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 EpiK Protocol and our guests was @EpiK_James – representative of EpiK Protocol. The AMA took place on the 16th of September.
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 Epik
Protocol! Welcome to Satoshi Club😀
Paul Mont | Satoshi Club:
Today’s guest is @EpiK_James! Welcome! Great to have you here! 😁
James EpiK:
Hello, everyone. I’m James Lim, founder of EpiK Protocol. Nice to meet you
here. 😝😝
Paul Mont | Satoshi Club: How are you today? It’s a great pleasure for us to have you here at Satoshi Club 🥳
Mary | Satoshi Club: We are happy to see you here today!
James EpiK:
Everything is nice!🥰🥰Thanks for your
warm welcome.
Mary | Satoshi Club:
That’s great, so, we can start our AMA 🚀
Paul Mont | Satoshi Club:
We’re all very fond of Epik projects here at Satoshi Club 😉
Really excited to get to know more about it! 😁
Mary | Satoshi Club:
And we want to know as much as possible ☺️
Let’s start with the intro!
James EpiK:
So, let me introduce our project briefly first, shall I?
Paul Mont | Satoshi Club:
Yes please 😉
Mary | Satoshi Club: That’s right 👍
James EpiK:
EpiK Protocol is the world’s first decentralized storage protocol for AI data
Mary | Satoshi Club: Why you choose data for your protocol? How different Epik Protocol is from existing decentralised storages?😃
James EpiK: AI consists of algorithms, data, and computing power. With the computing power, we have today, the algorithms have reached the bottleneck. But the facts tell us that with higher quality data fed to the same algorithm, the intelligence of AI can be improved a lot.
AI data market is huge. But they meet the problem of rising labor cost and rising management cost. This is exactly what blockchain is good at.
Back to decentralized storage, it is a fact that miners in Filecoin had spent a lot of storage resources to store meaningless data.
We need effective data in the decentralized storage ecosystem and the huge AI data market is a perfect solution for it.
Mary | Satoshi Club: Really? You can solve this?
Paul Mont | Satoshi Club: Right, you mentioned high quality data – how does Epik Protocol manage to filter that data and make sure only meaningful data is fed to the algorithms?
James EpiK: That’s why EpiK Protocol aims to build a data sharing economy platform based on decentralized storage technology to reduce the costs of producing AI data and provide effective data for the decentralized storage ecosystem at the same time.
Our loop-of-value looks like this.
Mary | Satoshi Club: Interesting solution👍
James EpiK:
We have a lot of partners using EpiK Protocol to collect data what they want in
healthcare and i-City.
Paul Mont | Satoshi Club:
Cool 😁🔥
James EpiK:
We believe EpiK Protocol could make a difference in global AI market.
Mary | Satoshi Club:
It seems to me that you should have a big team to provide such services, am i
right?😃
James EpiK:
It’s just a beginning now.
Our team is not BIG. But our community is big. Because our token symbol is EPK. So the members in our community is called EPKers. EPKers are passionate. They join us to contribute as bounty hunters, domain experts and knowledge nodes.
Paul Mont | Satoshi Club: Sounds cool to be an EPKer 😉
By the way, is the core team public yet?
James EpiK:
As for now, more than 30k knowledge nodes and 600k bounty hunters have joined
us.
Yes. Our core team is public.
Paul Mont | Satoshi Club: Wow, that’s some impressive numbers there ✨🔥
James EpiK:
We have published our data-labeling game called Knowledge Mainland. All EPKers could download it via https://www.epikg.com/.
Bounty hunters could help EpiK Protocol to label data via this Play-to-Earn game.
Paul Mont | Satoshi Club:
An opportunity for our Satoshi Clubbers to join in and become EPKer Satoshi
Clubbers 😉
Check it out, boys and girls!🔥
James EpiK:
😄 Big chance
Paul Mont | Satoshi Club: Okay @EpiK_James, it was a wonderful intro! 🔥
We have collected some community questions to learn more about Epik Protocol, are you ready to go?
James EpiK: Sure.
Q1 from Telegram user @highpee One of the important layer of your project is Epik Knowledge Graph which has been described as Human Knowledge Graph reimagine. Knowledge Graph is a veritable technological tool in Artificial Intelligence as it allows the transformation of AI perception intelligence to recognition or knowledge-driven intelligence. So, can you tell us the uniqueness of Epik Knowledge Graph? How do experts register file domain in your Knowledge Graph and Knowledge Gateway? How is the combination of knowledge and machine learning algorithm executed and in what way has this allowed you to provide an Intelligent and adaptive Loop-of-value that is applicable in the area of education, healthcare, public security, and risk control?
James EpiK:
Good question.
Ai is good at improving production efficiency, and blockchain is good at optimizing collaboration efficiency.
EpiK Protocol aims to leverage the technology of Blockchain to reduce the costs of producing high-quality data for AI.
What’s more, the data we work together to produce should belong to us and it cannot be stored and controlled in a centralized manner.
That is why we integrate the technology of decentralized storage in the solution of EpiK Protocol.
And that’s why EpiK Protocol is also called the world’s first decentralized storage for AI data.
Paul Mont | Satoshi Club: I find this to be an essential principle 🙌
So, as an expert, how can I interact with the knowledge Graph and the Gateway?
James EpiK:
In order to make sure the data we work together to produce is valuable, we have
a special role in EpiK Protocol called domain expert.
We have developed a lot of tools for domain experts.
The tools look like this.
Domain experts could design the format of data, publish tasks, verify data and submit data with our tools.
The more verified data a domain expert submitted, the more EPK he could earn every day.
If a domain expert submits dirty data to cheat all EPKers, he will be punished with EpiK DAO.
The punishment will be very strict.
Mary | Satoshi Club:
I am impressed with your answers 👍
James EpiK: We use economic incentives to keep data submitted into EpiK Protocol high-quality.
Reward and Punishment.
Paul Mont | Satoshi Club:
How are domain experts chosen?
Given the key role that they have in the protocol 😉
James EpiK: Good question!
Each candidate domain expert need to be nominated by active domain expert.
Each nominated domain expert need to get 100k votes supported by EPKers. 1 EPK = 1 vote.
Each nominated domain expert with more than 100k votes will be active. Whenever his votes are less than 100k votes, he will be inactive.
If a malicious domain expert is punished in EpiK DAO, the domain expert who nominate the malicious one will be punished too.
Paul Mont | Satoshi Club:
Very thoughtful and careful design 👍👍
Mary | Satoshi Club:
Thank you for your answers, James! Ready to proceed?😃
Paul Mont | Satoshi Club: Ah this another cool piece of news and opportuity for our Satoshi Clubbers! Thank you for sharing! 🔥🔥🔥
James EpiK:
You’re welcome!😝
Paul Mont | Satoshi Club:
Great answers @EpiK_James! Thank you very much! 😉 The next question
enquires about the current AI potential 🙂
Q2 from Telegram user @Orlemys You’ve said that artificial intelligence needs to have cognitive capabilities. However, instead of asking you what this AI can do, I’d like you to tell me about its limitations. What is it that it cannot do, no matter how hard professionals try, and do you think this will get solved in the future? Are we close to a breakthrough in AI technology? And if so, how will Epik Protocol contribute to it?
James EpiK:
We don’t believe the Matrix will come true. But we believe J.A.R.V.I.S. could
be feasible. That means, AI is able to assist us to make better decisions
instead of conquering us.
AI consists of algorithms, data, and computing power. With the computing power, we have today, the algorithms have reached the bottleneck.
But the facts tell us that with higher quality data fed to the same algorithm, the intelligence of AI can be improved a lot.
Paul Mont | Satoshi Club: That’s the Jarvis in Iron Man right? 🙂
James EpiK: High-quality AI data is indeed what EpiK Protocol focuses on. Blockchain is the perfect technology to build a data-sharing economy platform to reduce the costs of producing high-quality AI data.
Yes!
Paul Mont | Satoshi Club:
Darn, cool 😁🙌🔥
James EpiK:
Over.
Mary | Satoshi Club:
Everything is clear and future seems bright with Epik Protocol 😃
Thank you for your answers! Ready to jump to the next question?
James EpiK:
Sure.😁
Q3 from Telegram user @Jamesxmen Last June, Epik has welcomed Ben Goertzel as its expert advisor. We all know that Ben is a well-known AI scientist and the founder of the company “SingularityNET” and “Sophia”, the AI citzen-robot. Following this collaboration with Mr. Geortzel, what was added to Epik Protocol since then? Do you have shared work with the AI company SingluarityNET? What will be the future of Epik Protocol given that Ben Goertzel is your adviser?
Paul Mont | Satoshi Club:
I love this question as it’s about one of my favourite unsung experts in the
space 😁
We also had the pleasure to have our friends from the Singularity project here at Satoshi Club 🔥
James EpiK: We have a close partnership with SingularityNET. Ben is not only our advisor but also our candidate domain expert in Healthcare. We are working together to producing more high-quality AI data for the Robot Grace who is the sister of Sophia.😄
Mary | Satoshi Club: Wow, I haven’t heard about Robot Grace 😃
James EpiK:
BTW, we believe our partnership will make the Grace smarter. Stay tuned!!!!🤣
Paul Mont | Satoshi Club: Haha great pick! I don’t think there are experts as knowledgeable as Ben 🙌
Mary | Satoshi Club:
Please, we want to have AMA with Grace😂
Paul Mont | Satoshi Club: Is that Grace by the way?
😁
James EpiK:
Haha, Grace is not here.
Grace is shy and works in hospitals now. 🤣
Mary | Satoshi Club: If you will have a conversation with her tell her Satoshi Club is waiting 👍
James EpiK:
Haha. It’s a good idea.
Paul Mont | Satoshi Club: Haha, yes we definitely want her here when available 😁
Mary | Satoshi Club:
Thank you for your answers! Ready to go to the next question?
James EpiK:
I’m ready!
Q4 from Telegram user @Jmagsss One way of working and collaborating with Epik Protocol is to participate on its AI data annotation activity called “EPK Bounty Hunter”. An estimated 1 hour of participation may grant users EPK tokens. The more activities joined and done the more EPK rewards. I don’t consider myself as an AI expert but I am really much interested in joining this campaign. Can you tell us what to expect from this activity? Do I need to have a deep understanding about AI first before indulging myself into this campaigns? Also, you mentioned that inviting other friends into this activity may reward me with some NFTs with accordance to the activity level. Can you explain that feature?
James EpiK:
In one word, everyone could join us as a EPK bounty hunter.
But we have to accept that the data-labeling tasks in different domains will require different knowledge backgrounds.
For example, if you have good English speaking and listening skills, you could help to label voice data.
Mary | Satoshi Club:
As i know bounty hunting require different kind of verification now, to exclude
bots and multiaccs. What about your requirements? Only quality?
James EpiK:
If you have common sense to American Universities, you could help to label the
knowledge graph data of universities.
As for each domain, we will have an exam for all bounty hunters. You could take the tasks in the domain only when you passed the exam.
Like this
Mary | Satoshi Club: Oh, it’s cool! New level of verification 👍
Paul Mont | Satoshi Club: 👍👍
Mary | Satoshi Club:
Thank you for your answers, James! Ready for the next question?
James EpiK: Not yet! According to our economic model, 330k EPK will be minted every day.
Paul Mont | Satoshi Club: Wow!
Do you have a tokenomics paper you would like to share with our Satoshi Club community? 😉
If so, this is the best momento to do so 😁
James EpiK:
75% of them will be distributed to all knowledge nodes. 9% will be distributed
to all domain experts. 1% will be distributed to all EPKers who participate in
EpiK DAO. 15% will be distributed to all bounty hunters.
Paul Mont | Satoshi Club:
What will be the total supply of EPK?
James EpiK: Light whitepaper, economy whitepaper, and governance whitepaper could be found at our website epik-protocol.io
Paul Mont | Satoshi Club: Perfect! Thank you very much for sharing!🙌
Well, thank you for the clear answer, are you ready to proceed with the next question or do you want to add something else?😉
James EpiK:
Yes, still something! That means, there are about 30k EPK distributed to all
bounty hunters in Knowledge Mainland every day. Here we want to prompt that
your credit scores will be decreased if you answer questions in Knowledge
Mainland carelessly. If your credit scores is less than 60, you cannot share
the EPK rewards. Your initial credit scores will be 80. It will be increased if
your answer is accepted by domain experts.
Paul Mont | Satoshi Club:
This is a very smart design, love it 🤩
James EpiK:
If you answer questions in Knowledge Mainland, your will get reward scores. You
could use reward scores to open mystery box including EPK and game tools in it.
If you invited friends to Knowledge Mainland, you could get rewards scores
commission which is up to 30% at the first level and 15% at the second level.
Mary | Satoshi Club: Does it often happens that user can’t get enough credit scores?😃
James EpiK: If your answers is selected by domain experts as the highest quality data every month, you could get a NFT as a knowledge badge.
If the users answer the questions with a serious attitude, that won’t happen. 😄
Over.
Mary | Satoshi Club: Can you show us this NFT?😃
James EpiK:
Wait a moment!
Paul Mont | Satoshi Club:
Drum roll moment🥁🤩🥁
James EpiK: If our users answering questions with emotion and rhythm, we will reward him with NFT like this.
Mary | Satoshi Club: It looks really nice 🎉🎉🎉
James EpiK: Haha, thanks!
Mary | Satoshi Club: And next question is knocking at the door 😉
Paul Mont | Satoshi Club:
Thank you for sharing @EpiK_James! Here comes our next community question 😉
Q5 from Telegram User @Cheriemike
EpiK Protocol has the distributed storage capacity and have tapped into Filecoin decentralized technology to achieve trusted storage.Since you are relying on Filecoin,they have what is called Proof of Storage,Zero knowledge Proof to design Proof of Replication(PoRep)and Proof of Spacetime(PoSt)These are new consensus mechanism to me,Can you please elaborate more on how this mechanism can help you achieve trusted storage?And you also added an AI data processing collaboration network which also rely on Filecoin, Tcan you explain to us how the use of Filecoin Layer 1 and 2 will continuously deliver high value AI effective data to the distributed storage ecosystem?Thanks
James EpiK:
Good question!
In a decentralized storage ecosystem, we need to face a lot of attacks. One of these attacks is outsourcing attack.
Let’s go through a special case together. A and B are friends. They both provide the storage space for a same file in a decentralized storage network. A and B are rewarded 2X together for two copies of a same file. One day, A and B wonder if they could only maintain one copy to get rewards for two copies. Then A and B share a same storage space and announce they both have stored the same file.
When we ask A if he still stored the file, we will get YES. And we will get YES from B too.
This is a big economic problem in a decentralized storage ecosystem. In order to solve this problem, we need Proof-of-Replication and Proof-of-Spacetime.
The trivial idea is to make each miner to store different bytes even for a same file. With PoRep and PoSt, when A and B announce they both have stored the file, we could know they actually have different bytes in their storage space and they cannot use 1 copy to earn rewards of two copies.
EpiK Protocol focus on producing and storing AI data. The data we store in EpiK Protocol is bin-log format.
That means, if you want to get a complete database of a domain, you need to download all bin-logs in this domain and replay these bin-logs to recover the complete database. In order to speed up the replaying period, we encourage EPKers to store a snapshot in Filecoin.
Mary | Satoshi Club: Are PoRep and PoSt already live?
James EpiK:
When you need to get a complete database in a domain, you could download the
latest snapshot in Filecoin at first and then replay the diff bin-logs from
EpiK Protocol.
Mary | Satoshi Club: Cool tech👍
James EpiK: Yes
It’s alive in our main-net.
Mary | Satoshi Club:
Awesome!
Paul Mont | Satoshi Club:
Great, great! Thank you very much!
Coming now is the last question for this very first part of the AMA, then we’re heading into the LIVE part of the session 😉
Q6 from Telegram User @Arisabela
In your roadmap from 2022 to 2072 plans you have “forward, together”, can you tell us why you have set this 50-year goal for yourself and what aspects of the real world and the DeFi world do you hope to change with your features and technology? Why is this such a long-term sustainable project?
James EpiK:
AI data is used to make AI smarter. This process is just like to teach our
children. Teaching is never a short-term thing.
That’s why we schedule our EPK release plan in next 50 years.
In order to make this journey go through 50 years, we design EpiK DAO to make this journey decentralized. EpiK Protocol and this dream don’t belong to any individual. They are controlled by all EPKers.
Paul Mont | Satoshi Club:
I like the idea of nurturing a project looking at a “true” long-term
scope. Kinda feels like putting things into perspective as well, and the fact
that it will be in the hands of the community is very empowering 😉
James EpiK:
In my opinion, DeFi solves the problem of token liquidity, NFT solves the
problem of data ownership and metaverse solves the problem of virtual business
environment.
Thanks to these technologies is ready now, EpiK Protocol could leverage them to push AI and Blockchain forward.😆
Over.
Part 2 — live questions from the Telegram community
Q1 from Telegram user@Xusuo As i know $EPK is ERC20 token, so how do you handle the high gas fee and slow problem cause by ETH chain? do you have a plan to move to other chains?
James EpiK: All EPK is minted in our own main-net. In order to leverage the prosperous defi / NFT / Metaverse ecosystem in Ethereum, we create a cross-chain bridge between our main-net and Ethereum. All EPKers could convert EPK in our main-net into ERC20-EPK in Ethereum in our Wallet, https://www.epik-protocol.io/wallet.
ERC20-EPK could be converted into EPK in our main-net too. The rate is 1:1 except for transaction fee.
Q2 from Telegram user @syedbesharat Explain Epik gonna launch any new A.I App for adopters?
James EpiK: EpiK Protocol focuses on AI data. Our domain experts will focus on the A.I Apps. Here is the App of one of our candidate domain experts. It’s a digital twin solution. They simulate a real city and allow AI-driving cars to run in their simulated city. In this way, they could help companies like Tesla to train cars for 10k hours every day. The more amazing thing is that they could simulate earthquakes in the simulated city to test what the AI-driving car will do in this special situation which they could test in the real world.
It looks like this.
Q3 from Telegram user @niko518 Epik is a well-known initiative that has a privileged position as the industry leader in the B2B sector for NFTs. How do You intend to maintain this edge in the long run? How do You deal with the competition?
James EpiK: Please be care of another project called EPIK Prime. We are EpiK Protocol. We are two different projects. They used our information in DAO Maker to do IDO so that many people misunderstand.
Q4 from Telegram user @Gemshunter22 Where can I buy EPK and be EPKers? Is it listed on any CEX??
Q5 from Telegram user @Rinhere There is also a chance to get 30% commission if I’ll invite my friends to the bounty program, I know many friends who are experts in this, How can I do that?
James EpiK: If your friends are good at labeling data, please download this app and share the invitation link with them. https://www.epikg.com/
Q6 from Telegram user @Arisabela Your Bount Hunter feature offers to earn EPK in exchange for collaborating with knowledge data for your network and completing tasks, however, it is not clear to me what knowledge and previous experience hunters require to participate in these tasks, can you tell us what they consist of? Are they only for experts?
James EpiK: Bounty hunter is open for everyone. Have a try via downloading our App. https://www.epikg.com/
Q7 from Telegram user @surendra040 You have your EPIP-1 open and also published the first EPIP-1 in EPIK PreDAO. Can you tell us about the new proposed guidelines and what are the requirements for new users to participate in EPIK PreDAO?Also, who can vote on the submitted EPIP?
James EpiK: All EPKers could vote on the published Proposal by scanning the QR code of your preferred option with our wallet, https://www.epik-protocol.io/wallet.
The weight of your choice depends on how many EPK you have in your wallet.
Q8 from Telegram user @King_Raja I read somewhere, that ” EPIK” The project name derived from “Epigraphic Knowledge” What does this mean?
James EpiK: “Epik” was derived from “Epigraphic Knowledge”, which means the deciphering of knowledge previously recorded on stele.
It means the data will be stored safely and it cannot tamper.
Q9 from Telegram user @coinerman Can you simply explain what a player has to do to achieve the maximum win rate on the EPIKPrime platform?
James EpiK: We are NOT EpiK Prime. Please be careful of the misunderstanding. We are EpiK Protocol. Our token symbol is EPK.
Q10 from Telegram user @Nonerlike Can you please provide detailed information about EPIK PROTOCOL foundation grants program? How long will the proposal be accepted?
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 Pinecone and our guest was
@jinhowong. The AMA took place on 16 September.
The
AMA session was divided into 3 parts with a total crypto reward pool of 500$
In
this AMA Recap, we will try to summarise the most interesting points for you.
Part
1 — introduction and questions from the Telegram community
Mary
| Satoshi Club: Hello
Satoshi Club! We are happy to announce our AMA session with Pinecone!
Welcome to Satoshi Club😀
Our guest today is
@jinhowong👏
Jonah
🏅🎹 | Satoshi Club: Hello @jinhowong
Welcome to Satoshi Club we’re glad and Excited to have you here
Jin:
Hello everyone, pleasure to be here
Hi hows going
Mary
| Satoshi Club: Welcome here, Jin👏
Jin:
Thanks for the organization
thank you
Jonah
🏅🎹 | Satoshi Club: Fine you are welcome
Mary
| Satoshi Club: We are happy to see you here today and
are excited to hear more about Pinecone😀
Jin:
I am pleased to provide as much info as i can
Mary
| Satoshi Club: So, let’s start 🚀
Jin:
sure
Mary
| Satoshi Club: Could you please introduce yourself and
tell us more about Pinecone 😀
Jin:
About myself: this is Jin, founder of
Pinecone Finance. I Graduated from Tongji University with a bachelor’s degree
and Oxford University MBA, and currently served as the Secretary General of
Oxford and Cambridge Alumni Society.
I have been in crypto
world since 2017, and was involved in the founding and development of two
crypto projects, including Wabi Project which was listed on Binance in 2017.
Before that, I was a business consultant worked in McKinsey.
About Pinecone Finance:
Simply speaking, Pinecone Finance is a Yield Optimizer on Binance Smart Chain.
We focus on single asset farming. By providing users with multiple farming
strategies, including a unique dual layer reinvestment strategy with a hedging
mechanism and an anti-flash loan mechanism, we aim to provide users with high
returns while minimizing risks.
Other than PCT rewards,
PCT holders can also enjoy sustainable income in BNB coming from the
performance fee charged for vault users.
Jonah
🏅🎹 | Satoshi Club: good to know that
you’ve been in this space for a while and have great experience
Mary
| Satoshi Club: 2017 presented industry a lot of clever
people 😃
Jin:
Not too long, only 4 years, still learning everyday since crypto world is
changing rapidly
Mary
| Satoshi Club: Yes, i am always impressed with speed
of changes in crypto😀
Jin:
And defi only starts to boom for a year
Jonah
🏅🎹 | Satoshi Club: Yes and with Bright
minds like you.. we are sure to see more Important changes come up 😊
Jin:
Actually
Mary
| Satoshi Club: Tell our community about Pinecone team😃
who are there?
Jin:
I dont think i am that smart myself, my team’s brains are much brighter
Currently there are
circa 14 people full time
Jonah
🏅🎹 | Satoshi Club: Team work makes this
industry move
Jin:
We are a mature team consisting of people with various professional background.
The core members of the
team come from Hong Kong, Taiwan, Singapore, US, UK, China and other parts of
the world. Each has more than 15 years of rich experience in traditional
finance and the crypto industry, and served in senior executive positions in
Fortune 500 companies, including CEO, CTO and other C-level positions, industry
experience varies from blockchain, Internet, gaming, finance, marketing and
public relations, etc.
Other than their
experience and expertise, what is more important to me is the integrity and
ethical standard of the team members. All the team members are either my childhood
friend or long term business partners or colleagues and the team was built
based on the shared value of trust, transparency and high ethical
standard.
What makes us a strong
team is also the synergy and team work. With people from different gender,
background and culture contributing to the project, we often see the great
creativity and ingeneous solution coming out of conficting thoughts and
constant debate. That is also part of
the pleasure I get from working on this project.
Mary
| Satoshi Club: Is your team public?
Jin:
No, only myself is 100% public. As you know, some of the members are based in
China, where the policy
to crypto is not friendly.
Mary
| Satoshi Club: Yes, that’s true, it’s sad that not all
countries are friendly to crypto
Jin:
To protect them, I choose to fully publisize my ID so that in case anything
happens, I will take the full responsibility
Jonah
🏅🎹 | Satoshi Club: But are there plans of
making them public anytime, or adding to the team members who will be public
Jin:
As you know in China, actually there is no other defi project has a public
founder…
Plan to make some public
gradually
If we are all foreign,
i will ask all members to be public
in the Wabi project,
the core team was public
Mary
| Satoshi Club: I see😀 hope one day this will
happen!
Jin:
only reason is to protect them from unforeseen gov policies in mainland china
I actually think all
defi project should be fully transparent
including team members
Mary
| Satoshi Club: 👍 We all think and hope😀
Thank you for your
intro, Jin! We choose 6 questions from our community for the first part of our
AMA 🚀 Are you ready for them?
Jin:
Shoot me please lol
Jonah
🏅🎹 | Satoshi Club: Lets go
Jin:
sure
Q1 from Telegram user
@Asela1112
Currently
Users Can purchase $PCT tokens on BabySwap Which is introduced to the market
recently. Why did you make a compromise with BabySwap while there are top
exchanges in BSC ecosystem such as Pancakeswap? And also by staking PCT-USDT
pair, Users are able to earn $BABY tokens. Conversely by Staking $BABY tokens,
$PCTs can be earned. In here, how much is the minimum & maximum amounts,
Users should have in order to participate in Staking Protocal on BabySwap? What
will be the Given APR for PCT-USDT & $BABY tokens Stakings? What will be
the claiming periods, Will users be able to redeem the rewrds daily? Most
staking protocals maintain a locking period like 15 days, 30 days,45 days, 60
days etc.. What about the locking periods of this Staking event? Can I withdraw
my tokens at anytime with extra fee?
Jin:
Actually we have good access to BSc from previous Binance resouces. We did talk
to Pancakeswap but as you know we currently are still small so there is not
much negociation leverage, and we will definitely expect formal partnership
with Pancakeswap as we grows. Also Biswap and Apeswap are also in the pipeline
In fact Babyswap is the
new partnership we have just formed recently and only launched yesterday.
Before that, our token has been listed in Pancakeswp for more than a month
already.
For staking Baby to
earn earn PCT, there is no minimum & maximum amount in terms of how much
you can stake. Currently the APR for staking PCT-USDT to earn Baby is over 400%
and staking Baby to earn PCT is over 70% and there is no locking period. You
can withdraw your assets or claim profit any time you want. The initial
liquidty on Babyswap provided by us will be locked for 90 days.
Better still, if you
stake Baby to earn PCT at Babyswap, you can come to pinecone.finance to stake
your PCT to earn more PCT with APR as high 115%, and this reward include both
BNB and PCT as well.
Mary
| Satoshi Club: When Pinecone launched?😃
Nice APR, btw😉
Jin:
Pct
Presale was launched on Aug-9th
Mary
| Satoshi Club: Oh, only one month😀 you’re very
young!
Jin:
yes
Jonah
🏅🎹 | Satoshi Club: will be glad to see
PCT on Pancakeswap soon
Jin:
actually many things have happend in a month, including the exploit
Mary
| Satoshi Club: May be you are going to partner with
another smaller than Pancakeswap dexs?
Jin:
Pct-Bnb pair is already on Pancake, we will definitely seek more partnership
with Pancakeswap
in the short term, yes
Mary
| Satoshi Club: We have next question about this😃
Ready for it?
Jin:
really?
ok
Q2 from Telegram user
@nhairym
Please
tell us a little about the security incidents that occurred on August 18,
despite the complexity of your security protocol, it could have been violated,
protocol changes have been made or have limited themselves to solving the perch
and staying alert to any signs of behavior. ill-intentioned, there is the
possibility that a similar situation could be repeated, as they can demonstrate
to their investors and new participants that they have managed to overcome this
bad experience and that they are trained and financially, technologically and
humanly prepared to go out to the cryptographic market and demonstrate its
solidity and strength?
Jin:
I think many users would want to know more about it
Mary
| Satoshi Club: Yes, such things can happen with any
project but the main thing is to learn the lesson and don’t be afraid to talk
about this 😀
Jin
: This
is a pretty long story and I hope I won’t bore everyone here. 😊
I will answer in 2
parts, 1. what happened and what we did/learned
Mary
| Satoshi Club: Of course no, take your time 🙂
Jonah
🏅🎹 | Satoshi Club: They are interested in
knowing
Jin:
2. how we enhance safety measures in the future to ensure such things won’t
happen
The incident happened
on 18th Aug shortly after we launched our PCT staking vault. There were some conflicts between our yield
opmizer protocol and token deflationary mechanism, and loophole was discovered
and abused by one of our early users who managed to profit around 500 BNB
(circa 3.5Mn Pct). The PCT price was instantly plunged from 0.095 to 0.037.
We immediately
suspended the smart contract and cooperated with the audit firm PerkShield to
fix the loophole. After internal discussion overnight, all team members,
advisors and early investors reached an agreement to use all minted tokens
(total of 4.9 million, 20% of the total supply during that time) to compensate
our users, while stabilizing the price of PCT to the level before the incident.
Meanwhile we also took
swift action to trace the perpetrator and mananged to locate his hot wallet
addresses on Binance, Huobi, Okex. He contacted us on Aug-19 after seeing our
publicities urging him to return the fund. After a long conversation with me,
he returned all the lost fund. Seeing
the way the project team dealing with this incident, he was even more
optimistic with our project and
continues to support Pinecone in whatever way he can including buying
more PCT and marketing for us. Now he is the biggest fan of Pinecone.
This is the first part
I now answer the second
part
Mary
| Satoshi Club: Wow, this sounds like detective story
with happy end😀
Jonah
🏅🎹 | Satoshi Club: The Team did a Good
Job I must say
Jin:
His wallets on BSc was also marked as Pinecone Finance exploiter
He did not expect we
react so fast
Mary
| Satoshi Club: Yes, i see that the end of such story
often depends on team actions, fast actions
So, currently how many
audits do you have?
Jin:
This incident really made us realize once again that safety should be our top
priority. Although we set the maximum transaction limit each block, and
restrict the access of external smart contracts as a defensive mechanism for
flash loan attacks, there are other security risks cannot be ignored. We will
adopt more stringent security measures to maximize the security of the
protocol, including but not limiting to the following:
• Conduct more smart
contract audit by leading audit firms. currently we have finished main contract
audit by PeckShield and Beosin, and Certik audit is in the progress.
• Strictly abide by the
security work process of code release including adding a role of security
auditor internally, and insist on completing internal and external security
audits every time a new smart contract is released
• Add PCT token price
alert and emergency response mechanisms. For example, if the token price drops
by 30% within 10 seconds, the deposit function of the smart contract will be
immediately suspended, while reducing the maximum number of PCT transfer limit
and turning off all PCT minting mechanism until completing the troubleshooting.
• Launch bug bounty
program sometime soon and leverage the power of community to help us
continuously improve the security of our protocol
In the process of
dealing with this crisis, I had an even greater understanding about the
importance of communication. If there is no communication, the blockchain world
is just like a dark forest described in the book of Three Bodies. Each of us is
trapped in the chain of suspicion, and everyone is likely to become a hunter.
Only communication can break this chain of suspicion. This user was actually
our early supporter and had invested quite a bit of money in the pre-sale. After
seeing our efforts and sincerity in handling the incident, he decided to do the
right thing.
Although the origin of
the incident was not pleasant, the follow-up development proved that even if we
are all strangers, even if there is a misunderstanding, as long as there is
kindness in heart and candid communication, it is certainly possible to build
trust.
Compared with the
traditional financial world, DeFi is still at an early stage of development. In
a decentralized world without supervision, trust is so rare and fragile, it
needs everyone including project teams, institutions, and users, etc. to
continuously strengthen and protect the foundation of trust to ensure the
long-term and healthy development of the ecosystem. I believe this is also in
the long-term interests of everyone in the Defi world.
Jin:
3 companies so far, PeckShield and Beosin, and Certik
Mary
| Satoshi Club: Wow, i apploud to you!
Mary
| Satoshi Club: I see, excellent choice!
Jin:
Will be more, as you know Auditing can take time
Mary
| Satoshi Club: Hope that was first and last incident
which happened to Pinecone 💪
Jonah
🏅🎹 | Satoshi Club: Was any Serious
Loophole detected in any of these audits?
Jin:
There was not much I could do when it happened,
compensate 140%, using
own money to bring price back, and trace the attacker asap. Also promised the
community that we will not run away. Shit happens, but we need to face it and
solve it. Long termly, we need to adopt more stringent safety measures
Mary
| Satoshi Club: Thank you for your answers! Ready to go
to the next question?😀
Jin:
To be honest, our protocol is pretty complicated. It is a combination of yield
optimizer and reflective token. There is a certain conflict between these two
mechanism, which is reflected in our newly launched PCT staking pool. If there is no PCT staking pool, it wont be
found. So Audit company did not
Sure, let’s go
Q3 from Telegram user
@Jamesxmen
You
have planned to add a Cross chain interoperability to Polygon network. There
were not sufficient details on this headline. So please give a sneak peek about
this Cross Chain interoperability to Polygon network? Will you make $PCT tokens
as compatible with ERC 20 since $MATIC is an ERC20 token? When will you migrate
to other alternative Blockchain networks like Ethereum, Polkadot, Solana? Will
there be a cross chain Bridge also that support more currencies including with
ERC20, TRC20, BEP20 in 2022 year along with the event of Cross Chain to
Polygon?
Jin:
When we made our roadmap two months ago, Polygon was a rising star and it was
natural to select them as the network we want to add cross chain functionality,
especially because Ethereum, BSC and Polygon are all based on ERC 20 standard,
which make it easier technically as well.
However things change
really fast and we have seen even faster growth in Solana and some interesting
development in Ethereum Layer 2 recently. Cross chain is still one of the key
development in Q4 in our road map, but which one to go to and how we are going
to do it depend on the market environment and the business needs of Pinecone.
There is no point doing this just for the sake of ticking the box, as a
business, we will have to go to where the ecosystem is sound with more active
users, in order to drive the business growth and financial success.
Mary
| Satoshi Club: Hm… If tomorrow, let’s say, Cosmos
will develop faster than Solana?😀 Will you think about this
opportunity?
Jin:
Possibly, it will be based on several measures: 1. the foundations (tps, cost
etc), 2. Infrastructure like main dex and lending, 3. users and tvl, 4.
technical compability 5. financial measures includingh tokenomics
Mary
| Satoshi Club: Gotcha! We will definitely follow
updates from you 😊
Q4 from telegram user
@Ajpaa
PCT
Holders can earn performance fees (30% of the farming profit) produced by
Pinecone vaults in BNB, the BNB rewards are distributed once in every 5 days.
PCT Holders Simply can go to the website and click “Harvest” button to bag
their earnings. Can you briefly explain the concept of the performance Fee and
how it works in your ecosystem? How is the performance fees (30% of the farming
profit) distributed to PCT Holders? What happens if a PCT Holders did not
“Harvest” the BNB reward after 5 days? Will the reward be automatically lost?
Jin:
Firstly, this is not an updated version lol. Users can claim BNB reward anytime
they want now, even if they wait their bnb reward will never be lost
Mary
| Satoshi Club: Will you update it? Or users need to do
something to see updated version?😀
Jin:
This was indeed the rewarding mechanics we designed initially. However after
testing it for a while, we realized there were a few issues associating with
it. Firstly the APR is hard to calculate and estimate which makes it difficult
for uses to make a judgement on how much money they can make. Secondly people
would love the choice of being to able to claim their rewards anytime to
reward.
Considering of such, we
change the reward system to the traditional staking model. But the good part is
when you stake your PCT in the vault, other than the PCT rewards, you also
receive BNB rewards which comes from the performance fee and you can claim any
part you want and any time you want.
Mary
| Satoshi Club: How much BNB and PCT rewards were
claimed since launch?😀
Jin:
We use 30% of the performance fee to reinvest in PCT, when people claim bnb,
half of the performace fee will be distributed to users in bnb
hmm, I need to ask the
team for details. In terms of BNB, I think around 600bnb has been distributed
to users
PCT part is difficult
to cal, the Apr for pct on ave is around 100%
Mary
| Satoshi Club: Great numbers 👍
Understand 😀
Thank you for your
answers! Ready to jump to the next question?🚀
Jin:
sure,
Q5 from Telegram user
@Cheriemike
NFTs
are becoming popular in the Cryptospace and Pinecone plans to improve it’s
yield optimizing product by including Gamefi Financial NFT in it’s platform.My
question is,What plans have you put in place in achieving this?What kind of
NFTs games will you integrate on your platform?Have you made plans of When your
NFTs be available?Will you also build your own Marketplace or you will make use
with other marketplace like Open Sea etc?
Jin:
sorry the dev told me more than 1000 bnb profit has been distributed to users
already
Mary
| Satoshi Club: Ohhh, that’s really cool 👍
Jonah
🏅🎹 | Satoshi Club: Thats an impressive
number for a young project
Jin:
when TVL grows, this number will also increase hugely
different from the
norma coin pool, the PCT apy can decrease if more people stake pct
but the BNB reward will
increase as TVL grows since it is from the performace fe
I answer this question
now
Jin:
Just a nft preview lol
Mary
| Satoshi Club: I love this👏👏👏
Jonah
🏅🎹 | Satoshi Club: looks good
Mary
| Satoshi Club: When we will be able to get some of
this cute NFTs?😀
Jin:
As a yield aggregator, Pinecone finance will always focus on our core business,
which is to help users to earn passive income in a safe, easy and sustainable
way.
We will use Financial
NFT and Gamfi as a way to make yield farming even more rewarding & more
fun. We are not going to become the next Axie under the brand of Pinecone. Our
NFT will be highly integrated with our single assets staking vaults and PCT reward
system. E.g we will have NFT designed with different squirrel images with
different levels of skills, which is corresponding to their different level of
“earning boosting score”. The NFT can be bought with PCT but with certain luck
factors. Different Squirrel NFT will be entitled with different APY, and there
will be more gamfied feature coming up to make the farming experience more
rewarding and more fun.
Mary
| Satoshi Club: Can’t wait to see this all to go live 🔥
Jin:
We plan to launch it next month, currently our team are busy developing them,
so please be patient
Jonah
🏅🎹 | Satoshi Club: This is Exciting 👏
Mary
| Satoshi Club: Super! Don’t forget to share this news
with us😀
Thank you for your
answers! Ready to go to the 6th and last question from this part?🚀
Jin:
Sure, will certainly do at first chance
Yes
Q6 from Telegram user
@ItsMelissa3
You
mentioned that to fully unleash the potential of the community, you’ve decided
to kick off your Squirrel Ambassador Program in Pinecone! That is wonderful
news for the entire community! I read that users who apply for this plan will
also enjoy extra reward in return. What will those rewards be? Will the rewards
of each ambassador depend on their contribution to the ecosystem? If an
ambassador contributes more, will that ambassador receive more rewards? What
kind of skills do you look for in Pinecone ambassadors? Are there positions
available for users of any country and of any language?
Jin:
After this last question, I will choose 10 questions to answer right?
Jonah
🏅🎹 | Satoshi Club: yes
Jin:
Yes we launched our squirrel ambassador program just a few days ago and
everyone is welcomed to join the program!
As an ambassador, you
are entitled to 3% of the total profit made by your referred friends and this
is on top of their earnings so don’t worry you are not taking their profit. So
it is totally related to the contribution from the ambassadors.
For ambassador, of
course we hope you love pinecones as much as squirrels do! And naturally you
should be an influential and trustworthy person people love to seek your
opinion! And we definitely want people from different countries speaking
different languages to become our ambassadors and hope to spread pinecones to
the world!
Mary
| Satoshi Club: We will open the chat for 2 minutes and
you will choose 10 questions after it will be closed.
Part
2 — live questions from the Telegram community
Q1 from telegram username @tomo_fan
I see that APR for staking PCT is 1.62k %, Will it
be like this always?
What changes the performance of APR?
Jin:
The APR for the PCT/BNB vault will always be the highest among all but
naturally it will go down with the TVL. However it is our intential to keep
this high to incentive liquidity providers. Feel free to try as there is no
restriciton as when you can withdraw the fund!
Q2 from telegram username @Phunsuk9999
As flash loan
attack is the most common and damaging one. Can you tell us What unique mechanics you have adopted to prevent flash loan attacks ?
Jin:
No matter how complicated the flash loan attack is, it consists of two
fundamental factors:
– Hackers must use
smart contract to interact with our smart contract
– It must execute huge
volume of transactions in one single block to return the borrowed fund
Hence Pinecone designed
a unique mechanics to prevent flash loan attacks from two perspectives:
– We restrict the
direct access from 3rd party smart contract unless they go through our due
diligence and passed our security check
– There is a max
transaction limit per block to ensure no flash loan attacks can profit from
dumping large amount of PCT to profit within one block
As we also mentioned
before, we are adding more monitoring and responding system to react to any of
the dramatic price change within short time frame as sharp price drop of token
price is often the result of flash loan attack or security breach.
Q3 from telegram username @Silica432
Can you brief me From where Can I buy the $PCT
Tokens and what all benifits I will get as a $PCT holder ?
Jin:
On our website: https://pinecone.finance/en. Click “Buy PCT” it will
direct you to the pancakeswap to buy. Holding Pct will not just earn PCT, also
earn BNB rewards from performance fee
Q4 from telegram username @munishgmr
Were you able to recover the Amount that was lost in
PCT staking vault?
Jin:
Well, users who were affected lost circa 35million pct, we compensated with
49million pct, we also bring the pct price back. So from users’ perspective
they even earn money, but we as a team, advisors and investors uses all the pct
we had to compensate.
Q5 from telegram username @Akira236
On many Platform users have very limited farming
Strategy to follow,
Do you plan to add more vaults ?
Jin:
Yes definitely there will be more vaults. also there will be more strategies
for the same coin.
Q6 from telegram username @Mercury654
There are many Yield Optimizers in the market Can you tell What Unique featured does
Pinecone Possess which make it superior from these platforms ?
Jin:
Other than the anti flash loan mechanism as we just mentioned, our key
differentiating factors lie in two perspective
We focuses on single
asset farming to avoid the impermanent losses caused by LP mining, also LP
farming smart contract is easier to be attacked than single asset farming.
We provide users with various farming
strategies with different risk/return profile to help users to diversify risk
while achieving higher returns. As high return always comes with high risk,
especially in yield farming. There is hardly any one strategy which could meet
the needs of every investor. So it is important to offer investors choices to
help them diversify the risk, just like squirrels never put all pinecones in
one place
Take our cake vaults
for example, one of the cake vault adopts a two-layer compounding strategy,
which means, the principal is deposited into Cake’s pool, and then convert the
Cake profit into BSW and reinvest in Biswap’s pool to earn higher returns. Such
a strategy comes with a certain hedging mechanism. When Cake price appreciates,
you can enjoy an increase in principal, and if Cake price falls, profit will
increase to hedge against some of the losses caused by the decline in token
prices.
Naturally some
investors might prefer more stable earnings without the impact of price
fluctuation. Hence we also provide a traditional single layer compounding
strategy, which is just take Cake profit and reinvest in Cake pool on
Pancakeswap to meet the needs of users with low risk appetite.
Q7 from telegram username @mangulal1122
Do you have AUDIT credentials or are you working to
AUDIT your project,” to make it more secure and reliable??
Jin:
Yes as mentioned before we are engaging with 3 audit companies already
Q8 from telegram username @Kabirkapoor9
Hello @jinhowong
Will Pinecone consider to conduct events like
Blind-Mining to attract more users? What are your plans for upcoming festival
seasons in different-different countries?
Jin:
Actually before presale, we have 2 weeks blind mining and people liked it since
the APY is highest among bsc for single coin thanks to our multi-strategy, and
the reward is instant and real
Q9 from telegram username @Abdullahmia
Good Day Guys,
As You Know, Tokenomics is very important for every
Users and Investors.Now my question Is: What is the Current Tokenomics status
of Pinecone Project? And How is your $PCT Tokenomics Structure? Can you Share
the Sale Structure & Tokenomics of your Project to investors?
Pinecone Platform👈
Jin:
The total supply of PCT is 1 billion, including 1.2-1.3 million for presale
(worth of 3,000 BNB), the remaining part will be released in a linear way
gradually.
There is a 30%
performance fee charged when users claim their profit. For every BNB profit
generated, 4000 PCTs will be minted to reward vaults users, accounting for 80%
of the total PCT supply, and the team, advisors and early investors account for
20%.
Other than the PCT
rewards, Holders of PCT tokens can also enjoy sustainable income in BNB coming
from the performance fee.
The design of such
tokenomics means that the interest of the team, PCT holders and PCT protocol
users (farmers) are highly bonded together. The higher the TVL, the higher the
profit, which generates more income for holders and leads to higher token
price, forming a virtuous cycle to drive the long term growth of the ecosystem
of Pinecone Finance.
Q10 from telegram username @Xusuo
i see you choose PINECONE name and i think its
unique, what are the reason choosing
Pinecone as project name, can you tell us special meaning from Pinecone ?
Jin:
As squirrels love saving pinecones and never put their pinecones in one place.
We just hope everyone have the habit of saving and diversity their investment,
especially in the time of economic uncertainty!
Part 3 – Quiz Results
As usual, for the third
part, Satoshi Club Team asked the chat 4 questions about the crypto project. A
link to a Quiz form was sent into the chat.
For
more information and future AMAs, join our Social Media channels:
Part 1: 50 /5 users – We’ll select 5 questions from the community. A user can post maximum 3 questions. 5 Questions will be selected from our website – please submit your questions in the comments section of this post.
Part 2: 50/5 users – Open chat for 120 seconds. You can post Max 3 questions. BitDiamond Russian Team will select 5 questions and answer them.
For more details: BitDiamond Russian – @Official_BitDiamond Satoshi Club – @satoshi_club Russian – @satoshi_club_ru Spanish – @satoshi_club_spanish
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 Oddz and our guest was @Aishwarya_hs. The AMA took place on 16 September
The
AMA session was divided into 3 parts with a total crypto reward pool of 500$
In
this AMA Recap, we will try to summarise the most interesting points for you.
Part
1 — introduction and questions from the Telegram community
Gold
Rocket | Satoshi Club: Hello again, dear Satoshi Club
community! We are pleased to announce AMA with Oddz
Today our guest is
@Aishwarya_hs 😍
Aishwarya
Shivakumar || Oddz: Hello everyone, Hope all of you are
doing good:)
Gold
Rocket | Satoshi Club: Hello and welcome to Satoshi Club!
Nice to e-meet you 😊
We are really excited
about upcoming AMA with you. And how are you? 😊
Aishwarya
Shivakumar || Oddz: Thanks for having me here today
Andrés
M. | Satoshi Club: Is a pleasure for us
Iam doing great, thanks
Gold
Rocket | Satoshi Club: Thanks for joining😁
last time you were with
us in February. I think you have news since then. but first tell a little about
yourself😊
How did you get to be
involved in crypto & Oddz
Tell us please about
your position in Oddz
Aishwarya
Shivakumar || Oddz: Yes last time, Our CTO was here and
this time its me;)
Happy to introduce
myself and tell you more about how oddz started.
Gold
Rocket | Satoshi Club: Yes we had really good fun last
time😁
Aishwarya
Shivakumar || Oddz: I worked in a few tech startups as a
product and marketing Lead in Bangalore.
Coming to my experience
in crypto, I was a very active trader in both the stock market and crypto
market for the last 3 years,
Gold
Rocket | Satoshi Club: Great background 👍
Aishwarya
Shivakumar || Oddz: In 2019 i started to explore more about
options trading platforms and traded in most of the platforms.
In early 2020, I
closely noticed the rise in volume in option and derivatives trading in
cryptocurrencies and identified a lot of improvements that can be ported from
the stock market to the crypto market in terms of user experience.
Gold
Rocket | Satoshi Club: So…. Give us a brief
introduction to the project. What is the essence of Oddz
Aishwarya
Shivakumar || Oddz: As a trader, I understood the pain
points which restricts a lot of users from utilizing on-chain option trading
platforms effortlessly
that’s when Oddz
started along with my Co-founder who has 10+ years of experience in Web
development and 2 years of experience in Blockchain space.
sure
Aishwarya
Shivakumar || Oddz: Oddz Protocol is a derivatives trading
platform that expedites the execution of call and put options contracts,
conditional trades, and futures. It allows the creation, maintenance,
execution, and settlement of trustless option contracts, conditional tokens
agreements, and futures contracts in a fast, secure, and flexible manner.
It employs the
synergies of Ethereum, Binance Smart Chain, Polygon and Polkadot to unleash the
potential decentralized derivatives market. It focuses on building solutions
that can propel the DeFi ecosystem by simplifying derivatives trading and
enhancing the user experience.
Andrés
M. | Satoshi Club: What do you mean with conditional
tokens?
Gold
Rocket | Satoshi Club: what has happened to you since our
last meeting with Oddz in February?
Aishwarya
Shivakumar || Oddz: conditional tokens can be created for
any events that will have a definite outcome that is bound to the time, so in
our platform users can predict the outcome of any event such as BTC price in next
7 days, Who will win the next FIFA worldcup etc etc
Lot and lot has
happened ever since February
Andrés
M. | Satoshi Club: Innovative concept, later we can talk
more about it😁
Aishwarya
Shivakumar || Oddz: We did our IDO on march with
polkastarter, we completed our testnet on both BSC and polygon networks and
finally we launched our mainnet on BSC network
Gold
Rocket | Satoshi Club: Congratulations 🎊👏
Aishwarya
Shivakumar || Oddz: Now users can finally trade Options on
Oddz platform – https://app.oddz.fi/
Andrés
M. | Satoshi Club: Well, thank you so much for the
exciting introduction, we can’t wait to learn more about the project through
our community questions😁
Gold
Rocket | Satoshi Club: Wow! It’s important milestone👏👏👏
Q1 from Telegram User
@Lestmarisv13
Oddz
employs the synergies of Ethereum, Binance Smart Chain, Polkadot, Polygon, and
Chromia to unlock the potential of the decentralized derivatives market. It
focuses on creating solutions that can power the DeFi ecosystem by simplifying
derivatives trading and improving the user experience. What kind of solutions
do you estimate to provide for the solutions of some of the DeFi problems? How
will you simplify derivatives trading?
Aishwarya
Shivakumar || Oddz: We employ machine learning, present
market conditions on a specific day/week along with user’s past history to
recommend an easy options
That should enable a
user without much experience in options trading to get used to it.
For advanced users, we
have a customized options section where a high degree of customization is
possible.
For people who don’t
want to spend the real money but want to learn and then earn, there is a
virtual trade section.
We also have a social
trading section where people can follow fellow traders on our platform and
simply follow other’s strategy.
Gold
Rocket | Satoshi Club: you have thought of all categories
of users. this is very commendable. do you have any newbie guides?
Aishwarya
Shivakumar || Oddz: Reason behind this gamification is to
ensure we will have a high adoption rate and make options trading very much
understandable and accessible 🙂
Andrés
M. | Satoshi Club: What kind of topics do you teach there?
Will be there more guides in the future?
Aishwarya
Shivakumar || Oddz: There will be separate sections for 1.
DeFi( basic to advance explaination of DeFi) 2. Derivatives(Options trading,
perpectual, Futures, Conditional tokens etc) 3. About Oddz
protocol(Explainations about Oddz platform)
All these sections with
video tutorials
Andrés
M. | Satoshi Club: Thanks for the info, very interesting.
Now, let’s proceed with the next question
Q2 from Telegram User
@Pavel_Jarosh
After
an initial DEX offering that was held on Mar. 18, 2021, the price for 1 token
has constantly been decreasing (especially in May-June) losing around 80% out
of the initial value. How could you explain the reason of such behaviour? Is it
because the market has been hot recently or this might be a result of gradual
tokens’ distribution throughout the year and you were forecasting the drop?
Aishwarya
Shivakumar || Oddz: I would say its the former reason.
Market’s TVL had a sudden decline due to the FUDs created
Slowly most of the
tokens are recovering and so us
If you see the bottom,
we bounced back nearly 100% from the ATL and we are not far away from reaching
the similar state we were at in March-April.
Andrés
M. | Satoshi Club: Have you apply any burning token event
to increase the value of the token? How did you reach this pump?
Aishwarya
Shivakumar || Oddz: We never had any buy backs until now.
Soon we will be starting with buy back programmes. We had a mainnet launch on
BSC and our protocol started to generate the transaction fee that will be used
to buy back tokens from the market and distribute them as rewards to the
community
Gold
Rocket | Satoshi Club: Thanks for the clear answer!
Please remind us about your tokenomic.
Andrés
M. | Satoshi Club: [
🤝 Sticker ]
Aishwarya
Shivakumar || Oddz: We mainly focused on our developement
during the May-june period, focused on getting listed on exchanges, re
initiated the marketing plan on spreading more awareness on oddz protocol and
these resulted in a nearly 100% pump.
Gold
Rocket | Satoshi Club: it is a competent and consistent
approach👍
Thanks for sharing!
Q3 from Telegram User
@victorogb
Oddz
finance had a successful project campaign in the month of August. As stated,
you were able to launch your testnet on Polygon, carried out trading
competition, announced partnerships with Konomi and completed smart contract
audits. As these events were vital to project growth, can you talk on some of
them, how has your testnet on Polygon been so far, when should we expect the
Mainnet launch, how has your partnership with konomi been, how is it of benefit
to both parties and what sort of partnership should we expect from Oddz this
month? Also, as events & competitions are key to your project’s growth,
what major ones are outlined in coming weeks & months?
Aishwarya
Shivakumar || Oddz: Wow, I am sure @victorogb did a great
background work for this question.
Let me answer this in a
part by part manner. Regarding polygon testnet here is the stats: We have
successfully completed the Oddz Incentivised Testnet program on Polygon
Network.
Aishwarya
Shivakumar || Oddz: This is in just 3 hours of launch🔥
Gold
Rocket | Satoshi Club: Amazing🤩
Aishwarya
Shivakumar || Oddz: coming back to the partnership, we will
be focusing more on integration front. We will enable insuring the user’s
position from user wallet dApps, and from various decentralized exchanges going
forward rather than strategic partnerships
Andrés
M. | Satoshi Club: Congratulations excellent milestone🥳
Gold
Rocket | Satoshi Club: you did an incredible job👏
Don’t miss great
opportunity Satoshi Club ❤️
Aishwarya
Shivakumar || Oddz: We already made quite a few
partnerships and the integration will take place in next few weeks. You will
see Oddz on more and more platforms soon
Gold
Rocket | Satoshi Club: I don’t even doubt it! you fly
like a rocket to the moon🚀
Andrés
M. | Satoshi Club: Do you have any staking/farming
program?
Aishwarya
Shivakumar || Oddz: yes, there will be a juicy APYs
throughout this month for liquidity providers and for users who stake oddz
tokens
Aishwarya
Shivakumar || Oddz:
[Forwarded from Oddz
Official Announcements]
💰APY is still
juicy, Don’t miss a chance🤑
🚨Provide
Liquidity and Stake oUSD, Stake $ODDZ and Earn Rewards🚨
🔥Enjoy 1205%+
APY by providing liquidity on Oddz Platform
Andrés
M. | Satoshi Club: Wow high APY, don’t lose this
opportunity to invest Satoshiclubbers🥳
Gold
Rocket | Satoshi Club: Great thanks 👌
Q4 from Telegram User
@DK177
Explaining
the reasons for choosing Oddz, you have mentioned that you have zero gas fees.
Does this mean that we don’t have to pay any extra fee when performing
withdrawals? Can you please explain how did you develop a model to offer zero
fees? Further, please let us know about your platform related fees if there are
any. I am asking this because there is no use of the feature of zero gas fee if
you have imposed any other fees.
Aishwarya
Shivakumar || Oddz: Will explain this one by one – 1. Zero
gas fee explaination -we submit our smart contract to a relayer network which
uses native meta transactions to execute transactions with minimal gas fee,
where Oddz will cover the gas fee so technically users will not be paying any
gas fee.
There will be a
protocol transaction fee when users buy options,
Similar to the way
Amazon gives discounts for prime customers, we want to make sure users who trade regularly on Oddz platform will
have a way to get discounts in the protocol transaction fee.
Gold
Rocket | Satoshi Club: this is a very good detailed
article
Andrés
M. | Satoshi Club: Thanks for explain it, it was a very
common question, about how you provide zero fees
@Aishwarya_hs would you
like to add something before the next question?😃
Aishwarya
Shivakumar || Oddz: If there are any more queries regarding
zero gas fee, please feel to ask
Andrés
M. | Satoshi Club: @GoldRocket27 any additional question
about it?
At the moment is clear
for me😁, I think we can go, 5th question is knocking the door
Time to talk more about
an interesting product of Oddz mentioned at the beginning
Gold
Rocket | Satoshi Club: Everything is clear to me! The
answer was flawless👏
Andrés
M. | Satoshi Club: Indeed
Q5 from Telegram User
@Jmagsss
One
interesting feature/product that Oddz Finance will be offering had caught my
attention is your upcoming “Conditional Token”. It allows users to create and
trade tokens based on any events that will produce a definite outcome like
elections, sports and many more. Only limited information are available for
this feature on your website, so can you explain to us here, how will your
Conditional Markets and Token work? Will it be like a betting site where the
outcomes will always fall in either a win, lose and or a draw? How can users
profit from this token? Also, when do you plan to release this product?
Gold
Rocket | Satoshi Club: Partially answered. But I think
our guest has something to add😊
Aishwarya
Shivakumar || Oddz: Yes, we rather call it a prediction
market where people can buy either a Yes token or No token for any event. Users
can themselves create questions
Based on the outcome of
the event (protocol will verify the outcome from the trusted oracle) and
winner’s token value will double as the loser’s token will lose its value
more on this will be
updated soon on the website as we are revamping our website along with more
details on Options, Perp, and conditional tokens
Gold
Rocket | Satoshi Club: when do you plan to release this
product?
Andrés
M. | Satoshi Club: And could you share us your roadmap?
What other interesting product or event do you have prepared for the near
future?
Aishwarya
Shivakumar || Oddz: This quarter we are focusing more on
integrations front. Vision is to ensure Oddz will be used as a insurance
product for anyone buying/selling ETH/BTC on various products
post that, we will
release the Perp, and conditional tokens. I would say later this year we will
have all these products ready to be on mainnet
Gold
Rocket | Satoshi Club: Thank you very much for sharing😊
Aishwarya
Shivakumar || Oddz: Updated roadmap will be shared soon:)
Andrés
M. | Satoshi Club: We will be waiting for it. Don’t forget
to share it with our community😃
Aishwarya
Shivakumar || Oddz: Definitely💫
Andrés
M. | Satoshi Club: Thank you so much. Time to go with the
final question of this first part of the AMA
Aishwarya
Shivakumar || Oddz: I think I have answered this earlier,
There will be guides,
tutorials, videos etc
From basic to advanced
explainations.
For now the content
will be in English, in future we can plan for different languages based on the
requests.
Academy is absolutely
free for all our users:)
Yes, partially covered
and thanks for disclose it 😃
Gold
Rocket | Satoshi Club: it is a very noble task to raise
the level of education of users🙌
Andrés
M. | Satoshi Club: That makes 6/6 questions answered,
great job 🥳
Gold
Rocket | Satoshi Club: Now get ready for the most
impressive part of our AMA! Live questions! 🚀🚀🚀
before that if you want
you can share useful links with our community
Part 2 — live questions from the Telegram community
Q1 from telegram username @SHELBYWINAMA
What does the name ODDZ mean? is there a story about
that name? And what is the main reason you named ODDZ for your project? Is ODDZ
a person’s name? Can you tell me?
Aishwarya Shivakumar || Oddz: Oddz is the definition for opportunities and growth
Since options and
derivatives are more of opportunities for growing ones portfolio by either
speculation or hedging their positions, we named it Oddz
Q2 from telegram username @doithay1617
What will be the next Chain after Polygon testnet
and BSC mainnet?
@Aishwarya_hs
Aishwarya Shivakumar || Oddz: Our next chain will be on ethereum then Avalanche
and solana
Q3 from telegram username @Zohaya
What are the benefits of staking and mining
liquidity? Is there a maximum amount we can stake to receive rewards?
You have create $ODDZ token but I’m still not fully
understand about how the function of that token. Kindly to mention in here all
the usecase of your token? What the benefit by HODL them?
Aishwarya Shivakumar || Oddz : The $ODDZ token holders represent an integral part
of the Oddz ecosystem, thus voting on various decisive moves and proposals for
the protocol’s growth. Moreover, the primary motive of Dapps is to fuel the
decentralization of authority; thus, the community holds a substantial bar in
driving this.
Transaction fees:
Platform users can employ an $ODDZ token to facilitate transactions in a
seamless manner.
Staking: Users can
stake $ODDZ tokens on the Oddz protocol in an attempt to earn higher yields,
thus maximizing returns. Tech-savvy traders also employ various yield farming
strategies to earn greater returns.
Governance: Users can
strongly support or disregard protocol proposals through community votes
depending on the rationality of the same.
Referral bonus: If the
user extends the platform’s support by spreading the word, they are entitled to
referral bonuses.
Q7 from telegram username @AgenciaATM
🟣 What would be Oddz Finance’s mission for
the financial future? What do you think could be the greatest achievement of
this platform? Tell us a little about it
Aishwarya Shivakumar || Oddz :when it comes to DeFI and derivatives, we want to be
the RobinHood
meaning, we want to make
sure, we build the softwares for users ranging from Novice to Experienced both
in terms of innovation and user experience
cover both the retail
and institutional users
Q8 from telegram username @KevSalom
❇️ How does the Oddz platform
calculate our profit on each trade or premium? What things influence our
winning percentage? The liquidity of the pair? The type of market?
Aishwarya Shivakumar || Oddz: Generally any options premium is calculated by any
of the popular mathematical model.
We use Black scholes
model and there will be a provision for changing this price model to anything
else such as binomial model.
Implied volatility for
the underlying asset, Current price, Expiry and Strike price are the driving
factors of this models. Since we use the same formula while the user is buying
as well as selling/exercising the options, it will be highly transparent.
Q9 from telegram username @jazzmusic2000
What are the reasons that led you to choose Binance
Smart Chain as the framework to build Oddz? What features does this chain have
that make it ideal for binary options?
Aishwarya Shivakumar || Oddz : As we are already aware of, transaction gas fee on
Binance smart chain is way
cheaper.especially with relayers, it becomes even cheaper
Like all the
centralized exchanges, there will be a small protocol transaction fee that we
collect from users when they trade. So we will use this protocol transaction
fee to compensate the user’s gas fee 🙂
Q from telegram username @mobilejii
✅✅Have you raised any funds in the past? How
successful is your project and any Audit been done for investor Trust and
security?
