CUE Protocol x Satoshi Club AMA Recap from 2nd of April

CUE Protocol x Satoshi Club AMA Recap from 2nd of April

Welcome to another episode of our AMA series. Today we are glad to tell you about the AMA session with our friends from CUE Protocol.

The aim of CUE Protocol is to build an ecosystem of useful dapps which serve crypto projects and also investors. The AMA took place on April 2 and our guest was @cuepio

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 COMMUNITY QUESTIONS

Gold Rocket | Satoshi Club: Hello, dear community! We conclude our today’s AMA marathon series with Cue Protocol. We are very glad to conducting AMA with Cue Protocol! Hello and welcome to Satoshi Club, @cuepio!

Cue Protocol: Hi thank you for having us. Very busy, the last 2.5 weeks have been a whirlwind, but it’s been great and we are excited.

Andrés M | Satoshi Club: Important events coming for cue protocol, right?

Cue Protocol: Indeed. Lot’s happening right now, we are currently executing our marketing phase which is going very well. We are also deep into building our second dapp, so it’s all system go right now.

Gold Rocket | Satoshi Club: Please introduce yourself. How did you get to be involved in crypto & Cue Protocol?

Cue Protocol: As a team we have been around for a while outside of crypto building enterprise solutions for desktop and web as well as iOS and Android. We have been in crypto for a few years but only just had the freedom to execute our ideas which we feel are needed now more than ever. There are two devs and one other who does all the other stuff, management etc. and we are based in the UK.

Gold Rocket | Satoshi Club: So what is the essence of your project?

Cue Protocol: CUE Protocol is not just another deflationary token.

The aim is to build an ecosystem of useful dapps which serve crypto projects and also investors. Using these dapps will utilize the token through holding and payment for using the services. This creates a thriving deflationary system via the 2.5% transaction fee but also with the dapps using the token too. This will generate revenue and add extra funds into the governance wallet as these service fees are split between governance and development funding. The deflation side comes from burn voting in the governance wallet. Our second dapp will be a prime example of this kind of utility.

Q1 from Telegram User @meml97

One thing that I read on your website is, I quote: “We are also giving the full governance wallet to our community to decide its fate, not just 50%, 100% of it will be in the users’ hands”. Can you tell us more about this decision of giving users the will of deciding 100% of Cue Protocol’s fate, how will they be able to do so? Also, how will you avoid this taking a bad turn? I mean, how will you avoid certain groups of bad actors using this to their favor for take advantage of the platform to receive more benefits than others or to make Cue Protocol a platform for bad actions?

Cue Protocol: This is true, 100% of the governance funds usage are voted on by the holders. We control the fate by setting the voting options. We believe there are no options which can damage the project.

The options available benefit the project in different ways and take the project down a different route depending on the outcome of the vote. Also our votes are NOT weighted, meaning if you have 1 CUE or 100 CUE, your vote counts the same. It’s a level playing field democracy.

Andrés M | Satoshi Club: Btw, which are the main benefits for holders apart of that one mentioned?

Cue Protocol: Holders benefit from this but also the bi-products of the voting.

Voting options vary from burn, marketing, development or even other ideas such as staking and investing in other cryptos. If they vote burn holders would benefit from the price increase over time, the same with marketing and investing in other cryptos if prices increased. Staking benefits would mean interest on holdings. The main benefit is you need CUE to use our dapps.

Q2 from Telegram User @johana0012

Projects will be able to record information and answer any questions related to their projects, such as frequently asked questions, and so on. This will allow all the important information to be in one place. It will be a one-stop shop for analyzing a project and will make due diligence a breeze. Similarly, will projects be able to buy / request audits and KYC from this platform?

Cue Protocol: Yes, this is about our second dapp which has excited many people. We aim to partner with many other projects including launch pads, RUG investigators, Auditors and KYC firms as well as venture capitalists.

So yes, projects can list and purchase audits and KYC from the platform. This gives projects easy access but also allows us to verify them better.

Andrés M | Satoshi Club: Could you tell us more about your current partnerships?

Cue Protocol: At the moment we can’t discuss partnerships as talks are ongoing for our second dapp which is due in Q2. Many partnerships will be announced as we get the BETA ready for release.

The only Easter egg I can give you now, is that our second vote starts Monday/Tuesday and we have a new voting option coming. Holders will be able to vote for staking from the second vote onwards. If this option wins, then holders can stake and earn CUE as rewards from the governance wallet. We are also releasing some UI previews of our second dapp very soon.

Q3 from Telegram User @zennixjoen

You say that CUE will only have a circulating supply of 10,000 tokens. In that case will there be a public pre-sale of CUE and how will tokens be distributed?

Cue Protocol: So CUE can only ever have 10,000 tokens and we cannot mint anymore as proven by our audit. Our pre-sale has already ended so the only way to get CUE now is via PancakeSwap. Over time as votes happen, holders may vote for burn which will decrease the supply, the supply can never increase.

Even if staking is voted for, no new tokens are minted like traditional farms, etc. The tokens come from the governance wallet (the 2.5% transaction fees). So we are able to stake and still avoid inflation.

Andrés M | Satoshi Club: What are the APR for staking? And can you explain the process to stake the tokens? Is it necessary to use the wallet?

Cue Protocol: We are unable to work out the APR until we know the final balance of the governance wallet after voting is concluded. We also have to decide on a fixed APR or a dynamic one based on number of holders taking part.

Yes, like many other tokens, you would use your wallet with our staking dapp. Staking will have a minimum period.

Andrés M | Satoshi Club: So, talking about that amount of tokens, could you tell us about your tokenomics? How is the amount of tokens distribution?

Cue Protocol: Okay so our presale was 8,000 tokens and we locked 2,000 into pancakeswap for liquidity for 1 year. All tokens have been released and therefore no more token releases can happen. The team did not have any presale tokens.

Q4 from Telegram User @MaxiVV

I read that the second dapp is going to help crypto investors avoid potential rug projects and the dapp will help investors to make better investment decisions. Do you think is a good idea let to an app make investment decisions? Which is the mechanism it’s based to help? and, what is the guarantee this app will help and not will scam users?

Cue Protocol: The dapp itself is not making the decision to invest in a project for an investor, it is helping the investor make their decision based on the data available. For instance, RUG projects are likely going to avoid listing or if they do, the info will have holes in it based on what we have collected and our partners too.

In the opposite scenario, a legit project is going to list and provide much more information willingly, and they are also subject to the same scrutiny from our partners and ourselves. Most people get rugged without researching projects and the term “aping in” has become very fashionable to risk money. A simply visit to our dapp will give them a much better overall picture and allow the investor make a sound decision without having to trawl the internet, twitter, telegram etc.

All announcements will be made here: https://t.me/cueprotocol

Q5 from Telegram User @Beterror203

What type of Pool favors deflation to produce good profits in the short / medium and long term on your system, what financing mechanism through deflation can support the market so as not to fail in the attempt and offer the investor security of a profitable return on your investment?

Cue Protocol: I think this question may be talking about staking on a deflationary platform, but correct me if I’m wrong. Staking can’t happen usually on a deflationary platform, as the tokens can’t come from fresh air. But on CUE it’s different, 2.5% of each transaction is sent to a treasury wallet, last week for example we had 958 CUE accumulated which was worth $63,000, today that would be $228,000.

So if voters decided to use the balance of this wallet for staking we can, and it means we are not minting tokens to do it which is inflation. The token contract can no longer mint new tokens, 10,000 is the max supply ever. So this is quite unique in terms of a staking mechanism.

Q6 from Telegram User @Brainchest

Do you have a clear projected financial plan that calculates how many Dapps and tokens of those Dapps should use on average so that the price of the token has constant growth without pressure on the price of tokens sold at a profit?

Cue Protocol: So the tokenomics for the dapp so far is:

Voting dapp, this is very simple. In order to make sure only holders are voting, you need a minimum amount of USD in CUE to participate. We do not charge CUE to vote, only gas for the network fee but you must hold a minimum amount in your wallet. The second and more complex dapp will charge service fees for using the dapp from a project point of view.

These service fees will be split into two parts:

1) Extra funds for the governance wallet for voting on top of the 2.5% transaction fees.

2) Revenue for the CUE Protocol developers.

It’s also worth noting that projects will need to hold CUE too. We will also accept payment in other cryptos such as BNB to speed up adoption of the platform. These will also go to governance and the holders can vote to use these tokens like that can CUE. Imagine accumulating 10+ different currencies in the governance wallet and rewarding the holders via staking with them all. It’s an exciting earning prospect.

Andrés M | Satoshi Club: What is that minimum amount?

Cue Protocol: The minimum amount of CUE to vote in the first vote was 2 CUE, but CUE was $25 each then. At the moment the next vote will be around 0.1 – 0.3 CUE. We can also change the minimum amount mid-vote if we need to due to price increases etc.


PART 2, TELEGRAM COMMUNITY LIVE QUESTIONS

The chat was open for 120 seconds; a lot of questions were posted by Satoshi Club community. Our guest chose some of them.

Q1 from Telegram User @Andrey_Seleznov

Question about the planned PROJECT DUE DILIGENCE PLATFORM. Will the projects be audited by your team or 3d party auditors? What other Due Diligence are you planning to perform on the projects? Will it be possible for users to ask projects questions via your platform?

Cue Protocol: Good question, the auditors will be partners. We could audit them ourselves but this creates a set of problems with self-interests etc. Independent panels are from different sources are much better.

Q2 from Telegram User @cryptofollower

I see on the website it says 2.5% of every transaction goes to the governance wallet and circulating supply is decreased but can you be sure about the supply to be decrease? What happens if community always votes for supply to be distributed among the token holders and stakers? If community always votes for distribution and not burning, can you make a change about it?

Cue Protocol: This is correct, the supply can only deflate and the only way is for voters to vote for it. We find it hard to believe that holders will forever avoid this, it’s proven to be a great price appreciator in the past for previous projects.

Q3 from Telegram User @jennyfore

You called your dapps B2B in your tokenomics published on your medium account, I did like to understand what B2B means?

Cue Protocol: B2B means business to business, the second dapps revenue will be from other projects using the platform which we are treating as businesses going forward.

These projects will buy services from the dapp such as audits, KYC and much more which will all add validity to their business/project and it could also be a deal breaker for them to get listed on a Launchpad as an IDO.

Q4 from Telegram User @testercoin

You are aiming to have partnership with launchpads and auditors but how about with insurance firms? Do you have any plans to be partners with insurance project?

Cue Protocol: An excellent question, this is in our minds and it is a very complex scenario, we know a few insurance projects which have launched, so we need to see how the landscape of this works out in crypto for insurance, but we 100% would love to work on this, so stay tuned.

Q5 from Telegram User @dewamm

If community decides to burn the governance $CUE tokens completely, how will the project move forward from there?

Cue Protocol: Burning token will reduce the supply, for instance if 5,000 tokens we burned in the first year the token price would in theory increase. People need not worry about running out of tokens, as the tokens are divisible like all cryptos. So if 1CUE is worth $250 today, then in that year 0.5 CUE would be worth $250.

So token amounts decreasing would not do anything to the project apart from change the total supply.

Q6 from Telegram User @BJosefina61

Is there any plan when listing CUE in any centralized exchange of any category? or are you focused on chain?

Cue Protocol: Yes, but we are not planning to list on anything less than tier 1. As a project we see no benefits from listing on an average exchange with bot trading and fake volumes, in our experience they only hinder a project, not make it thrive. We don’t want pump and dumps; we want solid organic real growth.

Q7 from Telegram User @Airborne19

GOVERNANCE is one of the Most important things in defi…can you explain to me how users can vote and what will determine the voting power?

Cue Protocol: This is important to touch on. Users will vote via our dapp and require the CUE token in their wallet to vote. Only gas fees are paid to vote, which is around $0.45 on BSC.

There is no voting power, if you have 100 CUE you have the same voting power as someone with 1 or 0.1 CUE. No whale plays here.

Q8 from Telegram User @blockchainstake

Cue Protocol: This is the governance wallet that the holders vote on, the team does not own this wallet.

Q9 from Telegram User @alptrader

Can you tell us about the core team of the Cue Protocol? Are you friends? Did you work together before?

Cue Protocol: This is correct; we have worked together for many years outside of crypto. Mixing development and crypto is great as they are both passions for us all.

Q10 from Telegram User @atillayeni

There are many projects that launched on Binance Smart Chain but many of them also collapse or close the website. How can we make sure that won’t happen with Cue?

Cue Protocol: This is a hard question to answer, but it need answering. At the moment we can only build and stick around, the longer we stick around the more people will gain confidence in us.

I would say go to our telegram group and mix with our community. What we have created over there together in 2.5 weeks is astonishing. An amazing group of people in a non-toxic environment which gets better everyday. From here you will be able gauge sentiment towards us as a team.


PART 3, QUIZ AND INFO

As usual, for the third part, Satoshi Club Team asked the chat 4 questions about CUE Protocol. A link to a Quiz form was 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:

Website: https://cuep.io

Twitter: https://twitter.com/cueprotocol

Telegram: https://t.me/cueprotolchat

Instagram: https://www.instagram.com/cue_protocol 

Coingecko: https://www.coingecko.com/en/coins/cue-protocol

Medium: https://cueprotocol.medium.com/

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