On October 23 Satoshi Club had an AMA session with our friends from Vox Finance. Our guests were @cr4zi3st (lead blockchain engineer) and @walkeraki (software engineer).
The total reward pool was 1000$ 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
Mary | Satoshi Club: Hello, Satoshi Club! We are happy to announce our AMA session with VOX Finance! welcome to Satoshi Club.
Walkeraki @ Vox Finance: Happy to be here!
Craziest @ Vox Finance: Hello everyone! Happy to be here with you guys from Satoshi Club 🙂
D. | Satoshi Club: hello guys, kindly introduce yourselves to us.
Walkeraki @ Vox Finance: Hey! I am Jure and I am software engineer at Vox Finance. I was introduced into crypto world around 2015 with small bitcoin investment and later on I had small mining farm. I am programmer for my whole live and have been working in various well respected companies across the Europe.
Craziest @ Vox Finance: A nice welcome from the team at VOX Finance as well. My name is Luka and I’m the lead blockchain engineer at Vox Finance. I have a background from economics and finance where I was active for the last few years and I’ve been a crypto enthusiast since 2016 when I started with a mining farm. After getting a lot of experience and getting involved in programming and especially blockchain, we’ve decided to join our forces and create our project – $VOX.
Mary | Satoshi Club: So, why Vox.finance?
Walkeraki @ Vox Finance: Our main token’s name is Vox and we have governance token (later more about that) named Populi. Combined they form “Vox Populi” which means – voice of the people. We believe name fits our mission for this defi project. Token driven by the community for the community. Latin word basically.
Craziest @ Vox Finance: So, to answer it briefly to the audience. With VOX, we’re trying to redefine the yield-farming and DeFi platform with a clean and professional approach to the topic. If you visit our website, you’ll see what we mean. We’re not connected with any fruits, vegetables or food in general. Of course, we’re not saying that the other projects are not brilliant, we’re just trying to bring a wider audience into the field. We’ve also created an interesting tokenomics structure as well as governance model.
We want the community to become the main focus of our project and that’s why we’re here today. We want everything – yield farming, staking, lending and borrowing to be under one roof – the Vox Finance ecosystem and where each user has the power to be a part of it. 🙂
Q1 from Telegram user @max_serbov
Around 70-80 VOX are minted per day. Isn’t too much for your inflation? the token costs more than 700$ at the moment
Craziest @ Vox Finance: Sure, the tokens minted per day right now may be high – but you need to remember it’s still a little amount. We’ve only had an initial supply of 1250 tokens and we only raised 20 ETH in the presale. We need to assure that our tokens can be distributed fairly between many users. And we’ve already achieved that – just look at the top holders. We’re also going to cut the emission rate by 45,0 % every two weeks starting 01.11.2020.
And don’t forget – there’s also the 2,0 % burn rate. So while we may have a high inflation right now – this will change very quickly and will max out at 4250 tokens.
D. | Satoshi Club: And what will happen when all tokens be minted?
Craziest @ Vox Finance: That’s our first experiment – the tokens will never stop to be minted. We’ll just lower the mint rate periodically so low until it will be at the same level as the burn rate. Yield-farming and staking will be able to continue despite being maxed out at a certain supply – current estimate is 4250 tokens in March 2020. If you’d like, we can share our in-depth tokenomics article 👍🏼
Here it is: https://vox-finance.medium.com/token-economics-vox-7e411d5712e
It will ensure that our tokens remain at a constant amount and therefore we will massively limit the inflation rate after this first period. 🙂
Mary | Satoshi Club: But do you assume that there may be some changes in tokenomics in agreement with the community later?
Craziest @ Vox Finance: Yes! That’s why we’re working on getting our governance forum out until the end of this month. Our governance token holders ($POPULI) will be able to vote, propose and stake their governance tokens in exclusive staking pools that will pay out additional rewards.
All you need to do is stake your VOX on our platform. Any amount, any period.
Mary | Satoshi Club: And how can i receive POPULI token?
Craziest @ Vox Finance: You can receive $POPULI tokens by depositing VOX into the staking pool on our platform. Until you withdraw them, they will be available to stake, vote and participate in discussions on the governance forum. When you want to withdraw your VOX tokens, you will need to have POPULI tokens in your wallet, so that they can be burned. There is no minimum holding period, no withdrawal fees.
D. | Satoshi Club: Any plans to create another token? in addition to these two😉
Craziest @ Vox Finance: No, there will only be two tokens – $VOX and $POPULI. We’ve already got more than enough work with these two. We’re not looking to create anything else – our focus is on this project.
D. | Satoshi Club: Awesome! got it.
Mary | Satoshi Club: While we cannot prohibit people from trading the tokens – if they do so they will be responsible if they cannot redeem them anymore. There’s clear disclaimers on our website that warn the users of the risk.
Q2 from Telegram user @HurricaneLad
Your initial supply is 1250 VOX, 500 VOX will be sent to the seed investors… Why allocating almost 35% of your supply to seed investors, don’t you think that will discourage adoption by newcomers and at the end affect the price in long term (because many investors run away from projects with many seed investors).
Craziest @ Vox Finance: We don’t think 20 ETH is a lot of seed capital. And almost all our seed investors exited their positions already. The 20 first addresses can be tracked. We’ve also needed to guarantee initial liquidity in Uniswap – while not creating too many tokens. We needed to find a good allocation for this.
Mary | Satoshi Club: Yes, they got very good profit 😀
Craziest @ Vox Finance: That’s why we’ve also made staking available from the start – people are inclined to keep their tokens staked and not be so focused on the price.
Mary | Satoshi Club: And, yes, 20ETH very modest. Did you even expect such growth from the beginning? 😉
Craziest @ Vox Finance: Honestly, we didn’t expect such a response. This is our first project in the DeFi sphere – we’ve done a lot of blockchain programming before, but we want to continue building our project organically. In a fair and transparent manner with the community.
Mary | Satoshi Club: It shows you are choosing the right way.
Craziest @ Vox Finance: Our wish is to put the control of our project in the hands of the community – while we’re not there yet, it is the goal.
Q3 from Telegram user @tronsupporter
When you made the decision to make the maximum supply of 4250 tokens, was it based on the assumption that it will be a free marketing for you? What I want to say is: a low number of tokens, means eventually that the price of 1 unit would be higher, thus attracting attention to the project. When I see a token which costs 1000$ it is getting my attention to see what is it about.
Craziest @ Vox Finance: Bigger price numbers do raise more attention, yes – but it’s not the goal of the project. Whether the price is high or low, we’re creating a scarce token which will have a lot of attributes to it.
The goal was not 4250 tokens – we just wanted to make sure the inflation rate is not too high and that investors at all stages will not lose all of their capital.
Mary | Satoshi Club: But it worked like marketing.
Craziest @ Vox Finance: If that’s how the public sees it, then so be it. In any case we think it’s not a bad feature of the project and the token. It brings more value to it.
Mary | Satoshi Club: Guys, i know that you have roadmap and it is finishing in the 1st quarter of 2021, if i am right) what’s the next?
Craziest @ Vox Finance: We’re going to look to extend with new features that the DeFi sphere will create – I’m sure Uniswap and lending & borrowing platform are not the final projects. We’ll listen to the community – we’re capable programmers and we’ll work on the projects our community will choose for us.
There will also be Layer 2 and Layer 3 implementations, cross blockchain liquidity and who knows what else.
Mary | Satoshi Club: So, next desicions you left for the community. When they will start to vote? Or already voted?
Craziest @ Vox Finance: We will always be a part of the integral team of the community – we’re just going to bring in a lot of contributors that we’re sure are all specialists in their field to bring their experience and ideas.
Voting starts in the first week of October. Governance forum alpha version also comes out at the same time.
D. | Satoshi Club: What about NFTs are you planning to work with that kinda stuff?
Craziest @ Vox Finance: Everyone is crazy about NFTs right now – honestly, that’s not our (and also not my) focus. It’s an interesting idea but we won’t be integrating it into the platform right now. At least not in the way other yield-farming projects are doing it.
NFTs are more interesting when it comes to lending & borrowing. Look at a project such as Centrifuge and what they’re doing with it. It’s very interesting.
Q4 from Telegram user @CLOVER_JR
VOX, wants to provide high quality and cost effective services, based on community participation, so what strategies are you using to create and connect with a community that is truly interested in your project?
Craziest @ Vox Finance: We’re creating local communities, supporting contributors and we’re constantly active on our social channels. We’re developing every day, describing each step. We’re also rewarding the most active members and contributors with small rewards of VOX for their help – the same will be true for our governance platform. Someone asked us for Coinbase Wallet two days ago, today we’ll have it live by the evening. This is how we work!
Mary | Satoshi Club: Btw, do you plan any bounty program?
D. | Satoshi Club: What should i do to get rewarded?
Craziest @ Vox Finance: To answer both your questions 😀
Bounty programs will be launched, we’ll reward bug trackers, testers, developers, designers. Anyone who can contribute to the project in a meaningful way.
You just need to join our channels and we’ll accept your work and the community will decide as well. We have a contributor’s page on our website which we will develop even more so we can have transparency around our contribution system.
D. | Satoshi Club: Don’t forget to join Satoshiclubbers https://t.me/VoxFinanceCommunity
Craziest @ Vox Finance: 📱 Twitter: https://twitter.com/RealVoxFinance 🎮 Discord: https://discord.gg/c32KurP. Sorry for the additional Twitter promotion! 😂
Q5 from Telegram user @konditer_rolex
In your instructions on how to start making money in paragraph 10 it says: “Open a champagne bottle and enjoy the sweet, plentiful farming rewards!” This is the only paragraph written in the language I understand. Just tell me how much can I earn by buying VOX tokens for $ 1000? will my profit and champagne brand depend on your scheme?
Craziest @ Vox Finance: We wanted to make the last sentence a little bit funny. In all seriousness, our staking ROI is currently at 1337 % (no joke). Our liquidity pools are currently paying 3000 %. Don’t completely trust these numbers however – you know they will change when more people come into the pools. DYOR!
So you should have 13.370 in one year if for some reason all the other factors stay the same. Plus your initial amount so there’s your bonus! 🙂
D. | Satoshi Club: Ok, and a little question about security from me) smart contracts audit – do you plan it or it is already done? I don’t want to lose my campaign. 😂
Craziest @ Vox Finance: We’re already in contact with auditing firms. Hopefully we’ll have an answer to that question very quickly – it’s our priority. But we would just like to point out that all contracts are public and viewable. We’ve tested everything more than 5 times on the Ropsten testnet and we’re programmers in our previous daily work. We know what we’re doing and audits can also be misleading sometimes – but since we’re listening to the community, it will be done quickly.
Q6 from Telegram user @OlegDubinskiy
How the cost of the VOX token affects the development of the project? What will happen to the project if the token price is $ 10 and $ 1000?
Craziest @ Vox Finance: As mentioned before – we’re not focused on the price. Of course we also want to get a salary for our work – we’re devoting almost all our time and efforts. But the development will not stop. We’ve got a lot of exciting things coming and we want to bring it to our community as soon as possible.
We’re transparent with our members and we don’t hide to any questions – we’re also looking to disclose more information about ourselves if the people promise to not come knocking on our door.
D. | Satoshi Club: You can do a podcast 😉 how about that idea?
Craziest @ Vox Finance: It is exactly our intention. We’re currently thinking of creating regular Twitch streams for our community to tell them what we’re doing and what’s in development.
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 @CryptoDurden
A lot of DEFI users use mobile phones. Are you planning to release your own application on Android and IOS? Are you considering partnering with the DEFI mobile aggregator Frontier?
Walkeraki @ Vox Finance: Great question! We think DeFi products are currently lackluster on mobile platform. Somewhere in Q1 of 2021 we are planning to launch our mobile application where you will be able to buy, stake, trade and learn all information needed related to VOX.
Q2 from Telegram User @K2ice
I can see that VOX is trying to give power of shaping coin to smaller investors like me and I really hope this will continue to be the case. My question is how can smaller investors like me help in making the VOX community stronger? I really want to be a part of your project.
Craziest @ Vox Finance: Hi Hakeem, great question! We’re focused on small investors as well, correct! We’re going to make sure that no matter your staking size, you’ll be able to share your vote and ideas on our governance platform. We’ll use a special quadratic function with that that we’ll tune to give the small investors a “relatively” small boost.
For now what you can do is contribute. Share our project, come join us, help us to grow! We’re creating many local communities and if you can also create something like that, please tell us! We’d be more than interested to have you on our team. 🙂
Q3 from Telegram User @Nickkiii
What is the the principle of your governance token $POPULI, and how can become users become a part of your governance model?
Walkeraki @ Vox Finance: When you stake VOX token you gain equal amount of POPULI token. So in ratio 1:1. With POPULI token you will be able to participate in our forum where you will write prepositions, vote on other ideas and comment if you find anything attractive or bad for VOX project. So basically everyone staking VOX will be part of our governance model.
Q4 from Telegram User @KelierTG
I think I’m asking the right people… What do you think is the value of the community (and their opinion) within projects like Vox Finance? Is it totally indispensable for the success in the short, medium and long term? or are they only heard as initial marketing strategies to invest in the newly launched project?
Craziest @ Vox Finance: Hi MataMostro! The value of the community is our greatest value. Any project cannot succeed without a community behind it! That’s why we’re constantly doing AMAs, asking our members to tell us that they think. It’s not just a marketing trick and soon we will be able to prove it to you with our governance platform. Every voice will be heard!
Q5 from Telegram User @Lady_luck2
When I make a transfer under a smart contract, is 2% burned? Do I not lose 2% of my tokens when staking?
Craziest @ Vox Finance: Hi Jessica! All transfers between addresses are generally cut by a 2,0 % burn rate, correct. However, our staking pool (master address) is whitelisted in the token contract so that deposits and withdrawals in the staking pool do not remove burn amounts. So you’re able to stake/unstake whenever you want without losing your tokens!
Q6 from Telegram User @AugusS7
If decentralized finance (DeFi) really seeks to achieve a totally independent financial system, then why create a community that manipulates and manages the course of the projects? So, it wouldn’t be totally independent right?
Walkeraki @ Vox Finance: We just want to deliver platform where future and main decisions aren’t based on 2-3 people that are in charge or have a lot of money but on ideas of majority – no matter how small of an investment you made.
Q7 from Telegram User @Baby_Crypto
Vox Finance has a unique tokenomics model. Will the 2% burning and mining of 75 tokens per day remain the same?
Craziest @ Vox Finance: The 2,0 % burn rate is structured to say the same. However, the mint rate will be heavily impacted. Every two weeks starting on 01.11.2020 we’ll be cutting the emission rate by 45,0 %. This will continue all the way until the mint rate will be so low that it can stay the same with the burn rate.
Q8 from Telegram User @apfelbbrot
Will you be using the private farming pools for Populi holders as launchpads for new projects that align with the vision of the Vox ecosystem and the sentiment of all Populi holders?
Craziest @ Vox Finance: Hi TOM! Great questions and already a great preposition! Yes, our wish is to connect with growing projects such as ourselves to distribute their tokens and their project between our community and stakeholders! This way we’re helping the crypto sphere grow and we’re also benefiting ourselves by the bigger community engagement!
Q9 from Telegram User @CryptoDurden
A lot of DEFI users use mobile phones. Are you planning to release your own application on Android and IOS? Are you considering partnering with the DEFI mobile aggregator Frontier?
Craziest @ Vox Finance: Hi Serg! We’re focusing heavily also on providing mobile services. We’ve worked hard to make our website responsive on mobile as well and we’re proud to say that the platform can be used via mobile phones!
But this is not the end of our focus into this topic. As our first goal in the year of 2021 we have the wish of creating a truly unified mobile application that will combine all aspects of DeFi in one single, usable app. Yield-farming, staking, governance, landing & borrowing. All within a few clicks on your phone!
Q10 from Telegram User @Maksyrn
I saw in the last couple of days the price of the VOX token has normalized and stopped falling. What is expected in the future?
Walkeraki @ Vox Finance: We don’t really focus that much on a price itself. We have our roadmap and ideas that we want to implement into our project. We think bringing quality product will increase the price of VOX but our focus is on product itself rather than the price. I also believe that we have a lot of potential to grow as a community as a platform and in the end the price of VOX since we are at the very begging of this beautiful road.
Q11 from Telegram User @PaoloMonte87
In your tokenomics paper you wrote that you might change the emission cut are o 35% or 25% depending on current market conditions – can you please be more specific? What kind of factors might influence your decision?
Walkeraki @ Vox Finance: Yes, we mentioned that the community and development team together could make changes to the emission rate – why? Because sooner or later the emission rate cuts will make the circulating supply become lower and lower – and we don’t want the token to become deflationary – we’ll need to carry out rebalancing to make sure it stays above the level of the burn rate. That’s why we have this possibility.
PART 3, QUIZ AND INFO
As usual, for the third part, Satoshi Club Team asked the chat 4 questions about Vox Finance. A link to a Quiz form were sent into the chat. Participants had 10 minutes to answer. 600$ were distributed between the winners. Please check the winners list here:
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