We are pleased to announce our next AMA on May 24th 2021 at 01:00 PM UTC Time: Satoshi Club x BTC Proxy
⚠️Click to see the hour
⚠️Total Reward pool: $500
⚠️Requirements:
👉 Join Satoshi Club Telegram group
👉 Join BTC Proxy Telegram group
We will have the following structure:
Part 1: 100$ /6 users – We’ll select 6 questions from the community. A user can post maximum 3 questions.
Part 2: 100$/10 users – Open chat for 120 seconds. You can post Max 3 questions. BTC Proxy Team will select 10 questions and answer them.
Part 3: 300$ – A quiz about BTC Proxy
For more details:
BTC Proxy Website – btcpx.io
BTC Proxy Telegram – @BTC_Proxy
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish
At the moment , where you are focusing right now ? building and developing product or getting customers and users, or partnerships ? Could you share it?
Many new projects made a good impression at first but were suddenly abandoned. My question is, how will you manage your project to gain a place in the market and become a best token in the blockchain world?
What is your strongest advantage that you think will make your team leading the market? In contrast, what is your weakness? How do you plan to overcome it?
BTC Proxy platforms utilises 2 tokens: BTCpx and PRXY. While BTCpx is pegged to 1:1 the value of BTC, $PRXY will act as the platform governance token. Since BTCpx is an ERC20 token built on the Ethereum chain, What are the procedure to mint BTCpx and bring BTC function into Defi? In what way is BTCpx designed to offer an insured custody and a 1:1 backing ratio that can never be affected by volume or liquidity? Also, How will you make it possible to mine BTC using a Proof-of-stake mechanism by staking $PRXY when Bitcoin mining is normally done through a Proof-Of-Work? What are the procedure to do this and where will the BTC come from?
One of the direct investor in your project is MATIC and BTCpx will operate as a Layer 2 protocol which will run on MATIC network. I saw that MATIC and proxy has been working together since 2017 with Kryptoin (the parent company of BTC Proxy). Was it because of this familiar relationship that made you to launch your project on MATIC or are there any technological advantages that you have identified on MATIC which will best suit the scope of your project? Are you planning to expand your Bitcoin bridge operation to other promising network like BSC, Polkadot, Solana and others?
The Redeem function allow user to burn their BTCpx tokens in order to get BTC. What are the steps to follow in order to redeem BTCpx for BTC? What is the burning or redeeming frequency that are applicable to users and is there any maximum or minimum amount of BTCpx that must be redeemed at a time? What are the applicable costs that are charge when BTCpx is being redeemed? Also, considering the fact that BTCpx is an ERC-20 token, in what network will the redeemed BTC be and what will be the conversion ratio?
Could you please tell us just a little more about the team and some of their backgrounds? I have personally seen many projects launch with inexperienced team members, and some of those didn’t go so well due to easily avoidable mistakes.
What is so special about BTC Proxy compared to other projects? Can you give some reasons to convince users to choose BTC Proxy over other projects out there?
Could you please tell us more about the Institutional Safeguards solution that holds Bitcoin directly with the custodian to ensure that any BTC deposited is out of reach? How exactly does the safeguard solution work and what makes it better than other token locking vault solutions on the chain? Do you have an insurance coverage if this safeguard solution fails due to a hack?
Could you please explain about the Commercial criminal insurance that you are using to safekeep client assets. I read that the insurance coverage is arranged by Aon via a selection of international insurers. How exactly does it work and what situations does it cover? I assume it should cover hacking attacks, right? What about the loss of access to the wallet if user was tricked into revealing the seed phrase or he lost and forgot password and seed phrase?
Please tell us what makes BTC_proxy solution better than existing wrapping solutions that allow wBTC to be staked or used in farming on ETH or other smart contract chains. How high are the fees on the platform, will staking yield minus the fees be sufficiently high to incentivize BTC holders to use the BTC Proxy over other staking/farming opportunities on competing platforms?
How does this project make the financial system efficient?
BTC Proxy defines itself as “An Institutional Bitcoin bridge staking $BTC on $MATIC L2 to bring Bitcoin to DeFi with low gas, no slippage and $PRXY token governance”. What caught my attention here was the “no slippage” part. Can you tell us more about it? How does BTC Proxy make it possible? How will you assure users that they won’t be affected by price slippage?
Early this month BTC Proxy had their Allocation Mining Event, which I read it was a total blast, so can you tell us more about how this event really went? Also, after having such a successfull event, your upcoming IDO is what everyone is waiting for, can you tell us more about this future event? When and where will it take place? Is there any whitelist we can join for it?
The main benefits of the BTC proxy governance token $ PRXY include Bitcoin mining, voting, and yield farming. Can you talk and explain each of these benefits to us?
BTCpx adds value to the crypto ecosystem. By combining the ubiquity and maturity of BTC, the functionality of ETH and the scalability of the Matic (now Polygon) network. BTCpx opens up a world of possibilities that allow your Bitcoin to perform like never before in the world of DeFi. So what are the uses that can be given to BTCpx?
BTCpx is an ERC20, and then a BEP20, a wrapped bitcoin token that offers secured custody and guarantees a 1: 1 Bitcoin backing ratio that cannot be affected by volume or liquidity. PRXY is the ERC20 governance token that governs the protocol and can be used for FarmBitcoin. But can you explain this duality of the token? changed from ERC20 to BEP20
WBTC and Ren are two projects that can be considered as BTC Proxy’s direct competition since they have the same goals, so, can you tell us what are the advantages BTC Proxy has over them? What does BTC Proxy offer to users that WBTC and Ren aren’t capable of at this moment?
In order to safekeep clients assets, BTC proxy users what it calls a “Commercial criminal insurance” considering that not all projects offer insurance covers for their users, can you explain how users can access and benefit from this “commercial criminal insurance”, what kinds of risks and issues will this insurance cover for, and how will this insurance be sufficiently funded to ensure it continues for long term..
BTC proxy is said to have Institutional Safeguards which is An institutional solution that holds Bitcoin directly with the custodian implemented with the safest policies and limits to ensuring that any BTC deposited is out of reach… So what are the benefits of this institutional safeguards, what are the kinds of policies or limits applied to this institutional safeguards that ensures that deposited bitcoins are out of reach, and what is the significance of ensuring that all deposited Bitcoin is out of reach..
Using your platform users can be able to stake their Bitcoin and mint BTC Proxy ERC-20 tokens BTCpx… Can you explain the process of staking Bitcoin and Minting Of BTCpx on your platform, what are the requirements to participate in the staking and minting, and what can the minted BTCpx tokens be used for
Bitcoin Proxy enables the BTC holders to participate in BTC / Token trades and having a greater liquidity to ETH based applications, specifically in which centralized exchanges and DApps can this technological gap of BTC Proxy be used? Some examples?
You use a model that eliminates any centralized counterparty risk by allowing distributors and users to mint tokens by interacting with the smart contract directly, you must ensure the durability and safety of your smart contract to prevent unwanted attacks, what measures have been taken regarding safety?
The slogan of BTC Proxy “Farm Bitcoins Not Shitcoins” is such a good advice especially in today’s market. However, how can I trust BTC Proxy? Everyday some scam projects come to market and scam people. How will BTC Proxy team overcome this situation?
What are the benefits of holding or farming for $BTCpx? What makes $BTXpc a promising long term investment?
What are the mechanisms implemented by the BTC Proxy development team to ensure that there are no centralized exchange rate risks, that it is not affected by volume or liquidity, and that there is no price slippage?
When implementing a Matic sidechain, how do you establish Proxy as the most cost-effective option?
Regarding the minting of $BTCpx tokens, can this process be said to be fully decenralized or is there any central or manual process involved in this and lastly what can be done with the $BTCpx tokens that are being minted?
The smart contract is one of the fundamental elements in the projects that use it and it is often complicated to understand for users, and according to research, the BTC Proxy smart contract only approves the printing of new tokens by verifying the Chainwork and the Merkelroot of Bitcoin transactions, so could you tell us if this transaction is secure and how easy do you think it is for users to understand and do. On the other hand, could you tell us, what features do these smart contracts have, that make them secure contracts, with few errors and how do you guarantee that they are ready to be used and that there is no possibility of harming any of the participants?
One of the many advantages of BTC Proxy as stated in some of the project’s published document, is it’s decentralized bridge functionality where bitcoin holders are offered the opportunity of transferring their bitcoin value into an ERC20 token without the need for a CEX, DEX or other incorporated systems. Subsequently, how does the decentralized bridge of BTC Proxy efficiently carry out this operation, and what unique advantages does this bridge offer BTC holders, and what are the supported ERC20 tokens employed in such transfer operations?
there have been projects in the market that were launched by people with little or no experience, which caused the exit of many of them from the market due to easily avoidable mistakes, so, could you please tell us about the members of the project, how much experience do each of them have in the various issues related to tokenization for example and how prepared do you think they are to face any inconvenience that may arise?
Can you currently tell us what are the use cases of BTC Proxy and what are the costs of using it?
BTC Proxy like most projects charges certain fees for a variety of network based operations using BTCpx, but excluding transfers of BTCpx between users. Some of these associated fees include; minting fees, redemption fees, custodian and insurance fees and side chain transaction fees. One may argue that these fees to some extent are numerous, considering the fact that transactionary fees would also be a critical factor. Therefore, are some of these fees absolutely necessary for the BTC Proxy project, can you briefly highlight how the above mentioned fees are calculated and administered, how will BTC Proxy look to reducing the amount of fees charged on some of it’s services?
BTC Proxy is a multi-institutional protocol for the decentralized tokenization of Bitcoin on ERC20 utilizing our Proxy Protocol called the Proxy Relay. How honestly does the proxy relay works, and how is the proxy protocol utilised in tokenizing Bitcoin on ERC20. Is the tokenized coin as valuable as bitcoin or what solely are the difference between them apart from being on the ethereum blockchain system.
Users are given the opportunity to stake Bitcoin on your platform and convert it to any ERC20 token, nowadays we have platform that don’t give users access to stake unless the provide liquidity on their platform. Do we need to provide liquidity of the token before we can stake them on your platform. I will like to also know if you have plans to introduce more token that can be staked on your platform, how favorable are your APY also?.
When we look at top decentralized staking platform now, we do notice that one of their major problem and not yet solved issue is the increase of price slippage, it actively affects user that user can neither swap or stake on the platform until the use high slippage which requires high transaction fees. How do you plan to reduce price slippage as a major problem.
BTC proxy gives Bitcoin holders a decentralized bridge to stake their Bitcoin into custody and transfer that value into an ERC20 token, can you briefly explain how these setup is brought together and what are the ERC20 token you can convert your Bitcoin into when staked finish. I will also like to know what the APR is like when we stake bitcoin on your platform, are the juicy or they will be improved.
We all know that recently the blockchain network that requires a substantial amount of fee in performing transaction is the Bitcoin $ ethereum blockchain system, can you explain how your bridge is favorable that transaction fees doesn’t serve as a barrier when transferring my Bitcoin to your system and when converting it to any ethereum token.
As a user when using any cross chain medium, i will always try to see the ease in their limitless financial and technology composability. Briefly explain the difference your cross chain platform have over other platforms, how interoperable are the protocols in your cross chain medium, what are the other blockchain network you plan to introduce for cross chain in your platform
These days, scammers can easily throw some fake projects for their interest. And event pretending to be the best service in the similar platform. As to counter this assumption, how can BTC Proxy convince us for its great project rather than a rug pulled project? And how do you assure the investor on the project?
Hello,
Can you please elaborate more on the staking program for PRXY token? How it related to BTCpx? And what steps should we follow to join Yield Farming?
Since many projects rug pulled and exit scam recently. How is BTC Proxy’s reliability? Why should investorsusers trust your project?
As I know BTC Proxy’s key feature is the way Bitcoin is held. How does it works? Can you tell us about BTC proxy solution?
in every project there is the possibility of risk, but I believe that these risks can be controlled, so I would like to know, what strategies are you using in BTC Proxy to minimize the risks that may exist when performing any type of transaction in the protocol you have developed?
One of the key elements of any project is its token, so I would like to know, what functions does PRXY have within the protocol, what elements make this token a good investment, how is its allocation and distribution, how easy is it to earn it for the users and when obtaining a quantity of these, what benefits and opportunities do the users get?
users in most cases, are in search of projects that really represent a good investment not only in the short term, but also over time, so I would like to know the details of the plans you are currently developing to expand in the market, achieve a very good position and be one of the most recognized platforms and adopted by users for its transparency, security and profitability?
If BTCpx smart contract verifies Chainwork and Merkelroot of Bitcoin transactions. how safe is BTCpx for users? is this easy for new users to understand?
Can you tell us about the Yield Famirng and staking part of BTC Proxy. What profit margins do you manage in your systems? can users make big profits with BTC Proxy? what is the procedure to enter?
You mentioned that DAO’s funds are not mixed with the general pool with the means of segregated wallets. How is this segregated? What is the protocol that segregates it and how can we ensure that funds do not mix with others? Is there an audit performed by a third-party application?
“Stake Bitcoin to mint BTCpx ERC 20” Is there a connection between BTC and BTCpx? How does minting occur in Bitcoin Proxy and what is the elaborated process of minting BTCpx only by staking BTC?
You promise that about the upcoming PRXY IDO will be announced very soon. We just have to follow the news on Twitter. But can you make an exception for Satoshi Club and share this news with us now? Where will the IDO take place? And I couldn’t find information about your IDO whitelist. How about him? Will it be open, when, how many places will be on the list and what conditions will need to be met?
In the utility and governance section in your website, you mentioned three:Bitcoin Farming, Governance, and Liquidity Mining. In regards of governance, how do you ask for the community’s insights? Will it be by submitting a proposal? Aside from that, I have another question about the yield farming in BTC Proxy. How does this work and how profitable is this?
I check your DEX and it says, Currently in Beta Testnet – Do not send real Bitcoin. So I want to try out your beta testnet, where can I get test tokens? Also do you have any bug bounty and reward programs for people who are using your testnet and report bugs to you?
BTC Proxy is institutional Bitcoin bridge staking BTC on MATIC L2 to bring Bitcoin to DeFi with low gas, no slippage. First of all, how did you mint the initial BTCpx tokens? And when people stake their Bitcoins, what happens to their Bitcoins and how do you mint BTCpx tokens that pegged to 1 BTC: 1 BTCpx? And after that, how will it be possible for people to exit from the system? Can people exit from the system anytime they want with their Bitcoins and with the earnings?
Can you simply explain how to create a proxy for Bitcoin on ERC-20? What is the purpose for creating proxy for Bitcoin? What are the advantages in creating a proxy for Bitcoin? Does the value of BTC increased or decreased in creating it’s proxy? Why did you choose to make a Bitcoin proxy but not other tokens or coins? Thank you
I found in your website that you have an Insurance coverage via Hex Trust. So why does BTC Proxy choose Hex Trust as your insurance partner? What is this insurance for? Can you tell us what are the instances or situations being covered by this insurance? Is this insurance applicable to all trader or users of your platform? Thank you
Polygon, Alphabit, A195 Capitol, TDeFi Accelerator and O1EX join the list of super backers to the Proxy’s #NextGenBitcoinBridge. Can you tell us about #NextGenBitcoinBridge and what contribution these companies have made to the development of Proxy and what functions do they now perform as investors and partners?
I read that BTC Proxy work under MATIC chain but all your fees in bitcoin, could you explain how does this work? Also you said with BTC Proxy, user possible to farming Bitcoin which you claim the first project able to do this so can you tell us how to farm bitcoin using BTC Proxy?
The Allocation Mining Event (AME) for BTC Proxy took place on May 10-17. Launchpool chose BTC Proxy to partner for their AME. Please tell us more about this event, why BTC Proxy was chosen, what functions did you perform and how did the event go?
I read from your site that BTC Proxy have stake feature to get $PRXY token in your platform. And also you claim BTC Proxy able to stake Bitcoin. I’m really interested with staking Bitcoin, can you explain your staking mechanism?
BTC Proxy already add partner with IConomy and TDefi. Can you describe what are the result from this agreement? How this partnership benefit your project? Also can you add your future plan for partnership?
How to stay cool in the current situation in the cryptocurrency market?