Satoshi Club

We are pleased to announce our next AMA on October 7th 2020 at 04:00 PM UTC Time: Satoshi Club x Kittiefight

⚠️Click to see the hour
⚠️Total Reward pool: 1300$

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

We will have the following structure:

Part 1: 300$ /12 users – We’ll select 12 questions from the community. A user can post maximum 3 questions. 9 Questions will be selected from our website – please submit your questions in the comments section of this post. 3 Question will be selected from Bitcointalk thread.

Part 2: 300$/15 users – Open chat for 80 seconds. You can post Max 5 questions. Kittiefight Team will select 15 questions and answer them.

Part 3: 700$ – A quiz about Kittiefight

For more details:
Kittiefight – @KittieFIGHT_DeFi
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish

We are pleased to announce our next AMA on October 7th 2020 at 12:00 PM UTC Time: Satoshi Club x ZeroSwap

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

⚠️Requirements:
👉 Join Satoshi Club Telegram group
👉 Join ZeroSwap 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. 4 Questions will be selected from our website – please submit your questions in the comments section of this post. 2 Question will be selected from Bitcointalk thread.

Part 2: 100$/10 users – Open chat for 80 seconds. You can post Max 5 questions. ZeroSwap Team will select 10 questions and answer them.

Part 3: 300$ – A quiz about ZeroSwap

For more details:
ZeroSwap – @zeroswap
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish

Pleasure in the job puts perfection in the work, Aristotle said. And you can feel this perfection in project which we have for the following AMA session. Today we would like to tell you about the AMA session with our friends from ChartEX. The AMA took place on October 03 and our guest was @blockminded.

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

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

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

Mary | Satoshi Club: Good afternoon, Satoshi Club! Today we are happy to announce our AMA with ChartEx! Welcome to Satoshi Club :grinning:

Blockminded – ChartEx: Thank you for your warm welcome!

D. | Satoshi Club: hello Satoshi club! @blockminded hello! welcome!

Serg | Satoshi Club: Welcome to Satoshi Club 🙂

Mary | Satoshi Club: Please, tell us a bit about yourself and about your project) how this excellent idea was born)

Blockminded – ChartEx: I’m a software engineer by background, and I’ve always had an interest in data, how the underlying markets work and seeing whether there’s any way to identify opportunities for this. TA, whilst partly skill of recognising things by eye is also about maths and data too, so late in 2017 I looked to better understand markets that were not featured on the larger platforms like TradingView, and the precursors to ChartEx were born in the form of a chart bot for Discord

TradingView in 2017 supported Bitstamp and perhaps a few other large exchanges, but there was very little coverage of the emerging competitors – Kucoin, Binance etc. which were gaining huge popularity with their users, so I set to understanding their APIs and trying to chart these

and in early 2019 ChartEx itself was born, and was one of the only places you could chart Binance, Kucoin, Bitmax and a few others.

Into 2020 of course Uniswap took off in a huge way, but unlike those big centralised exchanges with robust APIs to collect data, nothing existed for Uniswap aside from scraping raw trade information either on-chain or through some smaller API providers and so ChartEx became one of the first providers to introduce Uniswap charts.

by accident, an influencer – CryptoMessiah tweeted about having discovered this amazing place to chart Defi coins, and just like that, my servers imploded under the demand. which really did set the course for where we are today – we had to scale, adapt and improve to support the huge number of visitors we now cater for.

that’s the backstory of ChartEx, is there anything more you’d like to cover in the introduction?

D. | Satoshi Club: great introduction thank you!

Mary | Satoshi Club: Thank you, it’s clear and i really interested in your answers to the questions from our community)

Blockminded – ChartEx: Great!

Q1 from bitcointalk user let098765 @jobel4 on Telegram

Honestly I can’t understand the chart of Chartex so can you simply explain the chart of Chartex? Do you have any tutorial video or guidelines on how to use Chartex? Do you also plan to launch mobile application version for Chartex, for easy use of your platform?

Blockminded – ChartEx: OK, so this is a very interesting question. ChartEx is very much geared towards those already comfortable using TradingView, which is the industry leader in charting, so if you can use TradingView, you can use ChartEx – that being said, we are seeing a lot of new users finding Defi for the first time that have not ever seen TradingView or used it, so we’re working on some introductory content for this which will cover the basics – it won’t necessarily teach you Technical Analysis, but will outline the tools and how you could use them.

D. | Satoshi Club: would be cool to have a guide about how to use all these tools:eyes:

Mary | Satoshi Club: Yes, for example i can only see this picture, but i don’t know how to find this)

Blockminded – ChartEx: There’s also a lot of traders who use ChartEx on their own live streams, last week, CryptoWendo, an influencer on twitter and Youtube spent a lot of time running through Defi coins using ChartEx charts, so there’s a lot to be learnt from this. With respect to the top movers, that’s currently not available to the public, I produce these daily on Twitter to give a recap of the events of the day, but the API that powers this will be opened up to the public in the coming quarter – and this will not only allow you to see these yourself, but make your own interesting interpretations of our data

Mary | Satoshi Club: Thank you, now i am quiet and patiently waiting for your updates)))

Blockminded – ChartEx: finally, with respect to the mobile application – it’s in active development but it’s not our top priority at the moment, there’s some early user interface screenshots I can share but we don’t have a firm delivery date on this – especially as the Apple App Store for example has quite stringent regulation around applications serving crypto and defi for example

this is an early preview of some of the function the mobile app will have

D. | Satoshi Club: very informative answer @blockminded thank you

Mary | Satoshi Club: It looks sweet))) hope to see this charts on my phone soon)

Q2 from bitcointalk user juanes @juaniss on Telegram

I have read that saving and loading charts is one of the most popular feature on your platform. But I didn’t quite understand what is its feature, how does it work?

Blockminded – ChartEx: there’s nothing more frustrating than closing a tab on your browser and losing the chart you’d spent a lot of time working out support and resistance levels, identifying trendlines and perhaps looking at the output of the indicators you might use for technical analysis. this in itself requires more infrastructure and a way of users being able to identify themselves

Mary | Satoshi Club: That’s true 🤣

Blockminded – ChartEx: so our next major release that will be exclusive to CHART token holders will be the means to save your progress and retrieve your charts at any time using a very simple wallet-based login. so anywhere you have Metamask (and other Web3 compatible wallets) you’ll be able to log in and retrieve your work in progress.

for some who just want to see a quick chart and move on, this won’t be a huge deal, but for some who spend hours in front of charts, with 20 tabs across a handful of screens for example, this is a huge deal for them!

Mary | Satoshi Club: Only for CHART holders?) How nany CHARTs i need to have to have this feature available?

Blockminded – ChartEx: that will be announced tomorrow as we outline more details on the next release. but it will be an amount of CHART that’s affordable, because ChartEx at its core was built for the community

D. | Satoshi Club: @madamlobster this feature for you. you are experienced trader :eyes:

Mary | Satoshi Club: No, but i want to be:joy: i still have just one monitor)

Blockminded – ChartEx: I also heard that some people don’t like dark blue as a background colour – so this will allow you to also customise those aspects of your charts (and save them for later)

Q3 from Telegram user @bitociok

Do you think you can get a lot of popularity and new users to your platform? how do you convince them to use your charts? also, how many users you had so far?

Blockminded – ChartEx: I think there’s a lot of contributing factors that will mean DEX trading will become more important, the recent news of Bitmex being prosecuted for example sent a shock across the industry that other exchanges will be next. As DEX trading increases, liquidity should follow, this will make for DEX markets to be less volatile (we hope) and users will become more comfortable with the experience

Mary | Satoshi Club: Do you have competitors? I mean exactly Uniswap charts?

Blockminded – ChartEx: this will in turn mean more users seek to get that extra advantage, through charts, analytical tools, access to data

there’s a small number of other providers, but I believe our coverage is most comprehensive – I don’t know if I’m biased but I see more ChartEx branded charts across social media than other providers, so the brand awareness exists

as our platform evolves we’ll differentiate ourselves further from being ‘just charts’ and I think that’s where our true value will start to shine

Mary | Satoshi Club: As i understand now you have only Uniswap? Am i right?

Blockminded – ChartEx: we’ll support more Dex’s, more blockchains and more insights into data than just a list of trades. Yes, as of right now, Uniswap is the only platform that is live. but… there are more than 1 other platform in the late stages of testing at the moment

Mary | Satoshi Club: You answeres are faster then my questions 🤣

Blockminded – ChartEx: I’ve had my morning coffee

D. | Satoshi Club:

btw, im a bit confused about your market cap and token circulation…can you clarify the numbers?

Blockminded – ChartEx: Neither are correct unfortunately, CoinGecko’s is closer but it reflects a small amount of tokens that are not actually circulating, so the correct number of circulating tokens is 33,250,000. CoinGecko count tokens allocated for exchange liquidity in their calculation

Mary | Satoshi Club: They didn’t have morning coffee :coffee: i think)))

Blockminded – ChartEx: CoinMarketCap will not disclose their calculation but I have asked them more than once to revise their figures

Mary | Satoshi Club: It’s common problem with all cointrackers

Blockminded – ChartEx: I like the CMC guys a lot to be honest, but I can’t really help if they won’t tell me where their calculation differs from mine. they were super helpful on our launch

Mary | Satoshi Club: Yes, but they have a huge volume of work

Blockminded – ChartEx: yes absolutely – our tokenomics for anyone that’s interested are published at about.chartex.pro

Mary | Satoshi Club: We are interested) will definitely check this, thank you:+1:

Q4 from Telegram Username @julioceazar

ChartEx started as a complementary charting bot in Discord and Telegram. What is the reason behind launching your own token and join the DeFi craze? What will be the uses of $CHART?

Blockminded – ChartEx: Great question. so I’ll start with uses, and then expand a little on the back story which should give the context needed to answer this fully the short term use cases will be around the charting platform itself – as we touched on a little earlier, holding CHART tokens will be a requisite requirement to enable users to save and load charts, the features that will follow afterwards such as the enhanced telegram bots, the watchlists and our higher level data insights and API access will require either holding a specific amount of CHART tokens or both holding and a regular subscription fee – we recognise the value in our API for example in giving raw access to developers and power users, so that would for example be a subscription product because we can forsee a lot of use of this and therefore the technical requirements to support this will require infrastructure investment

We want users to be able to feel in control of their tokens which is why we don’t expect a subscription payment for just saving and loading charts for example, we are happy with the commitment to ‘soft lock’ their tokens and our means of saying thank you is giving them a higher level of access to our platform

The reason for launching a token was to simplify access to our products whilst also ensure we maintain an ability to stay competitive and agile with new features and products – we thought long and hard about the question of ‘why does this need a token?’ and realised that to continue our vision of this being a largely community led product in terms of where we go from here and what we build, we needed a way to incentivise our users to participate

so the ChartEx DAO which will come later next year will introduce governance, grants and subsidies which token holders will vote on and actively participate in shaping our direction moving forwards

this will be funded from those subscription fees we do charge – some tokens are burnt, some will go into the DAO, and some will return to ChartEx treasury to fund ongoing operations, community initiatives etc.

If you wanted to explore the ‘why token?’ in more detail, I wrote about the decision making process here: https://medium.com/@chartexpro/introducing-the-chart-token-bda93b611953

Mary | Satoshi Club: It’s logical. I heard rumors, for example, that Blockfolio is going to tokenize their platform. Of course, it’s different, then ChartEx, but it’s near in common sense)

D. | Satoshi Club: great! thank you for answer! nice benefits for token holders

Blockminded – ChartEx: our token holders are the lifeblood of the platform so it’s important we thank them for it by way of these initiatives

Mary | Satoshi Club: Do you know the number of your users now? Approximately?

Blockminded – ChartEx: we saw 22,400 unique visitors yesterday, in the last 30 days, more than 340,000

Mary | Satoshi Club: Good numbers i need to say :+1:

Q5 from Telegram Username @Lorax14

You said in an article that “The core charting experience will remain free, ChartEx will not be subjected to artificial restrictions and open to all.” How will the project survive if there is no fee for using the platform? Do you have some plan to introduce premium accounts with paid subscriptions?

Blockminded – ChartEx: We’ve largely covered this one in the last couple of questions

D. | Satoshi Club: yes, true

Blockminded – ChartEx: but fundamentally I set out to build a free product, and everything you can currently do for free on ChartEx right now, you will continue to be able to do for free

we’ll start seeing more value in the ecosystem as we introduce these subscription and hold to use functions, particularly as we’re working very hard to make sure these are affordable and realistic for the value they create

so if you don’t need to save charts, that’s fine with me, you’re still every bit as welcome to be part of our community

but of course I do hope there will be lots of users who recognise the need for these additional features and decide to stash away some CHART to use them!

Mary | Satoshi Club: after all – will it be a ‘soft-lock’ or a fixed payments for subscriptions? Or it will be mixed?

Blockminded – ChartEx: there will be a blend of both, with TradingView for example, you could pay $100 a month, and that’s it, it’s gone, so we hope that if we were to ask people to lock away $100 of CHART to use the extra features of the platform, essentially still free, that people would welcome this

Q6 from Telegram Username @rioliandaro

ChartEx also offers bot services – could you expand on what kind of bots are available and how they can be used?

Blockminded – ChartEx: So a bot freely available right now to be installed in any telegram channel is the ChartEx Chart Bot, this will, on demand, get you a chart for Uniswap markets and a number of centralised exchanges, the scope of this will increase to also allow you to ask for things like prices, trading volume, liquidity numbers etc – anyone can use this without holding tokens, this is very much about brand awareness.

Mary | Satoshi Club: Where can i find this bot?)

Blockminded – ChartEx: We’ve got two other bots in the late stages of development – the first is a Whale Watcher and Wallet Watcher bot, so if you’re looking for signs of whales in markets that might be of interest, these will be for you – you can set a USD or ETH value trigger alongside the symbol you’re interested in, or work marketwide, and you’ll see notifications in near-real time of these trades being made, with etherscan links to the transactions

D. | Satoshi Club: i wonder if we can try your bot in our chat 🤔

Blockminded – ChartEx: the more advanced bot is the TA Bot, this is quite complex and has been in development for a while, and this will only increase in relevance as Uniswap becomes more and more liquid and the charts act more closely to centralised counterparts

you’ll be able to say things like ‘show me all pairs where EMA 25 Crossed above EMA50 on the 4h timeframe’ which for highly technical traders, they’ll get that value straight away

The ChartEx Chart Bot can be accessed here: @ChartExChartBot, you can DM it and asks for charts in private, or you can add it to a group. if you DM it, you can get some instructions. this is an ever-evolving bot so will get faster as we spend more time and effort on streamlining it

Mary | Satoshi Club: And one more question) do you have plans to fight with scams in any way?

Blockminded – ChartEx: Yes! there’s a caveat to this, it needs user due diligence too.the earliest versions of ChartEx worked on the assumption that people were ethical and there would not be multiple tickers the same because of copycats

and we worked hard on refining this, considering liquidity and volume in which version of a ticker was the right one

but this also had its failings as the copycats became more sophisticated and actually invested in their scams

a bad person putting 100 ETH liquidity up against their fake version of something people wanted makes it very difficult to work out if it’s real or fake

so the two things I would advise now to all traders on DEXs

1) make sure you ask the project for their token contract address

this means you can be absolutely certain you are trading the right asset

2) look at volume and liquidity for confirmation/assurance that its trading patterns looks reasonable

we recently made a fundamental change to how you search ChartEx for charts to help better

empower users in this situation

Mary | Satoshi Club: One of the best advices)))

D. | Satoshi Club: the most important thing, i guess

Blockminded – ChartEx:

on our search feature now, you can search by ticker, and if you choose the default ‘best effort’

option, we’ll take you to the most liquid market with most volume – this works for established

tokens, but on launch day, if a copycat gets to market first with volume, this is not always trusted

but, if you know the token contract address, you can now see the last 6 characters on our search engine

so you can be sure it matches

and we show price, volume and liquidity right there too

with respect to rug pull risk, this gets a little trickier – in the early days it was simple again, make sure the liquidity tokens are locked

but again, this got more sophisticated, people locked their tokens but did not disable the mint function for example

so flooded markets with extra supply

Mary | Satoshi Club: it will really save someone

Blockminded – ChartEx: so we’re still evolving and looking at how best to improve this experience, but the 100% surefire way to avoid potential copycats is to be 100% sure of the token contract address, so only trusting official sources

Mary | Satoshi Club: Yes, and DYOR before)

D. | Satoshi Club: very detailed answers! thank you very much! @blockminded

Blockminded – ChartEx: You’re very welcome

Part 2 — live questions from the Telegram community

Q1 from Telegram user @JoxesXIII

Uniswap is the largest digital asset swap protocol. Recently other protocols have come out such as Burguerswap, sushiswap, etc. Does ChartEx plan to include these protocols? Or do you plan to expand your services to other blockchains?

Blockminded – ChartEx: Yes! I mentioned earlier there’s currently 2 platforms that are not Uniswap that are in the final stages of testing – we’re reviewing the emergence of new Uniswap-type exchanges to ensure we can support those that achieve significant adoption

Q2 from Telegram user @gunki2

What are the major challenges you face in implementing your long-term roadmap and how do you plan to do your next roadmap for this year 2020? and years to come 2021,2022,…?

Blockminded – ChartEx: In the early days, not being able to scale as fast as demand came in – until the token launched, everything was entirely self funded and ran for over a year being funded personally, now I have a team of developers supporting me, some excellent community management and marketers, so we’re very much overcoming those early obstacles

Q3 from Telegram user @drzy16

What’s the competitive andvantages of ChartEx compared to TradingView?

Blockminded – ChartEx: This is a great question – in some ways we’re very complementary, the user will experience things in a similar way using our product because we license their technology to provide that familiarity, but behind the scenes the infrastructure is entirely home grown – our differentiator/competitive advantage is that we can support new and emerging markets quicker, and continue to add value through the extra insights we are building that surround this such as our bots, raw trade data, TA led querying of markets

Q4 from Telegram user @radmaxco

What is the value of ChartEx for DeFi? Will it allow dApps to take their data?

Blockminded – ChartEx: The ‘Powered by Chartex’ programme which will launch in the early part of next year if not sooner will allow third parties to interrogate and use our data, so with this I think there will be some emerging DeFi products that will be able to rely on our in-depth data to support their own growth

Q5 from Telegram user @gunki2

What are the strongest advantages of the ChartEX project that you think will make your team lead the cryptocurrency market? On the contrary, what are the weaknesses of the ChartEX project? How is the team going to overcome it?

Blockminded – ChartEx: Our strongest advantage I believe if our community focus – ChartEx as I mentioned was born within a group of traders who helped shape and evolve it into something people find useful. We will continue to listen, and not just build ‘easy’ features from the data that we have but actually take the time to understand what it is our users thing will give them an added edge.
Disadvantage/Weakness right now still focuses on scaling, not necessarily the technology now as it’s performing very well, but growing out our team, getting the right people and not just people that are available, who will in turn have the same degree of understanding of what people truly want. I’m not looking to hire an ex-Google for PR purposes for example, I want someone who understands traders, understands market dynamics and can help to shape the future direction in the same way we will hope the community also do

Q6 from Telegram user @zaferce

How far has ChartEx traveled so far in terms of expanding its functions, scaling the infrastructure and meeting market demand sooner, and what are the areas you are still working on?

Blockminded – ChartEx: In the last four weeks we’ve entirely rewritten the trading data backend for performance, introduced 24 API endpoints for scalability and resilience and moved to directly capturing data from the Ethereum blockchain instead of through APIs. Our next immediate priorities as we touched on before are improving user experience through user accounts, saving preferences and charts etc. because that’s what we heard when we asked the community what is important to them – we’ll be focusing in parallel to bring extra exchanges and markets so there’s more data available, as well as developing greater insights into the raw data for our users

Q7 from Telegram user @araceley

How do you plan to spread awareness in different countries where English isn’t the official language ? Have you created local communities in various languages to let them understand about your project better ?

Blockminded – ChartEx: we currently have an English Language community but we recognise our reach as being international – one of the key functions of the ChartEx DAO is not not only give community members a voice, but empower them to actually see meaningful change through voting on issues important to them – this should hopefully see proposals relating to not only products, but also community development and expanding to support other markets than just English speakers

Q8 from Telegram user @Lorax14

Most of the requested tokens charting by ChartEX are traded on Uniswap. Why did you put your focus on charting coins on Uniswap?

Blockminded – ChartEx: We recognised the opportunity to provide something nobody else was really doing, or at least not doing at scale in supporting Uniswap markets. Uniswap and other DEX’s are becoming increasingly important as regulation changes and CEXs are under far more scrutiny – we are seeing this as a very good decision so far considering the adoption we’ve been able to achieve with very little marketing – that’s not to say we won’t support CEXs in future, but to be honest, there’s already lots of places to get those charts, so it would be an exercise to provide users with ‘everything under one roof’ rather than a key differentiator

Q9 from Telegram user @Kale_king

Protecting users/member data and privacy has become a problem that many companies/projects must face in their development. So can you explain a bit about your Protocol Security?

Blockminded – ChartEx: So firstly, ChartEx is not a protocol, it’s an ERC20 token running on Ethereum, as such there’s no transfer of anything personal at all on-chain, but to answer your question in a more wider context – personal privacy is hugely important to us, which is why we are opting for user login to not be via username/password and email address as this opens us up to security risks in the unlikely and very unfortunate event any part of our system gets compromised. It also allows to to offer absolute privacy and security for our users because we only ever received information to our systems that’s entirely public – your Ethereum address for example is the tie to our user accounts, and only the public aspect – we hold no private keys, no presigned data that could be used to interact with your wallet, and only you can interact with us on your behalf by proving who you are via Metamask

Q10 from Telegram user @liajuhria

Assuming the token rises in value significantly, are the subscription fees calculated in a fixed $ USD amount, or in a token amount?

Blockminded – ChartEx: We don’t want to price anyone out of using ChartEx – our subscriptions would be payable in CHART tokens but the actual payment about would be regularly recalculated against the USD rate to make it affordable – for those payments we do received, 20% of it will go into the DAO under community control and 30% of the payment is burnt permantly which will slowly deflate our supply

Part 3 – Quiz Results

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

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

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

Spanish Telegram group: https://t.me/satoshi_club_spanish
Telegram Channel: https://t.me/satoshi_club_channel
Twitter: https://twitter.com/realsatoshiclubWebsite: https://esatoshi.club/

Our partners:

ChartEx Community: https://t.me/ChartExCommunity

We are pleased to announce our next AMA on October 8th 2020 at 12:00 PM UTC Time: Satoshi Club x Centaur

⚠️Click to see the hour
⚠️Total Reward pool: $3000

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

We will have the following structure:

Part 1: 600$ /12 users – We’ll select 12 questions from the community. A user can post maximum 3 questions. 9 Questions will be selected from our website – please submit your questions in the comments section of this post. 3 Question will be selected from Bitcointalk thread.

Part 2: 600$/15 users – Open chat for 80 seconds. You can post Max 5 questions. Centaur Team will select 15 questions and answer them.

Part 3: 1800$ – A quiz about Centaur

For more details:
Centaur – @OfficialCentaur
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish

A new month begins and 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 FACT. The AMA took place on October 1st and our guest was Chris Fletcher.

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

---

PART 1, INTRODUCTION AND COMMUNITY QUESTIONS

Mary | Satoshi Club: Hello, Satoshi Club 😀 We are happy to announce that today we have FACT finance as our guest @Chrisfletcher welcome to Satoshi Club!!

Chris: Hi everyone, glad to be here today to answer your questions.

Mary | Satoshi Club: Tell us some interesting facts about yourself) And, of course, how did you start your journey with FACT finance?

Chris: My name is Chris, i’ve started the Crypto in 2016 as a normal trader and as an entrepreneur it sparked in my mind to pick a Professional team and make something to add value to the Defi world.

Mary | Satoshi Club: Good, when this idea about FACT came to you? Was it yours?

Chris: Early in July when i was confused about the Variable APY and interest rate loans that i’m taking from other projects. then i asked myself why there’s no project that have clear 0% interest rate and why the staking is only for staking.

So i came up with FACT to offer bother services. the 0% interest loans and the staking users will be having more than one revenue stream. Yes, the initial idea is mine and it was modified and developed over the time, for example we’re working on YFACT which will empower FACT holder and i’m going to explain how later on.

D. | Satoshi Club: Thank you for intro Chris!  i think we can star with questions from our community.

Q1 from bitcointalk user let098765

If FACT Loans Interest Rate Is 0%, how will you earn profit from your customer? Is there any hidden or additional charges in making a loan with Fact?

Chris: it’s not a hidden fee it’s a fixed processing fee explained in the website and the whitepaper. This fee will be fully distributed on the Liquidity providers (staking users) and this is the second revenue steam for the LP.

In return the borrower will be incentivized by paying off the loan in FACT or in the initial collateral which is DAI. So it’s always a winning deal for them by securing their collateral back if FACT value has decreased.

Mary | Satoshi Club: And what about your profits? Will it be enough for team?

Chris: It was when the Team’s wallet was 1.35M FACT but we’ve had a meeting discussing how to preserve the FACT value ans we’ve taken an important decision to burn 90% of the available tokens and it took place bringing the Max supply from 16M FACT to less than 3M FACT. It’s a motivation for all the team to keep working hard to maximize the value of FACT. Also it was effective bringing the price from almost $0.5 to over $2 once we’ve announced the burning.

D. | Satoshi Club: For example, if I’m a newbie in crypto and not good at finance, all those rates/loans etc. would you still recommended me use your service?

Chris: If you have the opportunity to borrow any commodity and you’ll be a 100% in profits i believe that everyone will chose borrowing rather than Buying FACT.

Why you’ll be always in profits from borrowing:

1. 1-FACT value increased in this case you can keep your borrowed FACT and don’t pay off your loan (we will liquidate your collateral once it exceeds the collateral value) this will increase the demand.
2. 2- if FACT value decreased during the 6 month you can pay off your FACT amount borrowed and take back your full collateral so you’ve secured yourself.

Q2 from bitcointalk user linderm @nata_jakarta

I want to stake in FACT Lending Pool. What will be the revenue from it and what are the conditions?

Chris: Actually you have 3 revenue steams by entering the FLP.

1-the fixed rewards from the staking rewards wallet which is 350K FACT dedicated to the FLP the APY is 57.5% per year (no locks as you can unstake anytime).

2-the 2% processing fee which will be distributed on the staking users (Liquidity providers).

3-the LP tokens to use it later on for farming YFACT which is going to be released by end of October.

Mary | Satoshi Club: And now, as i see, your app in beta stage, yes? So, i can’t borrow now? Or can?

Chris: Yes, the bonus pool which was released a few days ago is dedicated for staking only and the smart contract is audited. All the smart contracts will be audited again by Open Zepplin team for FACT V2.

FLP will be live on the 10th October and the loans will follow a few days after.

Q3 from Telegram user @abedmahmud

According to your whitepaper, FACT is a decentralized finance ecosystem that allows users to borrow FACT directly from the liquidity pool by paying a one-time processing fee to the pool participants. But what happens when the demand is bigger than the pool? people wouldn’t be able to borrow?

Chris: Loans won’t be available once the pool reaches 25% of the FLP liquidity.

Mary | Satoshi Club: Btw, can you tell us more about loan liquidation? When it happens?

Chris: Good question. Liquidation will be fully automated. i’ve had a meeting yesterday with Chainlink to use their services to detect the FACT value versus DAI (the collateral) once the FACT value exceeds the DAI value that you’ve deposited the loan will be liquidated automatically from the market by buying FACT with the same liquidated DAI and it will be added back to the FLP automatically.

Unlike other liquidation systems which is offering the liquidated loans on a discount. 🙂

Mary | Satoshi Club: So, you have an agreement with Chainlink?

Chris: Yes. they’re the most trused when it comes to the price determination.

Q4 from Telegram Username @konditer_rolex

You have a very unusual token burning program. This is napalm, I would say. How is it possible to burn 90% of the tokens? Is it about a total supply? Or is it a specially created fund to support liquidity? Then what part of the total supply?

Chris: Refer to FACTNOMICS on the website. The initial one was 16M FACT. we’ve burned the wallets that is available and no one owns it like the liquidity pool (5.5) wallet and the staking rewards which was 7M alone. what we can’t burn is the circ supply because it’s owned by FACT holders.  also the marketing wallet after creating a pool on burning or not burning it and the FACT holders have chosen not to burn it as this is our marketing funds for getting listed on new exchanges and for the marketing campaigns which is activated from day one.

Mary | Satoshi Club: You have bounty campaigns?  They are live now?

Chris: Yes we have a wallet for security and bounty program this Wallet was 150K FACT and after burning it’s only 15K FACT around $25K and i’d be happy if anyone can detect any bug on the website or the smart contract. we’ll have a poll to decide how much would they take from this wallet. 🙂

Q5 from Telegram Username @Tony253210

Sometimes be eligible to use a loan is very hard, so can How FACT solves this? What are the guidelines to get access to a loan? Also there exist a borrow limit per user?

Chris: There are no restrictions on the loans all you need to do is deposit collateral in DAI. you’ll be eligible for up to 80% collateral factor loan.

D. | Satoshi Club: Do you accept only DAI? i cannot use any other stablecoin?

Chris: Yes the plan is to use the most stable token which is DAI.

Q6 from Telegram Username @Jonahapagu

In One of your early articles in a solution tagged as “new revenue stream” it was stated that liquidity providers are not eligible for staking rewards as long as they’re participating in the liquidity pool … Yet another of your article states that By staking FACT, you’ll be automatically recognized as a Liquidity Provider and you will receive a share of the 2% fixed borrowing fee and also a part of the tokens (7 million FACT) allocated for staking rewards can you help clarify what is meant on this two articles as this appears contradictory to me… Who are the liquidity providers and who are the stakers?

Link to early Article: https://medium.com/@fact.finance0/financial-active-collateral-token-redefining-defi-loans-and-staking-2097e369335b

Chris: Bonus pool is for Staking only as it’s highly rewarded already 0.15% daily and a 5% bonus every 30 days on your FACT amount. The one in the article is referring to the FLP (minimum amount to enter this pool is 500 FACT) >> 3 revenue streams.

Mary | Satoshi Club: So, that’s different pools) Ok, and where can i get 500 FACT now? Which exchanges?

Chris: We’re listed on Uniswap, Hotbit and more exchanges are coming in October including (Probit and Kucoin).

Mary | Satoshi Club: So, Probit will be soon) Don’t you afraid to list on Kucoin?

Chris: They’re fixing what happened. i believe they won’t lose their reputation adding to that we’ve created a poll to the users on the Telegram group asking if they want to change the plans and seems like everyone likes Kucoin still.

D. | Satoshi Club: What fees for withdrawal on Hotbit? that exchange has crazy withdrawal’s fee sometime.

Chris: It was 29FACT and they’ve reduced it to only 1.2FACT once we launched the bonus pool.

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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 @bitboyss

How did FACT liquidity pool and tx fees design differ from other projects? And what is the maximum FACT amount that a borrower can get from a loan?

Chris: Liquidity pool tx fees are determined by the network based on a lot of factors not controlled by us. there’s no limits since you have the DAI collateral and you will be eligible for 80% collateral factor to borrow FACT since the pool has more than 25% FACT tokens to lend.

Q2 from Telegram User @GoldRocket27

What is the difference between FACT and YFACT tokens? Why do you need two tokens and what functions do they have?

Chris: YFACT as a project came up after launching fact to empower the FACT holders. let’s say we need one more revenue for fact holders which is Yield Farming we will need a long process to get listed on any other YF protocols but we’ve decided to launch YFACT and it will have its own DEX and Yield farming pools.

Q3 from Telegram User @Manugotsuka

How many control i have of my funds? Can i move my staked funds without limit? Fact can be considered a fully non – custodial platform?

Chris: You can unstake your FACT anytime without any restrictions the same condition is applied to the loans as well.

Q4 from Telegram User @Sefirot998

I understand that if current supply is 3,082,428. Are you planning to do a Token burn soon?

Chris: We’ve done all the burning so far. But once we get listed on Kucoin we’ll have another poll asking the community if they want to burn a percentages of the marketing wallet.

Q5 from Telegram User @atusxzx

Defi is a very hot keyword at the moment, many projects have started cooperating with DeFi platforms. So is FACT planning to cooperate with DeFi projects and develop towards DeFi in the future?

Chris: Yes we’re already making partnerships with other Defi projects since it will add value to FACT.

Q6 from Telegram User @Nickkiii

I Missed the FACT bonus Pool staking in September, when is the FLP Launch and how do I participate?

Chris: Sometimes you’ll find a room to enter the bonus pool if you keep your eyes on. on the 10th October you’ll be able to stake your FACT with minimum of 500FACT for the FLP.

Q7 from Telegram User @araceley

What is the difference and relationship between YFACT and FACT?

Chris: Once you enter the FLP you’ll receive LP tokens and you can use it for YFACT farming later on.

Q8 from Telegram User @Rivaills14

What a special for your security? And what make you confident is safe? I think security its important, please tell us about security of xhumanity?

Chris: Functionality wise we are carrying out our own unit testing then the security comes to make the smart contract audit to maximize the security of the smart contracts this is what makes me confident before deploying any smart contract.

Q9 from Telegram User @konditer_rolex

Why did you abandon the more familiar practice of charging interest on loans? Perhaps the interest rate would bring more income to the platform.

Chris: The 0% interest rate will bring enough borrowers and this will affect the users to provide more liquidity since they’re taking the 2% processing fees and it will increase the FACT demand.

Q10 from Telegram User @cengizhantekin

You say that there are two revenue streams for liquidity providers. What are these streams and what is the ROI for each?

Chris: FLP staking rewards are 57.5% APY + the 2% processing fee distribution on the LPs + the LP to farm YFACT.

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PART 3, QUIZ AND INFO

As usual, for the third part, Satoshi Club Team asked the chat 4 questions about FACT. 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:

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:

FACT DEFI – Official Community: https://t.me/factfinance

We are pleased to announce our next AMA on October 7th 2020 at 02:00 PM UTC Time: Satoshi Club x Akash

⚠️Click to see the hour
⚠️Total Reward pool: 2000AKT

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

We will have the following structure:

Part 1: 500AKT /12 users – We’ll select 12 questions from the community. A user can post maximum 3 questions. 9 Questions will be selected from our website – please submit your questions in the comments section of this post. 3 Question will be selected from Bitcointalk thread.

Part 2: 500AKT/15 users – Open chat for 80 seconds. You can post Max 5 questions. Akash Team will select 15 questions and answer them.

Part 3: 1000AKT – A quiz about Akash

For more details:
Akash – @AkashNW
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish

The world is constantly evolving, societies, the economy, everything changes and systems must adapt to it, around speculative markets have been born multiple ways of making money as well as different types of traders. So, today we would like to tell you about the AMA session with our friends from PlotX. The AMA took place on September 28 and our guests were Kartic (Founding Member) and Divij (Community leader).

The total reward fund 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 😀 Today we are happy to announce that today we have PlotX project as our guest. Welcome to Satoshi Club!

Divij: Hello Everyone. Glad to be here. 😄

Kartic: Hey hey! Glad to be here and pumped for the AMA 🔥

Mary | Satoshi Club: So, let’s start with intro.

Kartic: My name is Kartic and I’m part of the founding team behind PlotX. Divij, here, leads our community efforts. I’ll share a quick overview of each founding member of the team as well.

D. | Satoshi Club: Where are your guys from?

Kartic: The team is primarily based in India.

Ish Goel, Founding Member of PlotX.io entered the Ethereum ecosystem back in 2016. Along with Nitika, Ish won the London Blockchain Week Hackathon in 2017 and joined Nexus Mutual as the CTO.

Nitika Goel, Founding Member of PlotX.io entered the Ethereum ecosystem in 2016 and has served as the Lead Developer of Nexus Mutual. She also co-founded GovBlocks, an on-chain governance toolkit. She was also the author of the ERC1132 lockable token standard on Ethereum.

Kartic Rakhra, Founding Member of PlotX.io entered the Ethereum ecosystem in 2017 and co-founded GovBlocks along with Ish & Nitika. He also set up India’s largest blockchain community via the India Blockchain Week in partnership with Fintech Worldwide.

Satheesh A, Founding Member of PlotX.io entered the crypto ecosystem in 2019. He comes with 25 years of experience working on CXO positions in the IT sector across marquee organizations like Cognizant, BORN and various others.

17+ other members that have been working on PlotX via Somish Blockchain Labs. A lot of people ask us about our journey in this space and how we got the idea of PlotX. We covered that as a video here – http://youtube.com/watch?v=eNuOlkAVKys

D. | Satoshi Club: Great! i’m happy that team is not a group of anonymous.

Kartic: The team has been in the Blockchain and Ethereum space since 2016. 😄

Q1 from bitcointalk user tolgaozek

The first round of the PlotX Community Offering ended hours ago. Did whole process meet your expectations? Will this process be done again?

Kartic: The community offering has been really good. The response has been humbling for us.  It has given us an opportunity to build a solid community of actual users from day 1. The offering was specifically for the community of PLOT Heads who have been testing the alpha since its launch in August

Divij: We have a lot of offerings for our community members going on from time to time in our communities. We have a Daily Alpha Challenge going on where community members can win daily rewards in USDC.

D. | Satoshi Club: Please, tell us a bit about those rewards.

Divij: You can find all the details about the Daily Alpha Challenge here – https://t.me/plotx_ann/47. Pretty good opportunity to test and improve your skills while earning some rewards as well.

Kartic: It was launched via our partners DAO Maker. Only members who had made atleast 1 transaction on the alpha were considered qualified for the lottery. There were a total of 250 slots for $125k. Members who were active on the alpha for a longer time were given a preference in the lottery.

Kartic: Details – https://medium.com/daomaker/2d4bcbfe0135

Mary | Satoshi Club: Do i need to have special technical knowledges to participate? Is it on Kovan Testnet?

Divij: Not at all, PlotX has been made keeping all the users in mind. Its pretty simple to use. Yes, it is on the Kovan Test Network. Please follow this quick user guide for using PlotX Alpha https://medium.com/@Tryplotx/plotx-guide-how-to

Kartic: It’s on the kovan testnet, so pretty much free to participate! As for technical knowledge, we have shared a number of resources on our wiki to help users get a better understanding of the product before they actually buy positions https://docs.plotx.io

Q2 from bitcointalk user k.muller

There were a lot of projects trying to predict the market using different algos. Some of them were using predictions from thousands of people to make an estimation, some of the were using AI and so on. What is your model for this? are you using both those models or have you added something else?

Kartic: PlotX doesn’t make any predictions itself. It’s the users who make predictions by choosing from the three availble options. These options are typically bullish, bearish or neutral in nature. The AMM algo generates the question as well as the options for the associated market. Users simply come on to the platform and predict.

Mary | Satoshi Club: That is, in simple words, you are a platform that allows users to earn on their predictions. You will predict only financial assets?) May be Oscar winners in the future?

Divij: Overview of the market with the 3 prediction options.

Kartic: Currently we see predictions on crypto assets as a huge, untapped opportunity. Our community decides which trading pairs to add next. We ran a few signal polls in the community and found that there was a lot of interest in the community to predict on the ETH-USDT pair as well. Hence, we added that in the mainnet version of the alpha.

D. | Satoshi Club: How many competitors do you have? i’m not sure about “a lot of projects” i’m personally know only about Augur.

Divij: There are a number of prediction markets out there already, like HXRO, Augur, Synthetix Options etc.

We have a detailed document that captures the differences that PlotX holds from some of the others mentioned above. We have a lot of respect for what those platforms have done and how they are evolving. We believe there’s still a fair bit of room to innovate in the space for PlotX to capitalize and grow.

You can access that document here: https://docs.plotx.io/faqs#how-is-plotx-different-from-projects-like-augur-synthetix-binary-options-and-hxro

Kartic: Yes, Augue has been around for a while and innovating a lot lately. We’ve actually done a comparison of the different competitors out there.

Q3 from Telegram user @trustmywallet

I have read that the rewards are not released instantly. Why it is so? Or you are checking manually if everything is ok and you need some time for this?

Divij: Market after the participation time is over, gets in the settlement period. The period for which is equivalent to the market maturity length and then enters the cooling period, in which market participants can raise dispute over the result. So for example in case of an hourly market, the market after closing will remain in settlement period for another hour and then enter a cooling stage of 15 mins, after which the market will be fully settled.  There is no manual interference. Everything is done on-chain.

For more details refer to https://docs.plotx.io/

Mary | Satoshi Club: For me everything is clear) btw, what about fees on PlotX?

Kartic: That platform charges a fee of 0.1% for each position that is bought using ETH. This fee reduces to 0.05% if the user makes the purchase via PLOT.

The smart contracts that we’ve created are highly optimised for gas consumption, so that checks off something that’s in our hands. Apart from that we’ve partnered with Matic to explore L2 scaling as well.

With the Automated Market Making algo, it becomes very easy to run perpetual prediction markets but that also means that the underlying infra needs to scale.

So on that – we’ve been looking at various L2 solutions and MATIC has been one of our preferred choices so far. Being on L2, it will allow PlotX to run shorter time frame markets as well. For example 5 mins, 15 mins – which are interesting from a retail perspective. It will also solve the Gas issues that Eth faces at the moment.

Divij: PlotX YouTube link – https://www.youtube.com/channel/UCiUd_PC6uUdsavWk3vYbtgA

Q4 from Telegram Username @Lorax14

Can you explain more about the mechanism of prediction in your platform? What is the structure of this feature in your platform? Do you plan to expand another entity like staking or lending in PlotX?

Kartic: We recently started a series on our medium blog talking about the these features as well https://medium.com/plotx/towards-mainnet-1-56bfcde168f2?source=collection_home—4——2———————–

Q5 from Telegram Username @JesusFre1tes

The main problems of traditional forecasting markets are: counterparty risk, high cost, inability to show proven fair deals and liquidity. How does PlotX address this issue on its platform? What do you do to solve it?

Kartic: This is a great question, more so, a great observation. PlotX is a non-custodial platform so there’s no counterparty risk, since the entire platform runs on chain via smart contracts, there is no running cost. Lastly, all smart contracts are easily available on GitHub and can be verified for authenticity so users never get cheated.

Divij: To add to that, security is a very important consideration for the team. We have already gone through 1 audit from a hacker friend of ours who has been researching security issues in Ethereum Dapps. The other, more comprehensive security audit is already under way via ZK Labs, we recently announced a partnership with them. You can read more about it here – https://bit.ly/2DNCowt

Q6 from Telegram Username @Jonahapagu

PlotX is built by and for the Ethereum community… Does this rule out the possibility of PlotX using other platforms and Tokens other than ERC-20 Tokens? If No what plans do you have in this regards

Kartic: We’ve been building on Ethereum since 2016. It has one of the largest developer communities in the world. Our goal, for now is to bulid a more stable product on the Ethereum chain. WE may explore other chains going forward, however, that would be a community driven decision. Also, to clarify, PlotX platform can host trading pairs other than ERC-20 for predictions.

Mary | Satoshi Club: You are right, Ethereum is huge) and how your community will take decisions? Voting?

Kartic: Yes. It’s very casual right now – over Telegram and discord polls. It’s more of a signal vote than anything, however, we’re integrating with GovBlocks for bringing on-chain voting for the community as well.

D. | Satoshi Club: Do you have plans to work on the cross-chain bridges to other blockchains? in the future?

Kartic: Yes. That’s something we will explore once the need arises. We’re builders, so always excited to solve problems by writing code.

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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 @JoxesXIII

Recently a centralized forecasting market had to take a case to the KLEROS decentralized court due to a discrepancy of the results. This made me wonder what mechanisms your Prediction Protocol has to resolve disputes?

Divij: Dispute resolution is an important aspect of prediction markets but is also a complicated feature. There have been multiple attempts at creating decentralized judicial systems on Ethereum – and while the early contributors are cognizant of the importance of dispute resolution, the idea with PlotX was to stay away from markets that require subjective opinions at the time of market settlement, reducing the chances of dispute.

On the off chance that there are any disputes, a Dispute Resolution Panel will kick into action. The entire process has been described here: https://docs.plotx.io/faqs#what-if-i-have-an-issue-with-the-result-of-a-market-is-there-some-way-i-can-raise-a-dispute

Q2 from Telegram User @BlancaSdF

On Twitter I read that in PlotX I can refer for mining. Can you explain how it works?

Kartic: Yes, one of the key utilities for $PLOT is referral mining. PlotX believes that prediction markets are a way to sum opinions of many and capture what is known as the “wisdom of the crowd”. To be able to achieve that, it is critical for PlotX to reach the masses. If the community is able to achieve that, a new version of information will be created that is driven by true market opinions.

Thus, To reach the masses, the PlotX token provides virality by design via the Referral Bonus program. Users can refer other users, and mine referral rewards. Referral rewards are implemented by using a non-transferable bPLOT token that is equal to PLOT at all times, but only usable within the PlotX markets. You can read more about the other utilities here: https://docs.plotx.io/plot-token/token-model and hope to see you mine some $PLOTs for yourself soon. 💪

Q3 from Telegram User @DiegoRME

What plan do you have to increase liquidity in the coming years?  How do you plan to attract users to use PLOTX?  What benefits does PLOTX bring that its competitors do not offer to users?

Divij: We have a detailed roadmap that lists our Go to market strategy for the coming months, I’ll share our roadmap below.

 PlotX follows a very different approach towards prediction markets. Ability for Automated Market Making, Risk Spread Mechanism, Liquidity Mining and Reward Schema are some areas that differentiate PlotX from both new and old incumbents in this space.

Q4 from Telegram User @doithay1617

Where can I buy or earn $PLOT?

Kartic: The PLOT token generation event has not yet happened (the announcement will be made in the next couple of days).

However, post the TGE, PLOT will be trading on multiple DEXs including Uniswap, for people to easily buy and sell. Earning PLOT can happen in multiple ways – liquidity mining is one that most folks are aware of.

Apart from that, users may also earn PLOT by referring others to the platform, participating in the governance of the platform and ofcourse, winning in the prediction markets!

Q5 from Telegram User @ndbetting

How does the PlotX platform solve the occurring problem with manipulation? Can you with your smart contract completely exclude the influence of humans?

Divij: PlotX protocol follows a pragmatic approach for predictions, whereby results can settle with mathematical equations that are based on price-feeds of any asset. This focussed approach provides opportunity for bootstrapping liquidity, enhanced participation in each market (hence, better rewards) and opportunities for people to create Prediction DAOs that are better targeted in terms of audience.

Market Settlement is performed on-chain to compute the winning option and allow distribution of rewards. The markets are settled using external oracles and are settled using smart contracts to ensure zero manual intervention and automated, transparent and provable settlements.

Provably fair algos go hand in hand with the autonomous nature of markets created using the PlotX protocol, which are not dependent on settlement and dispute resolution by a counterparty (at times also called as the “options writer”, “house”). All disputes are governed uniformly by the community of users.

All the details regarding every market are accessible by everyone. Details like how many participants staked how much with what leverage are publicly available. Moreover, the formulas used for rewards calculation and distribution can also be seen in the whitepaper. Using all this information, everyone can verify the results of every market.

Q6 from Telegram User @NickOxa

What are the benefits of using PlotX?

Kartic: $PLOT has 6 utilities:

• AMM Mining: Incentives for Market Creators
• Referral Mining: Building in virality by design
• Community Mining: Wide distribution in communities
• Play Mining: Stake & Play
• On chain Governance
• Liquidity Mining

More on each: https://docs.plotx.io/plot-token/token-model

A $PLOT holder can either use their tokens for taking positions, which means a 50% discount on the txns fees or they can provide liquidity on certain DEX liquidity pools to mine even more $PLOT for themselves.

Q7 from Telegram User @konditer_rolex

Is your platform a binary option, can we only play on the price of bitcoin, or is it possible to play on the price of altcoins and your token?

Divij: PlotX offers 3 options for Prediction. We want the community to be heavily involved in such decisions and have already started taking some signal votes in our Telegram & Discord groups for the same. The project will be managed through community participation governance and that should help make some of these recommendations. Having said that, there will be base criteria for assets to be considered by the community.

This is how new markets will be created: –

1. Any PLOT holder can initiate a governance proposal for adding a new market. They will mention the price feed as well.
2. Plot holders vote.
3. If the proposal is accepted, markets will be created automatically.

The project in the future might enable more analysis & indicators and it will be captured in the roadmap.

Taking some feedback from our community in regards to addition of Ethereum Markets we’ve decided to include them once the mainnet is live.

📢Towards Mainnet #1 📢

As the PlotX mainnet launch fast approaches, the community is getting ready with bated breath.  From overwhelming participation on the Alpha, to embracing PlotX’s 2ED principle, to giving constant feedback, the community has been at the forefront of chalking out the roadmap.

 In the build-up to the mainnet launch, here’s presenting 2 new features based on the feedback received from the community.

– ETH-USDT market pair to be added as per the popular demand

– Participants can buy positions using PLOT, apart from ETH.

Hodl on! PlotX is about to take-off. 🚀

Stay tuned for more exciting announcements coming your way!

Read more here: https://bit.ly/33OuT1t

Telegram: https://t.me/plotx_official

Discord: https://discord.com/invite/8CWNQnG

Q8 from Telegram User @AyD80

How does PlotX make your platform easy to use and how does it encourage mass adoption?

Kartic: Hey, PlotX has been designed keeping in mind all the users. Even users who are not familiar with Prediction markets can easily sign up and start predicting using the PlotX App.

Some of the best features of PlotX are the Smart Contract driven market creation with Automated Market Making, Lowered risk via the risk-spread (multiple options & deleverages) and the Simple User Interface. For starters, we have created an easy to follow user guide of the PlotX Alpha for our users, you can follow that and start predicting. https://docs.plotx.io/guide

We stand by the ethos of Abraham Lincoln’s very famous saying: “The best way to predict your future is to create it”

The most critical aspect of growing PlotX is driving education for the people who don’t know about it today. It’s the PLOT Heads who will drive that movement. With that in mind, we’re asking the PLOT Head community to follow the 2ED principle – Educate, Engage & Drive adoption

Educate: Sharing thought leadership posts on social media about PlotX and the PLOT token, explaining the 6 utilities of the token and in general, the product’s vision.

Engage: Introduce relevant partnerships & projects that are complementary to what PlotX is today with a vision of increasing the TVL and the Trading Volume both in retail & institution.

Drive adoption: Stake on the platform and invite peer networks to do the same.

Q9 from Telegram User @BJosefina61

Can you tell us a bit about what kind of oracle PlotX uses and how it works there? what if oracle fails?

Divij: Chainlink & Provable are the two oracles being used in PlotX at the moment. Read along for details…

All prediction markets in PlotX are specifically related to the price of digital assets like BTC/USDT, ETH/USDT etc. This makes on-chain price discovery of assets a very important aspect of the PlotX protocol. PlotX needs price feeds for 2 reasons:

To compute the odds of a prediction option – PlotX provides 3 prediction options for every prediction market in which odds are calculated. For example, in a market like “What will be the price of BTC/USDT in the next 1 hour?”, there are three prediction options as under: 

Option (a)  <$10500

Option (b)  Between $10500-$10600

Option (c)  >$10600

The odds of each of the above Options is different. The calculation of the odds involves the Current Market Price of BTC (or any other crypto asset) as a factor. Meaning, if the current market price is falling under Option (c) (>$10600) then Option (c) is relatively more expensive than others. This means BTC price is constantly needed on-chain. Chainlink is used as a decentralized oracle for computing odds.

Settlement of market – Markets on PlotX are settled on-chain. At the moment, Provable feeds the asset price via Binance API, at the end of the market. However, this is susceptible to manipulation. If the oracle fails the market will enter into dispute resolution. You can read more about it here – https://docs.plotx.io/faqs#what-if-i-have-an-issue-with-the-result-of-a-market-is-there-some-way-i-can-raise-a-dispute

Q10 from Telegram User @thebastaboy

How do you plan to build a strong community for PlotX? What kind of community events have you organized recently and how do you plan to keep people active within the community?

Divij: We stand by the ethos of Abraham Lincoln’s very famous saying: “The best way to predict your future is to create it”

The most critical aspect of growing PlotX is driving education for the people who don’t know about it today. It’s the PLOT Heads who will drive that movement.

With that in mind, we’re asking the PLOT Head community to follow the 2ED principle – Educate, Engage & Drive adoption

Educate: Sharing thought leadership posts on social media about PlotX and the PLOT token, explaining the 6 utilities of the token and in general, the product’s vision.

Engage: Introduce relevant partnerships & projects that are complementary to what PlotX is today with a vision of increasing the TVL and the Trading Volume both in retail & institution.

Drive adoption: Stake on the platform and invite peer networks to do the same.

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🎯🎯PLOT Head Daily Alpha Challenge

Thank you PLOT Heads for making PLOT Head Alpha Challenge week 1 and week 2 such a roaring success.

Over the 2 weeks, we had

• more than 1600 predictions
• over 1700 kETH staked

On the back of this amazing response, the PLOT Head Alpha Challenge is back as the PLOT Head Daily Alpha Challenge!

Highlights of PLOT Head Daily Challenge:

• $50 reward pool to the top profit makers of the day.
• Special surprise challenges at regular intervals.

To ensure complete transparency, the daily log will be maintained in this sheet: http://bitly.ws/9LIi 

For More Details on the challenge: https://bit.ly/3mNpsIT

TG: https://t.me/plotx_official

Discord: https://discord.com/invite/8CWNQnG   

Get the ball rolling at the Alpha: https://alpha.plotx.io/

Don’t forget to join our community – https://t.me/plotx_official we have a lot of fun activities planned for our PLOT Heads.

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PART 3, QUIZ AND INFO

As usual, for the third part, Satoshi Club Team asked the chat 4 questions about PlotX. 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:

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:

PlotX [Official]: https://t.me/plotx_official