AMA Satoshi Club x Decus, April 14th

AMA Satoshi Club x Decus, April 14th

Educational task of Satoshi Club drives us to acquaint you with all new projects. We were delighted to welcome our guest from Decus. The AMA took place on April 12th, 2021 and our guests were @Blake_BB  and @Sunny0928.

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.

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

Gold Rocket | Satoshi Club: Hi there Satoshi Club! We conclude our today’s  long AMA marathon series with DeCus.io.

Andrés M. | Satoshi Club: @Blake_BB and @Sunny0928 welcome to Satoshi Club

Gold Rocket | Satoshi Club: Hello and welcome to Satoshi Club @Blake_BB  and @Sunny0928!

Sunny@DeCus: Hi guys

[email protected]: ah there we go. Lol. we werent able to speak there for a moment. glad we got our voices back

Andrés M. | Satoshi Club: Sorry for that, how is going your day guys?

[email protected]: Glad to be here….we are with DeCus…..cross-chain BTC pegged platform

Sunny@DeCus: Happy to have the chance to introduce DeCus to you all

[email protected]: no problem….i think you guys have had a long day…..many AMAs I see…..but glad that you saved the best for last lol. OK. sure Sunny and I are both in Charge of International Marketing for Decus

Decus.io

Andrés M. | Satoshi Club: The cherry in the cake 😁

[email protected]: Which, as I mentioned is a cross-chain solution for bringing BTC into the DeFi space. with our eBTC. we will get into that more in a bit, I suppose

Gold Rocket | Satoshi Club: this is very interesting … please tell us more

Sunny@DeCus: We have been working in this crypto space for over 5 years.

[email protected]: Yes, so our platform is similar to projects you may have heard of like RenBTC or tBTC WBTC, but our platform is fully decentraliized and MUCH MUCH lower collaterizaton rates

Andrés M. | Satoshi Club: How did you get involved in crypto?

[email protected]: for RenBTC or others, you will be looking at collateralization rates of 150% or more…but with Decus, we knock that down to 30-50%…eventually down to 20%! say it with me: “Game changer!”

Sunny@DeCus: Game changer!

[email protected]: well done…..sorry i forgot Sunny is the only one alllowed to speak lol

Andrés M. | Satoshi Club: Wow

Sunny@DeCus: It’s a short story. From buying bitcoin, lol

[email protected]: but I know the rest of you were all saying it in your minds so that is good enough for me

Gold Rocket | Satoshi Club: it sounds stunning😁

[email protected]: But, speaking of the team….our team is made up of top scholars from top universities

Andrés M. | Satoshi Club: Well, we are here to know all about Decus 😁 How big is your team?

[email protected]:

Our core developers are all top scholars from Tsinghua University and Peking University. Like the Harvard and Stanford of China

Sunny@DeCus: By looking at the background of our team members, you will definitely know that something excellent will be done by us.

Gold Rocket | Satoshi Club: How long does it take to develop Decus? What plans do you have for the future?

[email protected]: In fact the platform is able to achieve such low collateralization rates because of the phd work of our Dr. Guang Yang, well, looking forward, after eBTC, which is aimed at bringing BTC to the ETH DeFi ecosystem, we can then replicate that on other chains, like BSC, HECO, Conflux, etc. that is the longer term plan

Andrés M. | Satoshi Club: Thank you so much for the detailed introduction about the project We have collected some community questions. Are you ready to proceed?😃

[email protected]: OK, great. Sure. Ready, Sunny? we’re ready when you are

Q1 from Telegram User

@Korryl

I see that Decus Project already have many big project as partner like FBGCapital, SevenXVentures, PuzzleVentures, BreederDodo, Conflux_Network, dForcenet, and hiFramework also more. Can you tell us what is the biggest achievement that Decus get from partnership and what are criteria to become one of Decus partner?

[email protected]: OK, I’ll take this one, Sunny

Sunny@DeCus: OK

[email protected]: Yes, these are all our key partners…..I think some of the biggest things they have given us is their technical expertise…but also their network of contacts

Sunny@DeCus: I’m also ready

[email protected]: but, really, in addition to these, we have a vast network of Bitcoin miners in China that are backing us. This is very important, not only because our platform relies on BTC being deposited, but because these BTC miners are very powerful and have vast resources of their own that can assist us. i think that should do it for that question

Sunny@DeCus: Exactly, BTC miners in China are supporting this project…their network is serious

[email protected]: Here is a full look at our key partners so far. We also have a number of important KOLs that will be supporting us in our upcoming IDO

Andrés M. | Satoshi Club: Thank you, any other partnership coming?

Sunny@DeCus: Mask.io is also on board.

[email protected]: Yes, as I was just sasying, we have several key KOLs, such as Mr. Block, who is very influential around the world, but also in Greater China… So, we are really looking forward to our upcoming IDO….watch for it…..just around the corner…..20th of this month

Gold Rocket | Satoshi Club: don’t forget to share with Satoshi Clubbers when the time is right👍

Andrés M. | Satoshi Club: Very soon 🥳

[email protected]: Sure thing……people can join our telegram group @decus_official to be the first to know. yes, very soon….there should be round 1 of IDO on April 20 and Round 2 on April 25. The platforms where the IDO will be held will be announced first in our Telegram group

Andrés M. | Satoshi Club: Satoshi Club, don’t forget to join 💪

Gold Rocket | Satoshi Club: @decus_official Join Satoshi Clubbers🚀

[email protected]: ya….what she said!

Andrés M. | Satoshi Club: Thanks for the answer, would you like to add something before the next question?

[email protected]: I think we are good…..bring on the next one please

Q2 from Telegram User @alptrader

What will be the eBTC supply? As eBTC is supply pegged to BTC, did you mint all the tokens that Bitcoin has right now? If not, will you mint eBTC tokens after people send BTC into the ecosystem? And what is going to happen to eBTC supply when people want to convert his eBTC into BTC?

Sunny@DeCus:

This picture may be helpful for understanding how eBTC is minted

[email protected]: Yes, this illustrates the process clearly

Sunny@DeCus: Blake , can you give more details?

[email protected]: Sure

Andrés M. | Satoshi Club: Yes please😁

[email protected]: it’s pretty straightforward. Someone wishes to deposit their BTC and receive eBTC on the ethereum network on the other end .the BTC is then held in custody…and eBTC is minted…..so there is always 1:1 peg for each BTC:eBTC. there is no pre-minting

Andrés M. | Satoshi Club: What about the fees? How to deal with it?

[email protected]: @Sunny0928 did you want to discuss the fees?

Sunny@DeCus: OK

[email protected]: So, i think generally we can say that there is a minting fee and a redemption fee. Those are the two main ones

Sunny@DeCus: Users have to pay gas fee for minting and redeeming eBTC, it’s decided by the blockchain network

[email protected]: ah there go. Yes, so those are the only two main fees to be concerned about…and of course the gas fees. But, once the platform also expands to BSC, HECO, Conflux, etc. those issues become less of a problem

Andrés M. | Satoshi Club: When will be that?

[email protected]: That should happen fairly quickly. The main issue with explanding has already been address with our core algorithm that allows for the extremely low collateralization rates……I dont know if we have any math geeks in here, but I can share some of the details of how that works

Sunny@DeCus: And DeCus system will also charge fees for minting and redeeming eBTC, but at the very beginning of our project, this part of fees will be exempted

[email protected]:

That one is for all the math geeks….I definitely am not one of them…sorry

Sunny@DeCus: We want to attract more users to mint eBTC and bring them to multiple defi protocols and earn with eBTC

Andrés M. | Satoshi Club: Wow, I need a youtube video explaining this 😬

[email protected]: i agree. That’s why the guys in our core tech team who developed it all have Phds lol

Gold Rocket | Satoshi Club: Nevertheless, thanks for the mathematical justification.👍

Andrés M. | Satoshi Club: Great aim, I think currently that’s what a lot of users are looking for

[email protected]: I think we can take another question now

Andrés M. | Satoshi Club: Admirable, congratulations guys 👏 Let’s go

Q3 from Telegram User

@Highpee

DeCus is a cross-chain custody system which offers tokenized Bitcoin ($eBTC), an ERC20 token backed 1:1 with real Bitcoin. What is the essence of the tokenization with BTC if $eBTC is not going to reflect the market price of Bitcoin as said in your project document? How is $eBTC expected to react to fluctuations in $BTC price and how is the supply peg affected? Lastly, in what way will $eBTC improve on some of the available tokenised Bitcoin and provide decreased risk in a truly decentralized manner?

Sunny@DeCus: I’ll take this one

[email protected]: OK. sure Sunny

Sunny@DeCus: eBTC is building a supply peg, not a price peg, which means BTC/eBTC might not be exactly the same, and eBTC might trade at a slight premium or a discount, just like other stable coins, i.e USDT and other tokenized bitcoins, i.e tBTC. Actually, for bitcoin holders, it does not matter what the actual price is, it just matters that you can redeem it for 1 BTC at any time. And speaking of this, eBTC is fully decentralized, so there’s no need for you to worry about irredeemable issue.

[email protected]:

Sunny@DeCus: Actually, I have to say, compared with other tokenized bitcoins, eBTC have lower risk to be not pegged with real btc

[email protected]: Yes, just to add. Here is a diagram showing how the keeper network works…and why it is secure. Indeed…compared to some centralized pegged BTC, the risk is so much higher for those

Sunny@DeCus: because the collateral of eBTC is BTC, not ETH(like tBTC) or system tokens(like renBTC). eBTC uses a system of ‘Custodian Network’ to accomplish the tokenization of bitcoin. All keepers in the Custodian Network are organized under the overlapping group assignments in a 100% decentralized way given Keepers are permission-less to join or leave the Network at will.

[email protected]: I think we nailed that question pretty fully…

Andrés M. | Satoshi Club: What makes eBTC different from other similar projects like tBTC or wBTC?

[email protected]: Well, I think Sunny just mentioned a few of the key differences

Here is a comparison chart of our eBTC vs other competitor projects

[email protected]: it mainily comes down to the level of decentralization and low level of collateralization. eBTC beats them all on both of these two key fronts

Sunny@DeCus: In a few ways actually, more decentralized, low collateralization

Andrés M. | Satoshi Club: Yes I see 💪 Well, thank you guys for the clear answer, ready to go with our next question?😃

[email protected]: ok. lets do it

Q4 from Telegram User @Moon_951718

Do you have any Coin Burn/BuyBack systems or any Token Burn plans to increase the value of the Token and attract Investors to invest?

[email protected]: Well, I should mention first that the DeCus token, DCS, is primarily a governance token. so holders can eventgually decide via DAO the key facets of the platform. It will also have profit sharing arrangements, but those are still being worked out, and will be announced prior to the IDO. So, please follow the announcements on the tokenomics prior to the IDO on the 20th

Andrés M. | Satoshi Club: Do you have an announcement channel?

[email protected]: Right now, our main Telegram group is @decus_official and Twitter is @decusio

Andrés M. | Satoshi Club: Satoshi club, let’s join 🥳 Would you like to add something before the next question?😃

[email protected]: I think we are good. Lets go for it

 Q5 from Telegram User @Winner_don

Decus aims to solve one of the problem in the blockchain space is INTEROPERABILITY by creating a decentralized bridge connecting bitcoin to other blockchain assest. When you said other Blockchain assest, did you mean all blockchain assest including NFT, Stablecoins? You created a tokenized Bitcoin “eBTC” on ethereum network. Does that mean that the bridge will be a link between “original bitcoin on bitcoin network” and “bitcoin on other blockchain networks”? or the tokenized coins on bitcoin network? Or maybe both or more… what edge did it have over other tokenized bitcoin? An explanation will help.

Sunny@DeCus: I’ll take this. You can have a rest Blake.

[email protected]: lol great….I’ll be in the corner having a beer

Sunny@DeCus: DeCus is more than a solution for tokenized bitcoin, actually.

Andrés M. | Satoshi Club: Haha

Sunny@DeCus: The reason why we choose to launch with eBTC is that 2020 has seen a huge year for DeFi on Ethereum Network, but Bitcoin, the biggest player, has been shut out. BTC holders can’t access DeFi services, liquidity mining, farming, etc. That’s where Decus comes in.

Gold Rocket | Satoshi Club: Sounds great 👍

Sunny@DeCus: As Blake have mentioned , after the successful launch of eBTC, the cross-chain custody system can be used to bridge other assets

[email protected]: Indeed

Sunny@DeCus: First step is to connect “original bitcoin on bitcoin network” and “bitcoin on Ethereum Network” Second step is to bring bitcoin to the whole DeFi system, not only Ethereum Network, but also BSC,heco ,conflux,etc

[email protected]: Yes, so this project is bigger than just BTC/eBTC….it’s building much more than that… BTC/eBTC is just the start

Sunny@DeCus: We can imagine more

[email protected]: I’m done my beer now…did you have any other questions left?

Andrés M. | Satoshi Club: Of course, thank you guys for the clear answers, let’s proceed

Gold Rocket | Satoshi Club: Last one😁🍻

Andrés M. | Satoshi Club: Our last question of the first part is here 😃

Q6 from Telegram User @kimzyemma

Tokenized bitcoin is another frequently used pegged value crypto assets, and alot of tokenized bitcoin has already existed like

WBTC, HBTC, tBTC, renBTC, sBTC and so forth. How do you want to stand out among  these since most of them are also ERC20 token backed 1:1 with real BTC? Is there any new package we should be expecting from

eBTC in order to convince the community about this project?

[email protected]: I think this question has kind of already been addressed already. we’ve gone through why eBTC stands out among those other tokens and what the difference are….and why eBTC is the best one, of course lol

Andrés M. | Satoshi Club: That’s true, it was partially covered, would you like to provide more details?

Gold Rocket | Satoshi Club: yes partially disclosed

Sunny@DeCus: More decentralized, low collateralization. lol

[email protected]: yes, exactly. 4 simple words: “more decentralized, lowest collateralization”. I think that does it

Part 2 — live questions from the Telegram community

Q1 from Telegram User @Moon_951718

What kinds of industries are you trying to penetrate, what kinds of companies and partnerships are you aiming for?

[email protected]: OK, let me take this one first…some of the main partnerships we are looking at right now…..is with key platforms like Compund CRV AAVE, etc. Once our eBTC gets integrated with these platforms, it will be a big plus for DeCus. I can tell you that we are currently in discussions with these platforms

Q2 from Telegram User @Trilogic3

What’s the story under the name of “Decus” and why?

[email protected]: The name DeCus basically means Decentralized Custody…so DeCus!

Q3 from Telegram User @boradam

Why adding bitcoin into ethereum network and into other networks is important?

Sunny@DeCus: Bitcoin, the largest cryptocurrency by market capitalization, is incompatible with the current DeFi structure on Ethereum network. The incompatibility makes bitcoin holders outsiders of the prosperous DeFi world, meaning that they cannot enjoy DeFi services, as well as the opportunities of liquidity mining and farming in DeFi. So it’s important to bring the liquidity of Bitcoin in. It’s win-win to the whole crypto world

Q4 from Telegram User @surendra040

While looking over your team information ,Why did you choose to remain anonymous ? do you have any plan for going public

[email protected]: I wasnt sure if I should answer this question because the person asking clearly hasnt read the info…but I think it’s important to repeat that the DeCus team is NOT anonynous….in fact the team is fully public and many of the key tech people are top scholars in their field

Q5 from Telegram User @centoscu

Why low collateralization is better for eBTC? Why high collateralization is bad?

Sunny@DeCus: High collateralization rate means lower capital utilization rate. To be more specific, each minted tBTC-token requires collateral of value ≥1.5BTC, and each renBTC requires collateral value ≥3BTC. Such over-collateralization would significantly increase the cost of using tokenized bitcoins. While each minted eBTC may only need 0.5 or less BTC collateral

Q6 from Telegram User @RosemaryBianco

Do you like Scooby-Doo? simple question

🐕❓

[email protected]: yabba dabba doo!

Q7 from Telegram User @lukacy

When will you have your public and private sale?

[email protected]: IDO will begin very soon on April 20…the platform to be announced and other specifics about how to participate will be available in our Telegram @decus_official and Twitter @decusio

Q8 from Telegram User @Smartling

Since eBTC uses a system of Custodian Network to accomplish the tokenization of bitcoin. How about the safety of users funds and private keys?

Sunny@DeCus: All keepers in the Custodian Network are organized under the overlapping group assignments in a 100% decentralized way given Keepers are permission-less to join or leave the Network at will. The keepers will be punished if they try to stolen the users’ bitcoin. Their collateral will be taken away.

Q9 from Telegram User @ronaldo_super

On your website it says you don’t have your token but you said there is a DeCus token DCS governance token. Which is true?

[email protected]: I beleive the website may not discuss the token too much because we wanted to intially focus on the custody technology. Now that core testing has been done, we can look at the token and the tokenomics of DCS

Q10 from Telegram User @Guandog

Do you plan to venture into the world of NFTs and that it is somehow related to BTC?

[email protected]: yes, i know that NFTs are super hot right now……This is another area that we plan to expand into…..once we have identified standardized metrics for NFTs for collateralization, we will definitely be expanding into NFTs. Again, DeCus isnt just eBTC, it is a platform and a system/technology that allows BTC to be pegged and essentially transported like on the Star Ship Enterprise onto all sorts of alien worlds, ETH, BSC, HECO, NFTs…where BTC needs to beam down to

Part 3 – Quiz Results

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

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