{"id":1607,"date":"2020-09-01T12:11:30","date_gmt":"2020-09-01T09:11:30","guid":{"rendered":"https:\/\/esatoshi.club\/?p=1607"},"modified":"2020-09-01T12:11:33","modified_gmt":"2020-09-01T09:11:33","slug":"level-01-x-satoshi-club-ama-recap-from-29th-of-august","status":"publish","type":"post","link":"https:\/\/satoshi-club.esipick.com\/index.php\/2020\/09\/01\/level-01-x-satoshi-club-ama-recap-from-29th-of-august\/","title":{"rendered":"LEVEL 01 x Satoshi Club AMA Recap from 29th of August"},"content":{"rendered":"\n

Welcome to another exciting chapter of Satoshi Club AMA series. Today we would like to tell you about the AMA session with our friends from\u00a0LEVEL 01<\/a>. The AMA took place on August 29 and our guest was the founder, @jonloiyk<\/a>.<\/p>\n\n\n\n

The total reward pool was $600 and it was splitted into three parts.<\/p>\n\n\n\n

In this AMA Recap we will try to summarize some of the most interesting points for you.<\/p>\n\n\n\n

\n\n\n\n

PART 1, INTRODUCTION AND COMMUNITY QUESTIONS<\/strong><\/p>\n\n\n\n

Serg | Satoshi Club:<\/strong> Hello dear community! Our guests today are\nfrom @level01io<\/a> Welcome!<\/p>\n\n\n\n

Irina K. | @satoshi_club: <\/strong>Hi everyone and welcome to another day of\nAMA’s on Satoshi Club.<\/p>\n\n\n\n

J L: <\/strong>Hi\neveryone! <\/p>\n\n\n\n

Irina K. | @satoshi_club: <\/strong>Hi Jon, thanks for joining us. For a starter,\nplease tell us a few words about yourself.<\/p>\n\n\n\n

J L:<\/strong>\nThanks Irina, hope everyone is well too. I’m Jon and founder of Level01. It\u2019s a\ndecentralized platform for derivatives.<\/p>\n\n\n\n

Serg | Satoshi Club: <\/strong>Can you tell us a bit about your background?<\/p>\n\n\n\n

J L: <\/strong>Have\nbeen in product development for more than 15years, mobile technology and\nrecently 3 years in decentralized finance.<\/p>\n\n\n\n

Serg | Satoshi Club: <\/strong>How was the switch from mobile technology to\ndecentralized finance?<\/p>\n\n\n\n

J L:<\/strong>\nI like to hands on with the projects I’m working on. Mobile tech to DeFi was a\nnew thing, as the field is also relatively upcoming. However, my background is\ncomputer science so the important thing is to have good team\/consultants for\nthe finance part.<\/p>\n\n\n\n

Serg | Satoshi Club:<\/strong> Yep, usually a good team makes the\ndifferences. the more brains involved, the better.<\/p>\n\n\n\n

J L:<\/strong>\nWe have a strong team of developers and quants. Advisors are from Thomson Reuters,\nnow Refinitiv.<\/p>\n\n\n\n

Q1 from Bitcointalk User linderm<\/strong><\/p>\n\n\n\n

Level01 is an exchange which is both\ncentralized and decentralized. How did you implement that? Is it like Binance\nand Binance Dex? do you have your own chain for the dex or it operates on an\nexisting blockchain?<\/em><\/p>\n\n\n\n

J L:<\/strong>\nLevel01 allows trading of derivatives contracts, and settlement is on the\nEthereum blockchain. We do not focus on spot asset trading which involves only\ncryptocurrencies, but rather derivative contracts trading which allows users to\ntrade the underlying asset, in markets like forex, commodities as well as\ncryptocurrencies.<\/p>\n\n\n\n

Serg | Satoshi Club:<\/strong> For those who read and don’t know, can you\nexplain a bit about derivatives?<\/p>\n\n\n\n

J L:<\/strong>\nDerivatives are a multi-trillion industry. Derivatives are contracts between\nparties that represent rules\/agreements of settlement between any party\nregarding the price\/market movement of any underlying asset.<\/p>\n\n\n\n

Irina K. | @satoshi_club:<\/strong> Sounds like a perfect fit with smart\ncontracts.<\/p>\n\n\n\n

J L:<\/strong>\nSo in layman terms, an agreement of, example: what Bitcoin price will be like\n1day from now.<\/p>\n\n\n\n

Serg | Satoshi Club:<\/strong> I think you explained very clearly for people\nwho didn’t know what that is. Thanks.<\/p>\n\n\n\n

Q2 from Bitcointalk User yongthanyee01<\/strong><\/p>\n\n\n\n

I was reading the disclaimer on your website https:\/\/level01.io\/download-apk-2\/<\/a>\nthat state. All settlements are conducted on Ethereum Ropsten (Testnet) as is\nthe hosting of in-app blockchain wallet…. So my question is the wallet app is\nstill in testnet mode? If yes, what is the timeline to mainnet deployment?<\/em><\/p>\n\n\n\n

J L:<\/strong>\nCurrently the Google Playstore version is in testnet (demo) mode for users. We\nhave deployed mainnet versions to various trading groups to gather feedback.\nThe mainnet version will launch on 10\/10 (OCT10).<\/p>\n\n\n\n

Serg | Satoshi Club:<\/strong> what’s the feedback so far? Btw, on that date\nis the birthday of my mother. 😁<\/p>\n\n\n\n

J L:<\/strong>\nGenerally good, some adjustments required to accommodate the increase in\nEthereum gas costs. Great, will remember to wish her. \ud83d\ude00<\/p>\n\n\n\n

Irina K. | @satoshi_club:<\/strong> That’s interesting. How do you plan to handle\nthe high fees on the network?<\/p>\n\n\n\n

J L:<\/strong>\nWe will deploy a solution to offload certain parts of the settlement to private\nside chains. The main settlement will remain on the main network.<\/p>\n\n\n\n

Irina K. | @satoshi_club: <\/strong>And as a result the price will be lower,\nright? Gas costs I mean.<\/p>\n\n\n\n

J L:<\/strong>\nYes, our gas cost will be lower and we can sustain the whole system.<\/p>\n\n\n\n

Serg | Satoshi Club: <\/strong>Interesting why uniswap or other similar dex\ndon’t do that?<\/p>\n\n\n\n

J L:<\/strong>\nUsers pay gas cost for Uniswap.<\/p>\n\n\n\n

Irina K. | @satoshi_club: <\/strong>Yeah, but a lot of the times high gas costs\ndiscourage small users. It’s a good thing that you’ve thought about that. Who\nis your ideal customer by the way?<\/p>\n\n\n\n

J L:<\/strong>\nWe’re open to both single users, and institutional users. There is no limit to\ncontract size.<\/p>\n\n\n\n

Q3 from Telegram User @gruvv<\/strong><\/p>\n\n\n\n

Tradeline, within the Level01 App, is the\nplatform\u2019s native method of instreaming assets from a user\u2019s private wallet\ninto the platform to facilitate and fund trades. What do you mean by\ninstreaming assets from a user’s private wallet? Do you have access to them?<\/em><\/p>\n\n\n\n

J L:<\/strong>\nThe Tradeline is an integrated smart contract escrow system linked directly to a\nuser\u2019s wallet, and can only be accessed by the user. The Tradeline ensures both\nparties of a p2p options trade will not default halfway through the trade. This\nis important because the platform is decentralized and has no control over a\nuser’s wallet. Example: Bad actors might withdraw all funds before a trade\nmaturity and default.<\/p>\n\n\n\n

We do not have access to a user’s\nTradeline. It is a special smart contract which secures funds on behalf of the\nuser and communicates this with another trading counterparty<\/p>\n\n\n\n

Irina K. | @satoshi_club:<\/strong> Can you share if the smart contract is\npublic? Can it be audited by those interested? Or maybe it would help if you\ncould elaborate how Tradeline works\/ operates.<\/p>\n\n\n\n

J L:<\/strong>\nIt will be audited by very reputable parties. User allocates a quantity of\nfunds that he wants to use for trading into the Tradeline. The funds can then\nbe used by the system to create contracts or buy contracts. The Tradeline funds\nnever leaves the users control until it is used to create a trading contract,\nor buy a contract.<\/p>\n\n\n\n

Irina K. | @satoshi_club: <\/strong>This will increase the trust of the community\nin it.<\/p>\n\n\n\n

J L:<\/strong>\nYes, this will be announced to public, along with results of the audit.<\/p>\n\n\n\n

Q4 from Telegram User @hadrianus14<\/strong><\/p>\n\n\n\n

I see that you are not only a crypto exchange\nbut also other things as well. Can I trade Oil, Tesla, Gold? What would be the\nfees? When was the oil crisis for example, there were exorbitant fees for oil\ntrading on etorro.<\/em><\/p>\n\n\n\n

J L:<\/strong>\nYes you can trade all supported markets on the platform, not just\ncryptocurrencies. The platform derives commissions from the contract value, and\nboth traders pay 2%. Fees are halved to 1% when using LVX to denominate trading\ncontracts. Example for a $100 contract, issuer will pay $2 for fees and person\nthat buys the contract will pay $2 for fees. This becomes $1+$1 when using LVX.<\/p>\n\n\n\n

Serg | Satoshi Club:<\/strong> I know that on forex\/etorro there are daily fees\nfor keeping a position open. Do you have such things? or this kind of trading\nis not available on Level01?<\/p>\n\n\n\n

J L:<\/strong>\nThere is no holding fee for our trading contracts. There is a specific maturity\nto the contract so the settlement date is known. I think this applies to\nperpetual contracts, which settlement time is unknown.<\/p>\n\n\n\n

Irina K. | @satoshi_club:<\/strong> But it can be closed before the maturity\ndate, right?<\/p>\n\n\n\n

J L:<\/strong>\nThe contract cannot be closed before maturity, because you’re matched with\nanother person p2p and not the platform which can act as a market maker. We\nwill however provide the capability to resell the contract (with some discount)\nto another person in a secondary market.<\/p>\n\n\n\n

Serg | Satoshi Club:<\/strong> Would it be possible to resell it infinite\ntimes or only the second time?<\/p>\n\n\n\n

J L:<\/strong>\nOnce you sell it, you no longer hold a position in the contract.<\/p>\n\n\n\n

Irina K. | @satoshi_club:<\/strong> I have one more question regarding this. The\nfee of 2\/ 1% is fixed? Or it changes based on the amount of traded value?<\/p>\n\n\n\n

J L:<\/strong>\nIt is based on the total notional value of the contract. A contract has a fixed\ntotal value when issued.<\/p>\n\n\n\n

Irina K. | @satoshi_club: <\/strong>But it stays at 2% or 1%, no matter if the\nnotional value is 100$ or 100k$?<\/p>\n\n\n\n

J L: <\/strong>Yes\nit stays the same.<\/p>\n\n\n\n

Q5 from Telegram user @nyo_cant<\/strong><\/p>\n\n\n\n

P2P trading is a well-known tool, but this is\nthe first time I read about P2P options trading. How will it exactly work? What\nare the terms for users wanting to set a P2P agreement for options?<\/em><\/p>\n\n\n\n

J L:<\/strong>\nIn the App, first you select a market that you want to create the option in\n(example: Gold). Then you create the option contract by defining the parameters\nsuch as expiry, strike, buy\/sell direction and total value of the contract. The\ncontract will then be issued into the market for traders to buy. Counterparties\ntake the opposing side of the trade.<\/p>\n\n\n\n

Q6 from Telegram User @Jonahapagu<\/strong><\/p>\n\n\n\n

Level01 uses an Artificial intelligence\nalgorithm known as Fairsense can you explain how this algorithm works and how\nit benefits Traders using Level01?<\/em><\/p>\n\n\n\n

J L:<\/strong>\nFairSense provides real-time risk\/reward probabilities for the user when they\nare creating or buying a contract. FairSense balances the price of the contract\nso that when someone buys a contract even after some time has passed and there\nis market movement, both parties are getting the fair value of the contract\naccording to the current price during matching.<\/p>\n\n\n\n

Means if the contract has been\nunmatched for let\u2019s say 5mins, and the market price moves against you, the\nbuyer has to pay more for the contract and will also get less profit.<\/p>\n\n\n\n

\n\n\n\n

PART 2, TELEGRAM COMMUNITY LIVE\nQUESTIONS<\/strong><\/p>\n\n\n\n

The chat was open for 80 seconds; a lot of questions were posted by Satoshi Club community. Our guest chose some of them. <\/p>\n\n\n\n

Q1 from Telegram User @kaltumia<\/strong><\/p>\n\n\n\n

As a community driven project; how\ncan I contribute my quota to your success? Do you have a Global Ambassadorial\nProgram or Referral Reward System? Do I get any benefit from holding $level01\nin long-term?<\/em><\/p>\n\n\n\n

J L:<\/strong> Yes we will have upcoming ambassador\nprograms, pls contact level01 telegram admin for application details. Our\nplatform and indeed all defi projects specialize in creating opportunity for\nthe masses. Holding level01 token (LVX) is a choice for any upcoming wealth\ncreation opportunities because of its usefulness to traders.<\/p>\n\n\n\n

Q2 from Telegram User @jobel4<\/strong><\/p>\n\n\n\n

Can you explain more about the peer\nto peer decentralized platform without having a Middleman in Level01? What is\nthe process and structure? What is the pros and cons?<\/em><\/p>\n\n\n\n

J L: <\/strong>The pros are that users get the most\nprofit margin, safety and transparency because all parameters including data\nsources are transparent and auditable.<\/p>\n\n\n\n

Q3 from Telegram User @lampung21<\/strong><\/p>\n\n\n\n

Is Level1 supported worldwide? Does\nthis mean that anyone from any country has an account at Level1 and how to\ndeploy your project to both cryptocurrency and non-cryptocurrency users?<\/em><\/p>\n\n\n\n

J L:<\/strong> Yes Level01 is supported worldwide,\nwith the exception of certain minimal restricted countries. We will have fiat\nonramps because currently that is required by users not familiar with\ncryptocurrency, so they can use their cards to onboard the platform.<\/p>\n\n\n\n

Q4 from Telegram User @Nickkiii<\/strong><\/p>\n\n\n\n

I\u2019m a developer, and I\u2019m interested\nin contributing to Level01, do you have any Bug Bounty to check for vulnerabilities\non your platform?<\/em><\/p>\n\n\n\n

J L:<\/strong> Level01 is a growing ecosystem and\nall feedback is welcome. We do not as yet have an establish bug bounty program,\nbut will welcome all proper and helpful feedback with special incentives.<\/p>\n\n\n\n

Q5 from Telegram User @abowhasebe<\/strong><\/p>\n\n\n\n

What is LVX and its use on the\nLevel01 Exchange?<\/em><\/p>\n\n\n\n

J L:<\/strong> LVX has is designed to have special\nintegration with the Level01 platform. It provides constant liquidity for LVX\ndenominated trading contracts, halves fees, supplements Tradeline gas costs,\nand will be used to host trading rooms in the future. We will eventually also\nhave staking mechanisms for LVX.<\/p>\n\n\n\n

Q6 from Telegram User @Albert3990<\/strong><\/p>\n\n\n\n

I see in the site the Level01 App\nwill only accept LVX, ETH and stablecoins (USDT\/TUSD\/DAI). Have any perspective\nto insert more coins and tokens in the next days?<\/em><\/p>\n\n\n\n

J L:<\/strong> Yes we will gradually be adding more\nstablecoin options in the near future. Currently looking at DAI and TUSD.<\/p>\n\n\n\n

Q7 from Telegram User @Jackluckysomuch<\/strong><\/p>\n\n\n\n

What are LEVEL01 plans to grow\ninternationally, what are you currently focused on, developing or listing more\nmarkets, or creating your ecosystem or marketing and partnerships?<\/em><\/p>\n\n\n\n

J L:<\/strong> We are currently focused on product\ndevelopment and building more markets onto the platform. marketing efforts and\nmajor partnerships are also underway. These partnerships are part of our\necosystem and helpful for all users of the platform.<\/p>\n\n\n\n

Q8 from Telegram User @Gejwany<\/strong><\/p>\n\n\n\n

What is the structure of the company,\nis it a decentralized, open sourced protocol where everybody can contribute? If\nso, how does the governance plan on being handled?<\/em><\/p>\n\n\n\n

J L:<\/strong> The company is a private holdings\ncompany, with the platform itself transparent and decentralized. This structure\nis optimal for the product because everyone is contributing to the project in a\nmanaged and structured development manner.<\/p>\n\n\n\n

Q9 from Telegram User @YasueSama1<\/strong><\/p>\n\n\n\n

How does yr order book handle flash\ncrash? If d price is 100, and I place a stop loss at 80. And it crashes to 10.\nWill my stop loss be executed? Say market crash in 15 mins.<\/em><\/p>\n\n\n\n

J L:<\/strong> The platform is currently not\ndealing with spot trading, rather you create an option contract with specific\nparameters and await settlement of the contract. Upon contract maturity if the\nmarket price is in your favor, then you profit.<\/p>\n\n\n\n

Q10 from Telegram User @captinbro<\/strong><\/p>\n\n\n\n

Can we monitor all transactions on\nthe #level01 infrastructure and off-chain? Is it possible to monitor user\ntransactions on the network? How do you ensure privacy and anonymity?<\/em><\/p>\n\n\n\n

J L:<\/strong> Yes it is possible to monitor\ntransactions on the Ethereum blockchain through appropriate blockchain\nexplorers. This is to ensure transparency and users retain their privacy.\nNobody knows the origin of ownership of the wallet(addresses).<\/p>\n\n\n\n

Q11 from Telegram User @aturinarrsh<\/strong><\/p>\n\n\n\n

Currently your app is only available on\nAndroid, are you planning to launch it on iOS and add some new functionality?<\/em><\/p>\n\n\n\n

J L:<\/strong>\nWe will launch Android and then web-based version. iOS users will be able to\nuse the web-based version. The iOS App will be launched after.<\/p>\n\n\n\n

\n\n\n\n

PART 3, QUIZ AND INFO<\/strong><\/p>\n\n\n\n

As usual, for the third part, Satoshi\nClub Team asked the chat 4 questions about LEVEL 01. A link to a Quiz form were\nsent into the chat. Participants had 10 minutes to answer. 300$ were distributed\namong winners.<\/p>\n\n\n\n

For more information and future AMAs, join our\nSocial Media channels: <\/strong><\/p>\n\n\n\n

English\nTelegram group: https:\/\/t.me\/Satoshi_club<\/a> <\/p>\n\n\n\n

Russian\nTelegram group: https:\/\/t.me\/satoshi_club_ru<\/a> <\/p>\n\n\n\n

Spanish\nTelegram group: https:\/\/t.me\/satoshi_club_spanish<\/a> <\/p>\n\n\n\n

Telegram\nChannel: https:\/\/t.me\/satoshi_club_channel<\/a> <\/p>\n\n\n\n

Website: https:\/\/esatoshi.club\/<\/a><\/p>\n\n\n\n

Twitter:\nhttps:\/\/twitter.com\/esatoshiclub<\/a>  <\/p>\n\n\n\n

Our Partners: <\/strong> <\/p>\n\n\n\n

Level01 DeFi platform: https:\/\/t.me\/level01io<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Welcome to another exciting chapter of Satoshi Club AMA series. Today we would like to tell you about the AMA session with our friends from\u00a0LEVEL 01. The AMA took place on August 29 and our guest was the founder, @jonloiyk. The total reward pool was $600 and it was splitted into three parts. In this […]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[],"_links":{"self":[{"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/posts\/1607"}],"collection":[{"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/comments?post=1607"}],"version-history":[{"count":2,"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/posts\/1607\/revisions"}],"predecessor-version":[{"id":1610,"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/posts\/1607\/revisions\/1610"}],"wp:attachment":[{"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/media?parent=1607"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/categories?post=1607"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/tags?post=1607"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}