Welcome to another episode of our AMA series. Today we are glad to tell you about the AMA session with our friends from BogTools.
BogTools is a BEP-20 smart contract that provides decentralized on-chain oracles and code execution on the BSC blockchain. The AMA took place on March 18 and our guests were @LukeBogTools (Co-founder, lead Business Development and Marketing) and @JohnBogTools (Co-founder and Lead Developer).
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 COMMUNITY QUESTIONS
Gold Rocket | Satoshi Club: Good evening, dear community! We conclude our today’s exciting AMA marathon series with BogTools. Today our guests are @LukeBogTools and @JohnBogTools!
John BogTools.io: Hello everyone
Luke: Hi everyone, really excited to be doing our first AMA for the BogTools Project!
Andres M. | Satoshi Club: Well guys, to begin the AMA please tell us a short introduction about you and about BogTools project.
John BogTools.io: BSC at the moment is a very untapped market and our project, BogTools, hopes to capitalize on this and provide infrastructure and utility that is currently not about on BSC. We launched a Verifiable Randomness Oracle on Monday which we hope to see Casino & Lottery projects start to build on, we also have Pancakeswap limit orders upcoming and will be working on more oracles in the future.
Luke: So our token $BOG is a utility token which makes all the BogTools we’re working on possible. It’s quite hard to explain everyone in granular detail, but we’ll do our best in the AMA questions :). I’ll take a second to introduce myself. My name is Luke Martinez; I’ve actually been involved in crypto since I was a teenager all the way back in 2011. I bought my first bitcoin in 2011–12 (I don’t remember exactly) for about $160 and sold it for $800. What I thought was a great amount at the time. Since then I have been extremely interested in crypto, I was involved in the Peercoin community?—?back when Proof of Stake was actually just a concept created by Sunny King?—?an anonymous developer just like Satoshi Nakamoto.
Since then I’ve obviously studied Marketing and built my own marketing business from scratch over the past 7 or so years. You can find me on Linked-in for more info about that. Nowadays I’m co-founder here at BogTools! We’re super excited for what we’ve delivered already, and what we’re set to deliver in the future on our roadmap.
So I lead Business Development and Marketing here, while John is our Lead Developer. But that doesn’t stop me from getting my hands dirty from time to time in the code.
Andres M. | Satoshi Club: What benefits $BOG provides to holders?
John BogTools.io: So we will be charging for use of our utilities in $BOG which will be redistributed in part to our liquidity providers and stakers. We also expect to see a rise in demand for $BOG as projects need to buy up large amounts to fund their use of our infrastructure.
Gold Rocket | Satoshi Club: Great experience friends!Can you tell us all more about the project, the idea, how it started? And especially why is it needed?
Luke: So BogTools started by us noticing there were quite a lot of things missing on the BSC blockchain when it came to developing our BogARG. And the solutions that do exist are clunky and not particularly developer friendly. Each tool we are developing is to fit a particular usecase, for example BogRNG is a verifiably random number generator for BSC. BINANCE Smart Chain doesn’t currently have any easy to use verifiably random number generators?—?this is because you can’t generate real random numbers on chain that are secure from attack, due to the fact that all nodes must be able to agree on the outcome of code, so they can’t agree on randomness?—?as randomness leads to different outcomes. We’ve solved this with a clever solution, that we’ve released as BogRNG.
BogRNG is live and available now, the docs are available on our website for any project to implement it.
John BogTools.io: We are also offering free random numbers from our Oracle to developers who want to adopt our infrastructure early on, instead of charging the normal fee, any developers feel free to contact me about this as the market for RNG applications on BSC is fairly untapped right now and we would love to see some interesting projects popping up that use our infrastructure.
Gold Rocket | Satoshi Club: Thanks for the great intro! ready to go to community questions or would you like to add something else?
Luke: Just one more thing that I’d love to add. BogTools is a suite of tools, and we’re going down our roadmap to implement each piece of our vision. We’re excited to announce the release date of our next BogTool product.
This product will require a small amount of $BOG to use, and I think will really excite all the readers here?—?especially those familiar with pancakeswap. I’ll let John continue…
John BogTools.io: People who have been keeping up with our project will probably be familiar with our roadmap, we were planning on working on our Sminem NFT’s next however I am happy to announce we will be reprioritising to focus on launching Pancakeswap Limit Orders. We will be launching these for a select few token pairs on April 2nd with more pairs releasing in the weeks following.
Luke: This means that you will be able to place orders for select tokens on our platform, utilising pancakeswaps liquidity, and have them filled when the price reaches the set price. True limit orders on Pancakeswap coming April 2nd. The only reason we’re not launching this for all pairs to begin with, is so that we can cope with the demand and scale over time.
John BogTools.io: We will be working on Stop Losses & Take Profit orders after we launch the Limit Orders.
Q1 from Telegram User @h1drX
BogTools NFTs use drop-down bogtools to execute potential gamification contracts and other features that produce use value. Can you explain to me what this means? What are the different cases in which I can use the NFT’s?
Luke: We’re building the BogARG which includes all the gamification and NFTs to both provide value for our community and help foster our positive community. The ARG is very community focused, and we’re happy to continue developing that in the way the community wants us to. We want to reward people who are involved in the project in an exciting way, and we think that creating unique NFTs and other features that are yet to be announced is the way to do this. It also serves as a tech demo for a lot of the other BogTools tech.
The ARG has a function within the BogTools ecosystem by encouraging $BOG transactions which power a portion of the BogTools tech.
John BogTools.io: We have lots of ideas on how we could expand this and are always happy to take community feedback on it as well.
Andres M. | Satoshi Club: Why ARG?
Luke: ARG stands for Alternate Reality Game. So we have some really cool ideas of how we can hide secrets, puzzles, etc in the code of the tools, websites and other places
to unlock NFTs, Rewards and other things for clever community members. (This isn’t released yet, but there are some secrets around…) There’s a bunch more coming for the BogARG which we are so excited for, but for now our main focus is the Limit Orders?—?once these are released, we’ll return to implement a lot of the cool stuff we want to do in the ARG.
Andres M. | Satoshi Club: So that is part of the tokenomics of the project? what quantity of tokens will be for community rewards?
Luke: The $BOG token itself don’t have a specific amount set aside for community rewards and things like that. We want to drive value mainly within the NFTs and the exclusivity of the $BOG NFTs. The Tokenomics of BOG current redistribute a 4.5% transaction fee to LP stakers. However, this will be removed soon once the Bog Limit Orders start returning their fees to LP stakers?—?creating a really nice incentive for people to stake their LP tokens.
Gold Rocket | Satoshi Club: Look forward to! Give us hints.
Luke: We’ll drop hints when the puzzle part of the ARG is ready for people to start playing. Expect an empty text box that wants an answer ;). But at the moment, the main focus of the project is getting the limit orders live. The ARG will be a nice fun part of the project we’re excited to start working on again after this.
Q2 from Telegram User @kosku21
I read that the bogtools roadmap is flexible, so how do we do if we want to expose important ideas to this project to improve the ecosystem? at the same time I want to know how to be part of this team in creating different types of dapps?
John BogTools.io: Me and Luke are always both active in Telegram and respond to everyone who @’s us or DM’s us. We also have channels in our Discord dedicated to development. We have taken on a few community members now as contracted members of the team to work on specific parts of the project, they just expressed interest when we announced our interest in a dev with a specific skill?—?so keep an eye out on telegram and discord. If you are interested on building on our infrastructure, then we have information available on our docs & I’m always happy to help out anyone trying to use our tech if they get in contact.
Luke: Yeah our goal is to always be super responsive. If you have ideas for bogtools that can expand on our tech, we’d be super keen to hear them. We have a dedicated #Ideas Channel in our discord. I believe the stuff on our roadmap is really only the beginning for BogTools.
You can join our telegram https://t.me/bogtools
You can join us on Discord https://discord.gg/bogtools
And finally give us a wave on Twitter https://twitter.com/bogtools
Andres M. | Satoshi Club: And is there rewards for adopted ideas for the community members?
Luke: We don’t have a fixed bounty yet, but we are always looking at rewarding our community members for making, building and coming up with new things. We’ve paid out several thousand $bog as rewards for various things so far.
Q3 from Telegram User @meml97
I read on your twitter page that on March 11, you experienced a short DDOS attack earlier that day, but you were able to successfully mitigate it within about 15 minutes. Can you tell us more about this attack? What happened? What security measures have you take since that day to make sure this won’t happen again and to give the security your users need to be able to completely trust BogTools? Have you been audit before or have plans on doing so?
Luke: So unfortunately there are bad actors in the crypto space. Almost everyone here has received a scammers telegram message. The types of scams that target projects are a bit more sophisticated. A DDOS is when someone sends so many requests to your website, that it is unable to keep up and ends up dropping requests. Making it essentially unreachable. This DDOS was an extortion attempt at getting some Ethereum from the team.
We don’t negotiate with people like that, so we worked hard?—?under quite a quick window as we had our voice AMA scheduled for 20 minutes later?—?to mitigate the attack by blocking the malicious traffic. Attacks like this aren’t special, they’re just floods of traffic. Funds are never at risk in anything like this, it was just an attempt at making the site go down, to scare people who hold the coin.
As I have 8 years of experience in Digital Marketing, I’ve seen these types of attacks before and have mitigated them before. So we were able to get it sorted quickly, return the site to normal service in about 15 minutes, and have our discord voice AMA start on time.
John BogTools.io: All our features are almost entirely programmed on-chain, this means that even if we do suffer an attack to our website it will not affect your $BOG, any BogTools, etc. You are always able to interact with the blockchain via BscScan or your own node?—?DDOS attacks will never be able to affect your data or tokens. We plan on getting audits for all our contracts in the future, we will be looking to get the limit orders contracts audited first once they are out so that users are confident using this feature.
Q4 from Telegram User @Gutike95
You mention that with BogTools it will be possible to facilitate and simplify the services in the BSC dApps, but what is it really that makes oracles services simplify and facilitate? And by simplifying them, can the rest of the existing problems in the oracles be solved?
Luke: With oracles we aim to make it simple for developers to implement our tech into their dApps, but our tech itself doesn’t need to be simple neither do the dApps that developers build with our oracles need to be simple either.
John BogTools.io: Oracles are also only a small part of what we plan on doing, there are a lot of great oracle products out there for more complex problems, our goal is to offer easy to implement oracles along with the rest of our suite of utilities.
Andres M. | Satoshi Club: What kind of tech BogTools uses? I mean Pow, PoS. And why did you choose that tech?
John BogTools.io: The oracles we provide will be for on-chain data, such as historical prices for pancakeswap token pairs. This doesn’t require the same proofs and technology that external oracle data requires. ChainLink has some great tech for getting gas and oil price data for example, but who on BSC needs something like that right now? They also use this same external technology for providing prices despite those prices being on-chain already. Because all the data is gathered on-chain using the transaction hooks built into the BOG contract our data is reliable and does not have to be verified as no external off-chain sources are able to modify it.
Luke: As long as you trust the BSC chain, and our contract (all of which are public), you trust the data outputs. So there’s no need for additional PoW or PoS. You can see some of our live data directly from our oracles here: https://bogtools.io/feeds/
Andres M. | Satoshi Club: Thank you so much for these clear questions, I think our community is realizing the main aims of BogTools and the benefits it provides to the cryptomarket, you have a strong project guys, with great fundamentals.
John BogTools.io: Thank you hopefully as more people use the infrastructure we are putting out the entire BSC ecosystem can start benefitting from it.
Luke: And yeah, just a reminder if you’re a developer interested on building on our technology. We will be launching bounties to get you started, so don’t hesitate to reach out.
Q5 from Telegram User @JuanSB07
Are the fees at BogTools really low and regulated? Wouldn’t the gas you use to maintain your BogTool implementation + an additional percentage (%) be costly to offset the ecosystem and the BogTool developers? What exactly are the compensation percentages?
John BogTools.io: BSC is cheap, much more so than Ethereum and whilst we have written some complex smart contracts we do agree with CZ’s goals of keeping gas prices cheap. We will be pegging our fees to set fiat amounts instead of using set token amounts that other projects do, such as Chainlink, that don’t take into account the increase in token price. Uniswap transfers can cost up to $150, our limit orders won’t even cost 5% of that.
Keeping fees cheap is definitely something that we are focusing on as we know this is one of the key selling points for people moving to BSC.
Luke: It’s absolutely BSC that allows us to do things affordably on chain and deploy this kind of technology.
Q6 from Telegram User @yellowchamp
Bogstools just recently launched price oracles for four key pairs $BNB, $ETH, $CAKE and $BOG. Not only are they updated live on your new site, but we can integrate them into project in seconds and it’s free forever. So how this integration works? What is the use of integrating? Aside from those four pairs, do you plan to add other pairs or tokens in the future? If yes, what would it be? Thank you.
Luke: Yes, we’ll be distributing gas refund tokens to people who make transactions, which can be redeemed for almost all, or all, the costs of making the transaction. We don’t expect transactions on $BOG to go above a dollar though?—?we’re aiming for under 60c total, so these refund tokens are just to compensate for the difference between our transaction fees and a normal tokens transaction fees.
We also have working implementations of the price oracles both on our telegram, which you can use by typing /price, on the price feeds page and also on bogged.finance with the historical charting.
John BogTools.io: We have docs available on our website for developers to use to integrate?—?they can be used by other smart contracts or via web3 for off-chain access, we also welcome any questions from developers in telegram/discord who are looking to use our infrastructure. We will need to deploy more oracles to use for stop losses and arbitrage so we will definitely be deploying more in the future.
PART 2, TELEGRAM COMMUNITY LIVE QUESTIONS
The chat was open for 120 seconds; a lot of questions were posted by Satoshi Club community. Our guests chose some of them.
Q1 from Telegram User @atillayeni
What is bogtools exactly? Are you building a gaming platform or a decentralized finance platform?
Luke: We are a set of tools for both users and developers. Just like how Pancakeswap is a trading platform, farming platform, NFT platform and potentially more in the future. We’re a platform that houses a whole lot of interconnected tools/projects, all powered by the $BOG token. BogRNG, BogOracles and BogARG as well as the Limit Orders are just the start.
Q2 from Telegram User @cryptofollower
You said oracles you provide will be on-chain but the randomness can’t be on-chain as is will require all nodes must be able to agree on randomness so you use oracles for this. What security measurements do you have for your customers who are using your randomness oracles from the attackers who might want to intercept the random number and alter it?
John BogTools.io: You are right, our price oracles are on chain whereas our randomness oracle is partially off-chain. A hash is provided on-chain that the users can compare with the number they receive to ensure it was not modified based on their request (this is the verifiable part). We have written up a security considerations section in our documentation that developers can use to ensure their dApps cannot’ be manipulated by malicious miners even if they are able to intercept the random number.
Q3 from Telegram User @ltrlst
In limit orders, do you just give BogTools an allowance to buy with tokens from your wallet balance or do you have to send the money to the contract in advance?
John BogTools.io: You will be required to send the contract your tokens in advance, this is to ensure that limit orders will not fail (therefore wasting gas) due to users no longer having the tokens. For this reason, we will be looking into getting the limit orders contracts audited as soon as we can after launch so that you are confident using them.
Q4 from Telegram User @MihaiPisica
I have seen many projects starts with really good promises but when there is low income on presale they abandon the project. How can I be sure this won’t happen with your project?
Luke: We’ve already raised funds through a Fair Launch. We have enough funds to continue developing the project for the foreseeable future, it is not a concern for us at all. Well before we deplete those funds, our business model is to be sustained by taking a small portion the fees that developers and users pay to use BogTools. For Example: Every time you place a limit order, the majority will go towards paying the gas costs, a portion will go to stakers of LP, and a smaller portion will go to us to fund the continued development and expansion of BogTools.
Q5 from Telegram User @Antoni_azx
In one of your docs it’s written that you’re offering free credit to early adopters of your Oracle, maybe some investors will be particularly called about this offer, can you provide more details about it?
John BogTools.io: Normally the oracles would cost $BOG to use, for example we plan on charging $1 in BOG to use the random oracle (as oppose to Chainlinks ~$3). We are however offering free credit to developers who adopt our oracles early on as we are keen to get people developing on our infrastructure and launching interesting products on the BSC ecosystem.
Q6 from Telegram User @highpee
Your current priority now is to launch Pancakeswap LIMIT ORDERS which will be awesome. What are the token pairs you will be providing for trading after launching and will you be adding more? Also, will users be able to also create a custom trading pair as soon after this is live or will trading be limited to the asset pairs you will be providing?
Luke: We will first be launching the ETH/BNB, BUSD/BNB, CAKE/BNB and of course, BOG/BNB pairs on our platform. We’re only limiting it initially so we can monitor performance to begin with, we will then be expanding it further with the ultimate goal to allow any token to be traded on our platform. As for custom pairs, they will be last, but it shouldn’t actually be too long. We hope to have every pair tradable within a month.
Q7 from Telegram User @Raisbelys
They say that currently, the token charges a 4.5% fee on transactions to reward liquidity providers. But this is not a really high percentage (%) for users? Don’t they consider that the percentage given to liquidity providers is a lot?
John BogTools.io: They will likely change their mind once they start providing liquidity themselves ;). The medium-long term goal anyway is to reduce these fees to zero and fully compensate the liquidity providers with the fees earnt from oracles and limit orders.
Q8 from Telegram User @wonderkit
How does Bog compete with the many new and existing projects in the Binance smart chain and does Bog have a potential partner who will support Bog?
Luke: We are uniquely positioned as we don’t have any direct competitors. For Pancakeswap Limit orders, we aren’t currently aware of any competitors implementing Pancakeswap Limit Orders. For Oracles, the competitors in the space are Berry and Chainlink. We do not view Berry as a long-term competitor, as it is a simple fork of tellor, with no apparent prospects for future development. Chainlink is likely our actual competitor in this space, however we’re agile and able to deploy more modern solutions to compete with them in this space. As far as we’re aware, Chainlink’s Randomness Oracle is not yet available on BSC, so we are the first mover in this space with ours, which is LIVE now.
Q9 from Telegram User @Gutike95
You mention that “All people who carry out transactions in BOG will be entitled to gas reimbursement tokens”, but could you really tell us how much% of gas would you reimburse? or will it be the full amount?
John BogTools.io: We plan on refunding any gas that is used by transaction hooks to provide oracle data, etc. The effect of this is that while the BOG transactions may be slightly costlier gas-wise than standard tokens you will earn gas refunds equal to the extra gas cost of a BOG transaction compared to a normal transaction.
Q10 from Telegram User @Boylut
Asides Pancake swap, do you plan launching your products on other swaps too such as Julswap and the likes?
Luke: Yes, our long term roadmap includes launching on other swap platforms on BSC, and even adding automatic cross-platform arbitrage down the line. But we’ll definitely have to talk more about that, when it’s closer to being launched.
PART 3, QUIZ AND INFO
As usual, for the third part, Satoshi Club Team asked the chat 4 questions about BogTools. A link to a Quiz form was sent into the chat. Participants had 10 minutes to answer. 300$ were distributed between the winners.
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