Hello, Satoshi clubbers! Another AMA took place in Satoshi Club and we would like to introduce to you the AMA session with our friends from Bore Token and our guest were @Kn129 and @rapid_rapawr. The AMA took place on 7 April.
The AMA session was divided into 3 parts with a total crypto reward pool of 500$
In this AMA Recap we will try to summarise the most interesting points for you.
Part 1 — introduction and questions from the Telegram community
Mary | Satoshi Club: Hello Satoshi Club! We are happy to announce our AMA session with Bore Token! Welcome to Satoshi Club😀
D. | Satoshi Club: our guests today – @Kn129 and @rapid_rapawr from BNBvault.finance ! good to have you here guys!
Genie: Hi D. thank you for having us we are happy to be here!
Hi Mary!
Mary | Satoshi Club: Welcome here 😀
BscGeek: Hey everyone its great to be here today with you all 😊
lets do this !
Mary | Satoshi Club: Hello!
Let’s start our party 🎉
D. | Satoshi Club: let’s start! 🥳
Mary | Satoshi Club: Guys, could you please introduce yourself and tell us more about Bore Token 😀
BscGeek: Yes lets us hear it !
Mary | Satoshi Club: 🚀🚀🚀🚀🚀🚀🚀
D. | Satoshi Club: [ 😑 Sticker ]
Genie: Sure, thing so me and Knad have been in this industry for over 4 years now. And if you understand economics you would atleast have some idea how Blockchain is about to effect the whole economic system of the world. In any case last year as well as this year has been a really good one for both of us. So, last year around September I believe I came across CORE vault it was a very unique concept. I participated in it and it was my first token I did a 100x on. The more I understood it the more I Realized what a genius concept it was— (beauty of smart contract which allows creativity)— anyways one flaw that I did notice and it was not a flaw of the CORE contract it is of etherium was high fees. So when BSC came out i decided to release that contract on bnb as BORE. I understand that BSC is centralized but in exchange for that flaw it provides very little transaction fees. Which benefits users. So we are very excited to see how this will play out for everyone!!!
Mary | Satoshi Club: Yes, it has sense👍
D. | Satoshi Club: so you decided to make a fork of CORE on BSC?
Genie: Correct. The fees are near nill on BSC.
Mary | Satoshi Club: Did it take your long time to start Bore Token project?
Genie: Yes, Core is actually a fairly complex code I have 1 main back end developer along with another back end developer that helps out. Along with 1 UI guy me and Knad. That are part of the team. We have a lot of plans that for this project some which we cant announce right now. But all the token holders and LP holders will be happy and we are very excited!
BscGeek: The team and the devs have worked extremely hard on it for the last 2 months and we have left no stones unturned when it comes to preparation. We are extremely excited about this
Mary | Satoshi Club: If you have announcement you should definitely share it with us👏
Genie: We will!!!! I really hope we can keep working with you guys!
And we can use this channel to make the announcement we cant make it just now as there are few developmental things going on and I dont want to announce anything that is currently in complete.
Mary | Satoshi Club: Understand 😀Thanks for your intro, guys! Are you ready for the questions from our community?
Genie: 100%
Bring it
Q1 from Telegram user @Highpee
Your first project CORE was launched in September on the Ethereum chain and it has been deemed to be largely successful. However, you have now decided to clone this project and create BORE as a fork of CORE. Why do you think a fork of CORE is necessary and what do you intend to achieve with BORE? What are the limitations that are found in CORE which you will improving on with BORE and in what way will BORE operate differently?
D. | Satoshi Club: so as we already understand, it’s all about fees? this is why you decided to make a fork. or there is something else? what motivates you?
BscGeek: We are not associated with Core, We are a fork of core but the team is completely different. Some of the biggest things we want to achieve is make it easy for users to trade/stake, No one wants to pay $40 to stake on uniswap and with incorporating bore on BSC I feel this problem would be resolved. A lot of projects are incorporating from Uniswap to Binance smart chain and that’s why we wanted to bring this to BSC
Genie: So let me clarify a misconception in that question. WE ARE NOT CORE. BORE has its on team of developers marketing team etc. We did take there concept, which I personally loved and decided to go on bore. Mostly because the fees on bsc are so low. If you transact core on etherium you will pay about 45 dollars in transcation fees give or take, where as in BORE you will pay what 3 cents on BSC. Dont get me wrong iam a huge propnant of Etherium for several reasons —but thats a topic for another day. So this basically boils down to the fees structure and transactional fees (which I explained). As for fees structure CORE is 1.1 percent we are 2.2 percent 2 percent goes to lp holders and .2 percent goes to development team.
Mary | Satoshi Club: Will you follow the path of Core development in the future? Or you will develop your own initiatives?
Genie: No, although we have started from the same place in terms of code. Our directions will be completely different. Atleast in terms of what we have planned for the near future. There will be announcements of these in the coming weeks.
Mary | Satoshi Club: Gotcha! Thank you!
Ready to proceed?
Genie: YEs!
D. | Satoshi Club: let’s goooo
Genie: Always
Q2 from Telegram user @lukacy
Can you tell us about the token tokenomics? How will the value of the token being determined? You talked about the price floor – a point below which price cannot drop. How would you maintain it?
Genie: Yes, so the way this works is we will always ever have only 10,000 tokens. The advatage of lGE these 10,000 token are given for free to bnb contributors, but inside an LP pair which cannot be unlocked for the underlying asset. IF you were to create an lp after the lge you will have to pay for BNB and BORE to create lp and then stake it. So as trading begins more BNB gets locked in as Bore comes out into traders wallets raising the price floor in the process. And the benefit of this goes to lp holders who staked on our platform in the form of 2 percent transactional fees.
D. | Satoshi Club: for people who not familiar with CORE project – are you using the same token model? with the similar token supply as i understand?
Genie: Exactly same except for transactinal fees model.
D. | Satoshi Club: got it! thank you for the answer! let’s move onto the next question?
Genie: Sure
Q3 from Telegram user @yiselen
To encourage real value and TVL to flow into BORE, BORE smart contracts employ exchangeable strategies that store coins within groups. This gives a great incentive to anyone who wants to farm BORE with coins other than BORE / BNB LP. What are the main functions that I must fulfill to be a bearer of BARE TOKEN benefits?
Genie: So we are working on an arbitrage bot as well that can use the LP tokens wraps them and creates value by evening out different assests being traded at different exchanges at different prices and using the profits to increacse the APY of lp holerss. This is a little more complex then anticipated. Due to our token being on BSC and most real assests being on etherium. But there are some major assets on BSC as well. We are working on this and will have an announcement about this.
Mary | Satoshi Club: Gotcha! We will wait for the announcement!
Also, can you tell us where we can get Bore tokens now?
Genie: At this point you can only get LPS. BORE will be availaible once we list on pan cake swap. PLease visit our website bnbvault.finance for timer
Mary | Satoshi Club: Don’t see it😂
I see only coming soon
BscGeek: The LGE is live on our website . Anyone that wants can participate here https://bnbvault.finance (https://bnbvault.finance/)
Genie: You will have to connect with you metamask on bsc. And the timer is going on with the lge evernt
D. | Satoshi Club: 👌
Mary | Satoshi Club: Gotcha! Thanks!
BscGeek: You have to click on the LGE tab
Mary | Satoshi Club: Will try to connect after AMA😉
Ready to go to the next question? Or you want to add something?
Genie: Lets keep em coming
BscGeek: I think we are good. Lets proceed
Q4 from Telegram user @MaxiVV
I saw that you’re a very young project, even you created your twitter account on March 2021. While i was researching your page i realized there is not whitepaper, partners list, information about the BORE team. I worried a little about this because if we don’t have the enough information how can we trust our money to you? Could you share information about the points mentioned before with us? Please
D. | Satoshi Club: and we can ask here about roadmap as well, people love to know about future plans of project. do you have plans to publish roadmap?
Genie: Sure so we have been underdevelopment for a while now. We just engaged our marketing channels recently. Our concept is pretty simple and if you read through out medium article all the pertinent information is availaible there. Trust is only earned we havd delievered everything we promised and we intend to keep it that way. We are not in it for money more than the love of blockchain technology. If you don’t trust us its fine we would hate for you to be not part of our project. But that is not under our control, rest assured whatever is under our control we will deliever it 100 percent.
D. | Satoshi Club: 👍
Genie: As for future roadmaps these will be announced in our media channels. Please see them We dont want to announce anything that is not complete. That is my personal prefernce. And i intend to keep it that way.
Mary | Satoshi Club: Gotcha! But may be you have approximate dates when you plan to publish it?
Genie: I will say we will have a big announcement for our contributors in the next 2 weeks
D. | Satoshi Club: yeah, i support your point. even some big projects don’t have a public roadmap, because things changing so fast in crypto
BscGeek: Exactly !
Genie: I think its not cool to say we will deliever this and that. I think its better when you deliever it and let the people know.
D. | Satoshi Club: agreed! 👍
Mary | Satoshi Club: Wise words!😀
Thank you for your answers! Ready to jump to the next question?😀
Genie: Ready
Q5 from Telegram user @Antoni_azx
There’s a feature on your website named “The Beaty Zone” however when I click it doesn’t open any link or action, what is it and what is it for?
Genie: This a purely cosmetic thing. Like solitaire and Minesweeper. I decided to place that there. THere is nothing to it
May be ill remove it
Mary | Satoshi Club: You care about beauty 😜
D. | Satoshi Club: and Paint😄
BscGeek: haha
Genie: Or perhaps put a quote there saying “you are beautiful” when you click on it hmmm
D. | Satoshi Club: nice idea!
Mary | Satoshi Club: Ahaha, cool😂
Genie: lol
Mary | Satoshi Club: I will visit your site every day🤣
Genie: Lol……
Mary | Satoshi Club: And just one 6th and last question left from this part 😀 ready for it?
Genie: Ill do it just for you
after the launch
lets go
Mary | Satoshi Club: Thank you 😂
Q6 from Telegram user @MihaiPisica
I saw in your TG Channel an announcement about your project being audited by RUG DETECTIVES. Can you relate us to what will focus your main task audition process? Are there possible some private user data leaks, delays in data delivery, or some other issues you should figure out and we must stay attentive? And when it will be finished and revealed? What about other more audition campaigns from 3rd parties and when are they planed? Or it will be just one by this time?
BscGeek: haha we knew this would come up, sure we will be glad to clarify !
D. | Satoshi Club: audits are important mmmkaay 😁
Genie: So we had a falling out from rug detectives, per them the everything in the code was completed and good except for a critical error. Just so you know iam involved in other projects as well and i have about 10 developers that work under me . ANy ways so I asked my developer about the thing that was critical according to him its not critical at all. Its just a different way of calling the fucntion. I verified that independently with one of my other developers and he basically laughed at the report. So i cloned my whole project ran the sale event and ran all the transactions to verify everything was secure. And it was. When i pointed all this out to the auditor. HE hinted towards paying him more money and at this point I knew what was going on and and told him we are done. One second ill send the report here
BscGeek: Yes abosultely thats why we decided to get one
Genie:
We verified the contract using following.
My devs verified using the following
Tools
Sol-profiler – Gas profiling
Oyente – Finding common vulnerabilities
Slither – Solidity static analyzer
Securify – Solidity static analyzer
Solhint – Enforce consistent conventions and avoid errors
Ethlint – Style & security issues
Mary | Satoshi Club: do you plan another audit? May be you will find another audit firm which will make everything honest?
Genie: The reason why this is not a critical issue:
Firstly the code is of an OpenZepplin library named SafeERC20, to which I must say OpenZepplin codes are thoroughly audited and globally used as a standard for writing smart contracts.
Secondly coming to the logical implementation of the function, it is making a low-level safe call which is nowhere utilised inside the contract.
Thirdly re-entrancy is mostly for handling Ethjer transfers, but the vulnerability that is being pointed out is inside a library for token transfer.
Finally, kindly go through this link explaining the whole functionality and its verifiability.
https://solidity-by-example.org/sending-ether/
BscGeek: Core has the same function in their code which he mentioned as critical
Genie: My devs response
Mary | Satoshi Club: Lol, did you tell them?
BscGeek: Our github is also on our website so anyone can review the code
Genie: We are confident at this point we are good as we are exact clone of core and everything is good with them
BscGeek: Our devs laughed, we were done entertaining him and decided to release this report anyways
Mary | Satoshi Club: Gotcha!
Genie: No, its really not our business
Mary | Satoshi Club: Understand! Thank you for your answers!
Genie: Sure thing
Mary | Satoshi Club: And storm of live questions incoming, can you feel its breath?😀
Genie: lol
bring it
Mary | Satoshi Club: Let’s go 🚀
Part 2 — live questions from the Telegram community
Q1 from Telegram user @Karoech
I see many pool options for farming BORE tokens. Have you considered the effect of inflation with the increase in BORE supply? How do you keep the inflation rate steady?
Genie: Our supply will never increacse above 10k coins
Q2 from Telegram user @cryptofollower
I think there is something is really unique on tokenomics of BORE. There are only 10.000 tokens and the team does not hold any tokens. So can we say the community will own the BORE token? Why did you choose this idea to allocate no tokens for the team? And what benefits will this bring for BORE?
Genie: Would you rather us hold tokens and dump on our community. I think not, we are in it for long term viability and the tech.
Q3 from Telegram user @KhaleesiTheCryptoLady
How much APR if we stake in BORE? Do you have also plan to offer liquidity mining?
Genie: This is not under our control purely determined by transactional volume.
Q4 from Telegram user @topind7
I just knew about this project today and already in love with it, how do I understand to the core what Bore token is all about and how I can benefit as a long term investor?
Genie: Again, please read our medium article for details on the mechanics of the token. We love you and are glad for the kind words!!
Q5 from Telegram user @jayzfreakshow
As I know a strong community is very important for every project. Do you plan to be a local or global project? What strategy will be used to expand the community?
BscGeek: We are trying to reach out to as far of an audience as possible. We get AMA requests everyday from communties all over the world and the response from all communtites has been humbling and overwheling. We will try to get as many communities involved in this project. We are in talks with some japenese and vietnamese channels regarding bringing our project to them. As soon as something is finalized you will hear it from us first !
Q6 from Telegram user @smelekin
You said the beauty of smart contract allows creativity but the same smart contract allows exploits if there is a bug. So how can you make sure the smart contract of Bore won’t have any bugs?
Genie: We have already deployed a clone of this contract to make sure everything is working properly. And there are not vulnerability. This was tested using following. Sol-profiler – Gas profiling
Oyente – Finding common vulnerabilities
Slither – Solidity static analyzer
Securify – Solidity static analyzer
Solhint – Enforce consistent conventions and avoid errors
Ethlint – Style & security issues
Q7 from Telegram user @cryptoneco
How much revenue does BNBVault Finance generate to be an attractive investment tool? What is your strategy to generate revenue for your users? How does the user investing in your platform make sure they have a legitimate ROI?
Genie: Again, purely depends on transactional volume atleast in the initial stages.
Q8 from Telegram user @pratze
My opinion, if a project wants to grow big and spread fast to world, then they need partner assistance to achieve that. but I don’t see list of partners from BORE tokens in your site, can you describe who are the partners of BORE token and what has been achieved from that partnership?
Genie: We dont want to seek out partners.But if something happens serendiptuously definetly open to it.
Q9 from Telegram user @Ratash99
Can you explain the process of farming BORE with coins other than BORE/BNB LP and what are these coins ?
Genie: Doesnt work that way.
Q10 from Telegram user @doithay1617
Community is an important factor in the success of any project!How many communities does Bore have ?What are there any plans to develop Bore to global ?
Genie: We have a marketing team working on this front. And they have done a great job.
Q11 from Telegram user @Yiselen
BORE is a fork of the core of a non-inflationary cryptocurrency that is designed to autonomously execute profit-generating strategies with a completely decentralized approach. What are the security methods implemented by BORE for the care of the data and assets of the users who hold the token? @Kn129 @rapid_rapawr
BscGeek: There will be a price floor created meaning price can never fall below. The price will be determined once the LGE ends depending on the amount of BNB raised during LGE. LP token holders that buy LP token will have bought it at the cheapest price possible. The price floor will be an incentive to make people feel secure
Q12 from Telegram user @atillayeni
Why did you just fork from CORE for this project? Why didn’t you just build a bridge for BSC for CORE? What is the reason for creating BORE project?
Genie:
Please read ama for answer to this question.
Part 3 – Quiz Results
As usual, for the third part, Satoshi Club Team asked the chat 4 questions about the crypto project. A link to a Quiz form was sent into the chat.
For more information and future AMAs, join our Social Media channels:
English Telegram group: https://t.me/Satoshi_club/
Russian Telegram group: https://t.me/satoshi_club_ru/
Spanish Telegram group: https://t.me/satoshi_club_spanish/
Telegram Channel: https://t.me/satoshi_club_channel/
Twitter: https://twitter.com/realsatoshiclub/
Website: https://esatoshi.club/
Our partners:
Telegram: https://t.me/BOREvault/
Twitter: https://twitter.com/BoreToken/