Satoshi Club

We are pleased to announce our next AMA on November 10th 2020 at 11:00 AM UTC Time: Satoshi Club x CyberFi

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

⚠️Requirements:
👉 Join Satoshi Club Telegram group
👉 Join CyberFi 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. CyberFi Team will select 10 questions and answer them.

Part 3: 300$ – A quiz about CyberFi

For more details:
CyberFi – @cyberfi_tech
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish

We are pleased to announce our next AMA on November 11th 2020 at 11:00 AM UTC Time: Satoshi Club x SERGS

⚠️Click to see the hour
⚠️Total Reward pool: 1500 SERGS

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

We will have the following structure:

Part 1: 250 SERGS /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: 250 SERGS/10 users – Open chat for 100 seconds. You can post Max 5 questions. SERGS Team will select 10 questions and answer them.

Part 3: 1000 SERGS – A quiz about SERGS

For more details:
SERGS – @sergssale
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish

We are pleased to announce our next AMA on November 11th 2020 at 04:00 PM UTC Time: Satoshi Club x Hardcore by DGVC

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

⚠️Requirements:
👉 Join Satoshi Club Telegram group
👉 Join Hardcore by DGVC 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. Hardcore by DGVC Team will select 10 questions and answer them.

Part 3: 300$ – A quiz about Hardcore by DGVC

For more details:
Hardcore by DGVC – @hcorefinance
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish

We are pleased to announce our next AMA on November 8th 2020 at 04:00 PM UTC Time: Satoshi Club x SpaceMine DeFi

⚠️Click to see the hour
⚠️Total Reward pool: $800

⚠️Requirements:
👉 Join Satoshi Club Telegram group
👉 Join SpaceMine DeFi 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 5 questions. SpaceMine DeFi Team will select 10 questions and answer them.

Part 3: 500$ – A quiz about SpaceMine DeFi

For more details:
SpaceMine DeFi – @SpaceMineDeFi
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish

We continue our DeFi project series. Today we talk about the Auric network that takes some of the most interesting aspects of tech innovation within the DeFi space to create an autonomous, adaptive, and decentralized digital asset/protocol.

Our guest:  Ichiro Nakamoto  @ichironakamoto 

The total reward pool was 2000$ and has been split into 3 parts.

PART 1, INTRODUCTION AND COMMUNITY QUESTIONS.

Mary | Satoshi Club

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

D| Satoshi Club: Hello hello Satoshiclubbers

Ichiro Nakamoto: Sup guys, I am the creator behind Auric Network.

Mary | Satoshi Club: Welcome 😄

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

Ichiro Nakamoto: Happy to make your acquaintance~~!! s

Mary | Satoshi Club: We are excited to have you here 👍

D| Satoshi Club: Please tell us about yourself a bit and about Auric btw Ichiro Nakamoto is your real name? 😉

Ichiro Nakamoto: That’s a bit hard since I am supposed to be anonymous. But, well. so the name is Ichiro. It is a Pseudonym

Mary | Satoshi Club: And this day come😂 We have Nacamoto here🎊

Ichiro Nakamoto: lolol. So Ichiro means first-born son in Japanese and it was a metaphorical statement in following the footsteps of the original

Mary | Satoshi Club: Tell Satoshi that we are also waiting for him)

Ichiro Nakamoto: Seriously, what I would give to speak to that man/woman for a couple of hours Soooooo many questions.

Mary | Satoshi Club: Yes, we prepared a lot of work for your mind and your fingers today 😂

Ichiro Nakamoto: So I am based in Asia, but we have a decentralized team. I have been in the crypto space since 2015, and I am a tech geek and an econ geek. And my preferred drink of choice is Whisky. 😂😂😂 Why, thank you~~

Mary | Satoshi Club: It’s a long time, you had to have a lot of Whiskey))) especially in 2018-2019😂

D| Satoshi Club: What kind of whiskey? any special sort? 😉

Ichiro Nakamoto: lolol I am starting to like this AMA. Well, for the fancy-shmancy stuff I LOVE Yamazaki.

Mary | Satoshi Club: We still didn’t start with your preferred sushi😂

Ichiro Nakamoto: But I’m pretty good with Jameson 2018~2019 was realllly cold-like final frontier, Jon Snow cold.

Mary | Satoshi Club: Yes) and during these cold times, the only idea about AURIC could warm you, right?)

Ichiro Nakamoto: But luckily I stopped trading in early 2018 and started focusing on building stuff

D| Satoshi Club: Smart move 👍

Ichiro Nakamoto: Hehehe, well actually Auric Network was designed the way that it is, because of 2018~2019. To give you a bit of context 2017~2019 there were around 3000 crypto projects that launched and listed across a bunch of exchanges some better than others.

Mary | Satoshi Club: Yes, right, but where they are now?

Ichiro Nakamoto: But there seemed to be the same issue across anything that wasn’t building a new infrastructure project. Every fund, investor, reporter… all asked the same question. Why does your business model need blockchain, Which in my opinion although the details can vary is a stupid question.

Mary | Satoshi Club: It’s a very common question, to be honest😁

Ichiro Nakamoto: Because the reasoning behind why ANY platform needs blockchain can be answered with the very bare-bone definition of the word it’s immutable, decentralized, privacy…etc, etc. But the real question is, “why do you need a currency?” Out of 3000 projects that launched 80% were layer 2s or Dapps and to be honest you can build a Dapp or platform on whatever main infrastructure you choose and it should function with all the perks without a token.

Mary | Satoshi Club: That’s right)

Ichiro Nakamoto: Platforms started creating just incentives for their tokens than just madly printing unnecessary currencies. Most of us in the ecosystem started with Satoshi’s whitepaper. Bitcoin: A peer-to-peer electronic cash system.

Mary | Satoshi Club: Yes, I think almost all of us read it😁

Ichiro Nakamoto: Meaning that the only excuse for creating a currency especially if it is not an infrastructure project, was always gonna be to make a BETTER currency one that can be used across multiple platforms/Dapps/use-cases. But doesn’t look at the boundaries of the 4 functions of a currency.

https://auricfinance.gitbook.io/documentation/for-econ-geeks/types-of-money.

Ichiro Nakamoto: You can refer to here for a more in-depth explanation of different types of money and the functions they are supposed to have. So I started getting the initial pieces to the puzzle and AMPL took off

Mary | Satoshi Club: Yes, this really has a sense👍

Ichiro Nakamoto: It fascinated me an automated way to control and mitigate inflation/deflation based on the simplest concepts of supply/price/demand automating the total assets in circulation. Then it was about figuring out the fair distribution. The concept of a yield farm first popped up in my head about 3 weeks before YAM’s conception. So I just needed to solve one issue Satoshi created bitcoin because he was pissed at the traditional markets and centralized government powers.

Mary | Satoshi Club: And I feel that you find a way😄

Ichiro Nakamoto: Because he wanted something better as a financial system just a step into it I guess it is a really BIG experiment. So AMPL had 3 issues I did not like as fascinated as I was with it

1. VCs and centralized supply
2. It was referencing the USD$ (Centralized FIAT and hyperinflationary) What happens when it crashes like 2018? The US has printed more money in the last 4 months than in the 200 years since its conception.

Mary | Satoshi Club: And the last?😁

Ichiro Nakamoto:

3. The death spiral(because a rebase is such a new concept, people don’t understand how to trade it

You can’t buy low and sell high. That’s not what you look at to determine whether you buy/sell in the short/mid/long terms. So I’m like 2~3weeks into the architecture rushing to get an MVP out. Then… YAM launches 500mil in TVL in 17 hours, it was crazy, then a Bug is found and it is migrated within 48 hours. Which was AUSCM to watch!! But frustrating because in crypto first to market is everything.

Mary | Satoshi Club: Wow, it’s an impressive story)))

Ichiro Nakamoto: And YAM tried to solve for the Death Spiral by adding the treasury. Which was also a great experiment to watch but it just wasn’t what I had in mind. So, we just kept building and tweaking, so we stealth launched a week ago and today exclusively on Satoshi CLub. I would like to share our announcement which will be in major traditional media within the next 24hours ish.

D| Satoshi Club: Sure

Ichiro Nakamoto: Auric Network Limited (“Auric”), the Hong Kong-based operator of the blockchain-based digital currency, AUSCM, announces a partnership with Bluebird Merchant Ventures Limited (“BMV”), a publicly listed mining company (LSE:BMV), to give the public access to gold ownership at 15% below market price. BMV’s goldmines, located in South Korea, have been inactive since the 1970s largely due to policy directions adopted by the Korean government that triggered the nation’s industrial revolution. According to the Korean government, the mines contain nearly 800,000 ounces (or over $1.5 billion USD) of ready-to-mine gold, with a geological upside defined in the millions of ounces.

Mary | Satoshi Club: Wow👍👍👍 congrats on this)

Ichiro Nakamoto: Auric’s native token, AUSCM, was conceived in partnership with Bluebird Merchant Ventures Limited (“BMV”), a publicly listed mining company (LSE:BMV). AUSCMs can soon be exchanged for physical gold at a 15% discount from the market price of GOLD. The prerequisite to accessing this opportunity is holding a minimum balance of 50,000 AUSCMs.

Mary | Satoshi Club: What is the price of AUSCUM now?)

Ichiro Nakamoto: $0.0158 I would state that we are hugely undervalued, but I am biased. We launched anonymously and in stealth mode with just the token and no use-case announced on purpose.

Mary | Satoshi Club: Sure, but with such partnerships, you can become huge 👍😀

Ichiro Nakamoto: We really wanted a fair distribution

Mary | Satoshi Club: And I think you have it now)

Ichiro Nakamoto: I hope so~

D| Satoshi Club: Thank you for the impressive intro! we can start with questions from the Satoshi club community if you are ready?

Ichiro Nakamoto: Also to make it very clear our contracts, rebaser, minting feature for the rebaser, are all controlled by our time-locked governance contracts Yes Leggo~~!

D| Satoshi Club: Q1 from Telegram user @Malhang

What was the reason behind choosing gold and not other commodities as a value – storer?

Ichiro Nakamoto: 2 reasons

1. Liquidity

Just like there is a reason that stables are on the USD and not the Vietnamese Dong, or the Indonesian Rupiah. Liquidity is everything.

D| Satoshi Club: That’s right

Ichiro Nakamoto:

2. Gold is the only currency before the USD that was excepted globally. 5000 years of it has proven it’s intrinsic value in the eyes of society and one more reason It is a commodity and a currency, and not controlled by one centralized governing entity. Plus, in any country in the world. gold is worth something and can be traded for local currency. Just like the USD. I mean in times of economic crisis, what do smart fund managers invest into?

Mary | Satoshi Club: You decided to blend cryptocurrency gold with real gold?😀

Ichiro Nakamoto: I mean Warren Buffet(Berkshire Hathaway) just invested $560 million into a gold mining company. No, I decide to use the bleeding-edge technology we have access to now to solve for what we couldn’t a couple of hundred years ago. Gold has issues as a currency. Coins are expensive to mint. You can’t go pay $1.99 I gold at the supermarket in shavings. This is where the features of a good currency come in. If anyone can name what those 7 features are right now I will personally shoot you 1000 AUSCMs Anyone?

Mary | Satoshi Club: I need to open chat for this😀

I will open for 15 secs)

D| Satoshi Club: We can do it in the second part😀

Mary | Satoshi Club: No, In 15 sec

Ichiro Nakamoto: Okie Doke

Mary | Satoshi Club: Let’s do it now😀

Ichiro Nakamoto: Ohh so in 10 secs?

Mary | Satoshi Club: Now

Ichiro Nakamoto: I hope someone gets it

AT THIS MOMENT THE CHAT WAS OPENED AT 10 sec

There is was many questions, but right only one from

 Telegram user @Pratze

Demon: durability, portability, divisibility, uniformity, limited supply, and acceptability

Ichiro Nakamoto: durability, portability, divisibility, uniformity, limited supply, and acceptability. Nice but missing one.

but Demon guy gets it.🎉🎁

DM me your addy and I will send as soon as it’s over.

Mary | Satoshi Club: Congratulations 🎉

D| Satoshi Club: @Pratze congrats! you made some money 😀

Ichiro Nakamoto: Btw we are up 20% in the last 20 mins lol.

Mary | Satoshi Club: It is called SCE – Satoshi Club Effect 😂

Ichiro Nakamoto: And it’s not on google NOICE. Okay, the one I was looking for was elasticity. Gold is not portable nor is it uniform unless minted as coins and it’s just inconvenient to monitor or use account for or divide. Our cap is low so I would hodl because it may rebase and grow in the future as demand escalates. Anyways

Mary | Satoshi Club: Yes, now I got why you choose gold.😀

Ichiro Nakamoto: The point is, after reading George Selgin’s Thesis on Synthetic commodity Monies It hit me. We can use crypto to bring it back and get rid of 90% of the issues it had as a currency in the past.

D| Satoshi Club: Thank you for your answer! @ichironakamoto if you are done with this question we can jump to the second one?

Ichiro Nakamoto: Yes of course, sorry for the LONGGG answer.

D| Satoshi Club: Q2 from Telegram user @jefer_bn

I saw the introduction to the de-fi technology in your education section. That’s a very good initiative, that’s seldom found today. Do you intend to expand the educational scope of your project?

Ichiro Nakamoto: YES!!!

So this is my most important statement for the night. The rebasing projects and anything new and experimental is great to have a trend, but to be honest, it’s like putting a bandaid on what needs sutures. Education is the ONLY way to further technology implementation. That and some better UIs LoLoLo

Mary | Satoshi Club: Yes, that’s great that you educate people)

Ichiro Nakamoto: Stay tuned to our medium channels and the resources and education sections of our website for more docs incoming

Mary | Satoshi Club: Not all projects think about this. Sure, will follow them

Ichiro Nakamoto: Also would like to shout out a community member who has been writing very intuitive pieces on medium about us

Mary | Satoshi Club: Satoshiclubbers first, don’t forget to join here @auricfinance

Ichiro Nakamoto:

https://munair.medium.com/

Mary | Satoshi Club: Thanks for everything you are doing👍 and can we go to the next question?)

Ichiro Nakamoto: Yes, GoGoGo.

Mary | Satoshi Club: He is from your team?

Ichiro Nakamoto: Nope, legitimately a supporter and contributor.

Mary | Satoshi Club: Already follow him, thanks)))

D| Satoshi Club: Q3 from Telegram user @kozmal

Your project looks very well documented, and it has resources on all platforms where all good projects have resources. Still, it lacks in terms of trust because of the anonymity of the team. When do you intend to make your team public? Do you think that this is still important in a blockchain project?

Ichiro Nakamoto: His articles and support have been great!!

 So actually that’s a loaded question. We currently have no plans to go public with the team members or myself ever. We launched anonymously to keep the focus on the project and the product.

D| Satoshi Club: How big is your team?

Ichiro Nakamoto: That is something I will refrain from answering. But depends on which part of the team you are referring to.

D| Satoshi Club: Well, I mean how many developers?

Ichiro Nakamoto: A good question will have to pass. Sorry.

Mary | Satoshi Club: Btw, did you do something like a KYC procedure for partnership?

Ichiro Nakamoto: Yes, you can’t sign a contract with a publically listed company without a business license or

 People looked for VCs and famous team members when investing in projects in the past and that was a big reason why a LOT of great projects never took off. We should be looking at what they are building.

Mary | Satoshi Club: So, now we know that you really exist) It’s a joke. Yes, this question has two sides)

Ichiro Nakamoto: We also took enough measures to show that we have no intention of a rug pull. 300ETH in locked liquidity for 6 months and a full audit by quantstamp with deployed governance.

Mary | Satoshi Club: Oh, we have questions regarding this😉

Ichiro Nakamoto: Giving them your personal info, can’t risk anything leaking ^^ and yes tomorrow evening BMV(the publically listed company will be announcing the news as well themselves) And they can’t lie or they have to deal with the UK government.

Mary | Satoshi Club: I see, that your identity is checked, but you don’t want to go public. I think it’s enough for those, who doubted. For those who didn’t believe everything won’t be enough.

So, now waiting for BMV official announcement) but we know😉

Ichiro Nakamoto: Well satoshi is anonymous, you don’t see me questioning bitcoin right? I mean we literally made it so that you can farm without staking AUSCMs in the 20 other pools just so we could prove that. We can’t rug even if we wanted to

Mary | Satoshi Club: You don’t) but a lot of people want to know his identity)

D| Satoshi Club: Yes, and we know that the crypto world has a lot of anonymous teams with trustworthy and solid projects

Ichiro Nakamoto: I mean I would kill to know, but it’s most likely Hal right?

Mary | Satoshi Club: It seems, yes

D| Satoshi Club: But who knows for sure 😄

Ichiro Nakamoto: May he RIP touche, sir.

Mary | Satoshi Club: But hope bitcoin will be live forever😀 So, are we ready for the next question?)

Ichiro Nakamoto: Of course come @ me

Mary | Satoshi Club: Ok)))

D| Satoshi Club: Q4 from Telegram user @kany_west

The liquidity is locked on your pool for 6 months. Do you think it is enough to ensure your investors? there are teams which lock for more than 1 year

Ichiro Nakamoto: To be honest, if in 6 months our liquidity is not above$10 million in ETH. Then it wouldn’t matter anyway.

Mary | Satoshi Club: It’s your goal?😉

Ichiro Nakamoto: Also most teams who are self-financed and anon don’t lock 300ETH lol. No, our goal is to get MASS adoption with the rebaser on our first goal within the next few months is.

Mary | Satoshi Club: Yes, that is a good sum)

Ichiro Nakamoto: 500million tokens in supply

Ichiro Nakamoto: Which would put our cap at around $30 million US

Mary | Satoshi Club: And now you have…?

Ichiro Nakamoto: Now we are at 600k in cap and 30 million tokens

Mary | Satoshi Club: Oh) 500 mil will be huge👍 So, for me everything is clear)

D| Satoshi Club: For me as well, we can jump to the 5th question now

Mary | Satoshi Club: @ichironakamoto ?)

Ichiro Nakamoto: When people see and believe it will be a very different game but the BMV contract is for $20 million worth of gold and we have many more in the pipeline, Yes we can move on.

Mary | Satoshi Club: True😀

D| Satoshi Club: Q5 from Telegram user @marccryptonic

In the audit section of your website, I have found the audit from quantstamp and also it is written that you have given 20 ETH to 2 projects for rigorous audits. Have you found those companies already? Are they working on that?

Ichiro Nakamoto: That is a misinterpretation believe we are offering other auditors a 20ETH bounty for the first 2 firsts who will also audit us.

Mary | Satoshi Club: So, now this bounty is live?

Ichiro Nakamoto: Yes, We also have a creative bounty

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

Ichiro Nakamoto:

https://auric.network/about

D| Satoshi Club: Maybe you have a meme contest as well? 😀

Ichiro Nakamoto: Yes, not limited to memes, but yes graphics, web pages, a dashboard.

We welcome any and all contributors to our community.

Mary | Satoshi Club: I think our community will join 👍😀 And the last question from this part @ichironakamoto ?)

Ichiro Nakamoto: Yes

D| Satoshi Club: Q6 from Telegram user @ownyourfunds

You are a fork or a changed version of synthetix. Let us know why have you decided to choose them as a ground for your developments and what negative parts did they have because you decided to change them?

Ichiro Nakamoto: Okay so the only thing we forked from Synthetix was their staking contract for the farming pools. And we tweaked the Algo so that it was quite a bit different from their original design. I would say we forked a mix of 4ish projects. Synthetix for the staking. compound’s governance. Ample in the rebase with the Chainlink XAU as ref price and then our own twist on the logic of the rebaser.

Mary | Satoshi Club: You take the best from them and remove those parts, which you think are the worst, right?

Ichiro Nakamoto: So it’s not about what is best or worst right? Best or worst is only the case depending on the intention of your functionality.

Mary | Satoshi Club: Yes, but I am used to simplifying all things sometimes😀 But I got what you wanted to say. Your functions differ from them)

Ichiro Nakamoto: I feel like it really depends on what you are building. All those functions are like lego blocks, our functions are made in a very interesting experiment

Mary | Satoshi Club: I feel like we all from the lego generation) and it’s really amazing, that using this game principles we are building such life-changing things)

Ichiro Nakamoto: Yeah seriously and the truth is that this is just the beginning.

Mary | Satoshi Club: Right) a lot of blocks ahead 😉

Ichiro Nakamoto: HeHe

Mary | Satoshi Club: And on this optimistic note we can start our live part with the live questions from our community) do you want to add something or we can start?)

Ichiro Nakamoto: I see what you did there. Let’s go~!!!

Mary | Satoshi Club: Let’s go 🚀

 

PART 2, TELEGRAM COMMUNITY LIVE QUESTIONS

In this part the chat was open for 100 seconds; a lot of questions were posted by Satoshi Club community. Our guests chose the best of them.

Q – 1 from a telegram user @nzikak

Reading through your medium posts, in some posts, it says that the rebase reference price is 10 mg of Gold while on others it says 1 mg of Gold. What is the actual reference price you’re using and why did you choose the value?

Ichiro Nakamoto: 1mg, we were going to peg at 10 initially but opted that that smaller the currency the better it could be for use in the future.

Q – 2 from a telegram user  @zaferce

How will yield mining be implemented for LP tokens and core assets, and how will this system make a difference to other farming practices?

Ichiro Nakamoto: already live
Q – 3 from a telegram user @Brainchest

What’s interesting about the💰💰 secondary rewards pool? If investments are more profitable in the secondary pool, then where is the time limit, after which I can transfer to this pool. What is the yield?

Ichiro Nakamoto: Actually last one cause this one is the most promising, answering all questions about the rebase and the secondary rewards pool because technically one does not exist without the other in auric’s design basically Let’s say for example that a positive rebase occurs right now.

AMPL’s rebase uses its algorithm to take data input from the oracle every 12 hours and uses those 2 data sets over a period of 24 hours to rebase and they are looking at stepping into equilibrium if no one trades the asset in approximately every 10 rebases.

YAM’s rebase does the same but if a rebase of 15% were supposed to happen, instead one for 13.5% happens and 10% of the rebasing amount which in this case 1.5% of the supply gets converted into a stable and spent to supply the treasury pool.

Auric Network, or AUSCM’s rebase occurs every 12 hours once it is triggered through a community vote but the data set is pulled every hour for 12 hours with means we use a linear mean of 12 data points. 20% of all rewards giving out through any staking on Auric are split evenly into 4 equal pools.

1. Auric.fund(Governance)
2. Governance participation incentivizer(governance)
3. Dev pool
4. Secondary rewards pool(Governance)

Now pay attention cause this is where it gets fun

The Secondary rewards pool has no time limit. as long as there are tokens in the pool it will distribute bits of it to anyone staking.

Then when a positive rebase occurs on AUSCMs, 10% of the rebase amount is injected into the secondary rewards pool

Now, most people don’t get what this means so allow me to simplify.

Auric price goes up, it triggers a rebase. Price going up also makes APY for the secondary staking pool to increase.

Then more people are incentivized to stake. then when the rebase occurs, it causes token supply to increase and 10% of the increase goes directly into the 2nd rewards pool further increasing APY. Meanwhile every time someone claims rewards rom staking a portion goes into the 4 pools.

this is what I would like to call the everlasting gobstopper.

It solves for the treasury, the continued incentives to farm and support the ecosystem as well as to stake for the rewards and bring on new buyers

every time we add a new asset class that can be purchased using AUSCMs it means we’ll need to supply a bigger audience.

This is why whether negative rebase or not your % share of the total supply stays the same positive or negative

so when investing in rebasing assets, you should be looking at it like when you are looking to buy the equity of a company. Is the entire ecosystem undervalued? Will they create more value than today?

Q – 4 from a telegram user @rockmorti

What is your opinion and vision about exporting your project to other thriving blockchains like Polkadot or Binance Smart Chain and in the same way creating other parallels based on silver, platinum, oil maybe?

Ichiro Nakamoto: GREAT question. We may simply just rebuild our features onto an inter-blockchain communications network like NEAR or Cosmos in the future, but don’t view it as a necessity
Q – 5 from a telegram user @Uci000

Is it safe to stake AUSCM on your platform for a long period of time? If at any time something goes wrong in your system that results in user losses, is there a guarantee?

Ichiro Nakamoto: So our platform is just pulling data off the Ethereum blockchain and our code has been audited by quantstamp

Q – 6 from a telegram user @GoldRocket27

‘Tell us about a community-run treasury, how much money is in it, and for what purposes it can be spent? Can a pump be funded? Can they finance the pump?

Ichiro Nakamoto:  Yes actually if the community voted on it, funds from the Auric.fund pool could be allocated to it but it would be irrational to do.
Q – 7 from a telegram user  @BJosefina61

Recently there have been projects based on tokenizing gold-backed reserves, for example, XAUTether. What advantage does Auric offer over token-backed projects?

Ichiro Nakamoto:  So as far as I know and the reason for the way that Auric was released the way it was is because commodity monies are in a sense security meaning centralized exchange listings in the future and other regulatory concerns come up. Where as synthetic commodity money used as the main modes of currency in an entire commodities investment platform/ecosystem is much less in regulatory issues. Moral of the story: we did our homework.

Q – 8 from a telegram user @chelyabinsk_crypto

Which price oracles are you using to determine the price of gold at time period X to calculate the rebases?

Ichiro Nakamoto: Chainlink’s XAU oracle with more to be added over time

Q – 9 from a telegram user @KhaleesiTheCryptoLady

AUSCM start with an initial supply of 30 million tokens, 56% of which is used to reward farmers via initial staking rewards pool (AKA Yield), the remaining 44% is reserve for what? How will you distribute it?

Ichiro Nakamoto: 44% went into the Uniswap liquidity pool along with our 300ETH to create the initial price.

Q – 10 from a telegram user  @Guandog

PMorgan said a century ago that the only money is gold, everything else is debt. How does the Auric Network intend to gain the confidence of communities and investors about the reliability of the protocol?

Ichiro Nakamoto: I love these questions. So I disagree with JP Morgan. That quote gets misused out of context a lot. John Law wrote in his book that he had found the philosopher’s stone (the alchemic compound for making gold out of something). He said that it was paper That he could print it like gold, the gold pool failed in 1971 for a reason. Human greed and error. Gold is great but, it’s a pain in the ass to use or store. Now technology has given us a new way to take everything it has to offer intrinsically as a store of value and make it wayyyy easier to interact with.

Q – 11 from a telegram user @Cryptogirl01

how is it possible to exchange gold for 15% discount if I am not from South Korea?

Ichiro Nakamoto: Please look at how futures contracts are settled. On gold of course. This would take me a LONGGG time to explain via telegram but it is FULLY possible.

Q – 12 from a telegram user  @Joseunda

Do you have a plan to introduce other metals like SILVER, DIAMOND, etc?

Ichiro Nakamoto: Our next ones in the pipeline are probably gonna be energy-based. Oil, energy, coal, carbon credits.

Q – 13 from a telegram user  @tuvalunia

You told me about George Selgin’s Thesis on Synthetic Commodity Money. So can you give some details on what Synthetic Commodity Money is? Was that just an inspiration for you or is it also related to the part of your project?

Ichiro Nakamoto:  It was both an inspiration and, to be honest. That is what AUSCM is… Synthetic commodity money with utilities

https://www.sciencedirect.com/science/article/abs/pii/S1572308914000722

Q – 14 from a telegram user  @BERTA2020

Where can I buy your $AUSCM token currently?

Ichiro Nakamoto: Uniswap!!!!

Q – 15 from a telegram user

The question can’t be answered.

Part 3 – Quiz Results

In the final part we would like you to check your knowledge in terms of Auric Network. For community was prepared 4 questions. A link to a Quiz form was sent into the chat. Participants had 10 minutes to answer. 1400$ was distributed between the winners.

For more details:

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

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

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

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

Website: https://esatoshi.club/

Twitter: https://twitter.com/esatoshiclub

Our Crypto Partner by this AMA:  Auric Networ

 

Telegram  |  Tweeter  |  Discord |  Medium  |  Github

 

 

We are pleased to announce our next AMA on November 8th 2020 at 02:00 PM UTC Time: Satoshi Club x MTI Finance

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

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

We will have the following structure:

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

Part 2: 100$/10 users – Open chat for 100 seconds. You can post Max 5 questions. MTI Finance Team will select 10 questions and answer them.

Part 3: 300$ – A quiz about MTI Finance

For more details:
MTI Finance – @mtifinance
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish

Sometimes you should trust bots and they will do for you what you yourself won’t be able to do physically. And today we would like to tell you about the AMA session with our friends from Bot Ocean. The AMA took place on November 06 and our guests were Lorena Tincu, CTO of Bot Ocean and Dragos Lipa, CEO of Bot Ocean

The total reward pool was 2000$ 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 Bot Ocean! @loretincu welcome to Satoshi Club:grinning:

Lorena Tincu: Thanks for the invitation Mary! 🙂

Dragos Lipa: Hello everyone! Thank you for having us

Mary | Satoshi Club: Happy to see you here :+1: How was your day?)

D. | Satoshi Club: @dragosL @loretincu hello guys! welcome to Satoshi club! 😊

Lorena Tincu: It went great up until now thank you, but I hope it’ll be even better after our AMA today

Dragos Lipa: Great, I think everyone is enjoying the run that the market is having

Mary | Satoshi Club: We as well:+1: Could you please introduce yourself and tell us how did you start with Bot Ocean?)

Lorena Tincu: I’m an automations engineer and have been a developer for the past 6 years; from working on large teams that iterated on live products to building new ones from scratch. I’ve been involved both in startups and large companies but after all this while I decided it was finally time to choose a clear direction in which to go and at the time I had known Dragos for a while and decided to join as CTO and dedicate my time to Orka & Bot Ocean.
My specialization as a software engineer lies in machine learning & AI but over the years I’ve learned to become well-rounded enough to be involved in all the various parts of building an application. With the help of everyone else on the team it’s actually been quite fun to build the whole infrastructure for Orka and now Bot Ocean so it’s something I see myself doing for the years to come.

Mary | Satoshi Club: Great background, sure it will help Bot Ocean a lot:wink:

Dragos Lipa: Sure! Back in 2013 I initially started mining BTC with a small home setup but that quickly turned into a spiral which eventually concluded with me picking up trading and ever since then I’ve been doing that pretty much full time. After so many years though, I figured there must be a better way to trade, especially in a market that works 24/7 so that led to Orka Labs which is an algo trading fund. Right now, we are testing an average of 200M new strategies every month and we are in the process of increasing that.
After Orka Labs picked up we were able to relax a bit and so we turned our attention towards offering a similar way to trade to other people as well. To some extent, we really think that at the very least for markets that are live 24/7 algorithmic trading will become the new norm. After all, we’ve been aware for years now that automation will slowly become embedded in our system. Time has come for the same to happen in trading too.

Mary | Satoshi Club: 2013, mining:joy: you are lucky man) btw, is this orkalabs site? https://www.orkalabs.com/

Dragos Lipa: yes, that’s the website. yeah I have been around for quite a while now. You can also access our YTD trackrecord there

D. | Satoshi Club: what is YTD?

Dragos Lipa: Year to Date. And that amount is in BTC. Basically our profits in USD are around 500% at the moment from the beginning of the year

Mary | Satoshi Club:

So, Bot Ocean is something like continuation of orkalab?)

Dragos Lipa: It’s more than that. Bot Ocean gives everyone the ability to do what we do at Orka Labs without knowing how to code.

Lorena Tincu: It can be seen as an extension of Orka yes. While Orka is aimed more towards institutional investors whereaa Bot Ocean is aimed towards normal people.

Dragos Lipa: Exactly. We aim to be the bridge between people that don’t know how to trade and industry proffessionals.

D. | Satoshi Club: is it safe to trust bot? 🙂

Dragos Lipa: In my opinion it’s way safer than trusting a human to do it. Just think about it, a bot can watch the market 24/7 and look for the exact opportunities that you would look for as a human. The only difference is that by going with algos you don’t have to worry about emotions

D. | Satoshi Club: im asking because im from the ‘normal’ people who don’t know how to use trading bots 😀

Dragos Lipa: We will provide the infrastructure so people don’t have to worry about technical problems, we will take care of that.

Q1 from Telegram user @mark_mitroglou

I can use your services by connecting them through API to my exchange accounts. Explain how safe is this. Is there any possibility to compromise my exchange account?

Dragos Lipa: Yes you just need to connect your exchange account to our platform through API keys. No, there is no way to compromise your exchange account other than if your 2FA and mail get hacked.

D. | Satoshi Club: do you have a guide how to connect?

Dragos Lipa: Yes, the UX will be really smooth, everything will be explained once you first log in on the platform. Besides we will have informational videos about all the features that we offer.

Mary | Satoshi Club: But there is a way to hack API and make market manipulations with price?) And this will also lead to losses.

Dragos Lipa: No, there is no way to hack the API en-masse

Mary | Satoshi Club: Ok, i will believe you)

Dragos Lipa: We take security very seriously, we have an expert on our team. As we have a security expert on our team, the code of the bot will be reviewed in detail. We will also do a 3rd party private audit on our backend code to make sure we haven’t missed any vulnerabilities. On top of that, all of the instances of the bots will be dockerized(sandboxed), so in case of a breach, the attacker will not be able to escalate privileges and access the rest of the platform.
And to give a bit more info on our security expert, he’s a member of a top global CTF team (no.2 in the world in 2019), has developed his own pentesting challenges in web, blockchain, and even quantum coding and in addition to this, he even won several competitions including DefCamp for 3 years in a row, which is the most important annual conference on Hacking & Information Security in Central Eastern Europe. We take security very seriously.

D. | Satoshi Club: you can’t tell his name now?

Lorena Tincu: He is on our website actually, he’s called Tudor

Mary | Satoshi Club: Greetings to Tudor🙂:+1: I think with him you will have strong security 😉

Q2 from Telegram user @kaidera

The utility of the token is important. I have seen several features on the website. How about the discount on transaction fees and the discount on different strategies? What are those fees in general and what will be the discount?

Lorena Tincu: The discount depends on various things, and it goes up depending on specific volume and other such details. Additionally, the token also gives access to various exclusive features such as reports from Orka Labs periodically and early access to new features and updates.

Mary | Satoshi Club: Do you have different plans for your users?

Lorena Tincu: We will be releasing the Whitepaper this week which goes into detail about how the various mechanisms work.

Mary | Satoshi Club: Thanks🙂 Waiting for your updates :+1:

Q3 from Telegram user @b_dima

You have mixed the right features to outpace any human trading strategy and test it against massive historical data. On what is your data based? Why do you think it’s better than other similar trading bots?

Lorena Tincu: Our backtesters are built from the ground up and the backtesters show a level of accuracy of 5 decimal points, in other words it is has a precision 99.99999% when compared to the live data.
Now this is how strategies and bots are tested in order to have a good idea of their overall potential performance, but you have to understand that everyone will be able to create their own strategies. It’s true though that at the beginning we will be offering some free strategies from Orka so people can start using it directly.

Mary | Satoshi Club: Will it be hard? To create my own strategy? I know, that i don’t have to code, but which basic knowledges i will need to have?

Lorena Tincu: The interface will feature a drag & drop interface where people can select indicators and connect them to one another with conditional statements, thus making it zero-code and well quite easy to use to be perfectly frank.
So to answer your second question, you simply need to be familiar with technical analysis and how trading works in order to connect indicators in a logical way that generates consistent results.

Mary | Satoshi Club: It’s clear:wink: I think i want to try:joy:

Lorena Tincu: Haha sure we’d be glad to see you there 🙂

Q4 from Telegram user @alex_satang

I tried to find the list of exchanges that you are supporting at the moment but couldn’t find it. Can you tell us with what exchanges does your product work and what others will it support in the near future?

Dragos Lipa: We have a pre-register form on our website botocean.com where you can select which exchanges you want us to add. But for sure we will support the big ones right from the beginning.

D. | Satoshi Club:

will you be expand the list of supported exchanges?

Dragos Lipa: If we have a request to add an exchange we will obviously add it, this is not a concern.:smile:

Mary | Satoshi Club: I just wanted to ask about DEXs and CEXs:joy: I see, you have a nice choice) Btw, can you tell us how much money approximately do a person need to start trading using trading bot?)

Lorena Tincu: As for the minimum, there isn’t one. It should obviously be higher than the cost of the trading fees themselves but that’s it.

Q5 from Telegram user @vir_leroy

How is the pool of traders from which you can copy trades formed and will this traders earn % from each trade I will make using social trading?

Lorena Tincu: Any strategy creator can choose to publish his strategies. All strategies are tested with the backtester and given a rating score in addition to some more minute details that individual users can check out.
The strategy creators do earn a percentage of all the transactions you make while copying their strategies, yes. Similar to eToro.

D. | Satoshi Club: since the question about earn some %…will you have an affiliate program?

Lorena Tincu: That is an option we are considering but we will be releasing the exact details of this a bit later.

Mary | Satoshi Club: You will be decentralised eToro)

Lorena Tincu: Yeah that’s a pretty fair comparison

Q6 from Telegram user @Okkk0p

On your roadmap, in Q2 2021 you stated that you will be “preparing necessary license for custodial investments”. Tell us please what is custodial investment and in what jurisdisctions will this license be valid?

Dragos Lipa: This license will be valid in all EU states to begin with, as we grow our user base we want to add more services to our offering.

D. | Satoshi Club: and what is ‘custodial investment’?

Dragos Lipa: We meant that users will be able to hold funds on our platform directly. At the moment we are non-custodial, meaning that users only connect their exchange account to our platform. they don’t hold funds with us directly

Mary | Satoshi Club: Will it be accessable for USA citizens?)

Dragos Lipa: This is something that we will decide later on, right now we are focused on launching a first version of the product in Q1

Mary | Satoshi Club: A lot of work to do or it is almost ready and tested?)

Dragos Lipa: It is around 90% done, we have been working on it for some time now

Mary | Satoshi Club: It’s closer to ‘ready’:joy: Wish you successfull launch :+1:

Part 2 — live questions from the Telegram community

Q1 from Telegram user @nzikak

Can you give an estimate of the expected returns obtainable from using your trading bots?

Dragos Lipa: It all depends on the strategy that the bots will be trading. To give you an idea we did around 500% at orka labs this year until now. We will make some of our strategies available on botocean right from the beginning so users can start earning right away

Q2 from Telegram user @thaiquoc

There are many people who need to look at the whitepaper to know the project’s features. So when will you release the whitepaper and its benefits?

Dragos Lipa: We will release the whitepaper next week. Join our group and stay tuned for that

Q3 from Telegram user @Idee01

How is Orka Labs related to Bot Ocean? In your article, you mentioned putting up some Orka strategies for users to learn from. Can this strategies help improve trade decisions for me and my friends when we apply them?

Dragos Lipa: By using our strategies you won’t need to do anything anymore, other than monitor your account. The bot takes the signals and trades based on them.

Lorena Tincu: Orka is a company owned by the same team behind Bot Ocean and it is simply our institutional grade solution. We will be offering strategies from Orka that users can either use to learn / get inspired or simply copy them consistently. And yes, I think they can help people.

Q4 from Telegram user @BboyForteVZLA

do I need to pay for a membership to be able to access your trading bot?

Dragos Lipa: The access to the platform will be free, but in order to place trades using the bot you will need to pay a subscription.

Q5 from Telegram user @xitrump

In your website, I see Bot Ocean is doing a survey “What exchanges are you using for trading?”, so what are your main purposes for this survey and are there any unique features be integrated for chosen exchanges?

Dragos Lipa: We want to figure out which exchanges most of our potential users use so that we can integrate as many of them as possible for the launch.

Q6 from Telegram user @CryptoZaratustra

Bot Ocean has a partnership with Hyve. How does this tailoring contribute to Bot Ocean’s success? What are you basing on when choosing partners?

Lorena Tincu: We’ll be allowing HYVE users to use Bot Ocean strategies while also allowing Bot Ocean users to request the development of a particular indicator or other necessities by making a task on HYVE.
We usually make partnerships with teams that share our overall vision and where our products can collaborate in some way.

Q7 from Telegram user @Pratze

I read in your TELEGRAM, that you have no plan in listing token to UNISWAP Or other exchanger. Could you please tell to us the reason?

Dragos Lipa: We will list on uniswap.

Q8 from Telegram user @Yulafciyildiray

What kind of benefit does Botocean offer users who use bots for trade?

Dragos Lipa: We offer a reliable infrastructure so you don’t have to worry about technical problems, only about the algorithms themselves.

Q9 from Telegram user @Giniwhite

What are the advantages as a non-custodial platform? how efficient is the bot on Botocean? Is there any informative material to guide me to use the bot?

Lorena Tincu: We are never in posession of funds which removes the necessary trust component. The strategies on Bot Ocean will have different levels of performance, the users can choose whichever they like best.

Q10 from Telegram user @Idee01

So many risk are associated with crypto trading and most crypto users are afraid of exposure to these risks. With Bot ocean, I can earn BTC while your bots do the job. So how reliable are your bots? How fast do they execute orders and cut losses?

Dragos Lipa: It all depends on the strategy that they are using to generate signals. Depending on the risk profile of the user he can choose accordingly from the marketplace

Q11 from Telegram user @AmitGoyal1444

When will we can expect launch of Beta, and how will we access to it??

Dragos Lipa: Beginning of Q1 2021, just pre-register on the website now and you will have exclusive access to the beta

Q12 from Telegram user @Sallubtc

I trade manually always so can you give me reason that why should i go for bot trading?

Lorena Tincu: It’s physically impossible for a human to outperform a machine. Turing proved this in the second world war when even the most basic computer was able to outperform some of the brightest minds alive.
This is especially true when we take into consideration the large amount of information that is analyzed in order to make a trade decision. Furthermore, a bot has no delays nor any emotional feelings. It simply does what it’s programmed to do, without having an opinion about it.

Q13 from Telegram user @cryptolover1010

BOT token currently relies on the Ethereum platform- But, as we know ERC20 Blockchain currently has many scalability issues – Then . What’s the main reason behind choosing Ethereum, not other blockchains?

Lorena Tincu: Ethereum just released the ETH2.0 deposit contract in the last few days, so the scalability issue of Ethereum will become much smaller as time passes. Furthermore, Ethereum is by far the most comprehensive ecosystem as things stand right now.

Q14 from Telegram user @Emidm37

Will there be a discount fee for all those users who hold the Bot Ocean token? Do you offer benefits and advantages to all holders?

Dragos Lipa: Yes, there will be a significant discount if you pay using our token. All token holders will benefit from the advantages.

Q15 from Telegram user @konditer_rolex

It will be very interesting to try yourself as a shipbuilder in your Ocean. Can I test my ship before sailing? Can I use the help of experienced shipbuilders? What tools are provided so that inexperienced captains do not sink their ship on their first voyage

Dragos Lipa: We will have paper trading available so you can test your ship before sailing:smile:

Q16 from Telegram user @Okeesha_Vinula

What are you plan For Non-crypto peoples to use your platform?

Lorena Tincu: If eToro was able to attract crypto users to a non-crypto platform we believe we’ll be able to do the same. Now leaving jokes aside, we are first and foremost a platform where users can for the first time make an algorithmic trading strategy without the need to code. Even TradingView lacks this feature, so I believe there will be quite a few traders interested about this, especially as the overall population starts becoming more educated in regards to personal finance.

Part 3 – Quiz Results

In the final part we tested your knowledge in terms of Bot Ocean. They’ve prepared 4 questions for this part. The total reward pool for quiz was 1400$.

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:

Bot Ocean Community: https://t.me/botocean

Fun creates enthusiasm and energy. Satoshi Club is always full of this emotions and its guests as well. Today we would like to tell you about the AMA session with our friends from Dopeswap. The AMA took place on November 05 and our guest was The Dealer, CMO of Dopeswap.

The total reward pool was 800$ 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 Dopeswap! @TheDopeDealer welcome to Satoshi Club:grinning:

D. | Satoshi Club: Hello Satoshi club! @TheDopeDealer hello and welcome!

The Dealer: Hello everyone, Firstly I want to thank you for giving me the chance to present our project to a broader public 🙂

Mary | Satoshi Club: And thank you for coming here) i think public need to know about Dopeswap 😀

The Dealer: Thanks, I will be happy to explain all the details about our project 🙂

Mary | Satoshi Club: Could you, please, tell us more about yourself and your background and of course about Dopeswap:+1: Some kind of intro:wink:

The Dealer: Sure. I am the CMO of Dopeswap. I’ve worked with many crypto project’s as a marketer but I would like to save my Anonymity .
Dopeswap aims to become a DEFI project that connect most of the DEFI Ecosystem.
Right now we already have a yield farms working.
We are going to introduce AMM DEX , Vault, Delegated Vault , Governance until New Year. We will share the rest of our plans when our New Roadmap is out. That will happen after New Year

Mary | Satoshi Club: It will be present from Santa for your members?)

The Dealer: Haha yeah, Thanks that a great Idea dough 🙂 So we already have a date for the New Roadmap 🙂

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

The Dealer: 25th of December

Mary | Satoshi Club: as i told it will be delivered directly under New Year Tree:joy:

D. | Satoshi Club: nice Christmas gift:innocent:

The Dealer: Yes new Roadmap from Dopswap 🙂 The new roadmap will be bigger and even more ambitious

Mary | Satoshi Club: Ok, how did you understand that world needs Dopeswap?)

The Dealer: Well the thing that caught us is that most of the DEFI projects have a huge inflation and no Deflationary Features. We believe that in the world of finance is not sustanable.So we decided to present a DEFI project that have Inflationary as well Deflationary Features What is more we believe that in the future people will need to use one platform for everything of the DEFI ecosystem

D. | Satoshi Club: yes, it would be very convenient – all DeFi things in one place

Mary | Satoshi Club: And what about market competition?:wink:

The Dealer: Well we believe that we are still really early in the space. So if we work hard when mass adoption comes we will be way more prepared. Yes there is a lot of competition. Right now we are aiming to become an AMM DEX. We see really big competitors in UNI and Sushi. Anyway their token holders suffer really much. Their super Inflation is killing their token as well as APY-s. Which will at some point make the LP- providers search for a better place for their money. As you know everything is about Liquidity in DEFI. We believe that if we can keep the supply relatively stable the Price will grind higher which will make the APY-s go higher. That will of course bring more LP providers to our platform

Mary | Satoshi Club: Well, so you have tremendous incentives to develop something incredible:wink: and the world of DeFi will be yours)

The Dealer: We don’ think the world of DEFI will be only ours. It’s main idea is decentalisations. So there will be a lot of platform succeeding. Right now the people who are in DEFI are maybe below 200M. What happens when another 200 comes?

Mary | Satoshi Club: Can’t even imagine 😃 It will be crowded here)

The Dealer: Yeah.. So there will be a lot more platforms needed. What is more in the future we believe there will be cross platform protocols.

Mary | Satoshi Club: Right, as in 2016-2017 we had just some exchanges…

The Dealer: Yes… And when the big Boom happened around October-December 100 new exchanges opened. Coinbase and Binance wasn’t accepting more customers..

Mary | Satoshi Club: Yes🤦 i remember this. Everything was overloaded. I think after BTC pump we can have new altseason and possible we will see those 200m more. And it will be your time to take the stage:wink:

The Dealer: I believe even more than 200M. The DEFI party is just starting :)Yes that’s why we are constantly building our platform and we are fully open for community suggestions. I fixed like 3-5 Bugs on our UI on their suggestions. They wanted TimeLock – one day after that the contract was ready and deployed. So we will be ready when that time comes

Mary | Satoshi Club: You will) sure, our AMA will bring new community members to your group and you will have new suggestions 😉

The Dealer: That’s what we want. You know a good platform is built with time. We are always open for suggestions

Q1 from Telegram user @michaelaelf

Dopeswap will make swapping all tokens on the ethereum network as easy as buying some dope on the alleys of Amsterdam. When I read this I thought: have you made an audit and everything is alright? Because if vulnerabilities are found and people will loose money, then it will be like smoking a bad dope on the streets of Amsterdam 😀

The Dealer: Hahaha 😀 Well we haven’t audited the contract yet. Anyway our team of 3 Developers have tested it for months and haven’t found any issue. We will be doing an audit really soon. Already connected many companies and we are discussing their offers. What is more today we deployer a TimeLock Contract. Every Transaction for the DopeDealer contract will take 48 hours. More than enough time to withdraw all the funds.But Audits are first on the Checklist

Mary | Satoshi Club: Can you explain in details?)

The Dealer: Many people from the community was scared because we didn’t have timelock. As you may know we have 25 hours vesting for the NON-DOPE pairs. So there was a little panic that our Key’s might be compromised and the funds Drained why no one can withdraw their money. Anyway we deployed a Smart Contract that is the Owner of the DopeDealer contract. The TimeLock contract have 48 hours pending transcation before it get executed. So if something wrong happen (like compromising our keys) people will have 48 hours to withdraw their money. Anyway in the future we will do a MultiSig wallet. When it comes to audit it’s really needed ofcourse. There always can be a backdoor in the contract and we want to make sure that all the funds are safe

Mary | Satoshi Club: Thank you:+1: i see, that you really care about your users)

The Dealer: We are community driven project. If the community don’t like what we are doing we can even transfer the keys to a better developer. That would be possible after the governance of course

Mary | Satoshi Club: Democracy and desentralisation:grinning:

The Dealer: Yep. That’s what Dopeswap is all about 🙂

Q2 from Telegram user @batrud

You have raised only 8 ETH in presale and 2 ETH in public sale. That’s roughly 4000$ now. It’s a low amount. How do you plan to be sustainable with this money?

The Dealer: Firstly we were planning to do a FairLaunch on uniswap. Anyway we decided to do a small symbolic presale to raise some awareness as well as bring some good developers,marketers and community managers in the team. We are really against all the greed in DEFI space. People raising 500 ETH for nothing. Our bussiness plan is explained in the Treasury section in our whitepaper. I will try to explain it with some words. After the Migration our TEAM LP Tokens(Initial Liquidity) will be locked in ETH/DOPE pairs. The rewards will go in the same manner. 80% to Staking pool. 10% to Marketing Fund, 10% to developer fund. So actually that’s our business plan

Mary | Satoshi Club: You know, it’s really seldom) Usually everyone wants to raise as much as possible

The Dealer: Yeah we don’t get that. Giving people so much money without having anything done.

We have some Team Tokens which if we succeed to do what we want , they will be worth a lot. And then we will get our reward

Mary | Satoshi Club: It’s logical and honest 😀 hope you will get the best reward later for your work

Q3 from Telegram user @madkaren

I have read that you plan to become one of the leading DEX in the market by applying new features when compared to Uniswap. What new features do you plan to apply and why do you think that I should leave Uniswap for Dopeswap?

The Dealer: Well in DEFI space it’s all about the liquidity. So if we can attract enough Liquidity at some time it will be more affordable to trade on Dope than Uni. The Deflationary Features are what will make our APY-s bigger than theirs. As you can see UNI is going down and down. So the APY-s are going down too. At some point it wont be affordable for LP-s to stay there. Our token will stay relatively stable (Inflation-Deflation). We have Floating Burn Rate which will be decided by our Governance, 0-5%. We are not saying that we will take any liquidity from Uniswap Anytime soon.

But no one though that Binance can anyhow replace Bittrex at the times

Mary | Satoshi Club: It’s circle, no one thought that Bittrex will replace Poloniex)

The Dealer: Yep there is a place for everyone. Even though we don’t become a Leading Exchange there still be a place for us in the future 🙂 What is more our platform wont be all about the DEX

That’s just the first step. We are up to Vaults Strategies, Delegated Vaults and many more products to come.

Mary | Satoshi Club: We will see more on 25th December)

The Dealer: Yes. Also we will release rest of the product on our recent roadmap until then

D. | Satoshi Club: how do you plan to bring more liquidity on your platform?

The Dealer: With better APY-s

D. | Satoshi Club: and of course i should ask – any plans on NFTs?:sweat_smile:

The Dealer: Haha we know that’s a huge tendency in crypto right now. Anyway we don’t have team big enough so that someone spends his time with NFT-s. You may now that to make one NFT-s you might need a lot of time. For now we have way more work to do to fulfil our roadmap. But in the future- you never know 🙂

Q4 from Telegram user @daviessss

Your initial supply is incredibly low compared to other projects. How did you come with this number? What’s the logic behind it?

The Dealer: Well our main Idea was to many a Scarce token, However the numbers doesn’t really matter. It’s all about our token metrics, mint rates and burn rates. We believe that our metrics are great. There is not a logic behind the number. We just liked 1000 🙂 It’s simple and rounded 🙂 Our main goal is to succeed to keep the Total supply around that number. At some point when the Minting and Burn rate goes nearby 0 the Total supply will stop at 1000

Mary | Satoshi Club: But, to be honest, you knew that this numbers will be like a magic) please, at least it’s great marketing step)

The Dealer: Yes in the recent months of crypto we saw a tendency that people loved project with really low circulating supply

D. | Satoshi Club: haha yes true

Mary | Satoshi Club: And low numbers do not affect the quality of the project, but, i see that you are to delivering both)

Q5 from Telegram user @max_serbov

There is a section on your website called “coffee shop”. Could you explain what will it’s role be?

D. | Satoshi Club: https://dopeswap.org/coffee-shop/

The Dealer: Well actually that is our Yield Farm. We decided it would be interesting to name it like that 🙂

Mary | Satoshi Club: Yes:joy::joy::joy: Nice menu)

The Dealer: Right now we have 6 on the menu. But soon we will add more 🙂 So stay tuned. We will have everything for everyone soon 🙂

Mary | Satoshi Club: I like mushrooms:joy::joy:

The Dealer: We have some of these 😀

D. | Satoshi Club:

The Dealer: We will be doing it soon. The past two days were really busy for us. So we didn’t have time for almost anything

Mary | Satoshi Club: Alcohol lovers are lost in the space of dopelovers))))

The Dealer: Yeah… We are not into alcohol too but you know.. There should be something for everyone 🙂

Mary | Satoshi Club: Do you plan to expand your menu?)

The Dealer: Yeah sure. We are planning to add few more in the new future. People in the community are asking for Meth and Crack. Even Walter Wild offered his offers in the chat :)He told us he have a good meth for sale :joy:

Mary | Satoshi Club: I am asking for Whiskey :joy_cat: I am so conservative :joy:

The Dealer: Ahh… We will put some Whiskey specially for you

Mary | Satoshi Club: Thank you) i will be proud:joy:

The Dealer: You are welcome. We will try to please all our customers 😂

Q6 from Telegram user @alexeimaruta

I see that a lot of vesting periods will happen for different funds or actions (like voting). Are this vesting periods included in a smart contract that is public?

The Dealer: We still haven’t released our Governance Contract. Yes they will be included. The reason to make a vesting on the voting is because many bad actors can manipulate the votes. For example buy some coins ,vote something which is bad for the project and than dump it. So in that way no one would like to risk his money just to ruin our project. The vesting period will be for the only for the people who Vote. It will be 15000 blocks which is approximately 50-54 hours

Mary | Satoshi Club: Can you give a simple example?

The Dealer: For example someone (who want’s to buy cheap DOPE) can propose and vote for the minting rate to be raised to 0.5 for 1 week. After the vote is passed he immediately dumps his holdings which will even more affect the price. After that week is done he will be able to buy DOPE for a pennies. So with that vesting if he votes for that his money will be locked in the staking pool for some time. Which means he will loose his money. What is more he needs to be a whale to succeed with that vote. There will be a quorum needed

D. | Satoshi Club: good mechanism

Part 2 — live questions from the Telegram community

Q1 from Telegram user @AugusS7

Could you really explain the Dope Swap motto “You should put your pink glasses on”? How is this related to an exchange that provides great initial liquidity?

The Dealer: That’s another marketing joke from our team. As you see there is a little “pink glasses ” on the unlock button. So you will not be able to see anything about the site until you put the glasses:) (Putting pink glasses on usually mean getting high)

Q2 from Telegram user @leixagarcia

– As I see in your Whitpaper Dopeswap will not have a fixed token burn rate, but variable. It is unusual to see this, what advantages does this burnout strategy offer over the price of the token? Will it be like this forever?

The Dealer: This gives us a control over the inflation of the token. In the beginning the Burn Rate will be decided by the team. We have a good financial adviser . Later on the Burn Rate could be voted on our governance page too

Q3 from Telegram user @Jonahapagu

Dopeswap aims to become the leading AMM Decentralised Exchange and in line with this You plan to Migrate to your native Exchange on 17th November.. but on your Github you have only two repositories which are the “dope dealer contract” and “dope token contract” repositories both built on Ethereum with I’m interested in knowing how far you have gone in preparation to release your DEX, why is there no Github file related to the project you are building.. so users can see for themselves what you are building.

The Dealer: Right now we are still testing our Migration Contract on our own testnet. We haven’t made it public on our github. When it comes to DEX the code will be forked out of Uniswap.

Q4 from Telegram user @lahkoklu

What goals is the Dope Swap project trying to achieve itself? what about the exchange fee using ETH which we know this fee is very expensive, what is the response to DopeSwap itself.

The Dealer: We believe that in really recent future the problem with fees will be solved. As you know the ETH2.0 is announced to com in december

Q5 from Telegram user @Jonahapagu

Dopeswap is adding a few features, which will make the token’s price more stable and significantly increase the APYs.. one of which is the “Floating Transaction Burning Feature” Can you explain what this is and how it works

The Dealer: Floating Burn Rate will try to keep the Total Supply of the token around 1000. In the beginning it will be impossible because of the big Mint/Block rate. Anyway by the time the Token Supply will stay around 1000.. 1000 Total supply will increase the price which actually will increase the APY-s. In some way you can think of it like taking floating tax of the traders and giving it to the actual users and LP -providers

Q6 from Telegram user @Mickey0555

What makes Dopeswap different from this community and what’s the value proposition for a crypto investor to be on Dopeswap over them?
What are the main utility and real-life usage of the $DOPE token
Could you give me 3 key points to convince angel investors invest in $DOPE in long-term?

The Dealer: Well as you know DEFI space is really innovative and risky place. So as an investors I will tell you don’t put more than you are willing to loose completely.
Anyway at some points the big Investors will understand that for providing liquidity you can create new assets. That really new and interesting concept.
We believe that in the future more institutions will come in DEFI space too as happened with Bitcoin
1- Holding Dope will give you a chance to Stake it and Earn some Yields.
2-Gives you a chance to participate in the Governance
3- You will need dope to use some of our coming products. (like if you want to make a Vault Strategy you will need to pay a certain amount of DOPE)

Q7 from Telegram user @kaito080

Currently, there are many potential cryptocurrencies like Balancer and Uniswap that will go head to head with DOPE, so what new breakthroughs are needed for DOPE to gain a foothold in the DeFi platform?

The Dealer: These are great platforms . Anyway as you know everything is about Liquidity in DEFI. They token models give’s a slowly decreasing APY-s. LP looks only for APY-s. Dope will give them a bigger APY

Q8 from Telegram user @AmirJosh

There is no mentioned about Slippage on your website and on the medium articles that I read. Is this function not present on Dopeswap DEX Platform or I just missed the portion explaining about it?

The Dealer: Yes in order to buy DOPE token you need to increase the slippage at least to 3%. Thats because of the burn rate .Thank you for the reccomendation. We will do it after the AMA

Q9 from Telegram user @Alika061

staking on #DopeSwap with what tokens are good and profitable pairs? and is there a way for beginners to follow staking and farming.

The Dealer: Right now our biggest APY-s are on the DOPE pairs . That measure is done so that we can succeed to keep the price stable ( as well as APY-s). The APY for staking is around 1600%. ETH-DOPE pool (around 3500%)

Q10 from Telegram user @DiegoRME

Are there any members of your community who are active and show interest in your project who can be part of your team?

The Dealer: Yes we are open for new members in our team. Actually during our Presale we welcomed . 1 Solidity Dev , 2 WEb integration devs and 1 bug tracker, as well many marketers. That was the main idea of the Presale. So you if have something to contribute to our project ,please feel free to contact me.

Q11 from Telegram user @Erol1763

my question is do you have users and partners who actually used your service yet ? What is the competitive advantage your platform has that you feel most confident about ?

The Dealer: Yes we have many users who are already farming . Actually the TVL(Total Value Locked) is a lot more than our Market Cap.

Q12 from Telegram user @Idee02

Can I be a market maker with DopeSwap in your DEX? Why did you choose AMM over Professional Market Maker, despite the limitations of AMM?

The Dealer: With a market maker at the back it wouldn’t be a DEX. It will have a centalized entity . What is more we saw what happened to orderbook DEX-s in the past…

Q13 from Telegram user @tsumannis

Through which non-custodial wallets can we currently access Dopeswap? At least Metamask did not work for me.

The Dealer: We are currently supporting Metamask,Trustwallet,Portis,Torus,Formatic and Burner Connect. There will be more walet’s to come if our community ask us. If you have problems with Metamask just PM me so we can fix it .

Q14 from Telegram user @Kevinliliana

What is your strategy for building a strong community? Do you agree that the power of the community will lead your project to develop globally? What services do you provide to the community?

The Dealer: Yes the community is most important for every project. We just launched and we are happy that we got really big attention at the beginning. Also we decided to reward our early members of the community with Early LP incentive

Q15 from Telegram user @BERTA2020

Where can I buy your $DOPE token to participate in your farming / Staking system?

The Dealer: Right now $DOPE is listed on Uniswap.org. After that you can easily use our Website to join the Staking/Farming. Here is a link : https://app.uniswap.org/#/swap?outputCurrency=0xBfEC1b4C9398600fe2cbc918d500E494aef3e6F5

Part 3 – Quiz Results

In the final part we tested your knowledge in terms of Dopeswap. They’ve prepared 4 questions for this part. The total reward pool for quiz was 1000$.

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:

Dopeswap Community: https://t.me/DopeswapOfficial

At Satoshi Club we continue to educate our community and giving great rewards for it. So, today we would like to tell you about the AMA session with our friends from Uniris. The AMA took place on November 3 and our guests were Akshay Kumar and Nilesh Patankar.

The total reward pool was 500$ and was divided into three parts. In this AMA Recap we will try to summarize some of the most interesting points for you.

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PART 1, INTRODUCTION AND COMMUNITY QUESTIONS

Mary | Satoshi Club: Hello, Satoshi Club! We are happy to announce our AMA session with Uniris! @nileshvp @akshaykumarkm9 welcome to Satoshi Club. 😀

Nilesh Patankar: Thanks you, happy to be here.

Akshay Kumar: Thank you.

Mary | Satoshi Club: Welcome here… could you please introduce yourself and tell us about how did you start with Uniris?

Akshay Kumar: I am responsible for the R&D of Uniris blockchain and biometrics, as you know Uniris has 14 strong patents around this. I was introduced to crypto during my master studies at Ecole Polytechnique, Paris in 2016-17. I joined Uniris straight out of college.

Nilesh Patankar: Hi, I have been in the payment industry for over 2 decades. I used to work with MasterCard earlier. I started discussing this idea with my friend Sebastien in early 2016. We were both intrigued by the bitcoin concept and the elegant solution. It was so interesting to see the application of Mathematics in a distributed P2P trustless ecosystem. The codifying of rules to govern systems without centralized management was almost a utopian state devoid of malice and greed. Our first thought was to apply this concept to create a P2P decentralized marketplace. We started looking at possible base layer like Ethereum to provide the solution but we quickly realized the shortcomings. It was impossible to imagine a marketplace powered by a blockchain that could ONLY scale up to 25 transactions per second. The next stumbling block was adoption. The blockchain ecosystem is so esoteric in nature that it’s adoption is limited to tech-savvy “nerd” segment. This thought became evident when Sebastien tried explaining the concept to his grandma, who was unable to fathom the whole private key management aspect. We realized that the adoption would only be possible through simplicity of use and if adoption was successful then scalability to manage the growth was of utmost importance. That is when we decided to create our own blockchain, that provided scale and a biometric solution, that simplified access and private key management.

Mary | Satoshi Club: How has your vision changed in 4 years of working on the project? Did you find something new, that you will add or discover something that you are not able to change now?

Nilesh Patankar: As I mentioned earlier our vision started with decentralized marketplace on an available blockchain but then we created our own blockchain. We also did lot of research in the crypto biometrics space to create our unique solution. This resulted in a strong identity based blockchain system. Lot of innovation has gone into every layer for providing the scale and security. We also found some shortcomings in the smart contracts design that were prevalent and vulnerable. We did a lot of work in that area too.

Akshay Kumar: Yes, blockchain has been prone to 51% or 66% attack based on the consensus protocol and there is no new research in this space that takes it to the next level. At Uniris, we have built a new consensus protocol called ARCH that is able to handle even 90% maliciousness.

This is something, that will revolutionize the blockchain space.

Q1 from Telegram user @Jmagsss

Uniris consensus uses the ARCH consensus or Atomic Rotating Commitment Heuristic, this is the first time I’ve heard about this type of consensus, were you the first one to innovate this kind of consensus and integrate it to your blockchain or you had some idea based on other types of consensus?

Nilesh Patankar: We were the first one and once we wrote the design we got it reviewed by academics/researchers. The base idea was to provide scale without compromising security. A lot of Maths and simulations went into creating the final design. This is a step away from PoW or PoS.

Atomic Commitment is the form of “absolute” consensus that implies 100% concordant responses for the acceptance or refusal of the transaction validation. Heuristics is the set of algorithms, softwares and parameters that manage the entire network, allowing the network to elect in a decentralized and coordinated way the nodes in charge of validating and storing transactions chains.

Rotating the network being fully distributed (no central or privileged role), the nodes elected for each operation are constantly changing so that no node can predict which nodes will be elected until the transaction arrives. In other words, ARCH makes it possible to obtain universal consensus from a small part of the nodes. This is proven using hypergeometric distribution laws. It is one of the core concepts that lead to scalability and security.

Mary | Satoshi Club: The math here is a bit tricky 😂, but you can give 3 examples of why your consensus is the best? Or is it the best only for Uniris’s solutions?

Nilesh Patankar: Here are three reasons why: Security – Manage 90% maliciousness without compromising the truth, Scalability – Near linear horizontal scalability which means given enough nodes we can scale to million txn per sec, Sustainability – 3.6 Billion times less energy consumption than Bitcoin, 0.1% average transaction costs 60,000 times less than EOS.

D. | Satoshi Club: And what advantages does this consensus offer over other consensus algorithms?

Nilesh Patankar: Ability to handle 90% maliciousness is well above other consensus algos like PoW or PoS, similarly scale is well above the prevalent processing abilities around 25 txn per sec and energy consumption is well below other algos since the whole network does not participate and pause for processing one block.

Q2 from Telegram user @AmirJosh

Uniris was awarded the label for the management of secure access for the Paris 2024 Olympic Games. What is your contribution and part of the upcoming 2024 Olympic Games? Will you be providing assistance to the famous event?

Akshay Kumar: The platform has been certified by the French Strategic Committee of the Security Industries Sector (CSF) with the aim to identify solutions that can contribute to the security of major events such as the Paris Olympics 2024. For the next 5 years, Uniris would have an opportunity to provide secure access for various global events in France. Our first pilot was supposed to be at this year’s French Open Tennis tournament (Rolland Garros). We were planning to provide bands that would provide access to the arena and other secure zones for spectators and players respectively. The access/authorization information would be securely stored on the blockchain.

As you know due to the corona pandemic the event was postponed and all experiments were halted for this year. Similarly, for the Olympics we will design a secure access system based on our blockchain. Spectators, players, team management, security personnel and others would get relevant access to relevant zones based on their authorization.

Global event management means Uniris blockchain would potentially add a minimum of 10 MILLION USERS due to the Olympics alone. Imagine the network effect!!!

Mary | Satoshi Club: Which kind of security and identity you will provide? Can you explain in details?

Nilesh Patankar: We are providing security using crypto-biometrics. This is very different from scoring biometrics. We generate private keys on-the-fly using the biometric information and the private keys are used to unlock the associated asymmetric keys. That way it is like zero-knowledge-proof, we do not store any key information. In scoring biometrics, a pattern has to store for comparison later. The identity is totally decentralized and we have something called identity chains. Each user will have an identity chain. The identity is self-sovereign.

Complete control over your own data and how you monetize it. Good bye to surveillance capitalism.

Mary | Satoshi Club: Oh, it’s so interesting) i will wait for 2024. 👍

Nilesh Patankar: You will see it working before that even during Rugby World Cup 2023, Paris.

Mary | Satoshi Club: It was some kind of competition to provide this access? Sure, you were not the only one who wants to provide this for such events?

Nilesh Patankar: Yes, we went through multiple rigorous rounds of interviews with French CSF and Paris Olympics committee. It was a jury based selection. We were the only blockchain solution to be selected.

Q3 from Telegram user @JesusFre1tes

Many of the mobile devices are not yet adapted to advanced security systems such as the fingerprint reader. What is UNIRIS’ proposal in this regard to solve all the limitations that may arise and make all users part of its platform? Will the fingerprint be the only security mechanism?

Nilesh Patankar: We have ability to use the captive solutions provided with the mobile devices. So we can integrate the private key generation with available solutions. We will also be industrializing a device that can be used at the points of access to use the native crypto-biometrics of Uniris. The mechanism is primarily finger vein or they can always use usb keys and other available key management solutions.

Mary | Satoshi Club: I have one question – are my fingerprints the only way for access? If something will happen with my hands will i be able to prove my identity?

Akshay Kumar: The biometric device takes into account two of the three measurements

• Finger print
• Ultrasound of the internal venous network of the finger
• Spectroscopy of the finger

If anyone is damaged, the other 2 measurements can still authenticate the transaction. Moreover, the biometric device is able to learn any morphological changes that may occur.

D. | Satoshi Club: But what about people with disabilities? if person has no fingers?

Nilesh Patankar: During initial key generation we take all fingers into account so there is always a backup but loss of limb will require usage of pass phrase that will help in regeneration through deterministic wallet algorithms. So there is always an option to use the wallet recreation.

Q4 from Telegram user @ireneLSL

From your whitepaper, “with the ARCH consensus, only 295 miners are needed to offer the same performance as the Bitcoin network, which has ~ 100,000 miners”, and in your example you are using an intel NUC i3, what will be the realistic requirement and stakes needed to run a mining node? How profitable is it to operate a node?

Nilesh Patankar: Yes Intel NUC i3 is realistic and we are running our alpha network nodes on that. The ARCH consensus makes this possible since unlike PoW there is no hash rate race for mining and hence no requirement for mining rigs. The consensus randomly selects the validation group. Random but repeatable using the heuristic algos.

Akshay Kumar: As far as profitability is considered, Uniris blockchain has a prediction module built inside it, which will always ensure a minimum profitability. For example: The electricity costs in Denmark are 5-6 times higher than in India, the prediction module automatically takes all these into account!

Mary | Satoshi Club: So, you won’t need a lot of miners?

Nilesh Patankar: More miners provide more scale but yes in comparison we will not require as many miners. Every miner brings computing power to the network so the performance will keep enhancing as miner community grows. Moreover there is no compute entry barrier for miners to be part of the network.

D. | Satoshi Club: What is this ‘prediction module’? please tell a bit about it.

Akshay Kumar: To enable Uniris blockchain network to survive decades or even centuries, it must be able to adapt to threats and react accordingly. For this purpose, the Uniris network has a prediction module capable of linking a network disturbance (e.g. unavailability of nodes in a geographical area) to an event (e.g. storm in that area via Oracle).

The ability to predict an event even before it happens and deploy countermeasures!

Q5 from Telegram user @Angieleal

Taking into account that Uniris won Noonies Tech 2020- “Trending Tech Product of the Year” could you describe what is the CORE product of Uniris? What are the main uses of this product? The fact of having won against products like TikTok and Zoom is amazing!

Nilesh Patankar: Yes, core product is the ecosystem based on blockchain and biometrics. The use-cases start with secure access, P2P marketplace and many more. The product adds value to the community by enhancing the potential of solutions that are possible.

Mary | Satoshi Club: When this all will go live?

Nilesh Patankar: Q2 2021. The TestNet would be deployed before that around Q1 2021.

Mary | Satoshi Club: Oh, not so long to wait👍 Do you have some features available for test now?

Nilesh Patankar: Not yet, we have the alpha network up and running and we are updating our website on top of our alpha network. By next week you will be able to see our blockchain based website. Testing will commence next year.

Q6 from Telegram user @konditer_rolex

For the first time I meet the concept of Self-healing Blockchain. Is this your exclusive solution? I would like to ask what is destroying the blockchain and what will you heal it from? Perhaps you will share the address of your blockchain pharmacy on GitHub? Or are you closed source code?

Nilesh Patankar: We are open source and idea was self-healing was based on the challenges that are related to scalability. Scale requires concepts like sharding to be implemented and sharding is prone to loss due to network and other issues. Hence the self-healing concept. The pharmacy is available for all to partake and share.

Akshay Kumar: Self-healing blockchains are designed to heal from any P2P network problems (online/offline of nodes, internet, electricity problems, etc…) The blockchains performance is prone to the problems that why we call it self-healing blockchains, as far as shutting down the blockchain is considered, the prediction module will deploy counter measures even before the shutting down happens, so…

Mary | Satoshi Club: Open sourced, that’s great) What about governance? Who will be able to influence on project?

Nilesh Patankar: We have designed a form of on-chain governance. Very soon the implementation and details will be provided to the community. Idea is for us to leave the project to the community in coming years. For that there would be set of users and community of users who would participate in the on-chain governance. We are excited about the concept that we have designed and we would provide some literature around it very soon.

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PART 2, TELEGRAM COMMUNITY LIVE QUESTIONS

The chat was open for 80 seconds; a lot of questions were posted by Satoshi Club community. Our guests chose some of them.

Q1 from Telegram User @K2ice

You incorporated Uniris in 2017 after two years of research. And you could have easily jumped on the ICO boom that happened in 2018 but you didn’t. Why did you decide not to jump on this opportunity and wait till a later time?

Nilesh Patankar: You are absolutely right, we incorporated Uniris in 2017 after two years of research. We could have easily jumped on the ICO boom that happened in 2018 but we have been patient and transparent in our approach. We have taken time to engage with researchers and got our work peer reviewed. Today we are listed with the promise of well-defined use-cases and business plans. Investors can easily verify the authenticity of the roadmap and the work that is happening. We have multiple proposals in the pipeline and a sound business plan leading to a steady revenue stream.

Q2 from Telegram User @KelierTG

I noticed that for the distribution of your token economy you used Fibonacci numbers or succession, quite interesting! Where did the idea of applying this succession to your token economy come from?

Akshay Kumar: The fibonacci series, is mainly adopted from the nature. For the network effects to have maximum influence on the price of UCO Fibonnaci series was the best choice.

Q3 from Telegram User @niko518

How do you plan to ensure a programmed deflation mechanism? Will this mechanism increase the value of the $UCO tokens?

Nilesh Patankar: As explained in our white paper, the destruction of UCOs will be directly built inside the mining process (part of the fees will be burned). This is transparent for the users of the platform and does not affect their transactions or their holdings. The burn happens from the part of the transaction fees only and hence helps in decreasing the UCOs in circulation in a gradual and programmed manner. As explained, the value of a crypto currency is only based on demand/supply – thus the importance of that kind of burn mechanism is to systemically reduce the supply and hence systemically increase the value of each UCO.

Q4 from Telegram User @Maksyrn

What will be done if someone manages to spoof a fingerprint?

Akshay Kumar: The biometric device, not only takes into account the finger print but also the Ultrasound of the venous network and spectrometric analysis of the finger, so for you to be authenticated not only the finger print needs to be matched but also the other 2 parameters.

Q5 from Telegram User @Splendicity

Do you plan adopting your stress level checking instruments in Health centers and Hospital?

Akshay Kumar: Yes, indeed the Biometric device has all the capabilities, data and the algorithms necessary to do so… In fact, when you combine the data with AI algorithms new areas of innovation and research can be created!

Q6 from Telegram User @tungvodoi206

“UNIRIS”, how was your name born and what does it mean?

Nilesh Patankar: Uniris name is made of Uni+Iris, it means one soul. It signifies inclusion and unity in diversity. We felt that the name is able to denote our vision of breaking all the barriers and creating a community based ecosystem.

Q7 from Telegram User @Johana0012

Wuao 3.6 billion times less energy consumption, how does Uniris provide such care to the earth and at the same time provide innovative technology?

Akshay Kumar: Uniris network stands out due to ARCH consensus and its focus on data availability and on the global and decentralized spirit of proof-of-work (not the HashRate PoW).

Uniris consumes

• 3.6 Billion times less energy than Bitcoin
• 308 million times less energy than Ethereum
• 60000 times less energy than EOS
• 0.42 Wsec per transaction
• Equivalent to burn one tenth of a gram of sugar.

Q8 from Telegram User @Johana0012

Are Uniris smart contracts natively activatable, updatable, formal and easy to program?

Akshay Kumar: Uniris Smart Contracts are:

• Self-Triggable
• Smart contracts can interact with Uniris’s native Internal Oracles
• Formal
• Easily programmable with drag and drop boxes, (even your grandmother can program on Uniris smart contracts)

Q9 from Telegram User @cengizhantekin

You have ZKP in your system. Can you tell some about it please? What is its mission? What are the advantages of having that feature?

Nilesh Patankar: ZKP is the holy grail of cryptography akin to magic. The idea is to provide access without any knowledge of the proof of access. We achieved it through our crypto biometric solution which aims to unlock the user’s identity chain without storing any proof related to the user. Asymmetric cryptography is utilized and biometrics is used to generate private keys that are only used for decrypting the identity locked by the corresponding public keys. No storage is involved and there is no threshold based pattern matching.

Q10 from Unknown Telegram User

…

Akshay Kumar: Uniris blockchain outperforms the current blockchain standards and is closely integrated with biometrics’ native identity. Uniris architecture provides linear horizontal scalability. Given enough nodes we can target 1 Million TPS. Here are some KPIs –

Ergonomics: a platform for all blockchain applications.

Scalability: > 1 million transactions/sec.

Instantaneous: < 5 sec validation time.

Security: 0.0000001% risk of fraud even with 90% of malicious nodes.

Sustainability: 3.6 Billion times less energy consumption than Bitcoin, 0.1% average transaction costs.

Simplicity, with the native biometric device (no more passwords, keys, etc…).

Nilesh Patankar: Killer features –

ARCH Consensus – scale without sacrificing security

Supervised multicast protocol for P2P network – This is less chatty than Gossip protocol and increases the available bandwidth.

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PART 3, QUIZ AND INFO

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

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

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Website: https://esatoshi.club/

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