Month: June 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 Railgun and our guest was @emgoldstein – representative of Railgun. The AMA took place on 25th of June.

The total reward pool was 500$ and has been split into 3 parts.

In this AMA Recap, we will try to summarise the most interesting points for you.

Part 1 — introduction and questions from the Website

D. | Satoshi Club:
Hello all!

Mary | Satoshi Club:
Hello Satoshi Club! We are happy to announce our AMA session with Railgun! Welcome to Satoshi Club😀

D. | Satoshi Club:
Today our guest – @emgoldstein!

Emmanuel Goldstein:
Thank you very much! We are glad to be here. Kieran, @mesquka is also joining.

Mary | Satoshi Club:
He should join our group first😃

Mary | Satoshi Club:
And welcome here 👍

D. | Satoshi Club:
I think he’s in 👀

Kieran Mesquita | I won’t DM you first:
I am indeed.

Emmanuel Goldstein:
Railgun is the first time people can have truly provable privacy on base layer Ethereum. Until now, others thought it was impossible.

D. | Satoshi Club:
Nice! Welcome!

Emmanuel Goldstein:
Basic Ethereum addresses and transactions are less private even than Bitcoin.

The ecosystem really needed a product like Railgun, and we’ve been spending the last six months building it.

Mary | Satoshi Club:
And it’s incredible! We have a lot of things to discuss today! But first let’s start with your intro😃

Guys, please tell us about yourself and your roles in Railgun 😃

Emmanuel Goldstein:
My name is Emmanuel Goldstein: I’m an economist and software developer. I’ve worked with cybersecurity and firewall software in the past, but more recently with digital currencies and e-money. I’ve seen surveillance grow to creepy levels. We need tools against that to keep our individual freedom and ensure a fair system.

I am the founder of the Railgun Project. 🙂

Mary | Satoshi Club:
Nice to e-meet you👍 when did you decide to start Railgun?

Emmanuel Goldstein:
I’ll let @mesquka introduce himself first before answering this!

Kieran Mesquita | I won’t DM you first:
I’m Kieran Mesquita, early adopter of Bitcoin and longtime cryptocurrency advocate. I’ve written code for things ranging from CPU and GPU miners to trustless crowdfunding and wallets for low cost phones. I’m currently most active in the Ethereum smart contract space.

I’m Chief Scientist at Railgun 🙂

Emmanuel Goldstein:
And he’s a GREAT scientist.

Mary | Satoshi Club:
Railgun should be happy to have such an experienced scientist👍

Emmanuel Goldstein:
Regarding the founding of Railgun, the idea of privacy on ETH had been shared by many of my friends for the last five years.
It was recent developments in zk-snark and zk-stark ecosystem that made me actually start developing this full time in December last year.

Mary | Satoshi Club:
Yes, we don’t have too much privacy on ETH.

I was thinking about this for a long time, because i can’t tell that i like current situation

D. | Satoshi Club:
I see you guys not anons😉, but you work on privacy project, why you decided to not hide your identity? in DeFi lots of developers prefer to stay behind the scene

Emmanuel Goldstein:
Last year I was speaking with a hedge fund friend who told me over 45% of all wall street trades were done via dark pools. They hide who is making the trade.

That same week, I spoke to a friend who co-founded a major erc20 project, who was paranoid about moving coins because of hundreds of people watching his wallet, who might spread FUD online if he switches wallets, or divides them anywhere.
I moved away from centralized exchanges a long time ago, especially after cryptopia hack, the Binance KYC leak, Bitmex account email leak, and other leaks ….that made my friends and I targets of thieves and criminals.

While I love Defi, in many ways it’s less private: watchers can monitor your trading patterns. We needed a privacy solution for stablecoins and defi, and it needed to work without sacrificing Ethereum security or the liquidity of existing Dapps and DEXes.

… It is Railgun.

Mary | Satoshi Club:
I love this! The same feelings!

D. | Satoshi Club:
Agreed.

Mary | Satoshi Club:
We appreciate what you’re doing!

And that’s why i am so excited now to hear your answers for the questions from our community 😃 we choose 6 questions for the first part

Emmanuel Goldstein:
If we want our system to be successful, we have to work together with other experts and teams around the world.
Because we are not in the shadows, it’s also hard for other people to pretend to be us. (Anyone can check who the legit team are)
It lets other defi developers feel confident that they are working with the people who they can have a long term connection with.

But, because Railgun is a decentralised project, really the team could be everyone in the world with a github account. It’s really just a list of people who care enough to contribute.

Mary | Satoshi Club:
It makes sense 👍

Ready, guys?🚀

Kieran Mesquita | I won’t DM you first:
Ready when you are 🙂

Mary | Satoshi Club:
Let’s go 🚀

D. | Satoshi Club:
Thanks for the great intro!

Q1 from Telegram user @giovannialc
We know that RAILGUN is an idea made reality by scientists from Europe, Australia and Canada in order to solve privacy problems on the ETHEREUM platform, the project is based on making a common and public process something more private, anonymous and fast as did you manage to successfully set up this project? will they be focused on being a means of security for the ETHEREUM platform? What other platforms do you intend to integrate into since it would be a cutting-edge project in terms of user safety?

Emmanuel Goldstein:
Kieran will take this question

It’s a big question 🙂

Kieran Mesquita | I won’t DM you first:
Sure, I guess there’s 2 parts to the question here.

1. We definitely have. We have a working project and launch is soon. I’m excited to finally release this into the wild.
2. Railgun works out of the box with most DeFi protocols on Ethereum, we plan to provide tools to allow DeFi developers to add faster/easier/cheaper integrations with Railgun too.

Mary | Satoshi Club:
Take your time 🙂

Kieran Mesquita | I won’t DM you first:

1. We’re not just looking at Ethereum, while it is the most used chain with the most economic activity we think that everyone should have access to privacy so we’re going to be deploying on other chains too.

Mary | Satoshi Club:
Can you name us that DeFi protocols for which you plan to provide tools?😃

Emmanuel Goldstein:
Every single eth Dex will work immediately with railgun.

Mary | Satoshi Club:
Btw, can you tell us if there is any blockchain on which we will never see Railgun?😉

Emmanuel Goldstein:
All of the lending systems, aave, curve, cream, fulcrum etc. all work well with Railgun.

We will never see Railgun on Ripple or Litecoin 🙂

D. | Satoshi Club:
Why? 😁

Mary | Satoshi Club:
Awesome 😎

Emmanuel Goldstein:
There isn’t enough defi on there to bother. Those blockchains can’t process smart contracts.

Kieran Mesquita | I won’t DM you first:
Railgun is built as a smart contract to run on Layer 1. Chains such as Ripple and Litecoin don’t have smart contract support and have no DeFi activity either.

D. | Satoshi Club:
Got it! as i know LTC planning something with mimblewimble protocol

Mary | Satoshi Club:
Got it😃

Emmanuel Goldstein:
Yes, that’s true. @mesquka can tell you why mimblewimble is still worse privacy than Railgun.

D. | Satoshi Club:
👍 that’s will be interesting to hear

Mary | Satoshi Club:
Yes🧐

Emmanuel Goldstein:
😎😎

Kieran Mesquita | I won’t DM you first:
Specifically relating to Litecoin: MimbleWimble is implemented as extension blocks on LTC, while this allows for easier upgrades in a chain like Litecoin where hard forks are required to rollout privacy at a base later there’s very little incentive for wallets to support the more complex transactions that come with extension blocks.

Mary | Satoshi Club:
So, it’s impossible to have full privacy with MimbleWimble?

Emmanuel Goldstein:
The key thing to note, however, is that traders want to use stablecoins. They want to use DAI, USDT and USDC

that’s why coins like monero, etc, are not the solution.
People want to send and swap USDT privately.

D. | Satoshi Club:
True.

Kieran Mesquita | I won’t DM you first:
Additionally, MimbleWimble uses the decoy model, this inherantly leads to a smaller privacy set as only the decoys chosen for the transaction serve to obfuscate transaction history. Increasing the number of decoys is cost prohibative as it increases the size of the overall transaction. Fully ZK transactions provide ‘perfect’ secracy in this regard as the decoys are effectively every single other transaction in the system as opposed to just a few.

Mary | Satoshi Club:
💯

Kieran Mesquita | I won’t DM you first:
The same issue with MimbleWimble also extends to other decoy models like CryptoNote/RingCT as used in Monero

D. | Satoshi Club:
Thank you for clarification guys👍 great answers!

Kieran Mesquita | I won’t DM you first:
And to clarify, yes, Railgun uses fully ZK transactions.

Mary | Satoshi Club:
👍

Thank you for these awesome and detailed answers! Ready to proceed?😃

Kieran Mesquita | I won’t DM you first:
Yep!

Emmanuel Goldstein:
Yes 🙂

Q2 from Telegram user @Highpee
Railgun intend to implement privacy feature that can hide farming strategies and pools information as you intend to take privacy beyond regular day to day transactions. You said users will be able to perform “darkpool style trading” and nobody will be able to copy a user farming strategies. How will users use darkpool style trading and what are the assets that can be deposited into these pools? How is the darkpool designed to operate transparently and securely since no one will be able to monitor asset flow in and out of this pool? Also, Will this farming darkpool be able to accurately identify each user’s contribution to the pool in order to determine farming yield reward as well as determine the pool APY when everyone is anonymous?

Emmanuel Goldstein:
Firstly, it’s not a traditional “darkpool” like wall street uses, because it’s totally decentralised and nobody operates it. It’s a new kind of system that has the same user-hiding effect.

Kieran Mesquita | I won’t DM you first:
Railgun works on ERC20 tokens. The way that DeFi protocols track deposits is by issuing another ERC20 token that represents the deposit in the protocol. As deposits accrue yield the ERC20 is redeemable for more and more. For example: Depositing ETH & DAI into a uniswap pool returns ETH/DAI Uni LP tokens, these tokens can be stored in Railgun in the same way any other token is, and then redeemed back for the ETH/DAI held in the pool at a later date.

Emmanuel Goldstein:
Basically, because only you can unlock your lp token or farm token(which you hid in Railgun), you are still the only one that can claim these farming rewards.

D. | Satoshi Club:
So how Railgun will be used? if I need to do a swap on Uni can i use Railgun to hide my action? what i should do for this

Mary | Satoshi Club:
How it will work in reality? What user should do to use Railgun tools, for example, on Curve?

Emmanuel Goldstein:
Firstly, the Curve site and Uniswap website SHOULD have a button for “SWAP via RAILGUN” which will make it a private trade.

However, before they put that up, there are several community members that will host front-ends for the railgun dapp.

So you can just go to one of the Railgun websites and click
“Trade privately through Uniswap”
and connect your wallet for unlimited private trading.
That easy!

Also: mobile Android and iPhone app coming soon 😏

Mary | Satoshi Club:
Perfect! I would definitely try this😍

D. | Satoshi Club:
1inch already allows private swaps as im aware of, why they need Railgun for this?

Emmanuel Goldstein:
That system is cool but it’s not a “private trade” it is still completely linked to your home ETH address and destination address.

D. | Satoshi Club:
Really?

Emmanuel Goldstein:
Railgun is the first system on ETH that can do a truly private trade with only smart contracts.

Kieran Mesquita | I won’t DM you first:
1 inch ‘private’ transactions are not private in the same way that Railgun transactions are private. What 1 inch is referring to when they say private transactions is just that it’s not broadcast to the mempool which reduces frontrunning, once the trade has made it into a block and on-chain though it’s just as public as any other trade.

D. | Satoshi Club:
👍 big thanks for info

Kieran Mesquita | I won’t DM you first:
If 1inch wanted to integrate truely private trades they’re welcome to integrate Railgun 😉

D. | Satoshi Club:
😁😁👍

Mary | Satoshi Club:
Thank you, guys for this info! Ready to go to the next question?

Emmanuel Goldstein:
It’s only a matter of time 😎🤟

Yes

Q3 from Telegram user @NSZR1
I read that the launch of your token will take place soon, and that it will work in the ethereum network. Currently the cryptocurrency market is experiencing a downtrend for almost all projects, this has made a large part of users be more careful or have more doubts when investing in a new project. Taking this into account I would like to know why you decided to launch the token using the ethereum network, which is currently known for high gas fees, you do not believe that this, together with the current market situation, could be counterproductive for the initial reception of the project? How do you plan to combat this?

Kieran Mesquita | I won’t DM you first:
That’s one for Manny 🙂

D. | Satoshi Club:
Btw why you named project Railgun? any interesting story behind it?

Mary | Satoshi Club:
And also😃 how you will distribute tokens? Will you have sales or…?

Emmanuel Goldstein:
Currently gas prices are very low. Only 15 gwei.
They will not be a problem.
The truth is most projects don’t have the amazing long term potential of Railgun.
It doesn’t really matter what market the RAIL token launches in. If a “quiet market” gives intelligent, privacy-aware people an easier chance to buy RAIL, then that’s great for them, they will benefit when it gets vastly more popular.
Also, if other projects have delayed their launch, then RAILGUN will be the only serious project launching next week, which is excellent for having people discover us after launch.
Railgun is not a meme coin or a farm fork.
It’s a promise of freedom-enhancing technology.

D. | Satoshi Club:
Good question! im very curious too, i already want to take part in sale 😄

Emmanuel Goldstein:
There will be no sale, but we have some volunteer market makers who will put the RAIL token onto UNISWAP and BALANCER on June 30.
These tokens were airdropped to people who donated to privacy projects in the past, and to the members of the Right to Privacy Foundation.

You can get them from Uniswap and Balancer!

D. | Satoshi Club:
Wow

Mary | Satoshi Club:
To be honest i expected something like this😃

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

Emmanuel Goldstein:
Yes!

Q4 from Telegram user @Jonahapagu
It is stated that With recent advances in zkSTARKs the contributors to the Railgun Project are investigating and testing the use of SNARKs and STARKs and are developing both systems in parallel… With your proposed launch fast approaching what is the progress so far in the building and testing of your technology using both the SNARK’s and STARK’s what are the differences between both of them, and will you end up implementing both of them on your platform side by side..

Kieran Mesquita | I won’t DM you first:
We evaluated both and settled on groth16 snarks as they are the cheapest to verify on Ethereum currently. We have a breakdown of the tradeoffs between SNARK and STARKS on our twitter: https://twitter.com/railgun_project/status/1362223656395436034

Happy to dig into the details of any of the points there if you’d like

Emmanuel Goldstein:
We have basically concluded that the STARKs eat up much too much gas to be practical for us. We left those behind, Snarks were chosen as the way forward.

Mary | Satoshi Club:
So, that was mainly because of gas fees?

Emmanuel Goldstein:
The gas cost of STARKs would be higher. So we chose SNARKS. The privacy level is equal.

Mary | Satoshi Club:
Also, what was your main challenge while you were developing Railgan? What thing you’re most proud for?

Super👍

Kieran Mesquita | I won’t DM you first:
Among other things. Groth16 snarks are also much quicker to generate on the wallet side too.

D. | Satoshi Club:
Will future upgrades of Ethereum affect the project? like eip-1559 and PoS

Kieran Mesquita | I won’t DM you first:
As long as the ethereum smart contract system continues to funciton, so will Railgun. EIP-1559 and PoS should keep gas fees low, so DeFI (and by extension Railgun) will be accessible to more people.

D. | Satoshi Club:
Thank you! ready for the next question?

Kieran Mesquita | I won’t DM you first:
Yep

Q5 from Telegram user @victorogb
The Railgun project offers a whole lot of privacy enhancing features with trading and DeFi related activities, but most of the information on the comprehensive and tentative working procedures and schedule of the project development, are not readily available except, bits and pieces gotten on the Railgun twitter and telegram groups. The lack of proper marketing and accurate verifiable information can hamper the growth of any project. Therefore, how will Railgun effectively handle promotions and marketing, when should the community expect a functioning website, detailed roadmap and most importantly an audit of the Railgun smart contract?

Emmanuel Goldstein:
@mesquka I’m curious to know

Kieran Mesquita | I won’t DM you first:
Woops, sorry, seems like I missed this question

Mary | Satoshi Club:
😃

Kieran Mesquita | I won’t DM you first:
The main issue with building privacy on ETH is how much gas all of the cryptographic schemes we use consume. It’s especially hard to keep gas costs low without sacrificing either privacy or functionality. I’m quite proud of how efficient the Railgun team has made everything with gas costs not much higher than some DeFi protocols

Emmanuel Goldstein:
Yes I agree!

Mary | Satoshi Club:
👏

Kieran Mesquita | I won’t DM you first:
We implement things like merkle tree updates an order of magnitude better than most other protocols that use the same setup 😉

Emmanuel Goldstein:
Regarding documents:

Technical specifications, (white paper)
Source code, and
Audit report

will be on the website and in the Telegram channel on Tuesday.

Emmanuel Goldstein:
There will also be a FAQ, with all the collected questions and answers from every platform.

D. | Satoshi Club:
Awesome

Emmanuel Goldstein:
The team photos and bios will also be on the website then too.

Mary | Satoshi Club:
Do you plan any marketing campaign?

Emmanuel Goldstein:
Until then, you can see them all in the @railgun_privacy chat

Yes we have engaged 3 major promotion agencies to spread the word about Railgun starting next week and going right into next year. It will be big news.

D. | Satoshi Club:
And events for the community 👀😄

Mary | Satoshi Club:
Cool👍

Mary | Satoshi Club:
Thank you for your answers😀 ready for the 6th and last question from this part?

Emmanuel Goldstein:
Yes, we are.

Kieran Mesquita | I won’t DM you first:
Yep!

D. | Satoshi Club:
Let’s lowkey proceed to the last question.

Q6 from Telegram user @Rakshitx5
Why do you think there is a need for privacy in transactions? Through Railgun privacy, a man can do money laundering, pay for illegal activities and he will not be traced and it will be against laws. So Why do you think we need privacy in transactions?

Mary | Satoshi Club:
Philosophical question😀

Kieran Mesquita | I won’t DM you first:
Privacy is a valuable tool to everyone. Just because someone might abuse it doesn’t mean everyone should be deprived of it.

Emmanuel Goldstein:
Privacy is a human right

Mary | Satoshi Club:
It is a common belief that mainly criminals need privacy😀

Emmanuel Goldstein:
We should be able to decide who can see us, and who can’t.

Is up to them to ask us for details about our business.

Emmanuel Goldstein:
Hence the phrase “mind your own business”.

There are a lot of people who gather information as a way to manipulate people.

The more a stranger knows about you, the more power they have over you.

Privacy is strength that protects your freedom from this kind of control.

Mary | Satoshi Club:
I understand what you’re talking about ☺️ but the vast majority of people neglect these opportunities

D. | Satoshi Club:
Totally agree.

Mary | Satoshi Club:
But we won’t, right @Cool_as_Ice ?😉

Emmanuel Goldstein:
Railgun does not allow money laundering – it will not give you a “fake” source or anything like that.
It will just mean that people have to ask you first.
They can’t snoop.

D. | Satoshi Club:
You bet.

Mary | Satoshi Club:
So, it will be impossible to launder money using your tools?

Emmanuel Goldstein:
You will be able to prove your legitimate source of funds with Railgun if someone asks and you accept.

Mary | Satoshi Club:
And my last question – if we will use your tools is it possible that we will have problems when depositing funds to CEX exchanges?

D. | Satoshi Club:
Good one 👀

Emmanuel Goldstein:
I am not a expert on those words but my understanding is that it means people claim that “crime money” is “legit money” by pretending it’s from a different business they own.

Railgun can’t make a “fake” source of funds, so no, it will not help crime.

Emmanuel Goldstein:
Good question, but no, it will be easy to show the CEX that you have a normal source of funds. You can generate that (only if you choose to)

But if you want to use CEX, you don’t care much about privacy 😉

Part 2 — live questions from the Telegram community

Q1 from Telegram user @cryptofollower
When I connect one of your websites and trade there, do you move my assets into your wallet first and trade there? So after I got the final token it is still not a private transaction if I only done one trade?

Emmanuel Goldstein:
No, it stays only locked as funds only you control.

Q2 from Telegram user @JoxesXIII
Regulators like blockchain because you can see such a transaction log so that you can monitor everything. As Railgun deals with this hypothetical situation, prepares to face possible persecution by some regulatory body, do you think you can defend that privacy is something that we should all have access to?

Emmanuel Goldstein:
I think if people want to know your business, they should ask.

Q3 from Telegram user @BJosefina61
Railgun is also focused on scalability solutions like Layer2 / sidechains or decentralizing aspects like governance? What would you focus on first in the medium term?

Emmanuel Goldstein:
We are focused on decentralized governance as Railgun is 100% decentralized.

We don’t like building layer2, we don’t like building side chains, and we will not use those or develop them.
However, we will deploy RAILGUN on successful sidechains like Matic

Q4 from Telegram user @highpee
You played around testing both SNARKs and STARKs but later decided for SNARKS because STARKs was less gas friendly. But apart from the issue of gas, which of these ZK technologies perform better? Which one of them offer the best privacy solution?

Kieran Mesquita | I won’t DM you first:
Generating zero-knowledge proofs are very computationally intensive. Starks have an advantage in larger circuits (such as zero knowledge VMs) however because Railgun has taken care to optimize our protocol code SNARKs are more suited due to their higher efficientcy at smaller circuit sizes.

Snarks win hands down in verifier efficientcy, they have a fixed cost to verify no matter how complex the proof, STARKs on the other hand increase in verifier cost as the circuit grows. Snarks also have a fixed proof size while STARK proof sizes grow as circuit size grows. This makes it more gas efficient to verify snarks on ETH (normally about 600k gas for snarks, Railgun has reduced that to 200k with our implementation, STARKs are about 2.5M gas to verify).

Starks have a few advantages over Snarks though, they’re probably quantum secure and don’t require a trusted setup. Let’s tackle the quantum secure point first:

Starks are quantum secure as far as our current understanding of quantum computing goes, there’s still a lot we don’t understand and things that were labelled as quantum secure might not be and things that are labelled as not quantum secure could actually be quantum secure. The quantum secure point is a moot point though as Etheereum itself isn’t built on quantum secure cryptography, if it is required then Railgun governance voters could pass an upgrade that makes railgun quantum secure when enough research into quantum secure algorithms have been done to properly verify their security.

Snarks require what’s labelled as a ‘trusted setup’, though this is a bit of a misnomer. With multi-party ceremonies such as perpetual powers of tau, as long as at least one participant in the setup phase doesn’t collude with ever other participant to try to break the setup then it is secure. The perpetual powers of tau ceremony currently has 71 contributions from people from various different geographic regions and companies, including members of the railgun team. This nullifies the advantage STARKs have not needing a ‘trusted setup’.

Hopefully that explains a little more in-depth the reasoning behind picking SNARKS over STARKS 🙂

Q5 from Telegram user @luk4jah
What kind of developer tools is Railgun planning to release to help existing projects add Railgun privacy as a feature?

Kieran Mesquita | I won’t DM you first:
Railgun will be launching a framework to integrate into existing Dapp frontends, additionally, the smart contract adapts interface allows for on-chain integrations.

Q6 from Telegram user @potentialsake
Why people thought creating provable privacy on Ethereum base layer is impossible?

Kieran Mesquita | I won’t DM you first:
Historically implementing the cryptography required for private systems has been gas prohibitive. Railgun has a number of optimizations that have brought the gas cost down significantly without compromising on features.

Q7 from Telegram user @Indomiekuy
I read that Railgun can be used as smart wallet, privately building my balance up inside there as possible to make profit trading when nobody can see how much you have. The project is fully decentralised and there are no nodes/masternodes. Can you describe what technology that Railgun use to keep transaction going private? How do you convinced user that its 100% private and secure?

Kieran Mesquita | I won’t DM you first:
Railgun is built on a Layer 1 as a collection of smart contracts. This allows people to interact with it as a private smart contract wallet with no risk of censorship by masternodes/layer2 validators. The team consists of people experienced in privacy and cryptocurrency ptotocols and the contract has been audited by domain experts in zero knowledge cryptography.

Q8 from Telegram user @smokeweed75
Can you point to a feature that you like best on the platform so that it can compete with other competitors? What are you most confident about about your background? Do you have a plan to get users to choose your platform?

Kieran Mesquita | I won’t DM you first:
Railgun is the only privacy protocol on ETH that provides both the censorship-resistant properties of being a Layer 1 and the ability to privately interact with smart contract, it addresses a use-case that hasn’t been filled by any other project.

Q9 from Telegram user @ethcypherpunk
In terms of adaptability, where would you like Railgun to work side by side with which DeFi guys? Would it be good for lend and borrow styles, futures markets, NFTs, synthetics?

Kieran Mesquita | I won’t DM you first:
Railgun should be able to provide privacy wherever users want to interact. This includes NFTs, lending, futures etc. We’d love to more wallets and dapps integrate with railgun.

Part 3 – Quiz Results

In the final part, we tested your knowledge in terms of Railgun. They’ve prepared 4 questions for this part. The total reward pool for the quiz was 300$.
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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 Ultiarena and our guest was @dukevu, @harzojunior, and @korw11 – representatives of Ultiarena. The AMA took place on 25th of June.

The total reward pool was 500$ and has been split into 3 parts.

In this AMA Recap, we will try to summarise the most interesting points for you.

Part 1 — introduction and questions from the Website

Mary | Satoshi Club:
Hello Satoshi Club! We are happy to announce our AMA session with UltiAtena! Welcome to Satoshi Club😀

D. | Satoshi Club:
Today our guests – @dukevu @harzojunior @korw11 !

Hey guys! how are you?

Duke Vu:
Awesome! Thanks for inviting us!

harzo:
Hello everyone! 🙂

Mary | Satoshi Club:
Welcome here 👍

D. | Satoshi Club:
👋

Let’s start our AMA whit introduction 😉

Mary | Satoshi Club:
We always happy to see new promising projects in Satoshi Club!

And yes! Let’s start with intro 🚀

Guys, could you please introduce yourself and tell us more about UltiArena!

Duke Vu:
Alright a few things about myself 🙂

I’m CEO & Founder of Ulti Arena – a NFT marketplace for Game Assets with Proof-of-Gaming. My first entrepreneurial experience was with MyBaze.com – an online marketplace for up-and-coming brands, we generated over $100k in monthly turnover and also managed to raise $1.5 mln from a VC Fund (you can read it here: https://mci.pl/en/mci-invests-in-mybaze-com-an-online-platform-integrating-sellers-and-buyers-in-the-design-industry) . I then founded 2 other companies. One was sold, Risen a Software Development company of 40 people with Python/React to Netguru. The other was iMeshup – a 3D collaboration tool for Game Studios (showcase of product here: https://www.youtube.com/watch?v=y-wrvv-F8vg) . I’ve also had my fair share of experience in Corporations (PwC and American Express). I’m also Chief Commercial Officer of Pragmatic Coders – a Blockchain / DeFi development company.

harzo:
Nice to see u all! I am the CTO of UltiArena but I am also blockchain enthusiast for over 4 years and a developer for over 7. I have worked with several Bitcoin-based coins and multiple Smart contract-based projects like wraps, ICOs, and coins.

D. | Satoshi Club:
Impressive 👍

Duke Vu:
Thanks!

Nice also increased your reputation.

Mary | Satoshi Club:
Awesome experience, when did you first heard about crypto?

Our bot is very sensitive 😂

Duke Vu:
I’ve heard about Crypto in 2017 when one of my ex-CoFounders invited me to invest in a couple of ICO’s. I can’t remember how much I invested but there was such hype that I went in without much research – trusting my friend. Obviously, most of the projects failed and were nowhere to be seen later but there was one which I actually made money on. Then I’ve abandoned the crypto space for a while and now I’m back in full force – thanks in part due to joining to Pragmatic Coders where we built Crypto Exchanges and Mobile Banks / Blockchain Solutions

It’s a little bit better now but a lot of projects still fail to deliver real value.

Mary | Satoshi Club:
Oh, it’s so familiar story! But i am happy that you didn’t give up and now we are welcoming UltiArena here😀

D. | Satoshi Club:
True. most of them I would say 😄

Mary | Satoshi Club:
So, can you tell us what is UltiArena?😃

Duke Vu:
Ulti Arena is a NFT marketplace for Game Assets. Buyers/sellers can trade unique 2D/3D assets, Music, Sound and UI/HUD on the platform. Additionally we’ll implement Proof-of-Gaming, a gaming client allowing you to earn $ULTI when playing games such as DOTA2. Our Tokenomics is simple: there’s a 6% tax on each transaction once we’re listed on PCS, 2% burn, 2% reflection and 2% auto-LP. Additionally we give back to all $ULTI holders 30% of all NFT marketplace’s platform revenue.

D. | Satoshi Club:
Sounds nice!

Mary | Satoshi Club:
Wow, that’s interesting! I think it’s time to dive deeper into the details with the questions from our community 😉 Are you ready?

Duke Vu:
We want games to be decentralized – game assets being shared among games. Imagine owning a sword in one game and it’s forever yours, not belonging to the game studio and transferable among games.

Yep let’s go

Q1 from Telegram user @xperia3
There are many pre-sale dates in your pre-sale plan. What is the reason of it? What advantages does it have having that much pre-sales instead of one? What are the vesting periods? Do you have a plan against instant dumping at your launch such as token lock or liquidity lock?

Duke Vu:

1. Our most important mission is to build ACTUAL product: NFT Marketplace with Proof-of-Gaming. I believe that it will affect the long-term value of the project and we would much rather have investors believing in our vision than just day-traders getting in and out on Pancakeswap listing day,
2. We need to hit the Asian markets: Japan, Korea, China, Philippines to gain the funding and traction. That many presales will be structured in a way that later rounds will be heavily advertised with: YouTube influencers, Twitch Streamers, Game Studios in Asia and North America. Without the funding we can’t do the big bang!
3. PreSales will allow us to prepare better for a larger IDO on PCS and also CEX (Kucoin, Bitmart, Binance) listings – our advisors have connections and we can get there quickly. But we need time and funding to get Market Makers and also sufficient Liquidity Pool to play in the Big League (not just PancakeSwap)

Vesting $ULTI for team is 12 months and then 3% monthly

harzo:
Also on 12th September after ILO we are going to lock LP tokens with Unicrypt.

Duke Vu:
We have anti-dumping rule coded in the contract: all presales investors will be able to claim 10% of $ULTI’s on TGE / PCS listing day on 12th September, then again locked for 20 days and then unlocked 1% daily

D. | Satoshi Club:
I have heard gaming culture is very popular in Asia, especially in Korea.

Duke Vu:
DOTA2 and LOL are actually everywhere but yes, it’s crazy in South Korea and Japan

Mary | Satoshi Club:
So, your Sales will finish on 12th of September?

Duke Vu:
Yes – we understand that’s a long time, but to deliver a real product we need time and investment to put into coding / development. And it’s actually a good way to weed out daytraders during presales – only royal investors with long-term vision such as ours

Mary | Satoshi Club:
Where Sales will take place? On your website?

Duke Vu:
Due to large interest in Polkastarter /Duckdao and other IDO platforms – we have developed our own https://launchpad.ultiarena.com/ – you can join and see for yourself how it works. All necessary information was put there.

Mary | Satoshi Club:
Super! Satoshiclubbers, check all info😉

Thank you for your answers! Do you want to add something or we can go to the next question?

Duke Vu:
Let’s go next question 🙂

D. | Satoshi Club:
🚀🚀🚀🚀

Q2 from Telegram user @h1drX
The maximum supply is set at 250 billion tokens, with private sale and pre-sale accounting for around 24% of the total supply. The remainder will be released for public sale and generated through Community Mining and Proof-of-Gaming. Can you explain what the Community Mining process consists of? Also, there are consensus mechanisms such as Proof-of-Stake or Proof-of-Work, but I had never heard of Proof-of-Gaming, can you give us more details about this consensus mechanism? Can it be called a consensus mechanism? Does it bear a certain similarity to the other consensus mechanisms?

Duke Vu:
Community Mining will ensure that there will be a fair way to earn ULTI tokens: through participation in Discussion Boards, Competitions, Tournaments and by playing games offered by our Game Studio Partners.

The Proof-of-Gaming algorithm’s main idea is that gamers who spend time and GPU computational power should be the ones that could create and validate blockchain’s new blocks.

D. | Satoshi Club:
So it’s like a way of distribution your tokens. how long it will last? when all of token supply will be on market?

Duke Vu:
Key parts of the validation algorithm are:

Player’s rank in comparison with other players,
Time spent in-game,
Core playstyle metrics: APM (Actions-Per-Minute), Aggression, TeamPlay, Economics, Leveling Speed, etc.
Game difficulty.

D. | Satoshi Club:
Nice, this is a cool way for gamers to make money and play their fav games.

Duke Vu:
ULTI Coin’s final mining blocks will be distributed to nodes. Every player will connect to games via Ulti Arena’s gaming client which in turn will provide necessary data for the hashing algorithm.
It will use the Zobrist hashing strategy which was originally devised for computer chess, Go, and other similar two player board games. It is a fast method to calculate and update a signature or key representing a given board position in Chess — but for more complex games it can also be optimized. The analogy is quite straightforward between a board game position and the configuration of MOBA games: types of pieces are analogous to characters chosen, and positions on the game board are analogous to player’s position in the game along with other player’s metrics and gametime that will be used.
Two features of the Zobrist key make it particularly useful amongst possible hash functions for representing gaming and mining configurations. Firstly, it maps similar configurations of player’s ranks and metrics to very different key values, and the distribution of key values is uniform across the space of all possible keys. Secondly, it can be calculated rapidly and incrementally.
A new block can be created as soon as someone finishes a game. The waiting time should be short, so that’s why most popular games will be chosen for mining ULTI Coins: DOTA2, LOL, Fornite etc. The distribution should be fair, so there should be a balance of reward between creators of new blocks and validators.

The mining difficulty based on Zobrist hash functions will increase over time with diminishing retuns from number of hours played, ranks and quality of gameplay (playstyle, APM etc.)

So there $ULTI will be hard and harder to get 😉

And up until 2046 all to be mined.

Mary | Satoshi Club:
Long-term plans and that’s great!

Duke Vu:
Thanks!

Nice increased reputation again 😉

Mary | Satoshi Club:
Do you know any projects on the market which already using such system?

Duke Vu:
No, we’re not aware of any.

I believe we’re first in the space to connect the Gaming and Crypto industry with a new consensus mechanism

Mary | Satoshi Club:
Super! We like to try new systems! 🚀

Thank you for your answers! Ready to proceed?

Duke Vu:
Let’s go!

Q3 from Telegram user @Arisabela
Days ago, specifically in May, you announced that your contract is on TestNet and that it would soon be released for a professional audition, is this done? Can you tell us what security measures have been taken for the platform? Perhaps a partnership that is an expert on this topic?

Duke Vu:
Yes we had our contracts audited twice, with Solidity Finance and Techrate, you can see them here: https://solidity.finance/audits/Ulticoin/ and https://github.com/TechRate/Smart-Contract-Audits/blob/main/UltiArena.pdf

As for security measures, we’re in the phase of migrating everything on AWS and also our NFT marketplace with Proof-of-Gaming will also be run there with strict security measures.

Mary | Satoshi Club:
Fantastic! 👏

What about your Testnet? Who can participate in testing? What results did you get?

Duke Vu:
Before Pancakeswap launch, we will have our contracts audited by Hackend or Certik too to prevent Sniper Bots or other attacks on Pancakeswap Launch

Testnet NFT Marketplace will be available to test in September

Mary | Satoshi Club:
Wow! You really take security seriously!

Thank you for your answers! Ready for the next question?

Duke Vu:
Yes we want to protect our investors assets

Yep next.

Q4 from Telegram user @ysasoma
The competition is fierce, so, how Ulti Arena will be always competitive in the market, what characteristics will allow you to be unique, that is to say, what is the unique value contribution that you will offer to the users, so that they will select you before any other current project or project that may come in the future?

Duke Vu:
We are actually the FIRST NFT marketplace for Game Assets – no one has ever built such in the past

Our vision is to decentralize the making of games. Games are being developed in a centralized way: game studios hire artists, developers, and managers to produce assets, sounds, music, User Interfaces – for each game there are hundreds if not thousands of assets being produced. Why should one asset be used in a game only once by a player? Why shouldn’t they own that asset and transfer it to other games? Artists should also be able to track their creatives to see in what games were used and how they were used by the players. All these challenges can be easily solved by implementing NFT’s to game assets.

We believe that NFT’s will change the world of gaming as we know it. Imagine every game in the future to be made on Blockchain – you can transfer any existing game items from one to another. Assets can be traceable and also unique – artists and developers will have new ways to monetize their creations and see how they’re used. Building games on Blockchain can improve the overall experience:
-Game items will be transferable to other games,
-Unique items will be forever unique and one-of-a-kind as NFT’s,
-A decentralized way of making games will involve the community more, which will lead to greater sales for a particular game,
-Game Assets, Music, Sound, User Interfaces can be used in multiple games but they will be traceable – actual reliable statistics can be made.

Next thing: we’ll be the first to implement Proof-of-Gaming, our original concept of Playing and Earning

Mary | Satoshi Club:
Do you already prepared some partnerships with game industry players?

Duke Vu:
Once we’re deeper into coding the NFT marketplace we’ll start onboarding both Game Artists / Developers and Game Studios – our Sales team will focus on that

We’re talking about 1 month from now

Mary | Satoshi Club:
We will follow your updates! Sure you will have a lot of surprises for you users!

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

Duke Vu:
Yes, can’t wait!

Q5 from Telegram user @MCBTrade
Since UltiArena is an NFT marketplace for Gaming Assets, once we buy these assets, what kind of games will we be able to use them for? Can we implement these assets in our own games or design new NFT games using these assets? Could you give a little more information about this?

Duke Vu:
You’ll know the origins and any follow-up buyer of the NFT’s – those game assets can be used in any game be it non-blockchain or blockchain-based games. The NFT will be a “certificate” that you own that piece of asset: 2D/3D characters, music / FX Sound, UI/HUD

Yes you’ll be able to design new assets using the ones you bought as NFT’s. We will also develop a plugin for Unity / Unreal Engine to instantly export assets as NFT’s into our marketplace

Of course, as part of our mission, we will want all games to have assets recorded on the Blockchain – our vision is that games will be decentralized and every assets owned by the gamer will be visible and publicly verifiable

Imagine there will be no such Dupe Hacks as in Diablo 2 back in the days 😉

Mary | Satoshi Club:
Will you have any kind of KYC verification on your platform?

Duke Vu:
Yes we’re testing integration with ShuftiPro, it’s available here: https://whitelist.ultiarena.com/ BUT please don’t use it yet, we will make announcement in due time

Mary | Satoshi Club:
So, all users will need to pass it or you will have some limits?

Duke Vu:
We’ll make announcements in due time but generally yes

Mary | Satoshi Club:
Thank you for your answers! Ready for the 6th and last question from this part?🚀

Duke Vu:
Yes!

Q6 from Telegram user @kimterbear
Ultiarena explained that Ultiarena client will operate on the background while users play their desired game in order to earn while playing. It was also mentioned that this will require large space in CPU/RAM. However, the games mentioned can also be experienced in mobile such as League of Legends, Fortnite, and other MOBA games. Mobiles don’t have much RAM as much as PCs have. My question is, can Ultiarena also be used in mobile gaming? How much RAM would it need in order to operate on a mobile game? Does Ultiarena also plan to have a client for mobile gaming?

Duke Vu:
Superb question. Our first focus in on PC Games – mobile will come next as this is a huge market in Asia. Certainly, mobile gaming clients will be differently optimized to give maximum performance for the game itself. But still, this is far down in the product roadmap so we don’t have any details yet.

Mary | Satoshi Club:
Gotcha! 👍

D. | Satoshi Club:
Do you plan work with consoles?

Duke Vu:
This could prove challenging – no plans yet

D. | Satoshi Club:
Understood, thanks!

Part 2 — live questions from the Telegram community

Q1 from Telegram user @KhaleesiTheCryptoLady
I was trying to open Ulti Arena website but it shows me an error. Is it just a minor or major error? Can you tell us why was your website down? Because of the website error, the purchasing of ULTI tokens got affected and due to the incident, how will you ensure buyers that $ULTI tokens are safe to buy and will not going to rug pull or exit scam later on? Also, have you undergone audit?

Duke Vu:
This is a very important question: as previously we wrote, we’re migrating the website to Amazon Web Services to exactly mitigate any bugs/errors. Our launchpad is still online https://launchpad.ultiarena.com/ and you can access it / learn how to buy from it.

As for Rug Pulls and Scams – we have our reputation on the line here, our team is publicly revealed. We’re doing everything we can to update daily about our progress and plans to stay as transparent as possible.

We’ve done 2 audits https://solidity.finance/audits/Ulticoin/ and https://github.com/TechRate/Smart-Contract-Audits/blob/main/UltiArena.pdf

Q2 from Telegram user @Wong2008
Why gamers have to buy gaming licenses?

Duke Vu:
We will only allow $ULTI mining through properly and legally purchased licenses, also our Gaming Client will allow logging in only via Steam’s OAUTH at the beginning – so you have to purchase legally the games on Steam.

Q3 from Telegram user @highpee
How will you decide the amount that each user will receive from the 30% of platform revenue that you intend to give back to holders and how frequent will this profit be calculated and shared? And aside from the 2% of fees that is frictionlessly returned as passive reflex yield to users wallet, don’t you have plans to create staking or farming pools with nice APY for user to stake $ULTI?

Duke Vu:
Revenue share in instant: each NFT transaction on the platform will be recorded in the smart contract, revenues will be reflected right away to all $ULTI holders in batched sequences (not yet decided on the frequency but at least once a day)

Aside from 2% reflection, we will create staking possibility yes – APY TBD.

Q4 from Telegram user @Sumione
I love NFT Projects and do you have your own launchpad for presales or any other IDO platform which I can join?

Duke Vu:
As mentioned earlier we decided to go with our own launchpad available here: https://launchpad.ultiarena.com/ – first to make sure that there’s a single interest in our project not distracted by other projects in multiple-projects IDO platforms.

Q5 from Telegram user @h1drX
The Ulti token was launched on Binance Smart Chain, on your website you made clear your preference for this blockchain before Ethereum, but you plan to convert the Ulti Arena token multi-chain and expand to other chains such as Polygon, Solana or even Ethereum in the future?

Duke Vu:
Yes, we plan to implement both ERC-721 and BEP-721 standards – meaning cross-chain implementation of NFT’s. Polygon/Matic and Solana to be discussed but nothing is out of possibility.

Q6 from Telegram user @Rakshitx5
Usually, on platforms, few people get famous and their content is being shown and sold. Underdogs do not get a chance. So what are your plans to keep giving exposure to the newbies?

Duke Vu:
We plan to hold a contest where newcomers artists can showcase their works and get awarded. The contests will be dedicated only for newcomers and shown on top of website.

Q7 from Telegram user @NSZR1
In your whitepaper it says that 30% of all transaction fees / total revenue from NFT Marketplace and for Artists / Game Developers tools will be transferred to all $ULTI holders. This is amazing, however 30% is a high number to distribute for each transaction to each user. How can this business model be beneficial for UltiArena? How can you generate income through transactions between users if a large percentage of these will go to other users? Could this business model bring some kind of complications in the economic future of your project?

Duke Vu:
This we made to ensure a long-term hold value of $ULTI. Think of it as all $ULTI holders own 30% of the company. With the rest 70% – it is clearly described in the Whitepaper: 5% for the team and rest for Development / Marketing future growth of the platform.

Please don’t forget the Proof-of-Gaming which will mean Game Studios will WANT to cooperate with us as we’ll increase the number of hours played and also engagement in their games.

Q8 from Telegram user @Eisen_7
What’s the Favorit Game of the Team?
How long are u gaming yourself?

Duke Vu:
Awesome question :))) I myself started with Mario/ Contra on SNS back in the days and also went through every PS console generation. My recent favorite games are DOTA2, Overwatch and WoW Classic.

Q9 from Telegram user @jhauch
What do you see as your unfair advantage apart from being a first mover?

Duke Vu:
Unfair advantage is in our team who’s got tremendous both Technical Experience and Entrepreneurial Experience. As with every investment, we actually believe the team is the most important part of the project.

Q10 from Telegram user @Nhairym
Your goal is to create a platform to help artists and game developers evolve hand in hand with technology, but you have the technical strategies to protect the assets of the holders who join them, and what is the level of profitability that can offer artists and other people who join the project?

Duke Vu:
Artists will earn
1. 88% of what they sell, there will be 6% transaction fee (30% of which reflected to $ULTI holders) and 6% tax (2% reflected to $ULTI holders)
2. They will earn through Royalties when someone decides to further sell their work

Part 3 – Quiz Results

In the final part, we tested your knowledge in terms of Ultiarena. They’ve prepared 4 questions for this part. The total reward pool for the quiz was 300$.
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
Ultiarena Telegram community: https://t.me/ultiarena
Twitter: https://twitter.com/UltiArena
Website: https://ultiarena.com

We are pleased to announce our next AMA on June 30th 2021 at 04:00 PM UTC Time: Satoshi Club x Anypad

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

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

Part 3: 300$ – A quiz about Anypad

For more details:
Anypad Website – anypad.io
Anypad Telegram – @anypad_chat
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish

We are pleased to announce our next AMA on June 30th 2021 at 12:00 PM UTC Time: Satoshi Club x LPI Dao (Blockwiz)

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

⚠️Requirements:
👉 Join Satoshi Club Telegram group
👉 Join LPI Dao (Blockwiz) 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. LPI Dao (Blockwiz) Team will select 10 questions and answer them.

Part 3: 300$ – A quiz about LPI Dao (Blockwiz)

For more details:
LPI Dao (Blockwiz) Website – lpi.finance
LPI Dao (Blockwiz) Telegram – @LpiDaoOfficial
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish

We are pleased to announce our next AMA on June 29th 2021 at 03:00 PM UTC Time: Satoshi Club x Lolz Finance

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

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

Part 3: 300$ – A quiz about Lolz Finance

For more details:
Lolz Finance Website – lolz.finance
Lolz Finance Telegram – @LoLzFinance_Official
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish

We are pleased to announce our next AMA on June 29th 2021 at 01:00 PM UTC Time: Satoshi Club x Jetfuel

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

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

Part 3: 300$ – A quiz about Jetfuel

For more details:
Jetfuel Website – jetfuel.finance
Jetfuel Telegram – @jetfuelfinance
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish

We are pleased to announce our next AMA on June 28th 2021 at 01:00 PM UTC Time: Satoshi Club x MoneyTime

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

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

Part 3: 300$ – A quiz about MoneyTime

For more details:
MoneyTime Website – moneytime.finance
MoneyTime Telegram – @MoneyTimeFinance
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish

We were delighted to welcome our guest from Etna. The AMA took place on June 24th, 2021 and our guest was @ETNAowner .

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 questions from the Telegram&Bitcointalk community

 Маry Satoshi CLUB: Hello  Satoshi Club! We are happy to announce our AMA session with Etna! Welcome to Satoshi Club😀

Andrés M. | Satoshi Club: @ETNAowner welcome to Satoshi Club!

Shola || I Will Never PM You First: Hello ladies and gentlemen, I am glad to be here

Маry Satoshi CLUB: Hello, welcome here 👍

Shola || I Will Never PM You First: Thanks for having me

Маry Satoshi CLUB: How are you today?

Shola || I Will Never PM You First: Doing great, excited about the future :)How about you?

Маry Satoshi CLUB: I am fine, looking forward today’s AMA 🚀

Andrés M. | Satoshi Club: We are excited as well for this AMA session😃

Маry Satoshi CLUB: Let’s start it🚀

Shola || I Will Never PM You First: I just wonder when platforms like yours will migrate to AMAs on voice chats

Shola || I Will Never PM You First: that will be an interesting approach 🙂

Shola || I Will Never PM You First: sure

Маry Satoshi CLUB: We are thinking about this, but let’s see😀

Маry Satoshi CLUB: Shola, could you please introduce yourself and tell us more about Etna?😀

Shola || I Will Never PM You First: will gladly… My name is Shola, I am the co-founders of ETNA Network.

My background is in applied sciences, I have master’s degrees in both Mechatronics engineering and Mathematics. I live in the United States.

I got into crypto full-time in late 2016, initially just as a trader. After about a year of trading, I decided to start working on some of my innovative ideas.

3 plus years later, here I am, building ETNA Network up from the ground.

Маry Satoshi CLUB: So, you were working on Etna for three years? Were you alone or you had a team of like-minded people?

Shola || I Will Never PM You First: Simply put, ETNA Network is a Blockchain project focused on developing an ecosystem for interconnected crypto products, mainly in DeFi, gaming and NFT. Our mission is to develop a user-centered, one stop ecosystem for all things crypto. A platform where even the inexperienced can easily interact with blockchain/crypto products/techs such as lending and borrowing, NFT marketplace/tools and a blockchain gaming infrastructure.

Link to website: https://www.etna.network/

Link to whitepaper: https://www.etna.network/assets/ETNA.pdf

Shola || I Will Never PM You First: No, the journey started in March 2021,

ETNA Network launched on the Binance Smart Chain in March of 2021. The launch combined the rebranding of a gaming/NFT project and the expansion into DeFi type features.

We were able to launch on BSC starting with a successful IDO on the 20th-21st of March 2021.

Since then, the project has attracted the support of numerous community members and we have deployed two main products as will be described below.

Shola || I Will Never PM You First: Before then, I was more of focused on research and development of the ideas surrounding ETNA

Маry Satoshi CLUB: You had rebrand? Did you rebrand your previous project or how you did it? Can you explain, please?😀

Shola || I Will Never PM You First: Sure, the parent project started in Sep. 2020. It was  a project that was focused on just gaming and NFTs. When we came up with the idea of developing a platform that integrates gaming and NFT to DeFi, we decided to give it a more befitting name and one that encompasses all the features

Andrés M. | Satoshi Club: It’s an honor to have you here Shola, great background

Маry Satoshi CLUB: It was a good decision 👍

Andrés M. | Satoshi Club: Then how did you choose the name and current logo?

Маry Satoshi CLUB: Why Etna?😀

Shola || I Will Never PM You First: As some of us here know, we are actually the first project that has been able to integrate the use of NFT as collateral for loans, the motivation is the development of a lending and borrowing platform that accepts all types of digital assets

Andrés M. | Satoshi Club: NFT with real usecases, that’s great👏

Shola || I Will Never PM You First: As our ideas were motivated from Greek mythology, it was a no brainer to keep that lineage

Shola || I Will Never PM You First: Also, the game been developed is also motivated by greek mythology as we will all see when it goes live

Маry Satoshi CLUB: So, no one will stand on your way😀

Shola || I Will Never PM You First: exactly 🙂

Маry Satoshi CLUB: We will talk about this a bit later, when you will answer the questions from our community 😉 btw, are you ready for them?

Shola || I Will Never PM You First: sure

Andrés M. | Satoshi Club: Let’s go

Q1 from Telegram User @giovannialc

I understand that when making a loan, interest will be charged using any token, but using the ETNA token interest will not be charged, why does this happen, what kind of benefits will they have when making loans in ETNA token not to proceed to collect said interest? Will the $ ETNA token be acquired through loans or through some kind of sale? Will they have a white list and what should be done to be inside?

Shola || I Will Never PM You First: correct, users can use any of the supported tokens/coins as collateral for loans and interests are charged in what ever asset that the user borrows except when ETNA or ETNA’s NFTs are used as collateral. We value our supporters and holders of our assets hence it was logical to make this exception for them

Shola || I Will Never PM You First: So as you can see, holders of ETNA and NFTs can take interest-free loans forever :). Again first of its kind in the crypto space

Маry Satoshi CLUB: Which coins do you currently support?

Shola || I Will Never PM You First: BNB, ETNA, BUSD, USDT, DAI, ETH and BTC.  All on BSC

Маry Satoshi CLUB: Do you have any statistics how many loans were already taken?

Shola || I Will Never PM You First: we plan to integrate more soon though

Andrés M. | Satoshi Club: Which benefits will you provide for long term holders?

Маry Satoshi CLUB: Cool👍

Shola || I Will Never PM You First: yes, you can see that on the platform at http://debank.etna.network/

Shola || I Will Never PM You First: But so far, we have had over $150k in loans and about $55k in loans that are still active

Andrés M. | Satoshi Club: Why only BSC? Do you plan to include more chains?

Маry Satoshi CLUB: Nice numbers 👍

Shola || I Will Never PM You First: As ETNA is a multi usecase token, holding ETNA and our NFTs has much value. The more people use the features we have, the scarcer the tokens get hence growth in price

Shola || I Will Never PM You First: it was best to go with BSC first, we are currently working on deploying on other chains like Polygon. our NFT marketplace will be deployed there soon

Shola || I Will Never PM You First: As a matter of fact, in the not so distant future, ETNA will be a multi chain platform, it will be compatible with all the major chain.

Маry Satoshi CLUB: Awesome! I see you prepared a lot of news for your supporters 😀

Andrés M. | Satoshi Club: Nice job💪

Shola || I Will Never PM You First: thanks, this is actually just the beginning 🙂

Andrés M. | Satoshi Club: Thanks for your answers, ready for the next question?

Shola || I Will Never PM You First: yes

Q2 from Telegram User @DK177

You have mentioned that ETNA is the first hybrid liquidity protocol with BBT trading feature. Can you please explain how this model differs from traditional platforms? Further, did you examine possible challenges associated with this concept? For example, did you identify any risks unique to BBT trading? Since you do not have a previous model to follow, are there any plans to face this kind of challenges? How can we rely on a new concept?

Shola || I Will Never PM You First: Yes, the hybrid liquidity protocol uses a Broker-Buyer type trading mechanism where the rewards paid out to such trades is a function of the trade…. hence a proof of efficiency consensus mechanism

Andrés M. | Satoshi Club: Btw, do you have some staking/farming programs?

Shola || I Will Never PM You First: this is not entirely a new concept, but our approach is new. As you have seen from other features that have been launched, ETNA is not a project that follow or copy other projects, we build from scratch and with the vast experience our developers have, we ensure that our features are optimally developed and secured

Shola || I Will Never PM You First: yes we do, DeBank which can be accessed at http://debank.etna.network/ has both staking and farming. To stake, you simply deposit your assets and you and done. To farm, you have to STAKE Pancakeswap LP tokens in the LIQUIDITY-EARN feature within DeBank

Andrés M. | Satoshi Club: Excellent info, another green reason to invest😃

Маry Satoshi CLUB: Do you plan to add more platforms for staking?

Shola || I Will Never PM You First: exactly

Shola || I Will Never PM You First: yes, we are actually developing our Mobile wallet as we speak. It will be a user-friendly mobile wallet like trust wallet but in addition, it will have DeBank and our NFT marketplace embedded

Маry Satoshi CLUB: Super! When do you plan to launch it?😀

Shola || I Will Never PM You First: Also, users can actually login to DeBank right from trust wallet and can also access it from any mobile wallet that is compatible with wallet connect

Shola || I Will Never PM You First: in couple of months, from the rate of development, I think beta version will be ready in Sep. this year

Маry Satoshi CLUB: We will follow your updates 👍 and definitely will try it!

Маry Satoshi CLUB: Thank you for your answers! Ready to proceed?

Shola || I Will Never PM You First: yes

Q3 from Telegram User @Jonahapagu

For the first quarter of 2022 ETNA plans to Integrate banking services and the issuance of Debit cards and inline with this, there is a planned Application for Crypto and Banking License in Q2 of 2021, so what kinds of banking services will ETN integrate to its platform, in what regions or country will ETNA be applying for Licences, and what forms of services will this licenses cover for….

Shola || I Will Never PM You First: User of ETNA in licensed region will be able to open an actual bank account from ETNA platform, they will also be able to apply for a debit card with which one can spend crypto directly. Users will also be able to do fiat to crypto type transactions

Shola || I Will Never PM You First: We are focused on EU for now, so we will be starting with European countries

Andrés M. | Satoshi Club: Please, share us your roadmap to check what else is coming😃

Маry Satoshi CLUB: Did you already apply for license?

Shola || I Will Never PM You First: sure, here you go https://www.etna.network/#milestones but there is actually more than is stated

Shola || I Will Never PM You First: yes, we have applied for the first one. We are processing the second

Маry Satoshi CLUB: Wish you good luck! Sure everything will go as you are planning!

Andrés M. | Satoshi Club: Thanks for share it

Shola || I Will Never PM You First: ‘Thank you

Маry Satoshi CLUB: Thank you for your answers! Ready to go to the next question?

Shola || I Will Never PM You First: sure

Q4 from Telegram user @yusbe22

 Regarding the security of ETNA and the users will use some type of KYC or verification for the users who want to be part of the project in order to avoid losses in terms of finances or token, the smart contracts will be audited in some way to make transactions somewhat cleaner? What do you plan to do so that users feel satisfied by participating in the investment of the token and DEX exchange?

Shola || I Will Never PM You First: How many users actually understand the report of an Audit? I will say only 1%. Auditing is not a way of validating that the application is safe. Instead, we do our due diligence and follow best practices while building

Маry Satoshi CLUB: So, you think that Uniswap, 1inch, which passed several audits are wrong?

Shola || I Will Never PM You First: Having said that, we are are not going to Audit at this time because we intend to protect our IP. but not at the expense of users,  we have been making sure that our features are secured

Andrés M. | Satoshi Club: How can you assure that to users?

Shola || I Will Never PM You First: nope, their model is different than our. Did Binance exchange do audits and are people using it and do people trust it?

Andrés M. | Satoshi Club: Good point🤔

Shola || I Will Never PM You First: Did Celsius Network present their code and are people using this platforms?

Маry Satoshi CLUB: So, you can give your users 100% guarantee or may be you have any insurance cover if something will go wrong?

Shola || I Will Never PM You First: Integrity and trust gets built over time with track record and we will surely get there

Shola || I Will Never PM You First: Even a airline company or your conventional banks cannot give you 100% guaranty

Shola || I Will Never PM You First: instead I can give you 100% guaranty that we will do 100% of what we can do to make it safe and secured

Andrés M. | Satoshi Club: That’s we want to know, thanks😃

Shola || I Will Never PM You First: And so far, we have kept to this promise, no one has lost anything while using our features

Маry Satoshi CLUB: Look, let’s talk about Kucoin, they also don’t give any audits. But they recovered users losses. Can you promise that you will recover at least part of losses if force majeure will happen?

Shola || I Will Never PM You First: Yes we have security mechanisms in place to ensure that funds can be recovered in any of such events

Маry Satoshi CLUB: That’s great!😀

Andrés M. | Satoshi Club: Thanks for the clarification Shola, would you like to add something before the next question?

Shola || I Will Never PM You First: Not at this time

Q5 from Telegram user @Asela1112

Focusing on tokenomics, $ETNA allocated for various purposes such as staking, BBT market place, presale etc. What are the utilized usecases of $ETNA? $ETNA was built on binance smart chain. Most tokens integrate burning mechanism to secure their investors. But ETNA platform has not been deployed any burning process. Don’t you think, it is much better if you burnt some $ETNA after your presale or $ETNA would be a deflationary token? What about the governance of $ETNA? will there be any ownership renouncement in future or do you expect to involve in some critical stages on ETNA platform?

Shola || I Will Never PM You First: To start, I will like to make this clear, there will be ZERO burning of tokens, Instead we have structured our platform and the utility mechanism for ETNA in such a way that the supply decreases over time. For example, just in 2 months of launching the NFT market, over 700k ETNA have been locked up. All the features leads to lockup of certain amount of tokens. In addition, fees are collected which can easily be burned but instead, they will be used as additional rewards for users in the future

Shola || I Will Never PM You First: Also, periodically, we could do buybacks if the need warrants

Andrés M. | Satoshi Club: Those tokens will be unlocked? Btw, currently what are the ways to buy your tokens?

Маry Satoshi CLUB: You were first 😂

Shola || I Will Never PM You First: No, only if NFTs are sold then a tiny fraction is unlocked but just imagine when the marketplace is fully functional with more features, there will be over 5m tokens locked up of which over 10% is charged as fees

Маry Satoshi CLUB: Yes, this would be awesome 👏

Маry Satoshi CLUB: Shola, thank you for your answers! Ready to go to the 6th and last question from this part?🚀

Shola || I Will Never PM You First: Yes and it is underestimated right now

Shola || I Will Never PM You First: sure

Q6 from Telegram user @NataliyaKil

Currently, there are over 30 NFTs trading on the ETNA Network marketplace, these NFTs comprises of game characters, weapons, secret passages, creatures. Can we see these NFTs, what role they play in the upcoming game and how they will be used? Are there any levels for the characters, do they evolve, are there any improvements for the weapons? And when are you planning to launch the game? Will it be possible to test the game before the main launch?

Shola || I Will Never PM You First:

With all the NFT game assets having their unique features and use in the game, they all have valuable usecase on the game as we will see when we release more info about the game

Shola || I Will Never PM You First: Just to add, we actually have an ongoing auction that is already at 19,900 ETNA. you can find it at: https://nft.etna.network/auction.html

Andrés M. | Satoshi Club: Great opportunity Satoshiclubbers, let’s check it🥳

Маry Satoshi CLUB: Btw, i liked your NFTs! They look incredible!

Shola || I Will Never PM You First: Yes, the winner of the auction is guaranteed to make 2-5x after the auction

Part 2 — live questions from the Telegram community

Q1 from Telegram User  @highpee

I read that you will have 100 FACELESS CHARACTERS but I can see that only one of these characters is listed for auction on the marketplace. How about the REMAINING 99 characters? How will users be able to get it and what is the benefit of owning your Alpha Faceless Character NFT?

Shola || I Will Never PM You First: Yes the remaining 99 will be listed on the marketplace at a higher price hence the winner of the auction makes the most profit. When the character is integrated, holders will get 10-20 times more royalty than holders of NFTs with more supply

Q2 from Telegram User  @cryptofollower

As Etna you have a marketplace of your own. Also today Binance NFT marketplace is opened. Do you plan to list your NFT’s there?

Shola || I Will Never PM You First: As i imagine, binance marketplace will support all NFTs on binance smart chain in the near future. also, we hope that at some point we could partner with binance and also whitelist some of the NFTs on binance to be accepted as collateral on our lending platform

Q3 from Telegram User  @id_Qi86

Hi sir, one thing I’ve been asking myself 👏👏

Newcomers are buying and holding cryptocurrencies which have gained a foothold because they are shared by old people. That’s why it’s growing day by day such as $BTC, $ETH, $BNB..etc. How can ETNA attract new people? And Is $ETNA will surely keep them? 💯

Shola || I Will Never PM You First: We have been focused on building for a while now. As we speak, ETNA has been 90-99% product and almost zero hype. we plan to start creating some audience by advertising and also listing on exchanges. In addition we plan to start having AMAs on YouTube in addition to this type of AMA

Q4 from Telegram User  @Tony253210

I’m very interesting in your Debank s product where an nft can be used as collateral to do lending and borrowing, so can you please explain us how this will work considering that lending and  borrowing are typically a service destined to Fungible token and Stablecoins?

Shola || I Will Never PM You First: yes, you are right but we have been able to develop an intrinsic value lock-in mechanism that allow our users to use NFTs as collaterals for such loans. to be clear, you can borrow using NFT as collateral but you cannot borrow NFT itself

Q5 from Telegram User  @NSZR1

On your whitepaper it says that you are the first lending platform that has a leveraging feature for interest reduction and an interest-free loans for users that uses native ETNA tokens as collateral. When applying for a loan, normally the person requesting it must pay an interest from time to time, and in this way, the person or institution that lends it ends up generating an income, I would like to know, being interest-free loans one of the attractions that your platform offers, how do you plan to generate income from these so that you can use them to evolve this project in the future?

Shola || I Will Never PM You First: All loans are interest-charged except loans in which the collateral used is ETNA or our native NFT. we are still able to generate income by leveraging the opportunity cost of such user not taking the loan. This cost is more for the platform longterm than if we take interest for such loans

Q6 from Telegram User  @Asela1112

Hello Shola 🙋‍♂️

@ETNAowner

In your Roadmap Q4 2021, total quarter is allocated based on NFTs launching programmes. NFT marketplace version 2.0 with P2P trading option & sub market place will release in Q4. Why does it needs a new version for NFT market place? Can you tell us, in which way this sub market place will affect on the NFT artists? And also ETNA will deploy NFT cross-chain mechanism & NFT based synthetic commodities and applications in Q4. Which blockchain systems, will ETNA NFTs be supported in future? Will you consider the governance of the NFT artists in cross chain mechanism? What kind of apllications & synthetic assets do you expect to deploy in ETNA NFTs market place? Please give us a clarified explanation about Q4 Roadmap 2021.

Shola || I Will Never PM You First: we have more features that will be added. For example, any user will be able to deploy their NFT and list it for sale on the marketplace in V2. lots of questions here, i will be open to having a voicechat session after this. If you have more question please attend the voice session in @ETNAnetwork

Q7 from Telegram User  @JoanaZ

➡️➡️ A good phrase says: Team work makes the dream work, so reading your website I didn’t see any particular partner, so don’t you have partnerships yet ? If you have someones, can you mention them?

Shola || I Will Never PM You First: no partner yet but we are in discussion with a couple of. One of these is Polygon

Q8 from Telegram User  @Rod092317

The project will fail if sufficient marketing and finance are not invested. How will you persuade us that you have the marketing clout and capital to propel the idea to the top?

Shola || I Will Never PM You First: Marketing and listing on exchanges is important for the success of a project, you are right. We are focused on these two component going forward

Q9 from Telegram User  @atillayeni

Why didn’t you just launch a defi lending and borrowing platform but decide to build a gaming and NFT platform? Why this choice?

Shola || I Will Never PM You First: A platform for all things defi, NFT and gaming. where users with zero experience don’t have to go through many platform for their needs. This is the future. Do you ever wonder why it seems that Binance is doing virtually every type of blockchain application? soon they will go into gaming also.

Q10 from Telegram User  @ethcypherpunk

In the end we as part of SatoshiClub are very interested in how the projects decentralize everything around us; is ETNA decentralized or does it allow for governance? What issues do you plan to leave power in the hands of the community?

Shola || I Will Never PM You First: Power in the hands of the community is good hence decentralized and adoption/meeting some required regulatory checks and balances is also good hence centralized. As such, ETNA is a hybrid, everything is a compromise of another. Etna seeks a balance between decentralization and meeting the required regulations to be at the forefront in the crypto space. Just like great companies like binance, as you can see, binance have both decentralized and centralized applications. This is why it remains the largest platform known today

Part 3 – Quiz Results

In the final part we tested your knowledge in terms of Etna. They’ve prepared 4 questions for this part. The total reward pool for quiz was 300$.

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:

Etna Website – etna.network
Etna Telegram – @EtnaNetwork

We are pleased to announce our next AMA on June 27th 2021 at 03:00 PM UTC Time: Satoshi Club x Wall Street Games

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

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

Part 3: 300$ – A quiz about Wall Street Games

For more details:
Wall Street Games Website – wsg.gg
Wall Street Games Telegram – @WSGToken
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish

We are pleased to announce our next AMA on June 26th 2021 at 01:00 PM UTC Time: Satoshi Club x Sonarplatform

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

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

Part 3: 300$ – A quiz about Sonarplatform

For more details:
Sonarplatform Website – sonarplatform.io
Sonarplatform Telegram – @sonar_official
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish