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 Hoo Smart Chain and our guests were @PatriciaWxy @samyaohk @Cole_HSC @PuddingSwap @JZZZZ2020 @Austin_ShouYi . The AMA took place on 7 July.
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
D. | Satoshi Club: hey Satoshi Club😇
Paul Mont | Satoshi Club: Hello, dear Satoshi Club community!😁
D. | Satoshi Club: we are happy to present you today’s AMA with Hoo Smart Chain🥳
today our guests – @PatriciaWxy @samyaohk @Cole_HSC @PuddingSwap @JZZZZ2020 @Austin_ShouYi !
how is it going guys? 😉
Paul Mont | Satoshi Club: Welcome people! Great to have you here! 🔥
PuddingSwap: hi guys~!
JZ: Hi everyone
Sam Yao: We are feeling stoked and excited 😜
D. | Satoshi Club: nice! 👍 we are excited as well!
Paul Mont | Satoshi Club: I can assure you the feeling is mutual 🔥🔥
Cole ZHANG: nice to meet you guys😊
Sam Yao: I’m Sam, head of Hoo Smart Chain operation. It’s my pleasure to meet all of you here
Patricia: Hello Everyone, I am Patricia. I am Head of Marketing of Hoo Smart Chain.
D. | Satoshi Club: happy to meet you guys 😊
Paul Mont | Satoshi Club: The day’s perfect to get to know all of you and share all the marvels that HSC has in store with our Satoshi Clubbers 😎
JZ: Hello everyone! I am Timi of RooLend, the first leveraged lending protocol on Hoo Smart Chain. I joined the RooLend team this year and is responsible for its operation and promotion.
PuddingSwap: hello guys~! I am Shelley, the operation director of Puddingswap from HSC😝
Austin ShouYi: Hello Everyone, I am Austin. I am Head of Marketing of ShouYi, the first defi on Hoo Smart Chain .
D. | Satoshi Club: awesome! so many guests today !🥳
and from different projects 😉
Paul Mont | Satoshi Club: It’s a party AMA 😁
D. | Satoshi Club: haha yeah
so guys can you briefly explain to us what is Hoo Smart Chain?
please 😊
Sam Yao: Alright
Hoo Smart Chain (HSC) is a decentralized &energy-efficient public chain that provides developers with an efficient and cost-effective on-chain environment. We launched our mainnet on May 1 this year and have been dedicated in growing our ecosystem.
Many awesome projects have joint hands with us in the past months. Thanks to the satoshi club, we are able to meet all of you tonight, and introduce our smart chain as well as some of our top projects to you. We have PuddingSwap, Roolend and Shouyi with us tonight.
D. | Satoshi Club: you already in mainnet phase?! impressive! how long Hoo Smart Chain under development?
Sam Yao: Actually less than three months.
Thank you! Our tech guys work hard 🙂
Paul Mont | Satoshi Club: Also, I’d like to mention I’m a registered member on Hoo exchange. Is the team behind Hoo Smart Chain the same?
Cole ZHANG: Not the same
We are separated teams but a big family 😌
Paul Mont | Satoshi Club: That’s the kind of philosophy that brings the best bonds and results in life & work 😉
D. | Satoshi Club: [ 👍 Sticker ]
Paul Mont | Satoshi Club: Thank you very much for the brief intro, we have many community questions to ask you, so – without further ado – I’d say let’s get on with them😁
Cole ZHANG: Okay, let’s do it 😜
D. | Satoshi Club: let’s goooooooo🚀🙌
Q1 from Telegram user @xperia3
As I see in your website there is an ongoing testnet. How does it go so far? Did you get any feedbacks from testnet participants already? Is it still open for new participants? People do more their best when there is a reward for bug hunting and system testings. Will there be any incentives for testnet participants?
D. | Satoshi Club: as we know now, you already on mainnet 🙃
PuddingSwap: yes, puddingswap has already launched haha😝
Yes, yet maybe there are still bug bounties open for dedicated and skillful developers 😉
Satoshi Club has many talents hidden in the community 😎
Sam Yao: Oh, a very good question to start things off 🙂 I would like to update you that we have launched our mainnet for over 2 months. And now there are more than 7000 smart contract addresses on mainnet. PuddingSwap，Roolend and ShouYi.AI are nice projects among them.
Like I mentioned, Hoo Smart Chain is an open and friendly chain always open for both users and developers.
D. | Satoshi Club: btw puddingswap will have their own token? can people already get your token? or maybe you planning some airdrop for early adopters? 😉
PuddingSwap: Of course! PUD is our token… and will do airdrops in future for PUD holders😄
D. | Satoshi Club: for be able to use your mainnet users have to set up their wallets. if im right? do you have any guides how to do it?
haha nice 😁
Paul Mont | Satoshi Club: Excellent news, gotta stay tuned Satoshi Club 🎉🎉🎉
D. | Satoshi Club: by the way, puddingswap is the first AMM on Hoo Smart Chain?
Sam Yao: We have well written tutorials to guide users to connect with TokenPocket and meta mask. If we have enough time later, I will send it here as well. Thank you 🙏
JZ: haha we have one tutorial https://roolend2021.gitbook.io/roolend-documentation/tutorial/tutorial-for-pc
PuddingSwap: yep~!
D. | Satoshi Club: nice! thank you guys!
Paul Mont | Satoshi Club: Thank you very much for sharing 🙂
Sam Yao: Nice 👍
Q2 from Telegram user @h1drX
It caught my attention that on your website you say that only 21 nodes are supported at most. What does this mean? Only 21 nodes worldwide will be able to mine in Hoo Smart Chain? Also, I saw that HSC adopts the consensus mechanism called PoSA, what does this consensus mechanism consist of? Does it bear any similarity to other mechanisms? Can you tell us why you chose PoSA as your consensus mechanism?
Sam Yao: Currently we can generate blocks from a maximum 21 nodes, but we could have many alternative nodes for backup purpose.
D. | Satoshi Club: 21 nodes concept is kinda similar to bsc with their 21 validators?
Sam Yao: In the future, we might even run contests among nodes
Yup
Its Consensus algorithm is similar to the one EOS uses, which is known as POA-Proof of Staked Authority. It can have faster block generation and lower transaction fee.
Paul Mont | Satoshi Club: So validators’ authority/reputation is important but also staking is needed for blocks validation? Could you please share some more details?
Sam Yao: The contest will be held in the near future. More details will be revealed hehe 😉
Paul Mont | Satoshi Club: Some nice hype building 😁
Ok, great, thank you very much for your answers guys 🙂 Question 3 is ready for you… and are you ready for it? 😁
Sam Yao: Ready but not so ready.
Just kidding
Paul Mont | Satoshi Club: Haha great 😁😁
Q3 from Telegram user @NSZR1
I would like to know a little about your token called $HOO, in your whitepaper it is mentioned that the role of $HOO on the HSC chain is equivalent to the position of ETH on Ethereum. However, you managed to maintain and even increase the benefits that users receive in HSC, with the particularity that the gas fees are extremely low, so I would like to ask you, in what way do you make the $ HOO token profitable for The company, as it has many benefits when used, however will it generate enough profits to maintain this extraordinary project in the long term?
Sam Yao: Thank you for your great question.
HOO is similar to the likes of BNB、HT、ETH, an original token on our smart chain.
The gas fee is around 0.003U，It is extremely user friendly. Due to a lower costs to enter, it encourages more users to participate our DeFi projects.
This creates a healthy cycle and benefits the entire eco-system. About profit for HSC, we want to look at it as funds for the future. As we grow our eco-system and help our users earn more profit, the whole ecosystem grows and profit is just a byproduct for us.
D. | Satoshi Club: can you share with us more info about your token? about max supply? how many tokens in curculation and what is your distribution model? you had or will have IDO etc?
Patricia: 100 million
Sam Yao: Max supply is 100M
D. | Satoshi Club: all 100 mil in circulation?
Sam Yao: Hoo won’t have ido
D. | Satoshi Club: then how people could get your token?
Sam Yao: Current circulation is 58M
Paul Mont | Satoshi Club: If you have a tokenomics paper, please feel to share it with our community 😉
Patricia: Cole will answer this question.
D. | Satoshi Club: that’s my favourite ducky sticker 😄
Cole ZHANG: We could buy $HOO on exchange like Hoo and MEXC. And also can purchase on Defi like pancake and puddingswap😊
D. | Satoshi Club: got it 😊 will you have any liquidity mining for users?
Sam Yao: Yup! We do
Come check it out on HSC 😉
D. | Satoshi Club: nice! we will be waiting for updates then 😉
Cole ZHANG: For us $HOO is not that important… $PUD, $ROO and $SYI of projects are the significant token for HSC 🤪
Sam Yao: Hahaha
Patricia: [ 👍 Sticker ]
Sam Yao: Any more question?
Paul Mont | Satoshi Club: 😁HSC’s value is the sum of all the value projects that will part of it in the future as well 😉
Sam Yao: Indeed
Q4 from Telegram user @Jonahapagu
One of the most common issues of Public chains is the difficulty with which an average user can build and deploy Dapps and Digital assets on them, as this will require a certain level of skills on most of these chains.. so how simple will it be to build and deploy a Daap or digital asset on HOO smart Chain, what level of skills will users who intend to build on HOO smart chain possess and will building on HOO smart chain be relatively easier and rewarding than building on any of the already popular smart chains available.
Patricia: Good question.
Sam Yao: HSC is a EVM chain. The technical difficulty to develop such a chain is similar to that of those mainstream chains. In the current world of blockchain, it is almost impossible to make it easier to have the most cutting edge blockchain technology. But because we have a very low gas fee, it is friendly to invite more new projects to join us.
PuddingSwap, Roolend, ShouYi are such great examples. All of them have successfully and efficiently passed the testing phase to get on our main net, almost without monetary cost.
Paul Mont | Satoshi Club: Clear! Thank you very much 👏
Patricia: You’re welcome😄
Cole ZHANG: Great Chain！😘
D. | Satoshi Club: so smart chain for building dapps should be very secure😉, you have partnered with any cybersecurity firms, which can help you check your contract and possible vulnerabilities?
Patricia: Cole will take care of this question
Cole ZHANG: Slowmist, Certik,Fairyproof, etc.😌
Patricia: 😎Cool
D. | Satoshi Club: you were audited by them?
if so, can you share the link on audit?
Patricia: yes
Cole ZHANG: Roolend and ShouYi are audited by fairyproof, and PuddingSwap is audited by Certik and slowmist
Every excellent project will consider about the security of users’ fund at first😃
Paul Mont | Satoshi Club: Yes, crypto could be considered a wild wild west in terms of safety.
It’s really wonderful and relieving to read that you’ve have already taken steps in terms of the security compliance 🚀
If you could share the links to the audits, I believe this or at the end of the AMA would be the best times to do so 😉
D. | Satoshi Club: and for now, we can go to the next question?
Austin ShouYi:
https://shouyi.ai/hsc/Shouyi-%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A-060921.pdf
JZ: Here is our audit report: https://roolend.finance/static/roolend-audit-en.pdf/
PuddingSwap:
Sam Yao: Boom 💥
Ready for the next question!
Paul Mont | Satoshi Club: Amazing, thank you very much! 👏👏
Q5 from Telegram user @V1ct0r_26
One thing that is really popular right now are NFTs, as we know they can have different use cases and they can be created on different chains such as the Polkadot chain, Binance Smart Chain and the most popular ones the ERC721 type from Ethereum. What I would like to know is, will this Cross-chain compatibility of HSC will be available for NFTs of different chains as well? Will users be able to have NFTs on Hoo Smart Chain?
Sam Yao: Yup, we support the ERC721 protocol, but the wallet API on the mobile end might require a higher level of technical support. Our chain supports the exchange of NFT, and will have projects that supports those functions similar to that of OPensea.
D. | Satoshi Club: what about realising your own NFTs? do you have plans on that?
Paul Mont | Satoshi Club: So, while it’s already a feature now, more advanced NFT supporting features are definitely a thing that’s coming on HSC in the near future 😉
I like this question 🔥
D. | Satoshi Club: maybe we can expect even a new NFT Market on Hoo smart chain? 😉
Sam Yao: We have given our 10k of our own nft last week, all of which were claimed within the first 24 hours! Next week we will make it realizable, please stay tuned in 🙂
Cole ZHANG: Hoo exchange just released 3-year anniversary medal NFT🏅 and will be able to trade on HSC😊
Sam Yao: Bingo
D. | Satoshi Club: oh, very cool 👍
Paul Mont | Satoshi Club: Great! Wonderful initiative!
Patricia: https://docs.hoosmartchain.com/#/en-us/mainnet
Paul Mont | Satoshi Club: I’d recommend everybody here at Satoshi Club to follow up!🔝🔥
Patricia:
D. | Satoshi Club: thank you! good reminder to how set up a wallet 😇
Paul Mont | Satoshi Club: Thank you very much Patricia, that makes setting up Metamask for HSC much easier! 😉
Sam Yao: Yup yup!
Cole ZHANG: ☺️ thxxx
Sam Yao: Any more question?
Paul Mont | Satoshi Club: So no more excuses not to keep up and follow the news coming from HSC way more closely 😁
Yes, last question for this very first part of the AMA!
Q6 from Telegram user @orlemys
I can see you’re a Chinese project, and you’ve partnered with a few other Chinese protocols according to your website. However, I do not know much about these projects in particular, so I’d like to know if they are relevant in Chinese crypto spaces and what are the mutual benefits of partnering with them?
Sam Yao: In fact, we are not deeply involved in each project development itself. We are a neutral platform. We welcome all kinds of different outstanding projects and project teams from around the world. All of you are more than welcomed to download the HOO app, and check out HSC along with all of our wonderful projects.
D. | Satoshi Club: thank you for replying 😊
Sam Yao: Web: www.hoosmartchain.com
Group: https://t.me/HooSmartChain
Channel: https://t.me/HSC_Ann
Part 2 — live questions from the Telegram community
Q1 from telegram username @Zohaya
HSC projects include Roolend, ShouYi, and PuddingSwap. What are the goals of these projects? Are there any other projects on the horizon?
PuddingSwap: Puddingswap is the first decentralised AMM exchange on Hoo Smart Chain, and our team have a rich experience on blockchain and DeFi.
Our goal is to be the highest TVL Dex on HSC like Pancake or Uni.
JZ: RooLend is the first leveraged lending agreement on the HooSmartChain (HSC). Of course, we hope it to develop into the best leveraged lending agreement on HSC, and even in the entire DeFi ecosystem in the future.
And i will further explain our future plans and goals
For the short-term plan first, because RooLend has just launched and there is still a lot of development and operation work, we will mainly do the following things in the next few days:
1. Optimize our front-end and back-end product experience.
2. Continue to support new assets.
3. Plan to launch DAO staking pool.
In the long run, our main work will be concentrated on the contract development of leverage and vault. This part is crucial to the project, so it will be the most important work of the team.
Q2 from telegram username @Victor_26
⚠️ I saw on Twitter that Hoo Smart Chain has launched a Volunteer Recruitment Program, could you provide us more information about this program? What do we need to do if we want to be part of this program? What functions do these volunteers have on the HSC’s ecosystem? Also, are these volunteers any kind of HSC’s ambassadors or will they be different roles? What benefits do we get from being volunteers on your platform?
Sam Yao: https://twitter.com/hoosmartchain/status/1411723526122348551?s=28
This is our volunteer recruitment program.
Q3 from telegram username @akkyakky123
What is Mission of HSC? What is further plan for Hoo Smart Chain?
Sam Yao: HSC aims to promote large-scale commercial applications based on blockchain technology, which heavily depends on HSC. HSC will continue to explore the blockchain industry in-depth to bring a more sophisticated and closed ecosystem. Our further plan is here to support our mission, we are going to develop our wider global community, we will do some airdrop campaign and AMA in the future. Our team will be joining major global events and hosting others from now till the next months and beyond.
Q4 from telegram username @woshixxs
Q1: How is ShouYi different from other mining revenue programs?
Austin ShouYi: Oh yes! Nice question!
Firstly, It’s easy to operate and easy to get profits. If you use our Dapp, you will find ShouYi is extremely simple and maximize the profit for users. We think that simply accessible should be the future of DeFi Dapps.
And we are committed to promoting the mature transaction aggregation and intelligent investment of traditional finance in the blockchain financial market.
We hope that more blockchain asset customers can have a comprehensive understanding of security risk control and asset portfolio and form an awareness to some extent.
we will soon develop some “breakthrough” and “innovative” financial derivatives services based on DeFi ecology:)
Q5 from telegram username @Tahsinahmett
Do you have more creative and innovative features than your competitors to make your project a leader in its field? Do you think there are any obstacles that make it difficult for you to be a Leading project?
JZ: For RooLend:
1. We support more diversified assets. In the future, DAO organisation will vote to decide which assets should be supported by RooLend, which is an important governance right to hold ROO.
2. Risk control is more stringent. Now that we have chosen to support more diversified assets, the risk control will inevitably be stricter.
3. Tokenomic design. We have learned and improved RooLend’s tokenomic designe:generation of tokens will reduce every 30 days. It’s a deflation of the circulation and can stabilize the token price.
PuddingSwap: It is real a good question about our obstancle… because Uni, Pancake, etc. really make a huge progress on Defi DEX, what we could do is follow our roadmap and cooperate with Hoo Smart Chain and other excellent projects. Based on that the advantages of partners to create a new defi landscape.
Q6 from telegram username @arbestefy
may there be bugs or security vulnerabilities? How does this project gain the trust of users?
🚀 ♥️
JZ: Regarding this, we have done a security design for the business model during the development of RooLend, including common security issues and permission control;
Second, a large number of tests have done. Our team requires that the test coverage rate be above 95%;
The other is to find an excellent security audit team. RooLend’s contract code audit is performed by the well-known security company Fairyproof. We have maintained full communication with them during the audit process and received many valuable suggestions.
In addition to contract security, the security of additional services such as user interaction pages and data statistics are also very important. We have done a lot of development in these areas to ensure security.
Q7 from telegram username (questions deleted)
Austin ShouYi: What are the advantages of ShouYi?
We access to multiple ecology, according to users’ risk acceptance ability, set multi-level compound strategy, so one kind of coin will have multiple ways of mining.
At the same time, we support users to customize the risk control level so as to serve asset customers with different revenue goals. Accordingly, we provide leveraged auto-compound to further increase users’ revenue.
Secondly, ShouYi realizes asset staking of different ecology, combines certificates of deposit and corporate bonds of traditional finance, and realizes asset mapping, value transfer, and token settlement through cross-chain technology. This enhances the flexibility of users’ assets and also extends ShouYi’s value ecology.
How does ShouYi provide asset services to its users? and what is your website?
We provide options to them. web: https://shouyi.ai/hsc
For risk averse users, ShouYi provide saving to them. Users can deposit funds with no risks, and get SYI and interest.
Then we will guide the automatic compound of users who are willing to participate in LP to enter a high-yield pool with good depth, such as PUD/USDT. Users provide USDT, and ShouYi will automatically help users to mine.
What’ more, ShouYi will help users auto-compound.
Last, for professional users, ShouYi provides leverage to amplify the user’s LP volume, increases the yield according to the corresponding leverage ratio, and provides targeted asset staking and cross-chain asset flow services.
Q8 from telegram username @luk4jah
Since Hoo Smart Chain platform major languages is just for English and Chinese, how can people who speak different languages use your platform?
Sam Yao: We are diversifying our team with talents from around the globe, and we are aiming on the global market. Currently our app and websites only support English and Chinese. But we also have growing communities in USA, UK, Vietnam, Indonesia, Korea and many more to come. Our team will create strong support and make sure these users can use HSC in their own native languages. Again, being more user friendly is always our goal.
Q9 from telegram user deleted question
JZ: The first thing that needs to be emphasized is that the governance token ROO will become the main tool to adjust incentive measures, create a strong DeFi community, and help promote the development of the RooLend ecosystem. This is the purpose and goal of our ROO.
To pay tribute to Bitcoin, the total amount of ROOs is 21 million. Each block produces 2 tokens, and the production is reduced by 9% every 30 days, until the production is reduced to 0.2 ROO per block.
In addition to the gradual reduction, the fee income generated by the platform will be mainly used for repurchase of ROO and adding liquidity. Through production reduction + destruction, the ROO deflation mechanism is gradually realized.
Q10 from telegram username @xperia2
Hi! 💹
I see Hoo Smart Chain is looking for developers. Do you also have an ambassador program which will help Hoo Smart Chain to spread to regions where people English is not the main language? As I see in your website, you have mainly Chinese partners. This will also help to teach your project to other regions to take attention of investors.
@PatriciaWxy @samyaohk @Cole_HSC @PuddingSwap @JZZZZ2020 @Austin_ShouYi
Sam Yao: Yes we are quickly expanding our team with folks from around the globe, like I have mentioned above. We recently have added many multi-national influencers to the team, and we are speaking with multiple developers from countries other than china as well. At the end, the goal is create a more user friendly and platform with amazing profits where users have chances to earn more profit. So yes, we will take it one step a time, and look to spread even more both regionally and culturally.
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.
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