Pleasure in the job puts perfection in the work, Aristotle said. And you can feel this perfection in project which we have for the following AMA session. Today we would like to tell you about the AMA session with our friends from ChartEX. The AMA took place on October 03 and our guest was @blockminded.
The total reward pool was 500$ and has been splitted in 3 parts.
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: Good afternoon, Satoshi Club! Today we are happy to announce our AMA with ChartEx! Welcome to Satoshi Club :grinning:
Blockminded – ChartEx: Thank you for your warm welcome!
D. | Satoshi Club: hello Satoshi club! @blockminded hello! welcome!
Serg | Satoshi Club: Welcome to Satoshi Club 🙂
Mary | Satoshi Club: Please, tell us a bit about yourself and about your project) how this excellent idea was born)
Blockminded – ChartEx: I’m a software engineer by background, and I’ve always had an interest in data, how the underlying markets work and seeing whether there’s any way to identify opportunities for this. TA, whilst partly skill of recognising things by eye is also about maths and data too, so late in 2017 I looked to better understand markets that were not featured on the larger platforms like TradingView, and the precursors to ChartEx were born in the form of a chart bot for Discord
TradingView in 2017 supported Bitstamp and perhaps a few other large exchanges, but there was very little coverage of the emerging competitors – Kucoin, Binance etc. which were gaining huge popularity with their users, so I set to understanding their APIs and trying to chart these
and in early 2019 ChartEx itself was born, and was one of the only places you could chart Binance, Kucoin, Bitmax and a few others.
Into 2020 of course Uniswap took off in a huge way, but unlike those big centralised exchanges with robust APIs to collect data, nothing existed for Uniswap aside from scraping raw trade information either on-chain or through some smaller API providers and so ChartEx became one of the first providers to introduce Uniswap charts.
by accident, an influencer – CryptoMessiah tweeted about having discovered this amazing place to chart Defi coins, and just like that, my servers imploded under the demand. which really did set the course for where we are today – we had to scale, adapt and improve to support the huge number of visitors we now cater for.
that’s the backstory of ChartEx, is there anything more you’d like to cover in the introduction?
D. | Satoshi Club: great introduction thank you!
Mary | Satoshi Club: Thank you, it’s clear and i really interested in your answers to the questions from our community)
Blockminded – ChartEx: Great!
Q1 from bitcointalk user let098765 @jobel4 on Telegram
Honestly I can’t understand the chart of Chartex so can you simply explain the chart of Chartex? Do you have any tutorial video or guidelines on how to use Chartex? Do you also plan to launch mobile application version for Chartex, for easy use of your platform?
Blockminded – ChartEx: OK, so this is a very interesting question. ChartEx is very much geared towards those already comfortable using TradingView, which is the industry leader in charting, so if you can use TradingView, you can use ChartEx – that being said, we are seeing a lot of new users finding Defi for the first time that have not ever seen TradingView or used it, so we’re working on some introductory content for this which will cover the basics – it won’t necessarily teach you Technical Analysis, but will outline the tools and how you could use them.
D. | Satoshi Club: would be cool to have a guide about how to use all these tools:eyes:
Mary | Satoshi Club: Yes, for example i can only see this picture, but i don’t know how to find this)
Blockminded – ChartEx: There’s also a lot of traders who use ChartEx on their own live streams, last week, CryptoWendo, an influencer on twitter and Youtube spent a lot of time running through Defi coins using ChartEx charts, so there’s a lot to be learnt from this. With respect to the top movers, that’s currently not available to the public, I produce these daily on Twitter to give a recap of the events of the day, but the API that powers this will be opened up to the public in the coming quarter – and this will not only allow you to see these yourself, but make your own interesting interpretations of our data
Mary | Satoshi Club: Thank you, now i am quiet and patiently waiting for your updates)))
Blockminded – ChartEx: finally, with respect to the mobile application – it’s in active development but it’s not our top priority at the moment, there’s some early user interface screenshots I can share but we don’t have a firm delivery date on this – especially as the Apple App Store for example has quite stringent regulation around applications serving crypto and defi for example
this is an early preview of some of the function the mobile app will have
D. | Satoshi Club: very informative answer @blockminded thank you
Mary | Satoshi Club: It looks sweet))) hope to see this charts on my phone soon)
Q2 from bitcointalk user juanes @juaniss on Telegram
I have read that saving and loading charts is one of the most popular feature on your platform. But I didn’t quite understand what is its feature, how does it work?
Blockminded – ChartEx: there’s nothing more frustrating than closing a tab on your browser and losing the chart you’d spent a lot of time working out support and resistance levels, identifying trendlines and perhaps looking at the output of the indicators you might use for technical analysis. this in itself requires more infrastructure and a way of users being able to identify themselves
Mary | Satoshi Club: That’s true 🤣
Blockminded – ChartEx: so our next major release that will be exclusive to CHART token holders will be the means to save your progress and retrieve your charts at any time using a very simple wallet-based login. so anywhere you have Metamask (and other Web3 compatible wallets) you’ll be able to log in and retrieve your work in progress.
for some who just want to see a quick chart and move on, this won’t be a huge deal, but for some who spend hours in front of charts, with 20 tabs across a handful of screens for example, this is a huge deal for them!
Mary | Satoshi Club: Only for CHART holders?) How nany CHARTs i need to have to have this feature available?
Blockminded – ChartEx: that will be announced tomorrow as we outline more details on the next release. but it will be an amount of CHART that’s affordable, because ChartEx at its core was built for the community
D. | Satoshi Club: @madamlobster this feature for you. you are experienced trader :eyes:
Mary | Satoshi Club: No, but i want to be:joy: i still have just one monitor)
Blockminded – ChartEx: I also heard that some people don’t like dark blue as a background colour – so this will allow you to also customise those aspects of your charts (and save them for later)
Q3 from Telegram user @bitociok
Do you think you can get a lot of popularity and new users to your platform? how do you convince them to use your charts? also, how many users you had so far?
Blockminded – ChartEx: I think there’s a lot of contributing factors that will mean DEX trading will become more important, the recent news of Bitmex being prosecuted for example sent a shock across the industry that other exchanges will be next. As DEX trading increases, liquidity should follow, this will make for DEX markets to be less volatile (we hope) and users will become more comfortable with the experience
Mary | Satoshi Club: Do you have competitors? I mean exactly Uniswap charts?
Blockminded – ChartEx: this will in turn mean more users seek to get that extra advantage, through charts, analytical tools, access to data
there’s a small number of other providers, but I believe our coverage is most comprehensive – I don’t know if I’m biased but I see more ChartEx branded charts across social media than other providers, so the brand awareness exists
as our platform evolves we’ll differentiate ourselves further from being ‘just charts’ and I think that’s where our true value will start to shine
Mary | Satoshi Club: As i understand now you have only Uniswap? Am i right?
Blockminded – ChartEx: we’ll support more Dex’s, more blockchains and more insights into data than just a list of trades. Yes, as of right now, Uniswap is the only platform that is live. but… there are more than 1 other platform in the late stages of testing at the moment
Mary | Satoshi Club: You answeres are faster then my questions 🤣
Blockminded – ChartEx: I’ve had my morning coffee
D. | Satoshi Club:
btw, im a bit confused about your market cap and token circulation…can you clarify the numbers?
Blockminded – ChartEx: Neither are correct unfortunately, CoinGecko’s is closer but it reflects a small amount of tokens that are not actually circulating, so the correct number of circulating tokens is 33,250,000. CoinGecko count tokens allocated for exchange liquidity in their calculation
Mary | Satoshi Club: They didn’t have morning coffee :coffee: i think)))
Blockminded – ChartEx: CoinMarketCap will not disclose their calculation but I have asked them more than once to revise their figures
Mary | Satoshi Club: It’s common problem with all cointrackers
Blockminded – ChartEx: I like the CMC guys a lot to be honest, but I can’t really help if they won’t tell me where their calculation differs from mine. they were super helpful on our launch
Mary | Satoshi Club: Yes, but they have a huge volume of work
Blockminded – ChartEx: yes absolutely – our tokenomics for anyone that’s interested are published at about.chartex.pro
Mary | Satoshi Club: We are interested) will definitely check this, thank you:+1:
Q4 from Telegram Username @julioceazar
ChartEx started as a complementary charting bot in Discord and Telegram. What is the reason behind launching your own token and join the DeFi craze? What will be the uses of $CHART?
Blockminded – ChartEx: Great question. so I’ll start with uses, and then expand a little on the back story which should give the context needed to answer this fully the short term use cases will be around the charting platform itself – as we touched on a little earlier, holding CHART tokens will be a requisite requirement to enable users to save and load charts, the features that will follow afterwards such as the enhanced telegram bots, the watchlists and our higher level data insights and API access will require either holding a specific amount of CHART tokens or both holding and a regular subscription fee – we recognise the value in our API for example in giving raw access to developers and power users, so that would for example be a subscription product because we can forsee a lot of use of this and therefore the technical requirements to support this will require infrastructure investment
We want users to be able to feel in control of their tokens which is why we don’t expect a subscription payment for just saving and loading charts for example, we are happy with the commitment to ‘soft lock’ their tokens and our means of saying thank you is giving them a higher level of access to our platform
The reason for launching a token was to simplify access to our products whilst also ensure we maintain an ability to stay competitive and agile with new features and products – we thought long and hard about the question of ‘why does this need a token?’ and realised that to continue our vision of this being a largely community led product in terms of where we go from here and what we build, we needed a way to incentivise our users to participate
so the ChartEx DAO which will come later next year will introduce governance, grants and subsidies which token holders will vote on and actively participate in shaping our direction moving forwards
this will be funded from those subscription fees we do charge – some tokens are burnt, some will go into the DAO, and some will return to ChartEx treasury to fund ongoing operations, community initiatives etc.
If you wanted to explore the ‘why token?’ in more detail, I wrote about the decision making process here: https://medium.com/@chartexpro/introducing-the-chart-token-bda93b611953
Mary | Satoshi Club: It’s logical. I heard rumors, for example, that Blockfolio is going to tokenize their platform. Of course, it’s different, then ChartEx, but it’s near in common sense)
D. | Satoshi Club: great! thank you for answer! nice benefits for token holders
Blockminded – ChartEx: our token holders are the lifeblood of the platform so it’s important we thank them for it by way of these initiatives
Mary | Satoshi Club: Do you know the number of your users now? Approximately?
Blockminded – ChartEx: we saw 22,400 unique visitors yesterday, in the last 30 days, more than 340,000
Mary | Satoshi Club: Good numbers i need to say :+1:
Q5 from Telegram Username @Lorax14
You said in an article that “The core charting experience will remain free, ChartEx will not be subjected to artificial restrictions and open to all.” How will the project survive if there is no fee for using the platform? Do you have some plan to introduce premium accounts with paid subscriptions?
Blockminded – ChartEx: We’ve largely covered this one in the last couple of questions
D. | Satoshi Club: yes, true
Blockminded – ChartEx: but fundamentally I set out to build a free product, and everything you can currently do for free on ChartEx right now, you will continue to be able to do for free
we’ll start seeing more value in the ecosystem as we introduce these subscription and hold to use functions, particularly as we’re working very hard to make sure these are affordable and realistic for the value they create
so if you don’t need to save charts, that’s fine with me, you’re still every bit as welcome to be part of our community
but of course I do hope there will be lots of users who recognise the need for these additional features and decide to stash away some CHART to use them!
Mary | Satoshi Club: after all – will it be a ‘soft-lock’ or a fixed payments for subscriptions? Or it will be mixed?
Blockminded – ChartEx: there will be a blend of both, with TradingView for example, you could pay $100 a month, and that’s it, it’s gone, so we hope that if we were to ask people to lock away $100 of CHART to use the extra features of the platform, essentially still free, that people would welcome this
Q6 from Telegram Username @rioliandaro
ChartEx also offers bot services – could you expand on what kind of bots are available and how they can be used?
Blockminded – ChartEx: So a bot freely available right now to be installed in any telegram channel is the ChartEx Chart Bot, this will, on demand, get you a chart for Uniswap markets and a number of centralised exchanges, the scope of this will increase to also allow you to ask for things like prices, trading volume, liquidity numbers etc – anyone can use this without holding tokens, this is very much about brand awareness.
Mary | Satoshi Club: Where can i find this bot?)
Blockminded – ChartEx: We’ve got two other bots in the late stages of development – the first is a Whale Watcher and Wallet Watcher bot, so if you’re looking for signs of whales in markets that might be of interest, these will be for you – you can set a USD or ETH value trigger alongside the symbol you’re interested in, or work marketwide, and you’ll see notifications in near-real time of these trades being made, with etherscan links to the transactions
D. | Satoshi Club: i wonder if we can try your bot in our chat 🤔
Blockminded – ChartEx: the more advanced bot is the TA Bot, this is quite complex and has been in development for a while, and this will only increase in relevance as Uniswap becomes more and more liquid and the charts act more closely to centralised counterparts
you’ll be able to say things like ‘show me all pairs where EMA 25 Crossed above EMA50 on the 4h timeframe’ which for highly technical traders, they’ll get that value straight away
The ChartEx Chart Bot can be accessed here: @ChartExChartBot, you can DM it and asks for charts in private, or you can add it to a group. if you DM it, you can get some instructions. this is an ever-evolving bot so will get faster as we spend more time and effort on streamlining it
Mary | Satoshi Club: And one more question) do you have plans to fight with scams in any way?
Blockminded – ChartEx: Yes! there’s a caveat to this, it needs user due diligence too.the earliest versions of ChartEx worked on the assumption that people were ethical and there would not be multiple tickers the same because of copycats
and we worked hard on refining this, considering liquidity and volume in which version of a ticker was the right one
but this also had its failings as the copycats became more sophisticated and actually invested in their scams
a bad person putting 100 ETH liquidity up against their fake version of something people wanted makes it very difficult to work out if it’s real or fake
so the two things I would advise now to all traders on DEXs
1) make sure you ask the project for their token contract address
this means you can be absolutely certain you are trading the right asset
2) look at volume and liquidity for confirmation/assurance that its trading patterns looks reasonable
we recently made a fundamental change to how you search ChartEx for charts to help better
empower users in this situation
Mary | Satoshi Club: One of the best advices)))
D. | Satoshi Club: the most important thing, i guess
Blockminded – ChartEx:
on our search feature now, you can search by ticker, and if you choose the default ‘best effort’
option, we’ll take you to the most liquid market with most volume – this works for established
tokens, but on launch day, if a copycat gets to market first with volume, this is not always trusted
but, if you know the token contract address, you can now see the last 6 characters on our search engine
so you can be sure it matches
and we show price, volume and liquidity right there too
with respect to rug pull risk, this gets a little trickier – in the early days it was simple again, make sure the liquidity tokens are locked
but again, this got more sophisticated, people locked their tokens but did not disable the mint function for example
so flooded markets with extra supply
Mary | Satoshi Club: it will really save someone
Blockminded – ChartEx: so we’re still evolving and looking at how best to improve this experience, but the 100% surefire way to avoid potential copycats is to be 100% sure of the token contract address, so only trusting official sources
Mary | Satoshi Club: Yes, and DYOR before)
D. | Satoshi Club: very detailed answers! thank you very much! @blockminded
Blockminded – ChartEx: You’re very welcome
Part 2 — live questions from the Telegram community
Q1 from Telegram user @JoxesXIII
Uniswap is the largest digital asset swap protocol. Recently other protocols have come out such as Burguerswap, sushiswap, etc. Does ChartEx plan to include these protocols? Or do you plan to expand your services to other blockchains?
Blockminded – ChartEx: Yes! I mentioned earlier there’s currently 2 platforms that are not Uniswap that are in the final stages of testing – we’re reviewing the emergence of new Uniswap-type exchanges to ensure we can support those that achieve significant adoption
Q2 from Telegram user @gunki2
What are the major challenges you face in implementing your long-term roadmap and how do you plan to do your next roadmap for this year 2020? and years to come 2021,2022,…?
Blockminded – ChartEx: In the early days, not being able to scale as fast as demand came in – until the token launched, everything was entirely self funded and ran for over a year being funded personally, now I have a team of developers supporting me, some excellent community management and marketers, so we’re very much overcoming those early obstacles
Q3 from Telegram user @drzy16
What’s the competitive andvantages of ChartEx compared to TradingView?
Blockminded – ChartEx: This is a great question – in some ways we’re very complementary, the user will experience things in a similar way using our product because we license their technology to provide that familiarity, but behind the scenes the infrastructure is entirely home grown – our differentiator/competitive advantage is that we can support new and emerging markets quicker, and continue to add value through the extra insights we are building that surround this such as our bots, raw trade data, TA led querying of markets
Q4 from Telegram user @radmaxco
What is the value of ChartEx for DeFi? Will it allow dApps to take their data?
Blockminded – ChartEx: The ‘Powered by Chartex’ programme which will launch in the early part of next year if not sooner will allow third parties to interrogate and use our data, so with this I think there will be some emerging DeFi products that will be able to rely on our in-depth data to support their own growth
Q5 from Telegram user @gunki2
What are the strongest advantages of the ChartEX project that you think will make your team lead the cryptocurrency market? On the contrary, what are the weaknesses of the ChartEX project? How is the team going to overcome it?
Blockminded – ChartEx: Our strongest advantage I believe if our community focus – ChartEx as I mentioned was born within a group of traders who helped shape and evolve it into something people find useful. We will continue to listen, and not just build ‘easy’ features from the data that we have but actually take the time to understand what it is our users thing will give them an added edge.
Disadvantage/Weakness right now still focuses on scaling, not necessarily the technology now as it’s performing very well, but growing out our team, getting the right people and not just people that are available, who will in turn have the same degree of understanding of what people truly want. I’m not looking to hire an ex-Google for PR purposes for example, I want someone who understands traders, understands market dynamics and can help to shape the future direction in the same way we will hope the community also do
Q6 from Telegram user @zaferce
How far has ChartEx traveled so far in terms of expanding its functions, scaling the infrastructure and meeting market demand sooner, and what are the areas you are still working on?
Blockminded – ChartEx: In the last four weeks we’ve entirely rewritten the trading data backend for performance, introduced 24 API endpoints for scalability and resilience and moved to directly capturing data from the Ethereum blockchain instead of through APIs. Our next immediate priorities as we touched on before are improving user experience through user accounts, saving preferences and charts etc. because that’s what we heard when we asked the community what is important to them – we’ll be focusing in parallel to bring extra exchanges and markets so there’s more data available, as well as developing greater insights into the raw data for our users
Q7 from Telegram user @araceley
How do you plan to spread awareness in different countries where English isn’t the official language ? Have you created local communities in various languages to let them understand about your project better ?
Blockminded – ChartEx: we currently have an English Language community but we recognise our reach as being international – one of the key functions of the ChartEx DAO is not not only give community members a voice, but empower them to actually see meaningful change through voting on issues important to them – this should hopefully see proposals relating to not only products, but also community development and expanding to support other markets than just English speakers
Q8 from Telegram user @Lorax14
Most of the requested tokens charting by ChartEX are traded on Uniswap. Why did you put your focus on charting coins on Uniswap?
Blockminded – ChartEx: We recognised the opportunity to provide something nobody else was really doing, or at least not doing at scale in supporting Uniswap markets. Uniswap and other DEX’s are becoming increasingly important as regulation changes and CEXs are under far more scrutiny – we are seeing this as a very good decision so far considering the adoption we’ve been able to achieve with very little marketing – that’s not to say we won’t support CEXs in future, but to be honest, there’s already lots of places to get those charts, so it would be an exercise to provide users with ‘everything under one roof’ rather than a key differentiator
Q9 from Telegram user @Kale_king
Protecting users/member data and privacy has become a problem that many companies/projects must face in their development. So can you explain a bit about your Protocol Security?
Blockminded – ChartEx: So firstly, ChartEx is not a protocol, it’s an ERC20 token running on Ethereum, as such there’s no transfer of anything personal at all on-chain, but to answer your question in a more wider context – personal privacy is hugely important to us, which is why we are opting for user login to not be via username/password and email address as this opens us up to security risks in the unlikely and very unfortunate event any part of our system gets compromised. It also allows to to offer absolute privacy and security for our users because we only ever received information to our systems that’s entirely public – your Ethereum address for example is the tie to our user accounts, and only the public aspect – we hold no private keys, no presigned data that could be used to interact with your wallet, and only you can interact with us on your behalf by proving who you are via Metamask
Q10 from Telegram user @liajuhria
Assuming the token rises in value significantly, are the subscription fees calculated in a fixed $ USD amount, or in a token amount?
Blockminded – ChartEx: We don’t want to price anyone out of using ChartEx – our subscriptions would be payable in CHART tokens but the actual payment about would be regularly recalculated against the USD rate to make it affordable – for those payments we do received, 20% of it will go into the DAO under community control and 30% of the payment is burnt permantly which will slowly deflate our supply
Part 3 – Quiz Results
In the final part we tested your knowledge in terms of ChartEX. They’ve prepared 4 questions for this part. The total reward pool for quiz was 300$.
For more information and future AMAs, join our Social Media channels:
ChartEx Community: https://t.me/ChartExCommunity