Ethanol Token x SatoshiClub AMA from 2 December

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 Ethanol Token. The AMA took place on 2 December.

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&Bitcointalk community

Mary | Satoshi Club: Hello, Satoshi Club! We are happy to announce our AMA session with Ethanol Token! welcome to Satoshi Club

D. | Satoshi Club:hello Satoshi club

Crypto Rick – YT: Hi All! Happy to be here for Ethanol Token!

Mary | Satoshi Club: Hello, Rick: you are welcome to Satoshi Club

How are you today?)

D. | Satoshi Clubad: welcome @CryptoRickYT how you doing?

Crypto Rick – YT: I am doing great! We just launched our Cash Back Dapp yesterday so today is a great day!

D. | Satoshi Club: with a great price 😉 for your project

Mary | Satoshi Club: Wow, that’s great! Could you please tell us about yourself and your role in the project? And of course, tell us more about Ethanol Token project

D. | Satoshi Club: so let’s start with a little intro then?

Crypto Rick – YT: Absolutely, I am the marketing Advisor for the project. I have been in crypt since 2016 and have my own youtube channel with over 60k Subscribers. I have met so many great people over the years and the Ethanol team is included in that.

D. | Satoshi Club: wow, can you share a link to your channel?

Crypto Rick – YT: Ethanol truly is a game changing project and once I heard about it I had to get involved. We are issuing cash back rewards on ETH gas fees just for holding the coin!

www.youtube.com/cryptorick/

In the near future we will also be expanding the Dapp to include scheduled transactions for when gas fees are lower, as well as guaranteed transactions where users will get a 100% refund for any failed transactions

Mary | Satoshi Club: Yes, this idea is simple and genius, hope it will work as good as sounds

Crypto Rick – YT: Luckily we no longer need to hope. The Dapp was launched yesterday and users have already started to claim their cash back rewards. We have a fully working product now with one of the best use cases in crypto!

D. | Satoshi Club: even for failed transactions?

Crypto Rick – YT: correct! That will be one of our core features in the future.

D. | Satoshi Club: ok, thank you for this intro Rick! let’s start with questions from Satoshiclubbers?

Q1 from telegram Username @Winterkom

– How does Ethanol ensure that all transactions are executed and no errors occur? Do you get cashback for failed transactions as well?

Crypto Rick – YT: Everything is verified through etherscan.io and their APIs we have integrated chainlink to merge the off chain data with out smart contracts. Any gas fees will earn cash back as long as you hold the needed amount in that wallet.

D. | Satoshi Club: btw there is a Chi Gastoken for high gas fees, which helps save money too. how is Ethanol is different to Chi?

Crypto Rick – YT:The chi gas token is a bit more complex to use. The beauty of what we are offering is the ease of use for the every day user. No dealing with the 1inch aggregator and all you have to do is hold the ENOL token and earn. In addition our limited supply and No minting means the value of the token has potential to increase making this a great investment as well as great use case

Mary | Satoshi Club: No minting?

D. | Satoshi Club: there is no mint function in contract?

Crypto Rick – YT: Correct, we have a 10,000 total and max supply.

Mary | Satoshi Club: Did you pass audit? Your github is so empty

Crypto Rick – YT: Yes we have had multiple audits which will be posted and Github will also be updated. We just launched the dapp yesterday and really wanted to keep the coding to ourselves since this really is the first of its kind. We know copy cats will come but making sure we protected our IP was important to us.

D. | Satoshi Club: gotcha

Mary | Satoshi Club: We will wait for this results to become public

Crypto Rick – YT: sounds good to me 🙂

Q2 from telegram Username @Jonahapagu

At the Moment for a user to get 100% Refund of their gas Fees they need to Hold a minimum of 100 ENOL… with the price of ENOL being around $100 at the moment this will be worth around $10,000 this for sure is a very high requirement to meet… making it more difficult for a lot of users to Opt for your 100% cashback package..Knowing that only situations of extremely high gas fees will make this offer an attractive one.. Why did you decide that the price should be this high.. even the minimum requirement of 2 ENOL which is around $200 will give users just 10% cashback of gas fees… looking ahead how will your ensure that fair prices for both times of high and low gas fees are decided for your packages.

Crypto Rick – YT: Many large investors are spending hundreds per day in gas fees from trading on uniswap. This appeals to them greatly. Also, at launch there is always uncertainty of price and adoption that is why the tokens also hold governance over the reward requirements as well as other important decisions of the platform. As the price grows and we have a baseline of of our average holders we will be able to have the community vote on the changes. We expect the first vote to be relatively soon.

Mary | Satoshi Club: Do you know approximately how many tokens user will need to hold to vote?

Crypto Rick – YT: We will make this minimal and likely just 1 ENOL to be eligible to vote, We are finalizing the voting details now and should have something ready for the public in the next week or so.

Mary | Satoshi Club: Ok, do you see yourself as a some kind of VIP project, because, in fact, the price of gas is of interest to those who can not buy 100 of your tokens?

Crypto Rick – YT: No, as mentioned we will be having the community vote, 100% cash back rewards for everyone wouldn’t be sustainable so yes the 100% tier needs to be priced a bit high but that is why we also have lower tiers where everyone can benefit. Even a holder earning just 20% cash back rewards can quickly get to $50 or $100 in a day if they are a uniswap trader.

As we have seen Gas fees in bull markets can exceed $50 per transaction

Mary | Satoshi Club: Ok, it’s clear for me

D. | Satoshi Club:is it possible that you will reduce minimum requirement for holders? like holding less than 2 tokens for ‘cashback’?

Crypto Rick – YT: Yes absolutely, that is what the governance on the token will vote on. As price increases we will need to keep decreasing the amount of tokens needed for each tier.

D. | Satoshi Club: ok, understood

Q3 from telegram Username @KevSalom

Seeing your total dependence on Ethereum makes me think: what will happen to Ethanol Token if for some reason Ethereum disappears or stops being used? Would you disappear too or is your project adaptable to some other network?

Crypto Rick – YT: That is a great question, If Ethereum disappears the entire crypto market would crumble around them, however our team is already developing ways to integrate other blockchains and issue cash back rewards for those as well. We see ourselves providing cash back for miner/transaction fees on Bitcoin, BCH and many others. Ethereum is only the beginning, we chose to start with them because right now their gas fees are one of the largest pain points in crypto.

D. | Satoshi Club: it’s very hard to imagine that Eth can disappear

Mary | Satoshi Club: Yes, true. Which platform do you consider to be the next?

Crypto Rick – YT: BTC will likely be next simply for the adoption. fees are pretty low now but so many transactions happen on that network that it can grow awareness of the project quickly.

Mary | Satoshi Club: Did you already started with this? Do you know how to integrate your platform?

Crypto Rick – YT: yes the development has already begun. This will be a very exciting development once it is completed. There are a lot of tools out there that when used properly can help you integrate everything. The possibilities on the blockchain are endless

Mary | Satoshi Club: Great, one more thing we are waiting from you

Ready to go forward to the next question?

Crypto Rick – YT: The beauty of our project is it will never be “Completed” we will always look for new innovations

sure am!

Q4 from telegram Username @ovkneze_big

On your logo drop and fire, it looks like you borrowed your drop from gasonline, why did you choose such a logo? What is its significance? And, if I already see the flames, I would like to ask – what is your program to maintain fire prices and liquidity of your token? Is a token burn possible?

Crypto Rick – YT: The name and logo are a play on the “Gas” fees. Ethanol is an alternative fuel to regular fossil fuels. The Ethanol token in sense is doing the same thing. We look to disrupt the gas fees in a similar way to how alternative fuels are disrupting the oil industry.

A token burn is not needed since we already have a very low supply of 10,000 with no mint feature. We locked 95% of all ETH in liquidity from the presale and we are also rewarding LP providers on uniswap with weekly rewards. They share 10% of the reward pool each week based on the % of liquidity they are providing.

D. | Satoshi Club: so no plans for burning? ever?

Mary | Satoshi Club: Ok, so you will burn our losses in the name of profit

D. | Satoshi Club:haha

Crypto Rick – YT: At this time there would be no reason for any burn. That is just a fancy marketing ploy. The reality is 10,000 tokens is not a lot and has no reason to have an additional burn. If things change in the future the governance of the tokens will vote on it.

D. | Satoshi Club: ok, i can understand this. thanks for answer!

Q5 from telegram Username @konditer_rolex

There is a nuance that haunts me. If I understand correctly, I connect to your platform using Metamask. When I transfer any of my tokens to the exchange, you charge me an ENOL token. This is cashback.And in order to pick up ENOL do I pay for gas again? For this you give me ENOL again… I get a vicious circle that will break when I run out of Ethereum in my wallet. Explain how this will happen and is the total supply of ENOL limited?

Crypto Rick – YT: I am not really understanding the question. You simply buy ENOL from Uniswap just like any other token. Once you have the required amount in your wallet you will see your rewards build daily in the dapp. You choose when to withdraw your cash back. Yes, any interaction with the blockchain requires gas and that is why holding this token is so valuable.

As for the 2nd part the reward pool is built from a 4% transaction fee similar to a burn. Instead of going to the burn address it goes to the reward pool. Also when you withdraw your cash back 10% of that will go to the reward pool to make sure it continues to have enough tokens to pay rewards. If the pool ever starts to shrink too fast that is again where governance will come in. The holder will have the ability to vote on the needed changes to reward tiers and holding requirements.

the cash back comes from any and all transactions in the same wallet you hold ENOL in. there is no “loop” so after the AMA if you need further clarification please join our telegram and we will walk you through the process 🙂

Mary | Satoshi Club: Can you tell me which is my last action in the chain 1. I got cashback …

Because i understand the question and it’s really interesting

Crypto Rick – YT: What do you mean by last action? As long as you are holding the required amount of ENOL you will continue earning cash back on any and all ETH gas fees in that same wallet

Mary | Satoshi Club: Look

Crypto Rick – YT: you will in fact earn cash back on the gas fee you paid to claim your rewards as well

Mary | Satoshi Club: 1 i made transacton

Can these rewards be accumulated or i have to withdraw each time?

Crypto Rick – YT: yes you choose when to claim your rewards. most people agree it makes sense to let them build up so you are not spending so much gas

Mary | Satoshi Club: they build up until you choose to claim, you can let them build for a year if you want

Mary | Satoshi Club: Ok, now i see light in the end of tunnel

Thank you

Crypto Rick – YT: haha yes that is where the confusion is. No need to claim daily, they will just grow and grow

Q6 from telegram Username @apocan99

Scheduled Transactions is a very innovative feature which allows to specify timing. I also see that transactions can be scheduled based on the fees. How is that determined, does the user select the fee amount or is there an algorithm for that? Many users will set many scheduled transactions. To perform this, Ethanol system will have to make several continuous checkings. Doesn’t it have any effects on the speed of network?

Crypto Rick – YT: The users will choose the fees they want to pay and once the gas cost is within their range the smart contract will execute the data. The beauty of things like oracles and chainlink is they bridge the gap between off chain and on chain data very nicely which makes this much less stressful on any network than it would have in the past.

Mary | Satoshi Club: Do you have guide how it will work?

Crypto Rick – YT: When the feature is ready there will be documentation and how to guides showing this, but again we cant give too much info before launch or the copy cats will use that to their advantage

Mary | Satoshi Club: When it will work?) Do you have any terms?

D. | Satoshi Club: i thought you are already launched.

Crypto Rick – YT: We do not want to quote dates or times right now as unforeseen issues might arise but the team is hard at work as we speak. We will give more details on the timelines when available.

The cashback Dapp is fully launched, scheduled transactions is a future feature

D. | Satoshi Club: ohh got it!

Mary | Satoshi Club: Ok, we have third thing we are waiting from you

Crypto Rick – YT: as we mentioned we will never be “Completely launched” because we are always looking for new ways to change the game

Mary | Satoshi Club: Sure, infinity development 😉

Crypto Rick – YT: No true company can ever be done innovating 🙂

Part 2 — live questions from the Telegram community

Q1. from Telegram user @ Jonahapagu

The concept of Rewarding users cashbacks and Refunds of their gas fees is a much needed one within this Space but with the coming of Ethereum 2.0 we are all expectant of having consistently low transaction fees on the ethereum network.. don’t you think this will affect the onboarding of your target users to EThanol because when gas fees becomes neglible people will no longer be much interested in getting refunds… what are your plans to ensure that Ethanol remains relevant even in times of extremely low gas fees.. will you also be integrating other chains with high transaction fees like Bitcoin…

Crypto Rick – YT: Ethereum 2.0 has faced delay after delay and out of the gate will not have a large impact on gas fees. In anticipation of this we are already working to integrate additional blockchains such as bitcoin and other top coins. There will always be a fee, so there will always be something to reward.

Q2. from Telegram user @DiegoRME

When holding your tokens, how many do I need to enable the cashback rewards? And are there different levels of rewards in their cashback system depending on how many tokens we have in long-term hold?

Crypto Rick – YT: Once you are holding the correct amount of tokens you will be eligible for rewards automatically, you do not need to do anything. The Etherscan API, chainlink and our smart contracts are automatically tracking and calculating rewards for that eallet. They will be added to the dashboard daily and you can choose when to withdraw your rewards.

Rewards for holding tokens are below

2 – 4.9 Tokens = 10% Cash Back

5 – 9.9 Tokens = 20% Cash Back

10 – 19.9 Tokens = 30% Cash Back

20 – 29.9 Tokens = 40% Cash Back

30 – 39.9 Tokens = 50% Cash Back

40 – 99.9 Tokens = 60% Cash Back

100+ Tokens = 100% Cash Back

Q3 from Telegram user @AmitGoyal1444

I am interested to buy $ENOL please tell me Where I can buy this or you Can send me link to access this directly??

Crypto Rick – YT:ENOL is available only on uniswap.

https://info.uniswap.org/pair/0xA8BEf252AfAc1D6263F22C1e4F33f3777ED30Bd6/

We are looking at other DEX but we have no interested in centralized exchanges at this time just based on the nature and technical aspects of the project.

Q4 from Telegram user @warny

Why is the team behind ETHANOL anonymous, don’t you think it can affect investors decisions ? Do you plan to disclose the identity of the team in the future ?

Crypto Rick – YT:The team is not anonymous, myself and other team members are publicly available on the Website. I am a public figure here in the USA and would not jeopardize my livelihood or freedom by working in this capacity with a project that was not fully above board. 🙂

Q5 from Telegram user @melanintrish

So only ENOL holders would be able to earn this cash back right? no plans for nonholders.

Crypto Rick – YT:Correct only holders of the required amounts above will be eligible for rewards, you must hold to get the perks which will increase demand and with such a limited supply and an increasing demand you can see what the true potential really is.

Q6 from Telegram user @waybesuricata

Regulations for projects is very important. Projects can be banned in many countries because they do not use the appropriate regulations and permits. How do you solve this problem?

Crypto Rick – YT:Agreed! The largest issues arise when a project has no use case. We can all agree the utility of ENOL is not debatable meaning as a utility token it does not fall into a high risk category at this time. Things may change down the line and we are prepared to adjust accordingly to make sure this never becomes and issue.

Q7 from Telegram user @Corrie_Dorf

Hello I’m from Korea. did you know there’s many potencial investor comes from Korea, do you have plan to create Korean Community group and facilite us to get more closer and better knows with your project? And also to expand the market on the korean exchange?

Crypto Rick – YT:As our community grows we will evaluate the need for additional communities. We are not interested in any centralized exchanges because the trades would not have the 4% transfer to reward pool and the holders on the CEX would not be eligible for any rewards since they don’t truly own those wallets.

Q8 from Telegram user @cemtoscu

Me and most crypto users are afraid of scam projects because lots of projects just have taken the cash and got away. Could you please tell us why should we invest to ethanol project?

Crypto Rick – YT:The reality is investing in crypto is always risky. We have taken steps to show the risk is minimal with our project by having public faces for the team, locking liquidity on unicrypt for 1 year and having no mint function on the contract.

Q9 from Telegram user @boradam

After I invest and be in the ethanol community, will I earn a vote privilege for governance?

Crypto Rick – YT:Yes we will be announcing the requirements for governance in the coming days. The token holders will decide on all future changes to the important aspects of the project including reward payouts and required holdings.

Q10 from Telegram user @K2ice

You said you will pay users for their gas fees if a pushed guaranteed transaction doesn’t reach its limit. Does this include paying users like whale for huge gas fees lost?

Crypto Rick – YT: If the user was using a huge gas fee the chance of a failed transaction becomes nearly nonexistent so it will be a self monitoring system. There will also be safeguards in place to ensure no users can manipulate the system.