We were delighted to welcome our guest from PolkaBased. The AMA took place on February 24th 2021 and our guest was PolkaBased
The total reward pool was 500$ 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 questions from the Telegram&Bitcointalk community
Gold Rocket | Satoshi Club: Hello, dear Satoshi Clubbers!
Andres M. | Satoshi Club: Welcome to a new AMA session, today our guests are @PolkaBased @Henry2678 @MayaPolkabased. How is going your week guys?
Julian | PolkaBased Official: Hello and thank you for having us. We are doing very well. Working really hard.
Andres M. | Satoshi Club: It is an honor for us to have you here
Julian | PolkaBased Official: And how are you guys doing?
Gold Rocket | Satoshi Club: We are doing well
.Excited about the upcoming AMA. To begin with, please tell us a few words about yourselves and how did you get to be involved in PolkaBased @PolkaBased
Julian | PolkaBased Official: We have been crypto enthusiasts since the beginning of 2017. We started on the user side, this is where we became inspired by various crypto projects and solutions, especially rebase protocols. We take these experiences with us and believe that PolkaBased Protocol benefits from these experiences. PolkaBased protocol aims to function as a synthetic asset which represents speculations on the Polkadot fully diluted market cap.
Gold Rocket | Satoshi Club: Well, it’s a difficult but very promising crypto segment you decided to take.
Andres M. | Satoshi Club: Presale is coming, right?
Julian | PolkaBased Official: Yes Pre-Sale is coming soon, we have some announcements coming, the Whitelist is still open.
Gold Rocket | Satoshi Club: When will this happen?
Julian | PolkaBased Official: Coming with an announcement within a couple of hours!
Andres M. | Satoshi Club: What were the difficulties you faced in starting the project?
Julian | PolkaBased Official: We found the complexity of the PolkaBased architecture a challenge at the beginning. But we are smashing it now
Andres M. | Satoshi Club: Great work, I think you are in the right side of the market
Gold Rocket | Satoshi Club: @PolkaBased Thanks for the intro! Are you ready for community questions?
Julian | PolkaBased Official: Yes bring it on!
Q1 from Telegram User @juanSB07
Why are Polkabased smart contracts based on Ethereum? What are the benefits of Ethereum-based contracts? Does this make Polkabased Proposals and Votes transparent?
Julian | PolkaBased Official: Ethereum is still the most robust and familiar ecosystem in crypto. Ethereum smart contracts are highly customizable, widely deployed and tested. All on-chain activity is transparent for everyone to see. The gas price is a temporary issue. For now we focus on delivering the PolkaBased Protocol on Ethereum. However, we are always keeping track of other blockchain developments.
Andres M. | Satoshi Club: How do you solve that temporary issue? how you faced the high gas?
Julian | PolkaBased Official: The gas fee issue is up to Vitalik
. There are no gas involved in rebases to and from your wallet.
Gold Rocket | Satoshi Club: Please tell us a little about your team. How many people and what are their responsibilities? @PolkaBased
Julian | PolkaBased Official: We have a team 3 core members. I’m a Co-founder and responsible for Finance and PR. Henry is also Co-founder and is responsible for Development and Operations. Maya support is an ambassador and responsible for marketing.
Gold Rocket | Satoshi Club: Not a very big but friendly company!
Andres M. | Satoshi Club: Are you looking for new members?
Julian | PolkaBased Official: We are always searching for good future team members. Team expansion is on our roadmap.
Q2 from Telegram User @wormz28
Keeping digital assets secure is essential to maintain value for the community, that’s why you created Liquidity Locking to prevent rug pulling right? So may we ask what’s your liquidity locking process and how can you say and believe that this gives community members more confidence in PolkaBased Protocol? Also why you chose TrustSwap to lock liquidity and can you explain why your current minimum lockup period is 6 months?
Julian | PolkaBased Official: Liquidity will be locked directly after the IDO in a Trustswap non-custodial, time-released contract. Trustswap contracts are very secure and transparent for everyone. The 6 months minimum lockup is because of the Uniswap v3 upgrade. Once Uniswap v3 is launched, it might be a good step to migrate to Uniswap v3. Liquidity locking and transparency will give community members peace of mind and confidence.
Gold Rocket | Satoshi Club: Sounds good
Julian | PolkaBased Official: Thank you.
Andres M. | Satoshi Club: That’s true, transparency is one of the features that users are looking most, so are you preparing an audit to increase the user confidence?
Julian | PolkaBased Official: The POB token is a upgradeable erc-20 token that uses the readily available openzeppelin smart contracts. The rest of the smart contracts like the monetary police, orchestrator and Oracle will be fully audited before deployment.
Andres M. | Satoshi Club: Thank you so much for the info, we will be waiting for more news about that topic
Julian | PolkaBased Official: You?re welcome.
Q3 from Telegram User @yellowchamp
PolkaBased launched an Airdrop and Referral Program but there is not much information about it in your website. So can you tell us more about the Airdrop and Referral Program in PolkaBased?Can you explain it’s reward mechanicsm and structure? How does this Airdrop and Referral Program bring impacts to PolkaBased network? Thank you
Julian | PolkaBased Official: The Airdrop and Referral Program is an incentive to build a community and spread awareness about PolkaBased Protocol. We have an Airdrop/Referral Bot in place to guide you through all the steps.
Andres M. | Satoshi Club: Could you share with us the details about how to join?Maybe an announcement
Julian | PolkaBased Official: The Airdrop/Referral Program is already live, you can find more details in the PolkaBased telegram group or channel.
Andres M. | Satoshi Club: Sure, community please go to Polkabased group to know more about this airdrop https://t.me/PolkaBasedOfficial
Julian | PolkaBased Official: Thank you.
Andres M. | Satoshi Club: Btw, could you tell us where is PolkaBased based?
I mean, what country are you working from?
Julian | PolkaBased Official: Yes of course, we are located in Belgium.
Andres M. | Satoshi Club: Great, so are you priorizing Europe as your main public?
Julian | PolkaBased Official: No, crypto currency is globally
Andres M. | Satoshi Club: Of course haha
Q4 from Telegram User @Rosane1a8
Polkabased is the first protocol with a token pegged to Polkadot’s fully diluted market cap, though it is innovative in Polkadot, this design has been used already, to different market caps, with different options of rebased deflationary tokens, what made you thinkk POB was necessary, why is Polkadot the best to thiss type of coins? Is it a better investment to buy POB than any other with similar design?
Julian | PolkaBased Official: The strength of PolkaBased lies in being pegged to Polkadot?s fully diluted market, no basket of tokens. This will give token holders the benefit of speculation on the Polkadot price while remaining in the trusted Ethereum space. We are also different in having a 3% transfer fee on the network. This will incentivize users to not sell. The transfer fees will be send to liquid program and will keep it healthy.
Gold Rocket | Satoshi Club: You have thought of everything well
Julian | PolkaBased Official: Thanks
Andres M. | Satoshi Club: So interesting. Then can I get profit even if the Polkadot price goes down or only if it goes up?
Julian | PolkaBased Official: A positive rebase can take place even when the Polkadot price goes down.
Andres M. | Satoshi Club: Thanks for the clarification
Q5 from Telegram User @rioliandaro
PolkaBased price oracle receives every 24 hours price information through the Chainlink DOT/USD price oracle. The PolkaBased marketcap oracle updates the total supply of Polkadot every 24 hours. Within 24 hours there will be a difference in the POB price. Does this reduced volatility reduce the attractiveness of traders? If I don’t show up on time due to this price difference, can I get other benefits when investing in POB?
Julian | PolkaBased Official: In the beginning, the rebase frequency will take place daily to ensure that we gradually move to a stable situation that benefits the entire ecosystem. These rebases should stimulate the market to correct the target price to its target equilibrium price. In the long term, for example, through the governance, the frequency can be reduced to bring even more stability. To this we add an extra incentive to our so-called Liquid Program, through which our token-holders provide liquidity for stability and further growth.
Andres M. | Satoshi Club: An interesting concept Julian, how can you compete with projects with similar use cases? Which features make you better than your near competitors?
Julian | PolkaBased Official: The 3% transfer fee (tax) differentiates us from projects with similar use cases. This is a great incentive for token holders to not sell and the collected fees will be distributed to liquidity providers through our Liquid Program.
Andres M. | Satoshi Club: Do you have any pool to stake tokens?
Julian | PolkaBased Official: You can stake liquidity pool tokens in the Liquid Program and receive rewards in return.
Andres M. | Satoshi Club: Great, big rewards for hodlers
Julian | PolkaBased Official: Of course!
Q6 from Telegram User @Highpee
Polkabase objectives are centred around Rebase, Liquid and Governance. For your governance model which will be done on-chain using POB token, I read that a small fee is charge before a user can use the governance platform. Why didn’t you make your governance platform free in order to encourage participation and what does it really cost? Are users also required to hold a needed amount of POB in order to initiate a proposal/participate in voting? Will the Team be willing to implement all successful proposals (since only 51% of votes is required for a proposal to PASS) even if such proposal is against the team’s core plan?
Julian | PolkaBased Official: The governance protocol will charge a fee to prevent non-functional and not relevant proposals. The fee will also make sure that dedicated community members can vote and push proposals. By applying Community Governance we believe we hold true to the original cryptocurrency ideals of decentralisation and democratisation, even if it goes against the team?s core plan.
Andres M. | Satoshi Club: Thank you for answers Julian, let’s proceed to the second part of the AMA, “the rain of questions”
Part 2?—?live questions from the Telegram community
Q1 from Telegram User @JuanSB07
Speaking of percentage (%) per transfer within Polkabased, he mentions that a transfer fee of 3% of the POB token is charged, but claims that it rewards users through the liquid. Isn’t the transfer fee a bit high (3%)? This percentage would demotivate some users. So how do you solve that problem?
Julian | PolkaBased Official: We think that the fee will incentivize users to not sell. The 3% fee is up for discussion on the Governance Protocol. We will execute the wish of our community.
Q2 from Telegram User @wonderkit
Will polkabased create your supporting telegram groups with different countries or just one official group and what does community mean for the Polkabased project?
Julian | PolkaBased Official: We are internationally minded, so we are open for this suggestion. The protocol will be fully governed by the community. So we hold the community very high!
Q3 from Telegram User @highpee
Hi Julian
POB will be launched on Ethereum network. But do you have further plans to progressively migrate to Polkadot (since you like Polkadot Market Cap) after launching on Uniswap and coexist on the two chains and will you consider other chains such as BSC which has gained a great deal of traction recently? @PolkaBased
Julian | PolkaBased Official: Ethereum is still the most robust and familiar ecosystem in crypto. For now we focus on delivering the PolkaBased Protocol on Ethereum. However, we are always keeping track of other blockchain developments.
Q4 from Telegram User @alam0420
@PolkaBased Now polkabased first steps ongoing when sceond steps start?.Have you any plans of mxc , binance, KUCOIN and another exchanger listed? @PolkaBased
Julian | PolkaBased Official: We have plans to list on centralized exchanges that support and elastic supply. We are still orienting, and in talks with some exchanges. More in Q2.
Q5 from Telegram User @JoxesXIII
btw may i ask you about how to do investment with PolkaBased project ? will you have public sale for your token ? what is the requirement to join in that sale ?
Julian | PolkaBased Official: We will have a Pre-sale and an IDO. The Pre-sale announcement will be shared in a couple of hours. The Whitelist is still open!
Q6 from Telegram User @MCBTrade
In what decisions POB owners can have a say in the development of the Polkabased system.
Julian | PolkaBased Official: Our smart contracts are upgradeable, so once the governance protocol is launched, the protocol will be fully governed by the community.
Q7 from Telegram User @apocan99
What are the roles of oracles in PolkaBased system?
Julian | PolkaBased Official: The trusted Chainlink DOT/USD Oracle feeds the Polkadot price to our Oracle. The mcap Oracle feeds the up to date total supply of Polkadot to our Oracle. These two values are necessary to calculate the target price.
Q8 from Telegram User @Tapesetan
I think the Polkadot network is very much the opposite of the Ethereum network which is spending a lot of fees per transaction lately.
Q: Where can we get $ POB & when can we participate in the Liquid program to get incentives from that program ..?
Julian | PolkaBased Official: $POB is not yet available on any exchange. POB will be available in our Pre-sale or IDO. The launch of our dashboard and Liquid Program will be in Q2.
Q9 from Telegram User @mobilejii
How many airdrop participants joined till now , can I still join or 1000 has reached @PolkaBased
Julian | PolkaBased Official: The Airdrop program is still active. We have not reached our maximal participants, you can still join.
Q10 from Telegram User @sofiaisla
What do you think about the AMA today? @PolkaBased
Julian | PolkaBased Official: I think it was a great experience. I want to thank all Satoshi Club members and moderators. I hope we can have another AMA in the future with this wonderful group!
Part 3?—?Quiz Results
In the final part we tested your knowledge in terms of PolkaBased. They’ve prepared 4 questions for this part. The total reward pool for quiz was 300$.
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