On 6th of March YSEC conducted an AMA in Crypto Revolution Community. Our guests were Zhichoth, Mr Linux AND Yearn Secure. Right after the AMA I announced that YSEC will be one of my TOP Crypto Projects for 2021, featured in Superhores League by Crypto Revolution. Let’s take a look at most interesting points from our Conversation.
INTRODUCTION
Danny | Crypto Revolution: YSEC AMA is Starting! Welcome Zhichoth, Mr. Linux and Yearn Secure!
Zhichoth | YSEC: Thank you! glad to be here!
Mr.Linux | YSEC: Hello hello!
Danny | Crypto Revolution: Happy to have you with us today
Yearn Secure | YSEC: Hey man, thanks for having us.
Danny | Crypto Revolution: Could you please introduce yourselves guys and tell us how did you get involved into Crypto? ??
Yearn Secure | YSEC: Sure thing, and thanks again for giving us the opportunity to talk about the project in your channel! We are $YSEC, a 5 man team from the Netherlands. Develem is an experienced back end developer and has been working in the field for seven years. Just like Zhichoth and Mr Linux who have four years work experience and have worked on some projects using react and Vue. Zhicoth and Mr Linux take care of the front end part of the platform and have been doing an amazing job so far! Sniekers is managing the project, making sure stuff gets done on time and keeps everyone up to date, Simple handles marketing and is assisted in this matter by Sniekers. Last but now least there is Kim, she is our community moderator and has been doing a fantastic job ever since we started this ride!
Team been active within the environment for a while now, using our laptops to mine BTC, in the days where you could buy a pizza paying 10K of them. Back in 2016 we built our first Ethereum mining rig which held 5 GPU’s. A year later we worked with a financer and built a bigger one in Norway. The farm we built there holds around 450GPU’s and is divided into 90 separate systems, but farming as one. Around the time ICO’s became very popular in 2017 and were an easy way to X2 -X5 your initial investment we joined the hype train again before getting rekt in December the same year. Now DeFi is generating a lot of hype and is a space that is undergoing increasing popularity. Absolutely desirable, but at the same time it is becoming increasingly difficult to safely invest into new projects because of increasing chances of the team not being sincere and the possibility of them leaving the project behind, be it a rug pull or a (slow) exit scam. After having to experience a dev running off with our money a few times, we decided a change is needed. We assembled our strengths once again and YSEC was born.
Danny | Crypto Revolution: This is so far the Best Introduction I have ever had! Btw Netherlands is on my List for Visiting!
Yearn Secure | YSEC: Happy to hear haha
Zhichoth | YSEC: Hahah, be sure to bring an umbrella stupid rainy weather.
Mr.Linux | YSEC: You should when covid is over
Yearn Secure | YSEC: After this COVID shit show we would be happy to welcome you ;)
Danny | Crypto Revolution: I’ll remember that! I remember everyone was talking about YSEC at the Launch time. So Hype was good! So you guys were pretty quiet after the Hype around your Launch 2 months back. What’s happened?
Mr.Linux | YSEC: We were quietly working hard in background, we are all tech people didn’t really know how to handle marketing etc. I feel like we are all improving everyday =)
Yearn Secure | YSEC: We did generate some hype indeed, especially after projects ending up being rug pulls all the way. Before our presale we promised that we would work on this fulltime if we hit hardcap. When we didnt we had to combine YSEC with our RL jobs, it took some getting used to talking to everyone in our channels, as well as work on the project, have our jobs and life in general haha.
Danny | Crypto Revolution: Btw how tech people are chilling. Lol.
Zhichoth | YSEC: Hahah true, always in the back doing our thing making sure that it all works.
Yearn Secure | YSEC: Haha we’re dutch, i guess the answer comes easy ;)
Danny | Crypto Revolutionadmin
Btw after what happened with Paid recently just yesterday ( Paid Contract was hacked and Hacker minted and sell tokens )I see in a lot of Projects Communities same Question. Your Contract is Safe guys?
Yearn Secure | YSEC: Our code is definitely safe! We have been testing extensively on Robsten and our lead dev is extremely precise. He rewrote code more than once to filter out bugs, or refactor certain functions to save gas for example. He writes and audits code for a living as well. We are certain he knows the game and his perfectionism can sometimes work tiring (on me that is :P), but we are well aware that we cant permit any bugs once we launch, however, the team feels really solid on this. We are in touch with some auditing companies to take care of the “ get checked by a 3rd party “ part of this, but I think getting audited has also shown more than once now that it isn’t waterproof.
Danny | Crypto Revolution: Okay I got 1 question dmed to me from your Community! Would you be able to ask YSEC if they are having plans of getting Audited?
Yearn Secure | YSEC: Haha we are talking with a few people, but seeing that recent audits still resulted in exploited code, we feel the 10–50K would be put to better use else where to be very honest.
Danny | Crypto Revolution: Maybe you can ask Community for it. Well my opinion ??
Mr. Linux| YSEC: That is a very good suggestion , we are inviting everyone to check on our code once we made it public before launch.
Danny | Crypto Revolution: Could you please describe what is YSEC in Layman’s term to the Community?
Yearn Secure | YSEC: YSEC is going to be an all-round platform and will offer solutions for token / ether and liquidity locking as well as adding liquidity on Uniswap. Besides those tokenomic solutions we will also launch presales added by the developers creating them.It will be a fully automated process and YSEC will never own any of the assets locked within our smart contract. It will be a fully transparent system as well, where investors will be able to see when and which projects are having their presale as well as how their tokenomics are organized.
Danny | Crypto Revolution: I have Add on here again from YSEC Community Member! So what they are saying is they don’t feel it’s best to get audited upon launch because it will be a waste of money and that just the general individual would need to just trust them/ check it themselves?
Yearn Secure | YSEC: We’re not saying we dont want to get audited. We are actually speaking with a few. We can have a poll where the community can vote on if they want us to get audited and if so, maybe where. But what I mean is, taking Paid for example or Yeld, who were audited, still ended up having exploit possibilities in their code. I’m not against getting audited, but it’s hard to check the skills of these professionals if they oversee these things as well.
Danny | Crypto Revolution: Thank you
Mr. Linux| YSEC: What I’d like to add in , I am going to open a conversation on the YSEC telegram. In this conversation everyone can share their opinion regarding this matter.
Danny | Crypto Revolution: Here you have quite a big Competition. Why Projects have to choose YSEC Platform for their IDOs? And most importantly what Conditions they have to cover for it?
Yearn Secure | YSEC: There is competition indeed, however, to this day most launchpads offer the possibility to launch a project, add their liquidity and that’s it. We will offer a full range of options including token locking, ether locking, and liquidity locking as well. Project owners can decide if they want those to be perma locked, unlocked after a set time or unlocked by an x percantage every month. We ask the same fees, with the exception of safu, but unlike competition we put 50% of the fees generated into a yield farm, where token holders can stake their YSEC to earn ETH in return.
Yeah we feel that our yield farm is our most bullish tokenomic. There are 100 projects offering farming where you get paid in their native token. ETH gives you the opportunity to do whatever you want without being dependent on liquidity for example. A user can then decide to buy more YSEC, which is helpful for our market, or invest it a project launching for example
We will not implement KYC on our platform. We are decentralized and everyone can use it. If a US based project wants to use YSEC, we advice them to do their KYC through their website. Socials what so ever will be loaded from Etherscan using their API. An individual requesting a presale, can only do so if the connected address, is indeed the creator address of the token contract address he/she puts in. If its a quick clone, the platform users will see a project lacking a lot of social links for example. Transparency is also offered by showing investors what is going on with the finances within a project and their vaults at all times. Not just before and during the presale, but even 6 months or a year after it is hosted. YSEC itself never has any authority over the assets moving through the platform as well.
Danny | Crypto Revolution: Thank you ?? What will be the Conditions for YSEC Holders to enter this Presales?
Yearn Secure | YSEC: In addition, once a presale launcher lists his/her presale, everything that is given in will be followed by our smart contracts, so once its there, there is no changing your mind, resulting in less liquidity added for example.
Everyone can enter presales listed on YSEC, an individual does not get early access or gets the token at a different price. This way presales will be fair at all times. You do need YSEC however to participate in our staking pools and yield farm. You cant join these with other tokens.
TWITTER QUESTIONS
Q1 from @Prettyboy071
How is YearnSecure developing? How do you retain users and attract new users to your platform?
Yearn Secure | YSEC: Awesome questions and it hits a nail we wanted to address during the AMA you are hosting here! Development is going well and we are REALLY close to completing the platform. As mentioned before we are testing on Robsten and it is looking really promising!
But to conclude on the answer, WE ARE GOING TO LAUNCH ON MARCH 22nd!!!
We have said in previous AMA’s that we want our community to work as a marketing catalyst. To explain this better, it would mean, that the more projects launch through YSEC, the more our community earns. This would result our community to drop a shill every now and then because ultimately it would earn them ETH!
To start this off, we have an interesting event. Can I share it here?
Danny | Crypto Revolution: Yes. Go ahead please ??
Yearn Secure | YSEC:
Haha there you go!
If our community members find projects launching through us, and let us know they will be rewarded with 500 YSEC. First 10 projects are rewarded. By then the ETH reward would kick in and that will most likely get the ball rolling ;)
Danny | Crypto Revolution: Are you in talks with some Projects at the moment btw? ??
Danny | Crypto Revolution:
https://twitter.com/AlphaCryptOmega/status/1368213126961848322?s=09
Yearn Secure | YSEC: We have been talking with 2. But making actual plans with them has been hard since our launch date has not been solid before. We are looking to get them on board. Nothing concrete yet. We have been in their shoes as well, and to be honest, signing up somewhere that cant disclose my launch date would be scary to me as well lol. But now that we have a date set in stone! We hope to get some concrete launch partners very soon!
Danny | Crypto Revolution: Noiceee ??????
Q2 from @Greyhair_08
In your project’s Litepaper, I read that token holders can also stake their YSEC to earn dividends based on fees generated by the platform. Will the Dividend be paid out to stakers using your native token (YSEC) or other tokens?
Yearn Secure | YSEC: There are two pools.
1) Staking pool. Here users can stake their YSEC and they will be rewarded in YSEC. Our first pool is soon concluding. SInce our tokens are locked through LID, it took us some time to accumulate enough tokens to launch a second. But more pools are coming for sure!
2) Yield farm. Here users can stake their YSEC and they will be rewarded in ETH! It will reset once every 30 days. Token holders will be able to see how much ETH is accumulated during the 30 days before. All ETH will be divided to stakers during this timeperiod of 30 days. You can withdraw or join at any time. So there will not be locking periods in this pool. Pool 2 would be the dividend part this question is related to btw.
UPTRENND QUESTION
Yearn Secure | YSEC: The goal we are trying to achieve is to make Rugpulls more rare than a shiny pokemon in X and Y or a rainbow Charizard from it’s Elite Trainer Box. We are trying to close the gap for developers when it comes to their tokenomics and managing those. Now a dev has to get in touch with 2–3–4 projects to take care of what they will be able to take care of by launching with us!
Danny | Crypto Revolution: Thanks for covering all the Questions man
Yearn Secure | YSEC: Anytime. Im enjoying this AMA a lot and I really like the questions people are asking. Some we havent had before
QUIZ PART
Question: We would like to use this moment then for a chance for improvement:
We have talked for some time now about what we will offer and how we feel is the right way to adjust the problems the market is facing…
What part however, do you feel we lack , why do you think so and how could we integrate that into the platform to make the space even more safer than we are trying to do already?
Best Answer: I would like if you can include insurance in your plans. It’s make me more confident. If you can partner with an auditing firm for regular audits plus bug bounties too.
TELEGRAM QUESTIONS:
Telegram User:
As a developer would it be possible for me to customize my presale on YSEC; do I have to lay fees and what do users earn for staking $YSEC?
Yearn Secure | YSEC: You can customize your presale, yes. Not to a point where you can alter the smart contracts we use, but you are free to decide on what you lock, when it releases, if you lock at all etc. This counts for any allocation you wish to implement.
The APY on our current staking pool was 60%. We haven’t decided on future pools yet. But they will most likely be the same if not higher.
Telegram User:
How do you keep your platform safe for Investors, and is your platform protected from hackers? And how do you manage if there’s an attack on your platform, including the personal data of your platform’s users? Is your platform ready for this?
Yearn Secure | YSEC: By offering full transparency. A presale lister decides on how he/she wants his/her tokenomics organized. The investor ultimately decides if they are to their liking. We always advice to #DYOR, we will be checking contracts as well and share our findings. But as even auditor projects have proven, a mistake is easily made. We had a Ddos attack right after our presale, we are protected from silly things like this now. We dont have a database, so unhackable when it comes to that ;).
Telegram User:
What are the concerns that YearnSecure Finance is trying to address to make it simpler for users of Crypto? How do you plan to explain such technical topics to a wider audience?
Yearn Secure | YSEC: I really like this question as its not something we have thought off before. It’s something we will work on. In the meantime, whenever anything is unclear, we would like to invite any individual with their questions to our Telegram channel. We will try our best to clear any uncertainties, problems or questions they have there!
CONCLUSION
Danny | Crypto Revolution: Final Words for Community before I open the chat?
Yearn Secure | YSEC: We would like to thank you all for having us here and listen to us talking about our platform and being all technical and shit. You are a jolly bunch and we had a lot of fun to be in your spotlight Danny, thanks a lot! ??
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OUR PARTNER:
Twitter : https://twitter.com/YearnSecure
Website: https://ysec.finance
Telegram : https://t.me/YearnSecure
