We are pleased to announce our next AMA on February 13th 2021 at 02:00 PM UTC Time: Satoshi Club x The Famous Token

⚠️Click to see the hour
⚠️Total Reward pool: $500

⚠️Requirements:
👉 Join Satoshi Club Telegram group
👉 Join The Famous Token Telegram group

We will have the following structure:

Part 1: 100$ /6 users – We’ll select 6 questions from the community. A user can post maximum 3 questions. 6 Questions will be selected from our website – please submit your questions in the comments section of this post.

Part 2: 100$/10 users – Open chat for 120 seconds. You can post Max 3 questions. The Famous Token Team will select 10 questions and answer them.

Part 3: 300$ – A quiz about The Famous Token

For more details:
The Famous Token – @TheFamousToken
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish

We are pleased to announce our next AMA on February 11th 2021 at 02: PM UTC Time: Satoshi Club x BitBerry

⚠️Click to see the hour
⚠️Total Reward pool: $500

⚠️Requirements:
👉 Join Satoshi Club Telegram group
👉 Join BitBerry Telegram group

We will have the following structure:

Part 1: 100$ /6 users – We’ll select 6 questions from the community. A user can post maximum 3 questions. 6 Questions will be selected from our website – please submit your questions in the comments section of this post.

Part 2: 100$/10 users – Open chat for 120 seconds. You can post Max 3 questions. BitBerry Team will select 10 questions and answer them.

Part 3: 300$ – A quiz about BitBerry

For more details:
BitBerry – @Bitberry_Official
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish

We are pleased to announce our next AMA on February 8th, 2021 at 01:00 PM UTC Time: Satoshi Club x Katalyo

⚠️Click to see the hour
⚠️Total Reward pool: 10000 KTLYO

⚠️Requirements:
👉 Join Satoshi Club Telegram group
👉 Join Katalyo Telegram group

We will have the following structure:

Part 1: 1000 KTLYO / 6 users – We’ll select 6 questions from the community. A user can post maximum 3 questions. 6 Questions will be selected from our website – please submit your questions in the comments section of this post.

Part 2: 1000 KTLYO / 10 users – Open chat for 120 seconds. You can post Max 3 questions. Katalyo Team will select 10 questions and answer them.

Part 3: 80000 KTLYO – A quiz about Katalyo

For more details:
Katalyo – @katalyo
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish

We are pleased to announce our next AMA on February 5th, 2021 at 02:00 PM UTC Time: Satoshi Club x Finxflo

⚠️Click to see the hour
⚠️Total Reward pool: $500

⚠️Requirements:
👉 Join Satoshi Club Telegram group
👉 Join Finxflo Telegram group

We will have the following structure:

Part 1: 100$ /6 users – We’ll select 6 questions from the community. A user can post maximum 3 questions. 6 Questions will be selected from our website – please submit your questions in the comments section of this post.

Part 2: 100$/10 users – Open chat for 120 seconds. You can post Max 3 questions. Finxflo Team will select 10 questions and answer them.

Part 3: 300$ – A quiz about Finxflo

For more details:
Finxflo – @Finxflo_Community
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish

We are pleased to announce our next AMA on February 6th, 2021 at 11:00 AM UTC Time: Satoshi Club x ZKSwap

⚠️Click to see the hour
⚠️Total Reward pool: $500

⚠️Requirements:
👉 Join Satoshi Club Telegram group
👉 Join ZKSwap Telegram group

We will have the following structure:

Part 1: 100$ /6 users – We’ll select 6 questions from the community. A user can post maximum 3 questions. 6 Questions will be selected from our website – please submit your questions in the comments section of this post.

Part 2: 100$/10 users – Open chat for 120 seconds. You can post Max 3 questions. ZKSwap Team will select 10 questions and answer them.

Part 3: 300$ – A quiz about ZKSwap

For more details:
ZKSwap – @zkswapofficial
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish

Welcome to another episode of our AMA series. Today we are glad to tell you about the AMA session with our friends from Mimo. The AMA took place on February 1 and our guest was @Nick_C_C.

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 COMMUNITY QUESTIONS

Mary | Satoshi Club: Hello Satoshi Club! We are happy to announce our AMA session with Mimo! Welcome to Satoshi Club😀

Nick_C: Hi, I’m Nick, a growth manager for Mimo. I have been in community management, growth, and even politics in the past, and I’m thrilled to be helping the Mimo team with our mission. We’re building a bridge between the old financial world and what we believe to be sound money. The money you all use here, but that most people still don’t: Crypto! We’re starting with PAR and the Mimo DeFi platform. Which I’m excited to tell you more about today.

Q1 from Telegram User @dustyllanos

May I Ask, why does MIMO chose your STABLECOIN to be pegged into the EURO and not the very traditional USD?

Nick_C: Well, Thank you for this question, Dustyllanos! Our initial research showed us that having the USD as a single “safe” currency for your blockchain life was not meeting the needs of many crypto users, especially (as you can imagine) European users. The reasons vary a lot from user to user. Some complain that their trust in USD is waning, and that even a seemingly wonderful 10% gain on a fiat currency which can drop 10% in a year is not great, some feel that while crypto is great, living between volatile assets and USD feels like a lack of options, and even more reasons.

In addition, we see a solid opportunity with building a token in 2021, partly because of what the DeFi world can offer (AMM pools, oracles, and the larger DeFi space).

Gold Rocket | Satoshi Club: You have big plans and goals! What has already been achieved?

Nick_C: The lending platform is live, so the PAR token and the borrowing/repaying/liquidating mechanisms are live. There is about 2M USD locked in the contract already, and we have about 1M of liquidity in our balancer pool.

Mary | Satoshi Club: When did it go live?

Nick_C: Exactly a week ago. I know it’s a bit young, but that’s why it’s also so exciting. We’ve been working on this for months. We have more in the pipeline of course, as we are focused on the mission I told you about: bringing people to sound money.

Mary | Satoshi Club: Btw, where did you find your users? 😉 Which marketing tricks did you use?

Nick_C: I have to thank our amazing team here. The advantage of crypto, and DeFi in particular, is that the community, while large to a certain extent, is rather small compared to the larger finance or tech world. This allows for noise to spread faster! Telegram has been extremely helpful.

We have a team in the small dozens of people. Most are in product and engineering. I know that sounds rather vanilla in the tech space, but that’s how we’re built. We also have a rather substantial piece in operations and legal, which is necessary for what we’ve been working on that we intend to release in 2021. In terms of product and engineering, we have a healthy mix of Solidity devs and React devs. Classic again!

Q2 from Telegram user @JesusFre1tes

MIMO offers a stable token based on Ethereum, something very uncommon when talking about the ERC20 network. What are the tools you have used to make your ERC20 token stable? How easy will it be to mint this token? How do you plan to solve the problems of high fees and transaction delays that working with ETH currently entails?

Nick_C: There are quite a few stable tokens based on Ethereum. What will make PAR stable are the mechanisms of issuance and liquidation of the loans, alongside with the interest rates offered by the platform for borrowing and offering liquidity. These are not related to Ethereum per se, but what Ethereum can bring here is more users which can ensure more liquidity. We do believe that Ethereum will work on fees as a platform, and are confident that their efforts will help, but we also intend to leverage layer 2 solutions to solve this problem. Our layer 2 developments are too early at this point to have much to share though.

We also believe that Ethereum is still where most of the action is happening, and it’s important to know when not to reinvent the wheel when you want to bring change.

Mary | Satoshi Club: So, it’s almost impossible for small players to enter now?😃 Gas fees insane now.

Nick_C: It is easier and more reasonable to borrow with larger tickets today, this is true, but we are working on it and are confident that it is temporary. At the end of the day, every project needs an MVP and we consider Ethereum a solid platform to start, even with its high fees. We’re working towards transitioning a lot of people to sound money, which means we have to take this very seriously, but we need to tackle one problem at a time!

Mary | Satoshi Club: Did you already contact some l2 services?

Nick_C: Yes, and we have very competent staff when it comes to l2. We didn’t take the approach to learn as it goes, but hired people familiar with building l2 solutions. 🙂

Q3 from Telegram user @meml97

 I couldn’t find your roadmap anywhere, why? what does the future holds for the project, could you please tell us? I would like to know more about what is coming for the project before investing on it, but certainly without a roadmap I can’t tell if its safe or not.

Nick_C: Thanks for this question Meml! Using Mimo is safe.

We are purposely not sharing much of a roadmap at this point as our focus is to bring attention to our platform so we can enter an iterative process of receiving feedback and improving it. In the meantime, we have a mobile app in the works as we believe that some users would prefer a mobile interface to our DeFi products. We see a large gap between the freedom and privacy that crypto offers and what users need for their daily lives, and everything in our internal roadmap works around addressing this gap. However, if safety is your concern before using Mimo, I would like to point to you that the platform in its current state is safe, and that an audit realized by Quantstamp backs it up (linked in the footer of our website).

I can also link the audit here! https://mimo.capital/assets/pdf/Mimo%20DeFi%20-%20Parallel%20Protocol%20-%20Report.pdf

Gold Rocket | Satoshi Club: It seems to me. You are very right about the mobile app. At the moment, a mobile phone is a full-fledged working tool for a modern person.

Nick_C: We will go through an audit again as we come out of Alpha stage and bring a decentralized governance model.

Thanks! This is what we believe is limiting a lot of people to join the large DeFi ecosystem the right way.

Mary | Satoshi Club: Don’t you think it’s 50/50, as you bring stable coin, but without roadmap and strict development plans it doesn’t seem stable?😉

Nick_C: Fair point! We believe that we should establish a solid platform first. Come to think of it, Bitcoin didn’t need a roadmap. It established a solid product that became better with time. We are not saying we’re re-doing Bitcoin, but it’s important not to rush things out. We’re talking about people’s assets here. Safety first!

Q4 from Telegram user @Korryl

 So I read from Mimo whitepaper that you have an insurance to give safety and its covered all your ‘vault’ in Mimo platform. Could you explain what insurance did Mimo offer for your vault? What is the benefit that your investor / user will get from this insurance?

Nick_C: The benefit is a more stable PAR. PAR tokens are not backed by fiat currency in bank accounts, but are issues by the creation of over-collateralized loans in volatile assets. Mimo also does not loan out collaterals, which makes the platform safe from a bank-run. However, the volatility of some assets might be so strong that even the over-collateralization could not make the liquidation of some loans profitable. Mimo’s Safety Reserve is here for that. When someone wants to liquidate a loan and its collateralization is unhealthy, the Safety Reserve kicks in! The code of “VaultsCore” explains how it works. Essentially, the safety reserve will pay what the collateral (minus the discount) can’t pay for.

Mary | Satoshi Club: Do you have any articles, which explain how it works? Or maybe you can explain in simple words this mechanism?

Nick_C: Let me try to make it simple! I’ll try to explain how it would work without a safety reserve first. If Mimo had no reserve. Let’s say Alice loves ETH but wants to buy a PS5, she doesn’t want to sell her ETH, so she comes to Mimo and issues a loan in PAR using her ETH as a collateral.

She goes on with her life but suddenly… * insert thunder noise here * … ETH drops furiously, and Alice was not very careful so she borrowed right above the minimum collateralization ratio (or MCR).

It’s now time to liquidate Alice! Bob comes in and finds that Alice’s vault is open to liquidation, but ETH is so low that what Bob can pay for the ETH will not cover the outstanding PAR amount that Alice borrowed. The platform ends up with a certain amount of PAR that are unhealthy. Mimo doesn’t want to work like that 🙁

WIth a safety reserve, the platform covers the difference between what Bob would pay for the ETH, and what is needed to pay the outstanding amount that Alice has borrowed.

Q5 from Telegram user @Mora110

You mentioned whenever PAR tokens are borrowed and repaid, fees are collected at the protocol level. Fees include the origination fee and the borrowing fee, both of which are collected from borrowers. Income payable is calculated using the same formulas as borrowing fees. Fees collected are distributed to a safety reserve and incentivized liquidity pools. So, what are the fees that you charge from your users when entering into your project?

Nick_C: The answer is way simpler than for the other ones: All the fees that are charged are transparently listed as parameters on the platform. We, as a company, do not currently charge a fee. As described earlier, we’re in the process of building additional services to transition people to sound money.

Mary | Satoshi Club: May be they appear in process after wallet is connected?

Nick_C: Oh sorry, by “on the platform” I meant, “on the platform, on Ethereum”. The smart contract has been deployed with a certain set of variables, these are the parameters. They are not visually displayed in the web app! Sorry for the confusion.

Mary | Satoshi Club: Thank you! But users will be aware about them in the process of transaction creating?

Nick_C: Sorry for the shortcut, I guess we all over-use the word platform to mean different things in the DeFi space! That’s a good point. We believe that it’s important to display the most relevant information to users, such as the interest rates. However, displaying how the fees are distributed could also add a great layer of transparency for those who don’t want to dive into etherscan. I’ll take note!

Q6 from Telegram user @Gutike95

 You mention that Mimo generates “Effortless High Yield Rates”, but is this totally safe and reliable? or is it just another high-risk project?

Nick_C: Thank you for this question, Gutike! It is safe, and this question comes at the right moment, given the previous answer.

Today, generating high-yield rates from a Euro point of view is not simple for most (even, and especially for finance-savvy people). As shared above, Mimo incentivizes providing liquidity via the fees collected on the borrowers, and this happens on a smart contract that has been audited by Quantstamp. (I’ll paste it again, the audit is available here: https://mimo.capital/assets/pdf/Mimo%20DeFi%20-%20Parallel%20Protocol%20-%20Report.pdf)

PART 2, TELEGRAM COMMUNITY LIVE QUESTIONS

The chat was open for 120 seconds; a lot of questions were posted by Satoshi Club community. Our guests chose some of them.

Q1 from Telegram User @moe_808

Can you tell us how # PAR token holders benefit in the ecosystem and what power within the governance model individuals have? Why is it so attractive and what are the basic requirements to participate?

Nick_C: Thank you for the question, moe!

Given the smart contract architecture of the smart contract, the governance model is very powerful. The first layer I can communicate here is that all the parameters we’ve discussed today (such as the interest rates for borrowing, the distribution of fees, the supported collateral and their minimum collateralization ratios, etc…), will all be controlled by the decentralized governance.

Q2 from Telegram User @apocan99

$PAR will be the first decentralized EURO price-stable token. Being first is usually great but also have some disadvantages. You prefered EURO instead of USD but EURO is not used as common as USD. So will you focus on EURO-using locations or do you target worldwide? What plans do you have to make PAR used widely in many locations?

Nick_C: Thanks for the question, Apocan!

Our PAR token which follows Euro is the first we’re coming with, but our ambition is international. You’re right to say that coming first is essentially a double-edged sword, but in crypto, it’s important to know how and when to take risks, and we believe this one is the right bet!

Q3 from Telegram User @cryptoflower13

What is the idea behind the name Mimo and why did you choose it?

Nick_C: Thanks for the question, dear crypto FLOWER!

Multiple input, multiple output was how the name appeared, but it’s not what it stands for. For example, we realized that it could mean Money in, Money out, and even more things! Therefore, we’ve decided that Mimo as our name must stand for itself, that brings us more flexibility.

Q4 from Telegram User @Maksyrn

Will users from some countries of the world have legal problems when using Euro from Mimo?

Nick_C: Thanks for the question Maksym!

We chose the safe route. While I can’t comment on every legal system, I can point that we’ve designed Mimo for PAR to be as “on chain” as possible, making it simpler for regulators to understand what’s going on. On-chain means transparent, and transparent is safer for regulators. This is one of the reasons why we believe it will be safe to use in many jurisdictions!

Q5 from Telegram User @Gutike95

Are decentralized stable tokens really necessary? why not just have conventional stable tokens like usdt erc20 or usdc? aren’t these decentralized?

Nick_C: Thanks for the question, Gutierrez!

Not all currencies are made equal, and the centralized stable coins have to manage the risks of their underlying currencies. With the USD, it’s OK for now, but with Euro, it is very challenging, and we believe that a decentralized token is the safest and most reliable route to provide stability in the long term.

Q6 from Telegram User @atakansan

Why didn’t you choose a name like TEUR or EURT but chose PAR for a EURO token?

Nick_C: Thanks for this question, Ahulya!

We see it as essential to differentiate PAR from the centralized stablecoins. We’re not alone here, and users seem to be OK, DAI isn’t DUSD. We also believe that the concept of PAR (for Parallel) token communicates the way Mimo works.

Q7 from Telegram User @highpee

Who are the Liquidity manager/profit-seeking actors (contracts algorithm or human?) in the network that can reposes a poor health vault’s collateral and what will happen if the owners of these vaults decided to reclaim their collateral by paying off accumulated debt and fees?

Nick_C: Thank you Johnny!

There is a direct incentive to liquidate an unhealthy vault, and everyone is able to do it! Our experience in the space has showed us that there is no shortage of users willing to get cheaper ETH when available, and that’s exactly what liquidating a vault gives you.

Q8 from Telegram User @lionsaver

On your website it says Alpha use at your own risk. Why do you say that? Is this not safe?

Nick_C: Thank you for this question, Lion!

It is safe, and we have the Quantstamp audit linked in the footer (https://mimo-capital-staging.netlify.app/assets/pdf/Mimo%20-%20White%20Paper.pdf) helping us share this view. The Alpha label is more here to communicate our view of the development state of Mimo as a platform.  It is also important to remember than whenever you’re using anything on-chain, you’re generally at your own risk. We preferred to remind people of this for good measure. Safety first!

Q9 from Telegram User @leixagarcia

I don’t know much about DeFi. If I don’t plan on borrowing or anything like that, would it still be advantageous to save money in $PAR?

Nick_C: Thank you for this question, Super Girl!

Today, PAR provides you the ability to stay in crypto, without taking the risk of USD, which can be a positive product to bring in 2021. There is no need to embrace the entirety of the DeFi space to benefit from PAR!

Q10 from Telegram User @esrarengizbtc

We know how important partnerships are for the strengthening of crypto projects, but I could not see information about your partnerships on your website. Do you plan to make new partnerships that will support the #Mimo ecosystem in the coming period?

Nick_C: Thank you for the question, with your long username (I’m not going to take the risk to botch it!).

Our goal is to transition a lot of users into sound money, and we know that doing this alone is not always realistic. We will partner with other companies as we go, but for any of this to start, we need a solid foundation, and this is what we’re sharing today. We believe the best way to establish partnerships is trust, and we know that trust will come from exhibiting a solid and audited foundation first.

PART 3, QUIZ AND INFO

As usual, for the third part, Satoshi Club Team asked the chat 4 questions about Mimo. A link to a Quiz form was sent into the chat. Participants had 10 minutes to answer. 300$ were distributed between the winners.

For more information and future AMAs, join our Social Media channels:

English Telegram group: https://t.me/Satoshi_club

Russian Telegram group: https://t.me/satoshi_club_ru

Spanish Telegram group: https://t.me/satoshi_club_spanish

Telegram Channel: https://t.me/satoshi_club_channel

Website: https://esatoshi.club/

Twitter: https://twitter.com/esatoshiclub 

Our Partners:

Mimo: https://t.me/mimodefi

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 RAZOR Network and our guest was Divij, Head of communications, and Hrishikesh , Founder and CEO of RAZOR Network. The AMA took place on 01 February.

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&Bitcointalk community

Mary | Satoshi Club:
Hello Satoshi Club! We are happy to announce our AMA session with Razor! Welcome to Satoshi Club😀

Gold Rocket | Satoshi Club:
Good evening, dear community!
Let’s start our today’s series of AMA marathons with Razor.

Gold Rocket | Satoshi Club:
Today our guests are @hrishikeshio @divij33!😊

Divij:
Hello Everyone.

Hrishikesh | Razor.network | Don’t send ETH:
Hey Everyone 🙂 Excited for this AMA.

Mary | Satoshi Club:
Hello! He should be able now!

Gold Rocket | Satoshi Club:
Welcome to Satoshi Club, guys!😁

Hrishikesh | Razor.network | Don’t send ETH:
👌

Mary | Satoshi Club:
Hello and welcome to Satoshi Club 🚀

How are you today, guys?😉

Hrishikesh | Razor.network | Don’t send ETH:
Thanks @madamlobster @GoldRocket27.

Divij:
😄

Gold Rocket | Satoshi Club:
We are very glad to welcome you to Satoshi Club👋

Mary | Satoshi Club:
😉

Gold Rocket | Satoshi Club:
🤗

Hrishikesh | Razor.network | Don’t send ETH:
Doing very well and excited to interact with the Satoshi Club community 🙂

Mary | Satoshi Club:
That’s great! Let’s start our party!

Divij:
Sure 🙌🏼

Mary | Satoshi Club:
Could you please introduce yourself and tell us more about Razor Network?😀

Gold Rocket | Satoshi Club:
How did you get to be involved in crypto & Razor?

Hrishikesh | Razor.network | Don’t send ETH:
I am Hrishikesh. The founder and CEO of Razor network.
I have worked in various positions such as data scientist and product manager before discovering Bitcoin and Ethereum at the end of 2015. I found the technology fascinating and decided to start working as a blockchain developer in 2016. I have worked with various companies as a blockchain developer including ConsenSys. I have made open source contributions to projects such as the Ethereum and Raiden network.

Divij:
I’m Divij, working as Communications Head for Razor Network. I have a bachelors in Business Administration with a specialization in Marketing. I’ve been involved in the Blockchain Space for almost 3 years now and have worked with various projects over the years like LCX, DeFi Money Market, PlotX to name a few in roles ranging from Communications to Marketing.

Hrishikesh | Razor.network | Don’t send ETH:
Razor Network is a blockchain agnostic decentralized oracle network with a focus on Maximum game-theoretical security, complete decentralization, and being fully permissionless. Razor achieves this while still being fast and practical for Decentralized Finance. Razor network uses a sliding court mechanism where any result of the oracle can be disputed iteratively. This can thwart any attack that can happen on the oracle.

Razor is blockchain agnostic and will be integrated with many blockchains. We have partnered with many blockchains such as Matic Network, SKALE, Conflux, Meter, Persistence, etc. We will be announcing more blockchain integrations soon.

Mary | Satoshi Club:
Great! A lot of experience and i see that you founded amazing project! Cool job!

Gold Rocket | Satoshi Club:
Excellent background!👍Means you are experienced crypto followers😁👍

Hrishikesh | Razor.network | Don’t send ETH:
Thanks! Very passionate about crypto for quite long time indeed.

Mary | Satoshi Club:
I see some familiar names here!😉

Gold Rocket | Satoshi Club:
Thanks for the great intro! Ready to jump into community questions?

Divij:
Hahaha. Good to be back here 😉

Mary | Satoshi Club:
We as well and we’re always happy to welcome new projects here!

Divij:
Let’s get it started.

Hrishikesh | Razor.network | Don’t send ETH:
Lets do it 🙂

Gold Rocket | Satoshi Club:
Q1 from Telegram User @Highpee
As published by coindesk, your seed funding and private sale has been largely successful as it has allowed you to raise about $3.7 million together with the support from your backers and partners. How do you intend to deploy the expenditure of this fund within your project? Also, for those who couldn’t join the private sale, will there going to be a public sale event to capture more interested investors? If yes, when do you intend to have it and what will be the mode of participation?

Hrishikesh | Razor.network | Don’t send ETH:
We will largely be spending the funds to hire really good developers and continue developing and maintaining our oracle. We also have a large number of integrations and partnerships announced already and more will be announced soon. We will be spending resources to build the integrations, develop more features, expanding community, and continue expanding our list of partners.

Divij:
I’ll answer about the Public Sale. We have been preparing a lot of stuff in the background in the last few months and our community has supported us on this journey so we decided to go with a fair participation method for the public sale so that all of our community members can participate in it. We will be announcing more details about our Public Sale in the coming days. Join our announcement channel so that you don’t miss out on the announcement – https://t.me/razor_announcement.

Gold Rocket | Satoshi Club:
Great strategy! 👏👏👏

Join Satoshi Clubbers🚀

Mary | Satoshi Club:
Did you already start to hire?

How many team members do you have now?

Hrishikesh | Razor.network | Don’t send ETH:
Yes we already started hiring and have about 9 members. Our extended team including interns is almost 20!

Gold Rocket | Satoshi Club:
Good number😉

Mary | Satoshi Club:
Very nice numbers!

Ready to proceed?😀

Hrishikesh | Razor.network | Don’t send ETH:
Sure 🙂 Let’s go 🙂

Gold Rocket | Satoshi Club:
Q2 from Telegram user @JesusFre1tes
Razor Network is partnering with DeFi Infrastructure Meter to provide secure data. How will this partnership help both platforms include trusted, decentralized, real-world data to Meter’s blockchain network? What security strategies will they create together to make this data invulnerable and tamper-resistant?

Divij:
Razor Network’s partnership with Meter will provide reliable and secure off-chain data to DeFi apps built on Meter’s platform. This would ensure that the real-world data feeds that are used by the DApps are as trustworthy as Meter’s platform itself.

You can read more about our partnership with Meter in our blog – https://medium.com/razor-network/razor-network-is-partnering-with-defi-infrastructure-meter-to-provide-secure-reliable-and-b2870913be9d.

Mary | Satoshi Club:
Cool partnership! As i know you have more, yes? With another projects😉 can you tell our members more about another partnerships?

Divij:
We have partnered with many exciting projects. Our currently announced partners are as follows:
Matic, SKALE, MantraDAO, Meter.io, Persistence, XDC network, OpenDeFi, Conflux Network, Sentinel, Dafi.

We have many more partnerships planned in near future. Stay tuned for the announcements!

Gold Rocket | Satoshi Club:
These are very cool collaborations! and many of these names are our good friends! ❤️

Mary | Satoshi Club:
We definitely will!

Divij:
😄

Mary | Satoshi Club:
Ready for the next question?🚀

Divij:
Sure 👍

Hrishikesh | Razor.network | Don’t send ETH:
Yes 🙌🏼

Gold Rocket | Satoshi Club:
Q3 from Telegram user @Arisabela
Razor Network is proposing a decentralized oracle platform which addresses various shortfalls in the current designs,can you tell us what do you consider are the current weaknesses of the oracle technologies and how is Razor going to solve them in a decentralized way?

Hrishikesh | Razor.network | Don’t send ETH:
Most of the oracles use the Schellingcoin mechanism. The mechanism is flawed and is vulnerable to various attacks. Razor Network uses a modified Schellingcoin algorithm with a sliding court mechanism. This includes an iterative dispute resolution mechanism which makes it robust against all kinds of game theoretical attacks.

Any result of the oracle can be disputed by paying the “Dispute bond”, which can be paid collectively. The disputers win a reward of 50% of the dispute bond if they successfully dispute a round. The dispute rounds can be iteratively disputed further, making profitable attack impossible.

Due to this mechanism, even if an attacker compromises the oracle, the result will likely be disputed by an honest actor.

Divij:
Comparison with other Oracle Networks can be found here.

Mary | Satoshi Club:
Is this mechanism unique? Does anyone else use it?

Oh, this visualization really works🤣

Hrishikesh | Razor.network | Don’t send ETH:
This mechanism is unique for Defi oracles. It has been proven to be secure already in Augur and Kleros, but they are quite slow and not suitable for DeFi space.
Razor network is the only oracle which is bringing the mechanism to fast DeFi oracle space.

Gold Rocket | Satoshi Club:
I choose Razor😉🚀

Divij:
😄

Mary | Satoshi Club:
I see! Bring us more innovations😉 thank you for your job!

Ready for the next question?😉

Hrishikesh | Razor.network | Don’t send ETH:
Just following my passion of crypto and solving the oracle problem 🙂

Sure 👍🏽

Mary | Satoshi Club:
👍🚀

Gold Rocket | Satoshi Club:
Q4 from Telegram user @MCBTrade
How will Razor Network fully automate the recovery of data stored in its system, without compromising security and decentralization in the long run? Can you give information about your technological infrastructure to do this?

Divij:
Proof of stake is the core consensus mechanism of Razor Network. Proof of stake allows Razor to achieve the following goals:

1. Proof of stake provides Sybil attack resistance. This is because becoming a validator requires staking tokens and doing that without owning tokens is not possible.
2. The algorithm rewards honest validators with new tokens. This incentivizes the validators to behave honestly and report valid data.
3. Dishonest/incoherent validators are penalized and their stake is reduced. This disincentivizes bad behavior. A part of the tokens collected as a penalty is distributed to honest stakers, further incentivizing honest behavior.

Decentralization is an important goal of the network. This is because centralization puts a high amount of power in a small group of entities, which makes a lot of attacks feasible and jeopardizes the trustworthiness of the protocol.

Razor network is fully decentralized and does not have centralized bottlenecks. Anyone can become a validator in Razor by staking Razor tokens. It does not require permission from us or anyone else.

We encourage decentralization in the protocol through the following ways:

1. A fair and wide distribution of tokens.
2. The protocol is permissionless. We, or anyone else, don’t have the power to decide who is allowed or otherwise, to participate in the network.
3. Queries are randomly assigned to the stakers, making collusion and bribing difficult.
4. Secret voting and dispute mechanism makes it secure from bribery attacks.

Mary | Satoshi Club:
How many tokens user need to have to become validator?

Hrishikesh | Razor.network | Don’t send ETH:
This is not finalized. We are doing optimization and simulations to decide on the minimum stake. We will announce it once it is finalized 🙂

Mary | Satoshi Club:
Got it! What about tech requirements?

Hrishikesh | Razor.network | Don’t send ETH:
Since it is a proof of stake protocol, it does not require a very fast hardware. It can run on any computer connected with internet! I am sure someone will run this on a Raspberry Pi in the future 🙂

Mary | Satoshi Club:
Wow, it gives hope to everyone!

Thank you for your answers!

Gold Rocket | Satoshi Club:
Sounds good! 👍
You pay great attention to honesty and decency, but what about the audit of smart contracts by the way?

Hrishikesh | Razor.network | Don’t send ETH:
We have already released our testnet and open sourced our smart contracts with majority of features developed. However the development is not fully complete.
In the coming months, we will complete the development and after that complete the auditing of smart contracts.

Gold Rocket | Satoshi Club:
Thank you very much for the information!

Mary | Satoshi Club:
Ready for the next question, guys?😉

Divij:
Let’s go 🙌🏼

Gold Rocket | Satoshi Club:
I saw that not so long ago you published your tokenomics for the sale structure Razor tokens.

Share this with us

Divij:

Tokenomics #Razor

We’re delighted to announce the release of our long-awaited TOKENOMICS!🎊

(Https://twitter.com/razor_network/status/1354698371123052546)Yes, your wait ends here. Razor’s team of experts have worked for months to structure the sale of RAZOR tokens. It covers details about RAZOR, supply, allocation, price & sales.

💰The total supply of RAZOR will be 1B, of which 400M RAZOR tokens will be distributed to stakers as block rewards. For in-depth numbers, releases, and information, please check our tokenomics page here👉 http://bit.ly/3ppXaFb.

🗣Retweet: https://bit.ly/3px5Iu0

You can find it in the above message.

Gold Rocket | Satoshi Club:
Thanks for sharing😁🚀

Q5 from Telegram user @Antoni_azx
Trough its Proof of Stake consensus algorithms, Razor Network applies “strict Slashing penalties” for malicious nodes while simultaneously encourages honest nodes, can you tell us how are these penalizations and on the other side how do you reward the honest ones?

Hrishikesh | Razor.network | Don’t send ETH:
Truth-by-consensus algorithm is another name for the Schellingcoin oracle mechanism. This is the mechanism used by Razor network with some modifications.

The essence of this algorithm is that whatever the majority of stakers vote to be true is considered to be truth and the minority is considered malicious and penalized.

The algorithm rewards honest validators with new tokens. This incentivizes the validators to behave honestly and report valid data.

Dishonest/incoherent validators are penalized and their stake is reduced. This disincentivizes bad behavior. A part of the tokens collected as a penalty is distributed to honest stakers, further incentivizing honest behavior.

Mary | Satoshi Club:
👍

Gold Rocket | Satoshi Club:
Thanks🚀 Ready for the next question?

Hrishikesh | Razor.network | Don’t send ETH:
Yes! 👍🏽

Gold Rocket | Satoshi Club:
Q6 from Telegram user @Brainchest.
In addition to the Oracles, in what other directions do you develop? I read that you did the deltaOne – synthetic asset platform. Will it be used for loans, yield-farming, other services, perhaps DEX?

Hrishikesh | Razor.network | Don’t send ETH:
Razor Network has built the following products:

Razor decentralized oracle network https://razor.network
This is our decentralized oracle network. This is our main flagship product.

Razor Synthetic Assets – https://deltaone.finance/
Using this application, anyone can create synthetic assets for any asset in the world. It uses Razor network oracle for pricefeeds. We developed it to show the power of fast and secure Razor oracle.

Razor Network Explorer – https://razorscan.io/
This can be used to explore our testnet.

Mary | Satoshi Club:
Thanks! Guys! We will have live part now! Ready?

Hrishikesh | Razor.network | Don’t send ETH:
Lets go 🌙

Divij:
👌

Mary | Satoshi Club:
Let’s go 🚀

Part 2 — live questions from the Telegram community

Q1 from Telegram user @Bean Q10
In the context you mentioned “Disputed Bond”. I still don’t understand what it is, can you introduce more about it? And when to use it?

Hrishikesh | Razor.network | Don’t send ETH:
An attacker can compromise the results of the oracle by bribing the stakers of the network. To prevent this, Razor Network has an in-built dispute resolution mechanism.

Any result of the oracle can be disputed by paying the “Dispute bond”, which can be paid collectively. Another way to describe it is “security deposit” to dispute the result. If someone creates unnecessary dispute or loses a dispute, their deposit is confiscated. The disputers win a reward of 50% of the dispute bond if they successfully dispute a round.

If the bond is successfully paid within the dispute period, the query enters a dispute round. In the dispute round, the stakes are higher, the amount of penalty for voting incoherently is higher and the queries are answered manually by the validators. The results of the dispute round can be further disputed. The amount of participating stake, and the dispute bond amount is doubled every round. If the disputer wins the dispute, their dispute bond is refunded, else it is confiscated and rewarded to coherent validators.

Due to this mechanism, even if an attacker compromises the oracle, the result will likely be disputed by an honest actor. The attacker will have to pay double the bribe to compromise the dispute round. Even if they are successful in doing that, that round will again likely be disputed and so on. This can go on till the whole network participates in the dispute round.

Q2 from Telegram user @Doctor Crypto mangunkusumo

So far the Razor Project has made many milestones, including raising $ 3.7 million in private sales, meaning that investors really trust you. But why is there no certainty when to start the Razor project? Are there any obstacles preventing you from starting this project as quickly as possible?

Divij:
Hey, we have been working hard in the background. Razor Network has been live on the Testnet for a few months. We have also released a our network explorer – Razorscan.io

This Year we are planning to go live on the Mainnet, also we are planning to have our public sale very soon details regarding which will be shared within the next few days.

Q3 from Telegram user @Humberto
Razor Network can be deployed on any Ethereum compatible blockchain. What are the possibilities of getting Razor beyond that? What about bridging your techonologies to other Blockchains?

Divij:
Razor is blockchain agnostic and will be integrated with many blockchains. We have already partnered with many blockchains such as Matic Network, SKALE, Conflux, Persistence, etc. We will be announcing more blockchain integrations soon. This means that Projects on different blockchains will be able to use Razor Network.

Q4 from Telegram user @August

Razor Network is a decentralized Oracle network only for projects that have stablecoins? or if not, why do they mention that on their website? Could you explain us in more detail?

Hrishikesh | Razor.network | Don’t send ETH:
Stable coins is just one usecase of Razor Oracle. Razor can be used in many different usecases.

Some of the example usecases are: Prediction Market, DeFi products such as decentralized lending, synthetic assets, decentralized exchanges, identity, arbitration, etc.

Q5 from Telegram user @Garri

Where can you Buy RAZOR token today? Will there be a Public Sale?

Divij:
We will be having a Public Sale for RAZOR Tokens which will have a fair participation method so that all of our community members can participate in it. We will be announcing more details about our Public Sale in the coming days. Join our announcement channel so that you don’t miss out on the announcement – https://t.me/razor_announcement

Q6 from Telegram user @Johnny

🙋‍♂️Hello,

I read where you said that Razor Network is well designed and set up to provide maximum game-theoretical security without compromising speed in the process. What does a game-theoretical security mean? Is this type of security only in theoretical existence or it is practicably acheivable?

Hrishikesh | Razor.network | Don’t send ETH:
It means that the oracle is theoretically secure and not just practically.

When something is theoretically secure that means it is GUARANTEED to be practically secure.

Many of the existing oracle solutions are not theoretically secure. Thats why some of them get attacked again and again. This will not happen with Razor network.

Q7 from Telegram user @Femi Oyinlove

Do you have a newsletter list where you can reach out to your users through emails because I have seen others project using it which from my experience can be effective?

Divij:
Yes we have an active list of our newsletter subscriber who receive all the latest updates about Razor Network via email.
You can subscribe to the newsletter on our website – https://razor.network/

Q8 from Telegram user @GNUD

Razor network, is assured by the consensus of PoS. please explain what is PoS and why is it Razor’s choice? How does it work?

Divij:
Razor Network uses a Proof of Stake Algorithm. Proof of Stake is a simple and proven consensus algorithm. That’s why it is used by many reputable projects including Ethereum 2.0.

Proof of stake is the core consensus mechanism of Razor Network. Proof of stake allows Razor to achieve the following goals:

1. Proof of stake provides Sybil attack resistance. This is because becoming a validator requires staking tokens and doing that without owning tokens is not possible.
2. The algorithm rewards honest validators with new tokens. This incentivizes the validators to behave honestly and report valid data.
3. Dishonest/incoherent validators are penalized and their stake is reduced. This disincentivizes bad behavior. A part of the tokens collected as a penalty is distributed to honest stakers, further incentivizing honest behave.

Q9 from Telegram user @Ho-Jin

Since Razor Network utilizes the Proof-of-Stake consensus algorithms, can you shed more light on what kind of penalties will be applied for malicious nodes, also how do you encourage honest nodes?

Divij:
The validators who fail to maintain the following conditions may be penalized.

1. Make sure the node is online.
2. Report data coherently (honestly).
3. Keep data secret during the COMMIT phase of the epoch.

If it is proven that the validator is acting in a malicious way, some of their stake will be reduced and rewarded to other honest stakers. In this manner, they are penalized.

Q10 from Telegram user @Uzhma Ilham Firdani

Hello .Where did you get the inspiration for this unique project idea? And what influence will we have on the crypto industry due to the project?

Divij:
In early 2019, Hrishikesh was exploring real-world applications of blockchain. At that time DeFi was in very early stages but was slowly proving to be a promising use-case.But as he did more research he quickly realized space was limited due to the centralized nature of the oracles used. This will always be a limiting factor of DeFi unless the oracle problem is solved.

The Oracle problem is a very well known and notoriously difficult problem. Hrishikesh loved the challenging nature of the problem and started designing and analyzing different mechanisms for a fully decentralized and secure oracle. Over the period of two year, he continued to research and development of Razor to make it the most robust, secure, and fast oracle network.

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:

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We are pleased to announce our next AMA on February 3rd, 2021 at 03:30 PM UTC Time: Satoshi Club x Mun Finance

⚠️Click to see the hour
⚠️Total Reward pool: $1100

⚠️Requirements:
👉 Join Satoshi Club Telegram group
👉 Join Mun Finance Telegram group

We will have the following structure:

Part 1: 100$ /6 users – We’ll select 6 questions from the community. A user can post maximum 3 questions. 6 Questions will be selected from our website – please submit your questions in the comments section of this post.

Part 2: 100$/15 users – Open chat for 120 seconds. You can post Max 3 questions. Mun Finance Team will select 15 questions and answer them.

Part 3: 900$ – A quiz about Mun Finance

For more details:
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