{"id":9445,"date":"2021-05-25T13:12:59","date_gmt":"2021-05-25T10:12:59","guid":{"rendered":"https:\/\/esatoshi.club\/?p=9445"},"modified":"2021-05-26T06:52:17","modified_gmt":"2021-05-26T03:52:17","slug":"ama-satoshi-club-x-btc-proxy-may-24th-2","status":"publish","type":"post","link":"https:\/\/satoshi-club.esipick.com\/index.php\/2021\/05\/25\/ama-satoshi-club-x-btc-proxy-may-24th-2\/","title":{"rendered":"AMA Satoshi Club x BTC Proxy, May 24th"},"content":{"rendered":"\n<p>We were delighted to welcome our guest from BTC Proxy. The AMA took place on May 24th, 2021 and our guests were  @donnkim and @Jaytee_Fi ! <\/p>\n\n\n\n<p>The total reward pool was 500$ and\nwas divided into three parts. In this AMA Recap we will try to summarize some\nof the most interesting points for you.<\/p>\n\n\n\n<h2><strong>Part 1 \u2014\nintroduction&nbsp;and&nbsp;questions from the\nTelegram&amp;Bitcointalk&nbsp;community<\/strong><\/h2>\n\n\n\n<p><strong>\u041c\u0430ry Satoshi CLUB: <\/strong>Hello&nbsp;\nSatoshi Club! We are happy to announce our AMA session with BTC Proxy!\nWelcome to Satoshi Club&#x1f600;<\/p>\n\n\n\n<p><strong>Paul Mont | Satoshi Club: <\/strong>Today\u2019s guests are @donnkim and\n@Jaytee_Fi ! Welcome guys! Great to have you here! &#x1f601;<\/p>\n\n\n\n<p><strong>Donn K: <\/strong><\/p>\n\n\n\n<figure class=\"wp-block-embed-youtube wp-block-embed is-type-video is-provider-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"video 2021 05 25 23 24 53\" width=\"640\" height=\"360\" src=\"https:\/\/www.youtube.com\/embed\/zc-AdG98Gbo?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<p>hello guys nice to join your community &#8211; its a pleasure to be here!<\/p>\n\n\n\n<p><strong>Paul Mont | Satoshi Club: <\/strong>Briliiant introduction, love it &#x1f48e;<\/p>\n\n\n\n<p><strong>\u041c\u0430ry Satoshi CLUB: <\/strong>Hello, Donn! Welcome here &#x1f600; How&#8217;s going? Market is much better today&#x1f600;<\/p>\n\n\n\n<p><strong>Donn K: <\/strong>youve got a huge group here<\/p>\n\n\n\n<p><strong>Donn K: <\/strong>its very interactive and hope to introduce our\nproject<\/p>\n\n\n\n<p><strong>Paul Mont | Satoshi Club: <\/strong>We sure do, our community is very\nfond of learning about innovative projects like BTC Proxy &#x1f680;<\/p>\n\n\n\n<p><strong>Donn K: <\/strong>yes well we hope to make the discussion as\nsimple as possible to understand<\/p>\n\n\n\n<p><strong>\u041c\u0430ry Satoshi CLUB: <\/strong>Donn, could you please introduce yourself and\ntell us more about BTC Proxy?&#x1f600;<\/p>\n\n\n\n<p><strong>Donn K: <\/strong>My name is Donnie and I am the founder of BTC\nProxy and also the CTO of Kryptoin. . Our focus is the intersection of Bitcoin\nand ETFs&nbsp; which are Exchange traded\nProducts<\/p>\n\n\n\n<p>Kryptoin is\nin the regulated Asset Management space where our Directors have managed over\n70 Billion and managed the GLD which was the largest Gold ETF.&nbsp; We are also currently engaged in the\napplication for a US Bitcoin ETF.<\/p>\n\n\n\n<p>There are\nmany similarities in Exchange Traded Funds and Stable Coin structures and we\nhave applied these fundamentals to BTC Proxy so that it can be qualified for\ninstitutional usage<\/p>\n\n\n\n<p><strong>\u041c\u0430<\/strong><strong>ry Satoshi CLUB: <\/strong>I heard bitcoin is unlikely to\nrecieve US ETF after this huge price movements, what is your opinion?<\/p>\n\n\n\n<p><strong>Donn K: <\/strong>well, I dont think price movements will be the\ndeterminint factor in the approval of the Bitcoin ETF<\/p>\n\n\n\n<p><strong>\u041c\u0430<\/strong><strong>ry Satoshi CLUB: <\/strong>I also hope so&#x1f44f; less fud, more work than!<\/p>\n\n\n\n<p><strong>Donn K: <\/strong>we understand from the feedback from the SEC it\nis a series of factors mainly based on the possible manipulation of the markets<\/p>\n\n\n\n<p><strong>Paul Mont | Satoshi Club: <\/strong>I guess the actual low liquidity in\nthe crypto markets might be one of those factors<\/p>\n\n\n\n<p><strong>\u041c\u0430<\/strong><strong>ry Satoshi CLUB: <\/strong>Elon should be banned from twitter &#x1f923;<\/p>\n\n\n\n<p><strong>Paul Mont | Satoshi Club: <\/strong>But that should become less\nimportant as adoption rises, hopefully.<\/p>\n\n\n\n<p><strong>Donn K: <\/strong>Elon might be in some hot water with some of\nhis comments<\/p>\n\n\n\n<p><strong>Paul Mont | Satoshi Club: <\/strong>Ah yes &#x1f605;<\/p>\n\n\n\n<p><strong>Donn K: <\/strong>What he does bring is attention to this market\n&#8211; which is driving everyone to it<\/p>\n\n\n\n<p><strong>\u041c\u0430ry Satoshi CLUB: <\/strong>It&#8217;s a joke, but for years we see this\nmanipulations, and to get more capital we need ETF and with it there will be\nless chances for manipulations<\/p>\n\n\n\n<p><strong>Donn K: <\/strong>yes, the ETF will be sign by the US that the\ndoors will be opening for retail investment &#8211; but before they open the doors\nthey will ensure that the market is safe<\/p>\n\n\n\n<p><strong>\u041c\u0430ry Satoshi CLUB: <\/strong>Sometimes it comes down to a broken circle and\nthank you so much for trying to break it!<\/p>\n\n\n\n<p><strong>Paul Mont | Satoshi Club: <\/strong>I&#8217;m so eagerly awaiting the approval\nof the first US-based Bitcoin ETF. It&#8217;s gonna definitely be a huge next step\ntowards Bitcoin cementing a much more concrete foundation and maturity for the\ncrypto markets as a whole &#x1f609;<\/p>\n\n\n\n<p><strong>Donn K: <\/strong>we are hopeful also, I believe one of the first\nETF applications was made in 2014 by the Winkelvoss twins so its been over 7\nyears<\/p>\n\n\n\n<p><strong>Donn K: <\/strong>with mainstream adoption happening in the rest\nof the world we believe the US is ready<\/p>\n\n\n\n<p><strong>\u041c\u0430ry Satoshi CLUB: <\/strong>That&#8217;s awesome, you give us a portion of hope&#x1f600; Thank you for your great intro, Donn! We\ncollected 6 questions from our community for the first part of our AMA &#x1f680; Are you ready to answer them?<\/p>\n\n\n\n<p><strong>Donn K: <\/strong>sure please go ahead<\/p>\n\n\n\n<p><strong><em>Q1\nfrom Telegram User @meml97 <\/em><\/strong><\/p>\n\n\n\n<p><em>Early\nthis month BTC Proxy had their Allocation Mining Event, which I read it was a\ntotal blast, so can you tell us more about how this event really went? Also,\nafter having such a successful event, your upcoming IDO is what everyone is\nwaiting for, can you tell us more about this future event? When and where will\nit take place? Is there any whitelist we can join for it?<\/em><\/p>\n\n\n\n<p><strong>Donn K: <\/strong>great question<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" width=\"1024\" height=\"563\" src=\"https:\/\/esatoshi.club\/wp-content\/uploads\/image-95-1024x563.png\" alt=\"\" class=\"wp-image-9457\" srcset=\"https:\/\/satoshi-club.esipick.com\/wp-content\/uploads\/image-95-1024x563.png 1024w, https:\/\/satoshi-club.esipick.com\/wp-content\/uploads\/image-95-300x165.png 300w, https:\/\/satoshi-club.esipick.com\/wp-content\/uploads\/image-95-768x422.png 768w, https:\/\/satoshi-club.esipick.com\/wp-content\/uploads\/image-95.png 1109w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<p>Launchpool\nis considered a PRE-IDO event or the private sale event that allows not only\nfunds and VCs to participate but also the general public.&nbsp; They call this egalitarian investing that\nallows participants to get access to the same deals. The AME went very well\nwith over 1.1M tokens staked which was over $11M of $lpool that was staked to\nsecure their % portion of the offering which was 300K. The purpose of the AME\nis to distribute to as many wallets as you can so that the token has a wide\ndistribution.&nbsp; We hope the event has\nbrought over 5K wallet holders.<\/p>\n\n\n\n<p><strong>Donn K: <\/strong>The IDO is happening later in June, we have the\ndetails but are not allowed to disclose them yet but if you join the TG https:\/\/t.me\/BTC_Proxy\nor twitter https:\/\/twitter.com\/BTC_proxy , you can stay informed. There will be\na whitelist.<\/p>\n\n\n\n<p><strong>Paul Mont | Satoshi Club: <\/strong>Amazing initiative, accompanied by\nso much engagement &#x1f44f;&#x1f44f;<\/p>\n\n\n\n<p><strong>\u041c\u0430<\/strong><strong>ry<\/strong><strong> <\/strong><strong>Satoshi<\/strong><strong> <\/strong><strong>CLUB<\/strong><strong>: <\/strong>Sure! We will\nfollow your updates! But, please, don&#8217;t forget to share this news with Satoshi\nClub, so no one will miss it&#x1f609;<\/p>\n\n\n\n<p><strong>Donn K: <\/strong>we definitely will, Satoshi club is great! glad\nI found this place<\/p>\n\n\n\n<p><strong>Paul Mont | Satoshi Club: <\/strong>I&#8217;ve read that following the AME,\nthere will also be a follow-up Pop Up Pool due to the event&#8217;s high community\ninterest?<\/p>\n\n\n\n<p><strong>\u041c\u0430<\/strong><strong>ry Satoshi CLUB: <\/strong>All roads lead to Satoshi Club &#x1f923;<\/p>\n\n\n\n<p><strong>Donn K: <\/strong>actually Paul, the Pop Up pool was BEFORE the\nactual AME to gauge interest<\/p>\n\n\n\n<p><strong>Paul Mont | Satoshi Club: <\/strong>Can&#8217;t help but agree haha &#x1f601;<\/p>\n\n\n\n<p><strong>Donn K: <\/strong>we offered 20K worth of tokens and for that\nover 5M was staked. so there was significant amount of interest<\/p>\n\n\n\n<p><strong>Paul Mont | Satoshi Club: <\/strong>My bad, I was looking for another of\nsuch amazing entry opportunities regarding BTCProxy&#8230; I guess the next one\nwill come with the IDO &#x1f609;<\/p>\n\n\n\n<p><strong>Donn K: <\/strong>Yes the next event is the IDO<\/p>\n\n\n\n<p><strong>Paul Mont | Satoshi Club: <\/strong>Thank you for the clear answer Donn!\nLet&#8217;s hop onto the next question, shall we? &#x1f601;<\/p>\n\n\n\n<p><strong>Donn K: <\/strong>sure<\/p>\n\n\n\n<p><strong><em>Q2\nfrom Telegram user @Highpee<\/em><\/strong><\/p>\n\n\n\n<p><em>BTC\nProxy platforms utilises 2 tokens: BTCpx and PRXY. While BTCpx is pegged to 1:1\nthe value of BTC, $PRXY will act as the platform governance token. Since BTCpx\nis an ERC20 token built on the Ethereum chain, What are the procedure to mint\nBTCpx and bring BTC function into Defi? In what way is BTCpx designed to offer\nan insured custody and a 1:1 backing ratio that can never be affected by volume\nor liquidity? Also, How will you make it possible to mine BTC using a\nProof-of-stake mechanism by staking $PRXY when Bitcoin mining is normally done\nthrough a Proof-Of-Work? What are the procedure to do this and where will the\nBTC come from?<\/em><\/p>\n\n\n\n<p><strong>Donn K: <\/strong>great multipart question &#8211; means someone did\ntheir homework! The procedure to mint BTCpx occurs on our UI at btcpx.io\/mint\nthe instructions on how to do this can be found in the docs.btcpx.io and a\nvideo is also viewable for your convenience. <\/p>\n\n\n\n<figure class=\"wp-block-embed-youtube wp-block-embed is-type-video is-provider-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"How To Mint BTCpx\" width=\"640\" height=\"360\" src=\"https:\/\/www.youtube.com\/embed\/_4dd4k8QOtg?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<p><strong>\u041c\u0430ry Satoshi CLUB: <\/strong>Yes, @Highpee is a champion of questions &#x1f609;<\/p>\n\n\n\n<p><strong>Donn K: <\/strong>Once your BTC is locked in custody and you have\nyour erc20 version of it you will find future pools with staking and yield\nearning opportunities surrounding that token and $PRXY<\/p>\n\n\n\n<p>BTC is\ninsured by a licensed and regulated custodian HEX Trust.&nbsp; You can find details of the insuranc here <a href=\"https:\/\/hextrust.com\/custody-services\/safekeeping#safekeeping-6\">https:\/\/hextrust.com\/custody-services\/safekeeping#safekeeping-6<\/a><\/p>\n\n\n\n<p><strong>Donn K: <\/strong>BTCpx is designed to have a 1:1 ratio with BTC\nbecause it is backed by the same number inside custody.&nbsp; This mechanism to mint has no slippage and is\nnot affected by volume as it is not dependent on liquidity since btcpx is new\nminted. It is burned when BTCpx is redeemed. <\/p>\n\n\n\n<figure class=\"wp-block-embed-youtube wp-block-embed is-type-video is-provider-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"How To Redeem BTCpx\" width=\"640\" height=\"360\" src=\"https:\/\/www.youtube.com\/embed\/8MlfP_OOFCU?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<p><strong>Donn K: <\/strong>and the last part about mining. Bitcoin is\nFarmed &#8211; not actually mined- as a DeFi protocol when $PRXY is staked.&nbsp; Where does this BTC come from?&nbsp; When users mint or redeem BTCpx they pay fees\nin Bitcoin and those fees are shared with the stakers<\/p>\n\n\n\n<p><strong>\u041c\u0430ry Satoshi CLUB: <\/strong>Where we will be able to farm BTCpx?&#x1f600;<\/p>\n\n\n\n<p><strong>Paul Mont | Satoshi Club: <\/strong>And also, which precentage of the\nfees are shared back to holders? &#x1f643;<\/p>\n\n\n\n<p><strong>Donn K: <\/strong>Farming will happen on either btcpx.io\/earn. or\non some dedicated site. the fee sharing model is likely around 50% of fees\nearned on a monthly basis. so every month we strive to offer some BTC to be\nfarmed<\/p>\n\n\n\n<p><strong>\u041c\u0430<\/strong><strong>ry<\/strong><strong> <\/strong><strong>Satoshi<\/strong><strong> <\/strong><strong>CLUB<\/strong><strong>: <\/strong><\/p>\n\n\n\n<p>That&#8217;s\nincentive model&#x1f600;<\/p>\n\n\n\n<p><strong>Donn K: <\/strong>we think this is an attractive model, as some\npeople are only interested in BTC<\/p>\n\n\n\n<p>Bitcoin is\nKing!<\/p>\n\n\n\n<p><strong>\u041c\u0430<\/strong><strong>ry Satoshi CLUB: <\/strong>And that&#8217;s true, some people are\nreal BTC maximalists<\/p>\n\n\n\n<p>Thank you\nfor your answers, Donn! Ready to proceed?<\/p>\n\n\n\n<p><strong>Donn K: <\/strong>yes go ahead<\/p>\n\n\n\n<p><strong><em>Q3\nfrom Telegram user @Arisabela <\/em><\/strong><\/p>\n\n\n\n<p><em>You use\na model that eliminates any centralized counter-party risk by allowing\ndistributors and users to mint tokens by interacting with the smart contract\ndirectly, you must ensure the durability and safety of your smart contract to\nprevent unwanted attacks, what measures have been taken regarding safety?<\/em><\/p>\n\n\n\n<p><strong>Donn K: <\/strong>safety and security are always top of mind as should be with any new project. We have worked closely with the Matic\/Polygon team to ensure best practices.&nbsp; There are certain things you must do to ensure security of Layer 2. We have performed penetration testing on the UI. We have also passed security audit by Quillhash<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" width=\"1024\" height=\"512\" src=\"https:\/\/esatoshi.club\/wp-content\/uploads\/image-96-1024x512.png\" alt=\"\" class=\"wp-image-9458\" srcset=\"https:\/\/satoshi-club.esipick.com\/wp-content\/uploads\/image-96-1024x512.png 1024w, https:\/\/satoshi-club.esipick.com\/wp-content\/uploads\/image-96-300x150.png 300w, https:\/\/satoshi-club.esipick.com\/wp-content\/uploads\/image-96-768x384.png 768w, https:\/\/satoshi-club.esipick.com\/wp-content\/uploads\/image-96.png 1200w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<p><strong>\u041c\u0430ry Satoshi CLUB: <\/strong>Good job! And i suppose you will not stop?&#x1f600; As hackers always around<\/p>\n\n\n\n<p><strong>Donn K: <\/strong>yes its going to be a constant upgrading of\nsecurity and testing<\/p>\n\n\n\n<p><strong>\u041c\u0430ry Satoshi CLUB: <\/strong>Do you have a big team of developers?<\/p>\n\n\n\n<p><strong>Donn K: <\/strong>actually we do, we have about 6 full time. and\nmany other contractors we use on a case by case basis. Layer 2 adds significant\ncomplexity to any project<\/p>\n\n\n\n<p><strong>\u041c\u0430<\/strong><strong>ry Satoshi CLUB: <\/strong>Quite big team! Yes, you&#8217;re right. Thank\nyou for your answers! Ready to jump to the next question?<\/p>\n\n\n\n<p><strong>Donn K: <\/strong>yes<\/p>\n\n\n\n<p><strong><em>Q4\nfrom Telegram user @kimterbear <\/em><\/strong><\/p>\n\n\n\n<p><em>You\nmentioned that DAO\u2019s funds are not mixed with the general pool with the means\nof segregated wallets. How is this segregated? What is the protocol that\nsegregates it and how can we ensure that funds do not mix with others? Is there\nan audit performed by a third-party application?<\/em><\/p>\n\n\n\n<p><strong>\u041c\u0430ry Satoshi CLUB: <\/strong>Partially answered &#x1f600;<\/p>\n\n\n\n<p><strong>Donn K: <\/strong>when you are dealing with BTCpx we dont\nactually ever touch your funds<\/p>\n\n\n\n<p><strong>Donn K: <\/strong>you are sending them directly to the custodian.\nwe simply detect the deposit or withdrawal at their address<\/p>\n\n\n\n<p><strong>\u041c\u0430<\/strong><strong>ry Satoshi CLUB: <\/strong>Who is custodian in this case?<\/p>\n\n\n\n<p><strong>Donn K: <\/strong>for DAO members we are able to program a sub\naccount within custody so that it does not mix into the pools right in the\nsmart contract. Hex Trust. so funds are never mixed which adds an additional\nlayer of security<\/p>\n\n\n\n<p><strong>Paul Mont | Satoshi Club: <\/strong><\/p>\n\n\n\n<p>It is a\nmechanism that&#8217;s also being in place with &#8220;traditional&#8221; ETFs, is that\ncorrect?<\/p>\n\n\n\n<p><strong>\u041c\u0430<\/strong><strong>ry Satoshi CLUB: <\/strong>If, theoretically, something will\nhappen with custodian (hack etc), what actions will be provided?<\/p>\n\n\n\n<p><strong>Donn K: <\/strong>this custody method is also used with ETFs and\nother funds also<\/p>\n\n\n\n<p><strong>Paul Mont | Satoshi Club: <\/strong>Safety is a very felt concern in the\ncrypto space, I&#8217;m pretty sure any stakeholder will be super relieved and glad\nthat you\u2019ve aptly anticipated the issue and have already taken care of that\nwith additional measures &#x1f680;<\/p>\n\n\n\n<p><strong>Donn K: <\/strong>Funds inside custody if hacked are insured for\na multitude of reasons<\/p>\n\n\n\n<figure class=\"wp-block-embed\"><div class=\"wp-block-embed__wrapper\">\nhttps:\/\/hextrust.com\/custody-services\/safekeeping#safekeeping-6\n<\/div><\/figure>\n\n\n\n<p>you can\nread about the insurance policy of funds deposited here<\/p>\n\n\n\n<p><strong>Paul Mont | Satoshi Club: <\/strong>Thanks for sharing &#x1f64f;<\/p>\n\n\n\n<p><strong>Donn K: <\/strong>welcome<\/p>\n\n\n\n<p><strong>\u041c\u0430ry Satoshi CLUB: <\/strong>Thank you for your answers, Donn! Ready to go\nto the next question?<\/p>\n\n\n\n<p><strong>Donn K: <\/strong>yes<\/p>\n\n\n\n<p><strong><em>Q5\nfrom Telegram User @cryptofollower <\/em><\/strong><\/p>\n\n\n\n<p><em>I check\nyour DEX and it says, Currently in Beta Testnet \u2013 Do not send real Bitcoin. So\nI want to try out your beta testnet, where can I get test tokens? Also do you\nhave any bug bounty and reward programs for people who are using your Testnet\nand report bugs to you?<\/em><\/p>\n\n\n\n<p><strong>Donn K: <\/strong>The beta is on Goerli Testnet and you can get testnet Bitcoin from faucets available on the internet. You just have to search for it. personally we use Bitpay wallet for testnet bitcoins. You can find the testnet contract for BTCpx from btcpx.io on the bottom left where it says Supply Contract.&nbsp; With these two things you can perform a test and receive testnet BTCpx into&nbsp; your metamask.&nbsp; There is currently no bug bounty but that is a good idea that we might implement before launch.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" width=\"752\" height=\"560\" src=\"https:\/\/esatoshi.club\/wp-content\/uploads\/image-97.png\" alt=\"\" class=\"wp-image-9459\" srcset=\"https:\/\/satoshi-club.esipick.com\/wp-content\/uploads\/image-97.png 752w, https:\/\/satoshi-club.esipick.com\/wp-content\/uploads\/image-97-300x223.png 300w\" sizes=\"(max-width: 752px) 100vw, 752px\" \/><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<p><strong>\u041c\u0430<\/strong><strong>ry Satoshi CLUB: <\/strong>What about rewards for testers?<\/p>\n\n\n\n<p><strong>Donn K: <\/strong>we will have to set up a bug bounty with\nsatoshi club! &#x1f60a;<\/p>\n\n\n\n<p><strong>Paul Mont | Satoshi Club: <\/strong>Haha that would be great &#x1f601;&#x1f51d;. I&#8217;m pretty sure there would be\nsome great contributors among the many skilled individuals inside the Satoshi\nClub community &#x1f609;<\/p>\n\n\n\n<p><strong>\u041c\u0430ry Satoshi CLUB: <\/strong>Anyway i want to try testing! I like such kind\nof experience &#x1f609;<\/p>\n\n\n\n<p><strong>Donn K: <\/strong>we will look into this<\/p>\n\n\n\n<p><strong>\u041c\u0430ry Satoshi CLUB: <\/strong>Thank you for your answers! Ready to proceed?&#x1f680;<\/p>\n\n\n\n<p><strong>Donn K: <\/strong>yes<\/p>\n\n\n\n<p><strong>Paul Mont | Satoshi Club: <\/strong>Last question for this first part of\nthe AMA &#x1f642;<\/p>\n\n\n\n<p><strong><em>Q6\nfrom Telegram User @jodasf <\/em><\/strong><\/p>\n\n\n\n<p><em>Users in\nmost cases, are in search of projects that really represent a good investment\nnot only in the short term, but also over time, so I would like to know the\ndetails of the plans you are currently developing to expand in the market,\nachieve a very good position and be one of the most recognized platforms and\nadopted by users for its transparency, security and profitability?<\/em><\/p>\n\n\n\n<p><strong>Donn K: <\/strong>Transparency security and profitability are needed for any project, but we believe that the project has to serve a real purpose for real users and deliver real value. We already know that there is 10B worth of BTC tokenized for DeFi in the market, This large number still only represents 1% of the BTC value and there is much more coming in the future. there are inefficiencies in the competitors&#8217; protocols that we are addressing such as high gas fees and a lack of a UI. It is 70% cheaper to use us than renBTC<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" width=\"645\" height=\"129\" src=\"https:\/\/esatoshi.club\/wp-content\/uploads\/image-98.png\" alt=\"\" class=\"wp-image-9460\" srcset=\"https:\/\/satoshi-club.esipick.com\/wp-content\/uploads\/image-98.png 645w, https:\/\/satoshi-club.esipick.com\/wp-content\/uploads\/image-98-300x60.png 300w\" sizes=\"(max-width: 645px) 100vw, 645px\" \/><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<p><strong>Paul Mont | Satoshi Club: <\/strong>To my knowledge, both wBTC and\nrenBTC are also uninsured protocols, compared to BTCpx. Am I wrong?<\/p>\n\n\n\n<p><strong>\u041c\u0430<\/strong><strong>ry<\/strong><strong> <\/strong><strong>Satoshi<\/strong><strong> <\/strong><strong>CLUB<\/strong><strong>: <\/strong>I like this!\nCurrently fees are a problem<\/p>\n\n\n\n<p><strong>Donn K: <\/strong>for any ETH project yes it is<\/p>\n\n\n\n<p><strong>Donn K: <\/strong>all our staking contracts to earn yield will\nalso be L2. so this will bring more yield to participants because it save them\ncosts<\/p>\n\n\n\n<p><strong>\u041c\u0430ry Satoshi CLUB: <\/strong>When you plan to go live?<\/p>\n\n\n\n<p><strong>Donn K: <\/strong>on top of that we offer BTC as the reward. which\nwe think is most attractive. we are moving to mainnet now. before the IDO<\/p>\n\n\n\n<p><strong>Paul Mont | Satoshi Club: <\/strong>And that&#8217;s already enough to draw a\nlot of attention &#x1f601;<\/p>\n\n\n\n<p><strong>Donn K: <\/strong>so stay tuned, we will let your community know\nand possibly have bug bounty<\/p>\n\n\n\n<p><strong>\u041c\u0430<\/strong><strong>ry<\/strong><strong> <\/strong><strong>Satoshi<\/strong><strong> <\/strong><strong>CLUB<\/strong><strong>: <\/strong>Sure! We\nwill!&#x1f680;&#x1f680;&#x1f680;<\/p>\n\n\n\n<p><strong>Donn K: <\/strong>wonderful <\/p>\n\n\n\n<h2>Part 2 \u2014 live questions from\nthe Telegram community<\/h2>\n\n\n\n<p><strong><em>Q1\nfrom Telegram User @doithay1617<\/em><\/strong><\/p>\n\n\n\n<p><em>Wrapped Tokens are Popular, many tokenizing Bitcoin on Ethereum such as: WBTC vs RENBTC vs HBTC,&#8230; What is the difference between BTCpx and these similar tokens?<\/em><\/p>\n\n\n\n<p><strong>Donn K: <\/strong>i found 1 that I wanted to answer and this was about the difference between our competitors<\/p>\n\n\n\n<p>this is a chart made by the guys at FOMOcraft that explains the differences<\/p>\n\n\n\n<p>cheaper fees, better UI, insured custody are the benefits of using BTCpx<\/p>\n\n\n\n<p><strong><em>Q2\nfrom Telegram User @rockmorti<\/em><\/strong><\/p>\n\n\n\n<p><em>What could be the entry and exit fees for using this platform? and is this feature available for all countries?<\/em><\/p>\n\n\n\n<p><strong>Donn K: <\/strong><strong><\/strong><\/p>\n\n\n\n<p>the cost to mint is 0.1% and the cost to redeem is 0.3% which is roughly the same as renbtc<\/p>\n\n\n\n<p><strong><em>Q3\nfrom Telegram User <\/em><\/strong><\/p>\n\n\n\n<p><em>As BTCPx can be cheaper than RenBTC, what is the magic here? is awesome<\/em><\/p>\n\n\n\n<p><strong>Donn K: <\/strong><\/p>\n\n\n\n<p>the magic here is to save the user 70% in gas fees to mint or redeem your BTCpx and that happens because our protocol is L2<\/p>\n\n\n\n<p><strong><em>Q4\nfrom Telegram User @highpee<\/em><\/strong><\/p>\n\n\n\n<p><em>One of your direct investor is MATIC and BTCpx will operate as a Layer 2 protocol on MATIC network. I read that you have been working with MATIC since 2017 with Kryptoin. Was it because of this familiar relationship that made you to launch your project on MATIC or are there any technological advantages that you have identified on MATIC which will best suit the scope of your project?<\/em><\/p>\n\n\n\n<p><strong>Donn K: <\/strong>yes one of our direct investors is Matic. we have been working with matic since 2017.&nbsp; I am a personal friend of Sandeep &#8211; before he became a billionaire! Lol. Sandeep and his team forcasted the need for Layer 2 in 2018. amazing if you can do the same as an entrepreneuer<\/p>\n\n\n\n<p><strong><em>Q5\nfrom Telegram User <\/em><\/strong><\/p>\n\n\n\n<p><em>What are the main objectives of the BTC PROXY project for the next 1-5 years? Can you provide an explanation?<\/em><\/p>\n\n\n\n<p><em>@donnkim<\/em><\/p>\n\n\n\n<p><strong>Donn K:<\/strong><strong><\/strong><\/p>\n\n\n\n<p>the objectives for BTC Proxy is to build the most reliable bitcoin bridge for institutions<\/p>\n\n\n\n<p>our roadmap next is to integrate Gemini custody and BSC chain<\/p>\n\n\n\n<p><strong><em>Q6\nfrom Telegram User @bila342<\/em><\/strong><\/p>\n\n\n\n<p><em>Does your project support staking program?if yes. how is your stake system work, what is the requirement for user if they want to stake in your platform?@donnkim<\/em><\/p>\n\n\n\n<p><strong>Donn K: <\/strong><strong><\/strong><\/p>\n\n\n\n<p>yes we will be creating a farm of staking opportunities around the tokens<\/p>\n\n\n\n<p>they will be L2 to save you gas fees and they will be rewarded in $prxy tokens<\/p>\n\n\n\n<p><strong><em>Q7\nfrom Telegram User<\/em><\/strong><em> <\/em><strong><em>@Kabirkapoor9<\/em><\/strong><\/p>\n\n\n\n<p><em>&nbsp;Hello @donnkim<\/em><\/p>\n\n\n\n<p><em>Please give us an overview of tokenomics?<\/em><\/p>\n\n\n\n<p><strong>Donn K: <\/strong><strong><\/strong><\/p>\n\n\n\n<p>tokenomics basically &#8211; there is 21M total supply, with 829K initial marketcap at TGE<\/p>\n\n\n\n<p>you can find the tokenomics at proxy.btcpx.io<\/p>\n\n\n\n<p><strong><em>Q8\nfrom Telegram User @nadee5<\/em><\/strong><\/p>\n\n\n\n<p><em>Is&nbsp; there&nbsp; any&nbsp; chance&nbsp; to&nbsp; make&nbsp; passive income with&nbsp; BTC proxy ?<\/em><\/p>\n\n\n\n<p><strong>Donn K: <\/strong><strong><\/strong><\/p>\n\n\n\n<p>yes you can by staking or by providing liquidity to the pools to earn rewards<\/p>\n\n\n\n<p><strong><em>Q9\nfrom Telegram User @NataliyaKil<\/em><\/strong><\/p>\n\n\n\n<p><em>Polygon, Alphabit, A195 Capitol, TDeFi Accelerator and O1EX join the list of super backers to the Proxy&#8217;s #NextGenBitcoinBridge.&nbsp; Can you tell us about #NextGenBitcoinBridge and what contribution these companies have made to the development of Proxy and what functions do they now perform as investors and partners?<\/em><\/p>\n\n\n\n<p><strong>Donn K: <\/strong><strong><\/strong><\/p>\n\n\n\n<p>these partners are all investors in the project and they have backed the project<\/p>\n\n\n\n<p><strong><em>Q10\nfrom Telegram User @BlancaSdF<\/em><\/strong><\/p>\n\n\n\n<p><em>To convert BTC to BTCpx, do I need to pass some kind of special verification of personal data?<\/em><\/p>\n\n\n\n<p><strong>Donn K: <\/strong><strong><\/strong><\/p>\n\n\n\n<p>The user interface is permissionless so there is no KYC at the moment<\/p>\n\n\n\n<p>but USA and OFAC countries will not be allowed to participate as ususal<\/p>\n\n\n\n<h2><strong>Part&nbsp;3&nbsp;\u2013 Quiz\nResults<\/strong><\/h2>\n\n\n\n<p>In the final part we tested your knowledge in terms of  BTC Proxy. They\u2019ve prepared 4 questions for this part. The total reward pool for quiz was 300$.<\/p>\n\n\n\n<p><strong>For more information and\nfuture AMAs, join our Social Media channels:<\/strong><br>\nEnglish Telegram group:&nbsp;<a href=\"https:\/\/t.me\/Satoshi_club\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/t.me\/Satoshi_club<\/a><br>\nRussian Telegram group:&nbsp;<a href=\"https:\/\/t.me\/satoshi_club_ru\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/t.me\/satoshi_club_ru<\/a><\/p>\n\n\n\n<p>Spanish Telegram group:&nbsp;<a href=\"https:\/\/t.me\/satoshi_club_spanish\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/t.me\/satoshi_club_spanish<\/a><br>\nTelegram Channel:&nbsp;<a href=\"https:\/\/t.me\/satoshi_club_channel\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/t.me\/satoshi_club_channel<\/a><br>\nTwitter:&nbsp;<a href=\"https:\/\/twitter.com\/realsatoshiclub\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/twitter.com\/realsatoshiclub<\/a><br>\nWebsite:&nbsp;<a href=\"https:\/\/esatoshi.club\/\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/esatoshi.club\/<\/a><\/p>\n\n\n\n<p><strong>Our partners:<\/strong><\/p>\n\n\n\n<p>BTC Proxy Website \u2013&nbsp;<a href=\"https:\/\/btcpx.io\/\">btcpx.io<\/a><br>BTC Proxy Telegram \u2013&nbsp;<a href=\"https:\/\/t.me\/BTC_Proxy\">@BTC_Proxy<\/a> <\/p>\n","protected":false},"excerpt":{"rendered":"<p>We were delighted to welcome our guest from BTC Proxy. The AMA took place on May 24th, 2021 and our guests were @donnkim and @Jaytee_Fi ! 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. [&hellip;]<\/p>\n","protected":false},"author":34,"featured_media":9449,"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\/9445"}],"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\/34"}],"replies":[{"embeddable":true,"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/comments?post=9445"}],"version-history":[{"count":3,"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/posts\/9445\/revisions"}],"predecessor-version":[{"id":9465,"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/posts\/9445\/revisions\/9465"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/media\/9449"}],"wp:attachment":[{"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/media?parent=9445"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/categories?post=9445"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/tags?post=9445"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}