Satoshi Club

Only the best gems from the .finances world in the Satoshi Club AMA series. And today we would like to tell you about the AMA session with our friends from Noob.finance. The AMA took place on October 29 and our guest was Principal Noob (Noob Biz Only).

The total reward pool was 700$ and has been splitted in 3 parts.

In this AMA Recap we will try to summarise the most interesting points for you.

Part 1 — introduction and questions from the Telegram&Bitcointalk community

Mary | Satoshi Club: Hello again, Satoshiclubbers! We are happy to announce our AMA session with Noob.finance! welcome to Satoshi Club:grinning:

Principal Noob (Noob Biz Only): Hello sweet humans of the world!

D. | Satoshi Club: greetings Satoshi club!

Mary | Satoshi Club: Hi and welcome here) How was your day?):wink:

Principal Noob (Noob Biz Only): Fantastic, I am on this side of the dirt! Always a blessing

D. | Satoshi Club: great! tell us about your project, please 😊

Mary | Satoshi Club: And about yourself and your background in crypto)

Principal Noob (Noob Biz Only): Sure, Ill start with myself. So I am Principal Noob. I am a early adopter of crypto since 2013 and a blockchain developer since 2015. As a independent fullstack and NFT developer, I have worked on many projects anon. Noob.finance is a Defi/NFT token with a fully audited farming platform that is ready to be deployed after the presale. We are creating a lineage of “Crypto Kid” erc1155 NFTS that will be able to be “leveled up” as we create new versions. Pretty much, the NFTS will age, much like humans do, starting as children and maturing to full grown Crypto Adults! We are building out our own USER friendly NFT marketplace, that will be easy for a new crypto user to perform actions that are difficult on opensea and rarible.

Mary | Satoshi Club: Ohoho) you have a huge anon background and it doesn’t look like you are noob:joy:

Principal Noob (Noob Biz Only): Haha no, matured in the crypto space so to speak

Mary | Satoshi Club: So, your platform is fully audited, yes?)

Principal Noob (Noob Biz Only): Correct, the farming contract is fully audited. The marketplace is still in development, but will be entering beta stage late November. We will have it audited as well for security.

Mary | Satoshi Club: Are the results public?)

Principal Noob (Noob Biz Only): Yes, all of that info can be found here: https://tinyurl.com/yxk6kpje

Mary | Satoshi Club: Thanks, i will have a nice evening, checking them:joy:

D. | Satoshi Club: can you give us a link on this contract please

Principal Noob (Noob Biz Only): and here: https://github.com/gysr-io/core

Q1 from Telegram user @BroDzon1

$NOOB presale is ending very soon. What are your plans after end of presale?

Principal Noob (Noob Biz Only): Sure, so firstly we have 30k Supply of tokens, with 21,000 for presale. We have a hardcap of 1000 ETH and we are utilizing the decentralized bounce platform for participation. We chose this route because that is fundamentality what crypto is all about, decentralizing the centralized. So we stuck with our core principals of crypto enthusiasts in that respect. Moving forward to plans: Firstly, we wanted to be as transparent and trustful as possible. We locked our team tokens with trustswap for 6 months on a smart contract, so we cant “dump” tokens into the market. Secondly, we are locking our liquidity with Unicrypt for 1 year to ensure investors that we have no options to “rugpull”.

Mary | Satoshi Club: Ok, btw, do you have website) i think i am noob and couldn’t find it:joy:

Principal Noob (Noob Biz Only): immediately following presale, we will lock liquidity, and launch the farming platform, so no bumps in the road. Following that we will be airdropping out our Welcome Crypto Kid NFT to ALL holders.

noob.finance

Thirdly, we will launch beta testing of marketplace, to let investors know and have peace of mind that we are in development of a User friendly NFT marketplace. I am sure many of you have used opensea.io, rarible etc… They are not for new crypto investors, we want ours to be.

Mary | Satoshi Club: What crypto should i use to buy your tokens?) And do you have min/max i can invest?

Principal Noob (Noob Biz Only): We are only accepting ETH for the presale. There is no MIN but there is a max of 20 ETH, this is to prevent large buys (whales) from dumping the token on small investors. We want everyone to have a fair chance. Upon uniswap listing, we will be listing it at 2x the price of presale. This is to give a cushion for anyone not holding long term.

Mary | Satoshi Club: Nice, very nice) definitely it’s for everyone 😀

Q2 from Telegram user @apocan99

Your total tokens is 30 K, and 21 K is reserved for the presale which makes 70%. Isn’t that a too big percent for presale?

Principal Noob (Noob Biz Only): This could be argued in that direction, but for the purpose of the token is to get it out to as many users as possible. We as a team are not looking to hold a large % of tokens, as the tokens will be used for farming and the upcoming marketplace, so we believe its better to have most in circulation. We do have 3,000 tokens for development, but this is strictly to seed our farming portal.

Mary | Satoshi Club: Do you have plan if you won’t reach hardcap ?) What will happened with unsold tokens?

Principal Noob (Noob Biz Only): Yes, any tokens not sold in presale, will be burned. As our mint key is also burned, there will be no more NOOB created outside of what is already in place.

Mary | Satoshi Club: Ok, and what about softcap, do you have it?

Principal Noob (Noob Biz Only): No softcap, as everything is already developed and developing, it was not required.

D. | Satoshi Club: any plans to create another token? in the future as a part of Noobz ecosystem?

Principal Noob (Noob Biz Only): There is another token that will be created for the Marketplace, but we will hold no presale for that. This will be made for our yield farming and marketplace. These plans are still in development, so I cannot release too much info on it as this time.

Mary | Satoshi Club: But this is a good hint for future NOOB hodlers)

Principal Noob (Noob Biz Only): Definitely, we have alot of surprises coming along the way. Especially for Christmas 😀

Q3 from Telegram user @Jonahapagu

I must say that you have a funny website.. on your website all I could see was just a classroom with desks having the inscription Don’t buy noob presale, Don’t read noob medium, Don’t follow noob twitter, Don’t join noob telegram, each of this being a link to your various social medias and presale site… and there’s nothing else again on your website, no information about your team, no white paper, and no roadmap as well… Why did you decide to make your website less engaging and how soon should we be expecting a comprehensive(detailed) information about your project team and your roadmap after presale

Principal Noob (Noob Biz Only): Firstly, our white paper will be released today that will have the roadmap within it.. For the website, we wanted to make it simple and to the point. I am sure you have visited many token websites and can literally get lost due to all the links and jargon. There was no need to do that with noob.finance, as we are developing our platform for NEW crypto users especially those new to NFTS. Our team will remain anon for security purposes and this is a dominating subject with many crypto projects. This is mainly due to crypto not being accepted globally, but when it is, we will have no issue being a public team. This is why we locked our team tokens and liquidity in audited smart contracts to ensure investors we have the right intentions. As our project matures, the website will be updated with info as we get it, including the farming and NFT portals.

Mary | Satoshi Club: Your team) how many members?)

Principal Noob (Noob Biz Only): So we have 5 team members and 5 moderators. The team consist of myself, 3 other fullstack devs, and a web3 dev.

D. | Satoshi Club: your site reminds me a bit of $meme website with all those – don’t buy, don’t follow etc 😁

Principal Noob (Noob Biz Only): Always good to follow the footsteps of successful projects

Q4 from Telegram user @Winterkom

Recently Noob’s farming was launched at Uniswap, do you have an estimated maximum APY that users can get? Will a number of tokens be blocked from the team in this pool?

Principal Noob (Noob Biz Only): Firstly, our team tokens are locked with trust swaps smart contract and can be verified here: https://tinyurl.com/y5q8r58p

Secondly, there will be 2 initial pools for $NOOB, $NOOB/ETH and $NOOB/USDC, With a 1000 $NOOB in each seed. APY wont be able to be calculated until the pools are created, but we will offer a 2x increase in rewards starting 2 days from users that provide LP from day 1. This is to give early yield farmers a higher apy than late comers.So we will have no team funds within the farming pools.

Mary | Satoshi Club: So, everything for early birds?)

Principal Noob (Noob Biz Only): Early bird gets the worm.

Mary | Satoshi Club: But what is your expectations?) I am sure you calculate approximately) i know that this is crypto:joy:

Principal Noob (Noob Biz Only): Initially the apy will be high, between 500-1100%, and will go down as the pools grow. This is a common factor in any yield farming protocol.

Mary | Satoshi Club: Oh, that is some kind of numbers) Thanks :+1:

Q5 from Telegram user @BroDzoni1

From medium, $NOOB will have 3 different farming pools. What are benefits for each of these pools?

Principal Noob (Noob Biz Only): So, as you know, X Token/ ETH pools can be not so fruitful. Meaning that one can suffer impermanent loss if price of either token goes down a heavy amount 60-100%. With that said, this can be made up by the yields one would receive from farming. The NOOB/USDC pool, will be a safer option for those not willing to take the risk. We will also have a third farming pool $RUGZ/$NOOB. All lp providers (yield farmers) will qualifty for all airdropped Crypto Kid NFTS, as well as the $NOOB they would farm and 0.3% uniswap fees. having 3 different pools, just gives more options to the more riskier investors to those that don’t want to weigh those risks. We were aware of the problems with other pools and tweaked ours respectively to support all yield farmers of crypto.

Mary | Satoshi Club: You partnered with $RUGS, right?)

Principal Noob (Noob Biz Only): Correct, we will be collabing on our first premium Crypto kid nft as well as developing the marketplace. This just gives us a bigger squad to make our dream happen faster.

Mary | Satoshi Club: And you will have airdrop for $RUGS holders?

Principal Noob (Noob Biz Only): Yes $RUGZ holders, holding 10+ $RUGZ will get a 10 to 1 airdrop of NOOB token, the snapshot has already taken place for that event. We designated 3% of our supply for that.

Q6 from Telegram user @b_dima

You will use GYSR for your farming. It is a name I hear for the first time. It is said to be 100% decentralized. But what other features it has? Was it used before by other projects?

Principal Noob (Noob Biz Only): So as a developer for both projects, we are well aware of what it can do. We believe in decentralization and with that said, it offers trust for investors that developers cannot run off with funds. As we have had it fully audited. In the future other projects will be able to use the gysr. More about the ecosystem can be found here: https://www.gysr.io/geysers

Part 2 — live questions from the Telegram community

Q1 from Telegram user @jpsarmah

How and when 3000 $NOOB for Development Funds will be utilized?

Principal Noob (Noob Biz Only): These will be used to SEED the yield farming portals. NOOB/ETH, NOOB/USDC, and NOOB/RUGZ. 1,000 will go in each, this is to ensure longevity of the yield farming for investors.

Q2 from Telegram user @JoxesXIII

Im not clear at all, is NoobFinance a fully serious project or is it a meme project for entertainment purposes?

Principal Noob (Noob Biz Only): We are extremely serious. We have made all the necessary steps to insure investors to trust our intentions. From locking team tokens, locking liquidity and having a audited yield farming portal. MANY defi projects LACKED a audit and investors lost millions to rugpulls and/or scams. We are avoiding that by taking security very seriously. We stand for NOOB, because many new crypto users are scared to join defi and NFT projects, we want the noobs to come in, as we are making everything user friendly. We will have a amazing autonomous marketplace that will be for existing and new users.

Q3 from Telegram user @BroDzon1

What are benefits and differences between these two geysers for $NOOB yield farming?
· NOOB/ETH LP
· NOOB/USDC LP

Principal Noob (Noob Biz Only): Each pool will yield NOOB and all lp providers will qualify for the first airdropped Crypto Kids NFTs

Q4 from Telegram user @CryptoExpert05

Q:- What sparked the creation of Noob Finance and was it hard to actually start it? Which companies do you view them as potential partners and that they are somewhat also benefitial for both userbase and Noob Finance itself?

Principal Noob (Noob Biz Only): Being a NFT developer, I am aware that opensea.io and rarible are not user friendly especially for new crypto users. We aim to make this for all users new and existing. We will be aiming to partner with other NFT projects to collaborate on NFTS and introduce them to our marketplace. We want a fully functioning NOOB ecosystem.

Q5 from Telegram user @Crypangel

I am very interested For buy $NOOB Tokens..So, where I can buy $NOOB Tokens?. Which pairs available for buy?

Principal Noob (Noob Biz Only): Our presale is live https://app.bounce.finance/fixed-swap/4052 and can be exchanged for ETH. We will list on uniswap directly after presale.

Q6 from Telegram user @BeastIncarnate7

Is the Auditing conducted Yearly…?

Principal Noob (Noob Biz Only): Auditing will be conducted once a year and will be updated on both sites of results.

Q7 from Telegram user @DiegoRME

One of the things that the holders are interested in is if after their PRESALE it is the exchange listing … Do you plan to search for Exchange listings such as MXC, BINANCE, HUOBI etc?

Principal Noob (Noob Biz Only): We would absolutely love to get us on a Centralized exchange and do have plans. I have already made contacts with top50 exchanges to get us listed.

Q8 from Telegram user @sinahanna32

The information I found was about PRESALE and Yield Farming. So what is your next roadmap for the future? What goals are you focusing on?

Principal Noob (Noob Biz Only): Our main goal is to have a fully functioning and user friendly marketplace. We want it to be plug-n-play, so that new NFT enthusiast can use with ease. We will have our beta live by the end of november.

Q9 from Telegram user @Crypangel

As investor i’m obviously interested about the token scarcity. What kind of plans do you have regarding the $NOOB token unlocks in the future?

Principal Noob (Noob Biz Only): We will have 3,000 NOOB that will be unlocked with yield farming over 365 days. We burned the MINT key for security and for the peace of mind of investors. There will only be 30,000 $NOOB in existence forever.

Q10 from Telegram user @BJosefina61

Currently NFTs are the new trend that projects are trying to exploit. What are the most important features for distribution an uses of NFTs, how exclusive and scarce will be these collectibles?

Principal Noob (Noob Biz Only): Great question. So, the initial welcome Crypto Kid NFT will be airdropped out to all $NOOB users. After that, we will be launching 2 Crypto Kid NFTS each month, with different characters and story line. These will be able to be leveled up to Crypto Teens and then Crypto adults over the years. The crypto kids will be able to be obtained through the upcoming marketplace with only 100 per NFT as well as crypto lotteries for exclusive gold foil crypto kid NFTS. These will be rare and minted as erc1155s. $NOOB holders will be the only users that will have access to these NFTS.

Part 3 – Quiz Results

In the final part we tested your knowledge in terms of Noob.finance. They’ve prepared 4 questions for this part. The total reward pool for quiz was 500$.

For more information and future AMAs, join our Social Media channels:
English Telegram group: https://t.me/Satoshi_club
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Noob.finance Community: https://t.me/noobfinance

We are pleased to announce our next AMA on November 1st 2020 at 12:00 PM UTC Time: Satoshi Club x Xplosive Ethereum

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

⚠️Requirements:
👉 Join Satoshi Club Telegram group
👉 Join Xplosive Ethereum 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 80 seconds. You can post Max 5 questions. Xplosive Ethereum Team will select 10 questions and answer them.

Part 3: 300$ – A quiz about Xplosive Ethereum

For more details:
Xplosive Ethereum – @xplosive_ethereum
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish

We are pleased to announce our next AMA on October 2nd 2020 at 04:00 PM UTC Time: Satoshi Club x Sentivate

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

⚠️Requirements:
👉 Join Satoshi Club Telegram group
👉 Join Sentivate 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 80 seconds. You can post Max 5 questions. Sentivate Team will select 10 questions and answer them.

Part 3: 700$ – A quiz about Sentivate

For more details:
Sentivate – @sentivate
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish

On October 26 Satoshi Club held an AMA session with our friends from Momentum. Our guest was @alex448844.

The total reward pool was 1500$ 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 Momentum! @alex448844 welcome to Satoshi Club.

Alex: Hey everyone. 👋

Mary | Satoshi Club: Happy to welcome you here. And could you please introduce yourself and tell us how did you start with Momentum?

Alex: Great, I’m excited to be here and answer your questions today. My name is Alex, I’m a software developer with a background in full stack web development and a strong interest in cryptocurrency / decentralized technology for the past 2 years. I got started with Momentum back in early July while watching and analyzing deflationary tokens. The idea of a dynamic deflationary token peaked my interest and over the following weeks I spend hours each day crafting ideas and ultimately building the core concepts for Momentum. All that has lead us to where we are now, an active community interested in a fully realized project.

D. | Satoshi Club: Great! tell a bit about your project, what is it purpose?

Alex: So originally the project aim was to build on deflationary index funds. The idea being to use a deflationary token’s DEX liquidity token inside a Balancer pool to force constant trading pressure and constant burn. I was motivated to create a deflationary token that would produce a more effective overall burn rate. Two index funds have been set up and since then we have partnered with DeFiat to utilize their PartnerStake technology. Part of our ongoing plan is to explore yield farming options and working with DeFiat has been a huge step in the right direction. We also have an engaged community who are regularly contributing ideas toward best next steps for the project.

Q1 from Telegram user @dashinberlin

I have tried to find information about your team everywhere but couldn’t. Maybe I didn’t search properly? Please share with me information about the team. It is important to gain the trust.

Alex: The team originally consisted of a software developer (myself) and a creative manager. Since launch there are now many more individuals assisting in community support and design/development contracts. We are remaining pseudonymous for the time being. The ethos of the project and further development is technical trustlessness and decentralization.

Mary | Satoshi Club: So, you plan to stay anonymous?

Alex: For the time being yes.

Mary | Satoshi Club: And your community has to trust your smart contracts first.

Alex: Of course, and getting a successful security audit was a big step toward building on that trust.

Q2 from Telegram user @balabas4bounty

Long momentum and short momentum are 2 main features of your app. Please explain exactly how do they apply and what do they mean.

Alex: The long momentum and short momentum essentially act as running averages of recent transfer sizes. They are used to calculate the transfer fee based on the size of a transfer. If an incoming transfer moves the long and short momentum further apart, a higher ‘destabilization fee’ will be calculated and applied to the transfer. If the transfer brings the two momentum values closer together, the minimum transfer fee will be applied as the transfer is considered to have stabilized the momentum.

D. | Satoshi Club: So momentum is some new technology for DeFi? some tool? I´m not quite sure that I’m understand how it works…do you have a simple explanation for dummies? 😁

Alex: I think the momentum values and mechanism can be a bit tricky to understand. They will fluctuate with the history of token transfers to provide a rough understanding of average tokens transferred across a recent period of time. The intention here was to have a non-oracle based, contract held understanding of token value perceived through how many are being bought, sold, transferred.

But ultimately they are best understood as averages of recent token transfer activity.

D. | Satoshi Club: Well it’s an interesting concept, not easy to understand (for me) but interesting. 😊

Alex: One of the positive outcomes of this has to do with how weights are used to update the momentum values. The weights will tend to move the short momentum below the long momentum. This has the effect of making smaller transfer sizes trigger a higher transfer fee and larger transfers generally pay the minimum transfer fee, ultimately producing a balance of absolute tokens burned across the range of transfer sizes.

Q3 from Telegram user @anacruzz

As I noticed, the transfer fee is around 0.7% or so. Isn’t it quite big? For 1000$ I have to pay 7$ to make the transfer.

Alex: Yes that is the case. Momentum deflates with every transfer and the minimum fee is ~0.75%.

Mary | Satoshi Club: Isn’t it more profitable to transfer smaller amounts?

Alex: Not exactly, smaller amounts will tend to pay a higher fee. I think right now, based on the momentum values, $1000 would trigger the minimum fee and $100000 could be a little bit higher as that is a very large outlier compared to average transfer sizes.

Q4 from Telegram user @anditgoestome

The audit from quill have found that there are a number of issues to be tackled in the medium level severity and low level severity, code is readable but can be improved according to the Solidity’s style guide which is recommended to be fixed before implementing a live version. Have you implemented the changes which were advised to be made? also, which were the vulnerabilities they have found?

Alex: The Momentum smart contract was deployed as a non-upgradable contract. The hopeful outcome and purpose of the audit from QuillHash was to show that no critical errors exist. Fortunately the audit report determined that this was the case. There are no critical errors in the contract. Some medium and low level issues were found in their report. These issues mostly have to do with code style, software development standard practice and deployment optimization. An audit company usually expects their client to be able to respond to all issues presented, however since Momentum was already deployed and non-upgradable, I am unable to address these minor issues. The most important takeaway from the audit process was that no critical issues were found.

Mary | Satoshi Club: Also, in final disclaimer they gave you advise to run bug bounty program, do you plan any?

Alex: We don’t currently have a bug bounty program but open to that for sure. With the exception of the momentum values and all the math in there, the token contract simply performs basic erc20 operations. (edited for clarity).

Q5 from Telegram user @bitalik_vuterin

91% of initial total supply provided as liquidity and locked until December 21, 2021. I am curious what happens after that? You will get out all the liquidity?

Alex: To inspire confidence in the team and project, we locked the initial liquidity for 16 months during the early days of the project launch. This time frame could have been arbitrarily smaller or larger but this is what we landed on. My main concern presently and going forward is the health of the project so when December 21, 2021 rolls around, it is highly likely that those liquidity tokens will be sent to another time lock contract unless there is some consensus around using these liquidity tokens in a more beneficial way.

Mary | Satoshi Club: Did you had or plan to have any kind of token sale?

Alex: There was no plan for a token presale. We chose to go with a Uniswap ICO and lock that liquidity.

Q6 from Telegram user @mr_putin_v

I’ve read your roadmap carefully but it ands on December 2020… What happens after that? What are the next steps for 2021?

Alex: So currently our roadmap has scoped out the rest of this year. The next steps involve more active research and development, which I’m very eager and excited to get in to. We haven’t exactly mapped out what 2021 looks like but I will for sure be continuing to work full time studying and building. Roadmap updates can be expected in the coming months.

Mary | Satoshi Club: Btw, will XMM have any governance functions?

Alex: We do actually have governance setup through Snapshot, so we’re ready to pass any proposals to the community. This was actually another contribution from an engineer in the community.

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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 guest chose some of them.

Q1 from Telegram User @Nickkiii

Do you have any tutorials on how to use the XMM/ETH liquidity token XMMx in your Balancer Pools?

Alex: We have created a Medium article for this! https://medium.com/@xmm.momentum/balancer-pooling-tutorial-935478d0f424

Q2 from Telegram User @rockmorti

The golden ratio is part of my best memories studying basic math. Why did you choose the number φ as the central rule of tokenomics?

Alex: Coming up with the ratio between the weights took some trial and consideration. Originally I was focusing on more flat values like 10/20/40 but after spending time thinking of the ‘best’ ratio it hit me to use φ and upon simulating the momentum updates, it felt like the perfect choice.

Q3 from Telegram User @AugusS7

On its website it says that the Momentum contracts “were audited by QuillHash and no CRITICAL PROBLEMS were found”, but common or NON-Critical problems were you found? And really what problems are “CRITICAL” in contracts?

Alex: Critical issues in a contract have to due with major code errors that affect the safety of funds or a contracts functionality. The absence of these critical errors is the key ‘checkmark’ a project is looking for when getting a security audit. The Momentum smart contract is an erc20 token contract and what was key to pass the audit was verifying that all the standard token functions work. The less critical issues were to do with code style and deploy optimization, ends up I could have saved some money on the deploy. 😐

Q4 from Telegram User @Alika061

DeFiat Staking on #Momentum and Collection of prize bets have been created for #Momentum, is there a minimum or maximum to stake $XMM tokens?

Alex: There is no minimum or maximum to stake in the DeFiat pool. However, the amount you stake will determine how many rewards you receive over time. This also depends on how many other tokens are staked in the reward pool by other parties over this period of time.

Q5 from Telegram User @KevSalom

All this behavior of the price range between SM and LM, and its influence on the cost of the rates is quite interesting, but where did you get this method? Did you invent it? Did you perfect it from a previous idea? Or is it a concept that is already in the books of mathematics and economics?

Alex: I came up with this mechanism between early July and August this year. The final product is the result of iterating over multiple other solutions and testing how they would perform based on transfer sizes interacting with the momentum values.

Similar concepts may exist elsewhere, but I did not model it off any known products or theories.

Q6 from Telegram User @jpsarmah

Why does the graphical representation of the mathematical formula of Destabilization fees = ~ 0.75(1+ln(P/2)) involve logarithmic function and not any Polynomial function or Exponential function?

Alex: A logarithmic function is more appropriate for modeling a diminishing effect, in this case a gradually decreasing fee applied to destabilizing transfers. Exponential functions would be far too harsh for outlier and larger transfer and are more appropriate for different applications like a bonding curve.

Q7 from Telegram User @Angieleal

What relationship does Momentum have with DeFiatCrypto? Is it possible to get rewards in $DFT through $XMM? How does this staking system work in Uniswap?

Alex: We are using DeFiat’s PartnerStake technology to issue XMM rewards for staking XMM/ETH Uniswap v2 liquidity tokens. Staking in this pool will not yield any DFT, however this pool uses DFT boost where staking DFT in their core pool will boost your rewards by up to 100%.  I would highly recommend DeFiat for any project owners looking for yield farming options.

Q8 from Telegram User @Winterkom

Will there be a limit to token burning or will it be done indefinitely? Do you have any established range? How does this favor token holders?

Alex: XMM will burn with every transfer and deflate indefinitely. This will favor holders by ensuring that their portion of the total supply will gradually increase over time.

Q9 from Telegram User @AmirJosh

There are 3 separate weights that will be used to compute new Momentum values. Please explain the difference between these 3 weights and when will each be use for computation.

Alex: There are 3 separate weights. One is used to update the short momentum and two are used to update the long momentum. When a transfer size is less than the short momentum, a heavier weight is applied to the long momentum and when a transfer size is greater than the short momentum, a lighter weight is applied to the long momentum. This has the effect of producing a wider range between the momentum values where the short momentum is typically below the long momentum. Ultimately this makes small transfer sizes incur a higher transfer fee and larger transfers incur the minimum fee more often. This produces a balance of absolute tokens burned across the spectrum of transfer sizes.

Q10 from Telegram User @tungvodoi206

As you mentioned on the site, 91% of initial total supply provided as liquidity and locked until December 21, 2021. Why did you decide this? So how is the remaining 9% used?

Alex: The goal was to provide as many tokens as possible for circulation while still maintaining enough funds for project development. The remaining 9-10% is being used for design/development contracts, marketing and reward giveaways.

Q11 from Telegram User @warny

Most deflationary token models burn a constant amount, but Momentum takes a different approach, can you explain how this model to us?

Alex: Well I think one of the core motivations was to build something more novel and having a different effect than a constant transfer fee token. Many projects are already employing this solution so finding a way to stand out was important.

I may be biased, but I do believe this approach is better. Take for example two constant fee deflationary tokens, with 1% and 3% transfer fees.

The 1% token will have a small fee incurred across all transfers, not necessarily bad but predictably small, especially when the average token transfer sizes are small relative to the total supply.

Now take the 3% token. The overall rate of deflation of this token would presumably be higher, but relatively large transfer sizes would be feeling the pain big time with this transfer fee and may want to avoid it completely.

XMMs dynamic approach provides the best of both worlds, allowing relatively large transfers to incur a more reasonable fee and small transfers to incur a higher fee closer to 3%. This ensures better usability while still providing an attractive rate of overall token deflation.

Q12 from Telegram User @chelyabinsk_crypto

What kind of APYs are there currently on your Pools? Why percentages are not shown on the website?

Alex: On average we’ve seen the APY for our current reward pool around 100% – 200%. This data is calculated by DeFiat’s contracts and displayed on their UI for the time being. I think some updates to display that on our site will be underway soon.

Q13 from Telegram User @nyo_cant

Some Balancer pools with deflationary tokens were drained due to flaws not so long ago. How will Momentum protect their assets to avoid such incidents?

Alex: This exploit occurs when a deflationary token is directly used in a Balancer pool. We will never create a Balancer pool that uses XMM in it. Instead the XMM/ETH Uniswap liquidity token will be used to produce a similar effect. This token is safe to use in Balancer as it is a very standard, non-deflating erc20 token.

Q14 from Telegram User @Gutike95

You say that “We believe that transparency is the key”, right? If so, in case of presenting any problem with contracts or with exchanges or liquidity and its blockage, who can I contact to solve it? I was looking for and on your website there is no “Technical Support”, don’t you have it?

Alex: Transparency here is referring to the smart contract code being verified and proof of the liquidity being locked. I am always available on Telegram/Discord for technical support if an issue were to arise.

Q15 from Telegram User @CElllIFE

I am confused about Momentum pools. I would like to get an explanation about farming and getting XMMx and XMM tokens.

Alex: So there are 5 pools currently. The first two are uniswap pairs for XMM and XMMx (XMM/ETH Uniswap liquidity token). Staking XMMx in DeFiat’s reward pool with yield XMM as rewards. The other 2 pools are balancer pools that use XMMx along with other common crypto assets.

---

PART 3, QUIZ AND INFO

As usual, for the third part, Satoshi Club Team asked the chat 4 questions about Momentum. A link to a Quiz form were sent into the chat. Participants had 10 minutes to answer. 800$ were distributed between the winners. Please check the winners list here: https://t.me/Satoshi_club/365245

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

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

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

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

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

Website: https://esatoshi.club/

Twitter: https://twitter.com/esatoshiclub 

Our Partners:

XMM – Momentum: https://t.me/xmmtoken

Another AMA took place at Satoshi Club and we would like to tell you about DeFi project Vanilla Network. The AMA took place on 28 October and our guests were @BitcoinCashSingh and @Mike19845.

PART 1, INTRODUCTION AND COMMUNITY QUESTIONS.

Mary | Satoshi Club: Hello, Satoshi Club! We are happy to announce our AMA session with Vanilla network! welcome to Satoshi Club😀

Serg | Satoshi Club: @BitcoinCashSingh And @Mike19845 welcome! 🙂

Mary | Satoshi Club: @BitcoinCashSingh and @Mike19845 welcome to Satoshi Club 😀

Vanilla Singh: Hello! Hope everyone is well in these difficult times. We hope to bring you some fun though, with our new project. Thanks for the invite Serge & Mary

Mike: Hello everyone. Thanks for the invitation

Mary | Satoshi Club: Happy to see you here)

Mike: Thanks a lot.

Mary | Satoshi Club: Guys, tell us more about yourself) and of course about Vanilla network, how you started with it😉

Vanilla Singh: This is our first AMA, so be kind…. 😂Let me tell you how we started with it

Mary | Satoshi Club: Don’t worry, we are very kind 😉

Vanilla Singh: So, unfortunately, we’re former investors of a project that didn’t work out. Upset with the lack of progress, a group of community members came together to try to save the project.

The leadership team was not interested, so we decided to go it alone. This was back in August.

Mary | Satoshi Club: Oh, sorry to hear about that project. But it is a great initiative that you didn’t stop)

Vanilla Singh: We came up with the concept of vanilla – voted on by a group of former community members. Vanilla meaning – plain and simple, and in financial terms an uncomplicated financial instrument.

Then I and Mike discovered our passion for casinos and sports betting. Then The Vanilla Network project was born!

Fortunately in our team, we had Costi (CTO) with great development skills, Mike (CEO) a skilled strategist, and Redford (COO) a jack of all trades (he won’t like me saying that!)

… not forgetting myself, a boring economist!

Vanilla Singh: Hope that gives you enough flavor? 😂

Mary | Satoshi Club: Yes, of course, 👍 I like a casino, but unfortunately, I am not lucky with these games😂

Vanilla Singh: Nor am I, unfortunately… but it’s good fun regardless.

Mary | Satoshi Club: I hope Vanilla will change our luck😉

Mike: Haha well you should try Vanilla. You will have more chances to win. 😊

Mary | Satoshi Club: I hope😉 stake&play?😂 Ok, guys, I think you have a lot of things to tell our community and they prepared some questions for you😉 Ready?

Mary | Satoshi Club: How are you today?)

Vanilla Singh: Ready as we’ll ever be… hit us with your best shot

Mary | Satoshi Club: Q1 from Telegram user @bulbul03
Vanilla pre-sale will Start after a few hours. And It will Start on your website. But recently Your website faces a problem with DDoS attack. Tell me about the present conditions of your website. Do you have any Extra security pattern? Because if it will hack after start pre-sale, then you know what will happen with investors. So what plan do you have for this?

Vanilla Singh: We should have Costi here for this one. Yes, a few days ago we suffered an attack. We can’t be sure, but our host confirmed it was due to unprecedented traffic (probably someone spamming our site).

We reacted quickly to upgrade our service lines so our host released our website again. So in fact, it worked in our favor.

We also did a swap for the old token we were invested in -on the 25th of October. This sold out in 24 hours and was a very successful initial launch.

Mary | Satoshi Club: Tell us more, you had a swap or sale? Or it was something mixed? I mean the previous sale. Vanilla sale😀

Mike: The first round was a swap from the old token for Vanilla. 200,000 VANILLA were succesfully swapped

Mary | Satoshi Club: Oh, got it) ok we will have a question about this later) and, btw, when your sale will start?)

Mike: The second round and final Presale will start today at midnight at 00.00 UTC

Vanilla Singh: Don’t miss it!!!! 😂

Mary | Satoshi Club: How long it will last? Do you have a soft and hard cap?

Vanilla Singh: Just to confirm this will be for 250,000 tokens, and it will be priced at 1 ETH : 1,000 Vanilla.

It’s all smart contract orientated. So will compete on 7th November (if we get there).

Any unsold tokens will go to our novel community fund. Which we can tell you more about it required? Although confident we’ll hit our hard cap.

We have already reached our soft cap of 50 ETH from our initial swap (full disclosure, this was the MYX network token, which pretty much was abandoned by its leadership team).

This is why we are here, to do things right.

Mary | Satoshi Club: Thank you) and wish you go through it without any DDoS attacks😉 Ready for the next question?)

Mike: Thank you

Vanilla Singh: We’re fully protected at the maximum scale.

Please proceed 😊

Mary | Satoshi Club: Q2 from Telegram user @rebel99
Why is the transaction fee for using Vanilla so high, for instance, a $1000 transaction would take $50 as a fee in addition to Gas fees. Isn’t 5% too high?

Redford: Sorry to take us back a bit.

We already activated Cloudflare also we migrated our DNS servers. Our site is hackproof, but a DDoS attack is different

You cannot foresee it. All you can do is provide a defense and we have done that. Besides, we already proved that we have a capable team by coming back online in less than 45mins.

The platform is now fully protected so investors have nothing to worry about.

Vanilla Singh: Well, this is where the economics comes into play. Even though it’s a 5% burn, 2.5% will be returned to stakeholders in our Vanilla option pool.

So if you remain vested in the staking pool, you will benefit from holding the token.

This isn’t a novel concept in itself. Scare supply is just a simple purpose, we also aim to deliver a real use case in our betting DApps. So in combination with our reducing supply, and increasing demand should in theory give a good return on investment.

Mary | Satoshi Club: Thank you👍 and welcome to Satoshi Club 😀

Redford: Glad to be here👍

Vanilla Singh: Thanks for the above @Redfordx. Our jack of all trades, master of… 😂

Redford:
😂😂😂😂

Mary | Satoshi Club: Yes, so, your staking pool will fill from transaction fees?

Vanilla Singh:  Exactly. But consumer only benefits if you have a real use case that drives transactions (and therefore, burning of supply)

That’s our aim. Not a simple deflationary staking platform.

Mary | Satoshi Club: Right, it has economic sense😀 And tokens, which will be distributed for the team – will you lock them or distribute immediately?)

Vanilla Singh: We will distribute immediately, and will be locked and vest over time.

We’re here for the long term. Our true vision is to make this truly “decentralized” (apologies for the buzz word).

Once that’s achieved we know we’ve done our job.

Mary | Satoshi Club: Buzz word) but it’s what everyone in crypto aiming for. Great, let’s go to the next question?

Vanilla Singh: It is, but still don’t think we’ve really achieved this in the space yet.

Fire away

Mary | Satoshi Club: Q3 from Telegram user @K2ice
When I first heard about the Vanilla Network, I thought it was another food meme that had to do with the famous Vanilla cream/flavor where all Vanilla lovers would stake/hold Vanilla. But all I can see from the platform is lottery/bet/poker. What has the famous Vanilla got to do with your platform and why do you think the name should be used for the platform?

Vanilla Singh: @Redfordx you wanna do this one?

Mary | Satoshi Club: I think this tiger can😂

Vanilla Singh: Go on @Redfordx … people getting bored of me 😂

Redford: Sure!

Mary | Satoshi Club: No🤩 you are doing great)))

Redford: When Vanilla was conceived, a lot of food projects were being hyped and were actually making waves. We wanted a name that will also make waves but will mean something different entirely and sophisticated. Since we are in the DEFI sphere, we chose $VANILLA.

And below is what Vanilla actually means in finance …

“Vanilla is the most basic or standard version of a financial instrument, usually options, bonds, futures, and swaps. It is the opposite of an exotic instrument, which alters the components of a traditional financial instrument, resulting in more complex security”.

Since our mission is to simplify DEFI. What better name will lend credence to our cause than the name Vanilla?

Mary | Satoshi Club: Yes, that is a very sweet name😀 Do you plan swaps on your platform?

Redford: Thanks Mary. Glad you like the name. 👍

Vanilla Singh: We’re going to stay agile. Space moves fast, so open to everything. Within reason…

Mary | Satoshi Club: So, you will leave some decisions for your community?

Vanilla Singh: Yes, mainly for the dApps they want.

The big clamor for a double or nothing rewards dApp. So that’s what we’re working on currently. Randomization in the blockchain is challenging but really will add so much value.

But then going forwards, as things take shape it will be community-driven when it comes to head bets (say on a sporting event for example).

Mary | Satoshi Club: Step by step?) Btw, when you plan your first dApp to go live?

Vanilla Singh: The staking platform DApp is already produced, but being audited at the moment. Will go live before we list in November

We have a couple of other surprises as well, but won’t reveal those yet 😉

Mary | Satoshi Club: Don’t forget to share your news with us😉

Vanilla Singh: As long as you participate in the presale 😂

Mary | Satoshi Club: So, next question? Ready😉?

Vanilla Singh: @Redfordx is ready 😂

Mary | Satoshi Club: Q4 from Telegram user @cengizhantekin
You have the Vanilla Community Fund built in your network for long-term stakes. What part of the fees stored in VCF? Is only staking long-term sufficient for benefiting from VCF or are there any other conditions? And based on what criteria will the rewards from VCF be distributed?

I think it’s yours😂 funds are for economists))) @BitcoinCashSingh 😉

Redford: A Daniel has come to judgment. It’s yours @BitcoinCashSingh 😁

Vanilla Singh: I just predict outcomes lol. Okay, I’ll answer…

Mary | Satoshi Club: Red or black😂

Vanilla Singh: So the community fund is set up at inception. 15% of the tokens are in this pool.

This is where we have a “self-cycling function”. When you participate in a dApp, let’s say a head to head to bet – there will be a fee charged that goes into the VCF. Say a 45% chance of winning for an individual therefore, 10% goes into this fund.

Then we will periodically open up staking pools (I like to call them a chocolate staking pool)- where a user is guaranteed a set APY if they remain invested in this pool for a set period of time.

So the pool diminishes from rewards given out but then replaced by the fees in the betting DApps (based on the probability of an outcome).

Therefore, meaning a consumer should remain in the ecosystem to benefit from these rewards – even if they don’t want to play in the betting DApps…

Sorry for, long answer but hope that gives a flavor. Mathematics drives the platform.

Mary | Satoshi Club: Full balance)

Redford: Excellent‼️

Mary | Satoshi Club: So, I will get rewards only if I participate in some activities. I won’t get anything from the community fund if I will simply hold coins on my wallet?) Everything must move?😉

Vanilla Singh: No rewards in the wallet.

Recommend everyone stakes in the Vanilla staking pool option. So you get a 2.5% reward on every burning transaction.

But you can hold it if you want, but you’ll be missing out on juicy rewards!

Mary | Satoshi Club: Yes) I see)

Great and next question?)

Vanilla Singh: Please go-ahead.

Mary | Satoshi Club: Q5 from Telegram user @iulya_i
You have mint and chocolate staking options. I really don’t like mint with chocolate but the questions are not about this 😀
Why you created these 2 pools? What are their specifics and what rewards will we receive for each of them.

Vanilla Singh: Can’t reveal this just yet…

This was one of our secrets! Looks like someone has read the Whitepaper 😂.

You’ll be getting a prize.

Mary | Satoshi Club: Yes, this question will definitely be rewarded😀

We like secrets, but if you can’t reveal we will follow your announcements 😉

Please, Satoshiclubbers, don’t forget to join @Vanillafinance to know all news!

Mike: Would like to add that you will receive extra rewards if you choose to stake for a longer period of time. This will be funded from the community fund.

Mary | Satoshi Club: Oh, it sounds like a hint😉 thank you👍 And the last question from this part?)

Vanilla Singh: We’re actually creating 3 pools. So users can decide based on their risk appetite.

Hold longer, get a larger reward.

Each pool has a different outcome.

Mary | Satoshi Club: Oh, mint, chocolate and… ?)

Vanilla Singh: What’s your favorite flavor?

Mary | Satoshi Club: Hm…😂

Vanilla Singh: Yes, it’s that 😂

Mary | Satoshi Club: Ahaha))) excellent choice)

So, can we jump to the last question from this part?)

Vanilla Singh: Please

Mary | Satoshi Club: Q6 from Telegram user @winterkom
The vanilla Network team worked on a project previously, but it was not successful. Why will Vanilla be successful? Did you learn from past mistakes?

Redford: May I also add, that this project partly designed to salvage another person’s project and save investors who had lost their hard-earned money from an uncertain end is a first of its kind?

It simply attests to how selfless this team is. And because we are genuine and verifiable, we are geared and wired to deliver on all promises made.

We have never found a project that failed. Vanilla is a first and we already see it mooning 🚀🚀🚀

Mary | Satoshi Club: Yes, I got this) I think it’s just a bit confusing that you didn’t write the name of the previous project) my network😀

Vanilla Singh: That’s incorrect, we’re independent of the project that was unsuccessful. We set up to help save this community with this project, allowing a swap process.

So simply not true, but thanks for letting us clarify.

Mary | Satoshi Club: And the last question from me)

In what proportions was swap MYX to VANILLA performed? 1:100, 1:1…?)

Vanilla Singh: Let @Redfordx finish 😂

Mary | Satoshi Club: Of course 😂

Vanilla Singh: Swap. It was 400 MYX : 1 VANILLA.

Difficult to ascertain as price moved a lot – would say it was 0.16 – 0.18  I counted from today’s price, it’s around 0.00026$)

Mary | Satoshi Club: I counted from today’s price, it’s around 0.00026$😀

PART 2, TELEGRAM COMMUNITY LIVE QUESTIONS.

In this part, we open a chat for the crypto community for 80 seconds. Then the guests from the crypto project choose the top 10 questions. These 10 crypto enthusiasts have earned cryptocurrency.

Reward pool: $100

Q-1 from telegram user @Splendicity

Can I unstake anytime I wish to?

Vanilla Singh: Yes

Q-2 from telegram user @BJosefina61

Your roadmap refers to include gaming and betting. Can you make a tentative list of the games that could be included?

Vanilla Singh: Please read Whitepaper they are all listed there:

• Blackjack
  Poker
  Lottery
  Double or nothing
  Head to head bets

Q-3 from telegram user @GoldRocket27

Are you positioning yourself as a platform for gaming daps? Are you going to work only in this direction?

Vanilla Singh: No, we are going for decentralized betting DApps. It’s a huge market and has untapped potential.

Blockchain can revolutionize it and get rid of the middle man. That’s our aim

Q-4 from telegram user  @K2ice

The whitepaper says “When Vanilla is purchased a 5% transaction fee is charged. Half of this fee goes to our stakeholders. The other half is automatically burned”. Instead of burning half of the transaction fee, why can’t you just make the transaction fee 2.5% to make it cheaper?

Mike: We can but that means also that less will be burned and less rewards go to the stakeholders. We think 5% is the right figure to have enough tokens burned and stakeholders rewarded

Q-5 from telegram user  Deleted user

Question Unknown

Vanilla Singh: No, not a big fan of this.

Just a cheap way of trying to pump the price. We are deflationary in nature, and our success will be based on the use case of our DApps.

Q-6 from telegram user @Maksyrn

Will MYX Network project tokens and the project itself cease to exist?

Satoshi CLU₿, [28.10.20 01:47]

Vanilla Singh: We don’t know. We are not part of this project.

We allowed the old community to swap their tokens for Vanilla.

We first set this at 40m, but demand was unprecedented so we upped it to 80m so the old community could be the foundation of our project.

Community is critical to long term success. Especially the community betting DApps – quite fun having one up on one of your peers!

Q-7 from telegram user @KevSalom

Tell us a little bit about security? Have you done an audit of the platform? Are smart contracts error-free? What are the test results?

Vanilla Singh: We are in the process of this. Will be employing independent blockchain technicians to audit our smart contracts.

We will not release a dApp unless it’s been tested. This should be the industry standard not just a reason to invest in a project.

Q-8 from telegram user  @Maksyrn

How to participate in pools, and why are there already 3?

Vanilla Singh: Because we love ice cream…

Q-9 from telegram user

Mary | Satoshi Club:
One question was answered during the live chat😉

Q-10 from telegram user @BERTA2020

What are the steps to buy $VANILLA at your presale?

Vanilla Singh: Please visit the website

www.vanilla.network

The launchpad can be found by pressing “buy presale”

This will give you the steps.

Note only the Metamask Wallet is supported (both for desktop and mobile applications)!

Goes live 00.00 UTC 28th October, 1 hour from now!

Part 3 – Quiz

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

Vanilla Network Quiz Winner List:

4/4 Correct Answers First 10
@Brainchest
@jobel4
@cengizhantekin
@Andyoungson
@cryptonite_gold
@halvving
@Jitka1
@bitcoinistic
@boeingbadge
@flagschemicals

4/4 Correct Answers Next 10
@Oggyman
@JustOfSon
@Dannyaka
@Conowal
@Loriona98
@moismois0
@nbm843
@sergiogonzaless
@michaelaelf
@daviessss

3/4 Correct Answers First 10
@AmirJosh
@Xusuo
@Maksyrn
@Rebel99
@Canswer
@residencecrypto
@dashinberlin
@trustmywallet
@debrasnider
@edibrown

2/4 Correct Answers First 15
@DiegoRME
@K2ice
@Jonahapagu
@quepongo
@bulbul03
@madamlobster
@lissabeth
@Bradyfreddy
@murielluis
@doublework2
@malidonald
@vinniepu
@blundeloff
@gruvv
@xaviermaya

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:

http://www.vanilla.network

https://t.me/Vanillafinance

https://www.reddit.com/r/vanillatoken/

https://www.youtube.com/c/LifeAsItIs/videos

https://twitter.com/VanillaNetwork1

We are pleased to announce our next AMA on October 30th 2020 at 04:00 PM UTC Time: Satoshi Club x QuiverX

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

⚠️Requirements:
👉 Join Satoshi Club Telegram group
👉 Join QuiverX 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 80 seconds. You can post Max 5 questions. QuiverX Team will select 10 questions and answer them.

Part 3: 300$ – A quiz about QuiverX

For more details:
QuiverX – @QuiverXCapital
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish

We are pleased to announce our next AMA on October 31st 2020 at 04:00 PM UTC Time: Satoshi Club x DeFiat

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

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

We will have the following structure:

Part 1: 250$ /12 users – We’ll select 12 questions from the community. A user can post maximum 3 questions. 12 Questions will be selected from our website – please submit your questions in the comments section of this post.

Part 2: 250$/15 users – Open chat for 80 seconds. You can post Max 5 questions. DeFiat Team will select 15 questions and answer them.

Part 3: 1000$ – A quiz about DeFiat

For more details:
DeFiat – @defiat_crypto
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish

And here we go with new series of AMAs in Satoshi Club! Today we would like to tell you about the AMA session with our friends from Poolz. The AMA took place on October 25 and our guests were Guy Oren, Liam Poolz and Stan.

The total reward pool was 1000$ 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 Poolz! welcome to Satoshi Club:grinning:

D. | Satoshi Club: hello all!

Liam Poolz: Hello everyone, great to be here 🙂

Guy Oren: Hi all 😊

Mary | Satoshi Club: Happy to see you here guys! Could you introduce yourself and tell us how did you start with Poolz?:wink:

Guy Oren: Hi, I will start with intro about Poolz. The idea of Poolz came up as our own idea, the founders participated in a number of early-stage token sales over the past few months. In some of them we have achieved good results in terms of ROI, and in others we get some “scams” and in this point we understand that the existing model has a few improvements to do. In this stage we “jump” to a deep research in order to investigate this issue and understand what exists in the market today, what the problems are and how we can make a better solution accessible to the ecosystem. and as said, the rest is history. Welcome to Poolz.

Liam Poolz: Regarding Poolz Founders, We are tech serial entrepreneurs with a history of working in the computer software and blockchain industry, personally been a crypto investor for over 6 years, and have gained a lot of connections and knowledge in the field. In his most recent role, he managed community engagement at Endor Software, a MIT based startup that raised over $ 50 million, including from the Google Founder VC.
Guy CEO: is a Serial tech entrepreneur and founder of 2 startup companies, which employed over 40 people. In his most recent role, Guy was the COO & Founder of Fokoya, A Fintech company that provides a gamification platform for the financial market based on P2P technology and operated across 60 countries. He is experienced in managing operations, go-to approach, P&L management and fast-moving environment.
Stan CTO: Experienced and out of box Founder and developer with a demonstrated history of working in the computer software industry. Skilled in Management and Strong business development working to bring the future closer. He loves cutting edge technology, and has entered the blockchain space in 2016, where he co-founded Cryptonex – Algo Trade.
His main focus is on Poolz Defi with helping build the first cross-chain decentralized environment architecture designed uniquely for DAO ecosystems.

Mary | Satoshi Club: How much time elapsed between the idea and the creation of the project?

Guy Oren: All started 4 months ago when we realise the problem with the existing model for fixed price token sale, and from there we jump fast in order to create Poolz and develop the platform.

Mary | Satoshi Club: That was fast:smiley:

Q1 from Telegram user @AmirJosh

I always read about the 2-layer protocol but your Poolz project have a layer-3 swapping protocol. Can you please explain how a 3-layer protocol works on your platform and its difference on a 2-layer protocol?

D. | Satoshi Club: but please, first of all, tell a bit about layer 2, what kinda possibilities and solutions this layer provides? 😊

Liam Poolz: Layer 3, is the place where general applications developed on the second Layer could be used for develop specific solutions. Using smart contract or atomic swaps or lightning networks for APIs, developers can integrate and build applications that serve a narrow and specific function. Decentralized Finance (DeFi) is one of the application built on the third layer, and here Poolz for this space we are aiming Poolz

Guy Oren: Layer-2, on the other hand, is an overlaying network that lies on top of the underlying blockchain. Layer 2 refers to a secondary framework or protocol that is built on top of an existing blockchain system.

Mary | Satoshi Club: It’s like specific solutions for specific solutions)))

Guy Oren: Lol. we can said it.

Mary | Satoshi Club: Ok, tell me in simple words – why Layer 3 is better for Poolz? Something will be faster, cheaper, safer? Or all of the above?)

Guy Oren: Or all of the above (:
Layer 3 allowing us build apps on top of the existing solutions and providing cost effective, cheaper abd faster soulition.
The Poolz code architecture is clean, modular, and decluttered. Following a minimalistic approach to code development, the platform ensures resource-optimization, such that only the essential data is anchored on the blockchain and in the best-suited format. Together, the practices ensure a perfectly balanced and minimal gas fee for transactions on the Poolz platform. As per the latest tests, the cumulative gas used for transactions was 284322, costing a gas fee of $23 (given, ETH = $350). we were able to lower the costs compared to our competitors in the market (75% less).

Thank you layer-3 (:

Mary | Satoshi Club: Oh, yes) that’s impressive :+1: Now it is clearer) numbers always speaks louder 😂

Q2 from Telegram user @Splendicity

I can see from your lightpaper that apart from DIRECT SALE POOL which we are familiar with,you also conduct TIME LOCKED POOLS.Please can you explain more on this time locked pool?

Guy Oren: Hi @Splendicity,
There will be two types of pools on the platform—Direct Sale Pools (DSP) and Time-Locked Pools (TLP).
Direct Sale Pools (DSP): These are pools without any lock-in period, where investors get the token immediately after the swap.
Time-Locked Pools (TLP): These pools have a predefined lock-in period and investors receive their swapped tokens only after the completion of this duration. Poolz’s smart contract will also enable pool creators to define custom lock-in periods, thus releasing the swapped assets incrementally. For instance, say, disburse 40% of the swapped tokens immediately and, after say 1 month, the remaining 60% in 6-equal monthly vesting.

Mary | Satoshi Club: So, DSP – i pay and recieve tokens immediately, in the case with TLP – i will receive tokens after lock up period, right?

Guy Oren: Exactly.

Stan:

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Hi all, I’m Stan (CTO of Poolz). this is the full flow of the Poolz:

D. | Satoshi Club: great! this scheme clearly shows how pools work. thanks

Mary | Satoshi Club: It’s common practice for seed investors, as i understand. Which projects you see as competitors in this field?

Liam Poolz: One competitor who made great success within the last month is Bounce.finance”, symbol- BOT. The huge difference between us is that they can’t do cross-chain pools, but only ERC20 blockchain.

Mary | Satoshi Club: Yes) i know this project) did you already test cross-chain pools?

Guy Oren: Yes, at the moment we are working on new integration regarding cross chain solution. I believe we will announce it officially in the next few weeks

Stan:

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I can add this here, about the cross-chain:

Mary | Satoshi Club: Don’t forget to share this info with us:wink: we like to hear such news)

Guy Oren: Deal. You will be the first to know.

Mary | Satoshi Club: Btw, with which blockchains you plan to work?

Guy Oren: We aim to providing fully-cross chain solutions. it’s mean that we are targeting the Blockchain (layer 2 solution) in the space. At the begigng we will start with the one and icrusing the numbers of integratsions during the time. As our code code design uniquely and already allow us to scaling our platform

Q3 from Telegram user @KevSalom

I read on your website that Poolz “provides an immediate cash flow option for promising projects”. My question is, what do you really call “promising projects”? Based on what metrics or data do you decide a project is worthwhile or not? Is it up to you or the community?

Liam Poolz: In the end, it is the investor’s choice in which project to invest. From our side, we aim to bring promising projects and make serious and professional DD. We are going to work with several ”labs” that will help us make DD better while selecting legit projects. Besides, our team will work with a reputable company that will do the audit for all the smart contracts of the projects that will raise money for our platform, and another step that will help minimize risks.

Mary | Satoshi Club: DD?)

Liam Poolz: Due diligence is an investigation, audit, or review performed to confirm the facts of a matter under consideration. In the financial world, due diligence requires an examination of financial records before entering into a proposed transaction with another party.

Mary | Satoshi Club: So, you will need several partners – for DD and audit, right?

Guy Oren: Yes. As Liam said , there are a number of tactics that can be used and intargre in our system in order to help investors make the right decisions.

Mary | Satoshi Club: Can you give us some names? Or it’s still on early stage?

Guy Oren: Yes, it is to early yet. We cannot show all our cards. But yes, we are on it and hope to ann very soon. Let’s keep someting to the next AMA (:

Q4 from Telegram user @apocan99

There is a Pool Status called “Out of Stock”. Why isn’t the pool switched to “Finished” status automatically when the tokens are sold out? Is there a chance for returning the tokens purchased during this period, so that the pool will be available again for other investors?

Stan: Hi @apocan99 , its very nice catch from you. this status is for the TLP, that the “sale” part is over, but its mark the pool in this status until all the tokens get to the right owner, the investor.

D. | Satoshi Club: and after that pool will change its status?

Stan: Yes, its more administrative status.

Mary | Satoshi Club: Btw, what about POZ tokens?) Are they out of stock?)))

Stan:

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That was is left on the TestNet:

Mary | Satoshi Club: Where and how can i get POZ tokens?)

Liam Poolz: Actually our Private sale is currently running (about to end) while focusing on strategic investors. We will also planning to schedule a small allocation event to our community members, really soon 😉

Mary | Satoshi Club: Oh, that’s what i am interested in) waiting for your announcements 😉

Q5 from Telegram user @jolly_k

16.6% of the daily earnings will be burnt as I understand. Explain what will be the earnings. How much do you approximate the burn in tokens?

Guy Oren: As part of our long term strategy our aim is to keep and incesie the token value. We are putting a lot of efforts in order to define a strong strategy and to build a burning mechanism that will be implemented from day one at Poolz Platform.
Token Burn:
PoolzDefi will follow a Limited Top Value burn policy, using 16.667% of its daily earnings to market buy POZ tokens (upto 20% of total supply) and burn them. This, in turn, will enhance the ROI for the entire POZ holder community, by enhancing the token’s inherent value.
Our Business model based on total swapping volume in the platform. Poolz will earn up to 2% from the total daily swapping turnover- It’s will dependent of some parameters. (%2, can be changed by governance in the future)

Mary | Satoshi Club: So, POZ token will be also governance token?

Guy Oren: Not just the token. The whole system. As our core code is designed uniquely for DAO ecosystems and based on smart contract.

Mary | Satoshi Club: It’s interesting, pure decentralisation)

Guy Oren: Such, POZ token holders will have a say in product features, token utility, auction types, platform fees, conditions for pool creation, the terms of governance, as well as the platform’s future plans and trajectory.

Q6 from Telegram user @minhtuyen0711

Common problems of DeFi projects come from bugs smart contract, poor user experience due to lack of UI / UX. But Poolz can solve this with the React Native tool. So what is React Native and how does it work?

Stan: Great point, @minhtuyen0711. we try to make the UX/UI smooth as possible. Using react and web3 to do so. very soon you can see (and tell us your opinion) the system in the testnet.

Mary | Satoshi Club: Who can join testnet?)

Stan:

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This is the last update from the testnet:

Guy Oren: The testnet will be available to the community/to anyone that have Metamask. We are want to learn from them in order to providing better solution to the ecosystem.

D. | Satoshi Club: will you have a bug bounty program?

Guy Oren: Absolutely, under the Rinkeby.

Mary | Satoshi Club: Oh, it’s always interesting to join such programs and learn:+1: And now our Satoshiclubbers are waiting for this chat to be open:wink:

Part 2 — live questions from the Telegram community

Q1 from Telegram user @Winterkom

– In Poolz there are 2 types of pools, Direct Sale Pools and Time-Locked Pools. What additional benefits does TLP have for users by locking their tokens in that pool? Do you get a better yield?

Stan: Its up to the project owner.

Q2 from Telegram user @Jmagsss

In your platform, do I need a background knowledge on programming like C, C++ or Java to fully develop a product under Poolz?

Stan: We aim to give you A-Z solution without any programing background (spoiler: even making a token)

Q3 from Telegram user @Jmagsss

Integrations and partnerships are somewhat important to greatly increase the progress of a project, for Poolz, do you already have established partnerships with other projects/companies that and will there be many to come in the future?

Liam Poolz: Agree, that is indeed very important issue as you mentioned. To date, our investors & Official Partners & advisory include:
Market Across- The crypto world leading PR & Marketing company. Representing leading and successful brands as Binance, Tron, Polkadot and more.
Aggressor Capital- Private equity VC.
OMS Capital- Investment firm specializing in emerging cryptocurrencies technologies. Invested in very successful and known companies as: DIA, RioDeFi, Chromia and more.
Big partnerships to come within the next weeks:) even this week 😉

Q4 from Telegram user @jpsarmah

How are your Cross-Chain Swaps different in functioning from your Poolz Bridge?

Stan: The Bridge is part (one of many) of the cross chain.

Q5 from Telegram user Harsha

A defi project=money making project
On this time it is the only legit project that I know in these days… Everyone knows a defi projects price will boom after the launching….
My question is : Aside listing on uniswap will POZ be listed on any other CEX OR DEX?

Guy Oren: Is a great question and we had a lot of inside discussion regarding this topic. We are aiming to do build solution on the of the exsiting infrastructure, and absulotly the CEX will be part of our lonf-term solotion as they are still the biggest player in the space.

Q6 from Telegram user @Rebel99

What is the minimum amount of Poolz to be own in order to take part

Stan: It will be around 80 tokens. to be eligible for the POZ holder benefit. but this number can change (using the governance)

Q7 from Telegram user CRYPTOCOMMUNITY

The marketing strategy is the keyrole is every project,without presale how are going to market this and develop your community?

Liam Poolz: As the CMO of Poolz, I have to gree 😉
At the level of PR, we work and are accompanied by “Market Across”, a leading company in the field that works with top brands as “Binance”, “Polkadot” and Tron.
In terms of marketing, we are connected to a number of well-known communities and crypto influencers who will help us spread Poolz to the world.
We plan to launch a significant PR campaign next week, which will include reviews and articles on leading technology and economic sites.
We work also to establish communities run by local community leaders in various countries such as Vietnam, Korea, Japan and more.
we will forge strategic collaborations with leading blockchain companies, in order to allow them to do cross chain swaps on Poolz platform – our ultimate customers, as part of an agreement with each blockchain we plan a joint PR campaign. The collaboration will bring new relevant users to the platform.

Q8 from Telegram user @K2ice

I don’t have the knowledge of liquidity pool and I don’t seem to understand it so far. How can I be a part of it?

Guy Oren: Nice to meet you first of all.
Swapping Rewards (LP)
In proportion to their contributions, liquidity providers will gain a percentage of the total liquidity deposited over the current week. Swapping rewards on the platform will be calculated and disbursed every 4 hour and in weekly cycles.
Mechanism: Suppose, LP (A) contributes to Pool (1) in the first 4-hour slot of Day(1)—Week(1). Now, if LP (A) is the only investor during this period, he/she get 100% of the swapping reward for that slot. Then, say, on the third 4-hour slot of Day (2)—Week(1), LP (A) would still be eligible for swapping rewards, but in proportion to the total liquidity deposited in the meanwhile. Likewise, LP (A) continues to get some reward for the remaining week.
liquidity providers can claim rewards in POZ for contributing to the network. at the beginning the calculation will be every 4 Hours, can be changed by governance in the future

Q9 from Telegram user @KevSalom

– As an investor or liquidity provider, as I read in your litepaper, I will have the option of joining two types of groups, “Created State” and “Open State”, what is the difference between the two? Which one gives greater benefit?

Stan: The Created give you the discounted price (set by the project owner).
So you can be first to take part on the project.

Guy Oren: The Defi is the hottest topic in the space and there is a reason for that. As the infrastructure and the ecosystem recognize that the most important issue in order to grow is continue to build the Defi space provide the best solution for this issue.
Due to the decentralized motive that anyone can be part of a bigger picture it attracts many investors and developers that help to increase the “trend”. Regarding the future there is a reason why the top blockchain infrastructure such as Binance chain, Solana, Eos, Polka. and more provide numbers of accelerators and programs that focus only on companies best on Defi.
At Poolz we aim to keep all the projects and technologies under fully decentralized world even when we spoke about Cross chain which by now have a big problem to use the Cross chain under decentralized and we are already halfway to find a solution the will help the ecosystem.
Poolz cross-chain structure: Poolz aims to connect the 2 blockchains with a bridge to enable users to transfer tokens from one chain to the other. As the main goal of Poolz, this system will be full DeFi, but the first stages of Poolz server will be doing part of the verification. As the system will grow, we will be able to benefit miners to calculate the transaction and keep the stability.
To make sure at any given moment the balance of the Lock Liquidity in chain A MUST be equal to the Total supply of the Tokens made by the factory for the Transaction. The Equilibrium will be the Trust of the system and the key from a fully DeFi system.
In our case the Equilibrium=Synthetic tokens.

Q10 from Telegram user @lopyou01

Can you tell us what are the main benefits of a $POOLZ holder? For investment purposes, why do we have to invest in $POOLZ & what benefits does $POOLZ give to holders?

Stan: In the tokens sales, you can be the first to invest, before the non POZ holders.
In the NFT bids, you got the right to the last bid.

Part 3 – Quiz Results

In the final part we tested your knowledge in terms of Poolz. They’ve prepared 4 questions for this part. The total reward pool for quiz was 600$.

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