We are pleased to announce our next AMA on September 21st 2021 at 01:00 PM UTC Time: Satoshi Club x Entropify
⚠️Click to see the hour
⚠️Total Reward pool: $500
⚠️Requirements:
👉 Join Satoshi Club Telegram group
👉 Join Entropify Telegram group
We will have the following structure:
Part 1: 100$ /6 users – We’ll select 6 questions from the community. A user can post maximum 3 questions.
Part 2: 100$/10 users – Open chat for 120 seconds. You can post Max 3 questions. Entropify Team will select 10 questions and answer them.
Part 3: 300$ – A quiz about Entropify
For more details:
Entropify Website – entropyfi.com
Entropify Telegram – @entropyfi
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish
With the rising fame and popularity of NFTs ,Will Prediction Market projects like Entropify receive the same amount of Adoption?How?
commonly, People are investing in low-risk projects, Does Entropify meet the demands for these kind of investors?How?
This is Entropyfi’s first AMA event, right? Of the many Crypto communities, why did you decide to hold the inaugural AMA Entropyfi event at the Satoshi Club?
The prediction market has long been theorized as a way to extract the wisdom of the crowd, yet none has succeed at scaling the process.
How is Entropyfi able to scale the prediction market and provide a more reliable and scalable crowd resource engine?
Quote from Entropyfi social media :
A prediction market is a market that has been designed to make predictions.
In other words, you use probabilities, your beliefs, and past market scenarios to speculate the unforeseen future.
Why do you have value for predicting the future & how is it different from traditional gambling?
Entropyfi is a lossless decentralized gamified prediction market on crypto-assets, NFTs, DeFi indexes, and other on/off-chain assets. This entails that, you can engage in market speculation without putting principal at risk. I will like you to explain further how this will be possible? Does Entropyfi work in the same way as the futures trading market? What exactly differentiates Entropyfi from other prediction markets??
Has the prediction mechanism of Entropyfi been autolearning from the past faults on where the predictions were not correct? Talking about the crypto currencies from factors does the mechanism take into consideration when building a prediction?
With 1 token bought each holder gets 1 voting power, which in its sense can be multiplied for a long term token holders giving them a governence power in taking incentives. Please provide more details or give some examples of the incentives that can be voted by this governance related to the strategy of your project.
your project mentions in one of their last posts that they have released a second version of the interface framework that is faster, more scalable, includes a lightweight mode, and offers a better overall user experience. It is a bit strange for a platform to update its interface framework so fast, do you feel that the previous interface framework did not convey the vision of your platform or did the community itself suggest this change? Did the previous framework not offer the user a simple experience or did it create complexity for beginners?
I read that you have recently released a number of new games including:
A game BTC – USDC
A game BTC – USDT
And adding that these games are available on both Polygon Matic and Kovan Testnet, is it possible that in the future you will integrate games with other stablecoins besides USDC and USDT? will the trading pair always be BTC / USD?
I found out that the Certik audit you announced last week was complete and found no security weaknesses, congratulations. However, you mentioned that they additionally hired OpenZepplin to generate more security, does this mean that Certik’s audit did not give exact results or do you want to reinforce other areas of your smart contracts that Certik perhaps did not?
The first thing that immediately caught my attention about Entropify is that is described as “A lossless decentralized Gamified Prediction Market on crypto-assets, NFTs, DeFi indexes, and other on/off-chain assets”. With that in mind, I would like to know, how will it be possible for Entropify to be a lossless prediction platform? Predictions are considered as gambles, which always inevitably come along with losses, so, how will that be possible? Will you have any kind of back-up mechanism to avoid losses from happening? Please, tell us more.
It caught my attention that it is possible for users to have the role of “Pool Sponsors” on Entropify, can you tell us more about this? How can someone become a Sponsor on your platform and what are the requirements for it? By becoming Pool Sponsors, what advantages will users receive? What kind of benefits will this provide to them to motivate them to become Sponsors? How much do users need to invest to be able to become Pool Sponsors?
Entropyfi – Looking at your Game Logic , there is a provision for weekly lottery in which the lottery draw is funded by the protocol revenue. Users who won the lottery will have to burn the their pledged governance token to claim the reward. Could you please explain to us why users who won the lottery will have to burn their pledge governance token to claim the reward? Why would users who did not win the lottery retrieve their governance token for the next weekly lottery draw could you please explain?
Entropyfi- On your Game Logic on weekly lottery, you did mention repeatedly governance token. Could you please explain to us enthusiasts what this governance token is about and what it stands for in your ecosystem?
You did also mention on Common operations in your game as including Deposit, withdraw, Swap Token, pause prediction, pool sponsor, Deposit & withdraw. Could you please explain to us enthusiasts on the workings of each of these common operations in your game especially as it has to do with the pause prediction, pool sponsor, Deposit & withdraw? Thanks
One of the options that entropyfi will have is that players can become pool sponsor where they will be rewarded with sponsor token. How does a user sponsor prediction pool and how will sponsoring a game help to boost the yield of the game? Can you explain the importance of sponsor token that you give to pool sponsors? How is Sponsor token related to your native token $ERP? Also, are sponsors of the pool allowed to participate in the pool? Won’t this give them an advantage in the pool over others?
Entropyfi is a lossless decentralized gamified prediction marketplace on cryptoassets, NFTs, DeFi indices, and other on- and off-chain assets. Through Entropyfi you can participate in market speculation without putting the principal at risk? What are the tools that entropify has so that the user can make the best decision when investing their money in the market?
At EntropyFi there is something called sponsor tokens when you sponsor a game. These sponsor tokens will mint your governance tokens when you bet. the government token is the ticket to join the games. What is the sponsor token? What are the incentives for being a sponsor? What are the benefits of being a holder of a sponsor token? How to access the sponsor token?
Prediction markets have been underestimated for a number of reasons. The high risk of losing money and paying high gas fees is preventing inexperienced market speculators from participating in the prediction market in DeFi. How Entropyfi sees the problem and is changing the rules by making prediction markets lossless for speculators active in this volatile market?
I recently read a predictions article of yours called “When the predictions market does not have losses”, I have worked with prediction platforms like Wootrade and X Predit, and we use the probability, beliefs and past market phenomena to speculate on the future uncertain. Since you have experience in this type of market, what do you think are the key aspects that a user must take into account to make an accurate prediction and reduce losses in unfounded deductions? What are the rules that a user must follow to predict through entropyfi?
Entropyfi offers Prediction without loss, Speculation without risk of liquidation. What kind of decentralized infrastructure have you adapted to this model to allow users a win-win model and mitigate downside risks? What is the percentage of profit generated for users who are part of the Entropyfi prediction process? Thank you!
One of the objectives that Entopyfi and the community have been working on is the improvement of the dApp available in the Kovan testnet, but I have seen that the corrections have been more redirected in terms of the interface, there are other areas that have been improved in this dApp in addition to the interface? What advice has the community given in the course of this improvement and how has this Kovan testnet been instrumental in this phase of your project?
I read that Perma-bull or perma-bears can now join one side of the market and allow the smart contract to automatically place the prediction for the next rounds. This is really impressive. My question is, how this automation model will help to increase profits for users? There is no risk of errors in making the prediction an automated process? What exactly are Perma-bull and Perma-bears about? Are they Bots, an AI? Thank you!
In August, your platform announced that they had finished integrating with the network keeper to maintain the status of the Entropyfi games, sorry if I do not have the appropriate terminology in this area, but what aspects of the network Keeper allow the status of Entropyfi’s games are of good quality and how has the performance of this integration been until the month of September?
It came to my attention the fact that Entropyfi will have a Weekly Lottery feature on it’s platform, can you tell us more about this? How can someone participate in this lottery and how many entries can a single user have per lottery? How much will the prize of this lottery be? How many users can win per weekly lottery? Also, where will the revenue for the prizes come from? In case of loosing, what will happen with user’s ticket if Entropyfi is supposed to be a lossless platform?
You said your protocol will reserve a percentage of income generated and deposited by players and sponsors as part of platform revenue that can be claimable by users based on their Revenue Claim Power. What percentage of users or sponsors deposit do you cut away and keep in this reserve? Who controls the inflow and outflow of the fund in this wallet? What is your Revenue Claim Power and how will it be used to offer proportionate rewards to users? How frequent should a user claim his revenue share?
I saw that you like the prediction market, this is a market that has been very underestimated according to the opinion of the CEO of Ethereum:
Vitalik said on Twitter: “honestly prediction markets may be the one of the most underrated categories of ethereum dapps right now”
What do you think have been the reasons why this market has not made great strides in crypto and what opinion do you have about the phrase that Vitalik wrote? How would you change the rules of this market to make it more attractive?
This I will say seems somewhat repetitive but the high risk of losing money and paying high gas rates is preventing inexperienced market speculators from participating in the prediction market in DeFi. What Entropyfi service can support being subject to long-term bullish or bearish seasons in the market? Is it possible to leave our deposits in Entropyfi without being severely affected?
You mentioned in a post a strength of your games:
“When the game ends, the interest generated by the players and the main sponsor will be distributed to the winners of the game. In short, you are amplifying your performance with your prediction skills”, because it is essential for you to apply DeFi protocols such as Aave in your game plans and what are the benefits of this compared to traditional savings accounts?
You said users can stake your governance token to get ticket to participate in weekly draw. How many tokens are required to get a ticket? Can a user have the initial token back after lottery? Since, the lottery are held weekly, how many winners are selected per week and how will they be selected? What are the prizes and reward that eventual winners will get by participating in the weekly lottery?
Entropyfi guarantees us that there will be no loss on the funds deposited. What security does Entropyfi handle for these deposited funds? I would like you to explain a little about the security system that this platform offers us.
You’ve said that every player will retrieve their principal back, even if they are wrong. This is a very interesting feature, however, it is one I cannot fully understand. Would you explain how this feature works in detail? What is your economic system like? And how does it allows you to make profit, even without taking part of users investments?
Entropyfi is known as crowd wisdom machine built on the lossless prediction market.In the prediction market none had succeed at scaling the process of extracting wisdom of the crowd.My question is,how does Entropyfi differentiate itself using it lossless prediction market?What opportunities have you provided so that everyone can access the crowd wisdom?You only provide crypto asset prediction market,how about pegged asset insurance markets and bundled insurance market when will it be added to your platform?
Entropyfi has deployed on Ethereum Kovan Testnet and Polygon Mumbai Testnet.Can you tell us more about this 2 TestNet,what features do each of them have?What is your reason for having 2 testnet?To test the beta version of it,is it open for all users to participate?
Entropyfi uses “set and forget strategies,can you tell us what it means?What are there advantage/disadvantage?How will this “set and forget strategies” benefits users who are trading with $ERP? Why did you decide to use this strategies on your platform?
I read from your document that a percentage of interest generated from players and sponsors’ deposits is retained in the protocol as protocol revenue. Are there other ways the protocol revenue is generated and what percentage do you charge as deposits fee? Also this protocol revenue is used to fund the lottery draw, reward users who stake their governance token by giving them Revenue Claim Power (RCP) and reward winners of the predictive game in your platform. Are this rewards autonomously distributed? Can you briefly explain how the structure for rewards system work for lottery winners, winners of predictive game and users who stake their governance token? I mean the amount or percentage they get as reward.
I recently learned that the development of your governance and the governance of DAO is 99% complete. They will also have a BTC – DAI game soon once they have redesigned the interface for a better user experience. I see that in each game you place a different trading pair but with the same theme: BTC / FIAT. Have you considered adding FIAT as BUSD or OUSD? Will all the trading pairs in your game have the BTC / FIAT theme or will we ever see a token instead of FIAT?
Tesnet and Mainnet are fundamental launches for platforms, on Medium it says that you will go to Mainnet in mid-September and you may even have a dex initial offering (IDO) later this month. Does this mean that Mainnet could go out in the next few days since it is closing the month of September? When will be the exact day that this objective will be launched and what activities have you established to popularize this launch?
I have seen that one of the ways in which your platform integrates the community into your ecosystem is by offering access to a test of your network.What errors do you want the community to detect within your platform and what do you hope to generate in users by offering this access in your test network? Have you obtained any alarming data recently since you enabled this access for users?
Entropify recently announced success of the huge upgrade of it’s App. for mobile players, the upgrade brings a NEW responsive view in addition to relaunched games for phone. What major advantage does the features of the upgraded App has over the previous one? What new features did you add? Can you give us a sneak peek of the features coming soon to be integrated you highlighted?
Going through your roadmap, Entropify has slated it’s Mainnet launch, a proposed IDO, Liquidity Mining launch and Sponsor Mining Launch all within the periods of Q3 2021. For a relatively new prediction market as yours, these events are essential. Been that Q3 2021 ends this month, I couldn’t find an update on some of this scheduled events, especially your Mainnet launch. Therefore, can you offer us some insight into the current phases of development of these products, when should we expect the launch of your Mainnet and IDO event, and how will these products improve the quality of services offered?
Entropify will allow users claim a portion of the protocol revenue, and this is done with the user’s Revenue Claim Power popular referred to as RCP. Can you explain this process in details, how can a user acquire and increase their RCP, how often can this revenue be claimed by eligible users, and since the protocol rewards users in the form of multiple asset claims, what specific asset types are used in these revenue claims?
Entropify is said to support multiple prediction products such as Prediction of the price of favorite coins or NFTs, Speculation of stocks or commodity market and Forecasting the key performance metrics (KPI) of DeFi protocols. How does the prediction/ Speculation/Forecasting for coins or NFTs, off-chain assets and KPI of DeFi protocols work and how are they implemented?
What are the main and most reliable sources of data in the DeFi prediction market, what are the factors that affect the intervention of inexperienced speculators, how performance can be amplified with prediction skills, in what type of projects the application is recommended of predictions and why does the use of DeFi protocols bring greater benefits?
Tell us about new game releases including: A game BTC – USDC A BTC – USDT game, what are the basic rules to make a prediction, what are the aspects that take into account what are the risks and margins of errors that can directly affect the performance and investment of the participants, what is the level of participation of your community for the improvement of the dApp?
What is the scope of Entropyfi in what type of project or products can it be applied, for how long should a useful or applicable forecast be considered, which chains support the predictions, is it possible to participate in market speculation without putting capital at risk? Why do you consider that your game logic and platform are safe and reliable, how is it different from the rest of the projects on the market?
How are ENTROPYFI V1 and V2 products loseless? What kind of mechanism have been used to reduce the risk from uncertain price change due to supply and demand of coins?
Greetings Entropify, I would like to know more about the platform, how to start from scratch in the game, how to play? What do I need to get started if I am a newbie? What is the difference between Entropify and the traditional market? Can I leave a prediction at any time? Explain to us the function of placing the smart contract automatically in the prediction for the following rounds? What benefit will using the smart contract automatically bring me? You can give us more details about these functions provided by Entropify