Today we had the much-anticipated AMA with Satoshi Club! It has been a very interesting one from our perspective and we thank everyone that participated. For everyone that missed it, we compiled the full recap of the AMA session below! We invite you to check out the Satoshi Club Website, Telegram and Twitter!
Segment 1: Questions by the Satoshi Club Team
Q1: Your staking programmes are inspired by Greek mythology: ‘IGNITION’, ‘LUNA’, ‘CALYPSO’, ‘PANDORA’, ‘PROMETHEUS’, HYPERION. Who is next? Hercules, Poseidon? who came with the idea to name them this way?
Rim: Aah yes, I'm happy you picked up on that. Since our staking has eight rounds, we wanted to only to make sure every round has its own identity, but also have a nod at crypto in general. Although the names come from Greek mythology, we are actually referencing seven moons. The first round, which was 'Ignition', was the stepping stone for our project. To the moon, but seven times!
Mary | Satoshi Club: Now Hyperion round is running, right???
Alistor: That's correct, the Hyperion round started yesterday. However, the rounds are not hard-locked, so if anyone feels inspired to join up, they can still do so anytime.
D. | Satoshi Club: Is it the last one?
Alistor: There will be two more rounds after this. The 8th round 'TITAN' will be the final one.
Mary | Satoshi Club: Do you have a full guide on how to join Hyperion?
Rim: This is the medium announcement article for our latest round, it contains all info, and of course we are always ready for questions in our communities.
Alistor: We have a guide on how to join the medium rounds posted on our medium account. The process for Hyperion is the same as for our previous rounds. For reference see our first staking round article. In a few simple words, people can buy DEXG, add them to our Balancer Pool and use the received Pool tokens to stake at https://stake.dextoken.io to receive more DEXG.
Mary | Satoshi Club: Thank you! Sure, you have a lot of members who already joined!
Q2: It is very original to distribute all the remaining tokens through staking in 8 stages. At the end of the 8th stage, there will be 48150 tokens. However, I see there is a final mint stage of 3500 tokens. To whom they will be distributed and what about the tokens left until the total 55000 supply
Alistor: We expect a total supply of 55,000 DEXG after the final staking round concluded. This includes 10% of Team and 10% of Fundraising tokens (Marketing, Partnerships). 2,000 of these have each been minted in round one already, the 3,500 are remaining to fill the 10% quota each.
This is our latest projection for the supply evolvement including the final staking round and mentioned final mint. There will be no additional tokens minted after that.
Mary | Satoshi Club: Are team tokens locked? If yes, for what period?
Alistor: All tokens will be circulating supply since we neither want partners, private investors or single team members, as well as contractors discouraged to engage with the platform or doing their best for the project.
Q3: I've read your disclaimer and I've seen something interesting. I've never seen a project mentioning that: "Moreover, advances in cryptography, or technical advances such as the development of quantum computing, could present risks to the DEXG and the platform, including the utility of the DEXG for obtaining services, by rendering ineffective the cryptographic consensus mechanism that underpins the Ethereum protocol."
We know there is a lot of speculation around this subject but no proof yet. Don't you think that if there will be a solution to easily decrypt than we will have a solution to encrypt as well? These things come at the same time. So, I don't think we have to worry about this. Tell us your opinion about this and why you decided to add this in the disclaimer.
Alistor: Interesting mention! The crypto sphere, in general, avoids mentioning the risks associated with investments or technology. However, quantum computing poses as a high-risk factor as it is able to make the existing algorithms redundant and we think that it's only fair to mention it towards potential investors. Yes, I'm sure that cryptography can advance to a more complex state levelling the advantage of quantum computing again. In its current state the Ethereum network, or all cryptocurrencies, would be prey to such a technological advancement though.
Since our dev team takes a high interest in the quant theorem it got our attention and for transparency reasons, it found it's way into our disclaimer.
Rim: Also please keep in mind, this isn't really a question regarding DEXG specifically but one that affects all of crypto, internet, banks, airlines and even things like using your phone and how it's connected to networks. Future proof, whatever may come!
Mary | Satoshi Club: Doesn't he want to create his own quantum computer?
Rim: Our CEO is a quantum mind! No need ??
Alistor: Well, certainly our lead developer Jollen Chen has a high interest in quantum technology. We'll let you know when we made that technological breakthrough! ??
Mary | Satoshi Club: Lol ?? yes, after going through your website and documentation I have no doubts.
Q4: You implemented the brand-new Speculative AMM. I've tried to understand it's functioning principle but I am not tech. I didn't quite get the point. How does it determine the price of the token based on the volatility?
Rim: Oh boy, this is so fascinating but also hard. We have published a technical paper, and a whitepaper after as well where we explained it a bit more plainly, but it's still complex. Beautiful but complex.
Mary | Satoshi Club: Yes, I was reading twice ?? but still don't fully understand Speculative AMM.
Rim: We will try to bring it back to basics as much as we can.
Alistor: Actually there is no basic way to explain the AMM since it's all based on complex math and quantitive finance. We created the Tokenomics Research Center in Taiwan in cooperation with the Mathematics dept. of the National Taiwan University and the Quantitive Finance dept. of the National Tsing-Hua University in Taiwan. The result of this cooperation can be seen here: https://dl.acm.org/doi/pdf/10.1145/3341105.3373891
Looking through this document, the complexity of the AMM will become obvious. The Speculative AMM utilises this set of formulas to automatically calculate and adjust the pricing. It's a mathematic algorithm if you will, that runs on the solidity code of Ethereum to fulfil its function.
Rim: Put in another way, every user will have a private version of the algo running while connected to our dex, and since the algo is based on volatility, supply and many more parameters it can make this decision independently. This is really groundbreaking.
Mary | Satoshi Club: Yes, this really hard to understand for non-tech users. In simple words - what this gives to the ordinary user???
Rim: Why is this groundbreaking you may ask? Well, safety in DeFi is a big concern. People getting rug burns from rugs being pulled, lots of attack vectors. So any info you take in from an outside source has the potential for manipulation. Another big one and the basis of why our DEX is setting out to become the next technological baseline in DEXES is the fact it's so efficient at pricing, slippage will become less and less of an issue. Everyone who bought something on Uniswap knows this. You press the button and hope it will go well, we are fixing this!
D. | Satoshi Club: yes, it's true ?? experiencing this every day ??
Rim: Yes and worse, your TX fails and that's money thrown away.
Rim: The bigger the overall DeFi space, the more effective our algo will be. This means a positive feedback loop, in favour of our own dex and our users of course. Why? Because the inefficiency of others will become opportunities for us.
Alistor: Since Rim mentioned slippage, let me share this comparison of our AMM with the Constant Product function AMM, which is used by Uniswap for example.
Alistor: As visible our AMM manages to smooth out the trade execution a lot more efficient, which allows for a decreased impact of the slippage.
Alistor: Losses due to slippage are a huge factor, especially when we start to speak about the order magnitude of institutional investors. (Thanks to Peanut Trade and ICO Analytics to provide this graph and data at this point)
D. | Satoshi Club: indeed!
Rim: But into simple words though, you will be left with more tokens, less fees and more security. And this in a beautiful package that we will implement in many markets!
Mary | Satoshi Club: You really make great things!
D. | Satoshi Club: yes! thank you for the good explanation! ??
Q5: In your latest Dev update (Security, Security, Security), you mention the Oracle Exploit of 89 million$ on Compound. It is related to the manipulation of the price on one exchange, which set in motion other events. Tell us how are you going to prevent such an event in your ecosystem and was your plan tested in reality or for the moment it is just a theory?
Alistor: First of all, we don't rely on external oracles, so it's impossible to utilise an exploit like this against our platform. The AMM derives the pricing data directly from the underlying blockchain, in this case, Ethereum.
Rim: Yeah, this loops back into what I just mentioned. We can't be manipulated through outside info like in this case. In this case, there was manipulation on one exchange, and this price value was given too much weight, which pushed many loans into liquidation.
Mary | Satoshi Club: As I remember that was Compound, right?
Rim: Yes, although the exploit was to abuse the weighted average of what fed the oracles price.
Mary | Satoshi Club: So, manipulations are impossible with DEXToken Protocol?
Rim: This might always be possible in a way, but you can do your best to avoid it and this is what we do. This is why we have bug bounties, use various external security firms, use on-chain analysis and are enough to understand here is always someone who is smarter than you.
Mary | Satoshi Club: 100% ??
Mary | Satoshi Club: Alright, one more question from me, what about your platform security?
Alistor: For our DEX we will open the code and command line to the public with the upcoming public beta and hold a bug hunt. At the same time, the code will be revisited by at least two security audit companies for final clearance. Our platform has been designed with maximum security in mind, which is also part of the reasoning why we coded it from scratch ourselves.
Mary | Satoshi Club: It's like music for my ears ?? thank you, guys! I see you really care about security!
Rim: You cant have trustless finance if you can't trust the tools.
Q6. Flowchain Foundation, your company, was established in 2018. What have you achieved in the previous years since the foundation and what were you mainly focused? With what successes and problems on the road?
Rim: You have to understand that DEXG isn't just a standalone dex which is being developed. It is part of an ecosystem that Flowchain has been building for years now, and which we have a roadmap for that stretches until 2025. We are just lucky enough to jump on board at this stage, due to crypto developments, DeFI, and of course, all the experience Jollen and the team have been expanding on nonstop.
Alistor: We are stepping out a lot of the DEXToken Protocol territory here. The Flowchain Foundation created the Flowchain network, which is an IoT technology that could use an AMA on its own to fully explain it. However, as a company, Flowchain managed to attract several partners for IoT projects and has been mentioned among the top 10 IoT solution providers in the Asia Pacific region in several rankings and articles.
DEXG has been the next step in the Flowchain ecosystem, allowing for the interconnectivity of IoT applications and decentralised finance.
Mary | Satoshi Club: What are your plans for the nearest future?
Rim: This is something we really want to share today. We are about to launch the public beta of our DEX and would like to share a little sneak peek of what's to come.
Mary | Satoshi Club: Wow!!! Share this, please. ??
Rim: Keep in mind this is the public beta from a couple of days ago, as we are pushing commits every day and it will keep morphing until v1.0.
DEXToken Swap BETA
DEXToken Pool BETA
Mary | Satoshi Club: It really looks great ?? Big events ahead!
Alistor: The public beta will officially accessible on the Ropsten network from the 23rd December for everyone to test, bug hunt or just take a look. The Mainnet platform should go live in early 2021, but we surely will update you again once we have the date set in stone! ??
D. | Satoshi Club: nice! I will do this! I'm very curious about your product ??
Mary | Satoshi Club: Where we can join testing?
Rim: We will announce that soon in our community! Santa is bringing DEXG!
Segment 2: Live Questions
Q7: Could DEXG technically mint, for example, NFTs for Liquidity Providers? Some rare ones for example. :)
Rim: Most definitely and we are already working on frameworks that will not only make it possible but we have some ideas of our own. It's a very fascinating topic and we will have more on this in the future, no doubt!
Q8: Can I use AMM to arbitrage transactions DEXToken Exchange and other exchanges?
Rim: Definitely! Actually, you can see our sAMM as a tool that can be used in many ways, it's all up to the users, and keep in mind that fees will be distributed amongst DEXG holders so this is a very interesting aspect. More volume, more happy DEXG holders.
Q9: Can you give us more information about the secondary token?
Rim: Hi, thanks for your question. I can, we haven't touched on it yet today, but to attract liquidity we will issue a secondary token that will be used to pay out rewards to DEXG holders, Liquidity Providers and there is even a surprise coming for our stakers, so keep staking!
Q10: Is there any beneficial potentials your projects have that is yet known to the members?
Rim: Yes, we are working on a set of pro trading tools that will be accessible to our users, but more on this soon!
Q11: How does DEXG has been the next step in the Flowchain ecosystem?
Alistor: The DEXToken Protocol has already been part of the original Flowchain Whitepaper. Companies and enterprises can use Flowchain IoT networks for their processes or tokenize assets. To mint these off-chain IoT tokens DEXG is needed as collateral, at the same time, the tokenized assets can be traded and monetized over the DEXToken Exchange. This gives both, the Flowchain IoT networks, and the DEXToken Protocol additional use-cases and value.
Q12: What makes you so sure that you would dominate in the blockchain space? Can you expand our knowledge about Your Roadmap this year and the future and any Updates on your Research and development progress?
Rim: Domination is not good as it stops innovation, we want to get better and move the space forward as good as we can and as transparent as we can!
Q12: Are DEXToken, FLC and AIMining projects developed by the same team? Why didn't you combine DEXToken, FLC and AIMining products in one project?
Alistor: Interesting to point this out. All of these are part of the Ecosystem and some staff surely overlaps in the projects. However, the bigger the ecosystem gets, the more important it is to divide the projects into their own branches to not lose focus in the process of developing and building.
Q12: After the last "TITAN" staking round, what will be next events to look forward to on DEXToken Protocol?
Rim: The launch of our v1.0 exchange which will have all the basic functionality and will be expanded on with new additions over the year. We are building the foundation as we speak of our future.
Q12: I'm a white-hat hacker, do you have any Bug Bounty available, I would love to look at your code to ensure that DEXG has the best security possible.?
Rim: We will launch it this week! Please visit our community and drop me a line and ill personally invite you to it.
Q13: How can I provide liquidity with USDC & DEXG? Do you have a guide for this? If I decide to withdraw the tokens from LP at some point, will I receive just DEXG back or also USDC?
Rim: Yes of course. You can find all info here. We have chosen a 90/10 shared pool to limit IL to the max.
Q14: What are the features that make me confident in your project?
Rim: The fact we own the code, this means the knowledge level to tackle any challenge is really high.
Q14: Why did they complicate the mechanism for obtaining tokens, except for their direct purchase? Why are STAKING ROUNDS already 8 (like an inverted infinity sign)?
Rim: Fair distributions means that you let the market decide the value. Staking is another of showing dedication to your project. Together you can see that after 5 rounds already we have been able to create a healthy and amazing community!
Q14: Your roadmap is stretch until 2025. Are there any plans or considering to create your own blockchain within this developmental period?
Alistor: The hill to adoption for new Blockchains is increasingly harder with the dominance of Bitcoin and Ethereum. Flowchain merged to Ethereum after the ERC-20 functionalities have been expanded. There are no plans as of now to create its own blockchain. However, it will be interesting to see how Ethereum will continue in terms of scalability and how other blockchains perform compared.
Q14: When claiming the rewards generated in your staking system, do I need to pay some type of fee with the current gas congestion that exists or is it totally free?
Rim: Well Berta, since we are on the ETH network sadly we are beholden to the gas prices. But keep in mind, they are not going anywhere so just take them out whenever fees are lowest.
Q15: How do you provide fund safety for your project? Can you explain, please?
Rim: The fund safety is backed by the safety and the immense scale of the ETH network.
The End
Links & Ressources:
- Official DEXToken Website
- Official DEXToken Staking dApp
- Official DEXToken Telegram Group
- Official DEXToken Announcement Channel
- Official DEXToken Twitter
- Official DEXToken Medium
- DEXG on DexTools
- DEXG at Coingecko
- DEXG at Coinmarketcap
- DEXG at Etherscan
- Official DEXG Balancer Pool
- Trade DEXG on Balancer
- DEXG/USDT Uniswap Trading Pair
- DEXG Proof of Liquidity
Disclaimer:
DEXG tokens are not intended to constitute securities in any jurisdiction. The white paper does not constitute a prospectus or offer document of any sort and is not intended to constitute an offer of securities or a solicitation for investments in securities in any jurisdiction.
The Flowchain Foundation Limited disclaims any and all responsibility and liability to any person for any loss or damage whatsoever arising directly or indirectly from (1) reliance on any information contained in this white paper, (2) any error, omission or inaccuracy in any such information, or (3) any action resulting therefrom.
The value of DEXG tokens is currently very volatile. Flowchain Foundation (“Company”) does not have any means of stabilizing the token value, please buy at your own risk. Unlike bank accounts or accounts at some other financial institutions, DEXG are uninsured unless you specifically obtain private insurance to insure them. Thus, in the event of loss or loss of utility value, there is no public insurer or private insurance arranged by Company, to offer recourse to you. Because DEXG are based on the Ethereum protocol, any malfunction, breakdown or abandonment of the Ethereum protocol may have a material adverse effect on the platform or DEXG. Moreover, advances in cryptography, or technical advances such as the development of quantum computing, could present risks to the DEXG and the platform, including the utility of the DEXG for obtaining services, by rendering ineffective the cryptographic consensus mechanism that underpins the Ethereum protocol.
