On 19th of March EGORAS conducted an AMA in Crypto Revolution Community. It was first Mega VIP AMA with $500 Rewards for Community. Also very special for me since I am personally involved in Egoras as an Advisor. Our guest was Harry, CEO of Egoras. Let’s take a look at most interesting points from our Conversation!
INTRODUCTION
Danny | Crypto Revolution: Okay guys. Time has come! Welcome Harry!
Happy to have you with us today!
Harry | Egoras: Hello guys! I’m happy to be here!
Danny | Crypto Revolution: Could you please introduce yourself to the Community before we continue with “Hot” Questions ??
Harry | Egoras: I’m Harry, The Co-founder& CEO of Egoras!
Danny | Crypto Revolution: How did you get involved into Crypto Harry and how the idea for Egoras was born?
Harry | Egoras: I got involved in crypto in 2016! Growing up, I noticed first hand how this microfinance industry was not fulfilling what is was created to solve.
My parents were victim of this failed industry, I decided to do it because I don’t want people to end up like them.
It was thought that the advent of microfinance would eradicate or drastically
reduce the pervading poverty. However, four decades into the pioneering work of Mohammad Yunus in Bangladesh and the establishment of the Grameen Bank in 1983, the goals of microfinance have not been met. The only consistent winners in the microfinance game are the lenders, many of whom charge exorbitant interest rates that sometimes reach up to 200% per annum.Today Microfinance has become a socially acceptable mechanism for extracting wealth and resources from poor people.
Egoras is the solution to these problems!
Danny | Crypto Revolution: Could you please introduce EGORAS in Layman’s term to the Community?
Harry | Egoras: Egoras protocol provides uncollateralised micro-credit to small entrepreneurs and enterprises who cannot take shelter of banks for banking and other services.
Danny | Crypto Revolution: What conditions they have to cover to apply for a Loan from you?
Harry | Egoras: Anyone that have an existing business can apply for loans!
Danny | Crypto Revolution: That’s nice. How many countries will be available initially to take loans and then what speed will the spread look like after that (I.e 4 new countries a week/month/year)?
Harry | Egoras: We would be launching in Cameroon, south africa and indonesia after the public sales but anyone around the world can launch the protocol in their country.
Danny | Crypto Revolution: ??
Harry | Egoras: Any lending company can use egoras smart contract to issue low interest microcredit. Egoras microfinance protocol is trustless.
Danny | Crypto Revolution: Noiceee ?? Btw Congratulations for the Certik Audit!
Will there be any tax implications on the loans and therefore be different in every country?
Harry | Egoras: The lending company handles the tax issues . Egoras protocol is a smart contract anyone can use to issue loan.
Danny | Crypto Revolution: Got it! What insurance will EGR have to stop people simply not paying the loan back?
Harry | Egoras: The max loan for a business is just 150$ and when there are issues of death, the insurance pay back the loans.
Danny | Crypto Revolution: $150?
Harry | Egoras: Yeah.. when this business have a good credit score then we can increase to 1000$! Every business starts with 150$
Danny | Crypto Revolution: Will you be offering any sort of ‘credit score’ for repeat users in order to get better rates etc?
Harry | Egoras: Yeah.. we are already building that. It will be introduced in our V2!
Danny | Crypto Revolution: Will the value of the project token (EGR) be positively affected by the volume and quantity of loans given out? If yes can you explain how please.
Harry | Egoras: Microfinance banks and lending institutions will have to pay the interest in EGR and EGR holders will have to stake EGR token to earn the interest + block rewards weekly.
As the credit system gains tractions, so as the value of EGR will keep appreciating.
Use EGR Token In Four Easy Steps:
1. Stake your Token
Browse by category and stake your EGR token to support an entrepreneur.
2. Approve Loans
Fund loans without risking your EGR token.
3.Claim Interest weekly
Earn over 20% APR for approving/declining loans.
4. Repeat
Approve other loans to keep earning high-yield interest
TWITTER QUESTIONS
Q1 from @naomiama4
What is the ultimate vision that Your project is trying to achieve within the cryptocurrencies market? Obviously the whole space will experience huge growth in the upcoming years, but what role would you like Your project play in this?
Harry | Egoras: Egoras mission is to abolish global economic inequality. Egoras uses the uniques features of a smartcontract to solve the issues facing by microfinance industry. Uncollateralized lending will take DEFI main stream. Much of DeFi’s present success has been built on collateralized lending, uncollateralized lending is rightly the next step for Defi. Uncollateralized lending provides an opportunity to take Defi mainstream.
Danny | Crypto Revolution: Btw I know a lot of people are asking this lately but do we have any news considering where Egoras IDO will be? ??
Harry | Egoras: We will announce this when we sign the agreement.
Danny | Crypto Revolution: Yeah, we all can’t wait. How the Private Sale is ongoing? Already filled up?
Harry | Egoras: Almost filled (1M USD). Few allocation remaining for launchpad and egoras community!
Danny | Crypto Revolution: ??
Q2 from @Ontortk
In my opinion, only getting investors and holders are not enough. A project needs to solve a real world issue or a real world problem. What plans do Egoras have plans with them?
Harry | Egoras: Egoras have given microcredit to over 200 small-scale enterprenurs and have over 1000 pending loan requests! We are solving real-life issues:
https://twitter.com/egorasmarket/status/1370264783023398915
Visit our twitter and youtube to see small scale business owners testifying to it!
Danny | Crypto Revolution: Yeah this is what I personally Love in EGORAS. You guys will help so many with your Mission!!
Harry | Egoras: ??
Q3 from @Lopyou54804819
The Egoras microfinance protocol provides unsecured microcredit in EUSD currency to small entrepreneurs and companies that cannot obtain protection from a bank. My question is, can all countries use the Egoras feature? or only certain countries?
Harry | Egoras: Any lending company can use egoras smart contract to issue low interest microcredit. Egoras microfinance protocol is completely trustless.
UPTRENND QUESTIONS
Q1 from Uptrennd
So I was testing out the loan system because I was curious as this is the first time I’m seeing such project on blockchain so I noticed that only few African countries are on the list.. Do you have plans to expand the project to accommodate more countries outside Africa?
Harry | Egoras: We would be launching in Cameroon, south africa and indonesia after the public sales but anyone around the world can launch the protocol in their country. This is not restrict anyone around the world to start a lending on Egoras protocol. egoras protocol works like uniswap(anyone can deploy an exchange). Anyone can create a lending company on Egoras!
Danny | Crypto Revolution: As you mentioned Uniswap why you guys decided to do with BSC?
Harry | Egoras: We are building a cross-chain solution.. we will also launch on polkadot and Nuls blockchain by second quarter!
Danny | Crypto Revolution: That’s amazing ??
Harry | Egoras: We are building with BSC because of the low txn fees
Danny | Crypto Revolution: Got it. A lot of hype around BSC lately!
Q2 from Uptrennd
Every successful project has a story behind it. What is the story behind your project? What was your vision when it first emerged as an idea?
Harry | Egoras: The stories of small scale business owners that committed suicide because of the high interest loans is the main motivating factor
we are building a marketplace were microfinance institutions can get low interest loans.
Danny | Crypto Revolution: I guess especially last 1 year and now cause of COVID-19 a lot of Businesses didn’t end up well!
Harry | Egoras: Yeah.. most are struggling!
LINKEDIN QUESTION
Q1 from LinkedIn
Can you please explain how $EGR works to stabilise $EGS? Since $EGS is generated when loan/credit is approved and destroyed when loan/credit is repaid, does that mean that the total supply of $EGS is not fixed? i.e sometimes it’s high, sometimes it’s low?
Harry | Egoras: When the price of $EGS goes above the peg then the interest rate have to be reduced while when it goes below the peg then the interest rate have to be increased. This is done by EGR holders through a community governance process.
REDDIT QUESTION
Q1 from Reddit
Why did you decide to develop Egoras as a microfinance protocol? How “micro” is this finance? who can access your services? is this a global project available in all regions?
Harry | Egoras: Micro mean that we fund only little credits and Egoras is global!
Danny | Crypto Revolution: All over the World. Everyone can use Egoras!
When we can expect IDO to happen?
Harry | Egoras: April
QUIZ PART
Question: What you like most in EGORAS? And how EGORAS is different in your opinion from all other Crypto Projects out there?
Best Answer: They are looking to solve a real problem!
TELEGRAM QUESTIONS
Telegram User:
Smart contract is prone to failure due to bug. Have you audited your smart contract? Are the smart contract bug free?
Harry | Egoras: The smart contract have been audited by CERTIK
The audit report»https://t.co/OYU2ru5bkq?amp=1
Telegram User:
What Is Microcredit?
Harry | Egoras: Microcredit is the extension of very small loans to impoverished borrowers who typically lack collateral, steady employment, or a verifiable credit history.
Telegram User:
Your project has great features. There must be an experienced team behind. Can you tell some about your team and their experiences in the market?
Harry | Egoras: Our Head of Finance » He has more than 20 years of experience in accounting and finance. Previously, He was the Gen. service officer at Afor-isike community Bank LTD and a lecturer at Port Harcourt, study Center Chartered Institute of Administration. He has also performed various operational roles at the Saclux Industries, Gmicord Interbiz and Korama Clover Industries LTD.
Telegram User:
What is your strongest advantage that you think will make your team leading the market?
Harry | Egoras: Ability to lend without risking your capital will be the biggest driver of the market.
CONCLUSION
Danny | Crypto Revolution: Harry before I let you go could you please share the Marketing Plans for Egoras and the future Partnerships you planning?
Harry | Egoras: We currently have over 25+ influencers that have invested in Egoras, we would start intense promotions,AMAs as soon as IDO platform is announced. We would also announce some banks that will be using our protocol soon.
Danny | Crypto Revolution: Thank you Harry! Final Words for Community please.
Harry | Egoras: This is the first time people can be rewarded for helping people! Join the Revolution today! It is more than just loans, we are changing lives of millions of people!
CRYPTO REVOLUTION SOCIAL MEDIAS:
- Telegram group — http://t.me/crypto_revolution1
A/ Telegram Announcement Channel — https://t.me/cryptorevolution11
B/ Telegram News Channel — https://t.me/crypto_revolutionnews
2. Twitter — https://twitter.com/revolut20
3. Medium — https://medium.com/@cryptorevolution
4. Uptrennd — https://www.uptrennd.com/user/MTQ0ODA2
5. Facebook — https://www.facebook.com/CryptoRevolution1
6. PUBLISH0X — https://www.publish0x.com/@Danail-Stefanov
7. Discord — https://discord.gg/GNTTm6zf2s
8. Linkedin — https://www.linkedin.com/in/crypto-revolution-73ba111a0/
9. Reddit — https://www.reddit.com/user/CryptoRevolution11
10. Bitclout — https://bitclout.com/u/Crypto_Revolution?tab=creator-coin
Website: https://crypto-revolution.io/
OUR PARTNER:
Website: https://egoras.org
Twitter: https://twitter.com/egorasmarket
Telegram: https://t.me/egorasmarket
Github: https://github.com/EgorasMarket
Egoras in Crypto Revolution Website: https://crypto-revolution.io/project/egoras/
