We were delighted to welcome our guest from PolkaBased. The AMA took place on February 24th 2021 and our guest was @PolkaBased.<\/p>\n\n\n\n
The total reward pool was 500$ and was divided into three parts. In this AMA Recap we will try to summarize some of the most interesting points for you.<\/p>\n\n\n\n
Gold\nRocket | Satoshi Club: <\/strong>Hello, dear Satoshi\nClubbers!<\/p>\n\n\n\n Andr\u00e9s\nM. | Satoshi Club: <\/strong>Welcome to a new AMA session,\ntoday our guests are @PolkaBased @Henry2678 @MayaPolkabased. <\/strong>How is going your week guys? 😃<\/strong><\/p>\n\n\n\n Julian | PolkaBased Official: <\/strong>Hello and thank you for having us. We are doing very well. Working really hard.<\/p>\n\n\n\n Andr\u00e9s\nM. | Satoshi Club: <\/strong>It is an honor for us to have\nyou here<\/p>\n\n\n\n Julian | PolkaBased Official: <\/strong>And how are you guys doing?<\/p>\n\n\n\n Gold\nRocket | Satoshi Club: <\/strong>We are doing well 😊.Excited about the upcoming\nAMA. <\/strong>To begin with,\nplease tell us a few words about yourselves and how did you get to be involved\nin PolkaBased @PolkaBased<\/strong><\/p>\n\n\n\n Julian\n| PolkaBased Official: <\/strong>We have been crypto\nenthusiasts since the beginning of 2017. We started on the user side, this is\nwhere we became inspired by various crypto projects and solutions, especially\nrebase protocols. We take these experiences with us and believe that PolkaBased\nProtocol benefits from these experiences. PolkaBased protocol aims to function\nas a synthetic asset which represents speculations on the Polkadot fully\ndiluted market cap.<\/p>\n\n\n\n Gold\nRocket | Satoshi Club: <\/strong>Well, it’s a difficult but\nvery promising crypto segment you decided to take.🚀<\/strong><\/p>\n\n\n\n Andr\u00e9s\nM. | Satoshi Club: <\/strong>Presale is coming, right?<\/p>\n\n\n\n Julian\n| PolkaBased Official:<\/strong> <\/strong>Yes\nPre-Sale is coming soon, we have some announcements coming, the Whitelist is\nstill open.<\/p>\n\n\n\n Gold\nRocket | Satoshi Club: <\/strong>When will this happen?<\/p>\n\n\n\n Julian\n| PolkaBased Official: <\/strong>Coming with an announcement\nwithin a couple of hours!<\/p>\n\n\n\n Andr\u00e9s\nM. | Satoshi Club: <\/strong>What were the difficulties you\nfaced in starting the project?<\/p>\n\n\n\n Julian\n| PolkaBased Official: <\/strong>We found the complexity of\nthe PolkaBased architecture a challenge at the beginning. But we are smashing\nit now 💪<\/p>\n\n\n\n Andr\u00e9s\nM. | Satoshi Club: <\/strong>Great work, I think you are in\nthe right side of the market 😃<\/strong><\/p>\n\n\n\n Gold\nRocket | Satoshi Club: <\/strong>@PolkaBased Thanks for the\nintro! Are you ready for community questions?<\/p>\n\n\n\n Julian\n| PolkaBased Official: <\/strong>Yes bring it on!<\/p>\n\n\n\n Q1 from Telegram User @juanSB07<\/em><\/strong><\/p>\n\n\n\n Why are Polkabased smart contracts based\non Ethereum? What are the benefits of Ethereum-based contracts? Does this make\nPolkabased Proposals and Votes transparent?<\/em><\/p>\n\n\n\n Julian\n| PolkaBased Official: <\/strong>Ethereum is still the most\nrobust and familiar ecosystem in crypto. Ethereum smart contracts are highly\ncustomizable, widely deployed and tested. All on-chain activity is transparent\nfor everyone to see. The gas price is a temporary issue. For now we focus on\ndelivering the PolkaBased Protocol on Ethereum. However, we are always keeping\ntrack of other blockchain developments.<\/p>\n\n\n\n Andr\u00e9s\nM. | Satoshi Club: <\/strong>How do you solve that temporary\nissue? how you faced the high gas?<\/p>\n\n\n\n Julian\n| PolkaBased Official: <\/strong>The gas fee issue is up to\nVitalik 😉. There\nare no gas involved in rebases to and from your wallet.<\/p>\n\n\n\n Gold Rocket | Satoshi Club: <\/strong>Please tell us a little about your team. How many people and what are their responsibilities? @PolkaBased<\/p>\n\n\n\n Julian\n| PolkaBased Official: <\/strong>We have a team 3 core\nmembers. I’m a Co-founder and responsible for Finance and PR. Henry is also\nCo-founder and is responsible for Development and Operations. Maya support is\nan ambassador and responsible for marketing.<\/p>\n\n\n\n Gold\nRocket | Satoshi Club: <\/strong>Not a very big but friendly\ncompany! 😊😉<\/strong><\/p>\n\n\n\n Andr\u00e9s\nM. | Satoshi Club: <\/strong>Are you looking for new members?<\/p>\n\n\n\n Julian\n| PolkaBased Official: <\/strong>We are always searching for\ngood future team members. Team expansion is on our roadmap.<\/p>\n\n\n\n Q2 from Telegram User @wormz28<\/em><\/strong><\/p>\n\n\n\n Keeping digital assets secure is\nessential to maintain value for the community, that\u2019s why you created Liquidity\nLocking to prevent rug pulling right? So may we ask what\u2019s your liquidity\nlocking process and how can you say and believe that this gives community\nmembers more confidence in PolkaBased Protocol? Also why you chose TrustSwap to\nlock liquidity and can you explain why your current minimum lockup period is 6\nmonths?<\/em><\/p>\n\n\n\n Julian\n| PolkaBased Official: <\/strong>Liquidity will be locked\ndirectly after the IDO in a Trustswap non-custodial, time-released contract.\nTrustswap contracts are very secure and transparent for everyone. The 6 months\nminimum lockup is because of the Uniswap v3 upgrade. Once Uniswap v3 is\nlaunched, it might be a good step to migrate to Uniswap v3. Liquidity locking\nand transparency will give community members peace of mind and confidence.<\/p>\n\n\n\n Gold\nRocket | Satoshi Club: <\/strong>Sounds good 😊<\/strong><\/p>\n\n\n\n Julian\n| PolkaBased Official: <\/strong>Thank you.<\/p>\n\n\n\n Andr\u00e9s\nM. | Satoshi Club: <\/strong>That’s true, transparency is one\nof the features that users are looking most, so are you preparing an audit to\nincrease the user confidence?<\/p>\n\n\n\n Julian\n| PolkaBased Official: <\/strong>The POB token is a\nupgradeable erc-20 token that uses the readily available openzeppelin smart\ncontracts. The rest of the smart contracts like the monetary police, orchestrator\nand Oracle will be fully audited before deployment.<\/p>\n\n\n\n Andr\u00e9s\nM. | Satoshi Club: <\/strong>Thank you so much for the info,\nwe will be waiting for more news about that topic😃<\/strong><\/p>\n\n\n\n Julian\n| PolkaBased Official: <\/strong>You\u00b4re welcome.<\/p>\n\n\n\n Q3 from Telegram User @yellowchamp<\/em><\/strong><\/p>\n\n\n\n PolkaBased launched an Airdrop and\nReferral Program but there is not much information about it in your website. So\ncan you tell us more about the Airdrop and Referral Program in PolkaBased?Can\nyou explain it\u2019s reward mechanicsm and structure? How does this Airdrop and\nReferral Program bring impacts to PolkaBased network? Thank you<\/em><\/p>\n\n\n\n Julian\n| PolkaBased Official: <\/strong>The Airdrop and Referral\nProgram is an incentive to build a community and spread awareness about\nPolkaBased Protocol. We have an Airdrop\/Referral Bot in place to guide you\nthrough all the steps.<\/p>\n\n\n\n Andr\u00e9s\nM. | Satoshi Club: <\/strong>Could you share with us the\ndetails about how to join?Maybe an announcement 🤔<\/strong><\/p>\n\n\n\n Julian\n| PolkaBased Official: <\/strong>The Airdrop\/Referral Program\nis already live, you can find more details in the PolkaBased telegram group or\nchannel.<\/p>\n\n\n\n Andr\u00e9s\nM. | Satoshi Club: <\/strong>Sure, community please go to Polkabased group to know more about\nthis airdrop https:\/\/t.me\/PolkaBasedOfficial<\/p>\n\n\n\n Julian\n| PolkaBased Official: <\/strong>Thank you.<\/p>\n\n\n\n Andr\u00e9s\nM. | Satoshi Club: <\/strong>Btw, could you tell us where is\nPolkaBased based? 😁 I\nmean, what country are you working from?<\/p>\n\n\n\n Julian\n| PolkaBased Official: <\/strong>Yes of course, we are\nlocated in Belgium.<\/p>\n\n\n\n Andr\u00e9s\nM. | Satoshi Club: <\/strong>Great, so are you priorizing\nEurope as your main public?<\/p>\n\n\n\n Julian\n| PolkaBased Official: <\/strong>No, crypto currency is\nglobally 😄<\/p>\n\n\n\n Andr\u00e9s\nM. | Satoshi Club: <\/strong>Of course haha 😅<\/strong><\/p>\n\n\n\n Q4 from Telegram User @Rosane1a8<\/em><\/strong><\/p>\n\n\n\n Polkabased is the first protocol with a\ntoken pegged to Polkadot\u2019s fully diluted market cap, though it is innovative in\nPolkadot, this design has been used already, to different market caps, with\ndifferent options of rebased deflationary tokens, what made you thinkk POB was necessary, why\nis Polkadot the best to thiss type of coins? Is it a better investment to buy\nPOB than any other with similar design?<\/em><\/p>\n\n\n\n Julian\n| PolkaBased Official: <\/strong>The strength of PolkaBased\nlies in being pegged to Polkadot\u00b4s fully diluted market, no basket of tokens.\nThis will give token holders the benefit of speculation on the Polkadot price\nwhile remaining in the trusted Ethereum space. We are also different in having\na 3% transfer fee on the network. This will incentivize users to not sell. The\ntransfer fees will be send to liquid program and will keep it healthy.<\/p>\n\n\n\n Gold\nRocket | Satoshi Club: <\/strong>You have thought of\neverything well 👍<\/strong><\/p>\n\n\n\n Julian\n| PolkaBased Official: <\/strong>Thanks 😃<\/p>\n\n\n\n Andr\u00e9s\nM. | Satoshi Club: <\/strong>So interesting. Then can I get\nprofit even if the Polkadot price goes down or only if it goes up?<\/p>\n\n\n\n Julian\n| PolkaBased Official: <\/strong>A positive rebase can take\nplace even when the Polkadot price goes down.<\/p>\n\n\n\n Andr\u00e9s\nM. | Satoshi Club: <\/strong>Thanks for the clarification<\/p>\n\n\n\n Q5 from Telegram User @rioliandaro<\/em><\/strong><\/p>\n\n\n\n PolkaBased price oracle receives every\n24 hours price information through the Chainlink DOT\/USD price oracle. The\nPolkaBased marketcap oracle updates the total supply of Polkadot every 24\nhours. Within 24 hours there will be a difference in the POB price. Does this\nreduced volatility reduce the attractiveness of traders? If I don\u2019t show up on\ntime due to this price difference, can I get other benefits when investing in\nPOB?<\/em><\/p>\n\n\n\n Julian\n| PolkaBased Official: <\/strong>In the beginning, the rebase\nfrequency will take place daily to ensure that we gradually move to a stable\nsituation that benefits the entire ecosystem. These rebases should stimulate\nthe market to correct the target price to its target equilibrium price. In the\nlong term, for example, through the governance, the frequency can be reduced to\nbring even more stability. To this we add an extra incentive to our so-called\nLiquid Program, through which our token-holders provide liquidity for stability\nand further growth.<\/p>\n\n\n\n Andr\u00e9s\nM. | Satoshi Club: <\/strong>An interesting concept Julian,\nhow can you compete with projects with similar use cases? Which features make\nyou better than your near competitors?<\/p>\n\n\n\n Julian\n| PolkaBased Official:<\/strong> <\/strong>The 3%\ntransfer fee (tax) differentiates us from projects with similar use cases. This\nis a great incentive for token holders to not sell and the collected fees will\nbe distributed to liquidity providers through our Liquid Program.<\/p>\n\n\n\n Andr\u00e9s\nM. | Satoshi Club: <\/strong>Do you have any pool to stake\ntokens?<\/p>\n\n\n\n Julian\n| PolkaBased Official: <\/strong>You can stake liquidity pool\ntokens in the Liquid Program and receive rewards in return.<\/p>\n\n\n\n Andr\u00e9s\nM. | Satoshi Club: <\/strong>Great, big rewards for hodlers 😁💪<\/strong><\/p>\n\n\n\n Julian\n| PolkaBased Official:<\/strong> <\/strong>Of\ncourse!<\/p>\n\n\n\n Q6 from Telegram User @Highpee<\/em><\/strong><\/p>\n\n\n\n Polkabase objectives are centred around\nRebase, Liquid and Governance. For your governance model which will be done\non-chain using POB token, I read that a small fee is charge before a user can\nuse the governance platform. Why didn\u2019t you make your governance platform free\nin order to encourage participation and what does it really cost? Are users\nalso required to hold a needed amount of POB in order to initiate a\nproposal\/participate in voting? Will the Team be willing to implement all\nsuccessful proposals (since only 51% of votes is required for a proposal to\nPASS) even if such proposal is against the team\u2019s core plan?<\/em><\/p>\n\n\n\n Julian\n| PolkaBased Official:<\/strong> <\/strong>The\ngovernance protocol will charge a fee to prevent non-functional and not\nrelevant proposals. The fee will also make sure that dedicated community\nmembers can vote and push proposals. By applying Community Governance we believe\nwe hold true to the original cryptocurrency ideals of decentralisation and\ndemocratisation, even if it goes against the team\u00b4s core plan.<\/p>\n\n\n\n Andr\u00e9s M. | Satoshi Club: <\/strong>Thank you for answers Julian, let’s proceed to the second part of the AMA, “the rain of questions” 🥳<\/p>\n\n\n\n Q1 from Telegram User @JuanSB07<\/strong><\/em><\/p>\n\n\n\n Speaking of percentage (%) per transfer within Polkabased, he mentions that a transfer fee of 3% of the POB token is charged, but claims that it rewards users through the liquid. Isn’t the transfer fee a bit high (3%)? This percentage would demotivate some users. So how do you solve that problem?<\/em><\/p>\n\n\n\n Julian | PolkaBased Official: <\/strong> We think that the fee will incentivize users to not sell. The 3% fee is up for discussion on the Governance Protocol. We will execute the wish of our community.<\/p>\n\n\n\n Q2 from Telegram User @wonderkit<\/em><\/strong><\/p>\n\n\n\n Will polkabased create your supporting telegram groups with different countries or just one official group and what does community mean for the Polkabased project?<\/em><\/p>\n\n\n\n Julian | PolkaBased Official: <\/em><\/strong>We are internationally minded, so we are open for this suggestion. The protocol will be fully governed by the community. So we hold the community very high! <\/p>\n\n\n\n Q3 from Telegram User @highpee<\/strong><\/em><\/p>\n\n\n\n Hi Julian 🤝<\/em> POB will be launched on Ethereum network. But do you have further plans to progressively migrate to Polkadot (since you like Polkadot Market Cap) after launching on Uniswap and coexist on the two chains and will you consider other chains such as BSC which has gained a great deal of traction recently?<\/em> @PolkaBased<\/em><\/p>\n\n\n\n Julian | PolkaBased Official: <\/strong>Ethereum is still the most robust and familiar ecosystem in crypto. For now we focus on delivering the PolkaBased Protocol on Ethereum. However, we are always keeping track of other blockchain developments. <\/p>\n\n\n\n Q4 from Telegram User @alam0420<\/strong><\/em><\/p>\n\n\n\n @PolkaBased<\/em> Now polkabased first steps ongoing when sceond steps start?.Have you any plans of mxc , binance, kucoin and another exchanger listed?<\/em> @PolkaBased<\/em><\/p>\n\n\n\n Julian | PolkaBased Official: <\/strong>We have plans to list on centralized exchanges that support and elastic supply. We are still orienting, and in talks with some exchanges. More in Q2. <\/p>\n\n\n\n Q5 from Telegram User @JoxesXIII<\/strong><\/em><\/p>\n\n\n\n btw may i ask you about how to do investment with PolkaBased project ? will you have public sale for your token ? what is the requirement to join in that sale ?<\/em><\/p>\n\n\n\n Julian | PolkaBased Official: <\/strong>We will have a Pre-sale and an IDO. The Pre-sale announcement will be shared in a couple of hours. The Whitelist is still open!<\/p>\n\n\n\n Q6 from Telegram User @MCBTrade<\/strong><\/em><\/p>\n\n\n\n In what decisions POB owners can have a say in the development of the Polkabased system.<\/em><\/p>\n\n\n\n Julian | PolkaBased Official: <\/strong>Our smart contracts are upgradeable, so once the governance protocol is launched, the protocol will be fully governed by the community. <\/p>\n\n\n\n Q7 from Telegram User @apocan99<\/strong><\/em><\/p>\n\n\n\n What are the roles of oracles in PolkaBased system?<\/em><\/p>\n\n\n\n Julian | PolkaBased Official: <\/strong>The trusted Chainlink DOT\/USD Oracle feeds the Polkadot price to our Oracle. The mcap Oracle feeds the up to date total supply of Polkadot to our Oracle. These two values are necessary to calculate the target price. <\/p>\n\n\n\n Q8 from Telegram User @Tapesetan<\/strong><\/em><\/p>\n\n\n\n I think the Polkadot network is very much the opposite of the Ethereum network which is spending a lot of fees per transaction lately.<\/em><\/p>\n\n\n\n Q: Where can we get $ POB & when can we participate in the Liquid program to get incentives from that program ..?<\/em><\/p>\n\n\n\n Julian | PolkaBased Official: <\/strong>$POB is not yet available on any exchange. POB will be available in our Pre-sale or IDO. The launch of our dashboard and Liquid Program will be in Q2.<\/p>\n\n\n\n Q9 from Telegram User @mobilejii<\/em><\/strong><\/p>\n\n\n\n How many airdrop participants joined till now , can I still join or 1000 has reached<\/em> @PolkaBased<\/em><\/p>\n\n\n\n Julian | PolkaBased Official: <\/strong>The Airdrop program is still active. We have not reached our maximal participants, you can still join.😉 <\/p>\n\n\n\n Q10 from Telegram User @sofiaisla <\/strong><\/em><\/p>\n\n\n\n What do you think about the AMA today? @PolkaBased<\/em><\/p>\n\n\n\n Julian | PolkaBased Official: <\/strong>I think it was a great experience. I want to thank all Satoshi Club members and moderators. I hope we can have another AMA in the future with this wonderful group! 😍<\/p>\n\n\n\n In the final part we tested your knowledge in terms of PolkaBased. They\u2019ve prepared 4 questions for this part. The total reward pool for quiz was 300$.<\/p>\n\n\n\n For more information and future AMAs, join our Social Media channels: Spanish Telegram group: https:\/\/t.me\/satoshi_club_spanish<\/a> Our partners:<\/strong><\/p>\n\n\n\n PolkaBased: https:\/\/www.polkabased.com<\/a><\/p>\n\n\nPart 2 \u2014 live questions from the Telegram community<\/strong><\/h2>\n\n\n\n
Part 3 \u2013 Quiz Results<\/strong><\/h2>\n\n\n\n
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