Welcome to another episode of Satoshi Club AMA Series. Today we would like to tell you about the AMA session with our friends from Rocket Protocol. The AMA took place on September 8 and our guest was @KingOfROCKET, founder of Rocket Protocol.
The total reward pool was $1000 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
Serg | Satoshi Club: Our guests today are from @RocketProtocol. @KingOfROCKET, Welcome to Satoshi Club!
WASP-12 b: Hello everyone. Thank you for the opportunity that has been given to us to do the AMA here. 😊
Gold Rocket | Satoshi Club: Hello, @KingOfROCKET Satoshi Club community! We are pleased to announce our guests from Rocket Proticol! Welcome to SatoshiClub!
Please, introduce yourself and how did you get to be involved in Rocket Protocol?
WASP-12 b: Okay, I am the founder of Rocket Protocol. I am the CEO of 4 crypto platform applications. I got to know bitcoin for the first time in 2011, but serious about it in the crypto world in 2016. I have experience working on several exchanges and crypto projects who’s the tokens are listed on various great exchanges such as Binance, Kucoin, OKEX or MXC.
Gold Rocket | Satoshi Club: Thanks for the introduction, we will have a question selected for the Part 1. ready to start?
WASP-12 b: Okay, I’m ready.
Q1 from Bitcointalk user LuisMe7
You will launch your own decentralized exchange, but do you plan to create a mainnet for ROCK tokens? ERC20 chain is too slow and expensive…
WASP-12 b: We will also add a decentralize exchange feature in the protocol rocket platform, making it easier for members to do transactions with other users safely and comfortably. And also we added a barter system on our platform, this can be a solution for users who like to do OTC without fear of being scammed, because transactions are very clear and transparent for both parties.
And than our decentralize exchanges is to complement the mobility of our members, so that it is easier for them to exchange ROCK tokens there or make a trade in another coins/tokens. We are optimistic, the ETH blockchain will have a better update in the future, so that all members can get benefit from the blockchain built on Ethereum.
Q2 from Bitcointalk user k.muller
You have a lot of tokens locked for rewards and other incentives. This is a huge number! Explain us how are they unlocked? who is deciding that? What kind of activities can be rewarded?
WASP-12 b: Here we have several incentive programs such as Staking, Reinvest, VIP Staking and Leveling of Staking, all of which require a lot of reserve tokens for rewards. We would unlock the incentive tokens when our incentive programs is live. If we divide too much for the team, partnership, event, marketing, or etc, we are worried that it will have a negative impact on the price of ROCK tokens.
Serg | Satoshi Club: Any timeline for this? when are they live?
WASP-12 b: For Staking and Reinvest programs, it will be launched soon. For VIP staking will launch and Leveling of Stake will launch at Q4 2020.
Gold Rocket | Satoshi Club: Which partnerships do you have now?
WASP-12 b: Not yet, but there are other projects that want to make partnership with us, they need help in making smart contracts for their incentive programs. We have also contacted Ferrum Network and LID to make partnership, we are trying to complete the requirements.
Gold Rocket | Satoshi Club: Great, we are waiting for your announcements. 😉
Serg | Satoshi Club: I’ve seen there are 58% of tokens reserved for this. In how much time they will be released?
WASP-12 b: It is based on the unlock system in each of the incentive programs that we have, because there are several different regulations between the incentive programs.
Serg | Satoshi Club: What are their requirements btw? or is it NDA?
WASP-12 b: At Staking program » per 7 days
At Reinvest program » per 7 days
At VIP Staking program » per 1 month
At Leveling of Stake » 3 months
Q3 from Telegram user @sato_nakamo
There are more levels of staking and the incentives are different for all of them. How can someone get to the next level and what are the staking rewards for each level?
WASP-12 b: In the Leveling of Stake feature, we have 3 levels, each level has 30 days, has a minimum difference in balance, and has different rewards. So, the level is higher. At the rst level the reward is 4%, the 2nd level the reward is 5% and the 3rd level the reward is 6%. For additional balance in the Leveling of Stake program, there is a minimum balance, a minimum addition of balance at each level are as follows:
1. The first level is $1000 ROCK (4% rewards)
2. The second level is $2000 ROCK (5% rewards)
3. The third level is $4000 ROCK (6% rewards)
Gold Rocket | Satoshi Club: Please clarify. Which is minimum balance to stake ROCK tokens?
WASP-12 b: At the normal Staking programs, minimum balance is 0.00000001 ROCK, we use that minimum balance because of the rules of the smartcontract on the ETH blockchain, we are use smartcontract for all of our incentive programs, so like no minimum balance for stake.
Gold Rocket | Satoshi Club: Which is the price for ROCK tokens?
WASP-12 b: At private sales » $0.05/ROCK (only 10% of the Total Supply). At public sales » $0.075/ROCK (only 7.5% of the Total Supply).
Gold Rocket | Satoshi Club: I mean, for private sale (if you can disclose) and for sale on Uniswap?
WASP-12 b: We provide various incentive programs based on the characteristics and abilities of each investor, so that the programs created can be right on the target in distributing the rewards to each investor. If you only have a few ROCK tokens, you can join to normal Staking, if you have a lot of ROCK tokens, you can join at VIP Staking.
Gold Rocket | Satoshi Club: I mean, for private sale (if you can disclose) and for sale on Uniswap?
WASP-12 b: As we know, UNISWAP have new rules for the new token project, we must listed at another exchanges first, so we can listed there.
Q4 from Telegram user @kenny_vermaelen
Rocket Protocol is another project with an anonymous team. Recently we had the sad story with SUSHI and everyone noticed the possible vulnerabilities does it post for a project. Does this affected you? Do you plan to reveal your identities?
WASP-12 b: First I would say, we are not the same with SUSHIT 😊 we have platforms, we have whitepaper, and we have more than SUSHIT. We are promise if we reached the hardcap, we would reveal our identities.
Gold Rocket | Satoshi Club: Btw, do you plan your smart contract to be audited?
WASP-12 b: Yes, in our team, we make audited too, to keep our smart contracts safe, we try to cheat on our smart contracts so that we can find bugs in our smart contracts. We need more than 2 weeks for build Staking smart contract btw, until all fixed and safe.
Serg | Satoshi Club: What about external auditing?
WASP-12 b: If it’s so necessary, why not? it is for the common good. 😊
Q5 from Telegram User @Jhonathanch
Since your barter system in your wallet is based on Erc-20, is it limited to only supporting Erc-20 tokens? Do you plan to include other tokens or other blockchain based coins? Thank you!
WASP-12 b: On our decentralized exchanges, we can provide bartering for several token based, but for the initial stage, we provide a barter system for token based ERC20 first, in the next update we will provide barter for other token based, we don’t want to be too hasty so raises many problems… step by step and always have a new update in our platform and products. We try to provide what our members want.
Serg | Satoshi Club: If we can’t know your identity, can we at least know where are you from?
WASP-12 b: One of the MVPs that I have in another project has also provided a bartering system too btw, and can barter for other coins or token based. From the earth, not from Mars or Pluto.
Q6 from Telegram User @OlegDubinskiy
Is ROCKET a decentralized open source protocol that anyone can contribute to? If so, what is the control structure of the ROCKET protocol?
WASP-12 b: Yes, we would add web3 system on our exchanges, or login by Private Keys, so don’t have custodian system, just login with your wallet.
PART 2, TELEGRAM COMMUNITY LIVE QUESTIONS
The chat was open for 80 seconds; a lot of questions were posted by Satoshi Club community. Our guests chose some of them.
Q1 from Telegram User @Nickkiii
I’m interested in investing the private sale round, what are the details of this round, and what cryptocurrencies would be supported for investment?
WASP-12 b: Thank you! we are glad to hear that, this is the full info about our private sales:
Rocket Protocol Private Sales have been started. We will distribute your all ROCK tokens after Public Sales ended.
Purchase address: 0xEb5bb19344a523516824beE90d846E109068CF36
Supply: 10,000,000 ROCK (10% of the Total Supply)
Price: $0.05/ROCK
Private Sale date: 5th – 13th September 2020
Minimum Purchase: $50
Currencies Accepted: ETH, USDT (ERC20)
Q2 from Telegram User @endtimeprophet
Explain VIP staking and how it’s better than normal staking
WASP-12 b: 1. Staking
The staking feature is the main feature of the rocket protocol, the investors can hold ROCK tokens and get rewards. There is no minimum staking balance, so anyone can join our staking program. The investors will get a reward around 4% for 30 days from the number of tokens staked, and to maintain price stability, we will give penalty by cutting 7% of the number of tokens staked if someone cancels the staking before 30 days.
We will also display a leaderboard for the staking program that is visible to all. Example of calculating rewards in the Staking program: If the staker stakes 1000 ROCK in 30 days.
Reward: 1000 ROCK x 4% = 40 ROCK
Total Balance after Staking: 1000 ROCK + 40 ROCK = 1040 ROCK
2. VIP staking
Unlike the normal staking feature, this feature can get more rewards, but there is a minimum number of tokens that must be stored and locked for 30 days. This feature is intended for investors who have quite a lot of ROCK tokens. The minimum balance that can be stake in VIP Staking is $ 10,000 ROCK. The reward will be around 7% for 30 days from the number of tokens staked.
Example of calculating rewards in the VIP Staking program: If the investor stakes 100,000 ROCK in 30 days.
Reward: 100,000 x 7% = 7000 ROCK
Total Balance after staking: 100,000 ROCK + 7000 ROCK = 107,000 ROCK
Note: Balance and Rewards will be locked for 30 days.
Both have differences in minimum balance, unlocked balance + rewards, and etc. But the rewards of VIP Staking are greater than Staking
Q3 from Telegram User @Idee01
Can you share with us your next big milestone? What products is Rocket Protocol currently working on to make the platform attractive to crypto and non-crypto users?
WASP-12 b: We have plan to make public sales at MOONISWAP at first, make liquidity at there too, after we have listed there, we want to apply listing at UNISWAP, because at UNISWAP have an upgrade rule, we can’t directly list there, we should have listed at another exchanges. After this plan is implemented, we will list on HOO and MXC and at in the end we really want to listed at Binance. Our Staking platform will be launched soon.
Q4 from Telegram User @DiegoRME
To enter your staking system, do I need to go through a KYC verification?
WASP-12 b: You don’t need it and there is no minimum balance for normal Staking program.
Q5 from Telegram User @Tony253210
Rocket Protocol have plans to almost everything related to a good crypto project, but i am curious, from where comes that Big confidence? Considering that you still has no achieve so many milestones? Why an investor should have trust in you?
WASP-12 b: With our mission and vision to build several decentralized products and incentive programs in order to have a good economic model for us and our investors. We try to be more transparent, focused and detailed with what we build and the data we present to our members and investors, this aims to help them easily calculate and predict how much port they will get from the results of the ROCKET PROTOCOL project.
We provide various incentive programs based on the characteristics and abilities of each investor, so that the programs created can be right on the target in distributing the rewards to each investor.
Apart from creating several incentive programs, we will also create a wallet and decentralized exchanges to complete the Rocket Protocol business wheel. The wallet that we will create serves as a storage, instant exchange or staking. While the decentralized exchange that we will create has its uniqueness when compared to other DEXs, we will combine the CEX display with the DEX system, but we do not use a custodian login system, all members only log in by connecting their wallet on our exchange, all are anonymous so members’ personal data are very well maintained, and our security system is very safe because the log in system uses the web3 system. We also provide a bartering system on our decentralized exchange.
Q6 from Telegram User @CryptoDurden
The question is about your product. How does the Rocket Protocol VIP bet work? How can I get a higher percentage of the reward?
WASP-12 b: You must have minimum balance $10,000 $ROCK to joined on the VIP staking.
Q7 from Telegram User @yzmoney
Please tell us, why do you set such a low hardcap of $1,062,500? How do you arrive in such a number and how long will the fund sustain your operation?
WASP-12 b: To create an incentive program and several decentralized products, it doesn’t require a lot of money, especially since we already have experience in that field, we don’t want to steal money, but we need funds to build a project that can last a long time.
Q8 from Telegram User @Dreamy_genius
What innovations has Rocket brought to the DEFI space? How is Rocket changing the new DeFi ecosystem and what are the plans for the next few years?
WASP-12 b: This is Rocket Protocol Economic Model. We are build several incentive programs and decentralized products, not only just build staking program like any other DeFi project, in order to have a good economic model for us and our investors.
Q9 from Telegram User @tv100029
When developers implement their chosen smart contract, they encounter a connectivity problem. Their smart contract is unable to connect with key external resources like off-chain data and APIs smart contracts can’t access data on their own. How did Rocket Protocol DEV team deal with this smart contracts’ problem? How does Rocket Protocol apply for a witness node or deploy/manage a smart contract?
WASP-12 b: We did several experiments to test the performance of the smart contract that we made with several cases, and also we tried to cheat on our smart contract so that we could find some bugs or errors, so that after we deploy and implement it, we will minimize the errors. there will be.
Q10 from Telegram User @BboyForteVZLA
What is special about your security? Can you tell me more about rocket protocol security?
WASP-12 b: In our incentive program or our decentralized products, security will be focused on the smart contract platform, considering that the UI is a bridge between the smart contract and the user to make transactions easier. In addition, we will make the smart contract as transparent as possible and all transactions can be seen with events from the smart contract.
PART 3, QUIZ AND INFO
As usual, for the third part, Satoshi Club Team asked the chat 4 questions about Rocket Protocol. A link to a Quiz form were sent into the chat. Participants had 10 minutes to answer. 600$ were distributed among 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: ROCKET PROTOCOL GLOBAL GROUP: https://t.me/RocketProtocol