTC trade practices in uncertain environment. In addition to this, our vision involves creating a community centric marketplace where retail members with Genesis Access Card holdings get access to early-stage entries in some of the best-vetted projects in the DeFi space — on the same stage as VCs/ institutions, Community plays the most significant role in the Genesis Shards ecosystem, right from the ground up.

Q1 from Telegram User @AugusS7

In this new market for previously illiquid tokens, will they have high gas consumption as in the Dex markets of ETH? or really how much would be the fees to pay? and will all of them be paid in $ GS?

Gold Rocket | Satoshi Club: Perfectly! I suggest to proceed to the questions…and feel free to share any information during the AMA.

Nilotpal: While Genesis as a pre-IDO platform will have its own liquidity engine, we see huge value in partnering with the existing cross-chain architecture of Polkadot for inter-chain communication. The solidity compatible Polkadot parachains will enable Genesis Shards ecosystem to take pre-IDO tokens from various low liquidity blockchains, wrap them into Gen NFTs and be traded on Genesis enabled liquidity pools. This will also allow the projects to take full advantage of the liquidity internal and external to their native chains. We would also be utilizing Moonbeam for our relays. Moonbeam is a smart contract ‘parachain’ on Polkadot, for ERC-1155 tokens which enables compatibility with Ethereum smart contracts.

On top of the cross-chain communication, Polkadot and Moonbeam will enable faster transactions while reducing gas costs on the Genesis exchange.

Role of GS token: The $GS token is native utility token of Genesis ecosystem. The token gets used for Genesis Access, Genesis NFTX and plays a significant role in Genesis network governance.

The various roles of $GS token in Genesis ecosystem:

Gen Access: $GS Tokens are required to be swapped for Genesis Access NFTs to be a part of the Genesis network. Based on the amount of tokens held access tiers are decided enabling different access rights to its users.

Gen NFTX: $GS token is the native token on the NFTX platform allowing users to benefit from reduction in Swap fees for tickets, access cards or Gen smart contracts.

Gen Governance: $GS tokens would provide governance rights to its members where they can vote on different proposals within the ecosystem. The number of tokens held would be a representation of voting power within the network.

The best part about Genesis token is that it accrues value with every new pre-IDO that gets launched on it.

Andrés M. | Satoshi Club: How can the holders achieve their own Genesis Pool?

Nilotpal: For this let’s try and understand the 4 pillars of Gen architecture: Genesis Shards is creating a permissionless environment of interchain liquidity for pre-IDO tokens. At the core of its architecture, GS has 4 main building blocks:

1) The $GS token – It is the native utility token of the ecosystem. It is an ERC20 token issued on Ethereum and can be swapped for elements such as Gen Access. It also plays a significant role in governance of the Genesis network.

2) Gen Access cards – Gen Access cards are the ‘entry passes’ into the Genesis Shards ecosystem. They allow holders to acquire Gen Tickets. Different NFT cards grant different access rights — ranging from Gen ticket size to governance influence.

3) Gen Tickets – Each ‘Gen Ticket’ will have a varying amount of Pre-IDO tokens that are inside. The tickets themselves can be traded on NFTX — or they can be swapped for tokens after the IDO, at the time of the token generation event.

4) Gen NFTX – It is a marketplace for DeFi products that come out of the Genesis Shards ecosystem. It has the ability to shard NFTs for fractional swaps.

By wrapping time-locked fungible tokens (in this case PreIDO tokens) into NFTs (in this case the GenTickets), the NFTs start behaving like a DeFi option which can then be traded on the NFT AMM dex (Gen NFTX). Gen tickets are accessed through Gen access cards bought with GS tokens and are redeemable for post-TGE (Token Generation Event) tokens once its vesting cliff period is over. Just like regular options, these Gen Tickets will have some value derived from the underlying assets (pre-IDO tokens), and some value derived from time sensitivity (token unlock points). When the last post-IDO token tranche is unlocked by the project, that is when the time value would collapse to zero – and only the underlying asset value would remain.

As one can sense, the first use case of GS is to create a liquid OTC market using NFTs. However, the very derivative nature of Genesis products can open up endless possibilities for NFTs in the DeFi space subject to one’s exploration and interpretation. So once the Gentickets with locked pre-IDO tokens are created, they are free to be traded on Gen NFTX. Users at both ends can create pools and trade through the Gen match making engine.

Gold Rocket | Satoshi Club: thank you very much for such a detailed answer! ready for the next question?

Nilotpal: I have used the term first quite a few times while referring to GS. Why don’t I explain how the Genesis Ecosystem is different from the others around?

Well, Genesis Shards can be looked at from 3 major angles:

1) Pre-IDO liquidity platform: the very fact that Genesis Shards is creating an entirely new market by introducing liquidity to Pre-IDO tokens through its NFT swap architecture, it has a first mover advantage in that space.

2) NFT marketplace: Yet, from a marketplace perspective we are more like Opensea – but for Defi Options.

3) Further, given the very nature of GS, it can also be looked at as a Launchpad, where there are some existing platforms like Polkastarter, DaoMaker, Duckdao, Poolz etc. However, the best part about GS is that we don’t compete with any of them like others around, rather intend to have a strategic tie-up with all, where projects launching on Genesis Pre-IDO platform can be funneled into these ecosystems further upstream for an IDO.

Andrés M. | Satoshi Club: So, these are the main features that make you different from your direct competitors?

Nilotpal: Yup correct, but as you can sense it’s many of the firsts that we are exploring.

• NFT for DeFi options
• Launchpad for Pre-IDO
• a secure and reliable OTC marketplace

Q2 from Telegram User @Andrey_Seleznov

Genesis aims to be a marketplace for PRE-IDO tokens on NFTS. To be honest I am a little confused at the meaning behind this phrase Could you please tell us what differentiates pre-ido tokens from post-ido tokens and how will NFT help in your vision? Thanks!

Nilotpal: Pre-IDO – essentially is the period when tokens are usually locked as the public sale hasn’t happened

Post IDO – is when the public sale is done and open market liquidity is available.

At Genesis we wrap time-locked fungible tokens (in this case PreIDO tokens) into NFTs (in this case the GenTickets), the NFTs start behaving like a DeFi option. Just like regular options, these Gen Tickets will have some value derived from the underlying assets (pre-IDO tokens), and some value derived from time sensitivity (token unlock points). When the last post-IDO token tranche is unlocked by the project, that is when the time value would collapse to zero – and only the underlying asset value would remain

Let’s say a single ABC Gen Ticket contains a total of 100 tokens.

Let’s look at the timeline:

Phase 1: Pre- IDO

From Day 0 (Gen Ticket creation), until the Token Generation Event (TGE) Day. The Gen Ticket would have 100 locked tokens and 0 unlocked tokens.

Phase 2: IDO date (unlock event)

Upon the completion of the IDO, the initial unlocked tokens (say 20% — so 20 tokens) would be credited to the Gen Ticket. At this point, the token holder has the option of liquidating the 20 tokens — in which case the ticket would serve as a promissory note for the remaining 80 tokens

Phase 3: From IDO to next unlock:

In this phase, the Gen Ticket would be freely tradable on the NFTX exchange, with the value being derived from the split-in unlocked and locked tokens within it.

Phase 4: Unlock event 2

Say after 3 months, 20% more tickets are unlocked — another 20 tokens would be vested into the Ticket. The split may now look like this: 60 locked tokens + 40 unlocked tokens (assuming no tokens have been liquidated so far).

Phase 5: Final unlock

Let’s say another 3 months later, the final batch of tokens is unlocked. At this point the Gen Ticket would contain 100 unlocked tokens and 0 locked tokens — so if the unlocked tokens within it are all liquidated, it would lose all its value.

Basically, the time value of the Gen Ticket would wind down to zero on the date of the final token unlock — so its value would purely be derived from the number of (unlocked) tokens within it.

“More Info Here:

▪️Official Twitter: https://twitter.com/GenShards

▪️Official Medium: https://medium.com/genesis-shard

▪️Official Announcement Channel: https://t.me/genshardsANN

▪️Official Website: https://www.genshards.com/

Q3 from Telegram User @yellowchamp

According to your twitter, NFT is currently serve only as collectibles. By using the Genesis Shards, NFT swap architecture, they can also serve as DeFi options. This unlocks a plethora of new possibilities in DeFi. If currently NFT is only for collectibles, with Genesis Shards how will be NFT be more valuable as Defi Options?

Nilotpal: The crypto season of 2021 is witnessing a quantum leap in the value recognition of “NFTs” or non-fungible tokens. NFTs are soon becoming a rapidly popular asset class. However, few, if any, NFTs have any added utility part from their collectible value.

Theidea of NFTs being re-defined as Defi Options opens up possibilities of a whole new suite of DeFi applications that weren’t previously explored.

As the first use case of Genesis ecosystem, by wrapping time-locked fungible tokens (in this case PreIDO tokens) into NFTs (in this case the GenTickets), the NFTs start behaving like a DeFi option.

– Just like regular options, these Gen Tickets will have some value derived from the underlying assets (pre-IDO tokens), and some value derived from time sensitivity (token unlock points). When the last post-IDO token tranche is unlocked by the project, that is when the time value would collapse to zero – and only the underlying asset value would remain.

As one case sense, the very derivative nature of Genesis products can open up endless possibilities for NFTs in the DeFi space subject to ones exploration and interpretation.

Andrés M. | Satoshi Club: NFT is a hot topic this year, even artists non crypto are joining to get profit.  Are you embracing this market? I mean newbies that not have too much knowledge about crypto or how to create NFTs.

Nilotpal: Yup and trust me the NFT as DeFi option is going to be a much larger market. That’s not going to be an issue at all. We are making sure the interfaces are as user friendly as possible with little to 0 friction & prior knowledge requirement.

If one knows Opensea and Uniswap, they shouldn’t have any issue using Genesis shards.

Andrés M. | Satoshi Club: Completely agree, two great topics together. Great work, adoption means to be useful for everyone.

Nilotpal: Our preliminary analysis suggests that — the DeFi derivative marketplace could be worth $540 billion — and this is super conservative. We are just using the DeFi TVL in the current state of crypto for our extrapolation without even considering the potential growth in cryptomarketcap size and the potential growth in DeFi dominance within it.

Even if we assume that DeFi options on NFTs should capture 5% of the value of the larger DeFi derivatives sector — this alone gives the DeFi options marketplace a $25 billion value — and this is using the conservative number for the market size.

Q4 from Telegram User @Wormz28

Just recently, you delightedly announced LD Capital and AU21 Capital as Genesis Shards Access Partners. So as an Access Partners, may we know what they will help to bring into your Ecosystem? Also how will the both projects and the users benefits from this great partnerships?

Nilotpal: No its more or less the same, Btw, you were asking for it. Let me break the big news here first!!!

Do not forget to leave a retweet! https://twitter.com/GenShards/status/1376927922515275781

   Read more about the Dual IDO here :https://medium.com/genesis-shard/genesis-shards-announces-first-ever-polkastarter-dual-ido-on-eth-bsc-228eb97ce73e

#GenesisShards 💎announces the FIRST EVER Polkastarter DUAL IDO on $ETH & @binance's #BSC.

The DUAL IDO is a game-changer for the distribution of $GS tokens. 🔥🔥

Find out more here: https://t.co/CsjiUBEGKi#NFT#Polkastarter#Ethereum #BSC pic.twitter.com/xesVaJe6qQ

— Genesis Shards (@GenShards) March 30, 2021

Gold Rocket | Satoshi Club: It’s especially nice that you shared this in Satoshi Club!!

Nilotpal: Memories for us and you too. Anyways, it was a pleasure having this session here. You guys were an amazing host!!

I might have to end it here though as with this news a lot of fresh work has got lined up at my end.

Q5 from Telegram User @Brainchest

What are the minimum requirements for me to get on the Waitlist Form? For example, if I have 500 USDT, can I apply? And what is the approximate income as a percentage of that amount for the year I can get?

Nilotpal: This would come on a detailed blog soon. Please stay tuned to the announcement channel and the Twitter feed.

And feel free to like and retweet this post:

#GenesisShards 💎announces the FIRST EVER Polkastarter DUAL IDO on $ETH & @binance's #BSC.

The DUAL IDO is a game-changer for the distribution of $GS tokens. 🔥🔥

Find out more here: https://t.co/CsjiUBEGKi#NFT#Polkastarter#Ethereum #BSC pic.twitter.com/xesVaJe6qQ

— Genesis Shards (@GenShards) March 30, 2021

Nilotpal: Yeah but this has to be the last one.

Andrés M. | Satoshi Club: Haha sure, the last one of the first part.

Q6 from Telegram User @meml97

I read on your newest Medium article about how the Genesis ecosystem will have a coterie of partners: Genesis Access shards, Genesis Ecosystem shards, Genesis Mentor shards. Can you tell us more about this partnerships and what roles do they have within Genesis Shards’ platform? What are the differences between these three categories and the partners on each one of them? Also how many and what partners will you have on each of this categories, and how do you assign them to one specific category?

Nilotpal: think it was already discussed. Let me refer back to the answer.

---

PART 2, TELEGRAM COMMUNITY LIVE QUESTIONS

The chat was open for 120 seconds; a lot of questions were posted by Satoshi Club community. Our guest chose some of them.

Q1 from Telegram User @Indomiekuy

I understand that Genesis Shards is a marketplace for tokens on NFT. So can you explain how important are the community for your project and how did you try convince make your community and investor keep interest with Genesis Shards project?

Nilotpal: Community is at the core of Genesis’s vision.

The very heart of the product focuses on two main challenges faced by the community in Pre-IDO space:

– lack of liquidity in OTC markets and

– inconsistent OTC trade practices in uncertain environment

In addition to this, our vision involves creating a community centric marketplace where retail members with Genesis Access Card holdings get access to early-stage entries in some of the best-vetted projects in the DeFi space — on the same stage as VCs/ institutions, Community plays the most significant role in the Genesis Shards ecosystem, right from the ground up.

Q2 from Telegram User @lzamg

The Gen Tickets can be traded on your Gen NFTX exchange or can be exchanged for the IDO tokens at the time of TGE. But can you explain further about the advantages of both options? I mean, which one would be the best option and in what cases?

Nilotpal: At the most basic level, Gen tickets are NFT contracts that represent a varying amount of pre-IDO tokens. These NFTs can be traded on our Gen NFTX exchange or can be exchanged for the IDO tokens at the time of token generation events.

A Gen Ticket is a kind of ‘DeFi option’. Options are derivative instruments that derive their value from an underlying asset; in this case, the underlying is the Pre-IDO tokens.

By wrapping time-locked fungible tokens (in this case PreIDO tokens) into NFTs (in this case the GenTickets), the NFTs start behaving like a DeFi option.

Just like regular options, these Gen Tickets will have some value derived from the underlying assets (pre-IDO tokens) and some value derived from time sensitivity (token unlock points). When the last post-IDO token tranche is unlocked by the project, that is when the time value would collapse to zero — and only the underlying asset value would remain. As regarding the “better” option to trade (on NFTX vs waiting for IDO) – there is no better or worse here, it’s a choice that our platform provides

The very reason we introduced Gen Tickets is to address the concerns with preIDO liquidity. Trading on the Gen Ticket itself would be preferred if you wish to liquidate your position in the preIDO phase, or in between token unlock points. However, you can keep holding the Gen ticket and exchange it for the tokens at IDO, if you do not need the pre-IDO liquidity…it would be a personal choice. But the major game changer here is that very CHOICE, no other platform offers this choice at the moment.

I think you should have a read of the below article – it explains the value in a Gen Ticket over time pretty well. https://medium.com/genesis-shard/introducing-gen-tickets-50e0b0a060ec

Q3 from Telegram User @Tony253210  

The biggest lack that the Non-fungible tokens have are the poor uses cases and low liquidity to them, so I have understood that Genesis works with NFTs, so can you tell us how fix this intrinsic limitation?

Nilotpal: Yes, I agree that these two limitations indeed exist with NFTs at the moment, Poor use case

The crypto season of 2021 is witnessing a quantum leap in the value recognition of “NFTs” or non-fungible tokens. NFTs are soon becoming a rapidly popular asset class. However, few, if any, NFTs have any added utility apart from their collectible value. The very idea of NFTs being re-defined as Defi Options by Genesis Shards opens up endless possibilities for a whole new suite of option based DeFi products that can be traded on our platform. Such a market wasn’t earlier possible there in other existing platforms like Opeansea, and the likes.

Liquidity: While Genesis as a pre-IDO platform will have its own liquidity engine, we see huge value in partnering with the existing cross-chain architecture of Polkadot for inter-chain communication.

The solidity compatible Polkadot parachains will enable Genesis Shards ecosystem to take pre-IDO tokens from various low liquidity blockchains, wrap them into Gen NFTs and be traded on Genesis enabled liquidity pools. This will also allow the projects to take full advantage of the liquidity internal and external to their native chains.

Q4 from Telegram User @victorogb

In the forseeable future, where do you see the economic functionality and use of the $GS token and how relevant will it be in the DeFi market space?

Nilotpal: The native $GS token is native utility token of Genesis ecosystem. The token gets used for Genesis Access, Genesis NFTX and plays a significant role in Genesis network governance.

The various roles of $GS token in Genesis ecosystem:

Gen Access: $GS Tokens are required to be swapped for Genesis Access NFTs to be a part of the Genesis network. Based on the amount of tokens held access tiers are decided enabling different access rights to its users.

Gen NFTX: $GS token is the native token on the NFTX platform allowing users to benefit from reduction in Swap fees for tickets, access cards or Gen smart contracts.

Gen Governance: $GS tokens would provide governance rights to its members where they can vote on different proposals within the ecosystem. The number of tokens held would be a representation of voting power within the network.

Q5 from Telegram User @h1drX

Why did you decide to call the project “Genesis”?  Is there a story behind the name of the project or any inspiration or reference?  Did you adopt the name Genesis referring to the biblical stories?

Nilotpal: Interesting question! ‘Genesis’ is defined as: the origin or mode of formation of something. Well, Genesis Shards is all about addressing ‘pre-IDO’ (early) stage liquidity, and building a helpful ecosystem for DeFi projects in the early stages.

As it deals with the early stages in a project’s lifecycle, hence the term ‘Genesis’

Q6 from Telegram User @meml97

 One thing that intrigued me about Genesis Shards is the fact that usually, NTFs are built and powered by Ethereum, but I noticed that Genesis Shards’ NFTs are power by Polkadot, can you tell us more about this and why did you decide to be powered by polkadot? What kind of technology did you use to create your NFTs? And what benefits will you get from this?

Nilotpal: Though Genesis as a pre-IDO platform will have its own liquidity engine, we see huge value in partnering with the existing cross-chain architecture of Polkadot for inter-chain communication. The reason why we chose Polkadot is – the solidity compatible Polkadot parachains will enable Genesis Shards ecosystem to take pre-IDO tokens from various low liquidity blockchains, wrap them into Gen NFTs and be traded on Genesis enabled liquidity pools. This will also allow the projects to take full advantage of the liquidity internal and external to their native chains.

Q7 from Telegram User @Maizpilao

On your website I did not manage to see any Roadmap when will be the launch of your application? What are you currently working on?

Nilotpal: In terms of development, we have made significant progress and are well positioned on our roadmap. The tech team has already shipped codes for –

Landing page design, Gen Tickets Web Frontend Mockups, Gen Tickets NFTs Design, GEN Access Cards NFTs Design, GenFactory & GenTicket contracts (on testnet), GenFactory smart contract v1 + tests, (on testnet) GenTickets smart contract v1 + tests (on testnet), GenAccess cards smart contract + tests and Gen token contract + tests (on testnet).

A lot of updates around these would be shared on our tech progress blog in the coming weeks. Do follow, https://medium.com/genesis-shard

Q8 from Telegram User @alaskasb

Can you tell us about the first dual IDO ethereum and BSC polkastarter that Genesis Shard will have? It’s amazing that they are 2 IDO, could you give us more details about this? Thanks?

Nilotpal: Polkastarter is integrating Binance Smart Chain (BSC) to increase the accessibility of IDOs and to promote cross-chain interoperability. This integration allows projects to launch their Polkastarter IDO simultaneously on both Ethereum and Binance Smart Chain.

As the first-ever project to launch under this integration, Genesis Shards would not only get access to greater liquidity but also reach a wider range of audiences in the public distribution phase. IDO participants will be able to easily swap $GS tokens between Ethereum and BSC. The BSC support would provide community members with the option of cheaper gas fees while participating in the IDO, which we believe would make the distribution more equitable.

Read more about it here : https://medium.com/genesis-shard/genesis-shards-announces-first-ever-polkastarter-dual-ido-on-eth-bsc-228eb97ce73e

Q9 from Telegram User @Priyanshu0021

How many partners currently have trusted Genesis Shards and what benefits do these partners bring to Genesis Shards vice versa?

Nilotpal: The currently announced partnerships for Genesis Shards are:

Polygon: Genesis Shards has partnered with Polygon (formerly Matic) to increase the scalability of Gen Tickets (NFTs) on the Genesis platform through Polygon’s L2 solution

PolkaFoundry: Genesis Shards has partnered with PolkaFoundry to help bring a much wider range of DeFi projects building on Polkadot, into the Genesis ecosystem and to provide them with Pre-IDO liquidity solutions

Kylin: Genesis Shards has partnered with Kylin to access oracle services and integrate price data feeds through Kylin’s Oracle network

Do stay tuned, we are always looking to form more strategic partnerships where we see potential synergies!

Q10 from Telegram User @Wormz28

Your vision is to transform NFTs into a liquidity vehicle for pre-IDO tokens and a whole new suite of DeFi products across multiple blockchains. So how will Genesis Shards capitalizing the NFT hype to provide liquidity solutions for pre-IDO tokens?

Nilotpal: Liquidity for pre-IDO tokens will be provided as follows: We shall be wrapping time-locked fungible tokens (in this case PreIDO tokens) into NFTs (in this case the GenTickets), that can be traded on the NFT AMM dex (Gen NFTX).  Gen Tickets would be redeemable for post-TGE (Token Generation Event) tokens once its vesting cliff period is over.

---

PART 3, QUIZ AND INFO

As usual, for the third part, Satoshi Club Team asked the chat 4 questions about Genesis Shards. 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:

English Telegram group: https://t.me/Satoshi_club

Russian Telegram group: https://t.me/satoshi_club_ru

Spanish Telegram group: https://t.me/satoshi_club_spanish

Telegram Channel: https://t.me/satoshi_club_channel

Website: https://esatoshi.club/

Twitter: https://twitter.com/esatoshiclub 

Our Partners:

[OFFICIAL] GENESIS SHARDS – CHAT: https://t.me/genshardsCHAT

PART 1. Introduction of Diamond Hands project and community questions.

Hello, Satoshi clubbers and guests of this site. Today we have guests from another planet. The aliens will tell us about the technology that can make your hands look like diamonds.
Diamond Hands – $DMDHANDS -This slow-burning, high rewards token will make your hands stronger than ever. They developed a proprietary 5% fee per transaction to incentivize user rewards and ensure a sustainable burn rate for future growth.

The plan of AMA session:

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

The reward pool is 2000$

Leading the AMA our clever and fun admins:

Mary | Satoshi Club – @madamlobster

Andrés M. | Satoshi Club – @AndresM77

The Representative of the project:

Hans Diamond | $DMDHANDS CEO – @HansDiamond

Diamond Runner Steve | CTO – @diamondhandssteve

Diamond Dallas Page | CSO – @DDPDiamondHands

Introduction of Diamond Hands Finance project.

Mary | satoshi club:

Hello, satoshi club! We are happy to announce our ama session with diamond hands finance! Welcome to satoshi club😀

Andrés m. | satoshi club:

Today, our AMArathon ends with a brilliant project😁 diamond hands finance are here.

Welcome to satoshi club

@ddpdiamondhands

@diamondhandssteve

Diamond runner steve | cto:

Please make @hansdiamond allowed to speak as well, thank you!

Hans diamond | $dmdhands ceo:

Welcome everyone, thank you so much for joining us! My name is Hans diamond the CEO of diamond hands finance – $dmdhands.

Mary | satoshi club:

Welcome here, guys! How are you today? Ready for a party? 😀

Hans diamond | $dmdhands ceo:

Thanks, Mary! We are ready!!!

Today, I will also be joined by our chief technology officer, diamond runner Steve, and our chief of community engagement, diamondhands Dallas page!!!

Mary | satoshi club:

Let’s start🚀 And we will start with an introduction 👏 Please, introduce yourself and diamond hands finance 🎉

Hans diamond | $dmdhands ceo:

Of course! Thanks guys!

Diamond dallas page | cso:

Hi, it’s DDP here.

Thanks, everyone! Big announcements today that i can’t wait to get into!

Mary | satoshi club:

You are intriguing 🔥

Diamond runner steve | cto:

Hey, thanks everyone! I am Steve, our CTO. We have been looking forward to this ama all week, we’re happy to be here!

Hans diamond | $dmdhands ceo:

Hold off the announcements for later DDP 😉

I’d like to start the ama by talking about the fundamentals of the coin if that’s with you guys Satoshi club!

Mary | satoshi club:

Shoot them🚀

Andrés m. | satoshi club:

Please, we are excited to know more about DHF.

Hans diamond | $dmdhands ceo:

Awesome! Well then let’s get started!

I’ll start by telling you a little bit about the token.

At diamond hands finance, we are committed to providing a deflationary, rewards coin with a slower burn rate and a higher reward yield than our competitors.

We think that this is going to set us apart from our competitors by creating a token with sustainable, long-term tokenomics.

Mary | satoshi club:

I love deflationary tokens😍

Hans diamond | $dmdhands ceo:

Us too!!!

Mary | satoshi club:

Is this the first crypto project you’re working on, guys?

Hans diamond | $dmdhands ceo:

This is not the first project that we are assisting, previously we have managed communities and assisted the growth of other tokens. But this is our first project its entirety, we see this as our passion project.

Andrés m. | satoshi club:

How the idea of creating this project come to your mind?

Hans diamond | $dmdhands ceo:

We spent a lot of time doing market research on other available tokens. And we found that a slower-burning, sustainable, deflationary token wasn’t yet available.

Also one thing we noticed is that BSC (Binance smart chain) is a seriously great network, with low fees and currently is going under-utilized for serious tokens in the crypto space. We want to change that and be one of the biggest tokens to start on BSC. 

Mary | satoshi club:

Yes, it’s like a paradise after eth fees

Hans diamond | $dmdhands ceo:

It really is. We want our token to be available globally, and lower fees increasing availability greatly. That actually leads me into something else I wanted to mention!

Mary | satoshi club:

Please, continue 🎉

Hans diamond | $dmdhands ceo:

Thanks, Mary!

We want the token to available globally, so we have begun our English and Chinese communities. Lookout in the near future for our Russian, Indonesian, and Pakistan natural language communities.  Many more languages will come in the future as well, let us know if you are interested in a community, we haven’t listed everyone!

Andrés m. | satoshi club:

Of course, the Spanish. community is always needed😁

Hans diamond | $dmdhands ceo:

Yes Andres! I’d love to talk with you after this about that also!!!

Andrés m. | satoshi club:

Sure, my friend, would be an honor for me.

Mary | satoshi club:

Wow, global invasion😀

Hans diamond | $dmdhands ceo:

Not the globe, the galaxy 😏

Mary | satoshi club:

That’s a good step, the community can drive a project to the new highs😀

Hans diamond | $dmdhands ceo:

Absolutely, we have a great relationship with the community and as you’ll hear more soon, we reward our holders greatly!!!

Andrés m. | satoshi club:

Thanks for this incredible introduction, are you ready to know our community questions? 🥳

Hans diamond | $dmdhands ceo:

Sure! I’d like to take one question before Steve starts on tokenomics.

Preselected questions about the Diamond Hands Finance DeFi project.

Andrés m. | satoshi club:

Q1 from telegram user @rosane1a8

 The diamond hands token aims to create a deflationary token on the Binance smart chain, what features of dmdhands make it long-term deflationary, and ensure that the increasing value will be tangible to holders and not just in the paper?

Diamond runner steve | cto:

I’ll take this one if you don’t mind, Hans!

Mary | satoshi club:

Yes, explain to us in detail 😉

Hans diamond | $dmdhands ceo:

Sure, man go for it!

Diamond runner steve | cto:

Thank you for the question, @rosane1a8! Our burn rate is only 0.25% per transaction, making our token slow-burning in comparison to our competitors and making it so our supply doesn’t decrease too quickly. Our automatic reward system will make the increasing value more tangible in addition to the burn, which I will cover more when we discuss tokenomics.

Mary | satoshi club:

Can you tell us more about your reward system?

Diamond runner steve | cto:

Absolutely! This is the part that gets both our team and our holders most excited.

When a transaction occurs with dmdhands, a 5% fee is scraped off of the transaction. 0.25% goes straight to burn, and the other 4.75% gets automatically distributed proportionally to all dmdhands holders. This system makes it so holders get rewards just from owning the token and people’s wallets will slowly grow over time. In addition, our team wallets are all excluded from receiving rewards, which means more rewards get distributed across the community.

Andrés m. | satoshi club:

How many tokens should users hold? Is there a minimum?

Mary | satoshi club:

So, let’s say I am sending 100 tokens from one wallet to another, it will cost me 5 tokens, right?

Diamond runner steve | cto:

Yes, that is correct! This fee gets distributed across the community, and it also incentivizes holding the token for the long term.

Diamond runner steve | cto:

Hans posted a nice image describing levels of ownership. But to answer your question, no there is no minimum, and all holders are rewarded, even if you only own a small amount.

Mary | satoshi club:

Aaaand, Our next question about holders😉 Can we jump to it? 😉

Hans diamond | $dmdhands ceo:

Sure, we can!

Andrés m. | satoshi club:

Q2 from telegram user @nadee5

 diamond hand finance ecosystem is just like a fantasy world of aliens, with so many interesting stories…

Also, token holders are classified according to the number of tokens they hold.

What is the reason to classify token holders?

In such a way as paper hand, copper hand, diamond hand, etc.? Will the incentives and rewards also be classified as the hand type?

Hans diamond | $dmdhands ceo:

Great question @nadee!! I’ll take this one guys.

Diamond runner steve | cto:

Take it away, Hans!

Mary | satoshi club:

Do you have stickers?

Hans diamond | $dmdhands ceo:

So, there is a correlation to how strong your hands are! If you notice on our image describing this the strength goes up the more tokens you own, the is very similar to how our proportional reward system works!

The more tokens you own, the more rewards you receive from each transaction!

Mary | satoshi club:

Which is the price of your tokens? And, btw, what is the ticker?

Hans diamond | $dmdhands ceo:

Yes, we do! There are actually two packs that one of our amazing community members professors put together. One is memes and the other is celebrities, feel free to check them out!!

Do you want be a
Reach, Happy, Successful
Then be with DimondHands

Andrés m. | satoshi club:

Ha-ha I like this pack

Hans diamond | $dmdhands ceo:

Posted the two packs here for everyone to download!

Diamond runner steve | cto:

Our current price is 0.021 USD and our ticker are dmdhands on Binance smart chain. We are currently on PancakeSwap to trade!

Mary | satoshi club:

So, i need $10.5k to have diamond hands 😀

Hans diamond | $dmdhands ceo:

That is with the current price! Our coin has grown really quick and the holders have really taken this far since presale 5 days ago! We are very interested in seeing what the future holds.

Andrés m. | satoshi club:

A diamond whale 😁

Hans diamond | $dmdhands ceo:

If we can continue please, we have a lot more announcements and content to cover!

Andrés m. | satoshi club:

Let’s proceed💪

Mary | satoshi club:

Sure! Shoot it @andresm77

🚀🚀🚀💎💎💎

Andrés m. | satoshi club:

Q3 from telegram user @highpee

There is currently a murmur of discontent among your telegram community as a particular wallet is found to hold 54% of $dmdhands tokens. This diamond hand deployer wallet is one of the wallets of the project team and users are uncomfortable as they don’t know the purpose why more than half of $dmdhands will be unilaterally controlled by the team. Why do the team decide to hold such a huge amount of $dmdhands in a flexible manner rather than locking it in addition to the 10% allocated as team fund from the tokenomics in your website? For what purpose is it for and how will these coins be expended? Kindly clarify as this will help calm down unnecessary speculations which may be unhealthy for intending investors.

Hans diamond | $dmdhands ceo:

Steve can take this, great question!!

Diamond runner steve | cto:

I’m glad this was asked; this was something we wanted to discuss during this ama. Thank you for asking, @highpee

So far, this wallet has provided our team the flexibility to ensure the future success of the project and give us the ability to host some awesome events for the community, which we will talk about later with diamondhands Dallas page. In terms of future progress, we are currently exploring several avenues to expand with our token.

Some of the options we are exploring including new exchange pairs (BTC /dmdhands and access to fiat on-ramps), cross-chain compatibility with Ethereum, and liquidity pools outside of PancakeSwap.

Diamond runner steve | cto:

And this is fresh off the presses, but we are already in talks with WhiteBit about getting listed on their exchange!

Mary | satoshi club:

Wow! It’s awesome news!

Diamond runner steve | cto:

Thank you, mary. We are super excited about this prospect. This is why it has been important to us to reserve so many tokens in the main wallet.

Andrés m. | satoshi club:

Maybe is a good time to talk about tokenomics, don’t you think? Our group is really interested in it 😃

Hans diamond | $dmdhands ceo:

Yes!!! In our opinion, a fiat on-ramp is super important and their team is very professional so far while working with them!

Mary | satoshi club:

What is the total supply of dmdhands? Lol 😃

Diamond dallas page | cso:

The current total supply is: 249,468,202 dmdhands and slowly dropping because of the burn rate

Diamond runner steve | cto:

Thank you, Dallas! I would love to discuss tokenomics!

Andrés m. | satoshi club:

Please share details, how is the amount of tokens distributed?

Diamond runner steve | cto:

We’ve laid our tokenomics out in-depth for reference on our website at https://diamondhandsfinance.io , but let me give you the basics of it.

Mary | satoshi club:

Sure!

Diamond runner steve | cto:

Our current breakdown is as follows, 55% is the main token sale wallet, 15 % is in locked liquidity in PancakeSwap, 10% is for community airdrop funding, 10% is for team funding, and 5% is for marketing funds.

Oh yeah, and our PancakeSwap liquidity has been locked until 2151!!!

Mary | satoshi club:

So, this 54% which we are talking about main token sale wallet?

Andrés m. | satoshi club:

Actually, our next question is about that topic, so interesting

Diamond runner steve | cto:

Yes, that is correct.

Mary | satoshi club:

Got it😀

Diamond runner steve | cto:

So far we have been using it to fund PancakeSwap liquidity but it is also where we will pull whitebit liquidity from and any other future expansion!

Hans diamond | $dmdhands ceo:

Sure andres, send it!!!

Mary | satoshi club:

Yes, but at the current price, it’s almost $2-3 mln 😀 don’t you think that it will be an unstoppable source of questions from your community

Hans diamond | $dmdhands ceo:

That is a great point mary. We understand this is a concern, but what I hope our holders will understand is that this is necessary for expansion. I’ll have steve hit more on that.

Diamond runner steve | cto:

Many of our competitors have locked 80% liquidity into one exchange and hard-coded liquidity reinvestments into their contract.

This essentially means that some popular “community-driven” tokens will fail to ever be listed on exchanges or have the flexibility to solve that issue in the future.

Mary | satoshi club:

It has sense, thank you, guys😀

Diamond runner steve | cto:

Thank you for asking the hard questions, mary!

Hans diamond | $dmdhands ceo:

After that i’d like to talk about rewards!!!

Andrés m. | satoshi club:

Q4 from telegram user @riegelkind

I know liquidity is locked for 150 years because the enterprise arrives then and needs the money. Now my question: is it possible to join the Starfleet post-mortem because I am one of the first 400 holders. My great great great grandchildren would be very proud.

Andrés m. | satoshi club:

Definitely, a man who thinks ahead😁

Mary | satoshi club:

And now let’s talk about @riegelkind grandchildren 😀

Hans diamond | $dmdhands ceo:

Riegel kind, I can’t say that I will be alive to make you this promise. But in 2151 Glork will be there to meet you, and you will be commissioned as a captain in star fleet.

Andrés m. | satoshi club:

So the answer is yes, grandchildren of @riegelkind will be so proud😁

Diamond runner steve | cto:

Live long and prosper, @riegelkind

Hans diamond | $dmdhands ceo:

Stronger hands will prevail

Mary | satoshi club:

Btw, did you reward in a special way first holders?😉

Hans diamond | $dmdhands ceo:

There was no special incentive for earlier holders except for the fact that they have been accumulating rewards over the last 5 days on every transaction! Some returns they have seen seem awesome so far

@riegelkind might still be alive if he is made out of diamonds by then 😊

Mary | satoshi club:

Yes! I think they should be happy as well as their grandchildren will be👍

Hans diamond | $dmdhands ceo:

I think so!!!

Satoshi club, id like to begin with DDP discussing our rewards now if that is alright? We are so excited about this next one!

Andrés m. | satoshi club:

Yes please, go-ahead😃

Mary | satoshi club:

Sure, 🚀 let’s do it!

Diamond dallas page | cso:

Yo, it’s me it’s DDP.

Hans diamond | $dmdhands ceo:

Yooooooo.

Diamond runner steve | cto:

DDP!!

Diamond dallas page | cso:

Thanks, everyone for all the questions but now I’ll talk about the fun stuff. Dmdhands is seriously here to make your hands stronger than ever. What we really want to do is give back to all our holders. We have already hosted some community events on purely giving back to the community. One of our favorites so far has been our liquidity fire sale!

This week, we set up a fire sale, selling dmdhands at a huge 10% discount and all funding went directly towards liquidity and our code audit!!

Mary | satoshi club:

Fantastic 🚀

Andrés m. | satoshi club:

Amazing news 🥳

Diamond dallas page | cso:

This discount is not only helping solidify the future of the project but giving back to those with $dmdhands!!

And remember, every holder is getting a chunk of that action 😉

Mary | satoshi club:

It’s really exciting 🤑

Diamond dallas page | cso:

Something else that just happened the other day.  It was amazing

Mary | satoshi club:

What was it?😀

Diamond dallas page | cso:

Our first partner, Glork, an alien from the planet Kepler 62-f

Andrés m. | satoshi club:

Really? 😮

Mary | satoshi club:

Wow! Could you tell us more about this partnership? 😀

Diamond dallas page | cso:

I won’t go into his story too much here (read it on https://diamondhandsfinance.io) but long story short, we saved him after his spaceship crash-landed on the moon and he has been a partner ever since!

Andrés m. | satoshi club:

Is he Glork?

Diamond dallas page | cso:

He loves diamonds, is made of diamonds, and gives free airdrops dmdhands to holders!!!!

Mary | satoshi club:

I like him🚀🚀🚀

Andrés m. | satoshi club:

We are excited to know him 😁. At the moment, let’s proceed with the next question, are you ready?

Hans diamond | $dmdhands ceo:

He stopped in the chat the other day just to drop 150000 tokens to holders!!!

Diamond dallas page | cso:

Unfortunately, no one knows when Glork will come again, but we can only hope he visits again on his journey soon to give back to our wonderful community.

Andrés m. | satoshi club:

Next ama, please invite him to come 😃

Hans diamond | $dmdhands ceo:

And we will try, but he is very busy traveling the universe 😢

Mary | satoshi club:

Wow!

Diamond dallas page | cso:

Sure Andres.

Andrés m. | satoshi club:

Q5 from telegram user @michelth

Diamond hands finance’s mission on Binance smart chain (BSC) is to create a deflationary reward token with higher rewards and more sustainable long-term tokenomics than our competitors. How many tokens have you specifically set aside to reward and provide additional incentives to community members?

Andrés m. | satoshi club:

Partially covered, is there more details that you want to share?

Hans diamond | $dmdhands ceo:

Not much more, but we have set aside 25 million tokens total (10% of supply) to give directly to holders!

Mary | satoshi club:

Nice incentives to hold😀

Diamond dallas page | cso:

Let’s talk about our next rewards event!  Who’s ready?

Hans diamond | $dmdhands ceo:

Let’s get one more question first DDP! I know it’s exciting but want to save it!

Mary | satoshi club:

We are👏

Hans diamond | $dmdhands ceo:

Let’s take the last ama question please before we discuss this week’s massive event

Mary | satoshi club:

Sure, and don’t forget that we will give live part also😀

Diamond runner steve | cto:

Of course! We are looking forward to it!!

Hans diamond | $dmdhands ceo:

Of course! We can’t wait to hear from everyone!

Andrés m. | satoshi club:

Q6 from telegram user @alaskasb

$dmdhands is a mem-ecoin and it strikes me that there are many mem-coin such as doge, mona, meme, ban, among others. Can you explain what difference $dmdhands has from all of them and how does it plan to go even further than them? How can dmdhands really guarantee us better rewards in the short and long term? How will this memecoin differ from any other and be much more than a memecoin or shitcoin and reach the moon and beyond?

Hans diamond | $dmdhands ceo:

The difference between us and some of our competitors really comes down to the flexibility of our tokenomics that we have touched on. I really appreciate the effort that other community-driven coins have put in and our community has done a stellar (possibly interstellar) job of helping us grow and making dmdhands great. But what other tokens lack is really a team with a higher understanding of crypto space who have put a lot of effort into market research before production.

Mary | satoshi club:

I see!

Hans diamond | $dmdhands ceo:

Even though dmdhands has been out for around 6 days, we have been developing this, testing, and researching for over a month to ensure a smooth launch and a sustainable future.

Mary | satoshi club:

Actually, we got a lot of answers during this session about why you’re different 😀

Hans diamond | $dmdhands ceo:

Thanks, Mary! We really wanted to set ourselves apart from other meme coins.

Alright ddp!!!

Mary | satoshi club:

Let’s go! Ddp💎

Diamond dallas page | cso:

Awesome!!

Hans diamond | $dmdhands ceo:

Hold on for the chat, please! One more thing!!!!!!

Diamond dallas page | cso:

Well our next rewards event is going to be a big one

Hans diamond | $dmdhands ceo:

All you ddp!!!

Diamond dallas page | cso:

This Friday we will be picking 10 dmdhands holders at random and they will receive $500 in dmdhands each from our rewards pool!

Andrés m. | satoshi club:

No problem, please share all the info that you want, it is just a message for our community to prepare their questions😃

Diamond dallas page | cso:

That’s $5,000 USD in rewards this Friday for holders!!!

Hans diamond | $dmdhands ceo:

5,000?!!!!!

Diamond dallas page | cso:

Yes, Hans, you read that right. 10 addresses will be randomly selected from our BSC  scan to receive rewards in dmdhands.

Andrés m. | satoshi club:

I see that you are really different of others, I like it.

Mary | satoshi club:

It’s sweet rewards!

Diamond dallas page | cso:

We cannot wait for this one, addresses will be picked at 5pm est / 10pm utc this Friday the 2nd of April!!!!!

We will make sure to post transaction ids so everyone can see if they won!

Andrés m. | satoshi club:

Wow, an amazing opportunity 🥳

Hans diamond | $dmdhands ceo:

Not even to mention the $2,000 on the table today!

Mary | satoshi club:

Guys! In your project diamonds falling from the sky😀

Hans diamond | $dmdhands ceo:

Absolutely! DDP thanks for going into that, we can’t wait!

@andresm77 we are ready for the questions 😎 to Throw them at us every one!

PART 2.Questions about the Diamond Hands Finance project from the live chat of the telegram community.

In this part, we open a chat for the crypto community for 120 seconds. Then the guests from the Diamond Hands Finance crypto project choose the top 10 in the AMA, 5 in an article after AMA. The 15 crypto enthusiasts have earned cryptocurrency in the sum of 150$.

Q – 1 from a telegram user @azrayeni

How can I claim the holding token rewards on the DiamondHands? Is there any automatic claiming for rewards or do I have to click time to time to claim staking rewards?

Diamond Runner Steve | CTO:

All rewards are distributing automatically via smart contract code. Holders do not need to do anything special or be on any specific platform to claim rewards. Just hold a stack of DMDHANDS, the more you hold the more rewards you will receive!

Q – 2 from a telegram user @Sumione

Hello, 🖐️Do you have any plan when are you going to list $DMDHANDS in Coingecko? 

Diamond Dallas Page | CSO:

Dx was a fun way for us to say decentralization. I really don’t know why and when we got it.

Q – 3 from a telegram user @highpee

Diamond Hand is taking off on the BSC chain, but your ROADMAP you have scheduled a cross-chain implementation of DMDHANDS for Ethereum in Q2/2021. What motivated you to want to expand to the Ethereum chain despite the problem of scalability and high transaction fees faced by users of this network or do you already have solutions planned for this?

Diamond Runner Steve | CTO:

We are mostly looking to improve the availability of our token. Since many people use the Ethereum blockchain, we were thinking about expanding there, but that is not set in stone. The fees on Ethereum are a huge problem and there will likely be other places we want to expand first, like WhiteBIT and other exchanges..

Q – 4 from a telegram user @RosemaryBianco

In the second quarter (2Q) of your roadmap you plan to start marketing campaigns funded through Crypto Youtubers and Twitter influencers ? But these marketing strategies will only be carried out by YouTubers and influencers on Twitter? Are you not planning to expand your project by advertising on other social networks?

Hans Diamond | $DMDHANDS CEO:

Great question! Twitter and YouTube are our current priorities for the beginning of Q2, but we have already put a lot of effort into telegram campaigns and ensuring our global reach on this platform. Our telegram has provided a great platform for our amazing community and this will continue to be a major part of our marketing. Additionally, Facebook outreach has not yet been prioritized but is still on our agenda.

Q – 5 from a telegram user @Alika061

How is the security in your smart contract address, is it safe and have you audited it, then how are the results #DiamondhandsFinance?

Diamond Dallas Page | CSO:

We are currently being audited by a large online agency. Once we recieve the results, hopefully by this week, we will post them.

Q – 6 from a telegram user @AugusS7

If you really plan to create more liquidity funds in the future as you point out, why don’t you mention it on your Road Map? Like why not mention in the next exchanges where they plan to list their tokens?

Diamond Runner Steve | CTO:

This is a good point and we will add this information to our website. This token has only been out for less than a week so we are doing our best to keep everything updated.

Q – 7 from a telegram user @tuvalunia

Is it possible to update this Hands system in the future if required? (Playing with numbers, adding or removing hand levels, etc)?

Hans Diamond | $DMDHANDS CEO:

Don’t get too hung up on the hands strength system! Rewards are actually much more involved than the basics posted on the website. There is an algorithm that automatically calculates how many DMDHANDS Rewards every holder will receive. The hands system is merely an illustration, there is actually a lot more going on in the smart contract to ensure that rewards are proportionally, and fairly distributed to holders!

Q – 8 from a telegram user @konditer_rolex

Tell me about your meme contest, how long will it last, what are the conditions, and where to post our works, and I am also wondering if there is still an opportunity to get tokens for free?

Diamond Dallas Page | CSO:

We had one last night. We will be hosting another one soon, either on our Twitter or our telegram. Link info can be found (https://diamondhandsfinance.io)

Q – 9 from a telegram user @NataliyaKil

“Stronger Hands Will Prevail”! Is that your motto? So, what makes your hands stronger and what are you willing to offer your users to become the owners of these strong hands too?

Diamond Runner Steve | CTO:

That is our motto! The longer people hold the token, the more rewards they will accumulate. We also run regular community events that airdrop extra tokens to holders.

Q -10 from a telegram user @Xusuo

I’m really curious, do you have other DEFI features like staking token or Farm for Diamond Hands project? How about NFT since it’s popular now? if yes kindly share with us what is your new development?

Diamond Runner Steve | CTO:

NFTs are not currently the team’s priority, however, we have some great artists in the DMDHANDS community and this is a possibility for the future.

Q -11 from a telegram user @Kabirkapoor9

Is there any plan to list DMDHANDS native tokens on reputed CEXs or DEXs?

Hans Diamond | $DMDHANDS CEO:

Absolutely, we would love to see DMDHANDS listed on major exchanges in the future. To ensure a smooth listing, we need to ensure more maturity, volume, holders, and index listings first. It is definitely on the roadmap and we will continue pushing towards this!

Q -12 from a telegram user @JoxesXIII

Are Diamond Hands 100% dedicated to BSC or hope to migrate to Ethereum if it ever becomes feasible?

Diamond Runner Steve | CTO:

We are not dedicated to BSC and plan to use our token sale wallet to expand onto exchanges and possibility another blockchain.

Q -13 from a telegram user @KASG95

You point out that liquidity was immediately blocked until the year 2151, but could we really verify that information? Or would we have to take his word for it that there won’t be any kind of “carpet pull”?

Diamond Runner Steve | CTO:

There is verification of the locked liquidity. Please visit our website at diamondhandsfinance.io for the verification link!

Q -14 from a telegram user @Indomiekuy

There is a new announcement regarding Diamond Hands Presale and launching on PancakeSwap this week, can you share how is your presale event and how do I able to participate in your presale ? also after launch on Pancakeswap what will u do?

Diamond Runner Steve | CTO:

We used bounce.finance to host our pre-sale event and we are already on Pancakeswap.

Q -15 from a telegram user @JuanSB07

I am very happy to hear that 👽 Glork (whom they claim to be their first partner) is well and working on his new project Diamond Hands Finance. I remember 64 years ago that I along with another crew of Aliens and 👽 Glork were sent out on reconnaissance but unfortunately, 👽 Glork crashed into the moon 🌝 and we lost contact with him. So I need to know, when will 👽 Glork be back? Is it necessary to wait for many people to develop strong hands so that 👽 Glork can take them to our planet Kepler-62f 🪐 ? Apart from this great benefit people with diamond hands will have other rewards?

Hans Diamond | $DMDHANDS CEO:

Glork will be back, not only Diamond hands holders will be taken to the moon. Everyone including copper, iron, steel, and Diamond holders all can enjoy the flight. As long as you don’t have paper hands, we will that you have a trip in our next moon mission! Thank you for your question.

Stronger Hands Will Prevail.

Part 3 – Quiz about project

In the final part, we tested the knowledge in terms of the Diamond Hands Finance project. They’ve prepared 4 questions for this part, so everyone could be a part and answer. Participants had 10 minutes to answer. 1700$ was distributed between the winners.

Our contacts for more details: 

  English Telegram group  |  Russian Telegram group   |  Spanish Telegram group  |  Telegram Channel   |  Twitter |  Website 

Our Crypto Partner by this AMA: Diamond Hands Finance

Telegram group  | Contract |  Tweeter  |  Website  |  Medium  

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 Plethori and our guest was @crypt10crypt. He have been in the crypto space since 2016 in various roles starting off as an investor and moving into development and working alongside teams in marketing, partnerships, strategy and many other roles. The AMA took place on 31 March.

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

Gold Rocket | Satoshi Club: Hello Satoshi Club!

Andrés M. | Satoshi Club: Hello everyone, welcome to another AMA session🥳

Gold Rocket | Satoshi Club: We conclude our today’s AMA marathon series with Plethori.

Today our guest is @crypt10crypt!

Andrés M. | Satoshi Club: @crypt10crypt welcome to Satoshi Club

Ryan Matovu (10crypt): Hello everyone, it’s a pleasure to be here!

Gold Rocket | Satoshi Club: We are very glad to conducting AMA with Plethori!😀

And we want to know more information about the project😊

Ryan Matovu (10crypt): Im glad to be here and answer all the questions you have😃

Andrés M. | Satoshi Club: How is going your day?

Ryan Matovu (10crypt): My day has been going great thanks! Working hard with the team

Gold Rocket | Satoshi Club: А little intro to start🚀 from you.😊

Introduce youreself. How did you get to be involved in crypto & Plethori?

Tell us please about yourself and your position in Plethori.

Ryan Matovu (10crypt): Sure!

I’ve been in the crypto space since 2016 in various roles starting off as an investor and moving into development and working alongside teams in marketing, partnerships, strategy and many other roles.

Gold Rocket | Satoshi Club: What is the essence of Plethori?

How long does it take to develop a project? What plans do you have for the future? And what can we expect from Plethori?

Ryan Matovu (10crypt): I come from a Mechanical Engineering background which drew me towards the technical aspects of blockchain and my entrepreneurial experience led me to leading projects. I’ve worked in finance, B2B and B2C sales, marketing and news among various other start-up ventures. I have also been a Forex, commodities and crypto trader

Gold Rocket | Satoshi Club: You have a lot of experience 👍

Ryan Matovu (10crypt): Plethori is an investment platform for the trading and creation of decentralized ETFs(exchange-traded funds) built on Polkadot.

Andrés M. | Satoshi Club: Great background

Ryan Matovu (10crypt): Through all our team member’s experiences, we realised that the crypto space was driven by trends as opposed to individual projects. For example, towards the end of 2020, it was DeFi and yield farming with the likes of YFI taking centre stage but also ushering in a new phase for blockchain usecases. At the beginning of this year oracles and derivatives gained alot of attention and right now, it’s clear to see that ons of the driving force in the market right now is NFTs

We saw that there were many solutions and protocols to invest in individual projects but none for investing in overall trends

This is how Plethori was born. We are building the solution to this. Our ETFs made up of portfolios of various tokens and assets will allow users to invest in entire trends, industries and sectors in the crypto space at the click of a button on our exchange

Andrés M. | Satoshi Club: What about fees in your platform? Could it be a problem for new traders?

Ryan Matovu (10crypt): Not at all, this is one of the benefits of our platform in that you can invest in, for example, an NFT ETF made up of a portfolio of key well performing projects in the NFT space in one single transaction as opposed to buying each individual asset

But the most innovative fee saving mechanism is our integration with the soon to release Optimism layer 2 solution

This will allow immense increases in speed but also decreases in transaction costs on our platform all while maintaining the full security that the Ethereum mainet provides

We will be one of the first projects to utilise Optimism upon release

Gold Rocket | Satoshi Club: We can see how you are passionate about the project 😁

it’s always impressive! thanks for the great intro. ready to move on to questions from the community?😊

Ryan Matovu (10crypt): Developing a project can take anywhere from weeks to months to years depending on its complexity. Plethori is building a large ecosystem of products and technologies so we have a long term vision spanning years into the future. Our v1 platform launching in a few weeks will be the start of this with the V2 ETF creation protocol in Q2 expanding this further. Q3-Q4 will push us closer towards our expansion into traditional finance

Gold Rocket | Satoshi Club: Oops😁

Take your time please😊

Ryan Matovu (10crypt): I’ll finally say that we look to provide these amazing services not just within the crypto community but outside aswell with our mobile application later this year and also our integration of mirrored assets essentially providing all the basic assets that can be found in tradfi such as stocks and commodities on our platform

Andrés M. | Satoshi Club: Let’s proceed with our first question

Q1 from Telegram User @yellowchamp

One of the capability of Plethori Protocol is users can earn a percentage of the transaction fees for every trade on the platform. So can you explain how this works? Is this earnings applicable to all traders in Plethori? How will the earnings from transaction fee be distributed to users or traders in your platform? Is this earning be withdrawable in Plethori? Thank you

Ryan Matovu (10crypt):

Here is our roadmap with more details of the amazing things we are building

This will be applicable to all holders and stakers of the PLE token who use the platform, will be distributed periodically and will be available to withdraw in plethori

Gold Rocket | Satoshi Club: Wow! you have an ambitious goal and plan for the future! 🚀🚀🚀

Thanks for sharing with us 🙂

Ryan Matovu (10crypt): No worries 🙂

Andrés M. | Satoshi Club: Apart of that, what will be the main benefits for holders?

Ryan Matovu (10crypt): The main benefits to holders is in the utility of our token giving access to the platforms features but also acting as a governance token for Plethori. Holders and those who engage with our platform will hold power in the decision making processes that drive the development of Plethori as a whole

Andrés M. | Satoshi Club: Great answer, do you want to add something before the next question?😃

Ryan Matovu (10crypt): Not at all, would love to here more questions 🙂

Q2 from Telegram Username @Romadel33

This powerful union between these incredible ecosystems, Ethereum and Polkadot in Plethori, are responsible for achieving one of the qualities, which fixes much of the attention of investors, such as ultra low commissions, speed and maximum security ? can you tell us how Plethori achieves the synergistic work of the 2 ecosystems to achieve this wonderful achievement ?

Ryan Matovu (10crypt): Great question

We are already working alongside Moonbeam to facilitate this in a smooth manner. Their EVM comparability and our substrate solutions we are building will allow for easy movement of investment back and forth between both ecosystems.

Andrés M. | Satoshi Club: Talking about it, we would like to know more about your partnerships, can you tell us more about it?

Ryan Matovu (10crypt): Partnerships are very important to us as a project looking to expand into various ecosystems

We are already working with a few projects which are soon to be announced this week who are drivers in their respective fields and will improve the tech we are building. Every partnership will have an identifiable usecase in our ecosystem whilst also giving us the opportunity to showcase our own technology in how we improve their ecosystems

Andrés M. | Satoshi Club: Any easter egg for us about that?😁

Ryan Matovu (10crypt): Portfolio management and being able to see the market analytics clearly is important for our platform. Very important “tools” for any trader🤫

Andrés M. | Satoshi Club: Thank you so much, that give us a possible idea😁

Btw, we will be expecting to know more

Are you ready for the next question?🥳

Gold Rocket | Satoshi Club: and also thanks for the great answer👍

Ryan Matovu (10crypt): Ask away 🙂

Q3 from Telegram User @AugusS7

I recently heard information about the development of a BTC ETF creation in Canada, and that it will create an impact on the BTC, but what is an ETF really? Are they related to already established currencies or can it be a separate currency?

Ryan Matovu (10crypt):An ETF is similar to an index in that it tracks the price of a portfolio of underlying assets and can be traded on an exchange. They don’t have to be related to already established currencies

Andrés M. | Satoshi Club: So, about NFT what group of coins will be part of the portfolio? All NFT currencies like DEGO, SAND?

Andrés M. | Satoshi Club: I’m right?

Ryan Matovu (10crypt): They can be any NFT project that is traded on uniswap

We will announce a full list of the projects making up the ETFs before platform launch

Gold Rocket | Satoshi Club: please do not forget to inform Satoshi Club😉

Ryan Matovu (10crypt): Of course 🙏

Andrés M. | Satoshi Club: I will ask you the same, could you give us an easter egg about some of those projects?🤔

Ryan Matovu (10crypt): They will be key projects in the industry/sector of that ecosystem. For example, in our Polkadot Ecosystem Fund, Polkastarter and other key projects would be included

Andrés M. | Satoshi Club: Amazing news, thanks for share it Ryan👏

Is time to go with our next question, something else do you want to add?😃

Gold Rocket | Satoshi Club: Awesome👏

Q4 from Telegram User @Xusuo

I just checking your website, there are info ‘Build on Polkadot’ and ‘Build on Optimism’ actually I understand about polkadot chain but what is optimism? Can you explain that part?

Ryan Matovu (10crypt): Yes of course

https://optimism.io

Optimism is a layer 2 solution for the Ethereum blockchain that will be releasing soon. It is the solution that uniswap V3 is building on

Gold Rocket | Satoshi Club: thanks for your answer! do you want to add something or can we proceed to the next question? 🙂

Ryan Matovu (10crypt): Essentially how it works is that it acts as a side chain for Ethereum by processing all the computations for transactions. The big benefit over other solutions is that the data remains on the ethereum mainet but it is only the computation/hard work that is transferred over to the Optimism chain. Once the computation is complete, the final value is returned to the Eth mainet to complete the transaction

We are working on articles to break down this advanced tech in terms of how the OVM and optimistic rollups work into a more simple palatable form for everyone to be able to understand this

Next question😃

Andrés M. | Satoshi Club: Thanks for the answer, let’s proceed🥳

Q5 from Telegram User @victorogb

With the ETF market’s current value soaring at an astronomical rate and potentials for further expansions & increase steadily rising, Plethori has done a brilliant job to usher this attractive and lucrative market opportunity which previously had a more traditional investment structure, to the crypto and DeFi marketspace. With the well known complexities of traditional ETFs how will Plethori efficiently and conveniently make this venture less worrisome and more attractive, appealing and profitable to the DeFi community?

Ryan Matovu (10crypt): This is a really good question

This is the benefit of blockchain in that everything we build can be integrated into a smart contract which executes processes and transactions automatically. Combining this with our oracle integration for on and off chain data gives possibilities not found in traditional finance in terms of being able to performing the necessary rebalancing that is needed for ETFs in a secure and decentralized manner. All this will happen in the backend with the user seeing only the ETF of their platform portal, a buy and sell button and and the many other features we provide with no interruption to their trading experience!

Andrés M. | Satoshi Club: Thanks for the detailed answer. Btw we would like to know about your tokenomics, how is the quantity of tokens distribution?

Gold Rocket | Satoshi Club: great features!

Ryan Matovu (10crypt): Great, I can share our tokenomics paper here for you 🙂

Andrés M. | Satoshi Club: Thank you😁

Ryan Matovu (10crypt): https://drive.google.com/file/d/1025ybT-PX7s0CqSNfMMc_IeXR3Swh9ra/view?usp=drivesdk

The max supply will be 100 million at a public sale listing price of 0.04

More details will be announced soon for our upcoming public sale later in April

Andrés M. | Satoshi Club: How to join the public sale? Is there any whitelist?

Ryan Matovu (10crypt): Yes, there will be a whitelist and we will announce details in the very near future

Before the next question..

@AndresM77 I see you like Easter eggs haha.

All I can say for now is everyone who participates in the public sale and those join our community and buy after listing supporting our project will be “paid” well

Andrés M. | Satoshi Club: Haha yes😁, we love to know secrets

Thank you Ryan for the answer, it’s so important for us that share this kind of info with our users

Let’s proceed with the last question of this part of the AMA🥳

Q6 from Telegram User @MaxiVV

I read that Plethori will connect the Ethereum and Polkadot ecosystems empowering traders by providing a wide range of ETF tokens to trade and invest and leveraging the technology of both blockchains to open new avenues for investment strategies. BUT in your roadmap for Q2 2021 is planned the Binance Smart Chain Integration, it will be the cherry of the ice cream if your platform have the three ecosystem (ETH, Polkadot and BSC). What are your plans regarding the new integration? How do you expect BSC boost you in being a more recognize project? When will it be available?

Ryan Matovu (10crypt): Yes, great eye seeing that on our roadmap. BSC will be an initial trial of how our cross-chain functionality will work. It wi be a fully fledged working system and the Binance Smart Chain ecosystem will be accessable on our platform. Yes you’re right, having those three ecosystems would be the cherry on the cake and that is exactly what we will do.

However we also see that there are many other blockchains in this space that are performing well and have amazing tech. Ethereum, Binance Smart Chain and Polkadot are just the beginning!

Andrés M. | Satoshi Club: So, you are trying to adopt so much blockchains as you can? For example, there is posible that we see Cosmos integrated to Plethori in the future?

Ryan Matovu (10crypt): We are very selective of any technology we integrate so it’s not just a case of us expanding to as many blockchains as we can but moreso observing the landscape in crypto and carefully selecting ecosystems to explore. If Cosmos meets our standard then it’s a possibility but there are many out there doing amazing things. We have a long term vision for this project beyond the roadmap

Andrés M. | Satoshi Club: I’m impressed, your are doing an amazing job with an strong concept in crypto market👏

It has been an amazing time for us in this first part of the AMA. However I know our community is excited to interact with you😁, are you ready for the second part of the AMA the live segment?

Ryan Matovu (10crypt): Thank you 🙂

Sounds great, I’m ready to go!

Andrés M. | Satoshi Club: [ 🚀 Sticker ]

Gold Rocket | Satoshi Club: Thanks for your great answers! Now get ready for the most exciting part of our AMA: live questions from the open chat  🚀🚀🚀

Andrés M. | Satoshi Club: We will open the chat, please choose your 10 favorites questions and answer them💪

Part 2 — live questions from the Telegram community

Q1 from Telegram user @Andrey_Seleznov

Plethori is an ETF Trading Platform, I understand it will be geared towards creating crypto space ETFs at least at first. I wonder if you plan to integrate with the traditional stock market in the future to support creation of the ETF based on the companies from S&P 500, Nasdaq, Russel etc?

Ryan Matovu (10crypt): Yes we do, we plan to integrate mirrored assets into our protocol to allow for the trading of traditional assets such as stocks or commodities and we will even facilitate the creation of ETFs using these assets!

Q2 from Telegram user @JoxesXIII

Some could make ETFs under malicious behavior, with scam projects with potential rug pulls, do you plan to avoid this type of bad act within Plethori?

Ryan Matovu (10crypt): Yes, there are strong mechanisms in place to prevent this with there being restrictions to the projects that can be added ranging from the liquidity that is locked to the codebase that is available publicly and many other factors that will be included to prevent malicious projects being added to created ETFs. We are ahead on this front!

Q3 from Telegram user @jayzfreakshow

While looking at your website, I couldn’t see any information regarless of your governance model. Can you tell us more about it? Will $PLE holders have any kind of privileges or rights when it comes to voting on the governance of Plethori? If so, on what decisions will they be able to participate and what holding requirements they need to complete to be able to be part of your governance? Will holding $PLE be the only way to be able to participate on this kind of important issues?

Ryan Matovu (10crypt): Yes, our governance will be in the form of a DAO and we will be building one of the most complex governance forms for a project of our sort

The Plethori Governance platform will behave almost like a fully fledged social networking system with PLE holders being able to interact with each other, create teams and put forward ideas to be voted on by the entire community.

The voting system will be tiered and your rank/level will depend on various factors such as how long you’ve held/how long you’ve staked/how often you use the platform and many other parameters relating to your engagement with the Plethori ecosystem

Q4 from Telegram user @BJosefinal61

A FIAT gateway for a decentralized and unregulated ETF system is now daring, congratulations on that, but could you explain how you plan to add this feature? credit cards for example?

Ryan Matovu (10crypt): Great question, very perceptive of you to be considering the legal ramifications of a project like ours.

We are already working with lawyers and are putting together a legal structure that will allow us to remain fully compliant whilst providing all the amazing features we are building to you.

Users will be able to easily pay using credit/debit card, PayPal and many other forms from fiat directly to ETH and our PLE token

Q5 from Telegram user @baimwong1

What are the benefits of Project Plethori by adding cybersecurity advisor, Adesh Kolte for the progress of this project and what is the impact of Adesh Kolte joining the Plethori project?

Ryan Matovu (10crypt): This is a big benefit to us as we value security in everything we do from the token and smart contracts themselves which will all be audited by solidity before release to the platform itself which will go through rigorous threat analysis and modelling and penetrating to ensure safety for all users. Adesh will be advising us on this front and being a global expert in this field with accolades from the likes of Microsoft naming him in the top 100 in the word in his field of expertise, he will be an immensely valuable asset to us ensuring cybersecurity for all of you

Q6 from Telegram user @realtrizmalli

You have hosted a very useful Ama session and received lots of questions about vision / mission, technology, utilities, etc.  So, What do you want to receive from the community And how can we help with your project?

Ryan Matovu (10crypt): Thank you for this question @realtrizmalli

Community is very important to us and important to the space in general. Just look at the LINK marines and the force they bring as supporters to Chainlink!

We want the same for Plethori which is why myself and the team take time to be active in the community and be there to answer all your questions and keep the community updated on our developments. It is our community, the Plethorians who will drive adoption of our protocol and we will involve them with various community events such as art contests, meme contests, large bug bounty programs, community gigs and many other fun events.

I may even hop on calls within the community every now and then to speak to you all haha

All we ask from the community is support and spreading awareness of what we are building!

Q7 from Telegram user @Guandog

A personal question, are you convinced that Optimism will be the preferred platform as L2 for Ethereum or do you also plan to deploy Plethori in other second layers such as xDai or POLYGON?

Ryan Matovu (10crypt): Yes, we are convinced Optimism will be the driving layer 2 solution with them already being integrated into the upcoming Uniswap V3!

Not only this but their solution has a key advantage over others by maintaining the security of the Ethereum mainet

Q8 from Telegram user @testercoin

Do you plan to provide yield, lend, and margin services on Plethori project or just trading?

Ryan Matovu (10crypt): We have plans to provide staking, farming and many other services to Plethori alongside the trading(margin/leverage plus many features are included in this)

We wi be unique in this regard integrating NFTs on the platform into all these process in innovative and create ways

Q9  from Telegram user @emilyfelizia

Would Plethori be looking to partner with banks or fintech companies to offer Plethori as a service?

Ryan Matovu (10crypt): Yes definitely. Our expansion into tradfi will eventually lead to this. We were careful to begin our journey here in crypto on the blockchain to the strong foundations of decentralization and security and we will take those into he traditional space through partnerships with large institutions who share this vision and offering our services there

Q10 from Telegram user @Arisabela

I was researching that one of the most important advantages of your cross-chain protocol is the cheap cost to users, can you provide us an example of how cheap this operations are? How much are we talking in percents?

Ryan Matovu (10crypt): With Polkadot offering almost almost limitless scalability among other features, we are looking at fractions of a cent for transactions in the end.

Optimism on Eth should offer similar reductions in transaction costs!

Part 3 – Quiz Results

As usual, for the third part, Satoshi Club Team asked the chat 4 questions about the crypto project. A link to a Quiz form was sent into the chat.

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

English Telegram group: https://t.me/Satoshi_club/

Russian Telegram group: https://t.me/satoshi_club_ru/

Spanish Telegram group: https://t.me/satoshi_club_spanish/

Telegram Channel: https://t.me/satoshi_club_channel/

Twitter: https://twitter.com/realsatoshiclub/

Website: https://esatoshi.club/

Our partners:

Telegram: https://t.me/Plethori/

Twitter: https://twitter.com/plethori/

Welcome to another episode of our AMA series. Today we are glad to tell you about the AMA session with our friends from Phala Network.

Phala is a cloud computing network, which offers computing power comparable to existing cloud services, protects the privacy of managed programs and maintains the properties of a blockchain in being secure and trustless. The AMA took place on March 31 and our guest was @MarvinPunk (Co-founder and CEO).

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 Phala Network! Welcome to Satoshi Club.

D. | Satoshi Club: and our guest – @MarvinPunk from Phala Network! welcome! good to have you here!

Marvin (Phala Network): Hi Satoshi Club!

Mary | Satoshi Club: Hello! Welcome here. How are you today?

Marvin (Phala Network): great! We successful running as a parachain.

Mary | Satoshi Club: Marvin, could you please introduce yourself and tell us more about Phala Network.

Marvin (Phala Network): sure, thanks! My name is Marvin, the co-founder & CEO of Phala Network. I also run a decentralized fund called PAKA with other Polkadot Project founders. I was Senior Product Manager at Tencent & Didi. I used to work on the project facing million-users, and I personally good at business strategy design, experience in design service, data-driven decision, and business model.

I spent a lot of time figuring out what blockchain technology in 2018, like POW, smart contracts, and Dapp were. During that period, I got to know lots of friends and made the first EOS account-switch contract with a UK friend. So that’s how I came into the crypto world.

At the same time, Hang Yin did well at BTG——a Bitcoin fork project to fight miner-control projects like BCH or BSV. However, due to its too decentralization to make it better, he also tried to find a better way to develop his career. After discussion, we agreed to start a new project and thought web 3.0 might be a better choice, which’s the beginning of Phala Network.

D. | Satoshi Club: how many people in total working at Phala?

Marvin (Phala Network): and we got 4-5-part time mates.

Mary | Satoshi Club: When did you start Phala Network project? How much time passed from the idea to nowadays?

Marvin (Phala Network): But we decided to solve this problem as well as develop the confidential smart contract. According to friends ‘introduction, we set a core team soon, because we’ve known each other since we know each other in Olympic computer competition when we were teenagers. This’s the story of Phala and myself.

We're thrilled to announce Phala Network won the Parachain Slot Auction on Polkadot Rococo testnet, with our good friends @litentry @DarwiniaNetwork @bifrost_finance !
Thanks to our supporting voters, Phala and our community look 100% ready to be a Parachain on Kusama！ pic.twitter.com/lU9fMBgeSU

— Phala Network (@PhalaNetwork) March 30, 2021

Q1 from Telegram user @meml97

While reading about your project, I saw that Phala is well known for being one of the most important, if not the #1 security project for Polkadot that currently exists. But as we know, there are other really good projects that aims to provide security to the Polkadot Ecosystem as well, so, what do you think are the biggest advantages Phala has over all these other competitors that puts it as the #1 security project for this ecosystem?

Marvin (Phala Network): It’s quite a big question. For now, there are 3 types of privacy protocols in the world. ZK-knowledge based, MPC based and TEE based And of course, there are mixer as Tornado. But Phala is not quite similar with them: Phala is a private computation cloud. This means it offers generalized compute at a public cloud scale, with a property of base-layer privacy — i.e. users’ transactions are not publicly revealed.

It combines a p2p network of computing hardware+software with a blockchain that is needed for additional security and order. Yet all computer operations on Phala are trustless even without a blockchain, which means there is no centralized executioner or data controller, but the scalability (throughput) is similar to centralized server infrastructure. You can run arbitrary programs on Phala, both autonomous like smart contracts, or just “regular” code that can be updated and maintained once it’s released on the network.

Thus Phala can accommodate any type of program, combining the best of Web2 and Web3 under one roof. It offers significant innovation to both, as it brings trustless privacy to centralized apps or public cloud scalability and generalized privacy to DApps.

Mary | Satoshi Club: Can you call Phala privacy solution?

D. | Satoshi Club: so Phala Network is pioneering project in its way?

Marvin (Phala Network): But there’s also a third dimension to Phala: it creates an infrastructure for massive-scale data exchange between parties that don’t need to trust each other.

https://medium.com/phala-network/phala-transparent-and-private-global-computation-cloud-2d80c70ad1e9

Q2 from Telegram user @Arisabela

One of the use cases exposed on your website for your technology is artificial intelligence and healthcare, I’m involved in the healthcare world and also an enthusiastic of blockchain technologies, I wonder how you can combine the different components of your TEE to the health services, specifically for medical records and real-time statistics?

Marvin (Phala Network): Very ingesting question. We think one of the most valuable use case is target on sensive data: Health profile, for example. For now, you can’t give the healthy data to any 3rd party, even they can promote on analyzing for your health or illness. Because after you give some bionology data to others, it is very dangerous for whom will use this.

That’s why even AI process so well, but Doctors still can’t get real breakthrough in artificial intelligence medicine

Mary | Satoshi Club: What is your solution?

Marvin (Phala Network): But, this is a typical case in multi-party data computing issue——which is the best case for TEE-blockchain. Phala will launch a data analysing platform named Web3 Analytics. Empowered by TEE technology that runs on a public privacy cloud of Phala, W3A is a tool that runs the data analysis in TEE nodes and outputs only the results to the authorized parties.

Those computations are done in parallel by hundreds and even thousands of nodes in the near future. For comparison, just one Phala-connected TEE can process orders of magnitude more data and computations than all of Ethereum by replacing decentralized consensus with trust-minimized hardware.  In Web3 Analytics, user data is end-to-end encrypted between the user’s browser and the backend (a confidential smart contract on Phala’s trustless software), and the encrypted data will be stored in a decentralized storage network, connected to Phala (think Filecoin).

The encryption key is only accessible by its owner and the smart contract itself that runs inside the trusted execution enclave (i.e. is inaccessible by any external party). By design, the raw personal data is only read and processed by the smart contract, and will not be output from the TEE without the permission of its owner.

Mary | Satoshi Club: When do you plan to launch your data analysing platform?

Marvin (Phala Network): we already win a grant for Web3 Analytics from Web3 foundation, being hard working on that. The launch time will be July.

D. | Satoshi Club: gotcha. so you aiming to add some privacy layer to any data in the cloud?

Marvin (Phala Network): good idea! For now, GCP and Azure have its privacy cloud. But there is no permissonless cloud, and there is no such cloud can verify results by trustless.

Q3 from Telegram user @AugusS7

I understand that the confidential data is totally isolated, which provides a guarantee to the members since only authorization actions are allowed to be able to use the data, but could you really define what those “authorization actions” that must be fulfilled would be? Are they unique or are there several actions to select?

Marvin (Phala Network): Phala Network provides a global private computation cloud. It can be used as a platform for confidential smart contracts. They differ from “traditional” contracts on networks like Ethereum in that Phala smart contracts run inside a special hardware enclave in a CPU, i.e. Trusted Execution Environment(TEE).

The program running inside TEE is highly isolated, using its hardware-encrypted RAM. A malicious attacker can neither read the data in the memory without authorization (i.e. a cryptographic key that is stored inside the same TEE, only visible to the device itself and not external hardware or software it interacts with) nor manipulate the program to produce any unintended behavior.

 Mary | Satoshi Club: Does anyone in the industry use this methods? Except Phala?

Marvin (Phala Network): Generally speaking, WASM and even EVM can be executed in the TEE environment. So confidential contracts are very easy to program. Oasis Labs, and Secret Network.

Q4 from Telegram user @Indomiekuy

Can you share with us how is Phala’s mining mechanism, I read that Phala using NPoS system for consensus instead of using PoW, what is the different consensus NPoS and PoW? And for part of mining it said ‘coming soon’, can you tell us what coin will be available for mining? It’s kind of BTC/ETH?

Marvin (Phala Network): easy to go version: Phala mining mechanism is what you can called “Proof of CPU” how does that happen? Because of TEE. The earliest mining machine of Bitcoin is the personal computer, and on Jan 3rd,2019, Satoshi Nakamoto mined the first-50 BTC by his personal computer. Also, in The Big Bang Theory》，Sheldon mined some BTC by using Howard’s old computer. After that, we found that GPU（Graphics Processing Unit) has high coincidence in computing power and mining computation, the amount of GPU in 1 graphics card equals dozens of CPU, which can improve mining efficiency substantially.

Many cryptocurrency assets, including BTC, ETH, DOGE are using PoW (Proof of Work) algorithm as their consensus algorithm. PoW general refers to computing equipment find random numbers through Brute-force attack.

 So when it comes to CPU，it always meets with these 2 questions ：

– As a general computation unit, the CPU chip consists of the branch prediction unit，store unit and many other branch modules，which are not the optimal solution of PoW.

– CPU is not good at parallel computing because of its design, it can only run for dozens of tasks one-time, however, what PoW need is the computing power of solving the parallel problem.

D. | Satoshi Club: so we need to have a good PC to participate in mining?

Marvin (Phala Network): The design of Bitcoin by Satoshi is “vote with their CPU power”. So, a PoW-based crypto asset, with its growing well known, there’s no doubt that it will have a process of CPU mining – GPU mining – ASIC mining, and this is the inevitable result of the PoW consensus algorithm.

In the design of Phala Network, it chooses the architecture of detaching consensus and computation to achieve:

– In the consensus part, Phala can achieve trustless within the NPoS system and sharing Polkadot’s safety instead of by using PoW.

– In the computation part, because each TEE is non-byzantine, TEE workers can guarantee the trust computation under the assumption of safety. Furthermore, the similar sharing economy module and PHA mining mechanism can incentive TEE Workers to sign up on Phala Network as well as keeping online even complete the specified computation tasks.

Mary | Satoshi Club: Only PC?

Marvin (Phala Network): yes! only PC, Asic and GPU can NEVER mint PHA https://wiki.phala.network/en-us/docs/poc3/ For more info, please read our docs

D. | Satoshi Club: is it possible to build a mining rig special for PHA mining?

Marvin (Phala Network): Phala will distribute 700 million PHA through TEE Mining. The total supply of mining rewards will be fixed without extra issuance and mining rewards will dwindle as time passes. Welcome to mint!

Q5 from Telegram user @johana0012

Phala exposes the following: “If someone wants to obtain the passwords, they will have to break Phala’s TEE network, which would mean simultaneously attacking the TEE mining nodes and the gatekeeper nodes scattered all over the world, all at once. This is virtually impossible “. Technology is renewed by leaps and bounds on a daily basis. Do not trust it. Have you studied the possibility of making adjustments to your technology to accommodate improvements in future security? Do you carry out security tests?

Marvin (Phala Network): Our threat model partially assumes the TEE manufacturer can be trusted. This is reasonable. First, they don’t know how their hardware will be used and thus cannot plan the attack ahead of time, significantly reducing the risks.

Second, if affected by the so-called zero-day attacks, other applications running on this CPU (outside of the TEE) are generally at risk. Also, we have seen actual hardware exploits of TEEs come in the past – so far mostly theoretical and coming from computer science researchers. Fortunately, those vulnerabilities can usually be mitigated in a few ways.

It’s common to think software vulnerabilities are patchable while hardware vulnerabilities are not. This is not always the case. CPU can be patched by microcode updates. Given specific design of Intel’s SGX TEE architecture, most of the vulnerabilities can be fixed. Suppose the vulnerability requires physical access to exploit it, as some other papers suggest, miners may be able to steal data from the confidential contract.

D. | Satoshi Club: so everything is secure? and how about audits? did you pass or planning to do any?

Marvin (Phala Network): It’s pretty hard to do audit for Phala, because you can only audit it for blockchain, but you can’t audit off-chain part, which is the computation layer, because off-chain part of Phala is based by TEE trust.

However, if more than one replica exists, multiple TEEs will try to commit the updated smart contract states back to the blockchain. In this case, there will be a simple on-chain voting process. We require a simple majority to “finalize” the states. By adding replications to TEE-based execution of smart contracts that otherwise don’t require them for enhancing trust properties, we maintain a fall-back security model similar to Polkadot’s validator-based security. The attacker must control a sufficient amount of miners to break the correctness, even if SGX’s security model is completely broken.

Finally, we are planning to add support to other TEE hardware, such as AMD SEV and Arm TrustZone. If other chip manufacturers jump into the race to eliminate Intel’s hegemony in this nascent hardware space, we will be quick to adopt them as well to ensure reliability of Phala and resistance to any exploits.

Q6 from Telegram user @h1drX

In Phala Network, each contract (c.) Is associated with a symmetric key called the Contract Key (k). Contract keys are generated by Gatekeepers within pRuntime. Can you explain how these keys work and what is their use in Phala Network?

Marvin (Phala Network): Remote Attestation proves that a certain code (measured by the hash of the code), optionally with some customized data generated by the code, is running inside an up-to-date genuine Intel SGX enclave.

D. | Satoshi Club: by the way is it possible to implement a fork in the Phala’s network in case if things go really bad? to prevent consequences of attack or something?

Marvin (Phala Network): Remote Attestation is a basic building block for confidential smart contracts. But it’s not very useful if we cannot establish an end-to-end secure communication channel between a user and TEE. Yes, and it’s not a fork…. Blockchain based on Substrate can update by democracy vote! It can happen everyday for update, Intel SGX, the only TEE currently supported by Phala, also provides a Secret Provisioning protocol to solve the problem elegantly. By adopting the Secret Provisioning protocol, a chain of trust from the user to pRuntime can be established:

1. The blockchain has the hash of the canonical pRuntime code.
2. pRuntime runs the remote attestation protocol, gets a report with the data: hash of the attested code (pRuntime itself); and the public key of an ephemeral identity key pair.
3. The RA report is submitted to the blockchain and validated on-chain.
4. The blockchain compares the hash from the RA report (implies: the participant is a canonical pRuntime in that TEE)
5. The identity public key is registered on the blockchain (implies: only the current pRuntime has control over this identity key).

As a result, as long as a message is signed by the identity key, it must be produced by the registered pRuntime. Users can further establish a TLS-like connection to a pRuntime with its registered public key.

---

PART 2, TELEGRAM COMMUNITY LIVE QUESTIONS

The chat was open for 120 seconds; a lot of questions were posted by Satoshi Club community. Our guest chose some of them.

Q1 from Telegram User @lahkoklu

Does Phala Network have a past staking product where can I stake with the best or high apr to stake?

Marvin (Phala Network): first winner:  we have a staking system for TEE worker, but we need to wait after Kusama slot auction, and Phala can run as a parachain.

Q2 from Telegram User @cengizhantekin

I see “interoperability” and “cross-chain” features exist in Phala, which are very critical for a network. So which blockchains will you be serving with these features and within what period of estimated time?

Marvin (Phala Network): 2nd Winner: Polkadot and Kusama network are our first target, and Acala Network, Literntry, Moonbeam, Plasm and ALL parachains: it’s pretty easy to serve Substrate chains as parachain for us. Read this: https://medium.com/phala-network/phala-and-acala-unveil-the-first-ever-cross-chain-demo-on-the-rococo-testnet-12033d90b460

Q3 from Telegram User @meml97

 I saw that some of the products Phala offers to its users are two things called “Darkpool” and “DarkWallet”, but it intrigued me the fact that you presented them on your website together, do they function as one single product, why? Can you explain us more about these products and why are they “Dark”? What differences this DarkPool and DarkWallet have if we compare them to a normal Pool or a regular Wallet?

Marvin (Phala Network): 3rd winner: Dark Wallet: An on-chain wallet that enables assets on any parachain to be converted into “invisible” assets. Because there will be so many parachain-assets on Kusama and Polkadot, privacy protection for users is a necessary point. Users on any parachain like Acala, Reef, Literntry can easily transfer their assets to Phala Network, and deposit their tokens into the Dark Wallet. Thanks to XCMP offered by Polkadot, this can be done in a permissionless way, even without a single line of code change on the other parachain side. Whenever some assets are deposited to the Dark Wallet, all the transfer transactions are e2e encrypted, and will not be identified as a “transfer” transaction on block explorer. The blockchain only has the unreadable cipher. https://medium.com/phala-network/introducing-phala-dark-wallet-the-seed-of-the-age-of-blockchain-privacy-463c43a283c5

Q4 from Telegram User @marketingrentable

How does Phala Network manage to combine scalability, interoperability and composability to interact with other blockchains, in an environment that provides security and speed in transactions?

Marvin (Phala Network): 4th winner: As we mentioned before, Phala is a TEE-blockchain hybrid architecture based on Substrate. But so far, all the TEE protocols lack the foundation of composability-interoperability. As we know, composability-interoperability is the most important precondition of the DeFi ecosystem in Ethereum, however, Phala, according to a creative design, completed the comparability-interoperability between contracts, even the blockchains. Phala is not based on Byzantine, and the trustless is guaranteed by the trustless hardware, but the single hardware cannot achieve availability and state-consistency.

If you cut off the power, the hardware must be out of work; Multiple trusted computing nodes need to interact, and the unclear sequence of code execution will result in double-spending, which does not satisfy state consistency. So, we need to solve these two problems with blockchain technology. That is to let everybody download data without permission by storing the status data on-chain. Beneath this consensus computing, each node can get the status with consistency. In 1 sentence, we are born with the ability to cross-chain. The Phala contract is parallelism, and it should cooperate with the interoperability protocol between smart contracts to accomplish comparability, and we are Compatible with multiple cross-chain methods.

Q5 from Telegram User @Rosane1a8

As a privacy Network, what data and processes can be untraceable with the use of Phala Network?

Marvin (Phala Network): 5th winner: all kinds of data——onchain data and off-chain data. For example, Web3 Analytics connects data providers: websites and applications, their users, or other data owners on the internet, like smart devices or stand-alone databases – with different analytics tools/products. Its core feature is to allow end-to-end channels that output results of analysis without revealing the input data. It differentiates from Google Analytics in that it’s more generalized by allowing 3rd party data consumers or analytic service providers to define their purpose themselves while verifying this software is not used to spy after the data providers.

Q6 from Telegram User @Elise_04

What is the advantage of Phala Network during this time of pandemic? Do you have plans to develop an oracle in line with Health Care industries that could help combat and or even eliminate the rising numbers of COVID-19 cases?

Marvin (Phala Network): 6th winner: Very interesting question. I think that in the epidemic scenario, the blockchain has the effect of “enhancing tracking”. However, this technology is a double-edged key. If it does not cooperate with the role of “protecting privacy”, it will become a terrible result! It’s not that we are worried about privacy, so we don’t want to collect everyone’s data to help prevent the epidemic. With reference to some measures taken by Apple and Google, we believe that it is possible to track the epidemic records reasonably without revealing the secrets of the people.

For example, through Phala’s Web3 Analytics, users can personally manage their trip data. The user’s data is encrypted, and the decryption capability is only possible with the user’s signature. The decryption process is executed in Phala’s TEE miner machine, and no module can spy on the execution process of the TEE.

Q7 from Telegram User @Sumione

Do you have any native tokens of Phala network where could I buy??

Marvin (Phala Network): 7th winner: yes, for now $PHA is ERC20, you can go to Binance, Huobi and Uniswap for PHA.

Q8 from Telegram User @Xusuo

I see that Phala already developed a new lending protocol name with ‘Worker-Nodes’ for borrowing required Can you share with us the result? PHA on stake. Have you already test and success implement it?

Marvin (Phala Network): 8th winner:  in every stage of Phala testnet, we launch a mining campaign. On POC-2, we attracted more than 1000 full nodes joining Phala; on Poc-3, we attracted more than 2500+ TEE hardware in the competition. Because we prepared the easy-to-join network, clear docs, and have friendly moderators, miners can join mining at very low cost. This helped us build a very strong and active miner community

Q9 from Telegram User @Airborne19

PRIVACY APPLICATIONS is one of the things that phala users can created…can you please tell me what kind of PRIVACY APPLICATIONS we can create through the network?

Marvin (Phala Network): 9th winner: we did a hackathon before, it turns out that there are so many kinds of PRIVACY APPs can be built on Phala! Please take a look: https://medium.com/phala-network/what-kinds-of-privacy-applications-can-be-created-on-phala-e129d15b70d0

Q10 from Telegram User @azrayeni

I see mining is available on Phala so where can I get the TEE-compatible required hardware?

Marvin (Phala Network): 10th winner: you can test follow the doc : https://wiki.phala.network/en-us/docs/poc3/1-1-hardware-configuration/

---

PART 3, QUIZ AND INFO

As usual, for the third part, Satoshi Club Team asked the chat 4 questions about Phala Network. 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:

English Telegram group: https://t.me/Satoshi_club

Russian Telegram group: https://t.me/satoshi_club_ru

Spanish Telegram group: https://t.me/satoshi_club_spanish

Telegram Channel: https://t.me/satoshi_club_channel

Website: https://esatoshi.club/

Twitter: https://twitter.com/esatoshiclub 

Our Partners:

Phala Network Official: https://t.me/phalanetwork