Satoshi Club

Today we would like to tell you about the AMA session with our friends from Sperax. The AMA took place on September 4 and our guests were Frida Cai and Zhou Yu.

The total reward pool was $500 and it was splitted 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

Serg | Satoshi Club: Our guests today are from @sperax We are glad to see you again in Satoshi Club @FridaCai_Sperax , @yuzhou87 , welcome!

Irina K. | @satoshi_club: Hi everyone, we see each other again. 😊

Frida Cai_Sperax: Glad to be here.

Zhou Yu: Hi guys!

Serg | Satoshi Club: I see you are in a good mood. everything went well lately.

Frida Cai_Sperax: I am. We just got invited to speak at Diffusion Digital at Sep 16 with Outlier Ventures.

Irina K. | @satoshi_club: Nice. Congrats, will this be an online or offline event?

Frida Cai_Sperax: 👉 https://diffusion.events/ online.

We are stoked to announce that Sperax Top Researcher Joe Yu will join Outlier Ventures’ Diffusion Digital on September 16th at 17:30 – 18:10 UK time.  Joe will speak at “The drive for Web 3 adoption” to give his opinions on the challenge to be solved for web3 to progress. 

Mark your calendar and see you there! #sperax #golem #diffusiondigital 👉  https://diffusion.events/

Q1 from bitcointalk User elissa

Are you satisfied with sale you had in August? are you planning more in the future?

Frida Cai_Sperax: It was a tough battle for us since Sperax is still a very small team. We withstood two website crashes due to traffic overflow. But eventually our public sale portal got through the crisis and eventually welcomed 3129 new SPA holders, who collectively purchased $4.7M worth of 235M tokens. All of these happened within an hour. So you can imagine the thrill.

As for self-evaluation, we are not completely satisfied. There are many agendas that we could make them more perfect. But this is how startups work. You learn from your mistakes so you can do better next time. There will definitely be more to come. So stay tuned!

Serg | Satoshi Club: Did you get listed?

Frida Cai_Sperax: Quite a few exchanges are now listing us without our permission. An official listing is scheduled at Q4 in 2020. Until then, nothing is official. So we strongly advise investors to take extra caution and be aware of the risks & scams!

---

Q2 from bitcointalk User Dragon_Super

Sperax builds trusted infrastructure for decentralized economy, now I already build with ETH solidity and Cosmos SDK, Why should I switch to Sperax, what’s your competitive advantage for Developers?

Zhou Yu: As a new generation BFT consensus protocol, BDLS has 2 major advantages.

1. Security.

Our Internet is an open network which is best modelled by what we call a partially synchronous network model.

Previous BFT consensus are designed based on a simpler model, synchronous network model. Although it is more intuitive and easier to design blockchain consensus protocols in the synchronous network model, designs under this model can oversee some significant security vulnerabilities since this simple model cannot reflect the reality of our internet.

In contrast, Sperax BDLS chooses the more complex and more realistic model when designing and takes into account all potential security vulnerabilities.

2. Efficiency.

The most common angle to measure efficiency is “scalability.” However, there is another important angle from which to evaluate the efficiency of any blockchain system — communication complexity.

Most current BFT consensus blockchains need O(n^2) communication complexity. Since it is a “square,” it requires plenty of efforts to accomplish the communication task before reaching consensus. Even the fastest current BFT consensus needs O(7n) communication complexity, which means multiplying 7 to the input task.

By comparison, BDLS consensus only needs O(4n). This means that BDLS nearly has double the speed of the current fastest BFT consensus in terms of communication complexity.

Irina K. | @satoshi_club: Maybe you can share with us info about the incentives you’ve prepared to attract developers on Sperax?

Frida Cai_Sperax: We noticed that the current blockchain industry is not for the mass consumer groups.

More specifically, crypto is difficult to integrate with the real economy: It is difficult to onboard users; the token price is chronically fluctuating; and a majority of these cryptocurrencies are currencies without currency features, let alone creating killer apps. Due to the lack of financial infrastructure, the current design principle of public blockchains is to create a prepaid SaaS model rather than an economy that runs on smart contracts.

After seeing the severe lack of user friendliness, we want to overturn this pain point.

At Sperax, we take a layered approach to solve the problem. At the infrastructure layer, we developed BDLS protocol, which is an innovative consensus module that is more secure and efficient than other Byzantine Fault Tolerant (BFT) protocols. On top of it, we introduced Sperax stable coin system sCOIN. It is backed by fiat currency and is the first native stablecoin in public blockchain ecosystem. Developers could build decentralised applications without worrying about educating users about cryptocurrency.

So essentially: Sperax wants to provide a layer of financial services within the public blockchain stack through a native stablecoin and decentralized financial service providers.

Q3 from Telegram user @michaelaelf

I am very glad you came back in Satoshi Club to present your updates. What new happened since the last AMA here?

Frida Cai_Sperax: Yes, let me share some major updates. As for testnet, we have made great progress in the implementation of Sperax blockchain (testnet is part of the whole implementation plan). Since BDLS consensus is THE MOST important part of Sperax blockchain, we first work on it. We finished all the codes and comments three months ago. There are over 5000 lines of codes. 🙂

Serg | Satoshi Club: 5000 lines of codes is complex. everything works smoothly?

Frida Cai_Sperax: Then we worked on the rest of the system. This was easy. And after this, we have been working on integrating BDLS into the framework. So basically, first BDLS, then the rest of the framework, and we started integrating them together three months ago.

We thought it might be as easy as the second implementation task. But it proves to be a bit more difficult. Fortunately, it is not too difficult that we have to give up the project.

Yes. We made it. We already finished all integration codes right now.

The current task is many many many many local testings first and then again many many many testings on our testnet. Also, this is the reason why we need a testnet btw. Lastly, I think many here are most interested in when testnet will be launched.

We are now locally testing for two economic parameters that cannot be easily changed after launch. So we built an econ model and are currently locally testing for them. After we figure these two parameters out, we will launch our testnet. After the testnet, we will launch SPA (our token) wallet and sCOIN (our stable coin).

Irina K. | @satoshi_club: Nice. What about other developments? Some non-technical insights?

On the marketing side, we will announce official partnerships with other projects & universities, and developer grants program.

Q4 from Telegram user @nata_jakarta

Please explain the DLS and its partial synced networks. I am not really a tech guy and didn’t quite understand its function.

Frida Cai_Sperax: During the early 80s, Lamport, Shostak, and Pease initiated the study of reaching consensus in face of Byzantine failures and designed the first Byzantine Fault Tolerance (BFT) protocol for synchronous (sync) networks.

But since practical open networks, such as the Internet, are normally not sync, researchers started to look for BFT protocols for async networks. In 1985, Fischer, Lynch, and Paterson showed that there is no deterministic protocol for the BFT problem in the face of a single failure in an async network.

Serg | Satoshi Club: Have you studied the history of IT? 🙂

Frida Cai_Sperax: After this setback, researchers sought to model our Internet as a partial sync network instead of complete async. With this motivation, Dwork, Lynch, and Stockmeyer (DLS) introduced two types of partial sync networks (Type I and Type II) and proposed the first DLS BFT protocol for Type II in 1985. DLS protocol has an authenticator complexity of O(n^4) and it is not practical.

I did not until I joined Sperax.  I am not tech-bright and learning slow but Joe has been helping me. Since then, researchers have been trying to propose more efficient BFT protocols in Type II partial sync networks.

DLS protocol leverages a star network, where participants only exchange messages via round leaders. By adopting a meshed network (that is, allowing all participants to broadcast their messages to all other participants), Practical Byzantine Fault Tolerance (PBFT) protocol was able to achieve consensus with reduced round complexity.

By leveraging the lock-mechanisms in PBFT/Tendermint BFT protocols and changing the mesh network back to star network, HotStuff BFT/LibraBFT achieves consensus with reduced communication complexity but increased round complexity.

Until most recently, Wang carried a careful analysis of all these BFT protocols for Type II networks and designed the BDLS BFT protocol (B stands for blockchain) with both reduced round complexity and reduced communication complexity. And that is the origins of DLS, BDLS and what partial sync network is.

Serg | Satoshi Club: Wow, a really nice presentation from the beginning until present times.

Irina K. | @satoshi_club: A 101 intro for Satoshi Club members. Thank you very much. 😊

Frida Cai_Sperax: I am a strategy girl who used to be a data journalist and is learning tech now. I just opened a channel with Joe. The first series is about DeFi and the first review we did is uniswap. https://medium.com/sperax/fj-crypto-channel-defi-series-ep-1-uniswap-where-joe-lost-his-tokens-5aed5bfeea0e

Serg | Satoshi Club: So, what’s the summary of this review?

Frida Cai_Sperax: A grumpy researcher lost his tokens on Uniswap. You can read the rest yourself. 😉

Q5 from Telegram User @Alika061

Sperax aims to make decentralized financial services accessible to all global citizens. That includes people who have no idea about crypto nor blockchain, how easy would be for them to use Sperax?

Frida Cai_Sperax: It is impossible for me to give a numeric rubric here about how easy it would be. But we aim to make a frictionless financial service globally inclusive.

Our ultimate goal is to integrate decentralized financial services into the real world traditional financial world by issuing our stablecoin sCOIN and working with regulated financial service providers and OTC. It is very difficult to completely disrupt the traditional one, let’s be honest here.

But a stable coin is indeed capable of solving many long-existing problems in our world, like we all know how troublesome it is to make a cross-border transaction.

Irina K. | @satoshi_club: Well at least the process can be started.

Frida Cai_Sperax: It might sound insane that we aim to build a layer one infrastructure, but this is our vision. And it will take a step-by-step approach to build it and our ecosystem. So we hope you, our friends and investors, can grow together with us.

Q6 from Telegram User @stekbyte

How many developers are currently working on the project?

Frida Cai_Sperax: the dev team is around 10. We are aggressively recruiting right now with the fund we raised at the August public sale. So you think you would be a good fit.

Irina K. | @satoshi_club: What’s the requirements?

Frida Cai_Sperax: I will post JDs for 5 positions in our announcement channel soon after this AMA ends. https://t.me/sperax_Announcement

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 @adityaaryah

You had an AMA here, last month and now you are here again, and I notice you had a lot of AMAs in different groups, how has this helped Sperax positively?

Frida Cai_Sperax: Sperax used to spend time only our technology development and overlooked our marketing. Now we realize the importance of community engagement that would also be beneficial to our investors in a long run. So any sound is better than no sound, right? We simply hope more people could know about us, our technology, our vision, etc.

Q2 from Telegram User @Sazibur

DeFi is one of the hottest topics in the blockchain field. Can you share your opinion about DeFi with us? Do you think DeFi will destroy the existing financial system? What’s your project Approach towards DeFi?

Frida Cai_Sperax: DeFi is definitely a very hot topic right now. I mean both capital-wise and project-wise. We saw the Total locked value in DeFi has skyrocketed from only 1B in June to 6.5B a few days ago. Also, we saw many both innovative and exciting projects like Compound, Balancer, Syntentix and recently Aave.

However, DeFi now has a big problem. It is generally just not ready for mass adoption. Specifically, there are three reasons: high frictions, slow speed, and lack of regulation. These three pain points are what we try to solve by our Sperax solution.

Facing this problem, we bring our solution: Sperax public blockchain with BDLS consensus and a new financial design. By BDLS, we provide a better infrastructure that can significantly reduce friction and enhance speed. By the new financial design, we invite regulators to participate in our ecosystem.

Q3 from Telegram User @MsHuong206

Sir your project has any are direct competitors, what sort of trends or obstacles do you think need to be overcome in order for Sperax to capture more market share?

Frida Cai_Sperax: The obstacle for us right now is to expand the team lol. We are severely short-handed. But still we value quality over quantity. We only want the best in the industry.

Q4 from Telegram User @gunja11

In the bad situation of the Covid-19 epidemic, every industry was heavily affectedDoes it affect on the growth of your project team and its? What are your plans to turn challenges into opportunities for #project DEVELOPMENTS?

Frida Cai_Sperax: Yes, we are supposed to open a lab in Germany this year, but then COVID happened. However, it not only poses a serious threat to CeFi but further creates a window for decentralized finance, which is the exciting boat we are on right now.

Q5 from Telegram User @chunhocxitrum

Your slogan is “Sperax builds TRUSTED infrastructure for decentralized economy”. But building “Trust” in business is very difficult, so what will Sperax do to attract more users while there are too much successful projects with same your mission in crypto industry?

Frida Cai_Sperax: I agree trust is difficult to build. And I also think if you have formed or are forming trust with someone or some entities, you would know that trust takes time. Now Sperax team has not done anything to scam anyone or rip off any investors. We focus way too much on technology that our marketing effort is even imbalanced as a result. So if you will, please grow with us and realize our vision together.

Q6 from Telegram User @endtimeprophet

What critical problems does Sperax solve that existing solutions are not solving?

Frida Cai_Sperax: Security and performance are hard to balance:

1 Proof of Work systems sacrifice performance for security.

2. Proof of Stake consensus have security flaws in protocol design: Most BFT protocols are not secure under asynchronous networks.

Q7 from Telegram User @abowhasebe

Can you share your experience and journey with the Sperax project? What is the biggest achievement you are proudest of?

Frida Cai_Sperax: I was a data journalism student at Columbia University Graduate School of Journalism when I first heard about the chance to join Sperax. Blockchain has always been a mysterious topic for me. Sensibly, I run away from learning new technology, But rationally, I know this is the future. So I took the offer and now I am so proud of myself still being here and learning new knowledge every single day.

Q8 from Telegram User @warny

Why did you choose to build BDLS consensus over TENDERMINT BFT despite being more popular and used by many projects?

Frida Cai_Sperax: Tendermint BFT is a BFT protocol developed by the Tendermint team: Tendermint BFT is commonly used to achieve consensus in Proof-of-Stake (PoS) blockchains.

Tendermint BFT has been used by many interesting projects such as Cosmos blockchain, Oasis Labs, and Binance DEX. According to recent statistics, Tendermint BFT is used by around 40% of PoS blockchain systems. Tendermint BFT works under a partially synchronous network as we have previously explained the term. Tendermint’s protocol consists of 3 steps at each block height: propose, prevote and precommit, where the initiator of each round is determined by a public function.

The problem is, if a malicious node becomes the initiator of the round, it can successfully carry out an attack so that each node in the blockchain network will lock a different value before the GST is reached.

And, these locked values cannot be removed even after GST. Thus, the whole system goes into a deadlock. So in short, Tendermint BFT cannot guarantee the liveness property required for any secure blockchain system. That is, a malicious group can successfully launch an attack to Tendermint BFT network, lead the whole system into a deadlock, and no new block will be produced.

Q9 from Telegram User @gunja11

You guys are doing Ama’s in all group & almost answering same types of questions again n again? How do You feel about it?

Frida Cai_Sperax: If one AMA can get help us make only five community members onboard, it is worth it. No effort is a waste.

Q10 from Telegram User @tv100029

How can I use $SPA as a payment Token? What are its usecases and main functions?

Frida Cai_Sperax: SPA is the utility token in the Sperax blockchain just like ETH in the Ethereum blockchain. It ensures the economic incentives for participants in the BDLS consensus. It also reflects the network value for Sperax.

As users join the Sperax network, they could earn SPA as they run nodes and validate transactions. Similar to other public blockchain, gas fees are collected in SPA as transactions happen on the Sperax blockchain. Moreover, SPA is also the governance token for the protocol.

Use cases:

1. Xiaomi Financial Virtual Bank with full licenses authorized by Hong Kong Monetary Authority Proposed Sperax stablecoin for the following uses cases: Use the fiat gateway and accept cash equivalent; Support cross-border transactions based on the stable coin network and offer more competitive rates

2. A Sand Hill Road based Venture Capital: Tokenize its emerging crypto-focus fund: Integrate its mobile gaming portfolio companies on Sperax networks

3. A costume martial-arts TV series, The Untamed, with 8 billion views on Netflix and WeTV: Tokenize its worldwide fan meet-ups and concerts tickets; Tokenize celebrity merch’s online marketing places.

---

PART 3, QUIZ AND INFO

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

Sperax: https://t.me/sperax

Wherever smart people work, doors are unlocked, Steve Wozniak told. SatoshiClub already ulocked a lot of the doors to the most interesting crypto projects for our community. And today we would like to tell you about the AMA session with our friends from Hedget. The AMA took place on September 05 and our guests were Serge Lubkin and Malcolm Lerider, co-founders of Hedget ,

The total reward pool was 800$ and has been splitted in 3 parts.

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

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

ML | Satoshi Club: Hello, everyone! @sergelubkin and @malcolmlerider will be our guest today! Welcome to SatoshiClub!

Serge Lubkin: Hi people! Pleasure to be here!

Serg | Satoshi Club: Hello! Welcome to Satoshi Club!

ML | Satoshi Club: Please, introduce yourself and tell us how did you get into the crypto world:grinning:

Serg | Satoshi Club: also a small introduction of Hedget 🙂

Malcolm Lerider: Hi everyone

Serge Lubkin: My name is Serge Lubkin. I was Chromia marketing lead during IEO and further exchanges listing. I built relations with communities and influencers. I’m MSc in Economics, but all my life, I’ve been doing marketing for various projects. Also, I’m an experienced derivatives trader, traded a lot on BitMEX/Binance/Deribit, mostly perpetual swaps and futures, and also options. Now, I am a co-founding Hedget with Malcolm.

Malcolm Lerider: I’m Malcolm, also co-founder of Hedget. I ran the R&D at NEO back in 2017 and worked on global blockchain projects at PwC. I have been doing business development and community building at Chromia after I left PwC, as I see Chromia being the most flexible and usable blockchain from R&D and business perspectives, I’m a product builder after all. We now have a very exciting project to prove what Chromia actually can do, and that’s Hedget！

Serge Lubkin: Hedget is a “Gadget for Hedging,” a platform for P2P decentralized options. You pay the smallest possible premium to secure your positions against unexpected price movements, seeing what we did the last few days, it’s pretty nice to have products like that.
In an industry where many take advantage of “gambling behavior”, we want to offer the exact opposite — a possibility to remove risk in a decentralized manner. So our values are aligned around eliminating risk in crypto. It’s like basic insurance for very volatile crypto markets. It’s so good solution for the market like today 😉 Cascading liquidations, “blood on the streets”, optimal time to think about hedging strategies:)

ML | Satoshi Club: Yes, it’s so risky and that would be great to have such platform as you offer :+1: I want to know everything about Hedget platform) so, never “blood” on my street)

Serge Lubkin: Absolutely, we are here to answer all your questions

ML | Satoshi Club: Ok, so, i think we can start with the questions, are you ready?)

Malcolm Lerider: Let’s go!

Q1 from bitcointalk user let098765

Sometimes, I got liquidated in my position especially when the market move so fast and I don’t notice my position is already liquidated. So I see in your website that Hedget can avoid Liquidation and never get liquidated of the position, so how possible it is? In what way that liquidation can be avoided? Can you share some Hedget techniques?

Serge Lubkin: Let’s ask first why liquidations happen?
Because you don’t have enough capital to sustain either Loan to Value Ratio in case of borrowing or Risk to Value Ratio on case of marginal trading … So why it happens? The price of your capital dropped so you cannot sustain and platform needs to liquidate you.Not to lose its money. So, what options do? They can fix the price on certain level for a certain period of time, let’s say one day.So you have one additional day with the same price either to deposit more collateral or “liquidate” yourself at better price or buy more time again. Convenient, right?

ML | Satoshi Club: Yes, you are right:grinning:

Serge Lubkin: Of course to make it work exchange or protocol needs to be integrated with Hedget. Otherwise users can do it themselves.We will provide variety of tools to do that . I think I answered this one

ML | Satoshi Club: Which exchanges or protoclos do you plan to integrate with Hedget?

Serge Lubkin: Everything that is open source will be integrated. Regarding CEXes and CeFi in general- depends on their management. But we see a lot of interest

ML | Satoshi Club: Any partnerships with those who are not open source?:wink:

Serge Lubkin: Yes, we are in talks with all big and mid exchanges. We will announce when sign mous

Malcolm Lerider: Lending protocols and other DeFi projects where price volatility is an issue are target markets. We are building a suite of API tools that will make it very easy for protocols and CEX to integrate on their own initiative as well

ML | Satoshi Club: yes, sure we’ll see a lot of integrations soon:grinning:

Q2 from bitcointalk user linderm

It is interesting. I didn’t see so many projects using Chromia as an ETH layer 2 solution. Why have chosen Chromia among many solutions which are there?

Malcolm Lerider: Chromia is technologically superior for the kind of product that Hedget is building. It is unfortunately not that well known in the public blockchain sphere, but the “relational blockchain” behind it has been used by ChromaWay for private and consortium chains for a long time, and in that sphere ChromaWay is already an established name. It is being used for plenty bank and government implementations.
To sum it up a bit, it is basically a relational database wrapped in a blockchain. In practice it means that you can do really complex operations, same as you would do on a traditional SQL database. Querying specific data and do batch updates is super easy on Chromia. This is a big deal, as similar operations on for example Ethereum in some cases require to replay the whole blockchain to do.
The “relational blockchain” is also what allows us to build easy to use API’s with comparably short development time. This flexibility is also a strategic advantage; Hedget will be able to iterate on decentralized options and build more complex DeFi products. We can more or less “copy” traditional financial instruments and implement them in a similar manner on a decentralized blockchain. This is not feasible on most other blockchains because of their software architecture

Serge Lubkin: Yes, Chromia also doesn’t charge tx fees

ML | Satoshi Club: Really? So, we will pay less by using Hedget?

Serge Lubkin: You will not pay for updating order book order for example. And still it will be decentralized

Malcolm Lerider: Tx fees on Hedget is only to prevent spam and to prevent bots from farming the liquidity pool with “fake” settlements. So yes, it will be low tx fees

ML | Satoshi Club: It’s really amazing, it was ‘a bit’ hard to pay all fees last days:+1:

Which fees do you charge on Hedget? Just to prevent spam or there are additional?

Serge Lubkin: Hedget Fee schedule 
Taker fee 0.04% of underlying (matches Deribit[1], less than on FTX exchange[2])
[1] https://www.deribit.com/pages/information/fees
[2] https://help.ftx.com/hc/en-us/articles/360038094432-Options-Explainer
Maker fee -0.02% of underlying (unique offer on the market)
0.02% difference between Taker and Maker fees will go to special Reserve locked for two years and governed by DAO
Settlement fee 0.02% + ETH fees (if settled on Ethereum) paid by option buyer to option writer
In the first 3-4 years 0.02% settlement fee will be paid by the system from the liquidity mining pool, thus rewarding option writers, and reducing total fees for option buyers.

Malcolm Lerider: Market taker will pay a small fee, that’s about it. Market maker will actually be rewarded instead of paying fee, from the liquidity pool. This is why we need to have some fees so that the trade is net negative, otherwise people will write bots to farm without providing value.
Ethereum fees apply to deposit / withdraw collateral and for option settlement.

ML | Satoshi Club: It’s nice fee structure, good incentive to use your platform:+1:

Q3 from Telegram user @alexeimaruta

Why you choose the European options other others and how will it work?

Serge Lubkin: It’s ERC20 to start with. As Ethereum is already very well established as the number one platform for digital assets, we will still have our base layer with collateral and settlement there. Chromia is a layer 2 to boost it and give us freedom to develop more complex features with less limitations. So settlement on Ethereum will work via smart contract.
Via UI + Metamask option writer creates an option by locking an asset, which gets represented on Chromia chain.Then after all trading is done, option can go back to Ethereum and settled there physically .Meaning buyer puts collateral and unlocks an asset at maturity day or later. We will have 7 days to settle it. Alternatively it can be cash settled on Chromia automatically with the help of Hedget automated MM

ML | Satoshi Club: As i know American style options give additional flexibility for users, don’t you plan to switch on them later?

Serge Lubkin: Yes, as well as custom, but liquid European Style options market gives better prices for buyers and a lot of flexibility. Liquidity is the key here

ML | Satoshi Club: Yes, it has sense 😀 Will it be some one specific day and time for maturity?

Serge Lubkin: We will have only weekly options at start with maturity date on Friday each week.You can sell your option any time and on a liquid market it’s not a problem. Buy-hedge/gamble-sell

Q4 from Telegram user @dashinberlin

Have you raised any funds until now? If yes, how much and from what entities? What is the required amount for you to function properly?

Serge Lubkin: We raised 790k in private sale and 500k from Alameda Research in strategic round.
But there’s update on this round we will publish today, so stay tuned!

ML | Satoshi Club: Update? May be you can give us a hint?

Serge Lubkin: We raised more than 500k 🙂 5usd is the price per token

ML | Satoshi Club: Wow, incredible :+1: congrats! Also, as i know you will have auction, can you tell us more about it? Or it already finished?

Serge Lubkin: Sure, we are planning to sell 423,000 HGET tokens. The kyc process started on September 1st and ongoing

ML | Satoshi Club: How can users participate in it? Why did you decide to do KYC?

Malcolm Lerider: KYC is still open, anyone who would like to join are suggested to go through KYC on www.hedget.com in the coming 24h to have sufficient time to participate

Serge Lubkin: KYC process will be till September 7th but initial bidding starts today

Anyone can join before September 7^th

Malcolm Lerider: Tokens are issued by Singapore foundation and need to follow relevant KYC and AML

ML | Satoshi Club: Got it) And what price will be for HGET tokens?

Serge Lubkin: It’s an open auction in Convergent style
This is a novel way of releasing a token and we think it is a more fair and transparent way. An overview can be found on Medium, and more shorter explanation will be released soon
https://medium.com/hedget/your-guide-to-the-hedget-token-auction-a1169e97032e

ML | Satoshi Club: Thanks for sharing :grinning: And can you disclose which price you had for private sale?

Serge Lubkin: Yes 90 cents per token, but with really small allocation per fund/investor

We also conducted IEO on FTX. Price there was 5usd per token.On auction price starts with 1 usd .Btw we raised another 600k there, forgot to mention :sweat_smile:

Malcolm Lerider: Lowest bid is 1 USD, and threshold bid (amount needed to receive tokens) will be public on website. We will know on September 12 what the threshold price end up at. Please note that anyone bidding more than threshold price will still only pay the threshold value

ML | Satoshi Club: Good chance to get cheap HGET:grinning:

Malcolm Lerider: We hope this is a fair way to do it, as bidders below the threshold always have the choice to drop out or raise above threshold

ML | Satoshi Club: I saw a lot of sales and can tell that it is really fair:grinning:

Q5 from Telegram user @jobel4

In Hedget Alpha, why there are two testnet running, the Ethereum and Chromia testnet? What are the advantages of using two testnet?

Malcolm Lerider: It is a two-layer platform, so testing needs to be done on two layers collateral and settlement needs to be tested on Ethereum, trading needs to be tested on Chromia bridge between then also needs testing. To clarify, this is in parallel, they will be running at the same time, but using “fake” assets instead of real assets. The Hedget platform will be running on Ethereum mainnet AND Chromia mainnet, so our testing also needs to be done on the testnet of these platforms. There may be some confusion there, we are not launching two copies of the platform. Some functionality will be on Ehtereum and other functionality will be on Chromia, so we need to test on both.

ML | Satoshi Club: So, it’s just technical needs and there are no any advantages

Q6 from Telegram user @LleeKuanYew

In the near future, Hedget will auction under the convergence auction mechanism. Can you explain and give a simple example of this converged auction mechanism?

Serge Lubkin: It is similar to public sale, but hopefully with a more fair price discovery. Instead of setting exchange rate in advance, the community will decide the exchange rate for HGET token by an open auction. All bids will be public, so the threshold bid for receiving the token will be known to all participants at all times. This makes it transparent to users in the sense that they don’t have to pay more than the threshold if their bid is high, and have the alternative to drop out or increase their bid if they are under the threshold.
Here is simple explanation how it works https://medium.com/hedget/hedget-auction-process-simplified-25cfa133ebe8

• 

Malcolm Lerider: Let me also try give a simple explanation.
1. Participants will bid for tokens, similar to an ordinary auction.
2. Lowest price where all tokens can be sold for the same price is set as “threshold price”.
3. Everyone who bid above threshold price will get tokens, but will only pay the threshold price.
4. Participants can choose to increase their bids during the auction time to get above the threshold price, or to drop out if they think threshold price is too high
5. Threshold price may increase as people bid above it, so participants should keep themselves aware of current threshold

Serg | Satoshi Club: thanks for the answer. Let’s open the chat now for live questions

ML | Satoshi Club: It will be real storm:+1:

Part 2 — live questions from the Telegram community

Q1 from Telegram user @eylem201

What are the benefits of holding and staking HGET tokens? And What plans do you have to help drive demand and scarcity for HGET tokens?

Serge Lubkin: The HGET token is the native utility and governance token of the Hedget platform. It will be issued on the Ethereum network as an ERC-20 contract and will have representation on a Chromia sidechain.
Effective immediately upon launch, HGET will serve as the governance token of the HGET platform. In the preliminary stages, the token holders can vote on adding new assets, default options parameters and UI improvements.
Before the platform is launched with real assets there will be a Testnet platform (hosted on both Chromia and Ethereum testnets) to participate on which users need to stake HGET to access. Users will trade funds that have little to no real value, but the best performing traders will be rewarded automatically by Hedget protocol with HGET tokens upon mainnet release.
When the platform migrates to Mainnet, HGET will be used to prevent spamming of orders which can lead to API overloads and order book manipulation. HGET tokens will need to be staked to interact with the platform. Staking requirements will increase as the monetary value and frequency of a user’s interactions increase.
As the platform is further developed, a DAO will be established and HGET tokens will be used to determine transaction fees, reserve requirements, and general functions and features of the platform.
Lastly, the HGET token will be used as a security measure and reputation engine in the future when margined options are implemented. Options writers who wish to offer options without providing 1:1 collateral will need to stake HGET tokens which will be used to purchase fully collateralized options as a hedge in case of Capital insufficiency risk. This mechanism ensures end users cannot be adversely affected by the insolvency of an options writer.

Q2 from Telegram user @Dev30000

In the case of using Chromia as L2 , what problem will it solve of Ethereum ? What happen when the contracts for sale are not fulfilled ? How does Hedget apply Chromia Layer 2 to works in a completely decentralized manner ?

Malcolm Lerider: Have you tried sending a transaction on Ethereum the last 2 days? Well, this is the problem it solves when it comes to trading decentralized options 😉
If contracts are not fulfilled, then the option writer can reuse the collateral to write new options. There is no need to make any new transactions on Ethereum.
Hedget uses Chromia nodes for trading and Ethereum for collateral and settlement. In summary, it is as decentralized as Ethereum in terms of asset ownership, and as decentralized as Chromia in terms of option trading

Q3 from Telegram user @Xuansang

Yeild farming is a new trending so Hedget have any plan to yeild farming system development?

Malcolm Lerider: Good question. Yes, there will likely be automated market maker(s) to farm HGET tokens from the liquidity pool. They will need to be a little more sophisticated though, as Hedget is building a structure where market makers are rewarded but where “fake” settlements are at net loss. We want a platform with liquidity, but it must be real liquidity

Q4 from Telegram user @imelruyi

You guys are doing Ama’s in all group & almost answering same types of questions again n again? How do You feel about it?

Malcolm Lerider: I don’t mind as long as people are curious about what we are building. Sometimes I do wonder if some 80% are bot questions, but who knows?

Q5 from Telegram user @newto1

How different does these #3 MAIN ATTRIBUTES of HEDGET work?
°ESC – ETHEREUM SMART CONTRACT
°CSW – CLIENT SIDE WALLET
°CTD – CHROMIA-BASED BLOCKCHAIN!!!

Serge Lubkin: ESC: Ethereum smart contract which handles ETH and ERC-20 token deposits and withdraws and implements physical settlement.
CTD: Chromia-based blockchain (dApp) which handles trades, track ownership of contracts and
facilitates communication necessary to perform settlement through Ethereum smart contracts.
CSW: Client-side wallet and trading user interface, which takes commands from user and carries
them out using Ethereum smart contract and Chromia dApp.

Q6 from Telegram user @tolgaozek

Those layers are subsidiary of each other in case of an emergency?

Malcolm Lerider: Do you mean Ethereum as layer 1 and Chromia as layer 2?
If so, then the answer no. The functionality is split; option collateral and settlement is on Ethereum (layer 1), and option trading is on Chromia (layer 2).
As example, we can add bitcoin as another layer 1, and bitcoin options would then be available to trade on Chomia (layer 2).

Q7 from Telegram user @Xuansang

Yeild farming is a new trending so Hedget have any plan to yeild farming system development?

Serge Lubkin: We are building solution to save liquidity farmers from liquidations 🙂
But yes we will have liquidity mining with a slow gradual release.

Q8 from Telegram user @regard94

You’re currently running two projects simultaneously, Chromia and Hedget. Why not combine them as one and could it cause some difficulties for you considering that resources are limited?

Serge Lubkin: Hedget is branching off with independent management, so we will have our full focus on this project. We will assist Chromia whenever needed, but we will not have any active duties there. So to summary, we will run only one project, while occasionally assisting the other one.
It’s a mutual relationship, Chromia is incubating Hedget to get us a good launch, and of course we will return the favors whenever we can.

Q9 from Telegram user @Ravi2139

What are your most important next priorities until the end of 2020? Are the fundamental tools sufficient to achieve these goals?

Serge Lubkin: 1. We are building it for users; most tokens go to options writers, and token stakers govern the protocol
2. Flexibility. Chromia is in simple terms a relational database wrapped in a blockchain. All benefits of blockchain, with the possibility to develop as complex applications as centralized ones.
3. Team and network effect. We have gathered people with diverse and specific know-how to develop this project

Q10 from Telegram user @ipman099

Am tired of making losses in my crypto trading, can you please tell me if you offer ASSET MANAGEMENT SERVICES An what are the requirements and procedures involved?

Malcolm Lerider: This is step 3 in what we are building, I would estimate ~2 years to get there.
Step 1 is to build a platform for decentralized options, with API’s to support automatic trading.
Step 2 is to extend the API’s to a suite where Hedget can fulfill advanced hedging strategies.
Step 3 is where decentralized asset management protocols can be released.

ML | Satoshi Club: Thank you @sergelubkin and @malcolmlerider for being with us! For you time and answers! You can address some words to the community before we open the chat!

Serg | Satoshi Club: Thank you for joining our AMA! it was great and very informative

Serge Lubkin: Thanks for having us!

Amazing questions! Sending some useful links

Website: https://www.hedget.com
Twitter: https://twitter.com/Team_Hedget/
Telegram: https://t.me/hedgetchat
Medium Blog: https://medium.com/@hedget
Hedget Whitepaper: https://hedget.com/whitepaper.html
Chromia Incubates DeFi project Hedget Decentralized Protocol for Options Trading https://blog.chromia.com/chromia-incubates-defi-project-hedget-decentralized-protocol-for-options-trading/

https://medium.com/hedget/hedget-auction-process-simplified-25cfa133ebe8

Malcolm Lerider: Thank you for all the questions and for staying with us these 2(!) hours!

Serg | Satoshi Club: real AMArathon

Part 3 – Quiz Results

In the final part we tested your knowledge in terms of Hedget. 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
Russian Telegram group: https://t.me/satoshi_club_ru

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

Our partners:

Hedget Community: https://t.me/hedgetchat

With the autumn arrival SatoshiClub community is moving forward for new records in AMArathons. Today we would like to tell you about the AMA session with our friends from Dash. The AMA took place on September 04 and our guests were Tosin Miracy, Director of the Digital Cash Awareness Drive and Nathaniel Luz, Lead for Dash Nigeria.

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

Serg | Satoshi Club: We are please to announce that we will have an AMA about Dash! 🤩
Welcome to Satoshi Club.

Irina K. | @satoshi_club: Hi everyone and welcome to another episode of our AMA series

Our guests today are @Nathanielluz and @Tmiracy from DASH. Welcome guys and thanks for joining us

Nathaniel Luz: Hello guys, it’s good to be here

Tosin Miracy: Hi everyone, glad to be here

Irina K. | @satoshi_club: Thanks again for joining. To be begin with, please tell us a few words about yourselves and how did you get to be involved in DASH?

Tosin Miracy: Hello everyone, My name is Tosin Miracy, I handle Business Development at Dash Nigeria. I’m glad to be here today.

Nathaniel Luz: I’m Nathaniel Luz, Lead for Dash Nigeria (dashnigeria.com) I stumbled on digital currencies in 2016, and Dash in 2017, discovered its benefits over the traditional money system, and I’ve since been on a mission promoting the adoption and use of Digital Cash.It all began with the wonders of cross border remittances, the ability for someone far away in the US to scan a barcode on my phone through Skype and I received the payment.
This was an interesting development for me, having seen the amount of time and high transaction fees traditional money remittances systems cost as I explained above.
Nigeria has been among the countries topping the charts from Paxful to Remitano to Local bitcoins et al in terms of bitcoin volumes traded. Nigeria is one of the best destinations for the use and adoption of digital currencies and I believe any crypto targeting mainstream adoption should focus on Nigeria and Africa.

Serg | Satoshi Club: it’s a noble mission ))

Irina K. | @satoshi_club: What’s your perspective on the adoption of digital cash?

Tosin Miracy: Nigeria has been receptive to cryptocurrency and in the words of Ray Youseff, CEO Paxful, “While the rest of the world speculate on cryptocurrency, Africa is using it to solve real problems in ways none of us could imagine”. The uses case he is referring to are remittances and international payments. Africans are using crypto to beat restrictions and high charges of traditional remittance channels.
Dash is fast becoming the choice coins for remittances due to its Instantsend and almost zero fees for all transactions.

Serg | Satoshi Club: how is it going so far? Have your team grown?

Nathaniel Luz: Yes. We’ve grown very much and we get featured in Tier 1 media outlets like CT, Bitcoinnews frequently

Irina K. | @satoshi_club: Yeah, thanks for sharing. What about other countries from Africa? If you have information about that, how interested are people in this topic?

Nathaniel Luz: Very much interested. Especially in other countries like South Africa, Kenya and Ghana

Irina K. | @satoshi_club: That’s very cool

Serg | Satoshi Club: thanks for the introduction, we will have a question AMArathon with 20 questions selected for the Part 1. ready to start?

Tosin Miracy: Good to go!

Serg | Satoshi Club: btw, 15 questions were selected by our guests and 5 by us

Q1 from Telegram user @Dzikray

Why do you consider X11 one of the safest algorithms? What are the chances that the network will suffer a 51% attack?

Tosin Miracy: There are two requirements for double-spending to be able to happen on Dash. First, a malicious participant must gain control of at least 51% of the network hash rate (X11 algorithm). Second, it would also need to overcome the 60% majority of the masternode network that is required to create quorums and, subsequently, prevent ChainLocks from forming.
While bitcoin and other POW coins require a participant to control 51% of the mining hashrate to carry out an attack, Dash requires them to possess both 51% of the mining hash power and 60% of the masternodes which is about 3,000,000 Dash. This makes Dash the safest cryptocurrency network.
See https://cointelegraph.com/news/raising-the-security-bar-dash-claims-a-51-attack-is-not-enough for more information

Serg | Satoshi Club: it is like a 2 factor authentication 😀

Nathaniel Luz: Yeah. Better to be doubly prepared

Irina K. | @satoshi_club: Where there any attempts to hack the network like this?

Nathaniel Luz: There’s been no known attack on the Dash Network till date

Irina K. | @satoshi_club: Hopefully it will stay like this

Q2 from Telegram user @KathDM

What are the requirements to run a Masternode? What’s the minimum amount of Dash that we need to have?

Tosin Miracy: Each Masternode requires you to possess 1,000 Dash, host it in a server and keep it running, thereby providing services to the Dash network. For the services rendered, they get a reward of 5.7% annually. You can own a shared masternode for as low as 1 Dash on crowdnode.io.

Serg | Satoshi Club: the server has to be online 24/24? what if it switches off?

Nathaniel Luz: Yeah. You restart it. You get paid for when it’s online and providing its services to the network. With crowdnode.io, they maintain all that for you

Irina K. | @satoshi_club: Are there any commisions to be paid to crowdnode.io?

Nathaniel Luz: Yeah. A little commission for the service rendered

Q3 from Telegram user @Aguacate30

How does Dash ensure decentralization? Who makes the decisions regarding funding developments and community needs?

Tosin Miracy: Dash is the first coin to give its users a voting right to be able to participate in the governance of the network, making it very decentralised. Masternode owners vote to reach a consensus on funding the development and needs of the Dash network. Dash Core developers are paid directly from the Dash block rewards without any middleman. This is amazing as the development of the Dash network is not reliant on donations or individuals but on the Dash network itself.

Serg | Satoshi Club: that’s the true decentralization 🙂 thanks for the answer

Q4 from Telegram user @KathDM

Can you explain in your own words and in a simple way how the Dash’s voting system works?

Tosin Miracy: The Dash voting system is the governance mechanism that helps the Dash network reach a consensus on issues. This is a very important feature as it prevents Dash from breaking way due to forks. Most forks happen because there is no way for the network to reach a consensus like in bitcoin. Masternode owners also vote to allocate 10% of the block reward to proposals promoting the adoption of Dash globally. Each proposal requires a net positive of at least 10% of the total number of masternodes to pass.

Nathaniel Luz: There are about 5,000 masternodes in Dash at the moment so a proposal we need about 500 net yes votes to get funded

Serg | Satoshi Club: Great answer, usually we are discussing the questions in details, but since we have 20 questions to answer, we will go quicker through them, since we have 2 other parts in the AMA

Irina K. | @satoshi_club: So you can’t make a fork on Dash without it being voted upon?

Nathaniel Luz: You can but it will not be honoured by the masternodes, miners or users

Irina K. | @satoshi_club: Oh, I see. Thanks for the clarification

Nathaniel Luz: What’s the point of creating a fork if there’s no community behind it?

Serg | Satoshi Club: to make some profits. so, on a funny note we go to the next question

Q5 from Telegram user @stekbyte

What tasks do you plan to complete by the end of 2020?

Tosin Miracy: By the end of 2020, Dash Platform will be on testnet. This will mark the initial testing phase before the mainnet launch next year. Dash platform will allow developers to build Dapps, tokens, smart contracts et al on the Dash blockchain similar to Erc-20 on the Ethereum blockchain. Projects built on the Dash blockchain will inherit the foundational features of Dash such as Instantsend, almost zero fees, anti-51% attacks, etc. You can learn more about the Dash Platform at https://www.dash.org/developers/

Irina K. | @satoshi_club: Do you have any Dapps that are scheduled to be developed on Dash platform?

Nathaniel Luz: Interestingly some are already been developed on Evonet (a special testnet for it)

https://chat.dashdevs.org/

Tosin Miracy: Yes…This is going to be one of the biggest innovations from Dash.

Serg | Satoshi Club: I wish you good luck and keep the good work!

Q6 from Telegram user @raztrader

What are the benefits of DASH to Businesses?

Tosin Miracy: Dash allows businesses to accept payments and get settled instantly without fear of chargebacks and losing a good amount of their revenue to fees. The traditional financial card networks take days to settle a transaction, with the added risks of chargebacks and fraud which Dash eliminates. Dash also allows businesses to accept international payments in seconds. This is an amazing feat!

Q7 from Telegram user @Abib123

Why should we be worried about full transparency if we have nothing to hide?

Tosin Miracy: We have to respect people’s choices. If someone wants financial privacy, let them go for it, if someone doesn’t, fine also. People also want financial privacy for several legitimate reasons including; not wanting the merchant on my street to know my balance and all my financial history simply because I purchased a cup of coffee and paid with Dash. PrivateSend is very important because the blockchain is transparent and allows anyone to trace the history of a particular crypto wallet address.

Serg | Satoshi Club: Privacy is important not because we have smth to hide, but because it should be our option to decide. Great answer

Q8 from Telegram user @selvi33

In Nigeria here, I was surprised to see a shop accepting DASH as payment. How can my shop also get started and register?

Tosin Miracy: Great. Our adoption work in Nigeria has been growing greatly. You can accept payments in Dash directly with your Dash wallet, through Kurepay, Coinprofile or several other of our partners. Kindly join the Dash Nigeria telegram group at t.me/dashnigeriabiz and we will assist you. Welcome to Dash!

Serg | Satoshi Club: what other communities do you have? local ones

Nathaniel Luz: Venezuela, Thailand, Germany, Brazil, Nigeria and several others

Tosin Miracy: Ghana, Kenya, Haiti, South Africa among others.

Serg | Satoshi Club: A worldwide community, nice

Irina K. | @satoshi_club: Which one is the most active in your opinion?

Nathaniel Luz: They’re all active, Venezuela is a Dash hotspot though

Q9 from Telegram user @albert3990

I am Brazilian, trained journalist and I am an enthusiast of the cryptocurrency dash, because it is one of the most decentralized that exists. On October 29, 2019, I came across the following article from the cointelegraph portal about closed operations in many countrys – https://cointelegraph.com.br/news/dash-encerra-operaces-na-america-latina
Could you please clarify what really happened? I know that Latin America is one of the continents where the dash is strongest, especially Colombia.

Nathaniel Luz: Dash has been and is still very much active in LATAM. What happened then was that the proposal of one of the Dash teams did not pass that month and they decided to stop working for Dash. The beauty of Dash lies in its use of several grassroots teams to promote adoption. So one team stopping doesn’t hurt the adoption of Dash. Dashtext.io, dashmallparking.com and Dashhelpme.io are examples of some active Dash adoption teams in LATAM.

Irina K. | @satoshi_club: Are there many active teams in that region?

Tosin Miracy: Yes there are

Q10 from Telegram user @MrDungxTran

what are the future plans for Dash? Do we have any exciting things down the pipeline that we can share?

Nathaniel Luz: Dash has been working on an amazing project initially codenamed ‘Dash Evolution’. It is a layer 2 of the Dash network where other developers can leverage on Dash and build their own projects. By the end of 2020, Dash Platform will be on testnet. This will mark the initial testing phase before the mainnet launch next year. Dash platform will allow developers to build Dapps, tokens, smart contracts et al on the Dash blockchain similar to Erc-20 on the Ethereum blockchain. Projects built on the Dash blockchain will inherit the foundational features of Dash such as Instantsend, almost zero fees, anti-51% attacks, etc. You can learn more about the Dash Platform at https://www.dash.org/developers/

Irina K. | @satoshi_club: When do you plan to launch the mainet?

Nathaniel Luz: Please join the Dash Nigeria telegram group at t.me/DashNigeriaBiz pending when the main Dash group can accept new members

Tosin Miracy: Plans are on going for next year

Serg | Satoshi Club: 2021 should be a good one for Dash

Q11 from Telegram user @Jonahapagu

Can you explain the significant improvements of Dash network over Bitcoin

Nathaniel Luz: InstantSend allows Dash transactions to be settled in 1 second while bitcoin takes hours or even days for a transaction to clear depending on the fees and mempool situation. A Dash transaction costs just $0.0002 as opposed to bitcoin that costs a good amount of dollars. Dash has optional privacy via PrivateSend while bitcoin doesn’t. These features make Dash more suitable for payments and remittances over bitcoin. Most importantly, Dash is 51% attack proof while bitcoin isn’t.

Serg | Satoshi Club: the transaction cost is fixed or can fluctuate?

Tosin Miracy: It varies but usually around $0.0002

Q12 from Telegram user @Jhonathanch

What have been the advances of DASH in LATAM and why has Latin America been one of the target markets for DASH? For example, in Venezuela the adoption of DASH grows more every day, does the same happen in other neighboring countries? What are the expectations? Thank you!

Nathaniel Luz: Venezuela, a country in LATAM has been suffering from massive devaluation and inflation of their currency, the bolivars. Dash has proven to be a better alternative for them for receiving remittances, and paying for goods and services in everyday life.

Q13 from Telegram username @alpulusoy

Masternodes, what role do they play in the Dash network?

Tosin Miracy: Masternodes are powerful servers backed by collateral held in Dash, and are designed to provide advanced services and governance on the blockchain. Dash has been associated with the concept of masternodes ever since the invention of this novel concept soon after the project started in 2014.
Masternodes host full copies of the blockchain and provide a unique second layer of services to the network, facilitating advanced functions such as InstantSend, PrivateSend and usernames on the blockchain.
Masternodes must be backed by collateral denominated in Dash, and in return their operators receive regular payment for the services they provide to the network. As highly committed custodians of the project, masternode operators are given the opportunity to vote each month on up to 10% of the block reward to fund community projects supporting the Dash ecosystem.

Q14 from Telegram username @minseo2

Dash community is one of the oldest BTC forks, how easy it for a new community member to run a masternode ? What are the requirements?

Tosin Miracy: Each Masternode requires you to possess 1,000 Dash, host it in a server and keep it running, thereby providing services to the Dash network. For the services rendered, they get a reward of 5.7% annually. You can own a shared masternode for as low as 1 Dash on crowdnode.io.

Q15 from Telegram username @malachi456

I always love to refer to DASH as the mother of Masternodes, how do you feel about this seeing other projects copied your unique technology

Nathaniel Luz: Masternodes, DAO, Chainlocks, Treasury, etc are some of the inventions of Dash that have been copied and used by other projects today. What this simply tells is that Dash has been the most innovative coin since 2014 and deserves more recognition than what is currently accorded. See Zcoin copy of Dash Chainlocks https://dashnews.org/zcoin-to-copy-dashs-chainlocks-51-attack-proofing/

Serg | Satoshi Club: If you are copied it means that you are good 🙂

Q16 from Telegram username @KathDM

What’s DASH role in hyperinflation countries? How has the adoption been in those countries?

Nathaniel Luz: Venezuela, a country in LATAM has been suffering from massive devaluation and inflation of their currency, the bolivars. Dash has proven to be a better alternative for them for receiving remittances, and paying for goods and services in everyday life.
Nigeria has seen its currency, the naira, being devalued by 30% this year while some Nigerian banks have restricted $ payments to $20 monthly for their users. Situations like this make people flock to crypto so they can be able to carry out remittances and international transactions without limits.
https://news.bitcoin.com/high-network-fees-make-btc-less-appealing-for-remittances/

Serg | Satoshi Club: 20$ monthly?????? hey must be kidding

Tosin Miracy: Yes, that’s what we are facing currently.

Serg | Satoshi Club: I am sorry to hear that. Crypto is the solution

Tosin Miracy: Yes, we’re looking forward to more adoption.

Q17 from Telegram username @Aguacate30

Dash Evolution being a payment platform for consumers and merchants to create an account on the blockchain and use an interface to carry out transactions with the Dash network. Do you think this could be conducive to mass adoption? What expectations do you have with Dash Evolution?

Nathaniel Luz: Imagine being able to send Dash to a username or any of your contacts instead of long alphanumeric digits. That is one of the features of the Dash Platform codenamed Dash Evolution. It aims to bring crypto usage to the mass of non-tech users. It will be the most innovative solution to the UX problem of crypto at its launch. Once we get this UX problem solved with the Dash Platform, be sure of mass adoption!

Q18 from Telegram username @albert3990

I have been studying cryptocurrencies for many years and one of the concepts that motivates me is innovation. Today, the tron network (trc20), red bep2 (binance) and the erc20 network (ethereum) already manage to carry out swaps and innovative solutions. Recently monero is studying the swap from xmr to btc. In this sense, what does the dash have to offer us again in terms of technology?

Tosin Miracy: Dash has been working on an amazing project initially codenamed ‘Dash Evolution’. It is a layer 2 of the Dash network where other developers can leverage on Dash and build their own projects. By the end of 2020, Dash Platform will be on testnet. This will mark the initial testing phase before the mainnet launch next year. Dash platform will allow developers to build Dapps, tokens, smart contracts et al on the Dash blockchain similar to Erc-20 on the Ethereum blockchain. Projects built on the Dash blockchain will inherit the foundational features of Dash such as Instantsend, almost zero fees, anti-51% attacks, etc. You can learn more about the Dash Platform at https://www.dash.org/developers/

Q19 from Telegram username @Eraybukucu

I know Dash is famous for its Decentralized Autonomous Organization (DAO) governance model, can you tell us about the voting mechanism that supports Dash Treasury and Dash Core Group and funds projects from the community?

Tosin Miracy: The Dash voting system is the governance mechanism that helps the Dash network reach a consensus on issues. This is a very important feature as it prevents Dash from breaking way due to forks. Most forks happen because there is no way for the network to reach a consensus like in bitcoin. Masternode owners also vote to allocate 10% of the block reward to proposals promoting the adoption of Dash globally. Each proposal requires a net positive of at least 10% of the total number of masternodes to pass. Dash is so decentralized that the Dash Core Team relies on the Masternode Owners to fund their continuous development of the Dash network.

Q20 from Telegram Username @Duylinh20

What are the ways DASH is generating profits/revenue to maintain your project and what is its revenue model ? How can it make benefit win-win to both investors and your project ?

Tosin Miracy: The revenue model of Dash is the most certain and decentralised as it stems directly from the block reward. 10% of the block reward goes to financing activities that advance Dash adoption globally. Dash holders who run a masternode or shared masternode earn a 5.7% reward annually for the services they render to the Dash network.

Part 2 — live questions from the Telegram community

Q1 from Telegram user @RoZerius

Adoption is one of the key factors that any blockchain project will focus on to become attractive to investors and users.
So, what is DASH plan to apply for more adoption?

Nathaniel Luz: We embarked on a crypto educational campaign since 2017 and here are some of our finest and easy content to help new users.
1. Learn with Dash (videos): https://www.youtube.com/playlist?list=PL3vgzw56aHfa15tOVJrK4fV4DZxpOpCLD
2. https://dashnigeria.com/academy
3. I published Digital is the Cash book available for free download at bit.ly/freedashbook to help spread the adoption of Dash

Q2 from Telegram user @Olonade02

In Nigeria, I’m sure you’re aware of the recent clampdown on crypto transactions, especially by the local banks and CBN. How is this a threat to the adoption of DASH in Nigeria?

Tosin Miracy: This is false. There’s no clampdown on crypto transactions in Nigeria. The CBN and SEC are working on the regulatory framework for cryptocurrency in Nigeria and we are in touch regarding it. Also we delivered copies of ‘digital is the cash ‘ book to the SEC and other regulators to help them understand cryptocurrency more.You can download the book here Bit.ly/freedashbook

Q3 from Telegram user @Jonahapagu

Does Dash currently have any programmes or incentives for its Community that we can be a part of in driving mass Adoption?

Nathaniel Luz: There are bounties available for developers who build on Dash Platform testnet/ evonet. https://chat.dashdevs.org/
Please joim them there and earn some Dash by building on Dash Platform testnet

Q4 from Telegram user @kun4321

What are the major milestones $Dash achieved so far & what are in future pipeline?

Nathaniel Luz: Dash major milestones thus far include:
InstantSend
PrivateSend
Chailocks
Almost zero fees
LLMQs
X11 mining algorithm
Treasury
DAO
Masternodes
And several others.
Soon, we will have Dash Platform which we enable building tokens and Dapps on Dash, sending Dash to a username and several others

Q5 from Telegram user @Kutinhu

Crypto projects were closed in many countries due to improper regulation and licenses. How does your project solve these problems?

Nathaniel Luz: Dash is a community driven project with no central figure who calls the shots. Can any government sanction bitcoin? So also they can’t do that to Dash. However, they can go after exchanges and crypto companies if they think they are breaking the law.

Q6 from Telegram user @Alika061

I really like the newly redesigned of Dash Wallet sir but my question is how secured and safe is the wallet compared to other wallet apps? And what is the security mechanism of dash to ensure user assets do not become the target of hackers?

Tosin Miracy: Dash wallet is very secured one, you can only access your wallet with your password and pin.
Also, there is a recovery phrase that backs up your wallet incase you lost it. With your recovery phrase, your wallet can be recovered. Except your wallet password or recovery phrase is known to a third party, no one can access it
The wallet has password and recovery phrase which makes it secured.
Also, it is advisable to keep a large chunk of your money in a hardware wallet for better security.

Q7 from Telegram user @Infinite_crypto

What is the main reason behind the formation of Dash Cryptocurrency ? Why you think that coin Like Dash should be there in Market ?

Nathaniel Luz: Because Dash invested Masternodes, PrivateSend, InstantSend, DAO, Treasury, ChainLocks etc. Dash is one of the most innovative coins out there. I bet you can’t wait for Dash Platform to be launched!

Q8 from Telegram user @Lucassoba

Staking and DeFi are very popular in cryptospace…
are there any idea to implement DeFi and staking program in #Dash Ecosystem???

Nathaniel Luz: Dash is the first inventor of DeFi and staking if I may say. Sonce 2014, Masternodes have been rewarded for using their 1,000 Dash collateral to provide services like InstantSend to the Dash network

Q9 from Telegram user @ngoccam

In recent last news, I see that the growing of Dash at Latin American increases significantly in mass adoption and commercial payments, so could you please share me the strategy for this market in future and where it’s a secret for this growth?

Tosin Miracy: Our goal at Dash have been to be the choice crypto for everyday payments and remittances. The development of Dash is done with that in view and that has been helping Dashnget widely adopted as Dash has almost zero fees and a transaction time of 1 second.
Also, the various Dash adoption teams all over the world work to spread Dash tirelessly

Q10 from Telegram user @Castro_Tib

As I know DASH support cheaper fees when paying instead of using banks, Paypal, Alipay, …. But how do users feel safer and more confident when using DASH instead of banks, PayPal, Alipay?

Nathaniel Luz: Dash is boarderless and doesn’t require KYC to use as opposed to Paypal and the likes.
You can also use Dash privatesend for your transactions to enable privacy.
Also, Dash transactions are instant and has almost $0 transactions fee

Serg | Satoshi Club: this was the last one 🙂 thank you very much for your time and answers!

It was an intense AMArathon

Nathaniel Luz: Thanks @sspurss @iri_kravchuk @ciupidos for hosting us here today. The session was amazing and the questions were well researched.

Tosin Miracy: Thank you everyone for having us, a big shout out to the organizers, it was intense!!!

Part 3 – Quiz Results

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

For more information and future AMAs, join our Social Media channels:
English Telegram group: https://t.me/Satoshi_club
Russian Telegram group: https://t.me/satoshi_club_ru

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

Our partners:

Dash Community: https://t.me/dash_chat

We are pleased to announce our next AMA on September 9th 2020 at 02:00 PM UTC Time: Satoshi Club x Safe Haven

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

⚠️Requirements:
👉 Join Satoshi Club Telegram group
👉 Join Safe Haven 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. 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: 150$/10 users – Open chat for 80 seconds. You can post Max 5 questions. Safe Haven Team will select 10 questions and answer them.

Part 3: 500$ – A quiz about Safe Haven

For more details:
Safe Haven – @SafeHavenio
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish

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

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

⚠️Requirements:
👉 Join Satoshi Club Telegram group
👉 Join KIRA Network 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. 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: 150$/10 users – Open chat for 80 seconds. You can post Max 5 questions. KIRA Network Team will select 10 questions and answer them.

Part 3: 500$ – A quiz about KIRA Network

For more details:
KIRA Network – @kirainterex
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish

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

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

⚠️Requirements:
👉 Join Satoshi Club Telegram group
👉 Join Gotem 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. 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: 150$/10 users – Open chat for 80 seconds. You can post Max 5 questions. Gotem Team will select 10 questions and answer them.

Part 3: 500$ – A quiz about Gotem

For more details:
Gotem – @gtxgotem
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish

We are pleased to announce our next AMA on September 10th 2020 at 12:00 PM UTC Time: Satoshi Club x NULS

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

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

Part 3: 300$ – A quiz about NULS

For more details:
NULS – @Nulsio
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish

We are pleased to announce our next AMA on September 8th 2020 at 02:00 PM UTC Time: Satoshi Club x Rocket Protocol

⚠️Click to see the hour
⚠️Total Reward pool: 1000$ (500$ in ETH, 500$ in ROCK)

⚠️Requirements:
👉 Join Satoshi Club Telegram group
👉 Join Rocket Protocol Telegram group

We will have the following structure:

Part 1: 200$ /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: 200$/10 users – Open chat for 80 seconds. You can post Max 5 questions. Rocket Protocol Team will select 10 questions and answer them.

Part 3: 600$ – A quiz about Rocket Protocol

For more details:
Rocket Protocol – @RocketProtocol
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish

On September 1st our friends from POFID were invited to conduct an AMA session at Satoshi Club. This time we had many rewards, including a $500 pool for users who joined the POFID telegram group. Our guest was Dane Elliot (head community organizer).

The total reward pool was $1000, it was splitted into three parts and the special task .

In this AMA Recap we will try to summarize some of the most interesting points for you.

---

PART 1, INTRODUCTION AND COMMUNITY QUESTIONS

Serg | Satoshi Club: Hello dear community! Our guests today are from @pofid. Welcome to Satoshi Club!

Irina K. | @satoshi_club: Hi everyone, and a warm welcome to @d41145.

Dane Elliott: Hi all! Glad to be here and talk to you all!

Serg | Satoshi Club: Please tell us a bit about yourself, how did you get into crypto?

Dane Elliott: Sure thing. So hi everyone at Satoshi Club! I’m Dane. I’m head community organizer for POFID and I’ve been working in blockchain since 2017. I first came to know about POFID sometime towards the end of 2019 and since then have been really fascinated by the project and the potential it presents. Right now, DeFi projects are extremely hot and have become almost the buzzword of choice as of late, but I think it is important to distinguish POFID from some of the other projects out there. POFID is a DeFi infrastructure project with privacy protection that supports advanced financial applications and general tools on the SERO network. We believe DeFi is the real Finance 2.0 and POFID DAO is an extremely important piece of infrastructure that underlies that revolution.

Serg | Satoshi Club: You hoped in during the ICO hype. 🙂

Dane Elliott: Haha, yes, that’s essentially correct!

Irina K. | @satoshi_club: DeFi is on fire for sure.

Serg | Satoshi Club: I feel like in the ICO bubble to be honest 😁 I hope I am wrong.

Irina K. | @satoshi_club: (To Dane Elliot)What did you do before crypto-life?

Dane Elliott: Before crypto I was working in tech and later finance. Crypto seems like the perfect step up from the two of those, combining the two and adding so much more value on top. DeFi obviously goes even further, but we are only just now starting to see it take off! So very exciting times ahead!

Serg | Satoshi Club: Thanks for the introduction, Dane! We’ve collected some questions from the community. Ready to dive in and take a look at them?

Dane Elliott: By the way, before we talk about project specifics, here is our group link for anyone looking to learn more about us and join in on this revolution!  https://t.me/pofid

Yes, absolutely, let’s go!

Q1 from Bitcointalk User zygote59

Based on some available data, POFID DAO uses Decentralized Mortgage Warehouse (DMW) as your primary smart contract. Can you explain DMW in simple terms, how it works and what it uses in your network?

Dane Elliott: So let’s start by talking a little about pledged lending and stable coins. This is a concept that is often confused. Logically speaking, lending activities require a certificate, but the generated certificate itself is not a loan. For example, the DAI generated on Maker is nothing more than a debit note. The loan only occurs when you use the debit note in an exchange for other assets. The so-called stable currency is the debt (if any) that occurs under this IOU. The amount of debt is anchored to the value of some other asset (such as legal currency or USDT). But this does not change the essence of what it is as IOU – if you don’t use it, there will be no debt. From the perspective of infrastructure, Maker can be regarded as such, but it is almost limited to the function of printing IOUs.

In view of this recognition, you can think of POFID as a container that manages a set of assets, a “Decentralized Mortgage Warehouse (DMW)” that accepts and relies on various deposited input assets that map onto (or are issued onto) “Assets on the Chain” (AOC), according to certain rules. Making use of stable coins in the case of POFID means that the collateral in the container must have an observable value that can be measured by the anchored object. The ratio between the number of AOCs is then fixed by the amount of collateral and mapping (or issuance), according to this value. If a user who issued this AOC exchanged it for USDT or a certain fiat currency (that is, the anchored object), then the loan of the anchored object has been completed. At this time, this AOC is not only a kind of IOU (since the user exchanged the anchor object to complete the loan) but also a kind of stable currency as the user who receives this AOC can use it to make payment.

Q2 from Bitcointalk User george.bend

With POFID, anyone can issue their own cryptocurrency using digital assets as a pledge. Explain the process. Is it like creating a token on Ethereum?

Dane Elliott: Essentially, yes! The process is very simple and, as you mentioned, is basically the same as creating a token on Ethereum, like almost all DeFi projects. If you’re interested in exact details and learning about some of the mechanism behind it, please feel free to consult our white paper: https://github.com/pofid-dao/pofid-docs/blob/master/POFID_ENG.pdf

Serg | Satoshi Club: So, if I would like to create it, why not creating directly on ETH? Why would I choose to use your tools? What would be the advantages?

Dane Elliott: So Ethereum is a great project. It’s supported by some of the most talented people in the industry. But the the problems that it faces today is deeply rooted in its fundamental design.

Now, lots of people are looking forward to Ethereum 2.0. When that will be launched and what advantages it will provide is beyond my scope of knowledge, but what I can say is, in the current situation, I think the technical limitations and high costs of using Ethereum make it unsustainable and unpractical for real world enterprises. Incidentally, POFID does not run on Ethereum, but rather on SERO, the world’s first anonymous public blockchain platform.

We don’t face the same problem as Ethereum. One SERO token (currently about 13 cents) can sustain 100,000 transactions. With SERO 2.0 we will see even more beneficial innovations: some of the highest TPS and a structure that can be infinitely expanded.

One more thing. Besides avoiding the problem of high gas fees and congestion, we fully support privacy protections.

Irina K. | @satoshi_club: Could you elaborate please what “support privacy protections means”?

Dane Elliott: Of course! This is really the main focus of the POFID project. Financial activities cannot be separated from data privacy protection, so decentralized finance cannot avoid this problem. On this issue, there is no room for compromise.

Irina K. | @satoshi_club: Yeah, sounds important.

Dane Elliott: Although this is not necessarily a key regulatory element, it is an underlying element that is essential for competition and survival in the business world. Let me give you some basic examples.

In the real, work if you take out a loan from the bank will the entire public be able to see this? Of course not!

How embarrassing would that be if all your financial transactions were available for everyone to see. Now, for individuals this might just seem like a pain, but the privacy of financial transactions is essential for real world businesses. The business world would not exist without privacy.

But with platforms like Ethereum, EVERYTHING is public and accessible for all too see. Whatever way you slice it, it can be concluded with certainty that when DeFi is recognized by global regulation, data privacy protection will inevitably be one of its key characteristics. By putting a focus on this aspect, POFID is preparing itself for DeFi’s future disruption of traditional finance.

Serg | Satoshi Club: Thanks for explaining. 🙂

Dane Elliott: One quick note. We keep a very close relationship to the SERO team, but we are completely independent.

Q3 from Telegram User @kosmonavto

Share with us more details about the tokenomics. 51% from 2 million will be shared among hodlers for 20 years. Please explain the details of this distribution. Also, who holds the rest 49%?

Dane Elliott: Sure. Let me break the tokenomics down very quick. 51% is mined and given to the community. The remaining 49% goes toward the ecosystem – 34% is given to various, for example the liquidation committee, the investment committee, as detailed in the white paper. The remaining 15% goes to the public and private sale.

We are still screening private equity and there is no clear private equity institution that we have chosen yet. We are considering joining some international organizations, such as the Korea Trade Promotion Association, the blockchain research institution under the Ministry of Information Industry.

Just a quick note, the tokenomics should all be outlined in our white paper, and specific details will be released to the public in the coming days as we launch on Uniswap and centralized exchanges.

Serg | Satoshi Club: Why Korea? are you based there?

Dane Elliott: No, we’re not based in Korea. We are definitely a very decentralized team, with some of us in Europe, some in China, some in Indonesia, some in Vietnam, some in North America etc. With that said, we have a very active Korean community and very strong links to real-world Korean businesses, including the Port of Busan (the largest port in Korea).

Irina K. | @satoshi_club: What centralized exchanges will you be listed on? Can you share this info with us?

Dane Elliott: Unfortunately, I can’t elaborate on the specifics of the exchanges, but I can say we have quite a few surprises in stall in the next few weeks.

One thing I can say… Out initial focus is on Uniswap (which we will achieve through Ethereum contract obviously) for initial exposure, and honestly, to join in on all the Uniswap fun. But after that our focus will be on centralized exchanges.

Serg | Satoshi Club: Btw, we have a tradition 😁 every guest is sharing a secret with us. A secret revealed in premiere here, in Satoshi Club.

Dane Elliott: Haha, ok I”ll try reveal a couple secrets here then. We will focus on one or two core crypto-crypto exchanges first. There are many good candidates that we are in talks with, including top 10 exchanges. But after that our focus will be with regional, mostly fiat exchanges.

Why fiat exchanges? Well, our product is dealing with people in the real world. Real world businesses haven’t really come to the realization of crypto yet. It’s a big step up for them and a huge learning curve. However, with fiat exchanges in certain regional markets (Indonesia, Turkey, Korea, etc.) they will be able to adopt our technology and utilize our services much more easily and without the huge learning curve!

Q4 from Telegram User @daviessss

I have read the description of your wallet but didn’t quite understand what do you mean by digitizing more complex non-homogeneous assets and pledged for currency issuance. (Sorry for my lack of knowledge) Please explain in simpler terms this.

Dane Elliott: This is a great question, like the talk about privacy earlier really lies at the heart of the POFID project. So let me try elaborate in some detail! In the real world, there are fantastic assets that cannot be effectively or efficiently tapped. For example, supply-chain finance, real estate, art products, etc.

The barrier here is the infrastructure of traditional finance. We’ve seen huge changes in traditional finance in the internet era, but essentially these changes are all superficial. The infrastructure underlying traditional financial systems has essentially not changed in DECADES, if not even longer!

One reason DeFi is so revolutionary is it’s providing a new infrastructure for finance. If DeFi wants to shake off the image of speculators’ playground, it MUST adopt to the real world and show that it can do what traditional finance cannot. But at the same time, it needs to approach the level of complexity of traditional finance and integrate itself within existing systems from an INFRASTRUCTURE level.

POFID is working to provide that infrastructure. Two key characteristics of POFID’s infrastructure are 1) privacy protection (as mentioned earlier) and 2) support for diverse asset structures. In simple, without privacy there can be no finance. And without data complexity, there’s really no real business to speak of!

We believe we are in a position to combine real world assets with pure crypto assets to offer lines of products that represent a new direction of digital finance. For the specifics of how we do this, please scroll up to my answer about DMWs.

Q5 from Telegram User @stekbyte

As known POFID supports transaction privacy, the transaction or payment information sent between accounts and accounts themselves also cannot be publicly accessible. Could this create difficulties when listing on exchanges? How does it happen with Monero?

Dane Elliott: So I’m not sure I understood the question entirely, and I certainly can’t speak for Monero, but the private nature of POFID poses no issues for listing at all. One thing I should mention to clear things up. Being private doesn’t mean you have to remain private all the time.

We provide a mechanism for allowing transactions to be accessible to others if they have access to the key. So this is just like in the real world. As I mentioned earlier, if you take out a loan from a bank, well generally only you and your bank know about this. But that doesn’t mean only you two should know about it.

You might want to share this information with others. And you have the right to. We run a very similar system. I think he wanted to say that some privacy coins have issues listing because exchanges don’t know where are the deposited funds coming from.

Serg | Satoshi Club: That’s good. It is great of you can choose whenever to share or keep the data of the transfer.

Dane Elliott: Yeah, I think it’s really important for the real world. Crypto can be very extreme at times. Either something has to be 100% transparent or 100% private. The real world doesn’t really work like this. There are situations were privacy is ideal and others were transparency are ideal. We allow users to adapt to both scenarios where appropriate, but with private as the default, just like the real world.

Q6 from Telegram User @Aleurich

When making a contract in Pofid DAO, an 8% service fee is charged, of which 80% is sent as a reward to PFID holders, but what is the destination of the other 20%? How are the profits distributed to the holders?

Dane Elliott: The fee is AOC or PFID. POFID collects AOC is the fee and distributes part of the proceeds (80%) to the holders of PFID, and the other part (20%) buys back PFID from the market and destroys it.

Serg | Satoshi Club: So, you have a burning system as well?

Dane Elliott: Yeah that’s right. This system is a little complex and there are quite a few facets involved. Probably a bit beyond the scope of this AMA, but all the details are in the white paper.

Serg | Satoshi Club: Thanks for sharing, Dane. 🙂

---

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 @ngoccam

What does POFID stand for?

Dane Elliott: POFID DAO stands for Privacy-Oriented Financial Instrument Distribution Framework & DAO.  I’ve heard that in some languages where ‘V’ is pronounced as ‘F’, POFID sounds like the brother of Covid-19. 😂 And in fact, many people in their questions wrote ‘POVID‘ 😂 I can assure you, this is just a coincidence haha.

The name was chosen to put the focus on the core main features of POFID: privacy and its DAO governance structure. If I was to explain the project in just one sentence, I would say POFID is a comprehensive DeFi infrastructure based on blockchain technology that provides a decentralized way of managing assets on the chain. Thanks for the question, Stay Up Late!

Q2 from Telegram User @Concutrangxoa

Are you planning to promote your project in different countries, where English is not good? Do you have a local community for them to better understand your project?

Dane Elliott: This is a good question that we are asked a lot. Let me tackle it. As a global project, we are of course looking to expand globally.

We are a project with real-world use cases, so obviously we have to target specific markets as well. Now, besides Korea and China, which I spoke about a little earlier, we have many other very important target markets outside of the English-speaking world. We very recently launched an Indonesian community and we are looking to really expand that market and engage with local business leaders moving forward.

In the next few weeks, we will be opening up a Vietnamese community as well and doing great things there. In addition to the existing communities we have (English, Russian, Korean, Chinese etc), we will also be expanding into some core markets like Turkey, Italy and Latin America in the next few months.

Serg | Satoshi Club: We have a good Spanish and Russian community btw.

Dane Elliott: Yeah I saw that! That’s fantastic! I’m going to have to check those out. 😊

Q3 from Telegram User @Luisz2210

Once this year ends, what is your next step on your roadmap to fulfill in 2021?

Dane Elliott: I think this is the question that has been asked the most today, so I would be remiss not to answer this one. 2020 has been a tough year for most people!

Serg | Satoshi Club: A good year for crypto though. 🙂

Dane Elliott: With that said, it’s been a bit of a boon for crypto, and of course DeFi in particular.

Haha absolutely. The focus on most (good) crypto projects is the real world though, so ignoring that aspect of reality can be deceiving! Our focus is also on the real world. Helping businesses in the real world and disrupting traditional finance.

Now with that all said, and despite all the stuff going on in the world right now, we have HUGE plans for the rest of the year!

Our initial focus for the next couple months is mostly on getting the word out and raising exposure, as well as listing on relevant exchanges, paving the way for easy adoption by real world businesses moving forward. As I mentioned before, we will be listing on Uniswap in the next week!

Then the focus will be on certain key centralized exchanges. We will list on at least one very large, well-known crypto-crypto exchange and then fiat, regional exchanges in countries like Indonesia, Turkey, Korea and Latin America so that we can fully engage with local businesses and users there.

Serg | Satoshi Club: What is the starting price?

Dane Elliott: We will be announcing that and many other exciting things in the next two days in our group! https://t.me/pofid

Q4 from Telegram User @Hyynyom12

How important is the community to Pofid? and how can we collaborate or help share token for the development of the project?

Dane Elliott: Community is the backbone of every crypto project and we’re no exception. By our DAO nature, we are very much community-driven.

Q5 from Telegram User @abowhasebe

What’s the competitive advantages of POVID project?

Dane Elliott: In short: privacy and the ability to deal with heterogeneous assets (multiple assets in one basket) at once, making us a much better fit for the real-world than most DeFi projects out there right now.

Q6 from Telegram User @thaiquoc

How can you monitor all products, DApps, ecosystem and others at same times?

Dane Elliott: It can be daunting for any one person to monitor all things at any time, especially in a large ecosystem. That is why we have gone with a DAO governance model – things are monitored by the ENTIRE DAO community.

Q7 from Telegram User @jakatinkaro1

COVID 19 has slowed many economies around the world but as a crypto business has it affected you negatively or positively? Secondly, are you still on track to achieve your targets as the road map says?

Dane Elliott: As a project with links to the real world, it would be a lie to claim that we have not been affected by COVID 19. I think all crypto projects (even those with no links to real businesses) have been affected, if not for the fact that most conferences, exhibits, meetups, offline events have been cancelled/disrupted. With that said, we have changed our strategic focus for the next few months, so essentially we are not that affected now.

Q8 from Telegram User @jakatinkaro1

Presently as at today, can we possibly use your token in real life for payment?

Dane Elliott: At present, no, since we haven’t listed on any exchanges yet. But in addition to crypto-crypto exchanges, we will be listing on many fiat exchanges, so you will be able to buy and sell our tokens in a very convenient way moving forward. Watch this space!

Q9 from Telegram User @Adnan_Shakib

How does the Layer 2 algorithm designed by POFID work? Also, why did you decide to base the project on SERO public chain? Thank you!

Dane Elliott: We chose SERO for its privacy protection. Privacy is essential for any DeFi project to adapt to the real world and disrupt traditional finance. The details of our algorithm are quite involved but are all mentioned in our detailed white paper!

Q10 from Telegram User @Vutkamalo

DeFi is one of the hottest topics in the blockchain field. Can you share your opinion about DeFi with us? Do you think DeFi will destroy the existing financial system? What’s your project Approach towards DeFi?

Dane Elliott: For the final question, I thought I should pick something that really gets people excited and talks about the topic of the times – DeFi!

So, it’s clear that the current DeFi boom was triggered by yield farming. But I believe yield farming is just one very small, very limited aspect of DeFi and it doesn’t come close to fulfilling the potential of DeFi. Does yield farming embody the promise of DeFi? Is it something that is replacing traditional finance? Absolutely not!

DeFi is far more than just yield farming. And if it is to be something that disrupts traditional finance, if it is to be the real Finance 2.0 that is so talked about, then there needs to be fundamental changes from the infrastructure up. This is something that POFID is working to achieve.

That’s all, thanks everyone! Had a great time!!

Serg | Satoshi Club: Thanks again for joining. We had a great time as well.

---

PART 3, QUIZ AND INFO

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

POFID Global: https://t.me/pofid

We are pleased to announce our next AMA on September 5th 2020 at 12:00 PM UTC Time: Satoshi Club x Gauntlet

⚠️Click to see the hour
⚠️Total Reward pool: $600

⚠️Requirements:
👉 Join Satoshi Club Telegram group
👉 Join Gauntlet 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. 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: 150$/10 users – Open chat for 80 seconds. You can post Max 5 questions. Gauntlet Team will select 10 questions and answer them.

Part 3: 300$ – A quiz about Gauntlet

For more details:
Gauntlet – @gauntletesports
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish