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 Ramifi Protocol and our guests were @kyleforkey and @RamProtocol. The AMA took place on 6 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 Ramifi! Welcome to Satoshi Club😀
Gold Rocket | Satoshi Club: Welcome our guests of Satoshi Club: @kyleforkey and @RamProtocol👋
Ramifi (Won’t DM You): Hey everyone great to be here.
Mary | Satoshi Club: Welcome here👍 how’s going?
Ramifi (Won’t DM You): All going well. Working on Ramifi, learning something new everyday
Gold Rocket | Satoshi Club: We are very happy to have you here today! let’s start with a small intro about yourself and how you got into crypto and Ramifi
Mary | Satoshi Club: That’s great! And we also want to know more about Ramifi!
Kyle Forkey: Hello everyone! Hope your having productive tuesdays. My names Kyle and I’ve been in the space around 4 years. I began with a strong interest in the melding of securities and crypto but have since started thinking much more in terms of completely native protocols and applications that leave the old behind.
Ramifi (Won’t DM You): I started in crypto in 2016 learning about bitcoin faucets and many other small things that caught my attention. However, as the space progressed, I learned to grow a passion for DeFi through ethereum and building products on such an innovative network. Kyle and I then decided to focus our attention to the increasing inflation or “True Inflation” that currencies like the dollar experience, especially after the recent stimulus packages that have increased the circulating supply by over 40%. Ramifi plans to do measure inflation through the rise in prices of commodities instead of pegging to the dollar.
Mary | Satoshi Club: Nice, i think our space is still needs improvements!
I started with faucets in 2015 as well 😂
I see that you prepared a great future for Ramifi! When did you start to develop your project?
Gold Rocket | Satoshi Club: Nice background guys and a great unifying idea! 👍
Ramifi (Won’t DM You): We started back in 2020 around october
Mary | Satoshi Club: And already did a lot! What a speed!
Thank you, guys for your intro! Are you ready to dive deeper into the details with the questions from our community?😀
Ramifi (Won’t DM You): It was created shortly after the stimulus packages caused by the coronavirus lockdowns in the US
Sure!
Gold Rocket | Satoshi Club: Тhanks a lot for the intro!
Q1 from Telegram user @Arisabela
Ramifi aims to remove the need of USD as the main coin reference to most of the stable coins, so how is this procedure sort of? How does it connect with the real world and the dynamic market?
Kyle Forkey: Well the infrastructure isn’t in place currently for decentralized oracles for the amount of commodity data we require, however chain link is working on a second layer solution that will dramática reduce the cost involved in setting up oracles for this data. Our aim is to have at least 15 such nodes in place this year.
Mary | Satoshi Club: But how you will remove the need of USD? What do you offer as replacement?
Kyle Forkey: That’s RAMs purpose, money is nothing more than a social contract given value by individual belief in its worth, USD is not backed by anything it’s just ubiquitous. RAMs value is secured quite simply by math, making social acceptance possible without a need for 3rd party involvement.
Mary | Satoshi Club: It makes sense! So, instead of national cryptocurrencies we will have RAM? Is this your main goal?
Kyle Forkey: It’s extremely lofty but I know for certain fiat currencies days are numbered. I’m hoping at the very least this protocol is a contender.
Ramifi (Won’t DM You): Ramifi serves to be an inflationary unit of account currently in the DeFi space. Lendable, trade able in a decentralized manner
Gold Rocket | Satoshi Club: You are the rebels blowing up the system 😁
Mary | Satoshi Club: Yes, fiat’s position is faltering😃 i believe that you will be one of those who will continue fiats job in the future.
Thank you for your answers! Ready to proceed?
Ramifi (Won’t DM You): Sure!
Gold Rocket | Satoshi Club: thank you very much for your answers🚀
Q2 from Telegram user @Dudeiebitch
Ramifi is said to introduce the $RAM token which will help solve inflation by pegging the values of $RAM token to a dynamic basket of commodities, what are these basket of commodities and how many of those commodities are available. I will like to know how a user can benefit from all these also.
Ramifi (Won’t DM You): Ramifi will be using commodities by their volume on the global market. These commodities will be the most traded, and useful for the average persons life. Things like gold, steel, rubber, wheat, and even cattle. However, we are planning to scale these feeds as the protocol grows.
We believe commodities markets and their price rise offer a signal as to the value currencies are devaluating
Our target basket will contain 100 commodities
Mary | Satoshi Club: Do you have full list somewhere?
Ramifi (Won’t DM You): You can find the first commodities we will be using on our websites “Learn” tab
Here are the most traded commodities:
• Crude oil
• Steel
• Soybeans
• Iron
• Corn
• Gold
• Copper
• Aluminum
• Silver
Mary | Satoshi Club: Thank you! Btw, what will happen if price of commodity will fall fast as it was with oil not long ago?
Ramifi (Won’t DM You): This is why we use a weighted average, and ignore price fluctuations in one week greater then our 5% threshold to avoid hyper volatile events like that
Mary | Satoshi Club: Gotcha 👍 thanks!
Ready to jump to the next question or you want to add something?
Ramifi (Won’t DM You): Similarity, it will be using the weeks average for the commodity in question
Sure we can
Mary | Satoshi Club: 👍
Q3 from Telegram user @KeymerS
To achieve a greater volume of your stablecoin and then achieve adoption, you need to list them in the most recognized exchanges, I understand that on 04/03 it will be your private sale, where will it take place? And after it, where can we buy them?
Ramifi (Won’t DM You): We are now listed on Uniswap but are in talks with Gate io MXC, and Hotbit. We will most likely be listed on Gate this week or next week as listings take time for startups like us
Mary | Satoshi Club: Will you have private sale as mentioned in the question?😃
Ramifi (Won’t DM You): Our private sale is over!
Mary | Satoshi Club: Got it!
So, just exchanges 😀
Ramifi (Won’t DM You): Yes correct
Mary | Satoshi Club: Btw, are you already listed on Coingecko? Or Coinmarketcap?
Ramifi (Won’t DM You): Yes we are, would you like some links?
Gold Rocket | Satoshi Club: Sure
Ramifi (Won’t DM You): For further announcements please go to: @ramifiannouncements
Gold Rocket | Satoshi Club: Thanks for sharing👍
Mary | Satoshi Club:Thank you for info!
Ready to go to the next question?
Ramifi (Won’t DM You): Sure !
Q4 from Telegram user @Xusuo
I read your site about CPI ( Consumer Price Index ) for tracking inflation, what is the negative effect of using this methode? What solution can give by CPI beside tracking inflation?
Kyle Forkey: The main issue with the cpi is its ability to hide devaluations within efficiency gains. As products become cheaper to produce their price remains the same because USD is devaluing right along side it. There are obviously other things at play but thats a fairly major component.
Gold Rocket | Satoshi Club: Sounds good!
Mary | Satoshi Club: How do you devalue this negative effect?
Kyle Forkey: The more complex a product is, the more gains there are to be made in efficently producing it. Even commodities are subject to this to some effect, but by going to raw materials we are able to mitigate this as much as possible. Natural resources have inherent worth and though there are improving methodologies of extracting them they are as close to a baseline of value as we could think of.
Mary | Satoshi Club: That’s true 😀
Thanks for your answers! Ready to go to the next question?
Kyle Forkey: of course!
Gold Rocket | Satoshi Club: Тhank you very much for your answer!😊
Q5 from Telegram user @lukacy
In your official telegram, you said as quoted: “Ramifi is not a stable coin, it is a stable contract. What do you mean? Can the price be subjected to frequent change and sometime pump and dump action? Can the price become widely different in price when compared with usd anytime soon?
Ramifi (Won’t DM You): If you look at our roadmap, Ramifi is just getting started into the true inflationary currency we want it to be. In the first growth phase, volatility is to be expected as there are multiple people speculating on the protocol and its adoption. However, the protocol will still try to automatically balance the price of the protocol no matter what is trying to be done. There will be a certain point after the “growth” phase that will allow ramifi to be more stable then previously.
Mary | Satoshi Club: Share you roadmap with Satoshi Club, please 😀
Ramifi (Won’t DM You): https://twitter.com/ramifiprotocol/status/1378146129196552194?s=21
Mary | Satoshi Club: You will use Chainlink oracles?
Gold Rocket | Satoshi Club: you have big plans and goals! 🚀
Ramifi (Won’t DM You): We are going to be using chainlinks open source oracles after our centralized feeds
Mary | Satoshi Club: Understand! Thanks!
And just one 6th and last question left for this part😀
Ready for it?
Kyle Forkey: born ready
Gold Rocket | Satoshi Club: Thank you very much for your answers! 😊🚀
Q6 from Telegram user @Derazy
In relation to community engagement, I found out that Ramifi will launch Educational Bounty Program. Can you please elaborate about this program and the impact for community development?
Ramifi (Won’t DM You): To participate in this, you must have some knowledge regarding Elastic Finance, and supply elasticity. More details are in the chat 👍 @ramifiprotocol
Mary | Satoshi Club: We will be holding Ramifi Educational Bounty, and we are calling on everyone who has experience with elastic supply/rebase tokens to help newer users adapt and learn to reduce the spreading of misinformation. 📚
If this is you, please DM me! Remember, I will never ask you for crypto or your keys. Users will be rewarded based on the accuracy of the information provided. ✅
Rewards to be determined by the community, in $RAM
I
s this right?
Ok, guys!
Thank you for your answers!
Do you want to add something or we can start with live part?😉
Ramifi (Won’t DM You): You guys can start!
Mary | Satoshi Club: Let’s go 🚀
Part 2 — live questions from the Telegram community
How does Ramifi Protocol maintain its commodity based peg?
Ramifi (Won’t DM You): Ramifi maintains its commodity based peg through supply elasticity. This is a unique algorithmic mechanism that adjusts the supply according to how far away the tokens price is from its peg. If it’s below, supply decreases. If it is above, supply increases. Many factors within the market and protocol itself allow the network to achieve an innovative synthetic commodity that is tradeable in a decentralized manner while being an inflationary unit of account.
Q2 from Telegram user @ninoska0012
In today’s market there have been many clever attempts, each of which has become progressively more sophisticated than the last from USDT to DAI to Ampleforth. USDT gave us an easy exit ramp to escape the volatility inherent in the crypto markets. DAI did the same without the need to trust that a third party had the reserves to pay his debts. AMPL went one step further without the need for excessive asset collateral for its production. Does RamiFi make a combination of these 3 stablecoins, please describe what are the RamiFi projections and benefits?
@kyleforkey
Kyle Forkey: Ramifi is a fork of Ampleforth though we do plan to make further major adjustments to the stability mechanism. An algorithmic stable coin is the only chance we have at creating a stable asset that moves us away from legacy instruments. By using USD as reserve collateral or even as a baseline peg we are still handicapping ourselves with reliance on these institutions.
Q3 from Telegram user @lexzy01
Do RAMIFI have any plan for ambassador programmes ?
Ramifi (Won’t DM You): Our current ambassador program is our Educational Bounty Program that will allow people to get paid in $RAM to spread the gospel and knowledge of elastic finance. Please find it at @ramifiprotocol on our pinned message
Q4 from Telegram user @MCBTrade
What are the differences between the Ramifi Project and other rebase projects such as Base Protocol and Ampleforth? What are the differences and innovative features of Ramifi compared to other projects that provide flexible supply?
Kyle Forkey: The biggest difference and the most important in my opinion is the use of commodity data as a peg, it may seem trivila now but we will begin seeing the effects of the USD printing thats happened over the past year very soon. The second is that we have no itention of remianing stagnant with regards to the adoption of new stability mechanisms. There is tons of research being done across the globe on algorithmic stable coins and we plan to use every bit of it.
Q5 from Telegram user @highpee
I have read that The value of $RAM will not increase by protocol growth or increase. Since investors are more interested and after the value and worth of their crypto assets, what then will make $Ram increase in value?
Kyle Forkey: This is a tough one to get across because investors are conditioned to look at price, with the RAM protocol however the price of RAM is not meant to go up, but the number of RAM will. If rams network increases 100x you are not left with 1 ram token valued at a $100 dollars. Instead your 1 ram token is now 100 Ram tokens valued at $1
Q6 from Telegram user @Pirry05Universe
What strategies will Ramifi Protocol implement to solve the problems with ma supply and demand in the exchanges?
How does Ramifi Protocol solve constant and unavoidable inflation? What are those strategies that you implement to execute this?
What is the total distribution of $RAM tokens? And what benefits do the users that provide liquidity to the Ramifi Protocol ecosystem get?
Ramifi (Won’t DM You): Our protocol, after the growth phase of course, will essentially try to create a stability that revolves around the peg. This peg is made up of a weighted basket of commodities. These commodities can be found through the chat above but check them out on our website at ramifi.org on the “Learn” tab.
Q7 from Telegram user @BlancaSdf
What are your plans and strategies for marketing and expansion and use around the world? Do you have plans to open communities of different languages and so on?
Ramifi (Won’t DM You): We have great media partners that allow us to spread out messages on platforms that are quite visible. We also usually hold some sort of bounty program every couple of weeks and AMA to keep the community active and earning. We currently have a Korean community and will be having a Chinese community soon on WeChat.
Korean: https://t.me/ramifiprotocol_kor
Q8 from Telegram user @vedamatrix
There is a project named Madahao released a stable coin pegged to gold, stock and dollar. What’s the difference of Ramifi from it?
Kyle Forkey: Stocks would not be a great peg as their earnings increase right along side the amount of money in circulation. Just look at how incredible the market has done after pumping 4 trillion in printed money into it.
Q9 from Telegram user @topind7
Does Ramifi protocol have any partner and what benefits has it done to you?
Ramifi (Won’t DM You): The project will announce a series of partnerships this month that aid ramifi’s utility within the space. Lending/aggregators/liquidity services are our go to.
Q10 from Telegram user @sumione
Is there an option with $RAM token we can participate in DAO or what more we can do with it?
Kyle Forkey: We have a governance contracts in the works that will not only be able to decide on protocol changes but will also be given access to the treasury for further improving the protocol itself.
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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