PART 1. Introduction of SCIFI Finance project and community questions.
Hello, Satoshi clubbers cryptons. Today we have guests from the DeFi galaxy. 🥁The Drum roll 🥁Aaaand Meeet the $SCIFI!!! This project represents a hand-curated basket of gems, automatically rebalanced on a monthly basis. $SCIFI is 100% collateralized and tradable on any ERC20-enabled DEX.
The plan of AMA session:
- Part – Introduction and preselected questions.
- Part – Live questions
- The Quiz about $SCIFI finance
The reward pool is 500$
Leading the AMA our clever and fun admins:
Gold Rocket | Satoshi Club and D. | Satoshi Club
The Representative of the project:
Lucky Picard (The SPICE must flow) – @Lucky_picard
Prince Valium (yawwwwnn. so tired. hmmmmnumnum) – @princevalium
Introduction of SCIFI project
Gold Rocket | Satoshi Club:
Hello, dear community! We are happy to announce our AMA session with SCIFI Finance.
D| Satoshi Club:
@Lucky_picard @princevalium hello guys! Welcome!
Prince Valium:
Hi all! thank you for having us. Really great to be here!!
Lucky Picard:
Hey all. Thanks for having us!
Gold Rocket | Satoshi Club:
Welcome to Satoshi Club, @Lucky_picard, @princevalium!
Prince Valium:
Thank you 🙂
Gold Rocket | Satoshi Club:
Thanks for joining.
D| Satoshi Club:
How are you today guys? 😃 Ready for AMA?
Prince Valium:
Doing pretty good
Lucky Picard:
Ready to engage!
Prince Valium:
Yesss! 🙂
Gold Rocket | Satoshi Club:
Sounds great😁👍 To begin with, please tell us a few words about yourselves and how did you get to be involved in SCIFI Finance.
Lucky Picard:
Spice: the final frontier. 10+ years of Finance experience, merging from a world of excel and suits to join onboard the voyages of the Spice and SCIFI crew. Our mission: to explore value where no has done before. Really looking forward to running the numbers and part of operations on the voyage. Engage.
Prince Valium:
Yes happy to! I’ve been working full-time in crypto for the past 3 years after 10+ years of founding and building tech companies in a variety of different industries and built an online marketing agency before the 2017 hype. After that ride, I decided to join Crypto full time. At SCIFI I’m leading the comms operation.
D| Satoshi Club:
Nice😄by the way Spice..is its a name from Dune’s Universe? maybe be you are fan of the movie or book?😉
Prince Valium:
Lol, yes. What can I say I’m a child of the ’80s. We developed the brand around SCIFI and SPICE with a space epos backdrop. We felt this is a lot of fun and give a good foundation to tell the story 🙂
D| Satoshi Club:
Me as well. but didn’t watch the old movie, but saw the trailer for the new one 😁
Prince Valium:
Yeah, can’t wait for that one. but before the movie launches, the token will 🙂
D| Satoshi Club:
Indeed! thank you for the intro guys! let’s go to the questions from Satoshiclubbers?
Gold Rocket | Satoshi Club:
Great start! 🚀😁 This is really fun!😁
Oh, I get it. Like C-3PO… What happened to me?😅
Lucky Picard:
He got beamed onboard the SPICE voyage and is taking care of our warp speed. Engage!
D| Satoshi Club:
Haha
Gold Rocket | Satoshi Club:
Or do you want to add something about the project? 😁
Prince Valium:
Maybe we will give a short intro into what SCIFI is
D| Satoshi Club:
Oh yeah😄sorry, yes, please!
Lucky Picard:
The main objective is to use token DAO for indices on different cryptos, and enable investors to participate via smart contracts in a diversity of expert picked projects within one token. SCIFI is an index token to reflect this in a first product, SPICE the governance token operating it
Prince Valium:
Yes, to expand on that a bit – $SCIFI is a diversified, curated basket of ERC20 tokens. By buying SCIFI, investors buy into a basket of selected cryptocurrencies.
SPICE is a governance token that enables the governance over the SCIFI index as well as the possibility to launch new index products.
Gold Rocket | Satoshi Club:
Very interesting!
D| Satoshi Club:
Indeed! thanks! we will find more about your token in today’s AMA😉
Prince Valium:
yes, happy to share!
D| Satoshi Club:
Great! so let’s start the first part then?
Prince Valium:
Ok sure, let’s go 🙂
Gold Rocket | Satoshi Club:
So.. can we proceed to the question of community?
Prince Valium:
We can’t wait!
Preselected questions about the Royal DeFi project.
Gold Rocket | Satoshi Club:
Q1 from Telegram Username @apocan99
What is “Big Bang” in Scifi Galaxy? When will it happen and most importantly what will happen after the explosion?
Lucky Picard:
Sure. Let’s go!
Gold Rocket | Satoshi Club:
Good question😉
Lucky Picard:
https://scifinance.medium.com/archived-the-big-bang-831ed0b54922
– The Big Bang will establish the baseline for the Scifi Galaxy, but as our universe, the SPICE universe will also expand further in the years to come. The curation, expansion to new worlds, and cooperation with other groups will be a core of the continuous mission.
Lucky Picard:
During the big bang, investors will be able to acquire SPICE on Uniswap, watch Medium and the piece for more information.
Gold Rocket | Satoshi Club:
This is very symbolic indeed!😁
D| Satoshi Club:
Yes, I see…Uniswap Liquidity Bootstrapping? Hmm…tell about this, not often we can see such distribution mechanism on sales.
Lucky Picard:
We think Uniswap Liquidity bootstrapping, alongside the predefined prices and the initial supply in a pool, is a really efficient and user-friendly way to help people onboard our crew. With the initial price identification at $1.4 and no external supply it also creates a real potential for early investors to gain benefit and access the SPICE and SCIFI ecosystem.
D| Satoshi Club:
Ok, got it👍
Prince Valium:
The funds collected during the Big Bang (Public Sale) will be used to mint the first SCIFI. That means that the constituents will be bought and locked into the smart contract as collateral. This will happen a few days after the tech close of the sale.
D| Satoshi Club:
How many tokens are planning to mint?
Prince Valium:
In the Big Bang, a total of 8% of the total supply is on offer. That is 3.36M SPICE. Proceeds from 2,86M of those will be usable for SCIFI minting. It will be dependent on how much demand there is during the public sale. By the way – all non-sold tokens will be burned.
D| Satoshi Club:
Why do you burn your tokens? why not distribute them amongst your buyers at the end of the sale? like a ‘thanks bonus’ for your supporters.
Lucky Picard:
We think burning tokens is a good way to reflect the real demand after the initial sale, and also compensate the community and investor base for and non-realized demand on the public Uniswap sale. We also have details on engagement and upside for this for the community. See our dark paper for more details on the stakeholders and how buyers, liquidity providers, and more can benefit.
link for dark paper
D| Satoshi Club:
Thanks! understood.
Prince Valium:
Yes, happy to 🙂 If all is clear.
Gold Rocket | Satoshi Club:
Tell us please about your tokenomics btw😊
Prince Valium:
Summarising the tokenomics, we allocate around 15,5% of tokens to the community, via three mechanisms:
– Big Bang (Public Sale): 8%
– Staking: 2,5%
– Liquidity Farming: 5%
We allocate 17,5% to the Galactic Council. The Council is a body of experts that help guide the project. They are responsible for educating their communities, providing reach, and supporting Mission Control. This is vested for over 3 years.
We allocate 15% to the creators of the project, also with three-year vesting.
We also allocated around 3,5% to a private sale which was successfully closed.
Lastly, there is the treasury holding 48,5%, which is under DAO control. The community decides how it is used.
More details can be found here:
D| Satoshi Club:
A total of 42 million $SPICE exists …. a pretty large number for DeFi. I mean almost every new DeFi project trying to stick to thousands, you guys go to the millions.
Prince Valium:
That’s right, although I think more meaningful than the absolute number of tokens is its relation to price and value appreciation. We see other projects on the market that are pumping to several thousand USD per token. so putting that in relation in the end the market cap will count. It will also be interesting to see how many tokens will be burned and how that will impact tokenomics.
Gold Rocket | Satoshi Club:
D| Satoshi Club:
What’s this lol.
Gold Rocket | Satoshi Club:
The Ultimate Question of Life, the Universe, and Everything is 42
D| Satoshi Club:
Oh yeah😆
Lucky Picard:
Exactly ;). In seriousness, we think it is the correct point to bring together our tokenomics with our long-term strategy.
Gold Rocket | Satoshi Club:
Deep Thought
D| Satoshi Club:
I just realized it, lol
Gold Rocket | Satoshi Club:
Thanks for sharing! everything is clear to me! I suggest moving on to the next question. Moreover, you partially revealed it.
😁Ty, So next question?😉
Lucky Picard:
Yes, go for it
Gold Rocket | Satoshi Club:
Q2 from Telegram username @lilbi2to3
The document that projects normally call “whitepaper” is called “dark paper” on your website. Does the name have anything to do with the good vs evil dichotomy or you just thought to stand out with this?
Prince Valium:
Yeah, it’s just a play on language, nothing fundamentally different. There is no white in the voids of space 😉
Gold Rocket | Satoshi Club:
By the way, today from your discord I learned about your audit of smart contracts. please tell us more about this.😊
Lucky Picard:
Security and responsibility as well as transparency on our code were always crucial for us, in particular, to establish more trust for the broader DeFi space we think this is really needed for validation. We are happy to announce that our smart contract was successfully audited (more details in Discord), alongside other major projects audited by them, like 1inch, MakerDAO, DIA, and more. So be sure we are safe, audited, and ready to engage.
D| Satoshi Club:
Yeah, Chainsulting is a respected audit company 👍
Gold Rocket | Satoshi Club:
Agree with you!!!
Please share with our community a link 👏
Prince Valium:
Here are all the details and a link to the SCIFI audit report for anyone who wants to dig:
Gold Rocket | Satoshi Club:
Thanks for sharing😀 Ready to move on?
Prince Valium:
Yes, happy to! 🙂
Gold Rocket | Satoshi Club:
Q3 from Telegram Username @konditer_rolex
You suggested that the community independently choose one of the tokens that will be added to the $SCIFI index. At this stage, this is just a vote on Twitter, but apparently, this is the first step to DAO? Tell us how the vote is going, can we take part in it? How will the selection of tokens take place in the future? DAO SCIFI is waiting for us?
Prince Valium:
The Community Gem! Yes, we decided to involve the community early on, as the proper infrastructure will only be there, once the SPICE token is in the hands of the community.
It’s really easy to take part. All you need to do is name your favorite token by using the hashtag #addthistoscifi and tagging our account @sci_finance and naming the crypto you want to see in there. We’ve had a lot of responses, but the final pick will be announced before SCIFI is minted.
Read up details on how to add tokens to SCIFI basket
Really cant wait to see which one is chosen 🙂
D| Satoshi Club:
Yeah, will be very interesting to see. thank you! ready for the next question?
Lucky Picard:
Ready
Gold Rocket | Satoshi Club:
Q4 from Telegram Username @mikenit890
Can you share with us the function of mission control? Who are those in mission control? Do Galactic Council acts as the advisors of Mission Control? What happens when a member of the Galactic Council opts out? Is a new member selected by Mission Control or is the option left open for voting?
Lucky Picard:
Mission Control is a stakeholder to support the mission of SPICE. Every 6 months new council members for this part of the ecosystem are chosen. The core function is to maintain the security and operations of the indices as well as SPICE and further develop this in the upcoming years.
Gold Rocket | Satoshi Club:
Next question?
Prince Valium:
Yes lets
Gold Rocket | Satoshi Club:
Q5 from Telegram username @prahenkris
Your GitHub account has 1 repository and no activity at all. Do you intend to use it or you made it only to check a mark that people are usually looking for?
Lucky Picard:
We developed this on a private repo in the last year and pushed this life with one commit to have it ready for audit. We intend to use this as a bing bang and starting point for community commits as well as a further development from the stakeholders.
D| Satoshi Club:
Got it
Gold Rocket | Satoshi Club:
And the last question of this part.
Gold Rocket | Satoshi Club:
Q6 from Telegram Username @Jonahapagu
Your hand-curated basket of gems $SCIFI will be automatically rebalanced on a monthly basis…. what does this rebalancing do… does it have to do with adding or removing assets from this basket which I suppose should be through your galactic council or DAO platform… in other words what happens after rebalancing has been done and why does this have to happen on a Monthly basis…
Lucky Picard:
Rebalancing is done in order to reflect the latest weightings and constitutes of the index. This happens on a normal basis in every indix product and is a normal procedure to reflect true value calculated to the investors as underlying (at least for physical indices)
Gold Rocket | Satoshi Club:
Thanks for the answers! Do you want to reach out to the community before opening a chat?
Lucky Picard:
Looking forward to answering your questions! More Infos in particular in the links shared.
D. | Satoshi Club:
thank you for the answers @Lucky_picard @princevalium! the first part of our AMA is over! the second part is ahead! we will open chat for 120 seconds, our community will ask you some questions, after we close the chat, please select 10 questions from Satoshi club members! Get ready Satoshi club.
D. | Satoshi Club:
let’s go!!!🚀
PART 2. Questions about the SCIFI finance project from the live chat of the telegram community.
In this part, we open a chat for the crypto community for 100 seconds. The SCIFI Finance Team theтn selected 10 and answered them. The 10 crypto enthusiasts have earned cryptocurrency in the sum of 150$.
Q – 1 from a telegram user @leixagarcia
I saw in your dark paper that you will have an AirDrop. Can you tell me what the requirements are to participate and when it will be?
Prince Valium:
The airdrops are the distribution mechanism for staking and farming rewards. Anyone who provides or contributes to liquidity pools on Uniswap will receive a share of those rewards. The same goes for anyone who self-stakes, i.e. hodls. We will take regular snapshots and on that basis distribute the rewards to anyone who is eligible.
Q – 2 from a telegram user @justgata
The governance of SCIFI is driven by the Galactic Council, but when will the time come that the governance of SCIFI will be fully controlled by the community? What kinds of decisions will users be able to make? Can they be part of the development and objectives of SCIFI?
Lucky Picard:
Yes, the majority of DAO, governance, operational decisions will be governed by the community in the long term. The nature of our distribution schedule allows an initial crowd allocation, and voting/decision making on the direction of SPICE and the underlying products. We hope this becomes an integral part of the product and develops further alongside the community needs.
Q – 3 from a telegram user @lahkoklu
What has been arranged by Spice DAO at Scifi Finance and I read that Scifi Finance will conduct private token sales and public sales, how can I participate in the Scifi Finance token sale, what are the benefits when I join the private sale and public sale?
Lucky Picard:
We set out a unique distribution scheme via Uniswap. Stay tuned on our channels to learn go-live of the public sale, you will be able to trade the contract address on Uniswap with the pricing steps announced.
Q – 4 from a telegram user @Cakelov
After read in your telegram, the SCIFI team will do a public sale Soon. What will you do with the fund that the SCIFI team gets from the public sale? What date exactly that your public sale will open?
Prince Valium:
The exact date will be announced soon. To mitigate exploitation by bots, this will be flash announced, so jkeep your eyes peeled 😉
The funds from the public sale will be used to mint SCIFI. That means that we buy the constituents for the index and lock them into the smart contract as collateral.
Q – 5 from a telegram user @K2ice
SCIFI is an index token while SPICE is a governance token. Of these two tokens, which one has more demand and impact on the token economics?
Lucky Picard:
The tokens are interconnected, and with growing underlying assets in SCIFI, SPICE holders will also participate more. But SPICE also allows the option to develop a range of other indices products via smart contracts, not only with physical underlings, so both tokens have a bit of a different angle but enormous synergies.
Q – 6 from a telegram user @yosoyelimar
Taking into account the great reach you have on Twitter and Telegram and considering that you have a community waiting for tokens, have you considered in your plans to make some activity that motivates community participation?
Prince Valium:
Yes, we have a couple of community campaigns running at the moment. Most notably, we want to leverage the community when it comes to picking one of the constituents with the hashtag #addthistoscifi. Here are the details about SCIFI add gem:
In addition, we currently have a meme contest running. Join SCIFI discord to find out more.
We are waiting you at SCIFI discord.
Q – 7 from a telegram user @cengizhantekin
Scifi Smart Contract has been audited by Chainsulting. How are the results? Do you need to fix anything? Will, you also conduct a bug bounty?
Lucky Picard:
We have successfully passed the audit with no bugs to be fixed and will do this for every smart contract we use for core operations. This is crucial to have your trust and audit our code by external parties, where internal processed might sometimes lead to oversight as with so many non-audited projects.
Q – 8 from a telegram user @apocan99
One of the top 5 benefits of Scifi is Diversified Investing. Can you explain what it is, please?
Prince Valium:
SCIFI is an index token. This means that there are several other tokens locked into that smart contract as collateral. So, by buying SCIFI you invest into all the constituents in that index, with just one purchase. This diversifies your portfolio with just one investment, similar to investing in an ETF.
Q – 9 from a telegram user @azrayeni
I know it is easy and energy-efficient to build your system on Ethereum blockchain but gas prices so high. Do you plan to move to another blockchain in the future?
Lucky Picard:
We are long-term ETH builders and also believe with Genesis and the work on this issue are confident gas price spikes will get mitigated in the next years. But we are also looking at other chains, in particular Polka, and are openly engaging with these ecosystems and frameworks. For some use-cases focussed on on-chain efficiency, they might be a better option in the next features to come.
Q -10 from a telegram user @tuvalunia
What are the ways of obtaining SCIFI and SPICE tokens of your galaxy?
Prince Valium:
Both SCIFI and SPICE will be obtainable via any ERC20 DEX, initially Uniswap.
The mechanisms to get SPICE, the governance token:
– Participate in the public sale (will be announced soon)
– Participate in Liquidity Farming for SCIFI
– Self-stake your SCIFI tokens
The mechanism to get SCIFI:
– Purchase from DEX (once it is listed, after the public sale)
– Mint SCIFI. This requires that you own all the constituents of the basket which we will announce after the public sale and interaction with the SCIFI smart contract.
Part 3 – Quiz about project
In the final part, we would like to check your knowledge in terms of the SCIFI Finance project. They’ve prepared 4 questions for this part, so everyone could be a part and answer. Participants had 10 minutes to answer. The 500$ was distributed between the winners.
Our contacts for more details:
English Telegram group | Russian Telegram group | Spanish Telegram group | Telegram Channel | Twitter | Website
Our Crypto Partner by this AMA: SCIFI finance.
Telegram group | Telegram Chanel | Tweeter | Website | Medium | Discord
