Hello community. Today we would like to tell you about the AMA session with our friends from Crypto Locally. The AMA took place on September 25 and our guest was Jae Chung.
The total reward pool was $500 and it was splitted into three parts.
In this AMA Recap we will try to summarize some of the most interesting points for you.
PART 1, INTRODUCTION AND COMMUNITY QUESTIONS
Mary | Satoshi Club: Hello, Satoshi Club! Today we are proud to announce that our guest today is from @cryptolocally! @jaechung welcome to Satoshi Club. 😀
Jae Chung | CryptoLocally: Hey hey.
Serg | Satoshi Club: How are you today?
Jae Chung | CryptoLocally: Doing well. How are you guys?
Serg | Satoshi Club: Doing great as well 🙂 we just saw your news.
Mary | Satoshi Club: Happy to see you here) please, tell us about yourself and, of course, about CryptoLocally.
Jae Chung | CryptoLocally: I started coding when I was 13, and started working at a couple tech startups as a teenager. I met Hugo at a company called Jobable in Hong Kong, where we got to work on a blockchain project together. I was impressed by both the technology and community behind it, and I started contributing to the EOS community as a developer. I wrote open source scripts that helped start and peer nodes, and launch a network (Ghostbusters infrastructure standards). I found a vulnerability in EOS.IO that qualified for a bug bounty and wrote an automated testing suite for EOS system smart contracts (now integrated into Block.one’s codebase). I also helped launch the EOS mainnet along with a few other developers. Outside of starting HKEOS, I advised Lumeos and Uncloak, worked as a tech consultant, and started CryptoLocally with Hugo.
Serg | Satoshi Club: Sale is soon?
Jae Chung | CryptoLocally: Yes, Tuesday 13:00 UTC.
Serg | Satoshi Club: Is there a whitelist? or anyone can join?
Jae Chung | CryptoLocally: There was a whitelist lottery yesterday, and there may be a flash second round soon haha. Anyone can join the actual public sale. Check this article out for more details: https://medium.com/@cryptolocally/the-giv-distribution-event-details-b2e9bf45458f
Mary | Satoshi Club: Will the price for GIV sale be fixed?
Jae Chung | CryptoLocally: It is a bonding curve sale, the price starts at 0.0065 USDC/GIV and follows a bonding curve. 30M GIV tokens (3% of supply) is the hard cap for the public sale.
Mary | Satoshi Club: Higher and higher) does it mean first come first serve? Btw, as I know you had successful private funding for GIV? Can you disclose which price was for it?
Jae Chung | CryptoLocally: Nope! The auction is designed so that there is a fair chance for everyone, it’s a batch auction, so orders are fulfilled in 5 minute intervals. There are no front running issues that you normally find in Uniswap.
The order interface will be revealed on the CryptoLocally (https://cryptolocally.com/) website before the time of public sale (Tues 13:00 UTC). Alternatively, you can find the interface on Mesa (http://mesa.eth.link/), which is already available.
Yes! Here are the details: GIV closes 30x oversubscribed pre-sale led by Alameda Research, IOSG Ventures, NGC Ventures, Genesis Block, 3Commas, Smile Research, and One Block Capital, https://finance.yahoo.com/news/giv-decentralized-fiat-gateway-defi-144700755.html
Prices for the round, allocation, tokenomics are all transparently published: https://medium.com/@cryptolocally/about-the-giv-token-33ec2878cc37
0.004 USD/GIV for private sale. So the public sale initial price is very close to it.
D. | Satoshi Club: Which cryptocurrency I can use for buying?
Jae Chung | CryptoLocally: Only USDC will be accepted to avoid confusion.
Mary | Satoshi Club: And can you tell us about early support from Binance and Tron? How did they support CryptoLocally?
Jae Chung | CryptoLocally: Sure! We are Binance Fellows and collaborated with Binance to integrate Binance Chain — they helped promote. Same as Tron, we integrated Tron and did a big marketing/promotion/PR push together.
D. | Satoshi Club: Great introduction! thanks! i thing we ready for the questions from our community.
Q1 from bitcointalk user linderm
When I take a first look at cryptolocally, it reminds me of localbitcoins. Is a better version of it or it is something totally different?
Jae Chung | CryptoLocally: At CryptoLocally we upgraded traditional escrow systems by using smart contracts. This feature completely removes the third party from a trade while keeping a tight security layer throughout the trading process.
Smart contract escrows enable users to trade among themselves without having to deposit their funds to an exchange wallet. The assets are directly sent to the smart contract address and released only when the seller confirms the payment reception. CryptoLocally doesn’t get full control of any users’ funds.
There’s also a few key differentiators: First of all, we have a wider range of coins and tokens available for trading compared to LocalBitcoins or Paxful. On CryptoLocally, you can trade EOS, ETH, TRX, USDT, BNB, and more (20+ tokens).
Second, there is no KYC verification needed for P2P trading on CryptoLocally and the DeFi feature. You can start using our platform right after signing up with your email address. This is because CryptoLocally is non-custodial, meaning that we are never in control of your funds. Instead, the selected crypto is sent directly to the smart contract on-chain and is secured by the escrow until the end of the trade.
Third, we’re the first P2P trading platform with a DeFi feature! We recently released the Finance Wallet, allowing you to earn interest on your cryptocurrencies, hassle-free. And finally, we have our own native token called GIV. You will earn GIV every time you or one of your referrals complete a trade on CryptoLocally.
Mary | Satoshi Club: What features Finance Wallet will have? What advantages i will have by using it?
Jae Chung | CryptoLocally: CryptoLocally’s Finance Wallet v1 allows users to earn interest on their digital assets through a simple set-up process. It has been designed with ease-of-use in mind so that anyone can gain access to DeFi. There is no need to install or use any third party software. Users can earn interest in just two simple steps:
1. Deposit/buy crypto into the Finance Wallet
2. Toggle on the button to start earning interest
So far the feature allows users to earn interest on GIV, USDT, DAI, ETH, and USDC, but the team plans to add more cryptocurrencies to the feature soon.
D. | Satoshi Club: I have heard if I lose my password from my Finance Wallet – I lose my funds? it that true?
Jae Chung | CryptoLocally: You can back up your key in account settings, it reminds you to do so when you initialize the Finance Wallet.
For more about the future:
Finance Wallet v1 uses Compound in order to generate interest for its users, but Finance Wallet v2 and v3 will come with significant upgrades while the simple UI remains the same.
With v2, users will be able to earn risk-adjusted, optimal yield through yield farming smart contracts on Ethereum. CryptoLocally plans to integrate some of the most promising yield aggregators such as idle.finance, which utilizes lending protocols including Compound, Fulcrum, dy/dx, Aave, and Maker, in order to increase yield based on risk tolerance and strategy. They will also increase the total potential APY earned for each user by adding GIV staking rewards based on how much they stake into the CLVs. V3 will scale this model further with yield optimizing smart contracts deployed on Tron, Binance Chain, EOS.IO chains, and Solana, which will open up whole new yield opportunities for users, all in one place. By doing so, CryptoLocally will have a gateway to a complete ecosystem around DeFi for both retail and enterprise users, anchored by its native GIV token.
Q2 from bitcointalk user bulbulahad
Which are the minimum requirements to be considered a SELLER into Cryptolocally ? There is necessary complete any KYC?
Jae Chung | CryptoLocally: There are no minimum requirements. Anyone can become a seller! You can actually make a lot of income by becoming a seller on CryptoLocally.
1. Arbitrage — You can put up offers above market price and sell to make profits.
2. Arbitrage — You can buy back below market price.
3. You earn GIV through referrals and trading bonuses as well
Mary | Satoshi Club: By the way, don’t you afraid to meet with some government requirements? As you don’t have verification?
Jae Chung | CryptoLocally: Well the whole design of our platform is different, It’s more like a CraigsList/EBaym for cryptos. We never touch the fiat, and we are never in full control of the cryptos through the smart contract escrows.
Q3 from Telegram user @arlarson
If I am not wrong, you started with EOS at the beginning and added more currencies step by step. How many currencies are available right now and what’s the process for approval?
Jae Chung | CryptoLocally: There are 20+ cryptocurrencies available on CryptoLocally right now. These are across multiple chains/protocols.
Process for approval has usually been through partnerships and suggestions by our community. In the future, GIV token holders will decide through GIVernance. GIV will evolve to be a governance token on the platform, offering a truly decentralized solution. Voting rights will offer GIV holders the ability to control the level of inflation, interest and free float (by way of token burns), vote on CLV strategies and finally vote for new listings on CryptoLocally.
Q4 from Telegram Username @stekbyte
What is the average monthly trade volume on CryptoLocally?
Jae Chung | CryptoLocally: At the moment it’s annualizing several million, month by month it has been increasing +50% or so.
Mary | Satoshi Club: And how many users do you have?
Jae Chung | CryptoLocally: I thought we had 15K+ users but we’re well above 20K+ users since early Sept 😀 numbers keep growing so fast.
Mary | Satoshi Club: Yes, that’s fast. Do you have any statistics by countries?
Jae Chung | CryptoLocally: Yep! Our top country as of last month is Nigeria now 🙂
Then we have:
– Philippines
– Indonesia
– India
– USA
Q5 from Telegram Username @sardasa
One inevitability that often arises on P2P trading platforms like yours are Disputes. How does Cryptolocally resolves them?
Jae Chung | CryptoLocally: In case of dispute between the two parties, if the buyer doesn’t pay or the seller doesn’t want to release the escrow each of them can easily open a dispute by clicking on the button “Open dispute”. In this case, the smart contract (Escrow) will be locked automatically and our support team will promptly contact each party to obtain evidence to substantiate the claim. After reviewing each side’s evidence, the support team will release the escrow if the payment has indeed been made. If the payment hasn’t been made, the funds will be returned to the seller.
D. | Satoshi Club: It sounds a bit like a bank to be honest, which can freeze my money at some point, and decide what to do next.
Jae Chung | CryptoLocally: Well in this case we have neutral arbitrators, other P2P platforms do a similar thing as well. We can’t take the funds anywhere though it can only either be returned to the seller or sent to the seller the smart contract just waits for an additional verification in dispute because it goes into “locked” status. So this part is a bit more advanced and better than how other platforms handle it in my opinion.
Q6 from Telegram Username @cenderlifurki
Is $GIV the only CryptoLocally token? Is there any benefit on the platform for holding this token? Also, is this token mineable? What are the profits?
Jae Chung | CryptoLocally: Yes. It’s the only native token on CryptoLocally. GIV was first integrated into CryptoLocally as a native discount and incentive token. At the moment, you can earn $GIV while trading on CryptoLocally, after each trade, both users are awarded GIV based on the traded amount. You can also earn interest on your GIV holdings directly on the Finance wallet. There are also a couple cool features like boosting your offers or discount coupons with your GIV.
GIV will be a governance token on the CryptoLocally, creating a truly decentralized gateway to blockchain and DeFi. GIV holders will receive voting rights, which will give them the ability to control the level of inflation, staking rewards, free float (by way of token burns), vote on CLV strategies and even vote for new listings on CryptoLocally.
Further (and more) staking rewards will be announced in the near future as well. 🙂
Mary | Satoshi Club: So, if i will sell EOS on your platform, i will earn GIV?
Jae Chung | CryptoLocally: Yep! Any trading pair you can earn GIV.
Mary | Satoshi Club: Which blockchain you will use for GIV?
Jae Chung | CryptoLocally: GIV is on Binance Chain and Ethereum (BEP-2, ERC-20). You can find the info here: https://medium.com/@cryptolocally/about-the-giv-token-33ec2878cc37
There’s a bridge — users can move however much they want around, it’s 50-50 to begin with.
PART 2, TELEGRAM COMMUNITY LIVE QUESTIONS
The chat was open for 80 seconds; a lot of questions were posted by Satoshi Club community. Our guest chose some of them.
Q1 from Telegram User @ngoccam
What are the key points attracted angel investors join your public sale – a bonding curve sale? What are the key points attracted angel investors join your public sale – a bonding curve sale?
Jae Chung | CryptoLocally: We chose to use a sigmoidal bonding curve because of the benefits that this bonding curve type presents for token sales. The behavior of sigmoid functions requires the selection of a maximum token value before price discovery has occurred. This prevents late-stage investors from purely benefiting from increasing token supplies. At CryptoLocally, we want early adopters and participants to benefit from the token sale. We also chose the Bonding Curve Distribution because it solves two big issues with most Uniswap IDOs:
1. Frontrunning via bots (making it impossible for real investors to participate early)
2. Participants competing on factors other than the price they are willing to pay
Gnosis Protocol (Mesa auction) addresses the above issues, significantly reducing the risk of front-running, and allows a more accurate price discovery to occur. The Gnosis Protocol alone does not solve the liquidity issue however, which is why CryptoLocally (GIV) has decided to seed an incentivized Balancer Pool immediately after the auction.
💎GIV WHITELIST ROUND 2💎
🔥🔥(https://docs.google.com/forms/d/11aOWto9AZWXbjuwFPnUOORj72dpyKBuEtHH1zs9bcyk/edit) Participation Form (https://forms.gle/kieGxWbTpp5Nwk1SA) 🔥🔥
Round 1 of GIV public sale whitelisting closed in just 15 MINUTES!!
To reciprocate the love showered by our community, we’ve decided to open a small round 2. We will only count submissions up to the first 5,000.
This’ll be a great opportunity for those who’ve missed the round 1,
This is your final chance to secure a guaranteed allocation🦾
⚠️⚠️⚠️EVEN IF YOU ARE NOT SELECTED, EVERYONE CAN PARTICIPATE IN OUR PUBLIC SALE! 👉👉Learn more (https://medium.com/@cryptolocally/the-giv-distribution-event-details-b2e9bf45458f)👈👈
Our private sale was successfully oversubscribed by 30x from our partners at Alameda Research, NGC Ventures, Genesis Block and One Capital. Giants like Binance and Tron have been our early supporters. 🤝
❗️MANDATORY CONDITIONS❗️
1) Follow us on twitter
(http://twitter.com/cryptolocally)2) Join our telegram channel
(http://t.me/cryptolocally)3) Join our telegram announcement
(http://t.me/givannouncements)4) Retweet our public sale post
(https://twitter.com/cryptolocally/status/1309195897629151233?s=20)5) Have your CryptoLocally Referral Code (https://cryptolocally.com/en/earn) – You will need to sign up on CryptoLocally and find your OWN 5-digit referral code from the earn page (https://cryptolocally.com/en/earn) (e.g. JITj2). If you do not provide a valid code on the application, your submission will not be considered.
6) Bot submissions/Duplicate submissions may be filtered before/after winners are chosen after further analysis.
7) Please remember your email address for application as well as the ERC-20 address that you set (for sending USDT-ERC20). You should not use a third-party exchange wallet.
🏆REWARDS🏆
For Round 2 instead of lottery format we will be randomly selecting supporters who are engaged and active on our channels!
After we check to ensure that each individual have qualified for the MANDATORY CONDITIONS above we will draw the 100 lucky winners who will be whitelisted allocation for 15,384 GIV (for 100 USDT ERC-20).
Winners will be announced in 12 hours. Winners will have 12 hours thereafter to submit KYC to [email protected] after checking the winner list. CryptoLocally will not contact the winners, until after KYC verification.
🎯ADDITIONAL INFORMATION 🎯
Same KYC Rules apply as our first whitelist 👉👉HERE (https://medium.com/@cryptolocally/apply-to-the-giv-public-sale-whitelist-b6cb4aad453b?sk=59cd6e59bae3c5ca1928da294039fd81)
Q2 from Telegram User @huydo
I see that Paxful seems is your main competitor in P2P trading platform, so what are features make CryptoLocally become different and unique to compare to other platforms?
Jae Chung | CryptoLocally: First of all, we have a wider range of coins and tokens available for trading compared to LocalBitcoins or Paxful. On CryptoLocally, you can trade EOS, ETH, TRX, USDT, BNB, and more (20+ tokens).
Second, there is no KYC verification needed for P2P trading on CryptoLocally and the DeFi feature. You can start using our platform right after signing up with your email address. This is because CryptoLocally is non-custodial, meaning that we are never in full control of your funds. Instead, the selected crypto is sent directly to the smart contract on-chain and is secured by the escrow until the end of the trade. On LocalCryptos/LocalBitcoins, users have to deposit/withdraw their funds.
Third, we’re the first P2P trading platform with a DeFi feature! We recently released the Finance Wallet, allowing you to earn interest on your cryptocurrencies, hassle-free. And finally, we have our own native token called GIV. You will earn GIV every time you or one of your referrals complete a trade on CryptoLocally.
Q3 from Telegram User @vnmb35
What are the major milestones you have achieved so far?
Jae Chung | CryptoLocally:
Q4 from Telegram User @radmaxco
What are the requirements for using CryptoLocally?
Jae Chung | CryptoLocally: Anyone with an email address can sign up and use it!
Q5 from Telegram User @K2ice
Does Cryptolocally have mechanisms such as buyback and burning to regulate the demand and supply of $GIV so as to increase its intrinsic monetary value?
Jae Chung | CryptoLocally: GIV will evolve to be a governance token on the platform, offering a truly decentralized solution. Voting rights will offer GIV holders the ability to control the level of inflation, interest and free float (by way of token burns), vote on CLV strategies and finally vote for new listings on CryptoLocally.
Q6 from Telegram User @Alika061
What we know today is that many people use digital money such as e-wallets, can #CryptoLocally with P2P in #CryptoLocally use or support digital wallets to buy crypto currencies?
Jae Chung | CryptoLocally: Yes, you can use CryptoLocally with any third party wallet like exchanges / wallets / so on.
Q7 from Telegram User @luckydraw66
Do you think DEFI is a financial bubble? How many people are on the project development team? Is the community important to the #CryptoLocally project?
Jae Chung | CryptoLocally: At CryptoLocally, we absolutely believe that DeFi is a transformational technology. We also believe that it has the potential to disrupt the existing financial system by providing a viable way for the world’s unbanked citizens to gain access to financial services. The problem has been that there isn’t a simple and easy to use solution in decentralized finance, which has been a barrier to mass adoption of DeFi and financial inclusion.
Our new DeFi feature, the Finance Wallet, allows you to earn interest on your cryptocurrency and this feature has been seamlessly integrated with our trading platform. It presents the easiest way to enter the DeFi space and will make mass adoption and financial inclusion possible.
Q8 from Telegram User @doithay1617
What is the role of $GIV Token in Cryptolocally platform? Where can I buy or earn GIV?
Jae Chung | CryptoLocally: Check our public sale info here to get ready to buy: https://medium.com/@cryptolocally/the-giv-distribution-event-details-b2e9bf45458f
Q9 from Telegram User @yadav_199
Do crypto locally have any ambassador program where I can be part of your community and lead from front?
Jae Chung | CryptoLocally: Sure! Please inquire @AlexRico95 for marketing or [email protected]
Q10 from Telegram User @aminapeter8
You recently held a public sale where only 100 winners selected. Why do you choose to make it low numbers and chances to be a winner too slim? Will your next public sale give users more opportunities?
Jae Chung | CryptoLocally: The public sale is on Tuesday 13:00 UTC. The whitelist is on now for round 2. Public sale details: https://medium.com/@cryptolocally/the-giv-distribution-event-details-b2e9bf45458f
Mary | Satoshi Club: Thank you @jaechung for this AMA) It was a pleasure to talk with you. Best wishes for CryptoLocally from Satoshi Club.
PART 3, QUIZ AND INFO
As usual, for the third part, Satoshi Club Team asked the chat 4 questions about CryptoLocally. A link to a Quiz form were sent into the chat. Participants had 10 minutes to answer. 300$ were distributed between the winners.
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
Website: https://esatoshi.club/
Twitter: https://twitter.com/esatoshiclub
Our Partners:
CryptoLocally GIV Guild: https://t.me/cryptolocally