Announced in April 2021, Trustpad is a permissionless,
multi-chain, fundraising platform for crypto projects that aims to kickstart
their launch in the space via IDO capital raising, while guaranteeing exclusive
access and prime blockchain security to early projects investors.
While this could be considered TrustPad’s portrayal in a very
concise, nutshell-like fashion, that wouldn’t do justice to all that the
project currently offers to its stakeholders. So let us unpack the short
description above and provide the deserved context and information about
TrustPad’s value-packed services.
2. A brief introduction to IDOs (Initial DEX Offerings)
In order to understand Trustpad’s value proposition, it is
important to introduce the concept of IDOs. Just like many DeFi-era projects,
TrustPad is deeply rooted and intertwined with 2020/2021 DeFi’s boom (which is
also expected to blossom throughout 2021 and in the coming months/years) and thus,
it’s best to go a little back in time and do a quick, yet partial “crypto
history” recap.
The adoption of DeFi solutions finally emerged with hugely
successful projects, like Uniswap and Compound (two of the most notable
protocols among the successful DeFi lot), attracting investments that brought
billions of dollars in traded volume in the cryptocurrency markets and
snatching a considerable (and constantly growing) amount of market share from
centralized exchanges.
DeFi bloomed, but while many already structured new projects
blossomed as well, just as many potentially promising projects needed to find
the right way to market themselves and communicate their unique value
proposition to potential investors.
That’s how the fundraising activity got enriched by the launch of IDOs – whose ancestral and conceptual forerunner in the crypto space is deemed to be Binance’s IEO (“Initial Exchange Offering”) Launchpad: investors who wanted to participate would be required to stake a certain amount of BNB tokens for a predefined timespan, during the crowd sale period.
3. How do TrustPad IDOs work?
And now that’s when TrustPad entered the IDO landscape.
Like several other IDO launchpads, TrustPad is not tied to any
centralized exchange. Just as with Binance centralized Launchpad & BNB of
the very beginning, in order to participate in upcoming project pools, TrustPad
users are instead required to deposit/stake the corresponding platform token
($TPAD).
On the platform’s end, the process is multi-phased. Start-up IDOs
reach out to TrustPad’s team and submit their project, providing all of the
project’s fundamental and relevant information (technical documentation,
whitepapers, etcetera) and defining the token allocation for the $TPAD
community investors.
The TrustPad team carefully screens out candidate projects,
following strict initial security procedures in order to validate a project’s
legitimacy beforehand, deciding whether or not to accept the request, and
eventually deciding the crowd sale date on TrustPad’s platform.
Therefore, if approved, the project is then queued into the
pipeline and, to facilitate due diligence on the part of the investors (which,
as always, is highly recommended), relevant details and official links to the
project’s social channels and websites are provided, allowing future IDO
participants to study it.
Few days before the established date, the project’s whitelist
opens to all eligible IDO participants. IDO eligibility and selection criteria
may vary in time according to TrustPad’s tiering system. Investor participation
in any Trustpad IDO is dependent on the numbers of $TPAD tokens owned &
staked. Some higher tiers allow for a guaranteed allocation, while lower levels
employ a lottery mechanism where the probability of getting whitelisted is a
step function of the numbers of $TPAD tokens staked.
This is meant to be a fair presale mechanism and has been designed
due to the high token demand that precedes IDO launches, which most of the time
are far superior to the allocated amount for the IDO. For that reason, a max
contribution per each $TPAD whitelisted user is set, where each lucky investor
gets to contribute up to a maximum, customized amount of BUSD, according to the
level to which participant belongs.
On the crowd sale date, only those who have the whitelisted right
to join will then be able to calmly proceed with the pool’s contribution,
enabling users to receive an established amount of the launching project tokens
on the native blockchain of reference – as of now, either BSC, Solana or
Ethereum.
4.$TPAD’s Tokenomics
Since $TPAD is the cornerstone that makes the above design
possible, It’s important to share some key token metrics.
As mentioned earlier, the $TPAD token is required to be able to
fully tap into TrustPad’s platform features and to participate in any future
hosted IDOs. In addition to this main function, $TPAD also possesses several
desirable tokenomics traits:
the total supply is 100,000,000
$TPAD but the token itself is “dynamically deflationary”, thanks to a 2%
re-distribution & burn fee on every $TPAD transaction Basically, part
of the transacted $TPAD is proportionally redistributed to all $TPAD
stakers, while another fraction is sent to the burn address, thus
effectively removing $TPAD from circulation and, in turn, increasing the
value and scarcity of each token over time.
Furthermore, as a plus to its
IDO requirement, $TPAD’s IDO staking earns a current, juicy ~50% APR (subject to change as TVL increases). The token
can also be farmed by staking $TPAD in a separate “$TPAD only” pool or by
becoming a BNB/TPAD liquidity provider on PancakeSwap, actually earning up
to a fabulous 180%.
Finally, the fact that $TPAD is
a BEP-20 token also adds to the token’s value, by considering that, at the
time of this writing, BSC transaction fees are way lower compared to
Ethereum’s mainnet, as per the actual market juncture.
Here is a quick overview of TPAD’s basic tokenomics:
5.TrustPad’s Philosophy and Competitive Advantage
TrustPad’s Launchpad protocol lives and operates primarily on
Binance Smart Chain and integrates with Ethereum (while full-fledged
multi-chain integrations on Solana, Matic, Polkadot, and Cardano coming soon)
making it a 100%, decentralized, permissionless, safe & innovative IDO
platform.
As hinted earlier, TrustPad’s aim is dual, both on the investors
and project team side, allowing reputable, premium projects to safely raise
capital, while giving $TPAD investors the assurance and confidence of the
project’s reputability and legitimacy, at the same supporting projects’ growth
in a transparent (the team is public), safe (the code has been twice by
high-caliber auditing firms Certik and QuillAudits) and sustainable fashion.
Thus, following TrustPad’s core mission, the project is driven by
a “quality over quantity” philosophy, whose positive spill-overs can benefit
the broader blockchain world as a whole, thanks to the intrinsically long-term,
value-loaded, yet safe-grounded approach that’s being actively sought and
pursued by the TrustPad’s team via the attentive selection of the LaunchPad
projects.
This professional, virtuous, and community-centric approach bore
its fruits by distinguishing TrustPad from the competition in the IDO niche,
leading to its astonishing growth since its very recent launch in April 2021,
with more than ten successful project launches (and three more already on the
ramp – Flourishing Capital, Xion, and Triall – for the coming days), many
reputable VC backings and partnerships struck (BlockSync Ventures, Lotus
Capital, BuidlHodl, to name a few) and a cemented community base, that now
boasts more than 89,000 followers on TrustPad’s
Twitter account and well over
81,000 members on the official Telegram group.
Not just IDOs but NFTs…TrustPad’s NFTs
TalentPad
Trustpad’s growth is not expressed only in networking terms. The
second quarter of 2021 will also witness the birth of TrustPad’s newest product
integration: the TalentPad.
The TalentPad will be TrustPad’s NFT LaunchPad and marketplace,
which will showcase original and exclusive artworks from both notorious &
emerging, talented artists, thus allowing $TPAD stakers to get early access,
invest, own and trade unique NFT creations and masterpieces – some of which
will also grant owners exclusive perks and benefits for upcoming TrustPad
IDOs.
TalentPad’s official announcement is bound to come in the next weeks of July, where – barring any unforeseen delays – we will also see the first NFT Auction Pools going live.
6.Coming Down The Road – TrustPad’s Roadmap
TrustPad’s roadmap has a lot on the plate for 2021, starting with
the Solana blockchain integration and the aforementioned TalentPad launch, up
to the Q3/Q4 inter-chain compatibility on the Polygon and Polkdadot chains,
together with CEX listings, $TPAD governance features going live and much more.
Let’s break everything down in concise quarters:
Q2 – 2021: Solana
integration, TalentPad launch, Auction Pool for NFTs going live,
Q3 – 2021: Insurance
Fund and Front-Running Prevention Systems going live, Polygon and Polkadot
integrations, IDO-type bonding curve fundraising feature.
Q4 – 2021: Cardano
integration, CEX listings, TrustPad’s DAO, and Governance up and running.
The following infographic sums it all up.
7.Conclusion
With a strong, passionate, and thriving community already in place
as the backbone of the project, many key partnerships under the belt, and the
constant, steady development that’s been brought to fruition by the team so
far, TrustPad has anything it takes to keep playing a pivotal role in the IDO
niche. If the team keeps on buidling and delivering the coveted cross-chain
integrations & ambitious features outlined in the project’s roadmap, the
stars could be potentially aligned, calling for a bright future for TrustPad in
the cryptoverse.
8.Community and Social Channels (as of July 2nd, 2021)
TrustPad’s Website
For everything you need to know about Colony, visit the official TrustPad Website.
TrustPad’s Telegram
Join the conversation on Telegram to stay in the know about TrustPad.
TrustPad’s Medium
To keep up with the latest updates from TrustPad, follow them on Medium.
TrustPad’s Twitter
Get in touch and social with other members of Colony’s community.
Join the community on Twitter.
Hello,
Satoshi clubbers! Another AMA took place in Satoshi Club and we would like to
introduce to you the AMA session with our friends from Bistroo and our guests was
@Bas_Bistroo. The AMA took place on 7 July.
The
AMA session was divided into 3 parts with a total crypto reward pool of 500$
In
this AMA Recap, we will try to summarise the most interesting points for you.
Part
1 — introduction and questions from the Telegram community
Andrés M. | Satoshi Club: Hello dear community, we have another great AMA
session today with our friends from Bistroo project.😃
@Bas_Bistroo welcome to
Satoshi Club, how are you today?
Bas:
Hi!
Thanks for having me,
and i’m very well. How is everyone here?
Very happy to be part
of the Satoshi AMA club
Andrés M. | Satoshi Club: We are excited for this AMA session, a lot of users
online waiting for it
Bas:
Im excited too, I saw alot of good and quality questions on the website so
looking forward
Andrés M. | Satoshi Club: We are glad to have you here. So, let’s begin with
the AMA, please give us a short introduction about, what is your role into
Bistroo project and how did you get involve on crypto?
Andrés M. | Satoshi Club: For sure, our members did a great research about
your project😁
Bas:
Hi everyone! My name is Bas Roos, a 30 year old entrepreneur from the
Netherlands. After graduating from my MBA I came to work over at EY (Ernst
& Young) and HeidelbergCement, and learned alot about (digital) Business
Process management, and digital transformation.
When working in these
business environments these ‘legacy’ (mostly ERP) systems, as a comparison to
blockchain, always frustrated me a bit, due the way data is stored, processed,
modifiable and transferred. There’s alot of friction in the way we (digitally)
organise within our current state of society.
When I first heard
about blockchain technology in 2015, I came to realize that, in time, this
might be the technology to address those frustrations. Blockchain holds the
potential to organise trustless and frictionless and thats what so amazing
about it.
I’ve been active in the
blockchain and crypto space ever since, first as a digital transformation
advisor and blockchain keynote speaker, and later as founder and CEO of
Bistroo.
Andrés M. | Satoshi Club: Great background Bas, I agree with you in that
blockchain is the key to solve a lot of the problems of the companies.
Now, in a nutshell what
is Bistroo? What is the essence and which problems do you try to solve?
Bas:
Takeaway platforms have made it easy to enjoy our favourite meals, but they’ve
made life tough for the restaurants we all love.
Current market
platforms demand that restaurants pay disproportionate fees, while dictating
control over everything within the process: data, pay-out and client relations,
loyalty and interactions. It’s a stitch-up that results in higher costs for
consumers and restaurants.
Bistroo puts an end to
this, by providing a platform where businesses are back in full control.
We offer better user
experience, lower transaction costs and a fairer and neutral infrastructure.
Our job is to provide the tools, insights and support to facilitate a
direct-2-consumer relationship for our merchants and users.
It is fully focussed on
the infrastructure first, Platform as a Service utility.
With full
decentralization of tasks and responsibilities, enabled by the protocol. A
merchant is in full control over everything that has to do the THEIR store.
Changing menu’s realtime, updating prices or inventory numbers, switching from
preferred payment method, organize refunds or compensations, running promotions
and/or ads, conduct commerce through direct contact with THEIR customers, and
allow them to build a loyal customer base with their restaurant.
We facilitate, never
dictate!
Andrés M. | Satoshi Club: Don’t you think it could be a problem in the
current pandemic situation, I mean the restaurants were closed for a long time,
that was a problem for you?
Bas:
No, actually not at all. Alot of restaurants discovered the potential that the
take-away and delivery markets hold within these dire times of the pandemic.
The market has always shown great growth potential for the next decade, with
double digit aggregated growth rates for most regions in the world.
But with the pandemic
happening, some of this growth has been expedited and has helped us gain the
initial traction for our live platform.
We are very much
looking forward to normalized market conditions because our USP’s fundamentally
hold up, with or without the pandemic, and we would like the restaurants to
thrive!
We actually helped alot
of restaurants stay in business during these uncertain times so thats something
we are extremely proud of.
Andrés M. | Satoshi Club: Well, that’s important, to take advantage of the
difficulties and try to evolve.
Thank you so much for
this exciting introduction about the project😃. We have collected the
best community questions for you, are you ready to proceed?
Bas:
You’re very welcome, Yes looking forward to the live segment!
Q1 from Telegram User @Jonahapagu
Bistroo is implementing An incentivized review model
to give consumers and users a trustworthy peer assessment of the quality
delivered by service- or product merchants through its platform… so how does
bistroo incentivize reviews on its platform and how is it ensured that only
genuine reviews are available on your platform as this can go on to negatively affect
your review model?
Bas:
Thanks for this question. We have been thinking about this challenge alot
during the design process.
Reviews should always
reflect an experience transparently, even if its a negative experience. In
order to ‘weigh’ a review there will be features to up- or downvote a review,
affecting the amount of rewards that apply for that specific review.
For example, if someone
had a negative experience and writes an extensive and helpfull review about
this, this review could still get a lot of upvotes. Indicating this is a
community valued review, recognition by the community masses will result in
increased rewards. Therefore incentivizing quality reviews, over quantity, even
if its covering a negative experience.
Application controls,
posting and voting rules, and reward algorithms will ensure users do not
Bas:
‘hack’, or abuse, this system.
Andrés M. | Satoshi Club: Will be there supervisors checking the reviews? I
mean there are rules against bad words and bad behavior?
Bas:
Ofcourse, moderation applies. Automated as well as manual.
Andrés M. | Satoshi Club: Thanks for the clarification and the clear answer,
would you like to add something before the next question?😃
Bas:
We also allow merchants to respond to reviews and even compensate if they feel
thats necessary in these cases.
So they can build a
direct relationship, and loyalty through the system.
Andrés M. | Satoshi Club: Do you mean with a followers system?
Bas:
I mean that they will be able to directly communicate with them, and if
compensation should apply they are able to autonomously do so. Therefore
investing in their customer loyalty and satisfaction.
Andrés M. | Satoshi Club: Oh got it, great idea👏
Q2 from Telegram User @meml97
From what I understand Bistroo aims to be this app
where users will be able to find and pay for their ideal food without the need
and trouble that could come with intermediaries between seller-buyer, but if
I’m honest with you, Bistroo to me looks like another third party app involved
in this process, so what is different on Bistroo to not consider it as such?
Bas:
Thanks, we are building the protocol for direct commerce and never dictate the
relationship between a merchant and a consumer. It is our job to provide every
tool they need to do so, in a neutral and facilitating manner. We will never
dictate how they should run their business, affect pricing, handle or hold
payments, or even exclusively use the data that is generated, its their
business fundamentally and the protocol is here to facilitate this.
Being neutral and
transparent is key in this philosophy, and thats where blockchain will
contribute in ensuring this as well.
Allowing the merchant
to have full control over everything for them to conduct business is something
that is currently unique in the industry and is a fundamental USP for us. We
will always ensure this Peer2Peer, direct-2-consumer, dynamics stay in place.
This also means that at
a future stage, the protocol/system transcends the current business that is
developing the product and providing the service.
Current marketplatform
control everything that has to do with the process: payments, refunds,
inventory management, menu adjustments, customer contact, customer relations
and data.
We allow the merchant
to control all this through the protocol and software.
Andrés M. | Satoshi Club: That’s great, it differentiates you to your
potential competitors. Btw, who are your current partnerships and how many
businesses have joined your platform?
Bas:
We are closing in on 300 merchants atm. Not only restaurants but also
direct-2-home merchants that provide specialty products like wine, cheese,
fresh produce, spices etc. We delivery those nationwide through partnerships
with logistic service providers, like trunkrs.
We are aligned with the
National Association of restaurant owners, that have validated our approach to
their members and help us gain authority on the market.
We are onboarding our
first big labels during the current quarter with New York Pizza joining our
system with the first merchants in the coming weeks.
And we are also
integrating with multiple PoS systems to have our orders flow into the
management and sales systems and our merchants and make life easy for them.
Andrés M. | Satoshi Club: Congratulations, your ecosystem is growing so fast👏
Q3 from Telegram User @DK177
Due to the prevailing COVID-19 situation, food
delivery platforms across the globe are facing several problems. Travel bans
have been imposed in some countries. People tend to cook at homes in order to
avoid health issues. Do you have any plans to overcome these problems and to
make your service a stable one? If your service face difficulties, it can
reduce the value of $BIST. Why did you introduce this kind of concept in the
prevailing situation? According to 2020 year review, the platform was launched
and the employees were hired during the pandemic. Don’t you think you should
have postponed the launch? Can’t you achieve a greater success by launching in
a normal situation?
Bas:
We had been working on the project long before COVID-19 was part of our lives
and have been designing the platform to fit for normalized market conditions
and have competitive advantage in the long run. COVID-19 did change the market
conditions but I dont feel we should have postponed because we were able to
prove our added value during these dire times.
Orders have actually
gone up alot during the pandemic because people still want to support and enjoy
their favorite restaurant.
With the COVID
pandemic, hopefully, coming to an end we will continue our mission to provide
an cost-efficient alternative and help get merchants back to a thriving and
healthy condition when serving the market.
The platform was
launched on March 3rd, 2020, so that was before the biggest interruptions from
Covid happened but we managed to pull through and grow during this time!
Andrés M. | Satoshi Club: I’m happy to know it doesn’t affected you to much
Btw, talking about
$BIST token, where we can buy it and what are its main usecases?
Bas:
Payments: Purchase your food using BIST tokens against reduced rates compared
to FIAT purchases. Cash-backs for using the token!
Data rewards: Share
your consumption and order data & you will be rewarded with BIST tokens.
Ratings & reviews:
Write community valued reviews for meals & services and be rewarded in BIST
for contributing valuable info.
Merchant staking:
Staking BIST tokens as a merchant will allow you to get discounts on commision
fees.
Contribute: Be a
valuable member of the community by, for example, onboarding your favorite
restaurant or inviting your friends & receive BIST tokens as your reward.
Shopping: Merchants can
use BIST tokens to purchase all kinds of store attributes to enhance their
customer experience.
Premium features: BIST
tokens can be used by merchants to gain access premium dashboard features at a
significantly reduced price.
Smart advertisement:
Merchants can use BIST tokens for advertising to their target customer
audience.
Community &
liquidity staking: Earn rewards for contributing to the network by staking your
BIST tokens, or by providing liquidity.
We listed on HitBTC
today acutally 😀
Andrés M. | Satoshi Club: More exchanges are in plans I guess😁
Bas:
Yes, working hard on more partnerships and trading opportunities!
Andrés M. | Satoshi Club: Thank you so much for the clear and detailed
answers🥳. @MihaiPisica please proceed with the next question!
Q4 from Telegram User @Highpee
In the month of May, you started Bistroo CORE V4
which will involve a complete redesign and revamp of your backend framework,
consumer app and merchant dashboard. We are in the month of July and this
version upgrade is yet to be released. Can you provide some update on Bistroo
core V4? What should merchants and users expect with this new release? How will
the new version address some factors that affect your efficiency such as the
inability of merchants to synchronise their single account with the multiples
stores they operate on your platform and the inability of users of this stores
to be granted different levels of authorisation? What other customizable
product flow features will user be able to have access to with Bistroo Core V4?
Bas:
Great question and we have an extensive breakdown of the update coming out very
soon so for all details please follow all our channels! The update has been
scheduled for release in Q3 so stay tuned for that.
But like you mention it
is big update for the scalability and accessibility of the platform, in order
to prepare for a borderless utility to be hosted on Bistroo.com at a later
stage.
It will allow for more
flexibility and control over multiple stores by implementing an account vs
location/store layers. When onboarding bigger chains of restaurants we noticed
that we could make life easier for the owners to organise the back-office in
such a way. This way they will not be operating multiple back-offces, for each
store, but can manage multiple stores within one back-office environment login.
We will also be
implementing user profiles and preferences so we can lay the foundation of our
personalised user experience for our consumers. Another unique thing our
platform has compared to ‘traditional’ market operators.
Bas:
It will also allow store managers to have more flexibility in building menu’s
for different distribution methods (take-away, delivery, location QR), for each
store seperately. Or make certain menu’s available at adjusted prices or times
during the day. Without affecting their core product configurations.
Andrés M. | Satoshi Club: So innovative, don’t forget to share coming
announcements with us.
I would like to ask, is
your platform international or is allowed only for few countries?
Bas:
Currently it is only available in our launching market, the Netherlands. But we
are expanding the Belgium later this year and with the launch of Bistroo.com we
aim to make the protocol accesible globally. Depending on regulatory
parameters.
We will share the
announcements for sure, thanks!
Andrés M. | Satoshi Club: Thank you so much for clarify it😃
Time to proceed with
our next question, @MihaiPisica please shoot it
Q5 from Telegram User @putra2005
As stipulated in your website, transfer of assets
across various major public chains is available. How do you assure that your
subscriber’s assets won’t be invaded by any hackers/scammers in the process of
transfer?
Bas:
Security is of utmost importance to us and we will do everything in our ability
regarding testing, ethical hacking and measures to prevent the system to be breached.
Smart contracts will be audited and tested extensively before being deployed.
This is where we will not make an consession on safety, over, for example,
speed of the deployment.
Andrés M. | Satoshi Club: Security first👏
Thanks for the answer,
ready to proceed with the last question of this first part of the AMA?🥳
Bas:
Yes for sure!
Q6 from Telegram User @Asela1112
Studying on $BIST tokenomics, 10%- seed, 10%- Team,
30%- Token sale & 50%- community rewards, staking, operations &
partnerships have been allocated while not included any kind of burning
mechanism. So why didn’t you integrate burning event on tokenomics? Which
strategies will you use to avoid inflation on $BIST & mitigate the price
volatility of $BIST without burning event? Can you tell about the primary
concept, used to categorize $BIST on various purposes? Currently $BIST are
built on Ethereum network as ERC20 token. We all know, Ethereum chain is more
potential but with high gas fees. How about the transaction fee of $BIST &
have you solutions for high gas fees? Will you launch $BIST on binance
smartchain also in future? Will there be any exchanges in addition to UNISWAP
to Buy $BIST tokens?
Bas:
So thats a alot of (good) questions in one go! The biggest challenge for ETH is
indeed the GAS fees and even though we feel Ethereum will overcome these
challenges in the future, we will be looking for alternatives to expedite
adoption with lower transaction fees in the meantime. Currently looking into
layer-2 & bridging solutions and we have an announcement for this coming up
very soon! Keep an eye on our channels to learn more on this in the next 2
weeks!
With these
layer2/bridging solutions new venues for (DEX) listing opportunites will open
up and we aim the utilize these to grow the community and ecosystem of BIST as
fast as we can!
Burning events will
still be an option to mititgate inflatory effects on the token and will be
incorporated if deemed necessary for the ecosystem to thrive.
Bas:
Curious about the LIVE segment!
Andrés M. | Satoshi Club: Great answers for great questions. Great job Bas,
thank you so much for your time and patience💪😃
Bas:
No worries, happy to do so and thanks for the great questions! High quality for
sure
Andrés M. | Satoshi Club : Of course, like you said is time to proceed with the
live segment of the AMA, a ton of good questions are coming 🥳🥳
Thank you for the kind
words. Now we will open the chat for the community question and we we close the
chat you should pick your 10 favorites to answer, are you ready?
Bas:
Yes, lets go!
Part
2 — live questions from the Telegram community
Q1 from telegram username @Gutike95
I could read that each time Bistroo will become
“more personalized”, but what do you really mean by it? Will it
require more details of the businesses and user data in order to create a
greater business-customer relationship?
Bas:
Yes, only if the users explicity allows the protocol to use their profile and
historical information we aim to have a personalised experience that fit you as
a consumer. Meaning the ranking of stores, as well as promotions is more aimed
at your own unique preferences and experience. This allows merchants to target
segmented audiences as well, with promotions for example.
Q2 from telegram username @Ratash97
So who is in charge of the delivery process the
merchant or bistroo ?
@Bas_Bistroo
Bas:
Currently, it is the merchant who is in charge of the delivery process. Either
themselves, or through third parties. We allow for technical integration with
the major service providers to ease up this process.
Q3 from telegram username @johnclark_0
Bistroo is collaborating with Horeca Magazine. What
is your business deal with Horeca Magazine? Why do you choose to be published
in Horeca Magazine?
Bas:
Our partners are aimed at providing educational content on our USP’s and what
we do differently than our main traditional competitors. Building brand and
concept awareness and breaching the initial gap between the image consumers
have on platforms, and what makes Bistroo different to that!
Q4 from telegram username @Einsteinyl
Bistroo concept to combine blockchain and food
industry is really innovative and unique, I believe you already doing some
research before build this project. So I want to know, what issue do you think
that food industry have for now? And what solution that Bistroo can give to
solve that issue?
Bas:
The main challenge is that food industry, on each channel, is highly
centralised and untransparent. With the combination of our protocol and
blockchain we would like to flip that model into a neutral and transparant way
of organizing food consumption.
Q5 from telegram usernameErbi Zuan
With the Bistroo making it easy for buyers without
having to leave the house, what if the buyer doubts the cleanliness of the
food/packaging on the road, How does the Bistro handle decent standards🚀🚀🚀🚀
Bas:
We are currently working on getting partnerships in these areas. For clean and
sustainable packaging to be offered through the back-office to our merchants!
Q6 from telegram username @Pratze
This year much people already give attention to NFT,
and NFT become really popular. How about Bistroo? Do you have plan regarding NFT
on your project and how will be your NFT like?
Bas:
NFT is obviously a very big and major use case for blockchain and crypto and we
are looking into integrating this in our platform as well. Examples could be;
Recipes (Grandmother’s secret cookies) or images of Food.
At this time we dont
have specifics on this use case yet but more will follow regarding NFT
Q7 from telegram username @messilolz
Many projects devs abandon for no reasons later and
due to lack of experience . So are you an experienced team and is your
team anonymous or public?
Bas:
We have a fully public team and are expanding our dev (and other) divisions as
we speak with highly passionate, educated and experienced teammembers.
Longevity of the project is of the utmost importance.
Q8 from telegram usernameErbi Zuan
Current conditions make people want sterile and
healthy food, most likely people will make their own food at home Does the
bistro also open partners who sell raw materials?
Bas:
In the future we would like to expand our reach into B2B as well. Meaning raw
materials can be acquired by merchants through the protocol. For sourcing and
transparency on Supply Chain Management we aim to partner with other
initiatives in the blockchain space that handle transparency of the supply
chain.
Q9 from telegram username @Checkerbabu
Is there any incentive for promoters or ambassador
who take it upon themselves to referred people to use Bistro ecosystem ?
Bas:
Yes, we value community and ambassador driven growth above all. We are in the
works of launching our first ambassador program in BeNe this week and will
expand the program into other countries as soon as the utility becomes
available there through Bistroo.com!
Q10 from telegram username @Korryl
I’m very curious why do you give your project name
“Bistroo”? Is there any meaning or story behind that name? And where
is the main idea come to use that name?
Bas:
Besides being a great brandname it also signifies what we strive to be; an
accesible and friendly environment for everyone to enjoy their favorite food,
with your community!
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:
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 Hoo Smart Chain and our guests were @PatriciaWxy @samyaohk @Cole_HSC @PuddingSwap @JZZZZ2020 @Austin_ShouYi . The AMA took place on 7 July.
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
D.
| Satoshi Club: hey Satoshi Club😇
Paul
Mont | Satoshi Club: Hello, dear Satoshi Club community!😁
D.
| Satoshi Club: we are happy to present you today’s AMA
with Hoo Smart Chain🥳
Paul
Mont | Satoshi Club: Welcome people! Great to have you here!
🔥
PuddingSwap: hi guys~!
JZ:
Hi everyone
Sam
Yao:
We are feeling stoked and excited 😜
D.
| Satoshi Club: nice! 👍 we are excited as well!
Paul
Mont | Satoshi Club: I can assure you the feeling is mutual 🔥🔥
Cole
ZHANG: nice to meet you guys😊
Sam
Yao:
I’m Sam, head of Hoo Smart Chain operation. It’s my pleasure to meet all of you
here
Patricia:
Hello
Everyone, I am Patricia. I am Head of Marketing of Hoo Smart Chain.
D.
| Satoshi Club: happy to meet you guys 😊
Paul
Mont | Satoshi Club: The day’s perfect to get to know all of
you and share all the marvels that HSC has in store with our Satoshi Clubbers 😎
JZ:
Hello everyone! I am Timi of RooLend, the first leveraged lending protocol on
Hoo Smart Chain. I joined the RooLend
team this year and is responsible for its operation and promotion.
PuddingSwap:
hello guys~! I am Shelley, the operation director of Puddingswap from HSC😝
Austin
ShouYi: Hello Everyone, I am Austin. I am Head of Marketing
of ShouYi, the first defi on Hoo Smart Chain .
D.
| Satoshi Club: awesome! so many guests today !🥳
and from different
projects 😉
Paul
Mont | Satoshi Club: It’s a party AMA 😁
D.
| Satoshi Club: haha yeah
so guys can you briefly
explain to us what is Hoo Smart Chain?
please 😊
Sam
Yao:
Alright
Hoo Smart Chain (HSC)
is a decentralized &energy-efficient public chain that provides developers
with an efficient and cost-effective on-chain environment. We launched our
mainnet on May 1 this year and have been dedicated in growing our ecosystem.
Many awesome projects
have joint hands with us in the past months. Thanks to the satoshi club, we are
able to meet all of you tonight, and introduce our smart chain as well as some
of our top projects to you. We have PuddingSwap, Roolend and Shouyi with us
tonight.
D.
| Satoshi Club: you already in mainnet phase?!
impressive! how long Hoo Smart Chain under development?
Sam
Yao:
Actually less than three months.
Thank you! Our tech
guys work hard 🙂
Paul
Mont | Satoshi Club: Also, I’d like to mention I’m a
registered member on Hoo exchange. Is the team behind Hoo Smart Chain the same?
Cole
ZHANG: Not the same
We are separated teams
but a big family 😌
Paul
Mont | Satoshi Club: That’s the kind of philosophy that
brings the best bonds and results in life & work 😉
D.
| Satoshi Club: [ 👍 Sticker ]
Paul
Mont | Satoshi Club: Thank you very much for the brief
intro, we have many community questions to ask you, so – without further ado –
I’d say let’s get on with them😁
Cole
ZHANG: Okay, let’s do it 😜
D.
| Satoshi Club: let’s goooooooo🚀🙌
Q1 from Telegram
user @xperia3
As
I see in your website there is an ongoing testnet. How does it go so far? Did
you get any feedbacks from testnet participants already? Is it still open for
new participants? People do more their best when there is a reward for bug
hunting and system testings. Will there be any incentives for testnet
participants?
D.
| Satoshi Club: as we know now, you already on mainnet 🙃
PuddingSwap:
yes, puddingswap has already launched haha😝
Yes, yet maybe there
are still bug bounties open for dedicated and skillful developers 😉
Satoshi Club has many
talents hidden in the community 😎
Sam
Yao:
Oh, a very good question to start things off 🙂
I would like to update you that we have launched our mainnet for over 2
months. And now there are more than 7000 smart contract addresses on mainnet.
PuddingSwap，Roolend and ShouYi.AI are nice projects
among them.
Like I mentioned, Hoo
Smart Chain is an open and friendly chain always open for both users and
developers.
D.
| Satoshi Club: btw puddingswap will have their own
token? can people already get your token? or maybe you planning some airdrop
for early adopters? 😉
PuddingSwap:
Of course! PUD is our token… and will do airdrops in future for PUD holders😄
D.
| Satoshi Club: for be able to use your mainnet users
have to set up their wallets. if im right?
do you have any guides how to do it?
haha nice 😁
Paul
Mont | Satoshi Club: Excellent news, gotta stay tuned
Satoshi Club 🎉🎉🎉
D.
| Satoshi Club: by the way, puddingswap is the first
AMM on Hoo Smart Chain?
Sam
Yao:
We have well written tutorials to guide users to connect with TokenPocket and
meta mask. If we have enough time later, I will send it here as well. Thank you
🙏
Paul
Mont | Satoshi Club: Thank you very much for sharing 🙂
Sam
Yao:
Nice 👍
Q2 from Telegram user
@h1drX
It
caught my attention that on your website you say that only 21 nodes are
supported at most. What does this mean? Only 21 nodes worldwide will be able to
mine in Hoo Smart Chain? Also, I saw that HSC adopts the consensus mechanism
called PoSA, what does this consensus mechanism consist of? Does it bear any
similarity to other mechanisms? Can you tell us why you chose PoSA as your
consensus mechanism?
Sam
Yao:
Currently we can generate blocks from a maximum 21 nodes, but we could have
many alternative nodes for backup purpose.
D.
| Satoshi Club: 21 nodes concept is kinda similar to
bsc with their 21 validators?
Sam
Yao:
In the future, we might even run contests among nodes
Yup
Its Consensus algorithm
is similar to the one EOS uses, which is known as POA-Proof of Staked
Authority. It can have faster block generation and lower transaction fee.
Paul
Mont | Satoshi Club: So validators’ authority/reputation is
important but also staking is needed for blocks validation? Could you please
share some more details?
Sam
Yao:
The contest will be held in the near future. More details will be revealed hehe
😉
Paul
Mont | Satoshi Club: Some nice hype building 😁
Ok, great, thank you
very much for your answers guys 🙂 Question 3 is ready for you… and
are you ready for it? 😁
Sam
Yao:
Ready but not so ready.
Just kidding
Paul
Mont | Satoshi Club: Haha great 😁😁
Q3 from Telegram user
@NSZR1
I
would like to know a little about your token called $HOO, in your whitepaper it
is mentioned that the role of $HOO on the HSC chain is equivalent to the
position of ETH on Ethereum. However, you managed to maintain and even increase
the benefits that users receive in HSC, with the particularity that the gas
fees are extremely low, so I would like to ask you, in what way do you make the
$ HOO token profitable for The company, as it has many benefits when used,
however will it generate enough profits to maintain this extraordinary project
in the long term?
Sam
Yao:
Thank you for your great question.
HOO is similar to the
likes of BNB、HT、ETH,
an original token on our smart chain.
The gas fee is around
0.003U，It is extremely user friendly. Due to a
lower costs to enter, it encourages more users to participate our DeFi
projects.
This creates a healthy
cycle and benefits the entire eco-system. About profit for HSC, we want to look
at it as funds for the future. As we grow our eco-system and help our users
earn more profit, the whole ecosystem grows and profit is just a byproduct for
us.
D.
| Satoshi Club: can you share with us more info about
your token? about max supply? how many tokens in curculation and what is your
distribution model? you had or will have IDO etc?
Patricia:
100 million
Sam
Yao:
Max supply is 100M
D.
| Satoshi Club: all 100 mil in circulation?
Sam
Yao:
Hoo won’t have ido
D.
| Satoshi Club: then how people could get your token?
Sam
Yao:
Current circulation is 58M
Paul
Mont | Satoshi Club: If you have a tokenomics paper, please
feel to share it with our community 😉
Patricia:
Cole will answer this question.
D.
| Satoshi Club: that’s my favourite ducky sticker 😄
Cole
ZHANG: We could buy $HOO on exchange like Hoo and MEXC.
And also can purchase on Defi like pancake and puddingswap😊
D.
| Satoshi Club: got it 😊 will you have any
liquidity mining for users?
Sam
Yao:
Yup! We do
Come check it out on
HSC 😉
D.
| Satoshi Club: nice! we will be waiting for updates
then 😉
Cole
ZHANG: For us $HOO is not that important… $PUD, $ROO and
$SYI of projects are the significant token for HSC 🤪
Sam
Yao:
Hahaha
Patricia:
[ 👍 Sticker ]
Sam
Yao:
Any more question?
Paul
Mont | Satoshi Club: 😁HSC’s value is the sum of all
the value projects that will part of it in the future as well 😉
Sam
Yao:
Indeed
Q4 from Telegram user
@Jonahapagu
One
of the most common issues of Public chains is the difficulty with which an
average user can build and deploy Dapps and Digital assets on them, as this
will require a certain level of skills on most of these chains.. so how simple
will it be to build and deploy a Daap or digital asset on HOO smart Chain, what
level of skills will users who intend to build on HOO smart chain possess and
will building on HOO smart chain be relatively easier and rewarding than
building on any of the already popular smart chains available.
Patricia:
Good question.
Sam
Yao:
HSC is a EVM chain. The technical difficulty to develop such a chain is similar
to that of those mainstream chains. In the current world of blockchain, it is
almost impossible to make it easier to have the most cutting edge blockchain
technology. But because we have a very low gas fee, it is friendly to invite
more new projects to join us.
PuddingSwap, Roolend,
ShouYi are such great examples. All of them have successfully and efficiently
passed the testing phase to get on our main net, almost without monetary cost.
Paul
Mont | Satoshi Club: Clear! Thank you very much 👏
Patricia:
You’re welcome😄
Cole
ZHANG: Great Chain！😘
D.
| Satoshi Club: so smart chain for building dapps
should be very secure😉, you have partnered with any cybersecurity
firms, which can help you check your contract and possible vulnerabilities?
Patricia:
Cole will take care of this question
Cole
ZHANG: Slowmist, Certik,Fairyproof, etc.😌
Patricia:
😎Cool
D.
| Satoshi Club: you were audited by them?
if so, can you share
the link on audit?
Patricia:
yes
Cole
ZHANG: Roolend and ShouYi are audited by fairyproof, and
PuddingSwap is audited by Certik and slowmist
Every excellent project
will consider about the security of users’ fund at first😃
Paul
Mont | Satoshi Club: Yes, crypto could be considered a wild
wild west in terms of safety.
It’s really wonderful
and relieving to read that you’ve have already taken steps in terms of the
security compliance 🚀
If you could share the
links to the audits, I believe this or at the end of the AMA would be the best
times to do so 😉
D.
| Satoshi Club: and for now, we can go to the next
question?
Paul
Mont | Satoshi Club: Amazing, thank you very much! 👏👏
Q5 from Telegram user
@V1ct0r_26
One
thing that is really popular right now are NFTs, as we know they can have
different use cases and they can be created on different chains such as the
Polkadot chain, Binance Smart Chain and the most popular ones the ERC721 type
from Ethereum. What I would like to know is, will this Cross-chain
compatibility of HSC will be available for NFTs of different chains as well?
Will users be able to have NFTs on Hoo Smart Chain?
Sam
Yao:
Yup, we support the ERC721 protocol, but the wallet API on the mobile end might
require a higher level of technical support. Our chain supports the exchange of
NFT, and will have projects that supports those functions similar to that of
OPensea.
D.
| Satoshi Club: what about realising your own NFTs? do
you have plans on that?
Paul
Mont | Satoshi Club: So, while it’s already a feature now,
more advanced NFT supporting features are definitely a thing that’s coming on
HSC in the near future 😉
I like this question 🔥
D.
| Satoshi Club: maybe we can expect even a new NFT
Market on Hoo smart chain? 😉
Sam
Yao:
We have given our 10k of our own nft last week, all of which were claimed
within the first 24 hours! Next week we will make it realizable, please stay
tuned in 🙂
Cole
ZHANG: Hoo exchange just released 3-year anniversary medal
NFT🏅 and will be able to trade on HSC😊
Sam
Yao:
Bingo
D.
| Satoshi Club: oh, very cool 👍
Paul
Mont | Satoshi Club: Great! Wonderful initiative!
Paul
Mont | Satoshi Club: I’d recommend everybody here at Satoshi
Club to follow up!🔝🔥
Patricia:
D.
| Satoshi Club: thank you! good reminder to how set up a
wallet 😇
Paul
Mont | Satoshi Club: Thank you very much Patricia, that makes setting up Metamask for
HSC much easier! 😉
Sam
Yao:
Yup yup!
Cole
ZHANG: ☺️ thxxx
Sam
Yao:
Any more question?
Paul
Mont | Satoshi Club: So no more excuses not to keep up and
follow the news coming from HSC way more closely 😁
Yes, last question for
this very first part of the AMA!
Q6 from Telegram user
@orlemys
I
can see you’re a Chinese project, and you’ve partnered with a few other Chinese
protocols according to your website. However, I do not know much about these
projects in particular, so I’d like to know if they are relevant in Chinese
crypto spaces and what are the mutual benefits of partnering with them?
Sam
Yao:
In fact, we are not deeply involved in each project development itself. We are
a neutral platform. We welcome all kinds of different outstanding projects and
project teams from around the world. All of you are more than welcomed to
download the HOO app, and check out HSC along with all of our wonderful
projects.
Part
2 — live questions from the Telegram community
Q1 from telegram username @Zohaya
HSC projects include Roolend, ShouYi, and
PuddingSwap. What are the goals of these projects? Are there any other projects
on the horizon?
PuddingSwap:
Puddingswap is the first decentralised AMM exchange on Hoo Smart Chain, and our
team have a rich experience on blockchain and DeFi.
Our goal is to be the
highest TVL Dex on HSC like Pancake or Uni.
JZ:
RooLend is the first leveraged lending agreement on the HooSmartChain (HSC). Of
course, we hope it to develop into the best leveraged lending agreement on HSC,
and even in the entire DeFi ecosystem in the future.
And i will further
explain our future plans and goals
For the short-term plan
first, because RooLend has just launched and there is still a lot of
development and operation work, we will mainly do the following things in the
next few days:
1. Optimize our
front-end and back-end product experience.
2. Continue to support
new assets.
3. Plan to launch DAO
staking pool.
In the long run, our
main work will be concentrated on the contract development of leverage and
vault. This part is crucial to the project, so it will be the most important
work of the team.
Q2 from telegram username @Victor_26
⚠️ I saw on
Twitter that Hoo Smart Chain has launched a Volunteer Recruitment Program,
could you provide us more information about this program? What do we need to do
if we want to be part of this program? What functions do these volunteers have
on the HSC’s ecosystem? Also, are these volunteers any kind of HSC’s ambassadors
or will they be different roles? What benefits do we get from being volunteers
on your platform?
What is Mission of HSC? What is further plan for Hoo
Smart Chain?
Sam Yao: HSC
aims to promote large-scale commercial applications based on blockchain
technology, which heavily depends on HSC. HSC will continue to explore the
blockchain industry in-depth to bring a more sophisticated and closed
ecosystem. Our further plan is here to support our mission, we are going to
develop our wider global community, we will do some airdrop campaign and AMA in
the future. Our team will be joining major global events and hosting others
from now till the next months and beyond.
Q4 from telegram username @woshixxs
Q1: How is ShouYi different from other mining
revenue programs?
Austin ShouYi:
Oh yes! Nice question!
Firstly, It’s easy to
operate and easy to get profits. If you use our Dapp, you will find ShouYi is
extremely simple and maximize the profit for users. We think that simply
accessible should be the future of DeFi Dapps.
And we are committed to
promoting the mature transaction aggregation and intelligent investment of
traditional finance in the blockchain financial market.
We hope that more
blockchain asset customers can have a comprehensive understanding of security
risk control and asset portfolio and form an awareness to some extent.
we will soon develop
some “breakthrough” and “innovative” financial derivatives
services based on DeFi ecology:)
Q5 from telegram username @Tahsinahmett
Do you have more creative and innovative features
than your competitors to make your project a leader in its field? Do you think
there are any obstacles that make it difficult for you to be a Leading project?
JZ:
For RooLend:
1. We support more
diversified assets. In the future, DAO
organisation will vote to decide which assets should be supported by RooLend,
which is an important governance right to hold ROO.
2. Risk control is more
stringent. Now that we have chosen to support more diversified assets, the risk
control will inevitably be stricter.
3. Tokenomic design. We
have learned and improved RooLend’s tokenomic designe:generation of tokens will
reduce every 30 days. It’s a deflation of the
circulation and can stabilize the token price.
PuddingSwap:
It is real a good question about our obstancle… because Uni, Pancake, etc.
really make a huge progress on Defi DEX, what we could do is follow our roadmap
and cooperate with Hoo Smart Chain and other excellent projects. Based on that the advantages of partners to
create a new defi landscape.
Q6 from telegram username @arbestefy
may there be bugs or security vulnerabilities? How does this project gain the trust of
users?
🚀 ♥️
JZ:
Regarding this, we have done a security design for the business model during
the development of RooLend, including common security issues and permission
control;
Second, a large number
of tests have done. Our team requires that the test coverage rate be above 95%;
The other is to find an
excellent security audit team. RooLend’s contract code audit is performed by
the well-known security company Fairyproof. We have maintained full
communication with them during the audit process and received many valuable
suggestions.
In addition to contract
security, the security of additional services such as user interaction pages
and data statistics are also very important. We have done a lot of development
in these areas to ensure security.
Q7 from telegram username (questions
deleted)
Austin ShouYi:
What are the advantages of ShouYi?
We access to multiple
ecology, according to users’ risk acceptance ability, set multi-level compound
strategy, so one kind of coin will have multiple ways of mining.
At the same time, we
support users to customize the risk control level so as to serve asset
customers with different revenue goals. Accordingly, we provide leveraged
auto-compound to further increase users’ revenue.
Secondly, ShouYi
realizes asset staking of different ecology, combines certificates of deposit
and corporate bonds of traditional finance, and realizes asset mapping, value
transfer, and token settlement through cross-chain technology. This enhances
the flexibility of users’ assets and also extends ShouYi’s value ecology.
How does ShouYi provide
asset services to its users? and what is your website?
For risk averse users,
ShouYi provide saving to them. Users can
deposit funds with no risks, and get SYI and interest.
Then we will guide the
automatic compound of users who are willing to participate in LP to enter a
high-yield pool with good depth, such as PUD/USDT. Users provide USDT, and
ShouYi will automatically help users to mine.
What’ more, ShouYi will
help users auto-compound.
Last, for professional
users, ShouYi provides leverage to amplify the user’s LP volume, increases the
yield according to the corresponding leverage ratio, and provides targeted
asset staking and cross-chain asset flow services.
Q8 from telegram username @luk4jah
Since Hoo Smart Chain platform major languages is
just for English and Chinese, how can people who speak different languages use
your platform?
Sam Yao:
We are diversifying our team with talents from around the globe, and we are
aiming on the global market. Currently our app and websites only support
English and Chinese. But we also have growing communities in USA, UK, Vietnam,
Indonesia, Korea and many more to come. Our team will create strong support and
make sure these users can use HSC in their own native languages. Again, being
more user friendly is always our goal.
Q9 from telegram user deleted
question
JZ:
The first thing that needs to be emphasized is that the governance token ROO
will become the main tool to adjust incentive measures, create a strong DeFi
community, and help promote the development of the RooLend ecosystem. This is
the purpose and goal of our ROO.
To pay tribute to
Bitcoin, the total amount of ROOs is 21 million. Each block produces 2 tokens,
and the production is reduced by 9% every 30 days, until the production is
reduced to 0.2 ROO per block.
In addition to the
gradual reduction, the fee income generated by the platform will be mainly used
for repurchase of ROO and adding liquidity. Through production reduction +
destruction, the ROO deflation mechanism is gradually realized.
Q10 from telegram username @xperia2
Hi! 💹
I see Hoo Smart Chain is looking for developers. Do
you also have an ambassador program which will help Hoo Smart Chain to spread
to regions where people English is not the main language? As I see in your
website, you have mainly Chinese partners. This will also help to teach your
project to other regions to take attention of investors.
Sam Yao:
Yes we are quickly expanding our team with folks from around the globe, like I
have mentioned above. We recently have added many multi-national influencers to
the team, and we are speaking with multiple developers from countries other
than china as well. At the end, the goal is create a more user friendly and
platform with amazing profits where users have chances to earn more profit. So
yes, we will take it one step a time, and look to spread even more both
regionally and culturally.
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:
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 Phuture and our guests
were @Charles and @OliverMehr! The AMA took place on 5 July.
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 Phuture.
Today our guests are
@Charles and @OliverMehr!
Charles
| Phuture: Great to be here!
Oliver
Mehr: Thanks for having us.
Andrés
M. | Satoshi Club: How are you doing?
Oliver
Mehr: Doing well, thank you.
Charles
| Phuture: Doing great. Things are getting exciting here at Phuture!
Gold
Rocket | Satoshi Club: We are delighted to have you here
today.❤️ @Charles and
@OliverMehr!
Gold
Rocket | Satoshi Club: Thanks for joining guys!
Andrés
M. | Satoshi Club: You’re welcome😃
That sounds great🥳
Gold
Rocket | Satoshi Club: Let’s start!
Introduce yourself
please. How did you get to be involved in crypto & Phuture?
Tell us please about
your position in Phuture?
Charles
| Phuture: Both Oliver and I have worked together for the past
4.5 years. Prior to Phuture we worked in a partnership capacity at a London VC,
deploying capital into crypto-enabled businesses since early 2016. We also made
some ICO investments, QuantStamp, Havven (Now Synthetix) are some examples.
We have co-invested
with the likes of Alibaba, Google Ventures, Kleiner Perkins etc.
Been focused on Phuture
for the past 18 months. As I said before, things are getting exciting!
Oliver
Mehr: My role is head of product at Phuture, working
closely with all facets of the development and design team to refine Phuture
with the aim of providing the best web3 indexing experience.
Charles
| Phuture: My role is Head of Growth, I spend my time looking
at our socials, thinking of growth hacking techniques we can use and everything
in between.
Gold
Rocket | Satoshi Club: Great background, guys👍
Andrés
M. | Satoshi Club: Great, so in a nutshell what is
Phuture?
Gold
Rocket | Satoshi Club: What is the essence of Phuture?
Oliver
Mehr: Phuture is a decentralised platform for the
creation and investment of passive index strategies.
In a nut shell, Phuture
allows anyone to create their own, or invest into an existing passive
investment strategy.
Gold
Rocket | Satoshi Club: Tell us about the benefits of your
platform. How is it different from others?
Oliver
Mehr: We make it simple for investors to obtain exposure
into a sector or an entire asset class.
Phuture has been
redesigned from its foundations to scale and as a result this design allows us
to turn index creation into an entirely permission-less activity.
Thus, anyone can come
to the platform and deploy a passive strategy.
Andrés
M. | Satoshi Club: Like staking and farming services?
Oliver
Mehr: All indices, where applicable, are optimised by
pushing assets to yield optimisers such as yearn. Meaning that index investors
benefit from the additional yield, improving index performance.
Gold
Rocket | Satoshi Club: It’s really important segment of
the crypto market!
Also we would like to
know about your team. Who is on the project team core?
Oliver
Mehr: Further, Phuture leverages a unique rebalancing
architecture that aims to improve index performance by rebalancing assets at
more advantageous times.
Therefore, we fully
expect like for like indices created on Phuture to perform better than our
comps
Charles
| Phuture: Phuture is redefining the role of an index in a Web
3.0 environment. The idea that anyone or DAO can come to create an index that
automatically rebalances and follows a set of rules e.g. top 10 by market cap,
is really exciting.
Off-platform yield, as
Oliver mentioned, is a game changer. Phuture is one of the first to be doing
this in the crypto index sector.
Unlike other projects
(not mentioning any names), we are completely product focused. We have spent
the time to build something new and not yet seen before
Gold
Rocket | Satoshi Club: Thanks for the introduction, we
will have a question selected for the Part 1. Ready to start?🚀
Andrés
M. | Satoshi Club: Well, it sounds so interesting, we have
collected some community questions to learn more about your project.
Oliver
Mehr: The Phuture protocol manages all rebalancing and
reweighting actions.
It is literally set and
forget for the user.
Which is perfect for
not just a crypto native audience but also a non crypto native one too.
Gold
Rocket | Satoshi Club: I think this has obvious benefits!
👍
Charles
| Phuture: This is key. Crypto needs to take away the
complexities. This is what Phuture does for its users.
Gold
Rocket | Satoshi Club: Mass adoption in action👏👏👏
Andrés
M. | Satoshi Club: It’s a great advance for the crypto
technology.
Oliver
Mehr: We will saturate the existing investors in crypto
who are looking for index exposure fairly quickly.
This means that in
order to achieve massive growth and scale we need to attract the huge cohort of
existing index investors that are looking to attain even a small % of
diversified crypto exposure.
Charles
| Phuture: The Phuture protocol is built for crypto indices.
This focus gives us a huge advantage, having designed and built the protocol
from scratch.
Andrés
M. | Satoshi Club: Thanks for the clear introduction about
the project guys, would you like to add something before the community
questions?
Gold
Rocket | Satoshi Club: We will have questions from the
community on this topic and you will have more to tell about😊
Charles
| Phuture: More incentives will be announced on the 12th of
July! Make sure to tune in to the testnet launch event 🙂
Andrés
M. | Satoshi Club: Let’s proceed
Q1 from Telegram User
@Shaa93
I
read in Twitter: “One of the main risks to the Phuture protocol is onboarding
assets that present a systemic risk to the platform”, so I think each asset is
checked carefully before being whitelisted on the Phuture platform when there
are so many projects scams and fakes! What solutions does Phuture have to
filter high quality, legitimate projects to minimize risk before being
whitelisted?
Charles
| Phuture: Yeah, whitelisting of assets is key and something
the protocol does. On top of this, the community will be able to pre-select
indices or newly listed assets that can be incentivised with PHTR
Oliver
Mehr: Phuture’s first line of defence is its token
whitelist. We leverage tokenlists, an initiative started by Uniswap which
allows projects to utilise existing asset lists used by blue chip defi projects
such as compound, aave etc. We take these lists and refine them even further
for Phuture’s use.
Assets must have
sufficient on-chain liquidity
Preferably, they must
have a DAO structure with core platform functionality controlled by multi-sig
Reputable teams
Battle tested projects
that have stood the test of time.
Appealing to the lindy
effect.
The Lindy effect
proposes the longer something has survived the longer its remaining life
expectancy is.
This is at the core of
our asset selection. New assets will be added via community vote
Andrés
M. | Satoshi Club: First time hearing about “Lindy
effect” concept.
Charles
| Phuture: You should join the Phuture Telegram and Discord,
we share new concepts and ideas 🙂
Andrés
M. | Satoshi Club: Do you have any token on plans?
It seems that is an
innovative community, of course we will join 😁
Oliver
Mehr: We will be launching with 40 assets initially. We
will share these assets in due course.
The PHTR is already
available to the public and can be found on Uniswap as well as Gate.io
Andrés
M. | Satoshi Club: Thanks for the info. Let’s proceed with
the next question😃
Q2 from Telegram User
@shambulance
Can
you tell us a bit about use case of ePHTR? Will it be on circulation? Are you
planning a fixed ePHTR to PHTR swap ratio or it will be dynamic in the future?
Oliver
Mehr: Firstly, users can only obtain ePHTR by staking
PHTR
Only ePHTR holders can
vote via our Snapshot portal.
So ePHTR provides you
with voting power
Moreover, ePHTR holders
are constantly receiving rewards
in the form of PHTR
So the ePHTR/PHTR
exchange rate is always increasing in value.
It will remain dynamic
forever
At the moment rewards
are coming from the DAO treasury
Andrés
M. | Satoshi Club: What are the usecases of each token?
ePHTR and PHTR.
Oliver
Mehr: In the future, protocol fees will also be distributed
to ePHTR holders as well.
ePHTR = governance
token and yield bearing variant of PHTR.
PHTR = access to
governance token, must be bonded by off-chain solvers to perform core platform
functions and will provide access to additional features of the platform in the
future.
Andrés
M. | Satoshi Club: What is the APR and what is the minimum
amount of tokens needed to stake?
Oliver
Mehr: Currently ePHTR holders are earning an APY of 30%
no minimum
Andrés
M. | Satoshi Club: Wow, a big percentage.
Charles
| Phuture: In the upcoming launch event we will be introducing
a new liquidity mining program for the PHTR token. Another incentive to buy and
hold PHTR 🙂
PHTR plays a critical
role within the Phuture protocol
Gold
Rocket | Satoshi Club: agree! the benefit is obvious👍
Andrés
M. | Satoshi Club: Yes, another great reason to Hodl😁
Thanks for the
explanation guys, ready for the next question?
Let’s go😃
Q3 from Telegram User
@Asela1112
Focusing
on tokenomics, you have incurred three types of fees calles Redemption fee,
Yield fee & AUM fee. Please explain what’s the purpose of fees mentioned
above & why did you integrate 3 types of fees? Where does this fee goes? Is
it for the users or marketing purposes?
I
didn’t see about burning mechanism of $PHTR except burning of the redemption
fee. And also you have said about perpetual inflation up to a maximum rate of
3% per annum. So how will you control inflation rate of $PHTR without a proper
burning mechanism? Also $PHTR involve as a governance right of the stakers
& holders. How will franchise vote system work in Phuture platform? Will
you renounce the ownership of Phuture platform to make a DAO System?
Oliver
Mehr: Great question
Firstly, once we take
the fee it is transferred to a fee contract.
Next the funds are used
to buy back PHTR tokens
We then burn 20% of
those tokens.
The remaining 80% is
redistributed into ongoing Phuture initiatives such as liquidity mining,
marketing, user acquisition, staking, community programs etc
Redemption fee is taken
in PHTR for redeeming an index
Yield fee is taken from
the yield we generate in off platform locations like yearn.
AUM fee is an ongoing
fee we take on the total assets held in the system.
All fees are reinvested
back into the ecosystem or distributed back to token holders.
The PHTR token contract
has the ability mint additional tokens. Before any new tokens are minted a
thorough governance proposal and vote would need to be conducted.
A max of 20mm PHTR can
be minted at once. Although we are not expecting to have to mint more tokens.
The reason we included
the option to mint more is to ensure that should we need to continue incentivising
the ecosystem, we have the ability to do so.
I think other projects
can run into issues with a hard cap where their ecosystem is not at the stage
where it is self sustainable and they dont have the ability to mint additional
tokens to incentivise growth.
We wanted to avoid that
situation happening to us./
Andrés
M. | Satoshi Club: Clear explanation, thank you
Btw, how can you assure
that user’s funds will be safe? Have you done audits?
Oliver
Mehr: We are having our contract code audited by
Quantstamp.
Charles
| Phuture: The CEO of QuantStamp is an investor in Phuture.
Who knows, maybe there will be a QuantStamp index soon?
Andrés
M. | Satoshi Club: Congratulations, that’s a recognized brand
Gold
Rocket | Satoshi Club: Who knows? 😊 But this is
definitely a good sign! 👍
Andrés
M. | Satoshi Club: Of course will be a great deal 😁
Let’s proceed with the
4th question, time to know about the great event coming😁
Q4 from Telegram User
@yellowchamp
Phuture
will have a “Phuture Testnet Launch Event” this coming 12th of July in which
this event will be showcasing the Phuture testnet and the upcoming liquidity
mining program. So as a hint for everybody,can you share some advance idea for
your upcoming Liquidity program? What would be its mechanism and structure?
Aside from Liquidity mining program,can you share what else we can expect with
Phuture Testnet? Are there any airdropping and giveaways upon launching of
Phuture Testnet? After this Testnet,what is the next steps to be looking
forward in Phuture? Thank you
Andrés
M. | Satoshi Club: Partially covered😃
Gold
Rocket | Satoshi Club: But I’m sure the guests have
something to add or clarify on this issue.😊
Charles
| Phuture: Great question. We want to keep the event special
and save the announcements. What I can say is, expect something exciting not
only from the testnet but the liquidity mining program.
We are really excited
to see how the community reacts to the simplicity and elegance of the Phuture
protocol.
Andrés
M. | Satoshi Club: How many tokens to distribute there?
Gold
Rocket | Satoshi Club: Indeed! what you do is a unique
quality product👏👏👏
Charles
| Phuture: Next steps will be to continue growing the Phuture
ecosystem, launch mainnet and scale as we find product market fit. The Phuture
DAO controls 51% of the current token supply. We are excited to continue
building out the core community contributors who help enable Phuture and it’s
growth
The giveaway is looking
to distribute $4k+ in PHTR tokens. Make sure to complete all tasks 🙂
Andrés
M. | Satoshi Club: Great opportunity for our community
before the coming pump I think 😁
Charles
| Phuture: Alpha leak! 🙂
Andrés
M. | Satoshi Club: Thanks for the clarification, let’s proceed
with the next question, we are near to the end of this part of the AMA.
Q5 from Telegram User
@Indomiekuy
Phuture
project already doing ama with Satoshi Club and from last ama you will
launching your testnet, so how is the result from your testnet? Can user also
participate to test and try it ? Also what event do you prepare for the
launching of your testnet?
Charles
| Phuture: Testnet launch event will be taking place on the
12th of July. We will be doing a live demo and running through the testnet,
which we will release shortly after.
We most likely run a
bug campaign after launch. Details on this are still to be decided.
Oliver
Mehr: Once our testnet goes live everyone is welcome to
try out the platform. We will continue to add functionality to the testnet and
will be looking for user feedback.
Charles
| Phuture: The preparation consists of rigorous testing and
re-testing. Not to mention letting the good folks in crypto know what’s
happening! Spread the word.
Andrés
M. | Satoshi Club: Don’t forget to share with us the
results of the launch, we are excited for that👏
Charles
| Phuture: Absolutely!
Gold
Rocket | Satoshi Club: thanks for sharing👍
Andrés
M. | Satoshi Club: Now we have the last question of this
part of the AMA.
Q6 from Telegram User
@NataliyaKil
For
the third quarter, you have scheduled a snapshot of voting for gasless
governance. The date has already been set, what is the structure of this event
and who can take part in it?
Charles
| Phuture: Snapshot will be ready for the mainnet launch date,
which is not yet set. It’s already implemented in Phuture. Technically we could
use it today.
Oliver
Mehr: Absolutely, we are excited to be bringing our
community gas-less voting
We believe this removes
one of the key barriers to entry for users looking to participate in governance
Gold
Rocket | Satoshi Club: Yes, this is a landmark event
Andrés
M. | Satoshi Club: That will increase mass adoption, great
job for part of your team, you have a great project in hands 👏💪
Andrés
M. | Satoshi Club: Well, that makes 6/6 questions
answered, thank you so much for your time and clear answers guys.
Now is time to receive
a ton of questions from the Satoshiclubbers😁. We will open the chat and
you should choose your 10 favorites questions to answer, ready to go?
Part
2 — live questions from the Telegram community
Q1 from telegram username @JoanaZ
➡️➡️When staking on
PhutureDAO, you can use two different tokens: PHTR and ePHTR. The PHTR is
straightforward, but why do you need the “enhanced PHTR”? Have access
to one-of-a-kind services with this token?
Oliver Mehr:
ePHTR ensures that users who vote are tangibly connected to the protocol. This
ensures that users who are voting and submitting proposals are more aligned
with the protocol and thus incentivised to make better decisions.
Q2 from telegram username @slla1112
Is there a particular reason why PHUTURE prefers the
Ethereum network? Do you have plans to include other networks in your system in
the future?
Charles | Phuture:
Ethereum has a phenomenal user base which Phuture intends on working with.
Our vision is to become
the de facto index provider on all protocols and chains. Building out our brand
on Ethereum will allow us to dominate on the newer chains emerging.
BSC, Solana, Polkadot
are all places Phuture will grow into.
Q3 from telegram username @meml97
🧨
Where will I be able to buy PHTR? And at what price exactly? @OliverMehr
@Charles
Charles | Phuture:
I personally see now as a great time to accumulate PHTR. How can you not have
exposure to a crypto index provider at the protocol level?
Our focus has been on
the product. Once the testnet is live, we will begin looking at new incentives
to help distribute and grow the amount of PHTR holders, which helps the Phuture
ecosystem.
Right now, you can buy
on Uniswap or Gate.
Q4 from telegram username @captainprice111
Why does the Phuture platform see itself as the
future of crypto indexing? Do you think #PHUTURE will break new ground in
crypto?
Oliver Mehr:
Absolutely, Phuture is the first to bring on-chain and off-chain dynamics to
crypto indexing. Our architecture enables us to support permission-less index
creation, better rebalancing performance, easier multichain support, deep index
liquidity from day 1 and a non constrained design that provides scope for
leveraged indices, yield optimisation and more in the future.
Q5 from telegram username @alptrader
You mentioned at first you will only launch 40
assets so in the future do you plan to add more assets into the platform? Do
you require whitelisting?
Oliver Mehr:
Absolutely, we expect Phuture to eventually list 100s of assets. Each new group
of assets will vetted and only added to the protocol after a vote has been
passed.
How important are financial alliances / partnerships
for your project? What can you tell us
about your latest alliances, what benefits will they bring to your community?
Oliver Mehr:
We put a lot of value on productive partnerships. Phuture utilises a lot of
other decentralised protocols and as such, the opportunity for us to partner
with these protocols exists. We are power users in some of these protocols and
actively exploring how we can collaborate more closely. F or example, we use 0x
API, keep3r network, yearn and uniswap. Just to name a few.
Q8 from telegram username @orlemys
Once the protocol is live, the community will have a
say on how the DAO’s funds are allocated, which amounts to over 50% of the
total token supply. How will this take place? Do you have a governance token?
What users are allowed to vote and what are the minimum requirements to do so?
Also, what are some examples of the ways the DAO funds can be allocated?
Charles | Phuture:
When you stake your PHTR, you receive ePHTR, this is what’s used for
governance.
The Phuture community
can propose new ideas, vote on others, and have their voice heard.
Allocation of capital
will be the benefit the overall ecosystem. If it doesn’t make sense for all,
the proposal won’t likely pass.
Q9 from telegram username @Sumione
Hello
@Charles
@OliverMehr
What is the official contract address to buy $PHTR
in uniswap? Since eth fees can be high can I buy in BSC like pancakeswap?
Charles | Phuture:
Official Contract address (please always check as there are scammers out
there): 0xE1Fc4455f62a6E89476f1072530C20CF1A0622dA
Phuture uses solvers to ensure the proper operation
of the platform. Solvers execute three core protocol
functions:Rebalancing,Recapitalisation,Re-weighting.Who are these Solvers and
how important are they to Phuture?Can anyone be part of this solvers or you get
to choose them?What will be the benefits of these solvers?Will they be
rewarded? Thanks
Oliver Mehr:
Solvers are the backbone of the Phuture protocol. They perform platform
critical functions including rebalancing and reweighting. In order to become a
solver you must bond an amount of PHTR tokens. Once you have bonded these
tokens your address will be whitelisted to perform these functions. Each
function that the solver executes will be rewarded with KP3R credits. These
credits will be worth more than the cost of executing the function and results
in positive expected value for the solvers.
If solvers act
maliciously they will be slashed. The platform ensures that it always has more
slashable value from the solvers than the solvers have access to from the protocol’s funds.
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:
