We were delighted to welcome our guest from Etna. The AMA took place on June 24th, 2021 and our guest was @ETNAowner .
The total reward pool was 500$ and
was divided into three parts. In this AMA Recap we will try to summarize some
of the most interesting points for you.
Part 1 —
introduction and questions from the
Telegram&Bitcointalk community
Маry Satoshi CLUB: Hello Satoshi Club! We are happy to announce our
AMA session with Etna! Welcome to Satoshi Club😀
Andrés M. | Satoshi Club: @ETNAowner welcome to Satoshi Club!
Shola || I Will Never PM You First: Hello ladies and gentlemen, I am
glad to be here
Маry Satoshi CLUB: Hello, welcome here 👍
Shola || I Will Never PM You First: Thanks for having me
Маry Satoshi CLUB: How are you today?
Shola || I Will Never PM You First: Doing great, excited about the
future :)How about you?
Маry Satoshi CLUB: I am fine, looking forward today’s AMA 🚀
Andrés M. | Satoshi Club: We are excited as well for this AMA
session😃
Маry Satoshi CLUB: Let’s start it🚀
Shola || I Will Never PM You First: I just wonder when platforms like
yours will migrate to AMAs on voice chats
Shola || I Will Never PM You First: that will be an interesting approach
🙂
Shola || I Will Never PM You First: sure
Маry Satoshi CLUB: We are thinking about this, but let’s see😀
Маry Satoshi CLUB: Shola, could you please introduce yourself and
tell us more about Etna?😀
Shola || I Will Never PM You First: will gladly… My name is Shola, I
am the co-founders of ETNA Network.
My
background is in applied sciences, I have master’s degrees in both Mechatronics
engineering and Mathematics. I live in the United States.
I got into
crypto full-time in late 2016, initially just as a trader. After about a year
of trading, I decided to start working on some of my innovative ideas.
3 plus
years later, here I am, building ETNA Network up from the ground.
Маry Satoshi CLUB: So, you were working on Etna for three years?
Were you alone or you had a team of like-minded people?
Shola || I Will Never PM You First: Simply put, ETNA Network is a
Blockchain project focused on developing an ecosystem for interconnected crypto
products, mainly in DeFi, gaming and NFT. Our mission is to develop a
user-centered, one stop ecosystem for all things crypto. A platform where even
the inexperienced can easily interact with blockchain/crypto products/techs
such as lending and borrowing, NFT marketplace/tools and a blockchain gaming
infrastructure.
Link to
website: https://www.etna.network/
Link to
whitepaper: https://www.etna.network/assets/ETNA.pdf
Shola || I Will Never PM You First: No, the journey started in March
2021,
ETNA
Network launched on the Binance Smart Chain in March of 2021. The launch
combined the rebranding of a gaming/NFT project and the expansion into DeFi
type features.
We were
able to launch on BSC starting with a successful IDO on the 20th-21st of March
2021.
Since then,
the project has attracted the support of numerous community members and we have
deployed two main products as will be described below.
Shola || I Will Never PM You First: Before then, I was more of focused
on research and development of the ideas surrounding ETNA
Маry Satoshi CLUB: You had rebrand? Did you rebrand your previous
project or how you did it? Can you explain, please?😀
Shola || I Will Never PM You First: Sure, the parent project started in
Sep. 2020. It was a project that was
focused on just gaming and NFTs. When we came up with the idea of developing a
platform that integrates gaming and NFT to DeFi, we decided to give it a more
befitting name and one that encompasses all the features
Andrés M. | Satoshi Club: It’s an honor to have you here
Shola, great background
Маry Satoshi CLUB: It was a good decision 👍
Andrés M. | Satoshi Club: Then how did you choose the name and
current logo?
Маry Satoshi CLUB: Why Etna?😀
Shola || I Will Never PM You First: As some of us here know, we are
actually the first project that has been able to integrate the use of NFT as
collateral for loans, the motivation is the development of a lending and
borrowing platform that accepts all types of digital assets
Andrés M. | Satoshi Club: NFT with real usecases, that’s great👏
Shola || I Will Never PM You First: As our ideas were motivated from
Greek mythology, it was a no brainer to keep that lineage
Shola || I Will Never PM You First: Also, the game been developed is
also motivated by greek mythology as we will all see when it goes live
Маry Satoshi CLUB: So, no one will stand on your way😀
Shola || I Will Never PM You First: exactly 🙂
Маry Satoshi CLUB: We will talk about this a bit later, when you
will answer the questions from our community 😉 btw, are you ready for them?
Shola || I Will Never PM You First: sure
Andrés M. | Satoshi Club: Let’s go
Q1
from Telegram User @giovannialc
I
understand that when making a loan, interest will be charged using any token,
but using the ETNA token interest will not be charged, why does this happen,
what kind of benefits will they have when making loans in ETNA token not to
proceed to collect said interest? Will the $ ETNA token be acquired through
loans or through some kind of sale? Will they have a white list and what should
be done to be inside?
Shola || I Will Never PM You First: correct, users can use any of the
supported tokens/coins as collateral for loans and interests are charged in
what ever asset that the user borrows except when ETNA or ETNA’s NFTs are used
as collateral. We value our supporters and holders of our assets hence it was
logical to make this exception for them
Shola || I Will Never PM You First: So as you can see, holders of ETNA
and NFTs can take interest-free loans forever :). Again first of its kind in
the crypto space
Маry Satoshi CLUB: Which coins do you currently support?
Shola || I Will Never PM You First: BNB, ETNA, BUSD, USDT, DAI, ETH and
BTC. All on BSC
Маry Satoshi CLUB: Do you have any statistics how many loans were
already taken?
Shola || I Will Never PM You First: we plan to integrate more soon
though
Andrés M. | Satoshi Club: Which benefits will you provide for
long term holders?
Маry Satoshi CLUB: Cool👍
Shola || I Will Never PM You First: yes, you can see that on the
platform at http://debank.etna.network/
Shola || I Will Never PM You First: But so far, we have had over $150k
in loans and about $55k in loans that are still active
Andrés M. | Satoshi Club: Why only BSC? Do you plan to include
more chains?
Маry Satoshi CLUB: Nice numbers 👍
Shola || I Will Never PM You First: As ETNA is a multi usecase token, holding
ETNA and our NFTs has much value. The more people use the features we have, the
scarcer the tokens get hence growth in price
Shola || I Will Never PM You First: it was best to go with BSC first, we
are currently working on deploying on other chains like Polygon. our NFT
marketplace will be deployed there soon
Shola || I Will Never PM You First: As a matter of fact, in the not so
distant future, ETNA will be a multi chain platform, it will be compatible with
all the major chain.
Маry Satoshi CLUB: Awesome! I see you prepared a lot of news for
your supporters 😀
Andrés M. | Satoshi Club: Nice job💪
Shola || I Will Never PM You First: thanks, this is actually just the
beginning 🙂
Andrés M. | Satoshi Club: Thanks for your answers, ready for
the next question?
Shola || I Will Never PM You First: yes
Q2
from Telegram User @DK177
You have
mentioned that ETNA is the first hybrid liquidity protocol with BBT trading
feature. Can you please explain how this model differs from traditional
platforms? Further, did you examine possible challenges associated with this
concept? For example, did you identify any risks unique to BBT trading? Since
you do not have a previous model to follow, are there any plans to face this
kind of challenges? How can we rely on a new concept?
Shola || I Will Never PM You First: Yes, the hybrid liquidity protocol
uses a Broker-Buyer type trading mechanism where the rewards paid out to such
trades is a function of the trade…. hence a proof of efficiency consensus
mechanism
Andrés M. | Satoshi Club: Btw, do you have some
staking/farming programs?
Shola || I Will Never PM You First: this is not entirely a new concept,
but our approach is new. As you have seen from other features that have been
launched, ETNA is not a project that follow or copy other projects, we build
from scratch and with the vast experience our developers have, we ensure that
our features are optimally developed and secured
Shola || I Will Never PM You First: yes we do, DeBank which can be
accessed at http://debank.etna.network/ has both staking and farming. To stake,
you simply deposit your assets and you and done. To farm, you have to STAKE
Pancakeswap LP tokens in the LIQUIDITY-EARN feature within DeBank
Andrés M. | Satoshi Club: Excellent info, another green reason
to invest😃
Маry Satoshi CLUB: Do you plan to add more platforms for staking?
Shola || I Will Never PM You First: exactly
Shola || I Will Never PM You First: yes, we are actually developing our
Mobile wallet as we speak. It will be a user-friendly mobile wallet like trust
wallet but in addition, it will have DeBank and our NFT marketplace embedded
Маry Satoshi CLUB: Super! When do you plan to launch it?😀
Shola || I Will Never PM You First: Also, users can actually login to DeBank
right from trust wallet and can also access it from any mobile wallet that is
compatible with wallet connect
Shola || I Will Never PM You First: in couple of months, from the rate
of development, I think beta version will be ready in Sep. this year
Маry Satoshi CLUB: We will follow your updates 👍 and definitely will try it!
Маry Satoshi CLUB: Thank you for your answers! Ready to proceed?
Shola || I Will Never PM You First: yes
Q3
from Telegram User @Jonahapagu
For the
first quarter of 2022 ETNA plans to Integrate banking services and the issuance
of Debit cards and inline with this, there is a planned Application for Crypto
and Banking License in Q2 of 2021, so what kinds of banking services will ETN
integrate to its platform, in what regions or country will ETNA be applying for
Licences, and what forms of services will this licenses cover for….
Shola || I Will Never PM You First: User of ETNA in licensed region will
be able to open an actual bank account from ETNA platform, they will also be
able to apply for a debit card with which one can spend crypto directly. Users
will also be able to do fiat to crypto type transactions
Shola || I Will Never PM You First: We are focused on EU for now, so we
will be starting with European countries
Andrés M. | Satoshi Club: Please, share us your roadmap to
check what else is coming😃
Маry Satoshi CLUB: Did you already apply for license?
Shola || I Will Never PM You First: sure, here you go
https://www.etna.network/#milestones but there is actually more than is stated
Shola || I Will Never PM You First: yes, we have applied for the first
one. We are processing the second
Маry Satoshi CLUB: Wish you good luck! Sure everything will go as
you are planning!
Andrés M. | Satoshi Club: Thanks for share it
Shola || I Will Never PM You First: ‘Thank you
Маry Satoshi CLUB: Thank you for your answers! Ready to go to the
next question?
Shola || I Will Never PM You First: sure
Q4
from Telegram user @yusbe22
Regarding the security of ETNA and the users
will use some type of KYC or verification for the users who want to be part of
the project in order to avoid losses in terms of finances or token, the smart
contracts will be audited in some way to make transactions somewhat cleaner?
What do you plan to do so that users feel satisfied by participating in the
investment of the token and DEX exchange?
Shola || I Will Never PM You First: How many users actually understand
the report of an Audit? I will say only 1%. Auditing is not a way of validating
that the application is safe. Instead, we do our due diligence and follow best
practices while building
Маry Satoshi CLUB: So, you think that Uniswap, 1inch, which passed
several audits are wrong?
Shola || I Will Never PM You First: Having said that, we are are not
going to Audit at this time because we intend to protect our IP. but not at the
expense of users, we have been making
sure that our features are secured
Andrés M. | Satoshi Club: How can you assure that to users?
Shola || I Will Never PM You First: nope, their model is different than
our. Did Binance exchange do audits and are people using it and do people trust
it?
Andrés M. | Satoshi Club: Good point🤔
Shola || I Will Never PM You First: Did Celsius Network present their
code and are people using this platforms?
Маry Satoshi CLUB: So, you can give your users 100% guarantee or
may be you have any insurance cover if something will go wrong?
Shola || I Will Never PM You First: Integrity and trust gets built over
time with track record and we will surely get there
Shola || I Will Never PM You First: Even a airline company or your
conventional banks cannot give you 100% guaranty
Shola || I Will Never PM You First: instead I can give you 100% guaranty
that we will do 100% of what we can do to make it safe and secured
Andrés M. | Satoshi Club: That’s we want to know, thanks😃
Shola || I Will Never PM You First: And so far, we have kept to this
promise, no one has lost anything while using our features
Маry Satoshi CLUB: Look, let’s talk about Kucoin, they also don’t
give any audits. But they recovered users losses. Can you promise that you will
recover at least part of losses if force majeure will happen?
Shola || I Will Never PM You First: Yes we have security mechanisms in
place to ensure that funds can be recovered in any of such events
Маry Satoshi CLUB: That’s great!😀
Andrés M. | Satoshi Club: Thanks for the clarification Shola,
would you like to add something before the next question?
Shola || I Will Never PM You First: Not at this time
Q5
from Telegram user @Asela1112
Focusing
on tokenomics, $ETNA allocated for various purposes such as staking, BBT market
place, presale etc. What are the utilized usecases of $ETNA? $ETNA was built on
binance smart chain. Most tokens integrate burning mechanism to secure their
investors. But ETNA platform has not been deployed any burning process. Don’t
you think, it is much better if you burnt some $ETNA after your presale or
$ETNA would be a deflationary token? What about the governance of $ETNA? will
there be any ownership renouncement in future or do you expect to involve in
some critical stages on ETNA platform?
Shola || I Will Never PM You First: To start, I will like to make this
clear, there will be ZERO burning of tokens, Instead we have structured our
platform and the utility mechanism for ETNA in such a way that the supply
decreases over time. For example, just in 2 months of launching the NFT market,
over 700k ETNA have been locked up. All the features leads to lockup of certain
amount of tokens. In addition, fees are collected which can easily be burned
but instead, they will be used as additional rewards for users in the future
Shola || I Will Never PM You First: Also, periodically, we could do
buybacks if the need warrants
Andrés M. | Satoshi Club: Those tokens will be unlocked? Btw,
currently what are the ways to buy your tokens?
Маry Satoshi CLUB: You were first 😂
Shola || I Will Never PM You First: No, only if NFTs are sold then a
tiny fraction is unlocked but just imagine when the marketplace is fully
functional with more features, there will be over 5m tokens locked up of which
over 10% is charged as fees
Маry Satoshi CLUB: Yes, this would be awesome 👏
Маry Satoshi CLUB: Shola, thank you for your answers! Ready to go
to the 6th and last question from this part?🚀
Shola || I Will Never PM You First: Yes and it is underestimated right
now
Shola || I Will Never PM You First: sure
Q6
from Telegram user @NataliyaKil
Currently,
there are over 30 NFTs trading on the ETNA Network marketplace, these NFTs
comprises of game characters, weapons, secret passages, creatures. Can we see
these NFTs, what role they play in the upcoming game and how they will be used?
Are there any levels for the characters, do they evolve, are there any
improvements for the weapons? And when are you planning to launch the game?
Will it be possible to test the game before the main launch?
Shola || I Will Never PM You First:
With all
the NFT game assets having their unique features and use in the game, they all
have valuable usecase on the game as we will see when we release more info
about the game
Shola || I Will Never PM You First: Just to add, we actually have an
ongoing auction that is already at 19,900 ETNA. you can find it at:
https://nft.etna.network/auction.html
Andrés M. | Satoshi Club: Great opportunity Satoshiclubbers,
let’s check it🥳
Маry Satoshi CLUB: Btw, i liked your NFTs! They look incredible!
Shola || I Will Never PM You First: Yes, the winner of the auction is
guaranteed to make 2-5x after the auction
Part 2 — live questions from
the Telegram community
Q1
from Telegram User @highpee
I read that you will have 100 FACELESS CHARACTERS but I can see that only one of these characters is listed for auction on the marketplace. How about the REMAINING 99 characters? How will users be able to get it and what is the benefit of owning your Alpha Faceless Character NFT?
Shola || I Will Never PM You First: Yes the remaining 99 will be listed on the marketplace at a higher price hence the winner of the auction makes the most profit. When the character is integrated, holders will get 10-20 times more royalty than holders of NFTs with more supply
Q2 from Telegram
User @cryptofollower
As Etna you have a marketplace of your own. Also today Binance NFT marketplace is opened. Do you plan to list your NFT’s there?
Shola || I Will Never PM You First: As i imagine, binance marketplace will support all NFTs on binance smart chain in the near future. also, we hope that at some point we could partner with binance and also whitelist some of the NFTs on binance to be accepted as collateral on our lending platform
Q3 from Telegram
User @id_Qi86
Hi sir, one thing I’ve been asking myself 👏👏
Newcomers are buying and holding cryptocurrencies which have gained a foothold because they are shared by old people. That’s why it’s growing day by day such as $BTC, $ETH, $BNB..etc. How can ETNA attract new people? And Is $ETNA will surely keep them? 💯
Shola || I Will Never PM You First: We have been focused on building for a while now. As we speak, ETNA has been 90-99% product and almost zero hype. we plan to start creating some audience by advertising and also listing on exchanges. In addition we plan to start having AMAs on YouTube in addition to this type of AMA
Q4 from Telegram
User @Tony253210
I’m very interesting in your Debank s product where an nft can be used as collateral to do lending and borrowing, so can you please explain us how this will work considering that lending and borrowing are typically a service destined to Fungible token and Stablecoins?
Shola || I Will Never PM You First: yes, you are right but we have been able to develop an intrinsic value lock-in mechanism that allow our users to use NFTs as collaterals for such loans. to be clear, you can borrow using NFT as collateral but you cannot borrow NFT itself
Q5 from Telegram
User @NSZR1
On your whitepaper it says that you are the first lending platform that has a leveraging feature for interest reduction and an interest-free loans for users that uses native ETNA tokens as collateral. When applying for a loan, normally the person requesting it must pay an interest from time to time, and in this way, the person or institution that lends it ends up generating an income, I would like to know, being interest-free loans one of the attractions that your platform offers, how do you plan to generate income from these so that you can use them to evolve this project in the future?
Shola || I Will Never PM You First: All loans are interest-charged except loans in which the collateral used is ETNA or our native NFT. we are still able to generate income by leveraging the opportunity cost of such user not taking the loan. This cost is more for the platform longterm than if we take interest for such loans
Q6 from Telegram
User @Asela1112
Hello Shola 🙋♂️
@ETNAowner
In your Roadmap Q4 2021, total quarter is allocated based on NFTs launching programmes. NFT marketplace version 2.0 with P2P trading option & sub market place will release in Q4. Why does it needs a new version for NFT market place? Can you tell us, in which way this sub market place will affect on the NFT artists? And also ETNA will deploy NFT cross-chain mechanism & NFT based synthetic commodities and applications in Q4. Which blockchain systems, will ETNA NFTs be supported in future? Will you consider the governance of the NFT artists in cross chain mechanism? What kind of apllications & synthetic assets do you expect to deploy in ETNA NFTs market place? Please give us a clarified explanation about Q4 Roadmap 2021.
Shola || I Will Never PM You First: we have more features that will be added. For example, any user will be able to deploy their NFT and list it for sale on the marketplace in V2. lots of questions here, i will be open to having a voicechat session after this. If you have more question please attend the voice session in @ETNAnetwork
Q7 from Telegram
User @JoanaZ
➡️➡️ A good phrase says: Team work makes the dream work, so reading your website I didn’t see any particular partner, so don’t you have partnerships yet ? If you have someones, can you mention them?
Shola || I Will Never PM You First: no partner yet but we are in discussion with a couple of. One of these is Polygon
Q8 from Telegram
User @Rod092317
The project will fail if sufficient marketing and finance are not invested. How will you persuade us that you have the marketing clout and capital to propel the idea to the top?
Shola || I Will Never PM You First: Marketing and listing on exchanges is important for the success of a project, you are right. We are focused on these two component going forward
Q9 from Telegram
User @atillayeni
Why didn’t you just launch a defi lending and borrowing platform but decide to build a gaming and NFT platform? Why this choice?
Shola || I Will Never PM You First: A platform for all things defi, NFT and gaming. where users with zero experience don’t have to go through many platform for their needs. This is the future. Do you ever wonder why it seems that Binance is doing virtually every type of blockchain application? soon they will go into gaming also.
Q10 from Telegram
User @ethcypherpunk
In the end we as part of SatoshiClub are very interested in how the projects decentralize everything around us; is ETNA decentralized or does it allow for governance? What issues do you plan to leave power in the hands of the community?
Shola || I Will Never PM You First: Power in the hands of the community is good hence decentralized and adoption/meeting some required regulatory checks and balances is also good hence centralized. As such, ETNA is a hybrid, everything is a compromise of another. Etna seeks a balance between decentralization and meeting the required regulations to be at the forefront in the crypto space. Just like great companies like binance, as you can see, binance have both decentralized and centralized applications. This is why it remains the largest platform known today
Part 3 – Quiz
Results
In the final part we tested your knowledge in terms of Etna. They’ve prepared 4 questions for this part. The total reward pool for quiz was 300$.
Part 1: 100$ /6 users – We’ll select 6 questions from the community. A user can post maximum 3 questions.
Part 2: 100$/10 users – Open chat for 120 seconds. You can post Max 3 questions. Wall Street Games Team will select 10 questions and answer them.
Part 3: 300$ – A quiz about Wall Street Games
For more details:
Wall Street Games Website – wsg.gg
Wall Street Games Telegram – @WSGToken
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish
PART 1. Introduction of Catoshi project and community questions.
Hello, Satoshi clubbers and guests of this site. Let’s talk today about Cat of Satoshi. It could be a fairy tale, or it could be true. Catoshi can be anything you want to be.
Catoshi add powerful utility to cryptocurrency projects while rewarding $CATS holders with high annual percentage yield (APY) farming and staking via our unique cross-chain bridge.
Hello Satoshi club! We are happy to announce our ama session with Catoshi! Welcome to Satoshi club😀
D| Satoshi club:
Today our guests – @joshascott and @kayz0808 ! Hey guys, how are you?
Mary | Satoshi club:
Welcome to Satoshi club 👏
Josha $cats:
Hi guys! Glad to be here.
Mary | Satoshi club:
Hello, happy to see you here 👍
Kayz $cats:
Haha, thank you. Had a great artist make them
Mary | Satoshi club:
So, let’s start our ama 😀
Josha $cats:
Ready when you are
Mary | Satoshi club:
Could you tell us more about yourself and your roles in Catoshi?😀 And of course, what is Catoshi🥳
Josha $cats:
Sure thing – myself and Katz and the project leads on Catoshi we are surrounded by a great team that are helping to achieve all that Catoshi has set out to do.
Catoshi is the long-lost cat of Satoshi of course 😉
But on a serious note, we came up with the idea a few months ago when discussing the next wave of meme tokens in one of our mutual groups
Mary | Satoshi club:
You were first😂
When did you get idea to create Catoshi? Is it related to existing animal meme coins hype?😀
Josha $cats:
However, after talking some more we knew we wanted to build something greater than ‘just another meme token’. Having said that, the internet goes wild for cats haha.
Mary | Satoshi club:
Yes, cats own the world😂
Josha $cats:
It’s a cat eat dog world out there Mary
Mary | Satoshi club:
So, you got idea, formed a team and😀 … When did you go live?
Josha $cats:
We launched May 25th
Mary | Satoshi club:
Almost month! Anniversary soon😀
Thank you for your introduction, guys! What do you think about first part of our ama? Ready to answer community questions?
Kayz $cats:
Sure, let’s bring on the questions 💪
Preselected questions about the Catoshi DeFi project.
D| Satoshi club:
Q1 from telegram user @kimterbear
It was revealed that the team consists of 12 team members with an overall experience of 50 years in the crypto industry. However, there is not any information about them in which I started to doubt about their legitimate identities or is it really true that they are experienced. To avoid this type of confusion, can you make it clear to us the reason why you chose to be anonymous? When will be able to meet the team soon?
Kayz $cats:
Yeah, indeed, there can be an issue with anon teams. We are team with a mixture of experience from marketing, project management etc. Some are real life friends, some colleagues. Many often have real life responsibilities and there can be clashes in their personal lives if they were to reveal their identities.
But I have a feeling when Catoshi grows and becomes very successful, that won’t be a problem.
Mary | Satoshi club:
Doesn’t it mean that you take the project lightly and it is not your priority?
Josha $cats:
What I would add is, that partnering with other established teams like toad and spade further legitimizes the team and their goals.
D| Satoshi club:
So, you plan to stay anonymous for a while? Any plans to reveal your identities any time soon?
Josha $cats:
For the time being we will be anon, but we aren’t ruling out going public later if the team feel that this is an important step to further the project
D| Satoshi club:
👌 thanks for answer
Kayz $cats:
Not at all, we have been continuously pouring our owns funds into this project since the start. Many of us have not sold a single token.
However, we cannot let down our families at the same time. You have to find a middle ground somewhere.
In the future, I do see some team members slowly going public.
Josha $cats:
Plus adding to the team!
Mary | Satoshi club:
Got it, thank you 😀Thank you for your answers, guys! Ready to proceed?
Josha $cats:
Sure
D| Satoshi club:
Q2 from telegram user @meml97
It came to my attention that Catoshi’s token will work as a governance token, but earlier on your whitepaper you said your token will split into two; Catoshi the erc20 version, and czatoshi the bep20 version. So, my question is, will both versions work as governance tokens? Will users need to hold both in order to be able to participate in governance decisions or will just one be enough for that? Also, what is the min. Amount users need to hold if they want to participate in governance decisions and on what kind of decisions will they be allowed to do so?
Josha $cats:
So, we will be launching czatoshi on the BSC. The main purpose of this will be for high apy farming and staking with our partners at padswap (their platform is awesome) and to allow a new group of investors to access Catoshi.
Cats on erc20 will remain the main governance token for now. Currently we haven’t set any parameters on amount to hold to gain access to the governance.
Erc20 holders will essentially be ‘keepers of the crossing’!
D| Satoshi club:
How you distributed your tokens? Do you had a presale? And what will be the distribution plan for bep20 token? Will you plan another sale or maybe an airdrop for holders?
Josha $cats:
Who woudln’t want to be a ‘keeper of the crossing’? Haha
Mary | Satoshi club:
We will have question about this a bit later 😃
Josha $cats:
We had a small presale to raise liquidity on Uniswap.
Mary | Satoshi club:
How much did you raise?
Kayz $cats:
Roughly 13-14ETH
Mary | Satoshi club:
Good numbers for the new project😃
Josha $cats:
There won’t be another presale – we will be using tokens from the dev fund to add liquidity, then the community can join and add liquidity too and take advantage of the great padswap platform
Catoshi may even move onto other chains in the future – who knows???
Mary | Satoshi club:
We don’t 😉
D| Satoshi club:
All of them were added to pool?
Josha $cats:
Most of it – we launched with a good pool as we didn’t want to subject our community to a very very low liquidity pool
Kayz $cats:
Bear in mind costs to launch projects and distributing tokens. Fees are a lot cheaper now than in the past.
D| Satoshi club:
True
Mary | Satoshi club:
Yes, we remember that gold in both senses’ days😂 Thank you for your answers guys! Ready to proceed?
Josha $cats:
Proceed friend
Kayz $cats:
Let’s go
D| Satoshi club:
Q3 from telegram user @h1drx
$cats has the following distribution model: 6% taxes: 3% redistributed to holders, 2% burned, 1% to our mental health charity wallet, and according to your roadmap in phase 1 you plan to make your first donation, so I would like to know two things, the first is: why did you choose to make charitable donations for mental health? And the second is: are these donations totally transparent with the users who use $cats? Can users track the funds that are raised and the organizations that receive the funds at any time?
Josha $cats:
Charity is very close to my heart personally; I have actually been working for a mental health charity for almost 10 years!
We have often used cats and dogs for petting as it is a known fact that it can reduce stress and calm nerves – hence why we linked it there
We want to be transaparent in everything we do and will certainly want the community involvement when it comes to supporting various charities, whETHer they are international or more local.
We will announce all charitable giving that we do, it will never be a surprise – but we will also do this in a way to respect the price for those holding
Kayz $cats:
Right now, our first product is almost releasing. But we will be donating very soon
Josha $cats:
Indeed, the more utility and uses we add, the more we will be able to raise.
Mary | Satoshi club:
How your users will be able to track charity transactions?
D| Satoshi club:
Why have you decided to choose that model with taxes? I see it quite popular; many projects use similar models. You have any explanation on this? Why you prefered model like this with burning and everything?
Josha $cats:
That is the beauty of the blockchain – we will share transactions when we make them for charity
Mary | Satoshi club:
Nice👍
Kayz $cats:
Well, with the whole meme hype. We thought of using a similar model because it seems most of the audience loved burns and redistributions etc. Even though we’re providing a real utility, we still wanted to attract a big portion of the meme community, which is why we went for the rfi model, which we re-modelled a bit
D| Satoshi club:
Okay, got it 😊
Josha $cats:
Yes, remodeled to fit our BTC founding father’s work!
Mary | Satoshi club:
Thank you for your answers! Everything is clear for me 👍 ready to jump to the next question?
Kayz $cats:
Memefi at work 🙂
D| Satoshi club:
Q4 from telegram user @nszr1
In your white paper it is noted that the term “the crossing” is quite important in the project, however I did not understand exactly what the purpose of this it and how it works, this being the basis of the project. Could you detail exactly what “the crossing” is, how does it work and why is it so important in the ecosystem of your project?
Josha $cats:
So, essentially the crossing is a cross chain bridge allow tokens to be wrapped and move between different blockchains, initially this will be for BSC and ETH but we will expand to more chains
The beauty of it will be that it will add utility to any coin (meme or otherwise) that wants to further their userbase on various chains and stake and farm on padswaps revolutionary platform
Kayz $cats:
This is something that is very expensive to do for small projects, through us, they will be saving a lot of money.
Mary | Satoshi club:
When will it work? What users will need to do? As I understand it will be bridge like binance chain bridge?
Josha $cats:
It is also very time consuming!
D| Satoshi club:
It will be a cool function 👍
Josha $cats:
We are hoping it will be live in the next week or 2. So we are working fast considering we have only been launched under a month
D| Satoshi club:
And how safe it will be. Any audits of contract? 👀😄😉
Josha $cats:
It will have a far simpler ui than binance bridge
All of our smart contracts are audited by spade audits and they will also audit anyone that comes to use the bridge – all included in the price. It will be a great option for many tokens out there wishing to step up to the next level
The future of the crypto space is multi chain interoperability
Mary | Satoshi club:
Can you share your audit report with us?
Josha $cats:
Sure. Catoshi audit complete – no security issues found within contract.
We believe people’s safety is paramount in a space littered with scams and illegitimacy
Mary | Satoshi club:
Thank you for sharing!
D| Satoshi club:
Btw it will be possible to transfer stablecoins through your bridge?
Josha $cats:
This is something that we can add. Cats will be the first.
And we are positioning ourselves at the forefront of that, whilst also supporting the smaller projects
D| Satoshi club:
Totally agree
Josha $cats:
Our aim with our partners at spade and toad (padswap) is to change the space for the better with full transparency and being genuine
Mary | Satoshi club:
Is it only for erc20?
Josha $cats:
The audit?
Mary | Satoshi club:
Yes
Josha $cats:
Yeah initially – it will be extended to the wrapped czats once the process has been finished.
Kayz $cats:
There will be many, many audits. Safety is important
D| Satoshi club:
Awesome😎
Josha $cats:
Hence why we partnered with experts in smart contract safety!
D| Satoshi club:
Thanks for answers! Ready for the next question? 😊
Mary | Satoshi club:
Awesome!🥳
D| Satoshi club:
Q5 from telegram user @victorogb
In keeping true to it’s reputation of being a community backed participatory project, Catoshi periodically organises competitions and special fun events, specifically targeting it’s strong community of active $cats holders, as a way of rewarding them for their efforts and support to the Catoshi team and project. Though these events are also a way of promoting a strong synergy between the community and the team, how will Catoshi leverage on it’s meme token features, to organising fun and competitive events geared towards promotions, marketing and community growth, and how will Catoshi look to make such events and competitions a regular feature of it’s project activities?
Kayz $cats:
Wow, where to begin
D| Satoshi club:
Haha😄
Kayz $cats:
This is ofc a serious project trying to deliver a utility we have not really seen in this space. But what we noticed for other projects is lack of community push. Often, devs just sticking to dev work and if enough time passes, many people get bored.
Which is why we wanted to combine defi + memes = memefi
D| Satoshi club:
Memefi sounds nice and fresh 😄👍
Mary | Satoshi club:
Memefi? That’s interesting 👍
Kayz $cats:
At Catoshi, community is our backbone.. Just buy checking our channel you will see the type of loyalty we’re fostering. Many community members help us in creating these competitions. Memes go viral easily, and many of our members are great at producing viral content.
With more community participation and more competition, we are hoping for a sort of snowball effect to take place and more and more community members collaborate with us
Josha $cats:
We have many a happy community member after wearning cats from our various competitions – these will only continue
Mary | Satoshi club:
What is the nearest plans for community activities?
Kayz $cats:
We are also all about rewarding great effort and recognising people. We want to grow our social media platforms and promote the great work of others. Many community members out there who we want to show our gratitude towards
As for our current competition. 5 lucky members we see with “$cats” in their tg username, will be rewarded 3k cats, winners announced towards launch of the first bridge
Mary | Satoshi club:
Satoshiclubbers, join🚀
Kayz $cats:
@cool_as_ice @madamlobster am I allowed to plug a youtube vid made by one of our members? 😁
Here is a video made by renzo (we see you king!!). The guy is amazing. This is what we love and encourage at Catoshi. We want people to build with us, this is our project.
Dev team builds, community builds… We grow bigger💪💪
D| Satoshi club:
Haha nice 😄
Josha $cats:
Watching it again and it still makes me laugh
Kayz $cats:
Plenty more where that came from in our tg group
Mary | Satoshi club:
😂thank you for your answers, guys! Do you want to add something or we can go to the 6th and last question from this part?😃
Josha $cats:
Let’s proceed
D| Satoshi club:
Q6 from telegram user @arisabela
Catoshi aims to be a deflationary frictionless yield token, but there isn’t much details about your deflationary strategies on your website, can you tell us how will this token increase it’s value? Also, on your roadmap it’s mentioned something about BTC solidarity token burn, can you tell us what is that and what is its purpose?
Josha $cats:
The main deflationary aspect is the 2% burn that occurs on every transaction – this adds up over time
We started at 21mil and have burnt almost half the supply – BTC supposedly has 21 mil but we all know there are millions missing from lost wallets and passwords. So, we decided to burn a load
Plus, communities love burning tokens haha. So these major burns have already occurred.
Mary | Satoshi club:
So, what is circulation supply now?
Josha $cats:
Just under 11 mil
Mary | Satoshi club:
Nice😃
21mln was for erc 20 tokens, right?
Josha $cats:
Yeah – the number will stay the same when we wrap. No new tokens are created
Mary | Satoshi club:
Got it😃
Josha $cats:
In fact, it will go down more when we move a chunk over for liquidity and it gets subjected to 2% burn lol.
Mary | Satoshi club:
How many holders do you currently have?😃
Josha $cats:
Around 850 as of now. So we are still under the radar
Mary | Satoshi club:
Yes, btw, are you listed on coingecko?
Kayz $cats:
Not yet, hopefully soon 🙂
Josha $cats:
In the works
Catoshi will also be required for those wanting to bridge – this will be locked further lowering circulating supply
Mary | Satoshi club:
Nice move 👏
Kayz $cats:
No bridging can be done without Catoshi. This is where our tokens will be utilized. With more bridging, they will become scarce
Mary | Satoshi club:
I hope as well! We wish you to be there as soon as possible 😉
Kayz $cats:
Thank you very much
Mary | Satoshi club:
Thanks for this part, guys! Now you will be able to rest 120 seconds 😃 our users will post their questions for the live part 🚀🚀🚀
Mary | Satoshi club:
Ready?
Josha $cats:
Shoot
Mary | Satoshi club:
Let’s go 🚀
PART 2.Questions about the Catoshi project from the live chat of the telegram community.
In this part, we open a chat for the crypto community for 120 seconds. Then the guests from the Catoshi crypto project choose the top 10 questions. The 10 crypto enthusiasts have earned cryptocurrency in the sum of 100$.
Q – 1 from a telegram user @esrarengizbtc
What do you think is the biggest problem of MEME tokens and how will you solve this problem? Do you have the power to revolutionize the crypto space by solving a built-in problem for MEME tokens?
Josha $CATS:
I think that lots of scams will use the guise of meme coin, this is a huge problem. We want to clean up the spcae for sure, with the help of the security expertise of the Spade team we hope users will feel safe using any meme coin that has been onboarded to The Crossing
Also, lack of utility – with The Crossing we open up a whole host of opportunities to meme coins (and non meme coins) to new userbases and farming and staking options – MEMEFI
We believe that working together gives us more strength to acheive these goals!
Q – 2 from a telegram user @slla1112
What are Catoshi’s strengths? Will it be stronger and more reliable than others?
Josha $CATS:
We harnessed the power of synergy (3 teams working together) – Spade will audit, and get your token functioning on both chains, PADSwap provides the landing point for super-efficient and high apy staking and farming and Catoshi wraps and provides the bridge between.
Q – 3 from a telegram user @mobilejii
Where to buy $CATS what is contract address ?will you list on any CEX?
CEXs are certainly in the plan but for now we are focussing on building defi (MEMEFI)
Q – 4 from a telegram user @NSZR1
In your white paper I read that Catoshi Nakamoto is setting out to change the face of Decentralized Finance (DeFi) by opening the door for any cryptocurrency project, Currently there are many promising projects, however there are others that were born with the sole purpose to trick users into investing in them without really having a long-term plan, taking this into account, Will Catoshi Nakamoto really open its doors to ANY project or there will be some type of minimum requirements that these projects must meet in order to be taken into consideration, and if not, how can Catoshi Nakamoto assure his users that the accepted projects are 100% safe?
Josha $CATS:
I really like this one. Well firstly, vetting will be important, we will not just allow any project to bridge over. Bear in mind, there will also be costs. We are currently developing guidelines, which we will publish. It is imperative we bridge over serious projects and maintain our brand image.
Q – 5 from a telegram user @hiden bu user
You stated in your article that charity is one of the primary reasons Catoshi $CATS was created, and one of your lead team members works for a mental health charity, and your team also wishes to support cat and other animal-related charities in the future in order to make a difference in the world and make it a better place. How can we, as members of your community, help to make this happen?
Josha $CATS:
Obviously supporting us by sharing the word in the crypto space. But, let’s try and supersede the cryptosphere and reach out to real life charities that need support in these areas. We will run polls for the community and voice chats specifically around how we give and who to.
Also, feel free to try and put us in contact with mental health charities that you know are doing an awesoem work
Q – 6 from a telegram user @NSZR1
A 6% tax for each transaction carried out means that if I want to buy / sell $ CATS I must pay a 12% tax, taking into account that users tend to seek lower transaction fees. Do you think that in the long term this could negatively affect the reception of the token? To motivate those users who might have doubts about joining this project for this reason, could you explain exactly how that 6% tax will be used for each transaction?
kayz $CATS:
Indeed, there is a bit of a hefty tx cost here. Even with eth fees so low. However, I’d like to think our model also encourages long term holders who will be with us as we release more bridges and other features of our ecosystem.
If you’re buying for a quick 2x flip, I hope you are using a good chunk of money. Although, I wouldn’t advise it.
Q – 7 from a telegram user @Emidm28
You mentioned that you know that carefully-chosen collaborations will play a key role in realizing your vision. Are you currently working on new partnerships and collaborations? Can you tell us something in advance? It is important that partnerships benefit both projects involved and increase their growth and allow them to reach a wider audience. What other aspects do you evaluate in your partners?
Josha $CATS:
We are always looking to partner with projects and have had requests from others to partner with us also. Although nothing is public yet!
We believe in the power of synergy and 3/5/10 projects working together can acheive so much more than 1.
We will be strategic in the partners that we put in place and all we be mutually beneficial to us, the partners and our communities
kayz $CATS:
Although, we cannot disclose yet. We have been in talks with multiple projects and some have shown great interest in using our bridge. To be disclosed soon.
Q – 8 from a telegram user @esrarengizbtc
What do you think is the biggest problem of MEME tokens and how will you solve this problem? Do you have the power to revolutionize the crypto space by solving a built-in problem for MEME tokens?
Josha $CATS:
i did this one lol.
Q – 9 from a telegram user @Kushal85127939
What kind of NFTs you are thinking to dive into? Is there any Catoshi funding round for this NFT segmen?
Josha $CATS:
So we have our artist (ex-Marvel) who has already started in creating our NFTs. Everything is set, just a waiting game now. And we’re coming up with a few interesting uses for them 👀
Keep an eye out for NFTs release
Q -10 from a telegram user @Robotliker1
We can see many projects ruggpull nowadays but how can we trust new project like yours and invest? Do you have liquidity locked?
Josha $CATS:We have locked our uniswap pool via teams.
On top of this our active presalers still involved in the project also locked half of their tokens on the platform. This was after they burnt 10% of their tokens as well!
The team aren’t interested in a quick buck and are here to build something.
We have even had large holders in the community come to us saying they would like to lock their tokens too!!!
To add a bit to this. It brought us great joy knowing that our community members even wanted to lock their tokens, it’s good that they can see the vision and the potential here.
Ofc we would never ask them to do so, but it was great to see.
Q -11 from a telegram user @Shaa93
Why does Catoshi need cross from Ethereum to BSC, and from BSC to Ethereum? Does Catoshi plan to be providing bridges to other chains such as: Polygon, Solana, Harmony?
Josha $CATS:
We partnered with PADSwap on BSC – BSC is far cheaper for farming and staking and has extremely high volume. It made sense to land here first.
We want to be at the cutting edge of new technology in the space, we will always be looking to add new chains like the ones mentioned and we may even look to push the boat into newer undiscovered chains in the future!
Part 3 – Quiz about project
In the final part, we tested the knowledge in terms of the Catoshi project. They’ve prepared 4 questions for this part, so everyone could be a part and answer. Participants had 10 minutes to answer. 300$ was distributed between the winners.
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 TribeOne and our guests
were @Tan_DeFi and @mehdisuleman. The AMA took place on 22 June.
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
Paul Mont | Satoshi Club: Hello Satoshi Clubbers! Today we are excited to
announce our AMA session with TribeOne!
Andrés M. | Satoshi Club: Hello everyone. Is AMA time with an amazing
project. Our guest @Tan_DeFi and @mehdisuleman are here.
Paul Mont | Satoshi Club: Hello guys, it’s a great pleasure for us to have
you here at Satoshi Club: )
Mehdi | TribeOne:
Hello everyone 😀
I hope you are doing
well!
Tan | TribeOne:
Hi, thanks for inviting us, great to be here
Paul Mont | Satoshi Club: Doing great indeed, thank you very much! We’re all
super eager to know more about TribeOne!
Mehdi | TribeOne:
I’m really excited to share 🤩😁
Tan | TribeOne: And we are
super excited to share our project with the famous Satoshi Club ☺️🤩
Andrés M. | Satoshi Club: We are glad to have you here! 😃
Then, let’s begin, we
can’t wait 😁
Please introduce
yourself, what is your role into TribeOne?
Mehdi | TribeOne:
Sure my pleasure!
My name is Mehdi
Suleman, I carry over 20+ years of experience in the largest retail banks of
the Middle East region, building products and teams with the inception to
growing business with total value locked over $1.2 billion. Throughout my
tenure, I worked in senior leadership roles overseeing business, operations
& managing large cross-department teams. Now, I am the founder and CEO of
TribeOne.
Tan | TribeOne:
Hello everyone! this is Tan Ahmad, the Director of Partnerships with extensive
experience of over 15 years resulting in a deep passion for crypto and
understanding the business needs and aspirations. I have worked with reputable
companies like deVere Group & Ibex Global. I aim to bring a lot of
unbridled energy to build the TribeOne partnership ecosystem. Now, I am the
Director of partnership at TribeOne.😎
Andrés M. | Satoshi Club: Great background, is an honor for us to know more
about you!
Paul Mont | Satoshi Club: Your past experiences are very powerful business
cards. It’s apparent that you’re bringing a lot of experience, competence and
professionalism to the table 👍👍
Andrés M. | Satoshi Club: Now, please tell us in a nutshell what is TribeOne
and what are the main products you offer?
Mehdi | TribeOne:
Thank you 💪😀
Sure, that’s my
favorite question 🤩
Tan | TribeOne:
The whole idea is to bring financial professionals to the DeFi space 🤩
Mehdi | TribeOne:
Well in a nutshell, TribeOne is the world’s first AI-powered NFT & DeFi
funding platform backed by RAROC (Risk-Adjusted Returns On Crypto) technology,
where we will be providing loans & lending options for both NFTs and crypto
assets. TribeOne is an NFT, lending, borrowing, and saving platform that offers
a seamless experience; to the users through its innovative consumer-centric
products.
Paul Mont | Satoshi Club: It’s a great endeavor, yet we need this to happen to
overcome the hurdles inherent with traditional finance! So hats off! 🔥🔥
Andrés M. | Satoshi Club: How did you come to this idea?
Mehdi | TribeOne:
1. NFT borrowing – Revolutionary tailor-made NFT centric products that TribeOne
will offer to all
NFT Loans – Loans
offered against NFTs as collateral
NFT Mortgage- Loans
offered to buy NFTs
2. Poloka Loans-
– Loan to value upto
90%
– Automatic approval,
no credit checks
– Zero fee and flexible
repayment
– Optional insurance
coverage through our DeFi Insurance Partner
3. Laiti Loans-
– Tailor-made loans for
micro financiers offering low to zero collateralized loans
– Optional insurance
coverage through our DeFi Insurance Partner
4. Mana Loans
– Low to zero
collateralized loans
– Users get access to
this product after creating a credit profile by paying their instalments on
time
– Optional insurance
coverage through our DeFi Insurance Partner
5. Sefe plans
TribeOne individual
savings Plan
Weekly payout to your
wallet
No lock-in periods or
min deposit
Optional insurance
coverage through our DeFi Insurance Partner
6. NFT pool invest
– Community based pool
funding to invest in NFTs
– NFTs are evaluated by
leading NFT appraisers
– DeFi insurance to
cover impermanent loss
7. Tele yields
– Earn highest risk
adjusted APY against stable coins
– Optional insurance
coverage through our DeFi Insurance Partner
8.DeFi insurance
products ( this is our add on after partnering with our DeFi insurance partner)
i)Gap Cover: Allows for
users to have ample time to rebalance their crypto-asset within the safe limits
to avoid it being foreclosed.
ii)Hack Cover:
Insurance coverage provided in the event of user wallet being compromised
iii)Credit Shield:
Insurance to protect user crypto assets up to 80% of the market value.
Andrés M. | Satoshi Club: Wow a big ecosystem of products, great job😁👏
Paul Mont | Satoshi Club: There’s a lot to cover and we want to flesh out all
the details!
Let’s get on with the
community questions, shall we? So that we can satisfy our Satoshi Clubbers deep
curiosity about Tribe One 😉
Mehdi | TribeOne:
Well that’s an interesting story, I’ll try to keep it short 🙈
The seed was probably
sown during the first bull run back in 2017 where the hype around bitcoin
overshadowed the utility of blockchain. Once the dust settled down, it was the
introduction of the revolutionary DeFi concept that connected the dots between
the traditional ways of finance and the crypto world.🌏
The current market
leaders for DeFi lending have done a great job in connecting users to a new way
of conducting financial services however they were disconnected from the
majority of the user base due to complexity. That’s where the Eureka moment
struck about why can’t users have a more simpler way of conducting financial services.
And that’s how the idea of TribeOne was proposed!
Of course 🚀🚀
Andrés M. | Satoshi Club: Great history behind a great project, thank you so
much for the intro guys💪
Paul Mont | Satoshi Club: Beautiful and brilliant introduction! Thank you
very much for your thoroughness!
Mehdi | TribeOne:
😊👍
Paul Mont | Satoshi Club: So let’s start now with the very first community
question for the AMA 🙂
Q1 from Telegram User @samuelr21
We know that TribeOne has as one of its visions for
the future the creation of products for the contribution to the Defi space and
thus maximize their return, when they talk about the creation of products to
which they refer and what function this product will have to maximize The
return of finances? How will these products be new techniques or will they be
just incentives to make users dedicate themselves to continue to be attached to
you? Will these products be new tokens or some particular function?
Tan | TribeOne:
TribeOne aims to bring improvement and innovations to the DeFi world. Currently
the lending space within DeFi is overly collateralized. This situation is not
in favour of the borrowers and is not giving back enough to them. We are
launching a first all-in-one platform with consumer centric features like NFT
funding, low to zero collateralized loans, loans to micro financiers, DeFi
insurance. There is no such platform out there which solves all the user needs
at one place.
Andrés M. | Satoshi Club: I have seen $HAKA as your main token, what are its
usecases?
Tan | TribeOne:
We aim to make TribeOne a one-stop-shop for the financial solutions of the
users hence adding value for the users where users are able to avail benefits
of low to zero collateralized loans, microfinanciers are able to get advantage
of these features along with the DeFi insurance products to make sure that the
users are protected against price volatility, hacks and exploitation.
Mehdi | TribeOne:
There are! listed are some of the utilities
Staking Rewards:
For holding $HAKA users
have access to slot allocation, additional discounts on loans and Lowered
interest rates.
P2P Risk Assessment
& Governance Rewards:
$HAKA is allocated as
an incentive for participating in risk assessment & Governance
Slot Allocation On NFT
Financing:
Depositors of
cryptocurrencies in TribeOne will receive $HAKA.
Zero- to Low-Collateralized
Loans:
For low collateralized
loans, users only need to provide 20% of the loan as collateral.
Early Repayment
Rewards:
If users settle their
low- or zero-collateralized loan early, they will be rewarded in $HAKA.
Staking Discounts:
Users will also have
the option to stake $HAKA tokens and earn staking rewards.
Andrés M. | Satoshi Club: Interesting concept btw.
A lot of good benefits
for holders, how to buy the token?
Paul Mont | Satoshi Club: Now, that’s called attaching real utility to a
token 😉
Tan | TribeOne:
That’s one question that I have been anxiously waiting to answer for a few
months..🤩
We are having our
triple IDO for Ignition, Red Kite and BSC Station tomorrow 🚀🦾..
Paul Mont | Satoshi Club: Congratulations guys! This an early, yet wonderful
milestone for the project! 🚀🚀🚀
So, that also means that tomorrow $HAKA will
be listed!
Tan | TribeOne:
I would request the Satoshi Club to follow 👀 our socials to stay
updated about the IDO! 😎📢
Paul Mont | Satoshi Club: What time will be the public listing ?
Yes, Satoshi Clubbers,
join up and get your notifications on! 🔥🔥🔥
Andrés M. | Satoshi Club: Of course, let’s join Satoshi Clubbers, a great
opportunity for all of you🥳
Well, thank you so much
for the detailed and clear answers, are you ready for the next question?
Tan | TribeOne:
We haven’t announced it
publicly and Satoshi Club is the first one to know about the timings.🤩🚀🦾
Thank you very much
guys, you rock! 💪💪💪
Andrés M. | Satoshi Club: Thank you so much for give us this big announcement
first 🥳🥳🥳 it’s an honor
Tan | TribeOne:
Please take part in the IDO to make it a success 🚀🚀🥳🥳🤩
Andrés M. | Satoshi Club: We wish you a great success on it 😃👏
Mehdi | TribeOne:
Appreciate that guys! 😀
Q2 from Telegram User @yusbe22
TribeOne will use throughout the process of loans to
users through the P2P system, leaving the scheme used by other centralized
types, giving much more ease and fluidity of transactions, they will use the
same methods and techniques in terms of security that other projects use such
as verification by KYC providing users with a less risky experience regarding
the loss of their finances, what kind of security do they handle regarding the
handling of finances? Will they perform some kind of audit on users? How secure
are their smart contracts, could you tell me something about it?
Mehdi | TribeOne:
Wow….its like 3 questions in 1 😀
Paul Mont | Satoshi Club: That’s indeed a very in-depth question 🙂
Andrés M. | Satoshi Club: Yes, take your time please😁
Mehdi | TribeOne:
TribeOne foresees such concerns and has proactively integrated certain safeguards
to protect the investors as well as the borrowers. Our smart contract will be
audited by a leading security agency. Along with AI based financial actuary; we
have our very own superhero RAROC(RAROC stands for Risk Adjusted Returns On
Crypto to fight through all barriers. Let me explain to you what RAROC) is in simple terms because that is the key to
ensuring the safety of TribeOne’s ecosystem; it evaluates the risk factor on
the user which would imply KYC hence giving investors that level of comfort prior
to investing. We would also be partnering with reinsurance protocol, to provide
additional risk coverage that gives an additional layer of protection.
Andrés M. | Satoshi Club: We are happy to know that everything is SAFU💪
Paul Mont | Satoshi Club: So a bit like ROI, RAROC is instead a more advanced
indicator, especially crafted for crypto assets/project risk evaluation and
return?
Tan | TribeOne:
Just to add on –
TribeOne will be
offering additional insurance products through our DeFi insurance partner.
These products will include:
Gap Cover:
Allows for users to
have ample time to rebalance their crypto-asset within the safe limits to avoid
it being foreclosed.
Hack Cover:
Insurance coverage
provided in the event of user wallet being compromised
Credit Shield:
Insurance to protect
user crypto assets up to 80% of the market value. TribeOne liquidity threshold
works like an airbag. As we understand the volatile nature of crypto, the
organization will offer an additional buffer of 35% making it up to 125%
liquidity threshold. In comparison, the competitors provide an average
liquidity threshold value of up to 90%.
The users will also be
provided an option which gives a 7 days buffer for the token price to bounce
back. With the user opting for yield farming, the profit earned off the
collateral will be used to pay the insurance. Unlike other competitors which
liquidate at 90%, TribeOne is able to extend the liquidity limit to 125% to
avoid early liquidation of user’s loan.
Paul Mont | Satoshi Club: Definitely, with these features in place safety is
not a concern. Great design!
Mehdi | TribeOne:
the concept was to replicate the underwriting process which we did in our
previous career as bankers; it doesn’t permanently avoid risk but it mitigates
it to allow for business to grow
Andrés M. | Satoshi Club: Thanks for the clarification, would you like to add
something before the next question?
Then let’s proceed😁
Tan | TribeOne:
RAROC is TribeOne’s proprietary
“Digital brain” that evaluates the risk for investors by profiling
borrowers based on their repayment track record
so that a potential investor would be able to assess their investment
decision.
RAROC is our
proprietary risk algorithm that provides TribeOne to mitigate risk when issuing
loans hence maintaining a low loss rate and allowing it to integrate across a
broad spectrum of industry verticals in a space with limited access to
centralised third-party data sources.
Q3 from Telegram User @indahmaryam
I saw that TRIBEONE is first project that give loan
against NFTs and also for cryptos too it also provides insurance against
liquidation and hack tribe one is all one Defi+NFT.What about fundamentals? And
when will you announce your Vcs list which I heard also solid.
Tan | TribeOne:
Coming from the financial background, we understand the issues and the flaws of
the traditional financial world and can also see what users want in the DeFi
space. Therefore all our products are completely user centric and user
friendly. The product line ranges from NFT & crypto assets
lending/borrowing and even loans for microfinanciers. Right from investors who
want to invest in well value NFTs and make beneficial returns to microsfiancers
who lack funds to start their business. Hence our products can be used by all.😊
We are proud to have an
impressive list of VCs who have been supporting us right from the start in
providing strategic advice to improve our project. The list of VCs is displayed
on our website under the title of Our Backers. Additionally TribeOne is backed
by prominent VCs such as FomoCraft Ventures, X21 Digital, Spark Digital, Titan
Ventures, Kyros Ventures, and many others.
Paul Mont | Satoshi Club: The names listed here are truly impressive 👏👏
So lending and
borrowing services will be available to enterprises as well?
Mehdi | TribeOne:
It would be but there would be profiling done centrally on the borrowers for
enterprise / SME considering there is inherent risk when lending to business;
its great to offer up funding to help SME grow but we have to ensure that the
capital of the lenders are protected
Paul Mont | Satoshi Club: That’s fair and honestly I appreciate the extra
layer of safety. That goes in the direction of every stakeholders’ interest 👍
Andrés M. | Satoshi Club: Applauds for those great ideas👏
Now is time to proceed
with our 4th question🥳
Q4 from Telegram User @Jonahapagu
TribeOne has different loans on its platform which
are; Poloka Loans, Laiti Loans and mana loans and the timeline for the launch
of this loan services is indicated on your roadmap as well. So Can you explain
this three loan services, how are the three Loan services different from each
other, what are the features of each of this three loans, and how can users of
TribeOne participate in the Poloka, Laiti and Mana loans.
Andrés M. | Satoshi Club: Partially covered, please tell us more about how to
join those financial products😃
Tan | TribeOne:
TribeOne will be providing this facility by removing the collateral requirement
that is key to crypto breaking out into global debt markets. DeFi has a massive
opportunity to transform access to capital, but it will only be possible once
we can issue loans without collateral.
The process of lending
would be done similarly to what our team is well experienced in, whereby
underwriting loans for SME and corporates. Hence the loans would only be
granted to businesses where the profiling and credit risk undertaking has been
undertaken. This process of approval/decline will eventually be moved to the
community once data has been collected for them to make an informed decision.
The details of the
three loan products are follows:
i) Poloka Loans
– Loan to value upto
90%
– Automatic approval,
no credit checks
– Zero fee and flexible
repayment
– Optional insurance
coverage through our DeFi Insurance Partner
ii) Laiti Loans
– Tailor-made loans for
micro financiers offering low to zero collateralized loans
– Optional insurance
coverage through our DeFi Insurance Partner
iii) Mana Loans
– Low to zero
collateralized loans
– Users get access to
this product after creating a credit profile by paying their instalments on
time
– Optional insurance
coverage through our DeFi Insurance Partner
Andrés M. | Satoshi Club: Are you planning to introduce another product?
Mehdi | TribeOne:
We are currently working on this; its quite close to what built my career where
we will link NFT with real estate; this would entail a lot of ground work as it
would be working close with the local real estate authorities but considering
our experience we should be best equipped to handle this 😉
Paul Mont | Satoshi Club: Sounds utmost promising👍🔥
Andrés M. | Satoshi Club: Thank you so much for the sneak peek😁. Time
to go with our 5th question
Paul Mont | Satoshi Club: Here it comes 🙂
Q5 from Telegram User
@andrey_seleznov
You promise zero to low Collateralized Loans. The
user will have to provide only 20% of the loan as collateral in $HAKA to access
lending options. Users with good credit history would be eligible for zero
collateral. Could you please explain how you plan to cover the loan with such a
small portion of the collateral? What do you estimate will be the liquidation
point with such a small collateralization?
Mehdi | TribeOne:
These loans would be limited to “good” users hence we limit the user
base who would be eligible for these loans; the concept of providing these
loans was to rewards users who are performed well on standard collateralized
loans. There is always risk when giving loans without collateral so that’s why
these loans would carry a higher interest earning which mitigates the risk and
the way we have structed these loans is that we have collaborated with our DeFi
insurance partner to carry a certain part of the risk and we have made
provisioning in our treasury to compensate in the event of bad debt; as the
users of these loans will have to carry history with us; there would be no
liquidation point for these loans.
Andrés M. | Satoshi Club: So, could you please share us your roadmap? What
else is coming for you into the second half of 2021?
Tan | TribeOne:
TribeOne is on the run to achieve milestones throughout its journey. We have
successfully completed our first two quarters as per our roadmap planning.
Our initial milestone
is going to be fulfilled tomorrow, on 23rd June, when TribeOne will have a
Triple IDO on BSC Station, Red Kite and Paid Ignition. 🚀🦾
We are working on
building our platform initially on the Binance Smart Chain and then migrate to
the Polkadot network once the mainnet is live.
Our initial aim is to
catch the wave of NFTs, by focusing on launching our NFT platform. Therefore,
our NFT platform is planned for our third quarter because we want the users to
experience our platform as soon as possible hence aiming to have our MVP
launched within a few weeks of the IDO itself.
In the later quarters
we would launching our loans for individuals and SME platforms, investment
products and insurance products.🚀
TribeOne is all about
innovative, consumer-centric products. We will keep working hard to enhance
user experience and make products which can be beneficial for all. We will keep
on adding more weapons to our armory and sky is the limit 🤩
I would say there are a
lot of interesting things to look out for so please join our socials!🤑
Andrés M. | Satoshi Club: A lot of amazing events coming, don’t forget to
share the announcements with our community!
Paul Mont | Satoshi Club: Yes, please keep Satoshi Club in the know! 👏👏
Mehdi | TribeOne:
of course 😎😎
Q6 from Telegram User @highpee
Your platform will introduce “NFT Slot Allocation”
which will grant users exclusive perks, access to exclusive private auctions
and special features. What is needed for a $HAKA holder to be granted an NFT
Slot Allocation? Will this work like the guaranteed allocation used in
launchpad which grants users that hold a certain amount of token a guaranteed
place to first buy a token when a new project is launched? How will user be
able to enjoy special discounts and be the first set of buyers to purchase
newly minted NFT? What type of private auctions can users have access to as a
result of being granted this slot allocation privilege?
Mehdi | TribeOne:
This feature is to reward holders with the benefits we are able to provide them
through the collaborations we undertake with NFT markets places. Holders would
be granted first right of refusal on exclusive NFT launches and a host of other
privileged benefits not accessible to a regular users on the NFT market place
platform. The amount of $HAKA holding would be broken down to different
categories each offering different rewards.
Andrés M. | Satoshi Club: And that’s it for this first part of the AMA, 6/6
questions👏
Thank you @mehdisuleman
and @Tan_DeFi for this amazing first part, your answers where so clear and
detailed
Paul Mont | Satoshi Club: We will now open chat for 2 minutes and our
community will ask you some questions 🙂
Tan | TribeOne:
As we have our IDO tomorrow and knowing
the following of Satoshi club, we wanted to make sure that your audience
understands our project completely so they can take part in making it a success
Andrés M. | Satoshi Club: Yes I think it was, now our users have the
opportunity to ask you personally.
Part
2 — live questions from the Telegram community
Q1 from telegram username @PyaraLarka
What is the Benefits of your recent Partnership with
$LINK?
$HAKA X $LINK
Mehdi |
TribeOne: We just announced this
today! 😀😀 By integrating Chainlink’s industry-leading
decentralized oracle network, TribeOne will have access to high-quality,
tamper-proof price feeds for our NFT and DeFi lending and borrowing platform.
This will provide our users with strong assurances that they have access to the
most authentic and updated price feed in the crypto sphere.
Q2 from telegram username @JoanaZ
➡️➡️ I have
understood that TribeOne team have experience working on traditional Finance,
so can you tell us how TribeOne is able to connect Decentralized Finance with
the Traditional finance?
Tan | TribeOne:
TribeOne’s main aim is to revolutionize through evolution together and bring in
an era of advanced user centric DeFi financing. However the plus point of
TribeOne is that we do not have any overhead which are associated with the
real-world companies hence we don’t burden the users with additional charges.
TribeOne does solve a
lot of real world traditional financial problems like Lack of Transparency,
Unequal access to financial services, Counter-party risk, Time-consuming and
Rigid infrastructure. We aim to overcome all these issues by introducing a
range of user centric products like zero to low collateralized loans, NFT
funding platform and DeFi insurance add-on provided after our strategic
partnerships, all for safeguarding our users.
We all dream to have a
perfect marriage of traditional finance and the DeFi world where we can have
all the benefits of the traditional banking system and also enjoy the perks of
DeFi. TribeOne became the reality of that dream. ☺️
Q3
from telegram username @mobileljii
✅✅ what are
the security concerns and measures adopted by Tribe one to make funds secure and safe? will you do any third party
audit?
Mehdi | TribeOne:
That’s a very good question! 🤩
TribeOne foresees such
concerns and has proactively integrated certain safeguards to protect the
investors as well as the borrowers. Our smart contract will be audited by a
leading security agency. Along with AI based financial actuary – RAROC we are
also collaborating with DeFi insurance providers who will provide coverage and
protection against market volatility, hacking, and credit risk.
We have our very own
superhero RAROC to fight through all barriers. Let me explain to you what RAROC
is in simple terms because that is the key to ensuring the safety of TribeOne’s
ecosystem. We would also be partnering with reinsurance protocol, to provide
additional risk coverage that gives an additional layer of protection.
Q4
from telegram username @Gen_Block
How TribeOne spread the awareness rapidly around the
space about the exposure of project? Is this global project so everyone from
every where can join? This is great project anyway. Thanks 👍
Tan | TribeOne:
TribeOne believes in evolution together regardless of any geographic, cultural
boundaries. An evolution that grows together and a community that shines
together.
TribeOne is created not
only to be financially inclusive but also to have connection with the different
communities globally, for that reason we have onboarded multiple influencers
from various countries to ensure that the message of TribeOne that is spread in
their local languages so as to avoid loss in translation situations. This is
one way we acquire global reach.
We created this
platform, not only to be financially inclusive but also to have connection with
the different communities globally, for that reason we have onboarded multiple
influencers from various countries to ensure that the message of TribeOne that
is spread in their local languages so as to avoid loss in translation
situations. This is one way we acquire global reach.
All our products are
completely user centric and user friendly. The product line ranges from NFT
& crypto assets lending/borrowing and even loans for microfinanciers. Right
from investors who want to invest in well value NFTs and make beneficial
returns to microfiancers who lack funds to start their business.Hence our
products can be used by all.😊
Q5
from telegram username @atillayeni
What is the reason of you to name this project as
TribeOne? Why not HAKA Defi?
Mehdi | TribeOne:
The concept of TribeOne draws some of its inspiration from the Samoan culture
which focuses on family, unity, respect and working together as a community.
Our products are named after the different tribal words. Our token $HAKA means
war dance that indicates the power of holding the token with victory.
The seed was probably
sown during the first bull run back in 2017 where the hype around bitcoin
overshadowed the utility of blockchain. Once the dust settled down, it was the
introduction of the revolutionary DeFi concept that connected the dots between
the traditional ways of finance and the crypto world.🌏
The idea behind the
name TribeOne was our aim to bring the community together and provide them with
a one-stop-shop for all their financial needs. Our motto “Be your own Bank” is
a revolution that breaks through the barriers of traditional financial systems.
The barriers like lack of transparency, unequal access to financial services,
rigid infrastructure that are faced by users while opting for financial
products.
TribeOne believes that
the users should manage their own finances and must be aware of where their
hard earned money lies.
In short we want to
build a strong community like a Tribe and move ahead towards success as One
hence the name TribeOne 🤩😄💪🚀
I guess I got a bit
emotional as it is too close to my heart. 🤩
Q6 from telegram username @Cheriemike
Do you have any plans for Token Burning in other to
increase Token value that will attract Investors to invest?
Tan | TribeOne:
I am impressed that you are following our project closely. 😍
We do have a token burn
in place, where 10% of the profit earned from every successful transaction is
used to ensure we have a deflationary ecosystem i.e. the burn will continue
till the total supply is reduced to 50% hence more value for money for HAKA
holders. We foresee TribeOne being a bridge between the traditional banking
users and the DeFi space so we can bring greater adoption within the crypto
ecosystem by providing user centric financial products to benefit all users. 🦾🚀😎
Q7 from telegram username @messilolz
among the different loans provided by your platform
which is better MANA loans ,or Poloka loans?
Mehdi | TribeOne:
Poloka Loans are similar to your collateralized
loans so the journey would be the same for most users as they would
experience in other lending platforms’,; Mana loans would be a step up from
Poloka loans where based on how the user performed on loans taken on Poloka
they would be eligible to take out a Mana loan which would allow for Zero or
low collateral loan being given. The penalty for delayed payment would result
in the interest rate being revised till the loan is repaid in full.
Q8 from telegram username @adaatalay
What makes TribeOne different from other similar
projects?
Mehdi | TribeOne:
TribeOne aims to bring improvement and innovations to the DeFi world. Currently
the lending space within DeFi is overly collateralized. This situation is not
in favour of the borrowers and is not giving back enough to them. We are
launching a first all-in-one platform with consumer centric features like NFT
funding, low to zero collateralized loans, loans to micro financiers, DeFi insurance.
There is no such platform out there which solves all the user needs at one
place.
Q9 from telegram username @DK177
💰💰💰 What makes you to think
TribeOne will get attention during this bear market? Where do you see yourself
during next 5-10 years? @Tan_DeFi
@mehdisuleman
Mehdi | TribeOne:
So you mean 50 years in crypto time 🙂
Well, TribeOne is all
about innovative, consumer-centric products. We will keep working hard to
enhance user experience and make products which can be beneficial for all. We
will keep on adding more weapons to our armory and the sky’s the limit 🙂
So I would say there
are a lot of interesting things to look out for so keep a watch on our socials!
Q10 from telegram username @Korryl
I read that Tribe One are building platform on the
Binance Smart Chain, yes I know that BSC really popular which fast and small
gas fee, but do you have plan to do bridge to other chain like solano, matic or
polkadot?
Tan | TribeOne:
I agree with that comment. After noticing that the gas price of Ethereum is
high and it’s added cost for the users. So after evaluating, we felt that it is
a better option is to build on Binance smart chain initially and then migrate
to the Polkadot network once the mainnet is live and our tech teams are
comfortable with the migration to ensure smooth transition.
TribeOne we have the
vision of making our platform accessible across all the different blockchains
hence our tech team is working on enhancing our cross chain interoperability
and besides ETH, BSC and DOT, we will also work on adding more chains to our armour.
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 iTrustFinance and our guest is @rlcooke. The AMA took place on the 20th of June.
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
Rob | iTrust.finance: Hi everyone!
Gold Rocket | Satoshi Club: Hello and welcome to Satoshi Club, @rlcooke!
Rob | iTrust.finance: Hope you’re all having a good Sunday! Thank you @GoldRocket27.
Gold Rocket | Satoshi Club: How are you? 😊
Rob | iTrust.finance: Yeah i am good! Been a crazy few months at iTrust, my phone is literally overheating if i’m on a call for more than 40 min. I’ve fried my phone and my health this past couple months! But good, how are you?
Gold Rocket | Satoshi Club: Well, I hope it pays off 😉
Rob | iTrust.finance: I am sure this industry will prevail!
Gold Rocket | Satoshi Club: We are very excited about the upcoming AMA😍
Rob | iTrust.finance: Good to hear!
Gold Rocket | Satoshi Club: Let’s start! Introduce yourself please. How did you get to be involved in crypto & ITrustFinance?
Rob | iTrust.finance: Yeah sure! I am Rob! one of 5 co-founders at iTrust, I have been fully involved in crypto for about 5 years. I am half korean and half english, and lived in korea for 5 years! I have been helping to build many aspects of iTrust from the token economics, to platform development, and more so lately BD role.
Gold Rocket | Satoshi Club: What is the essence of ITrustFinance?
Rob | iTrust.finance: Btw, it’s become a bit of a tradition to end my answers with the iTrust auberMOON, so we know when to move to next Q 👌 Yes, good question. So we are building with the DeFi insurance vertical. Essentially we are helping insurance protocols build cover capacity, so they can offer more premiums. We use capital from the stakers in the DAO, they help the underlying protocol to build cover capacity which translates to the stakers earning from the native network rewards, as well as iTrust gov tokens. We came up with idea in theDeFi summer. 3 of 5 founders are seed investors at Nexus, so we saw the problem with a insurance protocol not having enough cover capacity.
Gold Rocket | Satoshi Club: I think this is a very important direction in crypto👍 How did you get the idea to create this project?
Gold Rocket | Satoshi Club: Well, you are completely in the crypto trend😉🚀 Also we would like to know about your team. Who is on the project team core?
Rob | iTrust.finance: Yep, so as mentioned 5 founders: 3 were seed investors at Nexus, one is still an advisor there. These 3 founders have >25/30 years in trad banking/finance sector and all been in BTC/crytpo since 2013-2015. Myself and CTO have been fully dedicated to crypto since 2016/17 building technical solutions in the bc and finance vertical for the past 3-4 years. Paul, CTO, has over 30 years experience in building systems that scale for the likes of Barclays, Lloyds, Cigna and other major blue chip companies for years. Dev team is 4 devs, 2 front end, and we have marketing and community leads with very good history in their fields.
Gold Rocket | Satoshi Club: The Nexus is a very good project. We are familiar with it 👏 Wow! great background for the team👏👏👏
Rob | iTrust.finance: DeFi insurance OGs
Gold Rocket | Satoshi Club: Thanks for the introduction, we will have a question selected for the Part 1. ready to start?
Rob | iTrust.finance: Yup, born ready Lambo NOW!
Gold Rocket | Satoshi Club: Q1 from Telegram User @yellowchamp Can you explain more about the Genesis Loyalty Program of iTrust Finance? How does it work and what are the mechanics of this loyalty program? How and who will be eligible for this loyalty program in your platform? What are the incentives or rewards that is claimable from this loyalty program? How does rewards or incentive be distributed to users of ITrust Finance? Thank you.
Rob | iTrust.finance: Wow that’s a loaded question! and someone been reading the whitepaper? We have a Genesis Nexus Bonus Pool, anyone who stakes 10 NXM (or more) are eligable to join the Genesis Bonus pool. This pool will consist of a 6 month bonus pool, 12 month and 18 months, so as long as you stay staked in one of our Nexus Vaults for the period (6/12/18 months) then you will get a proportional share of the Bonus Pool!
Gold Rocket | Satoshi Club: Satoshi Clubbers always carefully study projects. believe me 😁
Rob | iTrust.finance: Thats great!!!
Gold Rocket | Satoshi Club: Sounds great 👍
Rob | iTrust.finance: Also why i was so excited to do this AMA before our IDO whitelist closes!!! WIN a guaranteed $300 allocation to the iTrust.Finance IDO! We have a small number of whitelist spots to give away to Satoshi Club members for our hotly-anticipated IDO on SushiSwap MISO, 23rd June 2021. To enter: Email: miso@itrust.international (http://miso@itrust.international/) Use this Email Subject line: iTrust IDO – Satoshi Club If you are chosen as one of the winners, you will receive a reply with your link to complete KYC to secure your spot on the whitelist – with an allocation of $300! For more information on the iTrust IDO, visit: https://info.itrust.finance/ You can also join the iTrust Telegram group here: https://t.me/joinchat/3kGHhgf9Y-FlOTFk There is our special whitelist, but i can also share the kyc form here: https://verify-with.blockpass.org/?clientId=itrust_miso_ee834&serviceName=iTrust%20MISO&env=prod We also have future bonus pools for onboarding future protocols, which is on our roadmap!
Gold Rocket | Satoshi Club: Great opportunity for Satoshi Clubbers! don’t miss guys! 🚀
Rob | iTrust.finance: Easier to go through KYC straight away as last few hours to complete KYC! exciting guys!
Gold Rocket | Satoshi Club: Thanks for sharing👍 that was the perfect answer! ready for the next question?🚀
Rob | iTrust.finance: No problem! haha.
Gold Rocket | Satoshi Club: Q2 from Telegram User @andrey_seleznov Hi iTRUST!
I know that iTrust.finance’s partnered with Nexus Mutual! This is a promising partnership as it will allow DeFi users to finally have a means of mitigating at least some of the risks and insure their investments. Could you explain in detail how this insurance works? Is it automatic for all iTrust users? What cases of loss does it cover and does it guarantee a 100% coverage? And finally where do the funds come from. There should be a substantial pool to compensate all victims if a major project collapses. Thank you!
Rob | iTrust.finance: Yup, this is a good question, and signals some of the confusing around what iTrust is doing. So we are not offering insurance…We are offering stakers to help insurance protocol build the cover capacity needed to issue insurance.
Gold Rocket | Satoshi Club: Explain to us please🙏
Rob | iTrust.finance: Yes sure, so the stakers of iTrust DAO are directly helping Nexus to build the “cover capacity” that is need to “back” the insurance that is sold… and in doing so, they earn a portion of the network fees, in the form of native Nexus rewards! So theiTrust DAO is: a. Helping insurance protocols build cover capacity and offer cheaper premiums. b. Help stakers to stake their xNXM or NXM into the smart contracts that users by the insurance from increasing and accruing their token rewards which they can claim at their own discresion, helping to “socialise gas costs” making reward accrual more efficient. c. Increase the overall value of the protocol.
Gold Rocket | Satoshi Club: Benefits are obvious! 👍What exactly are you most proud of?
Rob | iTrust.finance: https://medium.com/itrust-finance/how-does-defi-insurance-work-9c6c2b99d73b This is good overview of how DeFi insurance works. Proud of what we have build in the last few months and the reception we have from community and investors has been a great verification of what we are doing. Also very proud of the website and concept of the iTrust Community Reef.
Gold Rocket | Satoshi Club: I love that you are not caught off guard. You always have an article on Medium 😉
Rob | iTrust.finance: https://medium.com/itrust-finance/welcome-to-the-itrust-community-reef-8172eb709bf9 That explains the concept of the Reef, and how staking into insurance is mutually beneficial/symbiotic! Like many of the animal relationships we find in marine ecosystems! Really want to have a respected crew of cryptonaughts in the iTrust mix!!!
Gold Rocket | Satoshi Club: Yes, it’s a good idea, compare it to the marine ecosystem👍 Thank you very much for your answers! Ready for the next question?
Rob | iTrust.finance: Yes, and the cooledt thing is marine insurance was one of the first forms available in 17th century! Because if you lost your ship at sea it was a lot of cargo/value lost, kind of like a rug pull!!! So now we have Nexus that insure against the ShipREKT market.
Gold Rocket | Satoshi Club Q3 from Telegram User @victorogb An important aspect of iTrustFinance support scheme is the iTrust Community Grants Program (CGP), which would be created to empower the community to develop projects for the benefit of the DAO. The CGP when fully functional, would provide guidance, mentorship and funding to individuals and teams participating in the program. Even as the success of this program is directly hinged on the availability of funds, how would the Community Grant Funds (CGF) be generated and consequently distributed among the selected individuals and teams of the CGP, and what criteria does iTrust consider in it’s choice of eligible persons or teams for it’s grant program?
Rob | iTrust.finance: Yes, the grants program is being finalised now. We have been more focused on the grant distribution/proposal submission and selecting commitee rather than just saying “we have a grants program, here it is” we are thinking, “how do we define a community driven process to build a good grant issuance platform”. So we have Eugene who is really helping to build the structure within which the community can help to define the import buidling projects going forward. The grants will be focused around developments that better the DeFi ecosystem, educate the wider defi eco system about defi insurance, and make insurance more assessible. We have a partnership with GoodFi to explore more of these avenues!
Luis Merino 🇪🇸 | Satoshi Club: I’m here now
Rob | iTrust.finance: Hi Luis!
Luis Merino 🇪🇸 | Satoshi Club: Hello Rob! Thank you for attending to the AMA
Gold Rocket | Satoshi Club: Does community activity affect the final product?
Luis Merino 🇪🇸 | Satoshi Club: Oh really? I love it haha. Btw, I love your sticker pack. (I’m the sticker lover inside Satoshi Club) 😅😂
Rob | iTrust.finance: Yes we have a great team of designers, can see from our website!
Gold Rocket | Satoshi Club: Thanks for sharing! We will definitely take a look at this. Safety first👍
Luis Merino 🇪🇸 | Satoshi Club: That’s what makes you better 😉
Gold Rocket | Satoshi Club: Absolutely right! the designers did a very good job.👏
Luis Merino 🇪🇸 | Satoshi Club: As you say, many projects make IDOs without having their platform… And many of them never develop it 😅
Rob | iTrust.finance: That the ShipREKT!!! careful of that ApeAPY.
Luis Merino 🇪🇸 | Satoshi Club: iTrust does, that’s AMAZING!
Rob | iTrust.finance: Yes, i have lived through that in 2017! SaveDroid…where are you?
Gold Rocket | Satoshi Club: Thanks for your great answers 😃
Luis Merino 🇪🇸 | Satoshi Club: Q4 is coming 👀
Gold Rocket | Satoshi Club: Ready to proceed to the next question?
Rob | iTrust.finance: Yes! @GoldRocket27
Gold Rocket | Satoshi Club: Q4 from Telegram User @surendra040 iTrust IDO has already received over 10000 applications for 600 spots whitelist available. I understand that due to high number of kyc its taking period to accept but how long period is it is expected to be waited kyc on queue of applicants? you have further increased small number of spots but how many more spots wil be available is not clear. Please provide further details on this and the process of your IDO to be selected.
Luis Merino 🇪🇸 | Satoshi Club: Great question Seems like many many people is interested on the IDO 👀🚀
Rob | iTrust.finance: Yes sure, we had a crazy whitelist…like 10,000+ within the first week, and we knew that many of those ppl were not interested in project or IDO, so we decided to go down a more personal route by allowing whitelist participation for AMAs with strong crypto communities, but we have keep the same limit, 600 ppl, 500 chosen for max allo of $300 usd on MISO. If Satoshi members join the KYC they will be likely to have a number of spaces on a first come first serve basis. Then on MISO the whitelist we share with them will be guaranteed 🙂
Gold Rocket | Satoshi Club: This is a very good idea! 😃
Luis Merino 🇪🇸 | Satoshi Club: Our community will love that for sure 👏
Rob | iTrust.finance: Awesome, we have big love for Satoshi Club!
Luis Merino 🇪🇸 | Satoshi Club: Satoshi Club has it also for iTrust 😉🚀
Gold Rocket | Satoshi Club: Please specify the dates of the IDO.
Luis Merino 🇪🇸 | Satoshi Club: We are almost there
Rob | iTrust.finance: Very close bro!
Gold Rocket | Satoshi Club: Wow Wow wow! It’s very hot very soon! 🔥🔥🔥
Luis Merino 🇪🇸 | Satoshi Club: Thank you! Pretty visual and useful.
Rob | iTrust.finance: Just the start!!!
Gold Rocket | Satoshi Club: Thank you very much for sharing! Ready for the next question?
Rob | iTrust.finance: That is literally all my tentacules overworked these days.
Gold Rocket | Satoshi Club: Q5 from Telegram User @orlemys You are a relatively new project, and something that has caught my eye about iTrust particularly is the number of innovative products you offer, which is quite an impressive feat for new projects nowadays. So, I’d like you to tell us more about the REKT Prediction Market and the Vault Strategy Discovery Fund. Even though they seem very interesting, I’m a little confused about them. How exactly will they work and what are the main benefits they will bring your community long-term? Also, if I’m thinking of investing in your project what are the steps I should take to become a part of your community?
Rob | iTrust.finance: Ah ha read my mind! Love this question!!!!!! So, it is interlinked
Gold Rocket | Satoshi Club: We believe in you! You can do it💪🦑🐙
Rob | iTrust.finance: The REKT Market will be a prediction market that predicts on future REKT contracts with DeFi insurance. So we will look at all the contract available to buy cover and we will hold: a. token weighted b. quadratic voting c. token rewards.
Luis Merino 🇪🇸 | Satoshi Club: I’m not good at all with predictions 😅😂
Rob | iTrust.finance: You probaly wont get promoted to the Vault Strategy Discovery Fund then! Because good predictions will lead to a good “meritocratic rating” within the other participating sections of the DAO which in time will include buidling the vault strategies for the stakers in the DAO, because we want the DAO to ultimately control the operations of the DAO, but we do not want Luis making all the Vault Strategies!
Luis Merino 🇪🇸 | Satoshi Club: I will try my best… 😎 Love it!!
Gold Rocket | Satoshi Club: So pity Luis @LuisMe7
Luis Merino 🇪🇸 | Satoshi Club: Yeah… 😔
Gold Rocket | Satoshi Club: Lol😂
Luis Merino 🇪🇸 | Satoshi Club: Highly appreciated… Rob 😔 (Just joking)
Rob | iTrust.finance: Hehe, sorry not sorry.
Luis Merino 🇪🇸 | Satoshi Club: I love the idea, even though it isn’t profitable for me 😉
Rob | iTrust.finance: Haha, but you will benefit form the most strong vault strategies from the crowd wisdom! Just your voting in the quadratic market will affect what strategies go to the VSDF to pick from. Hope that makes sense 🙂or…? haha not for now.
Luis Merino 🇪🇸 | Satoshi Club: Yeaaaaah 🚀🚀🚀🚀
Rob | iTrust.finance: We have a huge release scheduled with Finance Vote, who are making these quadratic voting systems and have been an integrual partner for us and we are trying to keep things a bit hush hush about the REKT Market until after Launch. Too many things!!!
Luis Merino 🇪🇸 | Satoshi Club: Finance Vote, they are great
Rob | iTrust.finance: We love Dr. Nick, he is so raw man…I mean ex academic turn Degen Overlord…
Gold Rocket | Satoshi Club: It’s amazing how much you can do. man is not subject to it. so you are an octopus 😁
Rob | iTrust.finance: Fk yeah
Luis Merino 🇪🇸 | Satoshi Club: They have had two AMAs with us, I think 🤔
Rob | iTrust.finance: Octopus, lives in ShipREKT’d market. Yeah we love Dr. Nick, there are a lot of synergies with the FVT team and iTG.
Gold Rocket | Satoshi Club: Also, if I’m thinking of investing in your project what are the steps I should take to become a part of your community?(с)
Rob | iTrust.finance: Haha, IDO! then straight to Sushi LP pool! This is a long term project, we are just at the start of the defi insurance infrastructure being built and we are a part of the infrastructure to enable growth!!!!
Luis Merino 🇪🇸 | Satoshi Club: Be careful with Gold Rocket! She’s a whale 😅
Gold Rocket | Satoshi Club: Thank you very much for not calling me a shark. 😂
Rob | iTrust.finance: Haha Careful of the shark! He swims around the Underbelly of the Ocean, trying to eat me when i am investigating ShipREKTs.
Gold Rocket | Satoshi Club: Thank you very much for your answers! Ready for the last question of this part 🙂
Rob | iTrust.finance: Is it question time?
Gold Rocket | Satoshi Club: He has no chance. You are awesome😁👍
Rob | iTrust.finance: I am hiding under shells when he swims past, the “bear”shark? or the bullshark? Haha, the concept evolves…
Gold Rocket | Satoshi Club: Q6 from Telegram User @nataliyakil iTrust.finance partners with Nexus Mutual to offer a host of staking benefits to $ NXM and $ wNXM holders. So what are the benefits of staking for $ NXM and $ wNXM holders, and how do you access them? Do we need to own two tokens at once or do we have a choice? What other programs can you offer to $ NXM and $ wNXM holders? Do the benefits you offer users depend on which token they own? Do you cooperate with any other projects, offering advantages and benefits to the holders of their tokens?
Rob | iTrust.finance: Wow, deep. I like it. Natali, you are stimulating my octopus brains. So first distinction between wNXM and NXM: NXM is the native token of Nexus Mutual, it is used to stake against contract by the Nexus community (who have to be KYC’d), wNXM is the wrapped token. You can not stake wNXM, and that means you are not able to get staking rewards. And, for the mutual, the wrapped tokens essentially take native tokens out of their “system”, which is affecting the “cover capacity” issue i mentioned early, so…iTrust takes both wNXM and NXM, it does not matter if you are Nexus (kycd member) or non-kycd wNXM holder, you can both earn staking rewards, with iTrust! “The iTrust platform will build a bridge to optimised staking for $wNXM token holders who cannot receive rewards via the Nexus Mutual platform, and $NXM holders who have been reluctant to stake or have been staking inefficiently. The resulting increase in staked tokens and engaged stakers will allow Nexus Mutual to unlock cover capacity that had hitherto been inaccessible and in turn, to lower cover premiums and increase their user base.”
Luis Merino 🇪🇸 | Satoshi Club: Wooow! Sounds good
Gold Rocket | Satoshi Club: Tell us please about your tokenomics btw😊
Rob | iTrust.finance: A range of iTrust Vaults will be available, varying staking strategies to suit the risk appetite of the particular staker. At launch there will be two Vaults for users to stake into: Vault A: An index of all the contracts available on Nexus Mutual. Vault B: A low risk / high rewards Nexus strategy developed by the iTrust.finance DAO. Enhanced Rewards: In addition to receiving Nexus Mutual rewards and any associated Shield Mining rewards, iTrust Vault users will also receive iTrust Governance Tokens ($iTG). The $iTG token is packed with utility and added value” https://medium.com/itrust-finance/itrust-finance-partners-with-nexus-mutual-to-offer-a-host-of-staking-benefits-to-nxm-and-wnxm-2015aa77f45c Do you cooperate with any other projects, offering advantages and benefits to the holders of their tokens? Yes! Finance Vote and Nexus
Luis Merino 🇪🇸 | Satoshi Club: And also tell us some words about your partners… And maybe the future ones that are on the way? Any clues? 😉
Gold Rocket | Satoshi Club: This is the case when copy paste is very appropriate. 😁
Rob | iTrust.finance: When we build the REKT market, we will have multiple project putting up token rewards! It will be a bonanza of token rewards that roll-over if contracts to do get REKT! Its gonna be super interesting, we are also in contact with a number of insurance protocols, with the aim of onboarding them in the same capacity as Nexus.
Gold Rocket | Satoshi Club: You are definitely not a human, but an octopus! It was very fast 😁
Rob | iTrust.finance: This is crypto… we understand that wallet address and TxID will unravel everyone, so we have been super organised and transparent.
Luis Merino 🇪🇸 | Satoshi Club: That’s the way! But an octopus has 8 tentacles… I think he has even more 😅
Rob | iTrust.finance: You beat me to it Luis!
Luis Merino 🇪🇸 | Satoshi Club: So… Part 1 is over… Or do you want to add something else?
Rob | iTrust.finance: No no all good! I mean…
Gold Rocket | Satoshi Club: Thank you very much for this incredible piece of AMA! It was fun! 😉 And educational. Ready for the most impressive part of our AMA? Live questions 🚀
Part 2 — live questions from the Telegram community
Q1 from Telegram user @Ishan1_7
The warranty factors used by iTrust are divided into three categories: efficiency, increased returns, and simplicity. Can you explain why these three factors are critical to your ecosystem’s infrastructure and how they ensure user profitability?
Rob | iTrust.finance:
I. Efficiency Build cover capacity1 for insurance protocols, enabling lower premiums and increased adoption. Our first partnership is with Nexus Mutual, with multiple protocols following shortly.
II. Increased Returns
Maximising user staking rewards by understanding the risks
surrounding leverage and exposure; and in the future
expanding to simple cross-insurer exposure.
III. Simplicity
Managing the end-to-end staking process with a simple
user interface, providing an easy-to-use reward accrual
platform.
Q2 from Telegram user @messilolz
I saw a very interesting logo of your project in the telegram community.What is the meaning behind your project logo and your project name?
Rob | iTrust.finance:
Deep Sea Question: Morse Code…We created the logo in Novemeber, and the Oceanscape theme didnt come until reletively recently…iTrust is actually based on an insurance trust, rather than “Trust Me Fren”. So yeah , i am going to leave that answer there, and let the community work out the cryptic answer from reading our medium posts x.
Q3 from Telegram user @Kabirkapoor9
What is genesis NFT programme? What kind of benefits will users enjoy through this event?
Rob | iTrust.finance:
So I love NFTs, i have been writing about them since 2018, in regards to a smart city utility system. If you take the bus/cycle into work then you earn an NFT for city parking on the weekends, which you can sell to other ppl in community who want them. Anyway another issue, but in iTrust the NFTs will contain business logic, so if you stake NXM/wNXM into one of the Vaults and hold it there for a certain amount of time then you will earn from NXM rewards, and if you keep it long enough then you will earn an NFT that essentially gives you privaledges within the platform and enables you more earning potential etc. These NFT s are also transferable, so they will hold an intrinsic value to anyone within the platform. Its an option to earn extra bonuses as well as earn DeFi Insurance/Nexus staking rewards at the same time. Benefits will include reduces fee structure, possible early access to features such as Prediction Market, Yield vote or Vault Strategy Fund.
Q4 from Telegram user @Amila19932
There are so many features on ITRUST, Could you please give us a brief introduction on these features? 1.Staking vaults 2.Coral farming 3.Community reef 4.Ship (REKT) market Which one of the above is more important in point of yourview?
Rob | iTrust.finance: The Staking Vaults- directly staking into Nexus and earning reards. Coral LP Farming- we will be releasing a coral farming LP program within the first week, then the more complex yield vote about a week or so after. Community Reef-t his will be a section where governance votes take shape. ShipREKT Market- the most exciting development: token wieghted/quadratic voting, leading to multi token rewards pools and meritocratic ratings that will be taken forward in all aspects of the DAO. The meritocratic ratings will also be underpinned by users NFT ID! so IDs will be valuable! and you will need iTG to mint the ID.
Q5 from Telegram user @magnet0011
Can you provide the project, roadmap and tell us a little about, your plans for 2021. and your plans, for next year 2022???
Rob | iTrust.finance:
2021 Q2 Launch IDO Launch iTrust.finance with Nexus Mutual Launch LP Program Launch SushiSwap / UniSwap Pools
2021 Q3
Launch Community Grants Programs
Onboard Next Insurer
REKT Market Launch
Yield.Vote LP Program
2021 Q4
Continued Insurer Integrations
Cross-insurer Vault Staking Announcement
Community Vault Discovery Fund Launch
2022 Q1
Annual iTrust DeFi Industry Overview: Including analysis across DeFi Insurance market, REKT markets overview, Vault Strategies Comparative Analysis, Industry highlights, etc
Q6 from Telegram user @JoanaZ
No matter how much security measures do you take, always exists risks , so can you tell us how do manage the risks?
Rob | iTrust.finance:
Security has been at the the forefront of the development teams mind. There are 2 elements of risk here:
Risk assessment of Vault strategies and contracts chosen to stake against.
Number 2: We have built in Trustology into our wallet/vault solution, so users tokens, has been pre programmed, only be distributed to Nexus staking address and the iTrust ditribution contract, therefore, even we as founders hav eno way of tampering with the route that stakes and rewards travel!
Q7 from Telegram user @Smartling
What kind of relationship is between iTrust and Nexus Mutual?
Rob | iTrust.finance:
3 of our 5 co founders invested in Nexus seed in 2017. One is still an advisor there. We are very close and trusted with NXM.
Q8 from Telegram user @Zohaya
How can we put our trust in you, iTrust Finance? Is it true that there is no rugpull?
Rob | iTrust.finance:
We are using dApp technology from Finance Vote, e.g. their product “Bank.vote” means any community member can go and see where the token are distributed to. For example, the cliff-linear vesting schedules for the Community Grant and the Team Tokens will be completely viewable within bank vote, so you can seethat there has not been any rug pull or manipulation, and because we have a very transparent token economics which is publically available! We have also been kyc’d by all our investors, so… we are putting our professional careers on the line.
Q9 from Telegram user @mrorner
Have you developed or are you planning to develop a program for ambassadors so that your project can attract more people????
Yes, one of main goals for the next step is to build a really strong and engaging community! If there are ppl that are interested please sign our support form, but yes we want to focus on community buidling next!!!
Q10 from Telegram user @soyestefanya
What level of stability, legality, balance, utility do they offer in this project? What are you proud of having achieved so far with your project?
Rob | iTrust.finance: T
The iTrust Governance Token ($iTG) is given as an incentive for stakers in the vaults, rewards for LPs who provide liquidity for the network, and to foster a strong active community. The iTrust tokens have many uses within the iTrust ecosystem;
Access Rights
To participate in community discourse (e.g. Telegram/Discord) users must hold iTrust tokens, allowing access to closed groups.
Application and Aquisition of Voting IDs
To participate in community and governance votes, users needs to purchase a voting ID. Having iTrust tokens gives the user the right to access the application process where the user can then purchase a voting ID with the iTrust token. The user needs to hold iTrust tokens for their voting ID to be valid. Once the user has a valid voting ID many areas of the DAO are open for participation.
Prediction Markets (e.g. REKT Market)
Using the voting ID (purchased with $iTG tokens) the user can participate in the prediction markets, utilising $iTG token to stake on contract(s) they believe to be compromised. Making correct prediction earns the user reputation, attributed to their ID. Utility of the reputational score will develop as the ecosystem expands.
User Defined Vaults (this is the exciting one!)
To launch a vault the user needs to pay an application fee in $iTG tokens. Once the application is approved, the user(s) running the vault will be required to stake $iTG tokens for the period the vault is in operation. The meritocratic reputation attributed to the users ID will affect the vault creation fees and charges, i.e. a better rating allows a lower fee to be paid.
Fee discounts
In future developments, iTrust token holders will be able to claim and purchase limited edition NFTs allowing the holder privileges, such as discount on fees charged by the DAO.
BOOMMM!
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.
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