Satoshi Club

All problems exist in the absence if good conversation, Thomas Leonard said. In Satoshi Club we remove this problems by providing conversations with our guests and delivering their thoughts to the community. Today we would like to tell you about the AMA session with our friends from DefHold. The AMA took place on November 18 and our guest was Artega.

The total reward pool was 500$ and has been splitted in 3 parts.

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 DefHold! @cryptoartega welcome to Satoshi Club:grinning:

GoldRocket: Hi there, dear Satoshi Clubbers! welcome to the new episode of our AMA marathon!@cryptoartega welcome to Satoshi Club:wave:

Artega ¦ DEFHOLD: Good day everyone, thank you very much for giving us the opportunity to present our project to your community by hosting this AMA especially in such a swift time-frame! 😊

GoldRocket: Thanks for joining us. To be begin with, please tell us a few words about yourselves and how did you get to be involved in Defhold.

Artega ¦ DEFHOLD: My colleague Pisa (COO) and myself (CEO) know each other since many years having worked together in some well-known asset management companies. Since 2016, we’ve been involved in the Crypto space as more and more of our customers were willing to get an exposure to crypto projects.

Mary | Satoshi Club: And i am wondering what is the most professional experience that helps you work on DefHold?

Artega ¦ DEFHOLD: Yeah definitely a good one! I’d say that the experience helping the most is probably the in-depth knowledge of deal structuring and financial product inception. This gives us both so much ideas for future developments of the DefHold project!

GoldRocket: So what is DefHold?

Artega ¦ DEFHOLD: Summarized in a few words, DefHold’s ultimate goal is to become the reference platform for investors looking for diversification and products where their behavior will directly influence their yields.
The DEFO token will be the first product of the ecosystem and will enable holders to stake or farm their assets into pools with different pre-defined lock-up periods. However, all these pools will offer the ability to stakers and farmers to withdraw their assets at any time by applying an early withdrawal fee (“EWF”) if the assets are withdrawn before the term of the lock-up period. These EWF will be distributed to the stakers and farmers pro rata to their shares of the corresponding pool.

GoldRocket: Good goal!:+1:

Mary | Satoshi Club: Do you have programming skills or you hired experienced devs to develop DefHold?

Artega ¦ DEFHOLD: We have some basic programming/IT skills as we’re both passionate by this crypto area. However, I’d call it knowledge rather than “skills”. To launch our project we have hired a Lead Dev managing a team of 3 staff.

Q1 from Telegram user @kafeinen

Both Ferrum Network and LID Protocol had AMAs in Satoshi Club and they are great. How did you manage to do partnerships with them and what are the benefits you get

Artega ¦ DEFHOLD: First of all, I’d like to truly thank them for their support especially by being so accessible and helping all over the project development!
Regarding the benefits, I’d summarize them as follows:
– LID Protocol partnership guaranteeing a «rug-free» presale as 75% of the ETH raised will be allocated to Uniswap liquidity and 45% of the token supply (team, marketing and airdrop funds) will be time-locked for 10 months by LID smart contracts;
– Ferrum Network partnership offering a VIP staking pool to presale investors with a 290% APY. This innovative mechanism is intended to be a new safeguard preventing any listing dump, since any holder wishing to stake in the VIP pool won’t be allowed to sell his DEFO.

Mary | Satoshi Club: Yes, that’s really good partnerships :grinning: do you plan to have more?

Artega ¦ DEFHOLD: Yeah we have some ideas of future other partnerships which could make sense and fit to the project development. However, as nothing is yet confirmed nor discussed we won’t name any of them. It would just create FUD in the future in the event the partnerhips would’nt happen

GoldRocket: Therefore, I read about the VIP pool … what is this, tell us more for our community

Artega ¦ DEFHOLD: The VIP pool will be a private pool to be setup by Ferrum Network.
This pool will only be accessible to presale investors who haven’t sold any of their DEFO. To get access to this VIP pool offering an awesome 290% APY they’ll have to get whitelisted.
Basically this pool has been created to reward presale investors for their early investment and trust in the project and to distribute them our airdrop fund over the long term.

Mary | Satoshi Club: Great conditions:+1:

Artega ¦ DEFHOLD: Not too bad as revenues 😉 Given the number of investors who already joined our presale it seems to be much appreciated

Q2 from Telegram user @kenny_vermaelen

75% from the gathered funds will be locked on uniswap permanently thanks to LID protocol. That is impressive and bring trust. But you will have only 25% funds available. Will it be enough for you to develop your project? I see that the funds are gathering quickly, so you will have your hardcap soon

Artega ¦ DEFHOLD: Yeah 75% is quite a good amount but think its mandatory to ensure sufficient liquidity to investors for smooth trading and protect them from potential rug pull.
From the remaining 25%, 5% represent the LID fees. The remaining 20% are indeed used to cover future development costs, initial funding, etc
However, as you probably also noticed, 10% of the total supply are allocated to the team and will be released over 10 months by LID smart contracts. Think this is a great incentive to get team delivering over the long-term.

Mary | Satoshi Club: Yes, that’s really brings trust to everything you are doing:grinning: 5% LID fees, it means that you will pay them 5% from the whole sum you will raise, yes?)

Artega ¦ DEFHOLD: That’s correct. Given the great “rug-free presale” guarantee they offer to our investors, I think it’s quite a fair remuneration.

Mary | Satoshi Club: Yes, quite fair, everything for your users to be sure in their safety :grinning:

Q3 from Telegram Username @Splendicity

Oh my GOD!!! Why is your Pre-sale price and the Uniswap listing price the same?
Pre-sale price > 1 eth= 1.56 $DEFO
Listing price > 1 eth = 1.56 $DEFO
What then is the benefit of being an early bird? Or is there reasons for that?

Artega ¦ DEFHOLD: You’re right, the presale base price and the uniswap listing price will be the same, i.e. 1.56 DEFO = 1 ETH (LID’s requirement to decrease listing dumps).
However, you can get a discount up to 25% of the presale base price depending on when you invest in the presale. The bonus tranches are as follows:
0–100 ETH: 25% bonus
100–500 ETH: 20% bonus
500–1,000 ETH: 15% bonus
1,000–1,500 ETH: 12,5% bonus
1,500–2,000 ETH: 10% bonus

Currently you’ll only get a 10% bonus as we just crossed the 1,500 ETH mark 😉 Additionally, by investing during the presale you’ll get access to the VIP staking pool. Only presale investors not selling their DEFO will get whitelisted for this pool.

Mary | Satoshi Club: Also, as i saw on pre-sale page, there is a refferal program there. Will rewards be payed in DEFO?

Artega ¦ DEFHOLD: Yeah you’re right. You can earn 2.5% of the investment made through your referral link. These rewards will be paid in ETH

Mary | Satoshi Club: Got it, thank you! A lot of incentives to join your pre-sale:grinning:

Artega ¦ DEFHOLD: Yeah quite a lot and also a lot to hold over the long-term 😉

Mary | Satoshi Club: Btw, if investor bought, for example 15 DEFO and sold just one, will he be able to join VIP staking pool?

Artega ¦ DEFHOLD: Unfortunately, they won’t get whitelisted. They really have to keep all their DEFO. However, once they’ll be whitelisted they can for example stake 14 DEFO and sell 1 DEFO.

Q4 from Telegram Username @Rebel99

DEFO is non-inflatory and staking rewards are generated from those who withdraw their stakes early. Why did you choose to use this approach as opposed to an already fixed staking rewards allocation? What happens in situations where the EWF isn’t really much or negligible?

Artega ¦ DEFHOLD: The revenues won’t be constant in order to generate them in non-inflationary ways. Indeed, the revenues will emanate from the EWF and from the transfer fees. Therefore, in the first case return percentages will vary according to the number of people withdrawing their funds before the end of the lock-up period. In the second case, they’ll vary according to the DEFO volume as a 2% transfer fee will be applied on it.
The transfer fee will guarantee minimum revenues in case no one withdraw his funds before a lock-up period is over (which I highly doubt)

GoldRocket: why do you doubt?:grin:

Artega ¦ DEFHOLD: Cause I know very few traders out there able to plan market moves and manage their portfolio in such an accurate way enabling them to stay in a position for many months or even weeks 😉

Mary | Satoshi Club: This decisions about non-constant revenues will be made manually or you have algorithm?

Artega ¦ DEFHOLD: These will be automatically calculated based on the number of early withdrawals

Q5 from Telegram Username @konditer_rolex

The division into VIP staking and normal staking confused me a little. Tell us about the conditions in these two types of staking. And don’t you think that late investors will have little motivation to enter the project knowing that only regular staking awaits them? After all, they will not just find themselves in the worst conditions , but in fact, absolutely no guarantees, unlike investors from VIP staking

Artega ¦ DEFHOLD: To summarize, I’d say that VIP staking will only be accessible to presale investors. Normal staking will be available to everyone.
Can somehow agree with you but we truly believe that presale investors have to be rewarded for the early investment and trust in the project!
Moreover, this will be beneficial for everyone as it aims to avoid huge listing dumps.

Mary | Satoshi Club: I see a tendency now, that almost all pre-sales are dumping after Uniswap listing. Your listing price didn’t include bonuses, so to avoid dump you need to be sure)

Artega ¦ DEFHOLD: Yes it’s becoming an usual issue… Through this feature we hope to bring a solution to tackle it

Q6 from Telegram Username @PaoloMonte87

I truly appreaciate DEFHOLD’s long-term sighted approach. It usually means careful consideration of the pros and cons and also planning. For that goal, you’ve implemented both the EWF mechanism and the monthly airdrop. The latter consists of a monthly airdrop equal to a 10% rate for the next 10 month, after the program’s inception, only for eligible investors who have been holding DEFO for more than 1 month.
It’s not clear to me though… what’s the base value on which the 10% is calculated? Is it the total holding value at the beginning of the airdrop program? Or will this value be recalculated periodically (maybe each month via snapshots?) and considering each investor’s updated holding amount at the start/end of each period?

Artega ¦ DEFHOLD: The 10% represent 10% of the fund. Initially, 3,000 DEFO will be in the airdrop fund thus meaning that 300 DEFO will be released monthly by LID smart contracts. Thereafter, 150 DEFO will be allocated each month to the VIP staking pool thus meaning that this pool will run for at least 20 months.

We’ve worked on snapshots but as you mentioned it, this solution would enable people to move their holdings between the snapshots. It is why we decided to go ahead with the VIP staking pool which is in our opinion the best way to force people hold their assets.

Mary | Satoshi Club: Who will be eligible for monthly airdrop?

Artega ¦ DEFHOLD: They’ll be distributed to the stakers of the private pool.

Part 2 — live questions from the Telegram community

Q1 from Telegram user @cengizhantekin

You have 5 Staking pools in your system with different EWF. As the time pass you transfer the stakers to an upper pool which has lower EWF. What about the staking income?

Artega ¦ DEFHOLD: Each time a pool reaches the lock-up period of a faster pool, investors’ funds will be automatically transferred into the faster pool. In this case the EWF and rewards will automatically change to match those of the pool in which the tokens are transferred.

Q2 from Telegram user @tuvalunia

What is the first milestone after the presale completed?

Artega ¦ DEFHOLD: The first one will be to launch the VIP staking pool which will be accessible this weekend already!

Q3 from Telegram user @Splendicity

I see that 1 with = 1.56 $DEFO
In a situation whereby someone have less than 1 eth? Can he still participate in the ongoing presale?

Artega ¦ DEFHOLD: Yes you can definitely participate as the minimum contribution is 0.01 ETH.

Q4 from Telegram user @apocan99

DEFO total supply amount is very small: 12 K tokens, why? And no plans for minting ever, why not?

Artega ¦ DEFHOLD: The supply taken alone does not mean much it will always have to be put in relation with the price.
As we wanted to offer non-inflationary products, we simply can’t allow further mintings.

Q5 from Telegram user @Rebel99

In your Whitepaper, it’s mentioned that in order to increase the buying pressure of $DEFO, every additional tokens’ pool will require to stake the amount corresponding to EWF in DEFO. What does this mean and how will it benefit $DEFO holders?

Artega ¦ DEFHOLD: In the future, it is expected to offer EWF pools for other tokens. As people will have to hold the EWF in DEFO there will always be demand for the token and supply will be capped thus generating increased buying pressure.

Q6 from Telegram user @BeastIncarnate7

Your Website looks neat but it doesn’t have enough deatails of the Exchanges you plan to list..
Can you say which are the targeted Exchanges for $DEFO…?

Artega ¦ DEFHOLD: DEFO will be listed on Uniswap immediately after presale end. As regards to other exchanges, we truly believe they don’t bring long term value to a project unless maybe Binance and Coinbase.
Other exchanges create most of the time a pump by the announcement but are then destroying the project in the long run as listing fees are paid and those funds can no more be used for project development, marketing, etc…

Q7 from Telegram user @zaferce

Why did you choose the LID protocol to provide investment strategies and guarantee a reliable project to the investor and How will this affect the token supply (team, marketing and airdrop funds)?

Artega ¦ DEFHOLD: We made our presale on their platform as they offer a “rug-free presale” guarantee. Regarding Team, Marketing 2 and Airdrop funds, they will be time-locked and released at a monthly 10% rate over 10 months by LID smart contracts.

Q8 from Telegram user @BboyForteVZLA

What benefits can I obtain if I buy your $DEFO token in your PRESALE and not buy it when it is already listed in an Exchange?

Artega ¦ DEFHOLD: Currently you get a 10% bonus + you can get whitelisted to stake in the future VIP pool

Q9 from Telegram user @BboyForteVZLA

The name of your project “DEFHOLD” seems interesting to me so I want to know where the idea of ​​this name came from? What does it mean?

Artega ¦ DEFHOLD: DefHold is a mix of DeFi and Hold
This name made sense to us as our objective is to provide new DeFi products and reward crypto-investors holding their assets for the long-term

Q10 from Telegram user @BboyForteVZLA

It’s amazing that DEFHOLD offers 290% APY on a pool !! So I want to know how can I participate? What do I need to do to participate in your pool with APY of 290%?

Artega ¦ DEFHOLD: First you have to buy your tokens during the presale.
Then you’ll have to fill a form within 24 hours after presale end and not sell any of your DEFO until you get whitelisted.

Part 3 – Quiz Results

In the final part we tested your knowledge in terms of DefHold. They’ve prepared 4 questions for this part. The total reward pool for quiz was 300$.

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

DefHold Community: https://t.me/DefHold

We are pleased to announce our next AMA on November 20th 2020 at 06:00 PM UTC Time: Satoshi Club x Flexi Coin

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

⚠️Requirements:
👉 Join Satoshi Club Telegram group
👉 Join Flexi Coin 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 100 seconds. You can post Max 3 questions. Flexi Coin Team will select 10 questions and answer them.

Part 3: 300$ – A quiz about Flexi Coin

For more details:
Flexi Coin – @Flexi_Coin
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish

We are pleased to announce our next AMA on November 20th 2020 at 04:00 PM UTC Time: Satoshi Club x Investro Fund

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

⚠️Requirements:
👉 Join Satoshi Club Telegram group
👉 Join Investro Fund 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 100 seconds. You can post Max 3 questions. Investro Fund Team will select 10 questions and answer them.

Part 3: 300$ – A quiz about Investro Fund

For more details:
Investro Fund – @Investro_Fund_Official
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish

We are pleased to announce our next AMA on November 22nd 2020 at 02:00 PM UTC Time: Satoshi Club x Offshift

⚠️Click to see the hour
⚠️Total Reward pool: $1000

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

We will have the following structure:

Part 1: 150$ /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: 150$/10 users – Open chat for 100 seconds. You can post Max 3 questions. Offshift Team will select 10 questions and answer them.

Part 3: 700$ – A quiz about Offshift

For more details:
Offshift – @OffshiftXFT
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish

Hello, Satoshi clubbers Another AMA took place at Satoshi Club and we would like to introduce to you the AMA session with our friends from Ferrum Network crypto project. The AMA took place on 12 November.

The AMA session was divided into 3 parts with a total crypto reward pool is 500$.

Leading the AMA our clever and fun admins:

@madamlobster and @Cool_as_Ice

The Representative of the project: 

Ian Friend – Co Founder and COO of Ferrum Network.

PART 1. INTRODUCTION of Ferrum network PROJECT AND COMMUNITY QUESTIONS.

Mary | Satoshi Club:

Hello again, Satoshi Club! We are happy to announce our AMA session with Ferrum Network! Welcome to Satoshi Club😀
D| Satoshi Club: Hello again Satoshi club! 👋

Ian Friend | Co-Founder @ Ferrum Network:

Hello everyone!

D| Satoshi Club:

@ifriend05 hello! Welcome! How are you?

Mary | Satoshi Club:

Happy to see you here 😊

Ian Friend | Co-Founder @ Ferrum Network:

Sorry for the mix-up. With daylight savings time I am actually 5 hours behind UTC. Not 4 hours like I thought.

Ian Friend | Co-Founder @ Ferrum Network:

I am doing well! Excited to tell the Satoshi Club community more about Ferrum Network and everything we are doing

Mary | Satoshi Club:

Great😂 and np – we are all humans)

Mary | Satoshi Club:

Please, introduce yourself and Ferrum Network 😊

D| Satoshi Club:

Great! we have plenty of questions about Ferrum Network! 😊

Ian Friend | Co-Founder @ Ferrum Network:

My name is Ian and I am the co-founder of Ferrum. Ferrum has built a cross-chain DeFi ecosystem with 5 products, tens of thousands of active users, 30+ staking clients, over $7 million locked in our staking protocol across the 30+ projects, and as of earlier this year, a profitable business based on our staking as a service, which brings in a lot of revenue each month, which we use to buy back FRM.

Ian Friend | Co-Founder @ Ferrum Network:

The FRM token itself has at least 7 utilities: ferrum.network/utilities including holder benefits were simply holding FRM and FRMx in your UniFyre Wallet (our non custodial wallet) can earn you 30% APY each month. Ferrum.network/rewards for more info on the holder benefits

Mary | Satoshi Club:

Was this giant built in a short term or you have been developing Ferrum for a long time?)

Ian Friend | Co-Founder @ Ferrum Network:

We are in the midst of an awesome community is driven marketing campaign where you can win up to $300 just for participating and the more retweets we get, the more FRM we buy back to up to $25,000!

$25,000 FRM Buy Back and Stake Contest!

To celebrate the launch of Staking 3.0 with APYs up to 80%, we will buy back and stake $25,000 $FRM!

Retweet and comment about why you love FRM and tag 3 people.

Top 3 retweets will win 1 $FRMx (approx. $320) each, and the next top 20 will win .25 FRMx each.

1/3 pic.twitter.com/QHmL3tk8Ak

— Ferrum Network (@FerrumNetwork) November 11, 2020

We started Ferrum in early 2018. I was working as a blockchain lawyer in New York City and my co-founder was a senior engineer at Bloomberg. We won a competition to pitch the project at the main stage of Consensus NYC 2018 and Ferrum took off from there. We have been building and growing non-stop ever since.

Mary | Satoshi Club:

I like this contest👍 you should get a lot of new users recently)

Ian Friend | Co-Founder @ Ferrum Network:

It easy to participate and there will be a lot of winners! Not to mention the more retweets we get the more FRM we buyback. We already bought back $15,000 worth yesterday

D| Satoshi Club:

Nice! actually our first question from the community about ‘buyback campaign’, so we will talk about this very soon 😉

Mary | Satoshi Club:

So, now I understand why you look like you look) because a lot of new projects without any MVP on the market now😂 And i can see that you are not a ‘one day’ project 👍

Ian Friend | Co-Founder @ Ferrum Network:

Yes, our staking as a service actually provides a lot of those projects with token utility and a product. We launched staking tech for over 30 projects by now and more signing up each week. Here are just some examples.

https://defipie.com/staking/

https://staking.yland.finance/

https://www.uptrennd.com/portal

https://gather.network/staking.html

Mary | Satoshi Club:

Cool👍

D| Satoshi Club:

Awesome intro @ifriend05 thank you! so let’s start the first part of our AMA?

Ian Friend | Co-Founder @ Ferrum Network:

We are a mature and established project but we are constantly building and innovating. For instance, we just launched a new version of our staking tech we call Multi Token Staking or Liquidity Staking. We are also working on a new smart contract-based protocol that will be launched pretty soon….we are constantly building and responding to what our users and our community wants.

Mary | Satoshi Club:

As I see they want much and you’re giving this ‘much’ to them👍

Ian Friend | Co-Founder @ Ferrum Network:

A few weeks ago we sent approximately $200,000 worth of our governance token – FRMx – to everyone holding 50,000+ FRM in their UniFyre. Just one of the many ways we give back to our community regularly. In fact, each month people earn rewards just for holding FRM/FRMx

Mary | Satoshi Club:

Great, as I know UniFyre is also Ferrum’s project?)

D| Satoshi Club:

This reward was a part of the stacking program?

Ian Friend | Co-Founder @ Ferrum Network:

Unifyre.io is our noncustodial wallet with advanced DeFi technology such as Link Drops – which is the only tech on the market that allows you to send crypto anywhere using a link. No wallet addresses needed. I can now send crypto over telegram. here Ill demo it right now

https://u.linkdrop.us/FaWBHavsWq1HU9ANviWzEGr6WIrL

Anyone can click that link and will be taken to download the wallet. Then they accept the money and I counter accept. This is called double confirmation and means you never have to worry about sending crypto to the wrong address ever again!

Mary | Satoshi Club:

Yes, that’s great👍 I should try it)

D| Satoshi Club:

Very innovative approach!

Ian Friend | Co-Founder @ Ferrum Network:

we will send out rewards for the AMA using Link Drops! That way we don’t need to collect wallet addresses in advance. Just send directly to the winner’s telegram

Mary | Satoshi Club:

Wow, you see Satoshiclubbers 😉

Ian Friend | Co-Founder @ Ferrum Network:

There’s also a feature called Pool Drops where you can send crypto up to 100 people at once using a single link. Like a multi sender tool over telegram

Mary | Satoshi Club:

Unbelievable) it’s so easy) I see Ferrum Network has a lot of different features and functions 👍 and on our side, we have questions from our community for you😉 Ready to answer them?

Ian Friend | Co-Founder @ Ferrum Network:

Yes, I am!

D| Satoshi Club:

Let’s goooo!

Q1 from Telegram user @jitka1

You will do a buyback campaign worth of 25000$ to support your token. Why did you decide to do it now? Will it is a one-time campaign or there will be more in the future?

Ian Friend | Co-Founder @ Ferrum Network:

Yes, we are presently doing a buyback campaign of up to $25,000 based on how many retweets we get on this tweet: https://twitter.com/FerrumNetwork/status/1326507208478232582 .

However, we regularly do buybacks based on the revenue we bring in from our staking business. We have bought back around 1.5 million FRM in the past 4 or 5 months since we started this.

We will stake this $25,000 worth of FRM and take the staking rewards we earn and use those for a later staking round.

Mary | Satoshi Club:

You already have some retweets, sure, our members will help you too)

Ian Friend | Co-Founder @ Ferrum Network:

So it ultimately benefits the community

D| Satoshi Club:

You got my like and retweet😉

Mary | Satoshi Club:

And mine😊

Ian Friend | Co-Founder @ Ferrum Network:

Nice! We are close to buying back another $5k. When that happens, we announce it on our announcement channel

Ian Friend | Co-Founder @ Ferrum Network:

Ferrum Network completed the third stage of the $25,000 buyback

The tweet surpassed 200 retweets meaning $5000 of FRM was purchased, see the buyback address here: https://etherscan.io/address/0xaE917D933cD77c8C9A68f5AB0D2eD98532CaC787

Next stop 500 retweets: https://twitter.com/FerrumNetwork/status/1326507208478232582?s=20

Mary | Satoshi Club:

It’s really creative campaign 👍😉 and very useful for FRM holders and your community 👍

Ian Friend | Co-Founder @ Ferrum Network:

Thank you! I think we will definitely run it again each time we do a big product launch.

D| Satoshi Club:

After buy back what do you do with tokens?

Mary | Satoshi Club:

You definitely should👍

Ian Friend | Co-Founder @ Ferrum Network:

We stake them in one of the upcoming staking pools. In Staking 3.0, people stake FRM to earn FRMx. So we will take the FRMx we earn from staking and use that FRMx for another staking round later on.

Ian Friend | Co-Founder @ Ferrum Network:

Introducing the Staking 3.0 landing page. Staking pools will open next week!

In this staking round, you will stake FRM to earn FRMx, our sustainable governance token. Simple, secure, and dynamic. The Ferrum Network way.

↓↓↓

https://ferrum.network/staking-3-0

Ian Friend | Co-Founder @ Ferrum Network:

Here you can see the staking options with APYs and time lengths etc.

Anyone can join staking! The minimum to stake is only 5000 FRM

Mary | Satoshi Club:

It’s a circle where everyone wins) Just 160$, right?)

Ian Friend | Co-Founder @ Ferrum Network:

Yes, we are all about giving back to the community. We are a successful business now and we believe those benefits should also go to the FRM holders. Like for instance with our monthly holder benefits: ferrum.network/rewards

Yeah 5000 FRM is not a lot of $ right now. We wanted staking to be accessible to everyone.

Mary | Satoshi Club:

And it is) thank you for your answers! Ready for the next question?)

Ian Friend | Co-Founder @ Ferrum Network:

Yes!

D| Satoshi Club:

Q2 from Telegram user @PaoloMonte87

You strategically decided not to build your own standalone blockchain infrastructure and network, but instead to leverage what’s already been built with other blockchains, connecting them to your high-speed transactional layer and making possible the P2P exchange of digital assets on any network (BTC, Ethereum, EOS, etc…). Can you please tell us more about how the “lock address” mechanism works when sending/receiving tokens? How does the distribution of the private keys on the Ferrum Network nodes still manage to eliminate security and privacy concerns?

Ian Friend | Co-Founder @ Ferrum Network:

So this is a question pertaining to the Ferrum Network main net, which will launch next year. The main net is an interoperability network that can connect to nearly any blockchain, allowing users to create a wrapped version of those assets and bring them into the Ferrum Network, which is itself a high-speed low-cost DAG network. This means you can bring wrapped BTC or ETH into the network and transact/exchange it in milliseconds for near 0 network fees. Those network fees are paid in FRM rather than BTC/ETH. And each time an FRM is spent this way, a small amount is burned. We already have a private testnet of this technology, we just decided to begin our journey by launching user-facing apps like First Kudi (our African exchange app) and UniFyre Wallet (our noncustodial wallet) so that when we launch the main net, there are thousands of transactions on day 1 of launch. Here is a demo of the network running a BTC transaction in milliseconds.

Ian Friend | Co-Founder @ Ferrum Network:

Hard to believe we made this demo two years ago!

Mary | Satoshi Club:

Wow) do you have any campaigns for testers?

Ian Friend | Co-Founder @ Ferrum Network:

We will initiate campaigns closer to the time of the main net launch. Right now we are working on another smart contract protocol that will add a lot of value to the Ferrum ecosystem and is something the market really needs and wants right now. We hope to launch that by the end of the year, subject to how long the audit takes. Then in 2021, we will return our focus to the main net.

D| Satoshi Club: Can I able to send private/confidential transactions using Ferrum Network?

Mary | Satoshi Club:

Yes, what about privacy and confidentiality?)

Ian Friend | Co-Founder @ Ferrum Network:

Ferrum Network is not a privacy network per se. Like transactions will be viewable on the blockchain similar to how Etherscan works for Ethereum. That said, all blockchains are mostly private because all you see is an address

Mary | Satoshi Club:

I see) thank you 👍 Are you ready to go forward to the next question?)

Ian Friend | Co-Founder @ Ferrum Network:

Yes I am

D| Satoshi Club:

Ok, let’s continue!

Q3 from Telegram user @Jonahapagu

In Using your Token bridge to swap assets between BEP2 and ERC-20 you warn users that a potential penalty applies to the process what are the potential penalties here and what are the actions of the users that will trigger those penalties.. the bridge currently supports only the BEP2 and ERC-20 Chains what are your plans for expansion of supported chains

Ian Friend | Co-Founder @ Ferrum Network:

Yes, our tokenbridge.ferrum.network allows users to swap FRM between Binance Chain and Ethereum Network. The penalty just refers to the fee you pay in FRM in order to execute the swap. I think its 65 FRM. In terms of supporting other chains, yes that is in the long-term plans. For instance, we would like to extend the bridge to Binance Smart Chain and we are talking with the BSC team about that.

Mary | Satoshi Club:

Near 2$ for one swap, right?)

Ian Friend | Co-Founder @ Ferrum Network:

Yeah, that basically covers the ETH gas fees we pay on behalf of the user for the swap.

Mary | Satoshi Club:

So, it’s tied to ETH gas fees?

D| Satoshi Club:

Do you plan to build a bridge to Tron blockchain?

Ian Friend | Co-Founder @ Ferrum Network:

I had not considered it to be honest. We typically do what will add value to the community and FRM holders. I haven’t heard much demand for a bridge to Tron blockchain yet.

D| Satoshi Club:  Got it. thanks for your answer

Mary | Satoshi Club:

Ok, for which blockchains, except BSC you have demand from the community?)

Ian Friend | Co-Founder @ Ferrum Network:

The community hasn’t really asked for much in terms of the bridge recently. I think it’s pretty clear that most of the action in crypto these days is on Ethereum, with Uniswap becoming the most popular DEX. That is why we are focusing on different protocols on Ethereum like the new smart contract we are building…

Mary | Satoshi Club:

Got it👍 should we shoot with the next question?)

Ian Friend | Co-Founder @ Ferrum Network:

Yes let’s do it

D| Satoshi Club:

Q4 from Telegram user @konditer_rolex

Ferrum Staking 3.0 what is it? Usually, these numbers in the name 2.0 or 3.0 indicate an improved version of some product. Tell us about what happened and what will happen with the advent of Ferrum Staking 3.0

Ian Friend | Co-Founder @ Ferrum Network:

So Staking 3.0 is our third round of FRM staking. It is based on an advanced version of our staking technology we call Liquidity Staking or Multi Token Staking. This technology allows you to stake one token, but earn rewards in a different token. Opening up massive possibilities for staking. In this round, people will stake FRM and earn FRMx. In later rounds, you will be able to stake the UniV2 token to earn FRM or FRMx. And we can even do staking rounds where you can stake FRM to earn another project’s tokens.

https://medium.com/ferrumnetwork/introducing-liquidity-staking-flexible-multi-token-staking-technology-c05fb5c50588

Mary | Satoshi Club:

Which other projects?

Ian Friend | Co-Founder @ Ferrum Network:

We regularly are paid in other project’s tokens for UniFyre Wallet listing and/or for our staking tech. Instead of spending those tokens on ourselves, we can run staking rounds where people stake FRM to earn those tokens.

Ian Friend | Co-Founder @ Ferrum Network:

We also have an incubator called The Foundry where we incubate early-stage projects and get tokens from that. For instance Bondly.Finance is our first incubated project. So we can run a staking round where you stake FRM to earn BONDLY.

The Foundry – Incubator meets DeFi website

Mary | Satoshi Club:

Haha, it’s a genius mechanism😀 I am lost with the number of opportunities you can give😂😂😂

Ian Friend | Co-Founder @ Ferrum Network:

Basically, our vision for FRM is that holding it should make you money in many different ways. BTW if you hold 100,000 FRM you get access to pre-sale deals in the projects we incubate.

D| Satoshi Club:

So thus developers of new projects can get your support in the early stages?

Ian Friend | Co-Founder @ Ferrum Network:

Holding 100,000 FRM was one of the only ways to get into the Bondly pre-sale. And now Bondly is extremely hyped up. Their NFTs are already trading at like 6x.

Yes! Good projects can contact me if they are interested in incubation, staking technology, or just some friendly advice on how to succeed in this crazy crypto market.

D| Satoshi Club:

This is awesome! 👍

Mary | Satoshi Club:

Very cool💪 and ready for the next question?)

Ian Friend | Co-Founder @ Ferrum Network:

Yes sounds good

D| Satoshi Club:

Q5 from Telegram user  @yzmoney

Ferum has a foundry incubator that has incubated into a lot of projects, how does ferum curate and evaluate all this project? Which sector is currently the focus of the incubator in the next year?

Ian Friend | Co-Founder @ Ferrum Network:

Yes, we have an incubator called The Foundry. We have incubated only one project thus far: bondly.finance

The criteria for getting into the incubator is very strict. The team must be excellent. There must be a clear token use case and the ability to generate revenue so the project survives long term. The token metrics also must be favorable so that it does well in the short, medium, and long term. And we must like the team on a personal level since we work very closely with them throughout the incubation

Mary | Satoshi Club:

Why just one? So, just one project meets all your requirements?😀 Did a lot of projects try to get there?

Ian Friend | Co-Founder @ Ferrum Network:

We have others in the pipeline and hope to announce the 2nd one quite soon. There are many good projects. It’s also about timing because right now people are mostly focused on bitcoin. Once alt season returns we will be ready to launch more projects.

Mary | Satoshi Club:

Oh, that’s true) I know how to choose the right time😂 And the last question from this part?)

Ian Friend | Co-Founder @ Ferrum Network:

Ok

D| Satoshi Club:

Q6 from Telegram user @jobel4

As stated in your website that holding FRM and FRMx in UniFyre Wallet amplifies monthly rewards. When holding both tokens together you will be able to receive up to an Annual Percentage Yield (APY) of 30% without having to lock up tokens. So with this scenario how can we earn APY if it is not locked up? How does APY being calculated by just holding? What is more profitable in Ferrum Network, holding or staking? What is the difference between staking and holding in terms of applying it in your network?

Ian Friend | Co-Founder @ Ferrum Network:

So if you go to the calculator, just input your FRM/FRMx holdings and the current price of FRM you will see how much you will get after each snapshot. Snapshot happens each month. In fact, there is one tonight. We will distribute rewards a day or two later. The more you hold the more you earn all the way to up 30% APY.

What’s more profitable holding or staking? It just depends on which staking pool you are in. Remember staking locks your tokens, whereas holding you are free to move them.

https://medium.com/ferrumnetwork/introducing-ferrum-network-staking-3-0-7381e1c62ec3

Mary | Satoshi Club:

Everything is clear for me👍 @Cool_as_Ice do you have any questions?)

Ian Friend | Co-Founder @ Ferrum Network:

BTW staking pools open early next week! They will be open for 7 days or until full. Last time the highest APY pool filled in about 30 minutes!

Mary | Satoshi Club:

30 minutes 😂 You should start with this😂

Ian Friend | Co-Founder @ Ferrum Network:

Yes, the highest APY pool (80%) will fill quickly. But there are three others to choose from if you can’t get into that one.

Mary | Satoshi Club:

When next week? Do you have the exact date and time?

Ian Friend | Co-Founder @ Ferrum Network:

It will be on Monday morning (my time). Afternoon in Europe. Evening in Asia. Exact time not announced yet. Please join the Ferrum Announcement Channel for more info that will be announced very soon

https://t.me/ferrum_network_announcements

D| Satoshi Club:

Understood! 👍thanks!

Mary | Satoshi Club:

We will follow your updates😊 And are you ready for the live part?

Ian Friend | Co-Founder @ Ferrum Network:

I think so!

Mary | Satoshi Club:

Prepare, you will see real storm👍

D| Satoshi Club:

We will open chat for 120 seconds, after closing you will need to select 10 questions from Satoshi club members @ifriend05

Ian Friend | Co-Founder @ Ferrum Network:

ok great!

Mary | Satoshi Club:

Let’s go 🚀

PART 2.QUESTIONS about Ferrum Network PROJECT from the live chat of TELEGRAM COMMUNITY

In this part, we open a chat for the crypto community for 100 seconds. Then the guests from the crypto project choose the top 10 questions. These 10 crypto enthusiasts have earned cryptocurrency in the sum 100$.

Q – 1 from a telegram user @warny

How many projects are staking on Unifyre with the help of Ferrum network presently?

Ian Friend | Co-Founder @ Ferrum Network:

There are over 30 projects using our staking technology. Some are on UniFyre, others chose to do staking on their own website. There is approximately $7 million worth of tokens locked up in our staking protocol across those 30+ projects. The fees we earn from this line of business go to buy back FRM. We have bought back around 1.5 million FRM so far.

Q – 2 from a telegram user @satoshingmxcom

If I have 100,000 FRM. I can get access to the pre-sale in our incubated projects. Is that all the benefits I get? And those 100,000 FRMs are stored were to find out I am holding FRMs.

Ian Friend | Co-Founder @ Ferrum Network:

Holding 100,000 FRM in UniFyre Wallet gets you many benefits. One is access to pre-sales. The other is the monthly payouts of FRMx. You can use the calculator to see how much money you will make each month just for holding FRM/FRMx (the more you hold the more you earn, and the higher the price of FRM, the more you earn).

To see how much FRMx you will earn this month and how to reach 30% APY, please use the Rewards Calculator:

https://ferrum.network/rewards/

There’s a snapshot tonight to see how much FRM/FRMx you hold and therefore how much you will make this month. There are still about 12 hours until the snapshot!
Q – 3 from a telegram user  @BJosefina61

Currently, the governance of FRM is active with FRMx? What range of action does the governance have on the fate of Ferrum?

Ian Friend | Co-Founder @ Ferrum Network:

Yes so FRMx is our governance token. To gain access to the governance committee you need to hold at least 20 FRMx in your UniFyre Wallet. The governance committee makes all sorts of important decisions, including the APYs for staking, the new holding benefits system, and even comes up with marketing initiatives like the current one we have running on Twitter: https://twitter.com/FerrumNetwork/status/1326507208478232582?s=20
Q – 4 from a telegram user @Chinthaka93

What is the relationship between #FRM and kudi exchange? Is it the native coin of kudi exchange? Or is there any specific relationship between the kudi exchange and FRM? Could you please explain this

Ian Friend | Co-Founder @ Ferrum Network:

First Kudi is our first product we launched. It is part of the Ferrum Network ecosystem and co-owned by Ferrum. It is like the Coinbase of Africa. It allows you to buy/sell major cryptos with fiat currencies like the Nigeria Naira. It brings in pretty good revenue each month. So it’s an important part of our long term business.
Q – 5 from a telegram user @Splendicity

I have never seen an honest and caring founder like you. Your detail and prompt response to our enquiries are always appreciated. As SATOSHI COMMUNITY MEMBERS, how can we contribute our quarter to the success of $FERRUM?

Ian Friend | Co-Founder @ Ferrum Network:

Thank you! We love our community and try to give back to them in many ways. The easiest way to get involved with Ferrum is simply to download UniFyre Wallet, get at least 50,000 FRM/1 FRMx and hold it in there for monthly rewards. Of course, you can also stake your Ferrum or just participate in our marketing campaigns. But holding FRM is the key to getting the most benefits from our ecosystem, with the pre-sales, monthly rewards, staking, and our buybacks.
Q – 6 from a telegram user @cryptovgh

What is the difference between FRM and FRMX? Why have issued two tokens because you could have gone for a one token with FRM , Which factors forced you to issue another token as FRMX?

Ian Friend | Co-Founder @ Ferrum Network:

We wanted to issue a derivative governance token for a few reasons. For one, we built this innovative Multi Token Staking technology and we wanted to showcase it. So now you can stake FRM to earn FRMx. Since FRMx had no pre sale and we listed it at a $16.5k market cap, it did a 20x or so in gains. So staking FRM to earn FRMx is a valuable thing. Also we wanted a governance committee to help us make important decisions pertaining to the future staking rounds. It has proven to be an incredible initiative and the governance committee has added tremendous value. And FRMx has been great for the FRM holders as well – we dropped about $200k worth of FRMx to everyone holding 50,000+ FRM in UniFyre Wallet.
Q – 7 from a telegram user  @JoxesXIII

FerrumNetwork is well known for its staking program with large and emerging projects. How does Ferrum determine which staking program to launch or approve?

Ian Friend | Co-Founder @ Ferrum Network:

Yes we have over 30 staking clients and more come to us each day. We usually sign up at least 1-2 per week. We are happy to license this technology to most projects, but we have more strict rules around anonymous teams because we need to be careful about scams. But of course, simply because a project uses our technology does not mean we endorse them as an investment. Never invest just because a project has Ferrum staking technology. In all cases, they bought this from us and we don’t analyze them from an investment standpoint. Be careful and DYOR before investing.

Q – 8 from a telegram user @tuvalunia

You will release Staking 3.0 soon. What is the inspiration for selecting planet names (Saturn, Jupiter, Mars) for the pools? ROI will be too big?

Ian Friend | Co-Founder @ Ferrum Network:

The governance committee came up with those names and we thought they were clever. The farther planets away from the sun have the higher APY. The APY goes from 20-40-60-80%. You can choose which pool or pools is best for you. Some people prefer shorter term staking, others are OK with long term. There is also an early withdrawal option available for most of these pools in case you need your tokens out before the full maturity date. But if you withdrawal early, you will forfeit some of your rewards which will then be split between everyone who stakes until the end.

Q – 9 from a telegram user @Maksyrn

How does Ferrum Network help QuiverX to implement the Staking function to earn QRX tokens?

Ian Friend | Co-Founder @ Ferrum Network:

QuiverX is a staking client. They use our staking technology for their own token. If anyone here refers a project to us and they get the staking, you will earn $500!!

Q – 10 from a telegram user @Jonahapagu

Somewhere in-between one of your articles I saw that You have an upcoming product a “P2P fiat/altcoin exchange platform” this will be a big step towards mass adoption can you explain how this Exchange platform will work, what types of coins are you planning to list and for the fiats you will be onboarding what countries or regions are you looking at.. will this exchange platform differ from the decentralized or centralized Exchange platforms already available.

Ian Friend | Co-Founder @ Ferrum Network:

Yes, one of the future products on the roadmap is a P2P altcoin/fiat exchange similar to local bitcoins but for ERC-20 tokens. So you will be able to buy and sell alt coins directly for fiat in your local currency.

Part 3 – Quiz about DeFi project Ferrum Network

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. Participants had 10 minutes to answer. 300$ 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:  Ferrum.Network

Telegram  |  Tweeter  |  Website  |  Medium

We are pleased to announce our next AMA on November 19th 2020 at 02:00 PM UTC Time: Satoshi Club x Ethereum Yield

⚠️Click to see the hour
⚠️Total Reward pool: $1000

⚠️Requirements:
👉 Join Satoshi Club Telegram group
👉 Join Ethereum Yield Telegram group

We will have the following structure:

Part 1: 150$ /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: 150$/10 users – Open chat for 100 seconds. You can post Max 3 questions. Ethereum Yield Team will select 10 questions and answer them.

Part 3: 700$ – A quiz about Ethereum Yield

For more details:
Ethereum Yield – @ethereumyield
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish

We are pleased to announce our next AMA on November 18th 2020 at 09:00 PM UTC Time: Satoshi Club x Defhold

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

⚠️Requirements:
👉 Join Satoshi Club Telegram group
👉 Join Defhold 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 100 seconds. You can post Max 3 questions. Defhold Team will select 10 questions and answer them.

Part 3: 300$ – A quiz about Defhold

For more details:
Defhold – @DefHold
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish

Hello, Satoshi clubbers and guests of this site. Glade introduces to you Mercurity.finance is an open DeFi platform powered by swap. Reuse LP tokens across different protocols to maximize yield.

The AMA session was divided into 3 parts with total crypto reward pool is 500$.

Leading the AMA our clever and fun admins:

@madamlobster and @Cool_as_Ice

The Representative of the project: 

👉@ErezSimha CFO and interim president of Mercurity

👉@LDA_Michael Michael Huynh, Community Growth Manager at Mercurity.Finance.

PART 1. INTRODUCTION of Mercurity.Finance PROJECT AND COMMUNITY QUESTIONS.

Mary | Satoshi Club:

Hello again, Satoshi Club! We are happy to announce our AMA session with Mercurity! Welcome to Satoshi Club😀

D| Satoshi Club: Hello Satoshi club!

Mary | Satoshi Club:

How are you, @Cool_as_Ice?)

D| Satoshi Club: Good, good. you? 😊

Mary | Satoshi Club:

Fine😉

Serg | Satoshi Club:

Hello Mercurity team 😀 We are here.

Erez Simha:

Good morning everyone and thank you for joining us today.

Mary | Satoshi Club:

Hello, Erez, happy to see you here👍

D| Satoshi Club:

@ErezSimha hello! Welcome to Satoshi club! 😊

Erez Simha:

Excited to be here today, with the Mercurity team.

Mary | Satoshi Club:

As you are first here, could you please introduce yourself 😀 and of course Mercurity project!

Erez Simha:

With pleasure. Hi everyone! I’m Erez, CFO and interim president of Mercurity.

 I have spent the last 15 years in High-tech companies, public and private, small and large,  – all of them operates in a hyper-growth environment, I was both COO and CFO, preparing those companies to meet next 3-5 market demand and challenges  – so putting in place the right infrastructure that will allow scalable profitable growth. Let’s talk a little bit about Mercurity and Mercurity.Finance

Mary | Satoshi Club:

Sure👍

Erez Simha:

Mercurity is a public company, traded in Nasdaq under the ticker MFH, and has business directly related to blockchain technology.

Mercurity.Finance is an open DeFi platform, part of Mercurity. It is an Open Defi platform powered by swap. The most important problems we aim to solve are:

-low capital utilization

-impermanent loss risk

-poor community governance capabilities.

We’re starting with DeFi, aiming to provide the most open, flexible, autonomous, and comprehensive DeFi trading and liquidity services to retail consumers anywhere, anytime.  But that’s just the beginning of our story… Essentially, we are providing the infrastructure for users to utilize features that are currently unexplored in the DeFi arena. We want to unlock and accelerate access to new financial value for anyone, anywhere and empower new financial values through unique implementations on Swaps, Lending, Impermanent Loss Insurance, Synthetics, and much more. WE aim to build the most global, unified, and diverse DeFi ecosystem by connecting the world’s best DEXs and DeFi communities across the globe.  We are building a global solution next.

Mary | Satoshi Club:

Yes, I see that you want to solve a lot of problems 👍

D| Satoshi Club: Impressive beginning 👍

Mary | Satoshi Club:

When you plan your platform to go live?)

Erez Simha:

We are launching this Friday, November 6th. Swap will be live by then.

Mary | Satoshi Club:

Wow, it’s so close👍 How long did it take to build Mercurity?)

Erez Simha:

It is. we are super excited.

we are dealing with a different aspects of the business during the last 15 months. Defi project started  early 2020

Mary | Satoshi Club:

You are one of the early DeFi birds😀 Thank you for this intro)

D| Satoshi Club:

DeFi pioneer😊

Mary | Satoshi Club:

We have a lot of questions from our community, are you ready for them?

Erez Simha:

Will do my best.to provide as useful as possible answers.

D| Satoshi Club: Let’s go🚀

Q1 from Telegram user @antonerem

All the protocols that should be the basis of Mercurity.finance are currently not available (coming soon). Does this mean that your platform can’t be really used at the moment and when can we expect it to be running?

Erez Simha:

On the 6th we will be enabling LP Staking. Then about a week after we will have LP Migration. other protocols will be launched shortly   after  the best way to stay tuned for their launch is in our announcements channel on telegram: https://t.me/MercurityAnnouncements

Mary | Satoshi Club:

When do you expect the full launch of Mercurity?

D| Satoshi Club: We will follow your updates! thank you👍

Erez Simha:

Most of it will be launched this year, with the rest coming early next year.

Mary | Satoshi Club:

Thank you. And the next question?😀

D| Satoshi Club: Let’s jump to the second question then?

Q2 from Telegram user @parisienne_a

You will have Impermanent Loss Insurance to let users lower their impermanent loss. How much will cost the insurance and how can someone apply to return the loss

Erez Simha:

We will announce all insurance economies, close to the launch date. When you become a liquidity provider, you can put the LP token in the insurance vault to reduce impermanent losses. Again we will announce the full protocol economy, close to launch.

Mary | Satoshi Club:

Got it, anything to add about Loss Insurance?)

Erez Simha:

No.

D| Satoshi Club:

Move onto next question then!

Q3 from Telegram user @balabas4bounty

The idea behind your project is that the liquidity is staked and sometimes there is no volume. As a result, the person who provided the liquidity gets no profit. Mercurity aims to provide various opportunities for LP to get profits. Please explain some

Erez Simha:

Mercurity will provide multiple protocols in which LP Tokens can be used to generate earnings. For example, LPs can “re-use” LP Tokens, for the second time, to earn underwriting income via the insurance protocol. Other  protocols will include:

LP Token-pledge lending and LP Token synthetic assets. So LP could reuse assets and get multiple rev-share opportunities and multiple farming opportunities.

D| Satoshi Club: Does anyone in DeFi use this “re-use” protocol or it’s your innovation?

Erez Simha:

Other platforms do it also in a narrower way. .Our innovation is in the unique approach that allows us to push it as much as possible into the community hands, and give them more and wider access to various different protocols.

D| Satoshi Club: This is nice! 👍thank you for your answer! if we done with this question we can proceed to the next one?

Q4 from Telegram user @mag_crypto

Mercurity will use On-Chain Smart Order Routing to connect to liquidity pools and offer the best profits for the users. Is this procedure a making of your own or it’s borrowed from other projects? Is the code ready and audited?

Erez Simha:

First what is it actually – Mercurity encourages all users to create and independently manage their own liquidity pools, making liquidity pools be customizable and community autonomies . Liquidity is merged from various pools. Liquidity pools with the same trading pairs are connected by Mercurity through an on-chain smart order routing that automatically finds the best price across all pools on Mercurity . It was audited by Besoin .

Mary | Satoshi Club:

Btw, is that audit I saw on Beosin Medium? As i know audit reports looks a bit different

D| Satoshi Club: This is awesome that you passed audit! This fact can give you more trust from investors 💪

Erez Simha:

https://beosin.medium.com/beosin-has-completed-the-security-audit-service-of-mercurity-swap-of-defi-protocol-6f82afbdc6ba Cool_as_Ice many thanks for having me here today . Michael will take over from here. We are looking forward to having this journey together with you.

Michael Huynh:

Hello everyone, I’m Michael Huynh, Community Growth Manager at Mercurity.Finance. Nice to meet everyone!

Mary | Satoshi Club:

Hello, welcome to Satoshi Club 👍

D| Satoshi Club: Hello Michael! Welcome to Satoshi club! 😊

Michael Huynh:

Thank you! I’ll take over for the rest of the AMA questions.

Mary | Satoshi Club:

Great, so, Michael, will move to the next question?)

D| Satoshi Club: Awesome! we have 2 in this part and 15 in the second 😄

Michael Huynh:

Absolutely

D| Satoshi Club: 

Q5 from Telegram user @nnakorn

The role of a general partner (GP) is very important in the ecosystem of the project, but I couldn’t find any information as to become one. Who can become a general partner and what’s the procedure for this?

Michael Huynh:

Excellent question @nnakorn.

Anyone can become a General Partner and set up their own individual liquidity pools.

GPs owners can be:

–  Owners create and manage liquidity pools.

–  There are also non-founder Owners, such as KOL.

–  Owners can be individuals or a team.

The unique approach we have compared to Uniswap’s pools is that each liquidity pool has the option to become autonomous and have individual adjustments.

Through our Pair token implementation, each liquidity pool, liquidity providers create a sub-community, increasing autonomy for future upgrades, development, and maintenance of the liquidity pool.

This creates an ETF structure through autonomous governance at the individual level.

Mary | Satoshi Club:

And procedure?)

Michael Huynh:

When users are setting up the pools, they have the option to either join the general pools or create their own pool. The user can then set up their own requirements if they’d like.

Mary | Satoshi Club:

Got it. Do you have minimal requirements for joining the pool?

Michael Huynh:

It depends on the GPs and their rules, for example, if I create my own individual pool, and only want certain people to join, I can set requirements and much more.

In comparison to Uniswap, I think this should clear up some questions.

Mary | Satoshi Club:

Do users already voted for fee structure?

Michael Huynh:

Not quite on other DeFi Protocols, For example, if you’re using Uniswap, the fees are already adjusted by the platform and in order to change it, you will have to go through the UNI governance.

With Mercurity, users can adjust it in their own individual pools (Swap fee).

Through our implementation of the Pair token, users are able to vote on their own individual adjustments of their own liquidity pools.

In each liquidity pool, liquidity providers create a sub-community, increasing autonomy for future upgrades, development, and maintenance of the liquidity pool. Pair Token is 100% distributed to LP token holders for community governance, incentives, etc of that individual pool.

But in essence, there is no minimum requirement for individuals to create their own ETFs and is adjustable depending on the way they set up their pools.

Mary | Satoshi Club:

Thank you 😀 And the last question from this part?)

Michael Huynh:

Oh anyone can become a GP 😎

Mary | Satoshi Club:

Yes, sure, when you go live we can find this one) Or many of them👍

Michael Huynh:

We will be launching tomorrow and the pools will be crafted by the users. For example, once it’s live, users can set up their own pools or join existing ones.

Mary | Satoshi Club:

With any assets I want?

Michael Huynh:

With any assets you prefer. You can create ETH/USDC pools, join existing pools from other users. There currently are no restrictions.

Mary | Satoshi Club:

Amazing) So, this will go live tomorrow?

Michael Huynh:

The swap protocol will launch on 11/6. You can view it on our website: https://www.mercurity.finance/

Mary | Satoshi Club:

Ok, how many users approximately you’re expecting tomorrow?)

Michael Huynh:

I’m not sure about the actual numbers but time will tell 😊 Wish you as much as you wish in your craziest dreams)

Michael Huynh:

😂 Thank you Mary

Mary | Satoshi Club:

So, let’s shoot the last question from this part)

D| Satoshi Club:

Q6 from Telegram user @olivvc

You say that your project’s big DEX innovation is Pair Token. Could you tell us more exactly what will this token do and how is it innovative?

Michael Huynh:

Will do, On Mercurity Swap, Pair Token is the credential for governance for individual liquidity pools. In each liquidity pool, liquidity providers create a sub-community, increasing autonomy for future upgrades, development, and maintenance of the liquidity pool. Pair Token is an ERC-20 token that can be freely transferred and traded.

Total number available: 100 million per liquidity pool.

Name: “trading pair + X” e.g. ETHUSDTX.

Distribution ratio:

Pair Token is 100% distributed to LP token holders for community governance, incentives, etc.

This innovation provides users the flexibility to even trade their Pair tokens for other pair tokens as well!

Mary | Satoshi Club:

So, you will have two tokens, right?

Michael Huynh:

So let’s say a user is in the ETHUSDTX pool and wants to jump to the WBTCUSDTx pool,

Users can just exchange between them (if there is a market for it) without actually going through multiple steps and transactions with pulling out liquidity, swapping, then reapply liquidity to the pairing.

With Mercurity.Finance’s Swap protocol, there will be technically 3.

1: MEE which is the platform token for Mercurity Swap

2: LP tokens, Liquidity provider tokens

3: Pair tokens, Individual liquidity pool governance tokens

Mary | Satoshi Club:

Oh, do you have any articles which explain this?

Michael Huynh:

The pair token is optional if the liquidity pool owners want to allow individual governance on their liquidity pool or not.Yeah, we have the Swap Protocol whitepaper here: https://medium.com/mercurityfinance/mercurity-swap-protocol-13a1e393faf6

D. | Satoshi Club: Btw it’s very convenient! that means you don’t need to pay fees every time when you are pulling and adding liquidity?

Michael Huynh:
Exactly, instead of doing multiple steps, you can interchange your LP tokens for other LP tokens (if there is a market for it).

D. | Satoshi Club:
Great feature!

Mary | Satoshi Club:
I also like it👍 And now our user’s fingers are ready to fill this chat with their questions)

Michael Huynh:
Alright guys, bring in the questions 😎👍

PART 2.QUESTIONS for a CyberFi DeFi PROJECT from TELEGRAM COMMUNITY LIVE

In this part, we open a chat for the crypto community for 120 seconds. Then the guests from the crypto project choose the top 15 questions. These 15 crypto enthusiasts have earned cryptocurrency in the sum 250$.

Q – 1 from a telegram user @anh1973

I see, Mercurity.Finance will feature Swap, Lending, Synthetics, & Insurance. Which one will be the flagship product?

Justin Wu:

The swap will be our first flagship product that we are launching this weekend. As our development roadmap progresses will be launching the other protocols such as Lending, Synthetics, and Insurance.

For now, we are just 100% focused on launching the Swap protocol through our Liquidity Launch event. This will be the kickstart of our Defi protocol as we further develop the other suite of products for our users.

Q – 2 from a telegram user  @AugusS7

Many DeFi protocols do not take into account the reuse of “LP” tokens, why does Mercurity Finance really give it a great value of importance? play a large role in the effectiveness of the protocol? or does it only generate higher rewards to users?

Michael Huynh:

To accurately answer this question, we have to take a step back and look at the general industry today.
Users are able to deposit into other protocols and receive LP tokens. The LP tokens represent a “receipt” of deposit that can be redeemed at a later date if they’d like and earn incentives for providing liquidity. That brings us to the question about Fund utilization rate.

The fund utilization rate measures the percentage of liquidity pool contributions that are utilized to earn a return. If TVL for a liquidity pool is $200mm, and $150mm in pair tokens have been staked to lend, then fund utilization = 75% (= $150mm / $200mm)

For example, when a bank absorbs 10 billion USD in deposits and provides 7 billion USD in loans, the fund utilization rate is 70%. The bank needs to pay interest on deposits for 10 billion, which is the bank’s cost, and the benefit is from the interest on 7 billion loan.

In order to earn returns, funds must be utilized. On Uniswap, transaction fees are generated only when liquidity pool funds are traded. If, on a given day, trading volume is 10% of TVL, then 90% of funds were not “utilized” and therefore did not contribute to earnings.

Mercurity Finance provides multiple opportunities to utilize funds via LP Pair Tokens. LPs are issued Pair Tokens equal to the liquidity provided. These tokens represent liquidity that is locked (i.e., secured) which can therefore be utilized to earn via:
pledged for loans (earn interest income) or insurance (earn premiums).

Banks are allowed to lend more money than they hold in deposits. Therefore it is common for banks to have utilization ratios far higher than 100%.

Q – 3 from a telegram user  @alice_wonderland12

🌷What are the marketing strategies currently developed or planned for the growth and engagement of the community of Mercurity?

Justin Wu:

We are actively growing in the community. We are spending both time and resources to help spread the word to the DeFi & broader blockchain communities. These efforts will continually ramp up.

– Crypto Twitter
– Youtube
– Telegram AMAs
– Reddit
– Facebook Groups
& several new community programs coming soon.

We also have a separate APAC team that is building our Asia community doing the same, mirrored. This will help us get global reach.

Q – 4 from a telegram user @nzikak

Your number 21 point in your FAQ post on Medium says something about Swap Trade mining, that traders will be able to mine while trading. Please, how will this work?

Michael Huynh:

On other DeFi protocols, users aren’t able to earn tokens. In our Trade mining model, users are able to earn by simply using the platform.

“While traders on DEXs bear higher gas fees and potentially larger price slippages than on CEXs, platforms like Uniswap do not compensate traders.
Mercurity considers traders to a community as important as liquidity providers, and incentivizes traders so that they are mining when trade.”

Q – 5 from a telegram user @Pratze

So the swap protocol of Mercurity platform will launch tomorrow? Is there any reward at the first time it launches to attract users?

Michael Huynh:

Balancer liquidity pools distribute transaction fees based on liquidity providers’ actual contributions. However, Balancer overlooked liquidity pool creators, early-stage liquidity contributors, and non-financing community contributors who are not liquidity providers, such as community managers, marketers, and other industry influencers (aka key opinion leaders, or KOLs). Balancer’s model is like a fund with no General Partner, lacking incentives for non-financing contributors, and not conducive to using community resources.

Users can utilize the platform and from there become those early-stage liquidity contributors.
“Be your own GP”

Justin Wu: We have a dedicated APAC team that mirrors our team. They are growing the Asia community such as participating in other community AMAs like Binance’s

While Michael and I lead the western community & growth efforts.

Q – 6 from a telegram user  @K2ice

MER will be Mercurity’s governance token which will be used to govern the entire protocol (swap, lend, synthetics, & insurance). What will MEE be used for and how soon will MEE be available?

Michael Huynh:

MER governs the entire protocol and more information will be released later on. As for MEE, the launch event will be November 6th as stated on our website.

Q – 7 from a telegram user  @CryptoZaratustra

I read that your Swap protocol will allow up to 8 tokens to be included in liquidity pools. How will this work with more tokens? What are the tools for managing individual pools?

Michael Huynh:

If a user wants to diversify even further, they could create 2 individual pools, then link them together in a 3rd poolif they’d like through LP tokens to make an even bigger expansion on the protocol. Remember, this protocol is designed to empower what is currently available in DeFi and provide governance rights to liquidity providers through the implementation of the Pair token.
Q – 8 from a telegram user @jpsarmah

How much does the Mercurity Swap Trade Mining rewards Traders on your Swap and why do you consider Traders as important as Liquidity providers to your community?

Michael Huynh:

Similar to how the traditional world has supply and demand for every aspect of business.
If you have supply (liquidity providers) but no demand, you won’t be utilizing your assets for it’s potential.

Same on the other hand as well, if you have demand (traders) but no supply, then you will have high slippage and other issues.

In order to appreciate both sides of the spectrum, we have to ensure that both sides are able to be equally inclined to utilize each other.

Q – 9 from a telegram user @Magizt

I have tried to find any team member from the Mercurity.finance project but I can’t find it. can you tell me who the Mercurity.finance project team is?

Michael Huynh: 

Mercurity.Finance is part of a publicly listed company called Mercurity Fintech Holding, INC which is publicly listed on the Nasdaq (under ticker MFH).
You can view the press release about Mercurity’s plans here: https://finance.yahoo.com/news/mercurity-announces-plan-open-defi-123000040.html
Q – 10 from a telegram user  @Jonahapagu

You classified liquidity pool contributors as either a GP (General Partner) or an LP (Liquidity Provider)… Can you explain briefly about who makes up these two liquidity Pool groups and how they can partake in your autonomous governance for liquidity pools?

Justin Wu:

We are allowing users to create their own pools. As the owner of the pool, you are the main GP. You can also build a team of other general partners to help manage the pool.

Each team of GPs can organize governance capabilities such as setting transaction fees, pool access requirements, trading rules, and voting rights.

Users who participate in these pools are LPs. They will gain Pair-tokens (the pool’s governance token) that will help vote how the pool should be run.

This is also designed with growth in mind. Pools may want to invite Influencers/KOLs or business partners to participate as a GP in the pool. This will help spread the word about each pool as well as grow it.

Q – 11 from a telegram user @Chinthaka93

What is about your smart contracts? Has it been audited? If yes by whom it has been reviewed? Do your smart contracts have any issues after the audit? Please explain about this@LDA_Michael

Michael Huynh:

Our MEE smart contract has been audited by Beosin. There were minor problems but have all been adjusted and verified by Beosin to ensure that the audit passed. You can view more details about the criteria and audit report here: https://t.me/MercurityAnnouncements/13

Q – 12 from a telegram user @melanintrish

Is a General Partner considered a Liquidity Provider on Mercurity?

Michael Huynh:

A general partner, GP, can be anyone.
Let’s say, for example, Let’s say you’re an industry influencer with thousands of followers. You can create a pool and set up requirements for your members who are joining and want to bring on your business partner as a GP. Owners can also be individuals or teams and create a sub-community of users who interact with their pool.

You don’t have to be a liquidity provider to become a general partner as the Pair token can be utilized to provide governance of your pool.

Q – 13 from a telegram user @Temptation_Provider

If Uniswap will endow its liquidity pools with autonomy, set fee rates. Will Mercurity’s services be in demand?

Michael Huynh:

In Uniswaps example, the entire protocol will have to vote on the governance of adding additional features. Even if they decide to implement it, we are also still competitive due to the nature of our reuse of LP’s across multiple protocols such as Lending, Insurance, & Synthetics. We’re tackling the issue of providing users more flexibility with their assets through decentralized finance.

Q – 14 from a telegram user  @apocan99

What are the advantages that Mercury Swap provides over others? Which problems of existing swaps will it solve?

Michael Huynh:

Here is a comparison chart breakdown on how Mercurity will function over Uniswap as an example.

Uniswap is an ETF. Mercurity allows the creation of ETFs. We allow users to be their own GP and pool. Set your own fees, governance, and pool access requirements.

This is just for the initial launch. As we open our Defi matrix & suite of products, each product is designed to provide a unique value-add to the Mercurity ecosystem & DeFi community overall.

I.e. Insurance, Synthetics, Lending, etc.

Q – 15 from a telegram user @OlegDubinskiy

What are LP Pair tokens? Can I sell or transfer them? Am I correct in your understanding that you are creating a new market for synthetic assets backed by liquidity?

Michael Huynh:

LP tokens are “receipts of deposit” from liquidity providers, Pair tokens are governance tokens in the individual liquidity pools.
Users should be able to utilize their LP tokens in any way they deem fit.

For example, banks in the traditional system provide savings accounts. Users deposit liquidity into it to receive an incentive for providing funds in a savings account.
The bank is then able to utilize that for funds in their ecosystem of loans out to other users who are looking to buy a house, car, etc…
After a bank signs a loan with a user, they receive a contract. “User A is to pay X in order to complete the loan through a fixed amount of time”
That contract can then be sold/traded on the third-party network to reduce a bank’s risk portfolio on debt.
If user A defaults on the loan, the contract owner has the right to receive the asset (i.e, cars, houses, etc..)

So essentially, LP tokens are receipts of deposits that are coded to provide a recipient the honor of deposits in the account.

As for Synthetics, stay tuned for our official announcement and join our telegram for updates on when it’s live.

Part 3 – Quiz about DeFi project Mercurity.Finance

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. Participants had 10 minutes to answer. 1000$ 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:  Mercurity.Finance

Telegram  |  Tweeter  |  Website  |  Medium

An old Chinese saying: ‘A journey of a thousand miles begins with a single step’. And AMA with our friends from Wanchain passed under this auspices. The AMA took place on November 17 and our guests were Jack Lu, Wanchain’s founder and CEO, Noah Maizels, Director of communications at Wanchain and Li Ni, VP of Business Development and Operetions at Wanchain.

The total reward pool was 500$ and has been splitted in 3 parts.

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 again, Satoshi Club! We are happy to announce our AMA session with Wanchain! @DamasBro @noahniuwa @jackxlu welcome to Satoshi Club:grinning:

Noah: Hi everyone! It’s great to be here!

GoldRocket: Hello again! we continue our AMA marathon!

Jack Lu: Hi everyone!

li ni: Hey, nice to be here! This is Lini

Jack Lu: Great to be here!

Mary | Satoshi Club: Could you please introduce yourself and how did you start with Wanchain?)

li ni: Jack, you go first.

Mary | Satoshi Club: Jack always goes first?:joy:

li ni: in Chinese saying, respect the elder. LoL

Jack Lu: I’m Wanchain’s founder and CEO 🙂 We had a blockchain company in China back in 2016 and worked on cross-chain technology and privacy transaction research.
WAN stands for Wide Area Network

GoldRocket: Your crypto experience is impressive

li ni: Okay, this is me.

• 

Mary | Satoshi Club: With all my respect, your bio is mind-blowing)

li ni: Gotcha. I followed Jack in late 2017 and joined Wanchain.

Noah: For sure! I’m Noah Maizels, and I’m the director of communications at Wanchain. I joined them several years ago and worked with them for over two years out of their Beijing office and helped to build up the English speaking community, and create content to help explain about Wanchain’s business and technology.

Mary | Satoshi Club: Happy to meet with you, your content is really good and informative and sure you built a great community:+1:

Thank you for intro guys, i see that you have wide experience and did a lot for Wanchain:+1: Before we will start with the questions from our community, may be you have some news about Wanchain to share with us?:grinning:

li ni: wanchain5.0 launch is the most important one with a series of new mech, crosschain functions and products as well.

Mary | Satoshi Club: Is it already launched? If no, do you have any term?)

li ni:

• 

actually wanchain 5.0 is not ONE product or mainnet

it’s a bunch of things including mainnet, explorer, wallets, crosschain nodes, defi apps etc. we launched a few and will launch rest of them during the whole Nov and Dec

Mary | Satoshi Club: Oh, it should be a huge system 😀 Two months of launches and announcements?:grinning:

Noah: I wonder how aware everyone already is about Wanchain’s key focus? As Lini has shown, we were founded several years ago, and since our founding we have always been focused on two things, decentralized finance (actually, at the time it wasn’t even called decentralized finance, but it’s basically what we described in our white paper), and crosschain interoperability.

Mary | Satoshi Club: I am sure our community read your documentation, but it will never be superfluous to repeat once again :+1:

li ni: Yep, with all different tools, nodes, applications etc

okay, in case our fans here may not have very clear idea of what Wanchain is, let me share a short video that Jack briefly give the idea about Wanchain.

Wanchain is the infrastructure connecting the decentralized financial world. Wanchain’s live cross-blockchain solution is EVM-based, includes optional private transactions, and provides a decentralized, permissionless, and secure approach for interoperability.

Noah: One of the most important parts of Wanchain 5.0 are wanBridges. Which are cross chain bridges which allow for assets to flow freely back and forth between different blockchains. wanBridges are supported by Storeman nodes, with each bridge allowing for assets to move back-and-forth between two different blockchains.

The wanBridges will support the issuance of wanTokens, which are crosschain versions of tokens on different chains. For example, they will allow for wanBTC to be issued on Ethereum, and for wanETH to be issued on Wanchain.

Mary | Satoshi Club: Yes, i know this technology and it’s great that will be implemented on Wanchain. Cross chain interaction very important now.

li ni: The KEY for wanchain5.0 is that decentralized ‘bridge’ Noah just mentioned.

Mary | Satoshi Club: Can you tell me wich assets they support? And blockchains?

li ni: right now wanTokens include: wanBTC, wanEOS, wanETH and several wanERC20 tokens/coins

Noah: Sure, the bridges will begin by supporting , Ethereum, Wanchain, and EOS, and they can easily support all assets from all connected chains to move back-and-forth

li ni: Detailed list can be found on our wanscan at: https://www.wanscan.org/crosschain

Noah: Not all ERC20 tokens will be supported right from the very beginning, since each one must be added separately, but it’s very easy to add a new one, so as long as there’s any demand for it, we can add it quickly. Currently, we support about a dozen top ERC20 tokens

Noah:

• 

• 

Mary | Satoshi Club: Wow, a lot of tokens from the beginning!

Noah: Yeah! And you can see the live list here: https://www.wanscan.org/tokens

Jack Lu: Here’s some detailed info regarding 5.0: https://medium.com/wanchain-foundation/chapter-1-overview-of-wanchain-5-0-connecting-the-defi-world-with-cross-chain-bridge-105e9f6994af

Mary | Satoshi Club: Thank you, it should be very useful info for everyone who wants to know more about Wanchain:+1:

li ni: Most importantly, what Wanchain had integrated is one thing, but with the 5.0 crosschain bridge, which is a generic framework, it will make future other public chains integration with ease.

Mary | Satoshi Club: And this will be important for DeFi system development 😉

li ni: couldn’t agree with you anymore! DeFi does have some dilemma now

Q1 from Telegram user Rebel99

In your roadmap, it’s mentioned that Wanchain plans to develop cross-chain mechanism for NFTs. How will it work considering that NFTs are not really interchangeable?

li ni: NFT is definitely on our radar. NFT is unique, thus from crosschain tech perspective, it’s feasible, only how to price the NFT token value is an issue.

Jack Lu: The mechnism for NFT is a little trickier because it’s value is hard to determin. But the basic process is the same

The original asset is locked and the proxy token is created on the other chain

li ni: crosschain tech is there, basically about how to lock, how to wrap/mint, who control the locked assets etc. For NFT the crosschain ops are almost the same, only how to value the price of each NFT needs to be further studied.

Mary | Satoshi Club: Yes, it’s really not very easy. Btw, do we have any examples of cross chain NFT transfers in crypto? Or this is common still unsolved problem for all chains?

li ni: Not now. we focus on building the bridges now for connecting Ethereum, Bitcoin and EOS networks.

Like i introduced, the crosschain framework is there. only how to price the value of NFTs.

Mary | Satoshi Club: Ok, got it. Sure, after bridges will be build you will find solution for NFTs!

li ni: i know people are saying the next boom could be NFT, DeFi is a bit outdated. However, we have different thoughts on that.

Mary | Satoshi Club: Why?

li ni: we believe DeFi still got great potential, the real crosschain DeFi yet to come.

Noah: Honestly, I’m not too well read about crosschain NFTs, but my guess is that they will be made much easier with generalized crosschain that supports the arbitrary passing of information between two blockchains. Currently, Wanchain’s crosschain technology and most other existing crosschain technology is focused just on moving assets. Arbitrary passing of information between chains is something we are looking into, and it should be pretty simple to implement NFTs if we can manage to come up with a good solution for that.

li ni: Just because chains are not connected, DeFi did not play fully its characteristics and show its full power and charm.

Mary | Satoshi Club: And that’s right. DeFi have potential, but there are some things that cut it – like scams and hacks, don’t you think so?

Jack Lu: We all become smarter over time 🙂

li ni: of course hack, scams are very serious, but we have all been witness to the recent DeFi explosion, however that rapid growth has begun to hit some speed bumps. There are many reasons behind this decline, but one very important one is a lack of high quality assets on Ethereum itself.

look at Compound for example or the previous AMA, Dego right?

On Compound.Finance, there are only seven supported assets: BAT, DAI, ETH, USDC, USDT, wBTC and 0X. Among them, three of them are stable coins, and one is from another blockchain. This is despite the fact that there are over 10,000 other ERC20 tokens on Ethereum

Jack Lu: And the next wave will be Cross-chain DEFI

li ni: This clearly illustrates the problem that Ethereum assets alone cannot sustain the DeFi ecosystem. nd it is why we have spent the last 3 years developing a decentralized crosschain mechanism which enables native tokens on other public chains to swim into Ethereum DeFi in the form of wanTokens

Mary | Satoshi Club: Yes, and that’s why we appreciate such long term projects with long development, like Wanchain:grinning:

li ni: The first wanTokens to launch will be wanBTC and wanEOS, and will soon be followed by wanXRP, wanDOT, and many more. imagine that, those valuable tokens will greatly diversify the assets on those marvelous DeFi apps. Given the demand for more high quality assets from other chains on Ethereum, we expect that quite a few DeFi protocols will be eager to include wanTokens into their system.

Mary | Satoshi Club: And yes, i personally have an experience in wrapping BTC and it is like a miracle 😂

li ni: which one? wbtc, or renbtc or tbtc or sbtc?

We envision wanBTC and wanEOS being used as collateral on protocols such as Compound or Cream for lending and borrowing, and in asset pools on Curve or Swerve and many others. i know Wanchain is kind of slow launching the wanBTC, for example, only because we spent tremendous efforts on introducing a better mechanism to the industry.

Mary | Satoshi Club: Actually, that was if i remember correctly wBTC. p.s. But you will deliver the best to your users and it it the most important thing :+1:

li ni: yea, wbtc is good but it’s a custodial one, not a decentralized one. i know many users hate the KYC of their real BTC in exchange for wbtc

Mary | Satoshi Club: It’s me 😂

li ni: besides, if i remember correctly, there’s a service fee for wrapped custodial BTC

Mary | Satoshi Club: Fees are everywhere 😀

li ni: we did wrote two articles not long before analyzing two good wrapped BTC: renbtc and tBTC. so proudly we think wanBTC is better than these two.

Mary | Satoshi Club: Can you share this links with us?)

li ni: try wanBTC then, no service fee. only gas fee you paid to BTC or ETH miners. i remembered when i posted the renbtc analysis, that one did give a lot of discussion and ren admitted they did not implement what they said in the whitepaper. LoL

Mary | Satoshi Club: Sure, i will:grinning: i like to try new things! And i hope all our members will also enjoy it!

Noah: Here’s the renBTC one: https://medium.com/wanchain-foundation/how-safe-are-todays-wrapped-btc-bridges-b0f35a7b15e2

li ni: The thing is many criticized wanchain is so slow. but we know one thing: to deliver what we wrote and designed, not implement what cannot be done.

Q2 from Telegram user @Michelth

Knowing that for the transfer process between chains to be carried out correctly, the assets are locked in the original chain and the private keys of the account are distributed and stored in the Wanchain nodes, in case the transfer fails in full transaction who responds?

li ni: guess Jack @jackxlu is very familiar with that!

Jack Lu: The cross-chain transaction fails in the middle, everything will roll back

li ni: one misunderstanding in the statement. there’s no ‘private key’ ever stored with wanchain nodes, only segments of a ‘private key’.

Mary | Satoshi Club: Thank you that you point this)

li ni: we adopted optimal threshold secret sharing tech that actually no one hold the original ‘private key’. only 21 segments of the key, and each storeman node hold 1/21 of segments

Jack Lu: Wanchain’s cross-chain bridge (storeman group with 21 nodes) is responsible for handling the transactions

li ni: anonymous 21 nodes and only work for 1 cycle, which is one calendar month. every storeman group will be re-selected every month to ensure the security.

Mary | Satoshi Club: And it is impossible to fold the puzzle pieces?

li ni: unless coincidently 16 of these 21 anonymous nodes know each other, discussed, and all agree on collude.

Jack Lu: There’s risk of collusion with enough nodes in the group. But they all have deposits in the system

li ni: and even that, we designed storeman nodes collateral as financial measure to protect security. meaning even even they collude, they will be slashed their collaterals. as we speak right now, the wan-eth crosschain bridge storeman nodes are being selected. details can be found on our wanscan here: https://www.wanscan.org/osmgroupinfo/0x000000000000000000000000000000000000000000000041726965735f303031

Mary | Satoshi Club: Got it. So, If something will happen funds will be restored.

li ni: should be if happen, users funds will be fully compensated using the collaterals. we set right now 200% over-collaterized ratio to ensure that. besides, i really do not think how 21 anonymous nodes can reach a collusion that easily, isn’t it?

Mary | Satoshi Club: Yes, that true 😂

Q3 from Telegram user @ martin002

Cardano’s Ouroboros is the protocol on which was based your Galaxy proof of stake. Does it mean that you borrowed Cardano’s technology to implement your features?

li ni: @NoahNiuwa did a deep research on our Pos. let Noah answer this one.

Jack Lu: We referenced their paper and came up with our own design and implementation. Please refer to our paper: https://www.explorewanchain.org/#/get_started/downloads . Sorry Noah – please go ahead

Mary | Satoshi Club: I think he need some time to give full answer 😀

li ni: Galaxy Consensus is an efficient, secure, and practical Proof of Stake consensus protocol proposed in a paper published by Wanchain’s Research & Development team. It was designed to replace the original high-energy PPoW (permissioned proof-of-work) consensus mechanism and to officially open up Wanchain’s consensus mechanism to the wider community as a key step towards complete decentralization. The search for a secure and efficient consensus model has become a major research trend for many blockchain systems. Various models such as PoS, PoA, PoI, etc. have been proposed and debated by the research community. After careful evaluation, Wanchain has developed Galaxy Consensus as a Proof of Stake protocol since we believe that stake should form the basis for on-chain governance and development.

Noah: We built on top of Cardano’s Ouroboros consensus algorithm, and added a number of additional features to it to increase performance and security. Yes, you could say we borrowed some of their technology, that’s pretty much how all new crypto tech get’s made, we build on those who came before us

li ni: Ouroboros is a theory, i think we implement it with engineering and adopt for PoS network. guess wanchain’s PoS mainnet is even earlier than Cardano. if i remember correctly

Mary | Satoshi Club: So, you took from them small part and grow your own technology.

li ni: we use the theory, but there’ no actual codes we borrowed.

Jack Lu: We took their theory and redesigned it…

Noah: I recommend this section of our documentation https://www.explorewanchain.org/#/technology/galaxy-consensus it covers the consensus mechanism very thoroughly, you can also read more about Ouroboros here: https://cardano.org/ouroboros/

li ni: just like most project use the cryptograph theory of ECDSA, right? ECDSA is a basic idea with different implementation ways.

Mary | Satoshi Club: Yes, it’s common 😀

li ni: we all shall thank BTC for the original blockchain innovative idea too!

Q4 from Telegram user @ alice_wonderland12

Would you explain what Token Locked Flag is, and its function during a transaction?

li ni: sorry what is Token Locked Flag? not so sure what does this mean

Mary | Satoshi Club: It’s our members question)

li ni: or i guess it may mean during the crosschain tx, the original asset is locked for a while?

if that, i can answer.

Mary | Satoshi Club: I guess it is)

Jack Lu: We do use smart contract to lock assets when possible

li ni: for decentralzied crosschain operation, the system need to lock the original asset, let’s say BTC in an account and mint wanBTC on ethereum through smart contract automatically.

Noah: Here’s a quote which summarizes it pretty clearly from our docs:
“Galaxy Consensus is an efficient, secure, and practical Proof of Stake consensus protocol proposed in a paper published by Wanchain’s Research & Development team. It was designed to replace the original high-energy PPoW (permissioned proof-of-work) consensus mechanism and to officially open up Wanchain’s consensus mechanism to the wider community as a key step towards complete decentralization. The search for a secure and efficient consensus model has become a major research trend for many blockchain systems. Various models such as PoS, PoA, PoI, etc. have been proposed and debated by the research community. After careful evaluation, Wanchain has developed Galaxy Consensus as a Proof of Stake protocol since we believe that stake should form the basis for on-chain governance and development.”

li ni: so only the agent/program need to confirm the original BTC is ‘really’ locked, due to finality mech on BTC, which is about 6 blocks, that is one hour.

Jack Lu: When the asset is locked in the smart contract, our cross-chain bridge (storeman group) will detect that and a series of events will follow to “transfer” the assets

li ni: so yes, when transfer your BTC and get a wanBTC on ethereum, user need to wait quite long.

Mary | Satoshi Club: So, approximately during one hour funds will be locked?

Jack Lu: Mainly for the confirmations on the BTC or Ethereum

li ni: it’s a pity we cannot accelerate the waiting time to minutes or seconds, due to the trustless design of our crosschain tech.

Mary | Satoshi Club: The reason for locking is understandable :relaxed:

li ni: but suppose user cross EOS to let’s say Binance chain, it could be very fast

Mary | Satoshi Club: Yes, this chains are fast

li ni: due to the two networks consensus is not POW and finality time is much faster

Q5 from Telegram user @KevSalom

A few days ago Wanchain 5.0 was launched. Can you explain to us what improvements you implemented with this update? What problems were solved?

Jack Lu: WAN Bridges are Wanchain’s decentralized, universal solution for trustless and permissionless cross-chain value transfer.
BTC, EOS, WAN, and more will be brought to Ethereum, and Ethereum assets will brought to Wanchain.

Currently most of the existing crosschain solutions are centralized. One example is WBTC on Ethereum. The problem is user has to trust a centralized party for the crosschain assets.
Wanchain’s cross-chain approach is to set up one or more decentralized wanBridges in order to connect blockchain pairs. Each wanBridge is decentralized as a Storeman Group consisting of a number of Storeman Nodes.

• 

li ni: Wanchain 5.0 Highlights:
wanBridges are Wanchain’s decentralized, universal solution for trustless and permissionless cross-chain value transfer.
BTC, EOS, WAN, and more will be brought to Ethereum, and Ethereum assets will brought to Wanchain.
It will include the first ever bidirectional bridge between Ethereum and EOS.

Jack Lu: We also make the cross-chain transactions going both ways

li ni:

• 

Jack Lu: And we improved the userbility and made everything faster!

li ni: In the coming days, with the launch of Wanchain 5.0 mainnet, we will continuously launch brand-new and full series of cross-chain products over the course of the next few weeks, allowing users to experience the charms of Wanchain 5.0 cross-chain functionalities. Upgrades to the entire Wanchain product family are included

WanWallet Desktop
● WanWallet Mobile
● WanMask
● WanWallet Offline
● Wanchain Explorer
● Web Bridge

Mary | Satoshi Club: Great improvements! And i think we already covered a lot of details about them in the answers to previous questions!

li ni: and a community DeFi project called ‘WanSwap’

• 

welcome to follow $WASP ‘wanswap’ project at

• 

crosschain defi mining is COMING!

Mary | Satoshi Club: I am speechless, this would be two great months for Wanchain:+1:

Jack Lu: Yes it’ll be exciting!

li ni: thanks, in an old Chinese saying: ‘A journey of a thousand miles begins with a single step’. let’s bring it one by one.

Mary | Satoshi Club: And you already did a lot of steps:grinning: i think we will definitely try all your new functions and features!

li ni: You bet! will not disappoint you all!

Q6 from Telegram user @konditer_rolex

Why did you keep the address format like that of Ethereum? I expected to see something similar to wan_888 … but I saw 0x …. Didn’t think that a person who does not know about you after seeing this address format will decide that this is a token and pass by? And the question immediately arises about marketing. I see that you have very informative social networks. This is probably the only way in quarantine to convey information to other countries. Do you have representatives on other continents? Perhaps the ambasodor program?

li ni: hahah very good question. i asked exact the same one to @jackxlu . and he gave me very good explanation, so please @jackxlu . for the latter part marketing and ambassador program, no one knows better than @NoahNiuwa so Noah can share on that.

Jack Lu: Our original code base was a fork from Ethereum and we didn’t change the address format so it can be easily to be integrated with exchanges and other third party tools. And yes we do have ambassador program. Noah please add

Mary | Satoshi Club: Complete answer, this explains everything about addresses format 😀

Noah: We have a very active ambassador program with community members from all over the world. Ambassador members have the opportunity to get to know core team members and get exclusive updates from the team, and to contribute to many different kinds of activities. They also have the opportunity to earn rewards

I will post the links in a bit

This is our rewards program where you can earn WAN by helping to spread news about Wanchain on social media: https://www.crewfire.com/signup/MJW6dlXsg

li ni: besides, address with 0X represents a decimal/cryptography or something right Jack? not Ethereum’s unique setting. many of us got the misunderstanding 0X represents eth address but actually not.

Jack Lu: that’s correct, hexdecimal

Mary | Satoshi Club: Never heard this)

li ni: haha, i learned that also from Jack. @jackxlu

Mary | Satoshi Club: @jackxlu is the well of knowledge:joy:

Noah: This is the sign up for our Core Ambassador program, it’s a bit different from the rewards program I mentioned above. The Core Ambassador program is a smaller and more exclusive group who works closely with the core team: https://docs.google.com/forms/d/e/1FAIpQLScH8DndK1Rys-F4_wIdqQV2JEXtd8UxEKYq3XExdsr8yG8uYQ/viewform

Mary | Satoshi Club: Satoshiclubbers, that’s your chance :+1:

Part 2 — live questions from the Telegram community

Q1 from Telegram user @Nickkiii

Has the WanBridge Storeman Selection Deadline been reached or I can still set up and register my Storeman node?

Jack Lu: Not yet. It ends in 2020-11-19 03:13 AM (+UTC)

Q2 from Telegram user @Orrangelp

It’s really one of the best disadvantages that when I transfer BTC and get wanBTC it’s usually take time about 1 hour. That’s result huge. In future any plan to reduce time like in a minute or in a second? Is it possible?

li ni: the waiting time is decided by BTC network. we cannot do too much to fasten, unless we talk to Mr. Satoshi to change the consensus to a faster one. LoL

Q3 from Telegram user @brodzonl

When project locks fund on some original blockchain it need to give account’s private key and funds will be managed by Wanchain and for locked funds will get proxy token on Wanchain and if we burn proxy tokens we get original locked token.
There is very high risk when locking tokens trough Wanchain. To give private key to someone, there must be very big trust to that person or project.

How can you guarantee that you won’t just transfer all tokens to external wallet, sell all locked tokens and dump price with it?

Jack Lu: You don’t need to trust a person or a centralized party. Instead you trust a decentralized network

li ni: To protect in 2 ways: 1) tech protection, no one actually hold the private key of locked account and we got 21 anonymous nodes each round and 2) these nodes got collaterals to fully cover if collusion happens.

Q4 from Telegram user 0$4l

On your website you have the wanchain DApps, how important is the DEFI ecosystem in the WANCHAIN ​​project?

li ni: Defi is extremely important to wanchain. as all what we did and are doing is to diversify assets to all defi applications

Q5 from Telegram user @Splendicity

What benefits will the launch of WANCHAIN 5.0 bring to $WAN ecosystem and to the wanchain community in general?

li ni: more defi adoptions of wanTokens and definitely shall greatly help support confidence thus reflect the real value of $WAN

Q6 from Telegram user @baimwong1

What are the advantages of wanswap that must be known and what are the criteria or
conditions for coins to be registered on wanswap?

Noah: WanSwap will be launched as part of our DualDApp program. The DualDApp program will launch DApps on both Ethereum and Wanchain simultaneously. This gives users the choice of which blockchain they would like to use it on. Both the Ethereum and Wanchain versions will feature our crosschain wanTokens, which will allow you to trade between assets of different chains, such as BTC/ETH, ETH/EOS, WAN/BTC pairs.
The advantage of doing it on Wanchain is that the cost and speed are several orders of magnitude cheaper and faster than on Ethereum. It is also easier to withdraw tokens directly back to the native chain from Wanchain.

Q7 from Telegram user @warny

Do you have any guidelines explaining how to use my hardware wallet to Partner-in and set up a group managed Storeman node?

li ni: Yes, just published today, check either wanchain medium or wanchain twitter account for that instruction

Q8 from Telegram user @Maksyrn

Was the original purpose of the Wanchain project DeFi? Or blockchain itself?

Jack Lu: We wanted to be the connector of the Defi world and as well as the Cefi world once the traditional assets are moved on-chain

li ni: in our white paper stage, we proposed the idea: rebuilding finance with blockchain tech.

Q9 from Telegram user Jonah Apagu

The Total rewards wanChain offers to it’s Storeman Nodes is limited with a hard cap which is done to ensure that the high rate of return doesn’t cause too large an amount of funds to move away from Proof of Stake…what is the hard cap set at and why is WanChain worried about moving large amounts of funds away from proof of stake does this mean that you have plans of Adopting another consensus mechanisms other than POS in the future.

li ni: we got plan to maximize the usage of all collaterals, not only WAN but could be the POS staked coins or multiple assets as collaterals to increase the CAP

Q10 from Telegram user @rockmorti

Lately the news of audits in DeFis projects is popular. Is it possible to audit on Wanchain?

Jack Lu: Certainly. We have several audit reports online

Q11 from Telegram user @MOBILE1286

Almost every investor is interested in large Defi projects as it delivers high returns and is fast. For what reasons can convince small and large investors to trust and invest in your project?

li ni: long term attention to wanchain, what we did and what are doing for the past 3 years and try our products yourself.

Q12 from Telegram user @hsahas765

From your website , we can submit problem, suggestion, idea or bug report and get reward, where we can submit that?

Do you plan to build partnerships with local cryptocurrency developers and local project in each country to make the use of the token more global?

li ni: yes, there’s a contact us page with all contacts, like email, twitter or even my personal twitter account can give us feedback

Q13 from Telegram user @Maksyrn

I know the Wanchain project as one of the oldest. I used your wallet. What has changed since people found out about you? And what is being done for this now?

li ni: i suggest keep trying the latest wallets and other products of wanchain and follow our social media for latest updates of the project.

Jack Lu: We implemented Galaxy POS and made our network decentralized. We integrated with BTC, ETH and EOS and now we are in the process of improving these bridges to make them more decentralized, permissionless, fast and secure

Q14 from Telegram user @Pagli45

VOX basically means ”Voice of the People”. How deeply community-governed will VOX Finance be as a project? Can we as investors decide on all the things regarding VOX Finance and its future?

Noah: Here is the core ambassador program: https://docs.google.com/forms/d/e/1FAIpQLScH8DndK1Rys-F4_wIdqQV2JEXtd8UxEKYq3XExdsr8yG8uYQ/viewform
The benefits of joining are:
* Access to a community of smart and passionate blockchain and cryptocurrency enthusiasts
* Access to the Wanchain core team members
* Access to exclusive Wanchain news early
* Opportunities to take on paid projects from the Wanchain team such as graphic design, web design, and more

Q15 from Telegram user @MOBILE1286

What features or technologies does this project have against hackers? Defi is great but I think super thieves often enjoy difficulties and challenges!

li ni: 3rd party audit plus the confidence with our excellent dev teams. our POS network is there for 2 years and no single hacking happened ever.

Q16 from Telegram user @MOBILE1286

How do you plan to attract developers?
Adoption is one of the important factors that all projects need to focus on to become more attractive to investors. So, what is the plan to adopt more Adoption?

li ni: we have wandev community and gitter program, join us.

Q17 from Telegram user @konditer_rolex

Under the terms of the Partner-in program, Storeman receives all rewards from node. If Storeman cheats on me, can I immediately withdraw my funds? There is no temporary blocking? And at least 10,000 wan to enter is expensive for me. Is there any opportunity to participate in receiving awards for example with 1000 WAN?

li ni: pls use delegation to vote the nodes, partner-in model is used for you know the operator very well.

Q18 from Telegram user @you5you89

How many killer features of Your project that makes it ahead of its competitors? Could you tell us 2-3 features ?

li ni: real crosschain tech, PoS and privacy protection

Q19 from Telegram user @Rebel99

Most of the dapps on your website seem to have been developed in-house, I also couldn’t find Wanchain amongst blockchains listed on dappradar. How do you plan to attract more dapps developers to start using Wanchain?

Jack Lu: We do have bounties for dev community. Certainly we need to spend more resources there: https://wandevs.org/

Q20 from Telegram user @MOBILE1286

Most of the project rug pulled and exit scam. At this point how can we trust your project?

li ni: no doubt. if we want to rug pull, we could do it long time ago. are we? Lol

Q21 from Telegram user @leydiiiiiiiiiiii

Do you guys give importance to the holders? Can they also vote on decisions?

li ni: we got wanchain version of snapshot, will use on wanswap, try it later!

Q22 from Telegram user @AmitGoyal1444

How is #WANChain actually positioned on marked? Wan was many times compared with ETH, but actually eos/ trx and eth have many dApps, how looks on wan?

li ni: we are not competitor of eth, but aims to bring all chains to be connected and move assets in a secure way, not centralized exchange way.

Part 3 – Quiz Results

In the final part we tested your knowledge in terms of Wanchain. They’ve prepared 4 questions for this part. The total reward pool for quiz was 300$.

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
Twitter: https://twitter.com/realsatoshiclub
Website: https://esatoshi.club/

Our partners:

Wanchain Community: https://t.me/WanchainCHAT

We are pleased to announce our next AMA on November 25th 2020 at 05:00 AM UTC Time: Satoshi Club x Unifi Protocol

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

⚠️Requirements:
👉 Join Satoshi Club Telegram group
👉 Join Unifi Protocol 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 100 seconds. You can post Max 3 questions. Unifi Protocol Team will select 10 questions and answer them.

Part 3: 300$ – A quiz about Unifi Protocol

For more details:
Unifi Protocol – @unifiprotocol
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish