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 EPNS and our guests were @RJlwl and @harshr. The AMA took place on 13 August.
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, dear Satoshi Club community! We are pleased
to announce AMA with Epns.
Paul Mont | Satoshi ClubL: Today’s guests are @RJlwl and @harshr! Welcome!
Great to have you here!🎉
Richa | EPNS 📨 | won’t DM first: Hello @GoldRocket27 @PaoloMonte87 great to be back
guys 👋 How have you been?
Gold Rocket | Satoshi Club: Hello and welcome to Satoshi Club, @RJlwl @harshr!😍
Harsh | EPNS | Will not DM first: Hey Satoshis 👋! Happy to be back!
Paul Mont | Satoshi ClubL: Been great @RJlwl, thank you! I hope you’re doing
great as well 😉
We’re super excited for
this AMA, can you feel it too? 🔥
Gold Rocket | Satoshi Club: We are very happy to see your project as our guest
again. ❤️
Please share your news
with us😁
Paul Mont | Satoshi ClubL: And introduce yourselves briefly once again for all
the new Satoshi Clubbers that have joined us lately 😉
Harsh | EPNS | Will not DM first:
Image is better :).
*Governance in a week
Gold Rocket | Satoshi Club: Great infographics👍
Harsh | EPNS | Will not DM first: Hey
Everyone! I am Harsh, Founder and Project Lead of Ethereum Push Notification
Service. Some background about me. I love all things tech and have as a
byproduct gathered 11+ years of experience in dabbling across various spectrums
of tech and design in almost all popular fields (mobile, web services, SAAS and
of course Blockchain).
Richa | EPNS 📨 | won’t DM first: sure! I am the co-founder of Ethereum Push
Notification Service (EPNS). I wear multiple hats at EPNS though I am focused
on mostly Marketing and Growth. Stoked to be #BUIDLing World’s First
Decentralized Notification Protocol. Looking forward to some awesome questions.
Gold Rocket | Satoshi Club: Thanks for great introduction, we will have several
questions selected for the Part 1. Ready to start?
Richa | EPNS 📨 | won’t DM first: let’s goooooo 🚀
Q1 from Telegram User @Deaddynot
$600M Poly Network was hacked this week and not a
single person with funds stolen could be contacted directly. Could you tell us
in details how EPNS will help us in such situations? What is your solution in
this case and when we will be able to use it?
Gold Rocket | Satoshi Club: This is when your service could help
Harsh | EPNS | Will not DM first: Whoa, directly to tech stuff, Let @RJlwl plug in
what we are doing while I answer this 🙂
Gold Rocket | Satoshi Club: of course!
Richa | EPNS 📨 | won’t DM first: Very relevant Q @GoldRocket27, let us break it down
into 2 parts – 1) what we are building 2)how we can help
EPNS is building the
open communication layer for the Web3 ecosystem, first for Ethereum and then
for L2s and other blockchains. The protocol enables any smart contracts, dApps
or traditional servers to send notifications to wallet addresses of the user in
a platform agnostic fashion (ie: notifs can be integrated and shown on any
crypto wallet, mobile apps, extension or dApps). With the open communication
layer, EPNS aims to become the only open notification platform apart from
Google and Apple notifications.
Gold Rocket | Satoshi Club: I think this is a great demo.
Paul Mont | Satoshi ClubL: There’s nothing better than a great video like this
to get straight to point while also driving excitement 😉
Harsh | EPNS | Will not DM first: EPNS is a communication middleware which is really
important in these use cases. For example, even a notification to users that
funds are at risk would have limited exposure as few users would be able to
claim. But let’s go a bit further, since our notification can carry any
payload, imagine a notification with yes or no to withdraw your funds. On that
note, go a bit further in the rabbit hole: A consortium of trusted users who
can send a notification to all exchanges automatically blocking cashing out and
while we are at it, let’s image a MFA built on top of EPNS to be activated
whenever txs have higher amount to send or freq.
Paul Mont | Satoshi ClubL: Great example to explain such a fundamental utility
and need for EPNS
I am already convinced
this service is gonna be the backbone of all future DApp related services🙏
Gold Rocket | Satoshi Club: It’s really amazing how big your use case
guys, what do you think
is the most useful thing you can offer to the user now
Richa | EPNS 📨 | won’t DM first: 3 Things:
1. Get notified now (https://app.epns.io ): Uniswap V3 Position alerts, AAVE Loan
Liquidation on Polygon, Compound liquidity alert, fund tracker from specific
crypto wallets, ENS domain expiry alert, and Ethereum gas alert. We have pilot
collabs with 30+ projects including Uniswap, AAVE, Snapshot, Gitcoin, Polygon,
Alpha Homara, etc, all of which are getting worked on and will be launching on
the protocol as they get ready.
Haha… that’s Amitabh
Bachchan but we do have Mithun NFT as well 🙂
Gold Rocket | Satoshi Club: I was amazed in how short period you did it.🔥🔥
Love him😁❤️
Thank you very much for
your answers! Ready for the next question? Or do you want to add something?
Richa | EPNS 📨 | won’t DM first: yes, done with this question
Q2 from Telegram User
@UplineStephen
According to what I read from your medium article,
The EPNS decentralized push notification service sends timely notifications
through a single source of communication, the investor’s(user’s) wallet. Also,
you stated that all notifications go directly to the user’s wallet where they
can take immediate action.
With what I read from your website, I would like to
ask, does this mean that this EPNS(Ethereum Push Notification Service) is going
to provide added security to users wallet? Also, how will the notification be?
Will it be in the form of some pop-up to alert users that there is an ongoing
activities on their wallet so they need to take some immediate action?
Harsh | EPNS | Will not DM first: – User wallets are amazingly secure as they are
just frontend to blockchain. Notifications are tied to user wallets and is
accessible through push nodes (which forms our open communication layer). These
notifs can also be encrypted using the same public / private key encryption so
can carry sensitive data as well.
– Notification delivery
is left onto the crypto wallets that integrate us (ie: whether they push or
pull) but our mobile apps and chrome extension already pops up an alert
(pushes) for them incase you prefer that, of course, you as a user have total
control so you need to opt in to a channel first before they can pop up on your
mobile app.
Gold Rocket | Satoshi Club: Thanks for your answer
Richa | EPNS 📨 | won’t DM first: 🙌🙌
Paul Mont | Satoshi ClubL: By the way, I saw the alpha version of the EPNS
mobile app is available for download on IOs and Android. Is it already working
and compatible with Metamask (and/or additional wallets)?
Harsh | EPNS | Will not DM first: Sort of Yes. The mobile app for iOS and Android is
available and working. The app listens to EPNS Protocol which forms the
communication layer and same will be the case with any other crypto wallet. We
are already compatible as a protocol with Metamask or other wallets though when
they integrate us is a question for them :).
Paul Mont | Satoshi ClubL: Wonderful, thank you for sharing!
Let’s hop onto the next
community question, shall we? 😉
Richa | EPNS 📨 | won’t DM first: sure!
Gold Rocket | Satoshi Club: Thanks for sharing!I have already downloaded it and
I will definitely try😊👍
Q3 from Telegram User @Billz120
Secret Playload (type 2) on the Whitepaper- you did
said are secret notifications intended to be delivered to one subscriber of the
channel? And these are encrypted using ECC (Elliptic Curve Cryptography)? And
AES (Advanced Encryption Standard)? Could you please explain to us in a
layman’s understanding the importance of secret Playload?
Richa | EPNS 📨 | won’t DM first: 🤯
Satoshi Community
asking tough question 💪 Love it 🥰
Gold Rocket | Satoshi Club: [ 😳 Sticker ]
we love you very much
too! ❤️❤️❤️
Harsh | EPNS | Will not DM first: Awesome Question! Secret notifs are intended for
carrying things like encrypted transaction, Multi factor authentication (OTP)
and other sensitve info that while still in the open network should only be
accessed via the user themselves. For this ECC algo works neatly as these
notifs are encrypted via public key of a wallet and can only be decryped
through private key. This algo is used by Ethereum and Bitcoin both.
The reason for using AES
along with ECC is that ECC is a bloating encryption meaning ECC encryption
increasing the number of bytes (characters) in a payload. For example “Satoshi
Club” Encryped with ECC might become “@$(($^*SDHAH&T@Q*ISAD
SAIHIG#*&QY#”. AES on the other hand encrypts 1:1 characters so the idea is
to encrypt a payload with AES using a random passphrase and then encrypting
that pass phrase with ECC thereby making the payload size optimal and still
following the best industry guidelines
Gold Rocket | Satoshi Club: Perfect answer
Thanks
Paul Mont | Satoshi ClubL; Yeap, pretty sure @Billz120 will be satisfied 😉
Richa | EPNS 📨 | won’t DM first:🙏
Gold Rocket | Satoshi Club: to be honest, it’s even difficult to ask additional
questions here 😁
I suggest moving on to
the next question😊
Richa | EPNS 📨 | won’t DM first: yes please
Q4 from Telegram User @antoni_azx
Can we talk about fees? I learned on your whitepaper
that sending notifications carries a micro fee, charged in $ ETH or $ DAI which
is controlled by the governance model, but can you be more specific about these
fees? What differences are there of transacting with $ ETH or $ DAI? Specially
regarding the gas costs? And what’s the actual percentage charged for both of
them? Can the users actually choose what they like?
Harsh | EPNS | Will not DM; Love the brainstorm. Sure, First of all, the user
never pays for the fees, it’s going to be always free for them just like how it
is in Web 2.0.
Jumping to the question
of $ETH pegged to $DAI. We or should I say our token holders can enable
charging of the fees to services in the future for sending notifications (and
can even decide what split of incentives goes to them and to crypto wallets).
This fees can be charged as a per notif / monthly / yearly fee to the services
that wants to send notifs. These fees are going to be defined in $ETH pegged to
$DAI to enable stable cost and the rationale for using $ETH over here instead
of $PUSH is to ensure that gas fees for sending tx is reduced to a minial (ETH
payables are cheapest). The incurred fees is still converted into $PUSH when a
withdraw happens from the protocol thereby ensuring that the value of the
network still accrues to PUSH
Paul Mont | Satoshi ClubL: So the fee goes to all the actors involved in the
ecosystem, that is both services and subscribers?
Harsh | EPNS | Will not DM first: Fees is only charged from the service, Activation
Fees and the Interest accrued is distributed to the subscribers as a passive
incentivization. The SaaS fees charged is distributed among $PUSH holders and
Crypto Wallets that have integrated the protocol (whenever token holders want
to enable it).
Gold Rocket | Satoshi Club: Well.. this is a really good decision. Win-win
Thanks for your
answers! Ready to proceed to the next question?
Harsh | EPNS | Will not DM first: Yass!!
Q5 from Telegram User @arisabela
From what I read before, your notifications protocol
activated by staking $DAI which generates interest distributed to the
subscribers that have opted to receive notifications, that’s on your litepaper
… but you have recently released a Liquidity Rewards program. Is this what it
is also about? How does it work to generate interest and in what proportions?
Does it depend on the amount of $DAI that is staked? Can you explain this
program to us in depth?
Harsh | EPNS | Will not DM first: Brilliant plug in for our Liquidity Rewards Program
😄😄
The Liquidity Program
is just a way to reward early $PUSH holders for their participation. Any $PUSH
token holders can go to https://incentives.epns.io and deposit either UNI-LP V2
Tokens to get 108% APR or simply stake PUSH to get 39% APR
Paul Mont | Satoshi ClubL: Clean UI and juicy APYs 🙏
Satoshi Club, this is
definitely worth checking out! 🔥🔥🔥
Gold Rocket | Satoshi Club: thank you very much for sharing and great answer!
Paul Mont | Satoshi ClubL: I totally agree 🙂
Time to proceed with
the last question for this very first part of the AMA, are you ready to go? 😉
Richa | EPNS 📨 | won’t DM first: 🔔 yes!!
Q6 from Telegram User @highpee
EPNS is a decentralised notification protocol that
allows users to receive notifications in a platform-agnostic manner. A lot of
developments have happened with your projects since your last two visits to the
club. One of such new development that I am interested in is that you have now
integrated NFT into the EPNS protocol. You started the #PUSHforNFT campaign
where users will get a special EPNS NFT and you said the campaign will run for
52 weeks. Can you tell us more about this Special Rockstar NFTs? How do you
select users who are gifted with this NFTs? How many NFTs do you plan to give
over the 52 weeks duration of the campaign and how many winners will you have?
How valuable or rare are these NFTs and what utility or benefit can it afford
successful recipients within and outside your protocol?
Richa | EPNS 📨 | won’t DM first:Can you tell us more about this Special Rockstar
NFTs?
Gold Rocket | Satoshi Club: Satoshi Club don’t miss the chance👏👏👏
Paul Mont | Satoshi ClubL: Wonderful initiative!
Richa | EPNS 📨 | won’t DM first: Can you tell us more about this Special Rockstar
NFTs?
– These are custom 100
unique NFTs created by artists which also carry 2400 $PUSH. You just need to do
something creative, carzy or a bit of both whether in terms of creating videos,
developing something cool for EPNS, creating memes, something surprising or
anything in between. Read more here:
How do you select users
who are gifted with this NFTs?
– Currently, we as a
team along with few board members try to come to consensus to give this out.
Before that, each participation goes through a cheat filter to remove spam or
people cheating. This process is going to get further better with a major
milestone that’s coming out in a week 😉
How many NFTs do you
plan to give over the 52 weeks duration of the campaign and how many winners
will you have?
– We dropped the first
48 to our earliest supports and every week we give 1 out so there will be in
total 52 winners. We still have 35 or so weeks to go 🙂
How valuable or rare
are these NFTs and what utility or benefit can it afford successful recipients
within and outside your protocol?
– The NFTs in
themselves are unique and carry 2400 $PUSH. Other than that, these NFTs will
have some awesome benefits in terms of governance participation in PUSH and
some other awesome things which we can’t disclose yet! These are all within our
protocol though
Gold Rocket | Satoshi Club: @RJlwl what is your favorite NFT from this unique
collection?
Do these nft have a
scope, or are they just collectibles?
Richa | EPNS 📨 | won’t DM first: It hasn’t been given out yet
Who is the artist? And
who is depicted in the picture?
Harsh | EPNS | Will not DM first: Yes, Since they are given out to the best community
members, holders of these NFTs will have some privilages in governance with
checks and balances of course
Consortium of Indian
Artists! Depicted in the picture is Goddess Kali!
Gold Rocket | Satoshi Club: Yes, that’s what I wanted to know … Because it
always adds value
Paul Mont | Satoshi ClubL: These NFTs are so beautifully crafted 🔥
Gold Rocket | Satoshi Club: It’s incredible 😍🔥❤️
Harsh | EPNS | Will not DM first: 😊😊❤️❤️
Part
2 — live questions from the Telegram community
Q1 from telegram username @ethcypherpunk
EPNS has been supported as part of Grants on
Ethereum, can you explain how specifically this grant is helping to grow the
project? You guys must be very proud, congratulations
Richa | EPNS 📨 | won’t DM first: Nice Q. We actually didn’t receive a grant but EF
has helped, mentored us tremendously and I’m sure so many other projects in the
space. https://blog.ethereum.org/2020/08/19/esp-beyond-grants/
Q2 from telegram username @chippi102
Do you share your EPNS project with any online
community other than AMA? What is the development direction for the next years?
Richa | EPNS 📨 | won’t DM first: Yes, we have weekly and monthly updates that we
share with our community. Our next year roadmap is in the works while here is
the current roadmap.
What is Ethereum staking APR’s do you provide and
can I stake my assets to uinswap so what is your uniswap contract?
Richa | EPNS 📨 | won’t DM first: Sure! More than 8.7M TVL is locked in our
incentives portal: https://incentives.epns.io
, with Staking at 111% (UNI-V2) and 36% for plain PUSH APRs!
Our liquidity mining
program runs until 15th March 2022. Currently, there are 2 opportunities to
participate:
1. Stake $PUSH tokens directly on our portal.
2. Become a Liquidity Provider (LP) and stake
UNI-V2 liquidity provider (LP) tokens and receive LP tokens by providing
liquidity to the PUSH/ETH Uniswap pool.
Here’s a video how to
start earning PUSH: https://youtu.be/Maq-KxPv8W4
Q5 from telegram username @csgonub
In order to use EPNS do I need to give you my 12/24
words?
Harsh | EPNS | Will not DM first: No, you just connect your public wallet and you are
good to go. For encrypted notifs, we are thinking of using wallet connect to
ensure trust less execution
Q6 from telegram username @datjav1997
Many investors hit and run in the sell and sell
session after listing on the first exchange, How did your project prevent early
investors from selling their tokens and what
Harsh | EPNS
| Will not DM first: Long Vestings
and Cliffs, All our investors had 3 months cliffs and 21 months vesting. That
cliff expired a month back and most of them staked their tokens ❤️.
For team, it’s even stricter as 9 / 12 months cliff and 48 months vesting. All
of these are smart contract locked as well (and audited)
Q7 from telegram username @hoatran1
How can I buy tokens from your project? Will EPNS
have a program to sell tokens to users in the near future?
Richa | EPNS 📨 | won’t DM first: Currently we are listed on Uniswap, WazirX and Mexc
exchange
Our tokens are
available on exchange for users to buy.
Q8 from telegram username @boradam
As EPNS is Ethereum Push Notification Service is it
only limited with Ethereum or can you integrate other blockchains?
Richa | EPNS 📨 | won’t DM first: We are blockchain agnostic, meaning we will come on
other chains as well. We will go live on Ethereum and Polygon to begin with
Q9 from telegram username @Babu_213
Please provide me all your project social media link
for announcements so that I may not get scam from fake channels???What are you
upcoming updates?Can you please give ME more details you project ?
Richa | EPNS 📨 | won’t DM first: Excellent. Please follow only verified links here
-:
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 Merrymen and our guests were @wei_dai, @crypto_crytic and @Merrymen8. The AMA took place on the 14th of August.
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&WebSite
Mary | Satoshi Club: Hello Satoshi Club! We are happy to announce our AMA session with Merrymen! Welcome to Satoshi Club 😀
D. | Satoshi Club: Today our guests in Satoshi Club – @wei_dai, @crypto_crytic and @Merrymen8! Hello and welcome!
Mary | Satoshi Club: Welcome to Satoshi Club 👏👏👏
MerryMen.io {will never DM you first}: Hey guys 👋 Thanks for having us!
Mary | Satoshi Club: Hello, happy to e-meet you 👍 How’s going?
MerryMen.io {will never DM you first}: It’s going good 🍻
Cryptocrytic: Hello everyone! Super excited for this AMA!
Mary | Satoshi Club: Welcome here 💃 So, let’s start our AMA 🚀 Guys, could you please introduce yourself and tell us more about Merrymen 🎉
D. | Satoshi Club: What a nice way to start our AMA 👀😁
MerryMen.io {will never DM you first}: Hi I’m Amira. I’m one of the Marketing leads of Merry Men. I have been with this project since its early stages.
With crypto gaining popularity, people don’t realize how much power Centralized exchanges have in controlling their funds and that’s where the need for Decentralized Exchanges come in.
I believe DeFi is the future and am here to bring this technology to a diverse group of people from different sectors.
Mary | Satoshi Club: Right words 😃 When Merrymen project started?
Cryptocrytic: Hi all, I’m an advisor for Merrymen. I work with multiple DeFi projects, and I’ve been in crypto since 2018. I am a strong believer in DeFi, and I strongly believe Merrymen will be the DEX of choice in the future for all DeFi enthusiasts!
Mary | Satoshi Club: What special did you find in Merrymen?😉
Cryptocrytic: Merrymen isn’t just any DEX, they strongly believe in opening the door to investors from traditional finance to make the transition over to DeFi. Via generous airdrops provided to Robinhood investors, Merrymen seeks to be the flagship DEX for investors coming from traditional finance, especially Robinhood.
D. | Satoshi Club: We will talk about this airdrop today 😉, a bit later.
Mary | Satoshi Club: Thank you for your intro, guys!😃 We choose 6 questions from our community for the first part of our AMA! Ready to start with them?
D. | Satoshi Club: Let’s go!
Q1 from Telegram user @UplineStephen:
So, according what I read from your medium article, Merrymen, is a brand new community focused decentralized exchange (DEX) on the Ethereum network. So if I understand your DEX services clearly, since it’s a Decentralized Exchange, it is going to function just like Uniswap right? If so, my question now is, what unique features will Merrymen bring into the DeFi DEX space to encourage more investors or users to be motivated to use your Swap DEX? Also, another big challenge that most crypto users complaint about the Ethereum Network is their gas fee in terms of transactions. So what will Merrymen team do to minimize swap fees and make it more convenient for users who will be using your swap DEX on the Ethereum Network?
MerryMen.io {will never DM you first}: The core function of it; Enabling swaps between multiple currencies, is similar to Uniswap, yes.
A few majors things, our vision is to enhance and improvise the user experience of our DEX for an easier on ramp of investors/traders from the traditional financial industry. We were hurt by the Robinhood fiasco and connect deeply with those affected and want to encourage and build trust of users to adopt Decentralised exchanges.
With regards to the gas fees, we’re hoping that the ERC223 will help mitigate this.
Alternatively, we’re also identifying ways of making the swap process more transparent for the users for them to make smart decisions when swapping between tokens for trading purposes. Eg: DEX’s swap ETH<>WETH which increases the fees.
D. | Satoshi Club: What is ERC223? Can you explain?
Cryptocrytic: It is basically a token standard that is an improvement to the current ERC20. Its biggest pro is that it throws an error on invalid transfers and cancels the tx so funds are not lost. Its major focus is on security, and enhancing/improvising fee structure.
D. | Satoshi Club: And so your DEX will be not another fork of Uniswap or SushiSwap? You are building something different? in term of technical part.
Cryptocrytic: You could say so. But while also making sure that it is not completely different in terms of user interface for adoption and ease of use for crypto investors and traders.
D. | Satoshi Club: Thanks for clarification 👌
Mary | Satoshi Club: Thank you for your answers guys! Ready to proceed?
Cryptocrytic: Yep!
Q2 from Telegram user @Arisabela:
I wanted to enter to your website for researching and noted that google warned us that the website “is not secure”, however I could also realize that it is not fully developed, you can tell us at what stage you will put more interest in the development of your website? And how do you plan to verify it and make it safe for everyone?
D. | Satoshi Club: I assume the question is about this. Currently everything is safe as I can see.
MerryMen.io {will never DM you first}: We only have a landing page out with the SSL certificate. So, it would in no way show ‘it is not secure’. Our website will go live next week.
We’re going to launch on the first iteration of our mobile app in Q4. Security is extremely important to us. In addition to stress testing the DEX and having a bounty program for devs, we will also have smart contract auditors review the DEX.
D. | Satoshi Club: So in the next week you will put more info on your site? What info will be available there?
MerryMen.io {will never DM you first}: Our entire site will be fully functioning and ready to go, we’re just finalizing the back end.
Mary | Satoshi Club: So, you have bounty program for devs now or later?
MerryMen.io {will never DM you first}: The bug bounty program will eventually be introduced.
Mary | Satoshi Club: Gotcha!
D. | Satoshi Club: Cool, thank you for the answer! Do you want to add anything else or can we move to the next question?
MerryMen.io {will never DM you first}: Let’s move on to the next question🙂
Q3 from Telegram user @Crypilord:
You allocated 20% of your token to be airdropped to Robinhood investors. Frequently, you always pay reference to the Robinhood in most of your writeups. You also have similar logo as Robinhood’s. We know Robinhood, a Cex stock trading platform has stopped trading on its app since January. Is there any relationship or connection between Robinhood and Merrymen? Why is the community airdrop going to only the Robinhood investors? You can agree that the success of a project depends on trust and transparency. Your team is anonymous, how can we be sure that the team are not a fraction from the Robinhood team?
MerryMen.io {will never DM you first}: When Robinhood CEO Vlad Tenev decided to freeze trading on the Robinhood app in January 2021, he showed the world why centralized exchanges should have no part to play in the world of retail investing.
Retail investors had trusted the Robinhood app, having no idea how easily it could be manipulated. When CNBC reported that Robinhood had to “tap credit lines, raise new funds and throttle back trading” and “the central Wall Street clearinghouse mandated a ten-fold increase in the firm’s deposit requirements”, it was clear that retail investors were trapped in a centralized controlled exchange, that was totally out of their control.
Merrymen is launching to demonstrate how important decentralized finance and decentralized exchanges are to the retail investor after the Robinhood GameStop fiasco. We are very absolutely not involved with the Robinhood team. The despicable treatment of their investor community is something we aim to remind traditional finance investors about as much as possible.
Our chief aim is to showcase the enormous discrepancy between centralized, traditional investing, and DeFi. Through Merrymen, investing will never be halted/manipulated, and Merrymen users will always be in 100% control of their funds. Through the airdrop, we aim to give back to the victims Robinhood pushed aside with its market manipulation, and offer them an incentive to explore a much safer and more efficient form of investing, through a decentralized platform.
“100 million tokens airdropped for free
Merrymen to airdrop free tokens to Robinhood investors”
We are making this incredible offer because we’re seeing more and more that centralized exchanges can’t be trusted with retail investors’ money and to incentivize traders from the likes of the Robinhood exchange, make the move across and understand decentralized finance.
Merrymen will never stop any investor trading, will never be under the control of a centralized organization like the DTCC or NSCC and it will never cite ‘market volatility’ for closing their accounts.
We want to highlight that there is no affiliation with Robinhood as it goes against what we stand for.
D. | Satoshi Club: How is anyone eligible for airdrop and how he or she can get it? What steps should be done from their side? I mean how do you pick the users? Do they need to fill out any form for airdrop?
Mary | Satoshi Club: Hope all users affected by Robinhood won’t miss their chance! Thank you for your answers! Ready to jump to the next question?
Cryptocrytic: 100%
Q4 from Telegram user @Asela1112:
I heard, you hope to launch Merrymen in early Q4 & you are up to hold it’s IDO event in DeFi Launchpad soon. Can you share with us the progress about your upcoming IDO event? Which Ethereum Launchpad will you target to launch your IDO in order to reach maximum capacity of Merrymen platform?
Cryptocrytic: We have already secured the Launchpad we will launch on in early Q4. More details will be shared publicly soon, so make sure to follow our socials, including our Telegram announcement channel: https://t.me/MerrymenDexANN to stay up to date with our latest announcements.
D. | Satoshi Club: Btw will your team pass the KYC before IDO? to gain more trust to future investors.
Cryptocrytic: We are an anonymous team. This should not seem problematic, as our plans for Merrymen include having it be a completely community led platform.
D. | Satoshi Club: Understood, appreciate the answer!
Mary | Satoshi Club: Thank you! Ready to go to the next question?
Q5 from Telegram user @antoni_azx:
While researching your project I found very little information about how you plan to make it safe. Can you tell us if your project has been audited? In addition, the smart contract is not everything, what security mechanisms will be used in-platform? Will they use a key identifier or encrypted mechanism?
Mary | Satoshi Club: Maybe insurance?
MerryMen.io {will never DM you first}: The project is yet to launch🙂
But behind-the-scenes, we are making sure that the DEX is able to adhere to all smart contract standards to avoid any possibilities for it to be hacked. In addition, we mentioned this earlier, but we have a bug bounty program, and we will announce security auditors in the coming months to assure that it will be a safe DEX to be used.
Mary | Satoshi Club: That’s great! We will wait for the updates from you! Also, as you mentioned above – you plan to have community governance, right?
Cryptocrytic: Correct.
Mary | Satoshi Club: When it will be implemented?
Cryptocrytic: We will publish our roadmap for the coming months soon. There, our entire plans for Merrymen, including community governance, will be explained in detail.
D. | Satoshi Club: Very nice!
Mary | Satoshi Club: Got it! Thank you for your answers! Ready for the next question?
Cryptocrytic: Very ready 👍🏻
Q6 from Telegram user @alice_wonderland12:
There is a free airdrop of Merrymen tokens for projects so they can distribute the tokens among their communities. I hadn’t seen this marketing strategy before, what is the main goal of the team with it? What kind of projects qualify for this airdrop, and how can one be postulated? Who decides which projects receive the airdrop and which ones don’t, and is the amount of tokens airdropped the same for each project?
Cryptocrytic: Through this 20% airdrop, we aim to incentivize liquidity provisioning on our platform. The first 20 projects to provide at least $20,000 liquidity will receive an airdrop to be distributed among their communities. This 20% of our entire supply, which is equivalent to 100,000,000 tokens, will be distributed among these 20 liquidity provisioners. Communities of any projects are encouraged to reach out and ask their respective teams to provide liquidity, in order for the entire community to be rewarded. Through our very generous airdrops, and our 30% of tokens being allocated to the public raise, we will have offered 70% of our total supply to retail investors. Eventually, the complete power of governance will be in the hands of the community.
Mary | Satoshi Club: Do you already have some projects which are ready to provide liquidity and receive airdrop?
Cryptocrytic: We are in talks with several projects. We encourage all community members to reach out to different project’s teams and request for them to be in our first 20 liquidity provisioners, since they will be the recipients of 20% of our entire supply.
Mary | Satoshi Club: Super! Hope we will hear their names soon! Thank you for your answers! We came close to the live part now 😃 Ready for it?
MerryMen.io {will never DM you first}: Yeah 🚀😁 Let’s do it!
Mary | Satoshi Club: Let’s go 🚀
Part 2 — live questions from the Telegram community
Q1 from Telegram user @Ishan1_7:
Are there any requirements for these “100 million tokens airdropped for free Merrymen to airdrop free tokens to Robinhood investors”?
Sir, community is very important for a project. While you build your project, do you take into account community feedbacks and demands?
Cryptocrytic: Eventually, Merrymen will be entirely community governed. We are allocating 70% of our supply to retail investors, in an effort maximize decentralization. Our full roadmap will be published soon, which will contain a detailed outline of our community governing plans in the future.
Q4 from Telegram user @goyalshaab1444:
Merrymen, a new DAO-based DEX is being launched on the Ethereum network to demonstrate how important decentralized finance and decentralized exchanges are to the retail investor after the Robinhood GameStop fiasco. Why invest in Merrymen?
MerryMen.io {will never DM you first}: The total market cap will be $990,000. No other DEX will have a market cap below $1mill on launch. Think of this, Uniswap has a market $ 17.53 billion. Achieving just a fraction of that will give investors massive returns.
With regulation getting stricter in the crypto world, DEXes will become paramount. Merrymen was created for the community and puts its investors at the heart of everything it does.
There’s a lot that’s wrong with CEXes and investors can choose to be part of the solution and part of the new movement coming in.
Q5 from Telegram user @Nhairym:
Your project is aimed at Robinhood investors exclusively or is just a reference point, can other people outside of that project participate in the airdrop to also be initial investors in a crypto project that has the potential to grow considerably in value? In your website it says: Robinhood broke the bed, so the Merrymen gang has taken over! Why have you been so motivated to help those affected by this project, what is your long-term vision through DeFi?
Cryptocrytic: We will offer 2 different airdrops. The first will be aimed to give back to Robinhood investors who were pushed aside by Robinhood and centralized, traditional finance in its entirety. The second will be offered to the communities of the first 20 projects that provide liquidity.
Our passion is to help the victims of the Robinhood/GME/AMC fiasco stems from our digust for traditional finance as a whole. Long term, Merrymen seeks to be the DEX of choice for those investors transitioning from traditional finance to DeFi.
Q6 from Telegram user @ashwini_Crypto:
Merrymen’s motive is to help bridge traditional investors across to the Defi world, but how easy will it be for traditional investors to use the platform? How will Merrymen ensure that?
Cryptocrytic: To ease the transition from traditional investing to DeFi, we have followed a very close branding system and theme to the most popular traditional finance platform, Robinhood. Investors making the transition over to DeFi via our platform will be pleasantly surprised to find a very similar interface to what they’re used to seeing. However, our actual platform far exceeds Robinhood in terms of security, decentralization, and ownership over personal funds.
What are your strategies in building a big and strong community? Do you agree that the power of the community will lead your project to grow globally?
MerryMen.io {will never DM you first}: “Giving 100 million tokens to be airdropped for free to those affected by the Robinhood/ GameStop fiasco”
70% of total supply will be going to retail investors. No other exchange that we know of is doing this .
Our community has been growing organically. We are still in the very early stages and will be influencers, PR and have a strong marketing initiative in place.
Q8 from Telegram user @ronaldo_super:
With Merrymen, how do you think that you can move traditional finance investors into the DeFi?
Cryptocrytic: Via generous airdrops aimed at traditional investors, and a very interactive platform with similarities to Robinhood, one of the most popular traditional finance platforms, Merrymen aims to be the DEX of choice for these investors making the transition. With 100% individual ownership of funds, community governance, and 70% of our supply being offered to retail investors, we don’t believe we will have any difficulties in converting traditional investors to DeFi investors.
Q9 from Telegram user @Pratze:
You claim that CEX is unsafe and Decentralized Exchange is more safe, could you give reasons why DEX better than CEX? As we know CEX still exist until now and do you think DEX can substitute the position of CEX?
MerryMen.io {will never DM you first}: Decentralized exchanges (DEX) are autonomous financial protocols powered by smart contracts that enable crypto traders to convert one digital asset for another with all transactions viewable on the blockchain. In this format, investors retain control over their funds while trading. This security and transparency is a key feature DEXs have over CEXs.
One of the reasons CEXs are so popular is the ease of access they give to so many investors. The Merrymen DEX wants to combine this fantastic user experience offered by modern exchanges such as the likes of Coinbase, Binance and traditional exchanges with all the security and transparency that a decentralized exchange can offer.
Combining the best of both worlds, the Merrymen Dex, with its community focused tokenomics and easy to use interface will be a must use exchange for the savvy investor.
For further information please visit the Merrymen Website and follow our Twitter and Telegram channels.
Q10 from Telegram user @Nenyesam:
Can you share your social media links so we can keep ourselves updated?
Cryptocrytic: Make sure to follow us on all our socials!
We all know that trading and investing in the crypto space is not exempt from risks (actually, quite the contrary, given the huge volatility spikes!) and a wrong take on a trading decision can result in terrible financial losses. This is especially true in the actual unclear and apparently bearish-inside-bullish trend we’re witnessing lately.
Hence the need for user-friendly reliable tools to aid traders and investors in their assets allocation decision-making process. Most tools available in the space are apparently self-centered and this has allowed new players in the space to diversify themselves from the actual competition and position themselves in the market by bringing user-centered services to help investors discover, explore, and study projects before making any investment/trading decision.
One of such projects is iMM – namely Insurance of Market Maker – which showcases a full suite of instruments for investors/traders… and not only that! The value proposition brought forward by iMM is a fully-fledged and comprehensive one, which takes into account, not just the end-users (investors), but also upstream project owners, aiming to provide top-notch, exclusive (yet-to-be-fully-announced) consulting services.
With several important incubators allegiances (PolkaFoundry, Icetea Labs) and partnerships already under its belt (DaoVentures, Titan Ventures, PetRock Capital, PNYX BSCLaunch, and TrustFi… to name a few), iMM promises to be quite the project to be keeping a close eye on.
In this article, we will try to get to know Insurance of Market Maker better, by asking the fundamental question: “What is iMM?”
1. What is iMM – Insurance of Market Maker?
As stated on the whitepaper:
“ […] Insurance of Market Maker (IMM) is a DApp that uses Big Data, Data Analysts, and Artificial Intelligence technologies and that is built on two platforms: Ethereum Request for Comment (ERC-20) and Binance Smart Chain (BSC).
iMM aims to protect the benefits of investors (B to C) when they participate in Initial DEX Offering (IDO) projects and Advise developers (B to B) on technology projects to raise capital in the form of Initial DEX Offering (IDO).
There are some big words being used to describe what iMM is and what it does – so let’s break this definition further to make it more clear:
In computer science and statistics, “Big data” is a term used to describe huge amounts of structured and unstructured data which can be employed by organizations/stakeholders, every day. A rule of thumb that’s important to note (and that’s key for iMM’s value proposition) is that it’s not the quantity but the quality of data. That is, what matters is what a project does with these data to make it useful.
“Data Analysis” consists of a process of inspection, “clean-up”, conversion and modeling of data to highlight information that is fundamental to support stakeholders (e.g. in our case investors/traders) when facing short and long-term decision-making scenarios.
Finally, we probably all intuitively know that “Artificial Intelligence” (AI) allows us to employ machines or applications capable to enroll human-like skills – such as reasoning, learning, and planning – to put “Big Data” and “Data Analysis” to maximum fruition.
In layman’s terms, data is gathered on the Ethereum and Binance Smart Chain protocols then processed utilizing advanced analysis processes and AI is leveraged to bring traders extremely valuable information and insights to traders and investors, thus helping them
screening out the quality projects from low-quality ones and scams
solving the inherent, lurking information problem where investors either do not have the opportunity to access all the information related to a project or have difficulty in synthesizing and evaluating the quality of the information sources.
analyzing and supporting their decision-making approach, for which, too many times, ordinary investors can’t fruitfully analyze and make educated decisions based on often erratic information-finding.
2. iMM Features
First and foremost, the iMM platform is structured and designed to be extremely user-friendly, allowing traders/investors (which represent the “C” in iMM’s B2C value offering) to easily access its services. Users can connect to the iMM dApp using their Metamask (soon TrustWallet will be available as well), either via Ethereum Mainnet or BSC.
The iMM dApp will offer a plethora of specific features:
Holder Analysis – investors will be able to track project development, major holders/investors transactions
Project Roadmap Progression – users will be notified regularly, any time a project’s product development witnesses variations or updates regarding its progress.
Transaction Analysis – this will provide a detailed analysis and a notification system concerning abnormal transactional activity and outliers.
Full Charts – equipped with complete information and technical analysis tools
Project & Token Analysis – an information suite at a user’s disposal that will include fundamental, project valuation analysis.
More features have been already announced for the future, including
Auto DEX Trading
Profitable Wallet Tracking
the latter of which will allow users to observe the market, detect the behavior of top holders and groups of wallets, and eventually analyze the behavior of specific wallets to take proper actions (e.g. copy-trading).
At the current state of the art, the iMM team recently launched one of its principal services on its platform – the Token Monitor System. This early-stage functionality is live, free, and available for users to test some of the iMM’s core features: users can get a first-hand look at how they will be able to analyze transaction information on the crypto market on a selected list of trending tokens on BSC. This also represents a viable way to start getting comfortable with one of the most basic, yet useful functionalities that will be later on perfected and polished on the iMM platform.
3. $IMM Token Economics
Listed on CoinMarketCap on June 22nd and, shortly after, on Coingecko on June 27th, the Insurance of Market Maker platform has its very own noninflationary, native token called $IMM, which investors will be required to own to be able to subscribe and enjoy the corresponding dApp services (as explained earlier, the Token Monitor System is now available to everyone to test in free trial mode).
$IMM was launched following a global airdrop sponsored via CoinMarketCap and a double IDO on BSCLaunch and RedKite on June 19th, 2021, and is now available for trading on PancakeSwap.
The total supply is 50,000,000 $IMM, of which ~950,000 IMMs representing the current initial circulating supply, which will reach the 10,400,000 mark in 6 months from now (December 2021) – about 20% of the whole supply.
The $IMM token distribution will observe the allocation and vesting schedule outlined below:
The $IMM token utility is closely tied to the iMM platform revenue model outlined in the next paragraph.
4.Revenue Model
The Insurance of Market Maker revenue model will be based on the aforementioned $IMM token use case, which again is strictly linked to the successful adoption of the platform and its corresponding services provided.
As briefly and previously hinted, users will pay for the platform services by using $IMM token – these proceedings, in turn, will be shared between
staking and farming pools (with staking and farming features yet to be launched)
and project operational and development treasury
According to iMM’s forecasts and business plan, the team aims to reach the non-trivial figure of 2,000,000 investors using the paid subscription iMM products and they aim to reach that goal in just 4 months upon paid subscription launch, by offering a basic 10$/month subscription plan.
The subscription plans and tiers have not yet been fully disclosed, but according to the whitepaper, there will be iMM premium products available at a $1000/month subscription fee and reserved for a limited number of spots.
5. Roadmap
While $IMM’s staking and farming are yet to be announced, the next anticipated milestone will be all about the September/December launch of the Mobile App coupled with the web/mobile version of the Roadmap Tracker, the Project Analyst, and the Beta Version of the Automated Bot System features.
Coming Q1 2022 and Q2 2022 on the roadmap, users will witness more advanced and polished versions of the Token Monitor System and the Mobile App version 2, as well as more structured risk management and compliance framework design for the platform.
6. Conclusion
The Insurance of Market Maker platform is a project that could potentially soothe and ease a lot of the hassle investors have to go through when trying to access DeFi on-chain data and tools spread all over the crypto universe by gathering all the relevant services on one, unique platform. If the premises will be fulfilled (and it’s important to note that we’re in the very early stages), with the means of a single click, any trader or investor – be it experienced or inexperienced – will enjoy the benefits of using iMM’s services on a day-to-day basis, in their common trading and investing activities on Ethereum and BSC.
The multiple aims of this platform
to provide practical indicators for traders
divulge and make practical expert functionalities palatable to new users
synthesize information from multiple sources
connect consumers to the best tokens on the market to invest in
are ones worthy to keep track of.
The focal part of iMM’s roadmap will be all about its platform developers bridging the features announced and promised for the last quarter of 2021.
By that deadline, iMM will be potentially integrated with the major services it aims to provide, and hopefully crypto enthusiasts, traders, investors will be able to try out the iMM DApp to ensure they get the best from the crypto multiverse.
7. Community and Social Channels (as of August 5th, 2021)
Part 1: 100$ /6 users – We’ll select 6 questions from the community. A user can post maximum 3 questions.
Part 2: 100$/10 users – Open chat for 120 seconds. You can post Max 3 questions. Vera Team will select 10 questions and answer them.
Part 3: 300$ – A quiz about Vera
For more details:
Vera Website – vera.financial
Vera Telegram – @veranetwork
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish
