AMA Satoshi Club x acBTC, October 17th

AMA Satoshi Club x acBTC, October 17th

“We are here to contribute to this world. Why else are we here?” (с) Steve Jobs. Satoshi Club continues to contribute to the development of crypto education.

And today we would like to tell you about the AMA session with acBTC. The AMA took place on October 08 and our guests was Terry L.

The total reward pool was $1500 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

Gold Rocket | Satoshi Club Good evening, our dear Satoshi clubbers! welcome to another episode of our AMA series! Our AMA today is with асВТС! Hi there @TerryNUTS!

D. Папа Роуч Hello Satoshi club! @TerryNUTS hello! welcome to Satoshi club!

Terry L. | NUTS Finance Hi @Cool_as_Ice and Satoshi Clubbers! Hope everyone is having a good weekend so far. Hey @GoldRocket27 Thanks for organizing today’s AMA.

D. Папа Роуч how’s your day? excited about today’s AMA?)

Terry L. | NUTS Finance Very excited to be here

Terry L. | NUTS Finance Have been looking forward for some time now

D. Папа Роуч great! please, tell us a bit about yourself and how did you come up with acBTC idea?

Terry L. | NUTS Finance My background spans across primary and secondary capital markets covering commercial and product strategies. I started my career with S&P Global, a U.S. credit rating agency in driving product strategies for the investment management segment. After leaving the corporate world in 2016, I started a foreign exchange trading affiliate platform. This project actually angled me into the crypto and blockchain space. We started NUTS Finance in 2018, with the motivation to leverage blockchain technology to improve existing workflows within the financial services industry.

Gold Rocket | Satoshi Club Wow! This is a very interesting direction .. you are an early adopter

Terry L. | NUTS Finance Our first product was the NUTS Platform, it is a blockchain agnostic middleware solution. The problem we were trying to solve with the NUTS Platform is to empower financial application builders by providing secure, composable and simple-to-use technology toolkits. Our second product is acBTC (acbtc.fi), a composite Bitcoin solution on Ethereum that aggregates swap, savings and lending applications into a single platform. The problem we are trying to solve with acBTC is to make ERC20 BTC more usable from from an application standpoint.

Terry L. | NUTS Finance Because right now, existing ERC20 BTC on Ethereum is relatively fragmented in terms of use case. acBTC aims to serve as the most usable form of ERC20 BTC on Ethereum. We can get into the nitty gritty on how we plan to do that later 🙂

Gold Rocket | Satoshi Club Do you have a lot of developers?

Terry L. | NUTS Finance We have a small group of smart contract engineers

Terry L. | NUTS Finance Our core competencies are smart contract development, financial engineering and security.

D. Папа Роуч sound good! i’ll be honest with you, never used such a things like Wrapped Bitcoin etc. so it probably might be tough for me to understand some things about acBTC, but i will try)

Terry L. | NUTS Finance I’ll try my best to explain it in a simple and concise way.

Q1 from Telegram username @crypto_zones
In the whitepaper it’s stated that ” acBTC is backed 1:1 with a basket of ERC-20 BTC assets (also referred to as composite BTC basket)”. What eggs do we have in this basket?

Terry L. | NUTS Finance Haha nice question! I love how you coined the assets as ‘eggs’. Lovely. acBTC is a composite asset, meaning it is made up of a basket composed by different kinds of ERC20 BTC. The ERC20 BTC included in the basket currently are WBTC and renBTC. But the basket can include other ERC20 BTC as long as the ERC20 BTC is 1:1 backed by native BTC. What that means is, Wrapped Bitcoin is 1:1 backed by native bitcoin. The native bitcoin is secured by a custodian named BitGo. On the other hand, renBTC is also 1:1 backed by native bitcoin. It’s stored by validator called dark nodes on the ren network. So, acBTC is essentially made up of a basket of different ERC20 BTC that are backed by native BTC. There are other versions of ERC20 BTC out there currently, such as sBTC, but we will not include them in our basket because sBTC is a synthetic asset (meaning it is not backed by native BTC).

D. Папа Роуч do you have plans to add more assets btw?

Terry L. | NUTS Finance I am actually not familiar with pBTC. Will have to look into their project.

D. Папа Роуч yeah we had AMA with them. this is why i know this things))

Terry L. | NUTS Finance Right now the leaders in ERC20 BTC in terms of number of BTC minted are Wrapped Bitcoin, renBTC, sBTC, imBT. Must be a relatively new project, i look forward to researching more on pBTC.

We actually appreciate the growing ecosystem of ERC20 BTC.

Because that can help propel the acBTC ecosytsem as we dont look at Wrapped Bitcoin or renBTC or any other version of ERC20 BTC as competitors.

Because ultimately, the way to mint acBTC is to use ERC20 BTC that are already on the Ethereum network.

This is a new approach where we believe it can solve the usability issue for ERC20 BTC right now.

All the ERC20 BTC projects currently are trying to bridge native BTC onto Ethereum in the most efficient manner (decentralized, safety, security).

However, acBTC is trying to tackle the usability problem facing ERC20 BTC.

Specially, one problem we noticed for ERC20 BTC right now is the lack of competitive decentralized financial applications.

Let’s take lending for example

Right now, if you are holding onto WBTC, the collateralization level you can get by pledging WBTC ranges from 30 – 60%. In our point of view, this is not an efficient utlization of Bitcoin as a collateral asset. Therefore, we are introducing acBTC as a more efficient form of collateral asset. Meaning holders of acBTC can set a higher colleralization level in lending/borrowing applications. This is the entire value proposition of acBTC, being the most usable form of ERC20 BTC. Regarding to plans to add more ERC20 BTC. This is entirely up to the development of the ERC20 ecosystem. We picked WBTC and renBTC to start with because of 2 reasons: 1/ The rank the highest in terms of number of BTC minted on Ethereum network, with 100k and 30 respectively. This means market participants have already recognized them as a credible way to bridge native BTC onto Ethereum . 2/ Both WBTC and renBTC are 1:1 backed by native BTC.

So to answer your question, if there is another ERC20 BTC which the market recognizes. And is natively backed. And our community governors want to add it to the acBTC basket

By all means, we are more than happy to add it. Therefore, going back to my original point. The more ERC20 BTC there more, the better it is for the acBTC ecosystem. I hope that addresses your question

Q2 from Telegram username @jefer_bn

The audit made public on github is from Secbit – a not very known project. Do you plan to extend the number of audits, maybe add some companies with a bigger reputation in the blockchain field?

Terry L. | NUTS Finance Great question. SECBIT Labs is our security partner since we launched the first product, the NUTS Platform. Although they may not be very well known, you can actuall check out their Github for some of the previous work which they have done. Very professional in what they do is what I can vouche for.

We have also worked with other ‘well known’ auditing partners, but to be honest, the delivery was less than expected.

Regarding to our plan to work with other auditing partners, short answer is yes

Security is our highest concern and therefore we will be getting another security firm to review our codes.

Also, we are going to release a Phase 2 audit report next week in conjunction with the acSwap launch. So stay tuned! We will formally announce the 2nd auditing partner once confirmed 🙂

Q3 from BTT user freelikewindstill, TG username: @astalavistabby

Tell us more about the governance of the project. How much do the governors need to stake, who is eligible to be a governor and what decision can they make? Thank you!

D. Папа Роуч i just wanted to say that the only issue with secbit for me.. their site looks way too plain, like if it was made in the middle of 2000s) sorry for critics. i probably shouldn’t judge book by its cover

Terry L. | NUTS Finance AC is the fuel behind the acBTC ecosystem. Holders of AC can participate in the community governance

In terms of specifics for how much AC one must hold in order to partcipate, we have not defined the specific guidelines yet. Our project launched on 10/4, 2 weeks ago and we understand alot of the governance details are likely to change therefore, we designed the framework but haven’t set the exact parameters. However, we will be setting up the DAO system soon after the launch of acSwap. This is when more details will be announced around the participation as acBTC Community Governors. Stay tune in our TG or Discord for official announcements. Also, to talk a bit more about what governance actually include.

Discord >> https://discord.gg/mvANFYe

TG >> https://t.me/acbtc_community

Twitter >>https://twitter.com/NUTSFinance

Terry L. | NUTS Finance Going back to the framework

Community governors can vote on items such as: fee structure in applications (ie. how much should acSwap charge), AC emission rate, total supply, new applications, new ERC20 BTC to be added to the basket etc.

D. Папа Роуч and can you share your tokenomics with us?

Terry L. | NUTS Finance Of course

The max supply of AC is 21mm

71.4% is allocated for liquidity allocation

28.6% is allocated for developer allocation. Emission is currently set to 1% per week. Meaning each week, 210,000 AC will be minted (150k distrbiuted via liquidity allocation, and 60k reserved for developer allocation). However, as i mentioned above, emission and max supply could change depending on Community Governor proposals and votes. In terms of the use case of AC, I mentioned above as AC is the fuel behind the acBTC ecosystem. Meaning holders of AC can serve as community governors and contribute sound decision making to grow and maintain the acBTC ecosystem . Did that answer your Q? @Cool_as_Ice Cannot mint more token. Max cap is 21mm.

D. Папа Роуч so you can mint more tokens if community want it?

Terry L. | NUTS Finance Cannot mint more tokens 21mm is the max cap. Governors can vote to reduce

Terry L. | NUTS Finance But cannot increase.

All great questions. Very high quality community and satoshi clubbers

Q4 from BTT user cengizhantekin, TG: @cengizhantekin

What are the differences between acSwap and acXcSwap?

Terry L. | NUTS Finance Good question! Just a small clarification, it’s actually xcSwap . So acSwap is an application where holders can exchange between ERC20 BTC at minimal slippage and competitive transaction fees. Example: if a user is holding WBTC and would like to swap for renBTC for whatever reason. He/she can use the acSwap function. Relative to existing swap applications (DEXes), acSwap offers minimal slippage and lower swap fees. On the other hand, xcSwap represents cross-chain Swap. This is an application where holders of native BTC can exchange for acBTC or any other forms of ERC20 BTC. So in short, acSwap = swapping between ERC20 BTC. xcSwap = exchanging between native BTC with ERC20 BTC. Hope that answers your question

D. Папа Роуч thank you for answer! and what about time? how long i have to wait to do the swap?

Terry L. | NUTS Finance You mean when the application is coming out or how long does the swap process take?

D. Папа Роуч yeah

Terry L. | NUTS Finance We are launching acSwap next week!

xcSwap will be launched before the end of this year

Gold Rocket | Satoshi Club You have a hot October !!!

Terry L. | NUTS Finance Bang bang!

D. Папа Роуч ohhh understood! looking forward to it! 🥳

Terry L. | NUTS Finance Follow us for the most timely updates and announcements 🙂

Gold Rocket | Satoshi Club We will definitely follow your news!

Terry L. | NUTS Finance There will be surprises from time to time

http://@acbtc_community don’t forget to join Satoshiclubbers

https://t.me/acbtc_community

Terry L. | NUTS Finance You guys are special really

Q5 from Telegram username @Tommyramble

Can you explain why do I get a warning notification from Uniswap when I try to buy ACoconut (AC)?

Terry L. | NUTS Finance I think Tommy is new to uniswap haha. Basically every new token listed on uniswap has the disclaimer to remind users to DYOR before buying a new token

DYOR includes verifying the contract addresses. And making sure it’s really tied to the project

So basically, the disclaimer is to inform users to double check the AC token contract address before buying

So please!! Do your research before tapping that max and submit button

https://app.uniswap.org/#/swap?inputCurrency=eth&outputCurrency=0x9a0aba393aac4dfbff4333b06c407458002c6183

The link i just send is a correct address for buying AC

The AC contract can be found here: https://etherscan.io/address/0x9A0aBA393aac4dFbFf4333B06c407458002C6183

Q6 from Telegram username @fottiomel

You say on your website that the swap is at minimum slippage and zero costs. What does minimum mean? How much is it?

Terry L. | NUTS Finance Great question! So the acSwap application is also built based on an amm model

User can select the maximum slippage tolerable in our application. The minimum amount is 0.1%. However, given there are sufficient liquidity to faciliate the order, slippage should not occur. It is only in the case where the order submitted exceeds the liquidity pool. In that case, it will be useful for the user to set a tolerable value for slippage. If a user sets the slippage at 0.1%, the order may not be fully filled. However, the slippage can be controlled. Ultimately, the objective is to build enough liquidit depth for our pools to sustain large orders. And that’s why we have reserved over 70% of AC tokens for liquidation allocation. To incentive people to provide liquidity onto our platform. Hope that answers your question!

Part 2 — live questions from the Telegram community

Q1 from Telegram username Cool ₿ Hi @luckydraw66

Why should I invest in acBTC? =))

Terry L. | NUTS Finance 1/ if you believe in Bitcoin’s narrative as digital gold and ethereum’s composability, then acBTC combines the best of both worlds. acBTC aims to be the most usable Bitcoin on Ethereum and our objective is to roll out the most usable financial applications

2/ AC token upholds the acBTC ecosystem. It is the fuel that powers the engine. 71.4% allocated to the community via liquidation allocation and 28.6% for developer allocation. No pre-mine or presale.

3/ Team, we are not an anon project, our track record dates back to 2018. You can visit our github to see what we’ve built in the past. Ultimately it comes down to our vision, which is to continue to leverage blockchain technology to build cool products to make the traditional financial workflow more efficient

Q2 from Telegram username @melanintrish – Testers

Weekly Missions, Periodic Promotions, Official Community Dealer. Can you give us more details on this four campaigns

Terry L. | NUTS Finance We are actively growing our community and looking for people to help test our products.

You can earn free AC tokens by:

1/ Completing weekly missions posted in our Discord channel (mission includes retweet our announcements, introduce a friend about acBTC, etc.)

2/ Locate and submit bugs in our products

3/ Becoming a community dealer, this is like an ambassador program where you actively promote and help grow the acBTC ecosystem

For details, please join our Discord https://discord.gg/mvANFYe

Q3 from Telegram username @jpsarmah

How can one participate in BIG BLIND and STRADDLE Liquidity Pools and when will HODLER start?

Terry L. | NUTS Finance
Big Blind Pool – stake renCRV LP tokens to earn AC and renCRV. It is a dual rewards pool.
Straddle – stake uniswap ETH-AC LP tokens to earn AC.
HODLER pool will be starting next week. Essentially, Big Blind will be migrating to the HOLDER pool at no later than 10:00 EST 10/22/2020.
HOLDER pool = user stakes acBTC to earn AC + transaction fees collected from acSwap application.
For participation details, please read >> https://medium.com/nuts-foundation/ac-straddle-pool-liquidity-mining-guide-dff39c5327ad
Or join our TG >> https://t.me/acbtc_community

Q4 from Telegram username @dec2607

How many products are there in acBTC? And which products are the core of acBTC?

Terry L. | NUTS Finance
Core applications include acSwap, xcSwap, acYield, acLoan
acSwap = exchange between ERC20 BTC
xcSwap = exchange between native BTC and ERC20 BTC
acYield = automated strategy to optimize return on ERC20 BTC
acLoan = lending and borrowing application, where acBTC can be used as a more efficient collateral asset

Q5 from Telegram username @Winterkom Winter Kommt 🥶

– What mechanism will acBTC use to keep its price equal to BTC? Will you use a token burning, elastic supply or buy back mechanism?

Terry L. | NUTS Finance
Also, the ERC20 BTC selected in the basket are all 1:1 backed by native BTC
So naturally, acBTC will be pegged to BTC prices
1/ Team – you can verify our team profiles and our track record
2/ Industry partner – check out the partners we are collaborating with, we are not an anon project who just started out a month ago.
3/ Traction – we launched since 10/4 and have already gained some good momentum and traction. But ultimately, please do your own research on our project.

Q6 from Telegram username @Himu799

Many scammer in online .why $Acoconut is legit atleast 3 Reason Tell Us?

Terry L. | NUTS Finance
1/ Team – you can verify our team profiles and our track record
2/ Industry partner – check out the partners we are collaborating with, we are not an anon project who just started out a month ago
3/ Traction – we launched since 10/4 and have already gained some good momentum and traction. But ultimately, please do your own research on our project.

Q7 from Telegram username @jpsarmah

I have seen the word VAULT associated with many DeFi projects like YFI, YFV, etc. What does the VAULT of acbtc.fi offer to users that is new and different and will you allow deposits other than ERC-20 BTC to yield farm?

Terry L. | NUTS Finance
This is a great question, didnt get to talk too much about it tonight
acVault is an application where we automate strategies to maximize returns for ERC20 BTC holders
Similar to YFI’s Earn application.
But the biggest difference is acYield runs strategy strictly for ERC20 BTC
This is a gap in the current DeFi landscape. There are not too many yield optimizer for ERC20 BTC, therefore our approach is leverage the composability characteristics of other DeFi protocols and allocate ERC20 BTC to the ones with the highest yield/return ratio.

Q8 from Telegram username @Jmagsss

What will be acBTC’s long term goal?

Terry L. | NUTS Finance
Our long term goal is to become the most usable form of Bitcoin on Ethereum.
The metric we will use to measure our success and goal is the number of acBTC minted on Ethereum.
Because we are tackling the problem of usability for ERC20 BTC, all the applications we design and roll out are from the user’s standpoint.

Q9 from Telegram username @Splendicity Jupiter

I’m confused. Is acBtc the project name or NUTFINANCE, because I can see both name in your website. explain pls

Terry L. | NUTS Finance
NUTS Finance is the development DAO behind acBTC.
As mentioned at the start of the session, our vision is to build cool products to improve efficiency of the traditional financial services workflow.
acBTC is the first mass market facing product we launched.
Once acBTC gets to a sustainable stage, we will build other projects.
So the relationship between acBTC and NUTS Finance is acBTC is a standalone project, NUTS finance is the development entity behind it

Q10 from Telegram username @Maksyrn

What are the real examples of using the AC token?

Terry L. | NUTS Finance
AC token is the governance token for the acBTC ecosystem
AC token holders can opt in to become community governnors
Governors can submit proposals and vote on things such as setting application paramets (swap fees, acLoan interest rate mechanism, xcSwap fees, etc.), AC token emission rate and schedule, new ERC20 BTC to be added to the basket, new applications to be added to the acBTC ecosystem.
So a very real example would be setting the acSwap fee
We are launching acSwap next week

Part 3 – Quiz Results

In the final part we tested your knowledge in terms of acBTC. They’ve prepared 4 questions for this part. The total reward pool for quiz was 800$.

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

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