AMA RECAP — CRYPTOSCREEN INDONESIA with BETACORE FINANCE
On 15 October 2020, BetaCore Finance conducted an AMA in the Cryptoscreen Indonesia Community. Our guest is BetaCore Finance team.
Lots of questions as usual from the Community about BetaCore Finance progress. The BetaCore team took part in a very interesting AMA session which included introductions, questions from twitter, and a live AMA session with the Cryptoscreen Indonesia community. If you missed the AMA in person, read this recap for a deeper insight into BetaCore Finance.
Let’s take a look at the most interesting points of our conversation.
Segment 1: Introduction
Samuel Yabes: Hello @BetaCoreFinance welcome to our Community
Nick | BetaCore (BCORE) Finance: Hi Samuel, thank you for having us here.
Samuel Yabes: We are also glad to you , chose us to introduce your project
Nick | BetaCore (BCORE) Finance: This is our first AMA so we’re super excited
Samuel Yabes: Can you introduce BetaCore Finance to our community?
Nick | BetaCore (BCORE) Finance: BCORE is a non-infaltionary cryptocurrency (a CORE fork) that is designed to execute profit-generating strategies autonomously with a 100% community-led decentralized approach.
In existing autonomous strategy-executing platforms a team or a single dev is solely responsible for determining how locked funds are used to generate ROI.
Samuel Yabes: So Community is very important in this?
Nick | BetaCore (BCORE) Finance: Extremely. We believe it is hazardous to the health of the fund as it grows to have centralized control because it creates flawed incentives and invites mistakes to me made. BCORE does away with this dynamic and instead opts for one with decentralized governance.
Samuel Yabes: What does BetaCore offer to token holders?
Nick | BetaCore (BCORE) Finance: BCORE will offer a deflationary staking model whereby a fee will be charged for token transfer and users can earn the fee by faming. This will reduce and control any inflation caused by farming/staking rewards.
Additionally, 5% of all profits generated from fees and governance-led strategy contracts will be used to auto-market buy BCORE tokens keeping the damand high.
This simple process means that those holding tokens are able to farm without the price droping due to supply inflation.
Samuel Yabes: How many suplly allocation of BCORE tokens for staking?
Nick | BetaCore (BCORE) Finance: 2,000 BCORE (20% of total supply) will be allocated to staking rewards
Samuel Yabes: When did the token sale start? Private sale, Private sale and Public Sale. How much is the minimum and maximum for investing?
Nick | BetaCore (BCORE) Finance: The LP Event (presale) will be public and it will start on 17 October 2020 at 22:00 (UTC) and will run for 24 hours on bounce.finance. We do not want any private sales as we want all members of the community to equally particpate in this project.
4,000 will be offered at the price of 1 ETH=20 BCORE. There will be no minimum investment amount and the maximum will be 20 ETH per wallet.
Once the pre-sale is over we will manually provide the liquidity agains the whole amount gathered (all of the eth that we receive will be locked foerever as liquidity for BCORE) and list on uniswap at the price of 1 ETH=10 BCORE.
Samuel Yabes: This will make it easier for investors with the funds they have prepared
Nick | BetaCore (BCORE) Finance: Please note that the contract address is 0xc8475018B8aFe888A38E05a25215F7CF00fC38FA
There are already fake copies. We are in the process of getting Etherscan to upload our information on the token page. No member of our community will dm anyone asking for funds outside of the presale. Beware of scams folks.
Samuel Yabes: The team is one of the people’s trust to invest. Why did the BetaCore Team choose to be Anonymous?
Nick | BetaCore (BCORE) Finance: That a tough, but fair question that we would like to answer in order to clarify our intentions.
The team is comprised of members who work in big crypto (and finance) projects and this project is literally a love-child for us. Our aim to create a true community project that will change the DeFi game and this is why we will only keep a minimal amount for the team and will not really profit from the project.
The only problem is that because we are all every-day working people, we cannot publicly run this project without some of us losing our jobs. Our work contracts on our main jobs preclude some of us from organizing our own project. That is why we have all decided to stay anonymous. Once the project is successful, rest assured that we will not stay anonymous.
Samuel Yabes: Can we know how many tokens the team is holding?
Nick | BetaCore (BCORE) Finance: 500 tokens (5%) which between all the team members will not be a substantial holding.
The team is really excited about the project, either from the tech-side or from the finance side, we really want this to work.
Samuel Yabes: Can you describe the technology system you are using?
Nick | BetaCore (BCORE) Finance: Well, as we are a CORE fork, we will use the same deflationary staking model. But what we want to do is establish community control on the project ASAP.
Samuel Yabes: After the sale is complete, what steps will BetaCore take in the future?
Nick | BetaCore (BCORE) Finance: So, the reason for the manual provision of liquidy from the LP event is tha we want the project to run as quickly as possible in order to take advantage of the current “Core” trend in DeFi. That’s why we want to launch straight away our Staking platform and immediately after the governance platform so that community can be in charge.
Our urrent short-term roadmap looks like this:
• 17–18 October 2020: Presale
• 18 October 2020: Uniswap listing and LP locking
• 20 October 2020: Main marketing airdrop winners announced
• 22 October 2020: Deflationary staking platform released
• 1 November 2020: Beta governance platform released
In the mid-term, the big plan is to create a decentralised autonomous organization much like cVault (Core). The difference will be that this project will be 100% community-led from the very start.
That’s why releasing an early governance platform is so important to us.
Segment 2: Questions from the Twitter
Question 1: To convince investors, of course there is an allocation for liquidity. Does BetaCore provide Liquidity? How many ? And is the liquidity locked?
Nick | BetaCore (BCORE) Finance: Yes, we will manually lock 100% of the liquidity raised from the presale/lp event. Once the migration to the deflationary system happens, the liquidity will be locked forever in accordance with the BCORE smart contract. The contract will not allow us to ever withdraw that liquidity.
Question 2: Investors are very critical of the ROI of thier investments. How can @BetacoreFinance be able to give what the investors value for thier money? Do you have solid plans for the project into Sustainability?
Nick | BetaCore (BCORE) Finance: Well, the already tested deflationary staking system will heavily reward the liquidity providers. The more BCORE you own, the more you will be rewarded for your liquidity. Of course, this will drive demand up and the BCORE price will follow the projection of other projects of the same technology. We are playing it safe in relation to the technology side. The nature of the project is sustainable.
Question 3: I saw on the BetaCore Website. token allocation marketing is bigger than the allocation token development team. Do you think marketing is very important for the BetaCore project. And what kind of marketing do you expect?
Nick | BetaCore (BCORE) Finance: We will only keep 5% of the total supply and that amount will be distributed to all team members. From our end, no person will end up with more than 75–50 BCORE. We have done this on purpose, as our aim is not to directly benefit from the token price. We want to creat a groundbreaking community project that will hopefully allows us to come out of anonymity and claim professional recognition.
In relation to marketing, we have made a heavy allocation that that because this will be a community driven project. We aim for most of the marketing funds to go back to the community (like in this wonderful AMA) because we want people to absolutely LOVE this project.
All community projects require some help at the start in order to grow in popularity. So we will use our marketing budget to promote the project in various platforms, create partnerships with crypt experts and some will also go towards exchange listings.
We are already in talks with a couple medium-sized exchanges and news should come shortly after the Uniswap listing.
Question 4: Many current DeFi projects have not lasted long or can be said to have failed. What makes BetaCore different from other DeFi projects? and we know the price of tokens after being listed on the market will fall so fast, are you going to buy back tokens to return normal price
Nick | BetaCore (BCORE) Finance: Well, this is where the magic of our deflationary technology kicks in. As I stated before, 5% of all profits generated from fees and governance-led strategy contracts will be used to auto-market-buy BCORE tokens in order to keep the demand high.
Additionally, we have carefully selected the ration between presale (1:20) and Uniswap listing (1:10) to ensure that re won’t be a missive dump on listing. The market demand will be able to quickly absorb the supply on listing.
Having said that and being completely honest, we can’t guarantee that there will not be a correction if the price skyrockets the same way it has for other similar projects. If this happens the climb up will be gradual in accordance with our tokenomics. People should always do their own research and carefully pick the time to invest in a project.
Question 5: How are we sure that this project will be good in the future when the whitepaper and roadmap don’t exist yet? when will you publish it? and can you explain a little of this project going forward?
Nick | BetaCore (BCORE) Finance: We felt it would have been a bit dishonest to publish a whitepare for a project that is a CORE fork. The main difference between CORE and BCORE is the community approach.
Our github and code will be published and will be open for inspection 24 hours before the release of our staking platform on 22 October 2020.
We have already published our short-term roadmap that can be found on our teweeter channel and our telegram announcements channel.
And I already discussed the mid-term goals of the project before. To recap: once the decentralized autonomous organisation is established, it will be up to the community to drive the project to the right direction. The development team will be there to follow the popular demand communicated through the governance platform.
Segment 3: Free/Live Questions
Telegram User: 5% of all profits generated are used to auto market-buy the $BCORE token. So,,what is the purpose of these tokens? Will they be burned or are they for the core team?
Nick | BetaCore (BCORE) Finance: The rebought tokens will be added to the liquidity pool at the current rate. Apart from the initial team allocation, nothing else will go to us. And that reminds me, any unsold presale tokens will be burnt.
Telegram User: What is the most ambitious goal of the project? I would appreciate it if you could share with us any upcoming updates? What should the community look for?
Nick | BetaCore (BCORE) Finance: I talked about the upcoming updates, but I would like to talk about our goal. Our goal is to truly revolutionise the decentralised finance industry where we create a project that already has tested technology but we allow the community to benefit 100% from all the profits derived from it.
Telegram User: mostly monetize project need ads as their income source,
So where is Your project income sources to run project and get revenue?!
Nick | BetaCore (BCORE) Finance: The initial marketing funds come from our pockets. It’s hard-earned money. Once the token goes live, the monetization will be come from our marketing funds.
Telegram User: Do you have any plans to attract non-crypto investors to #your project Because it is the success of a project to get more investors who are still not in the crypto world. What are the plans to increase awareness around your in non-crypto space?
Nick | BetaCore (BCORE) Finance: I think this is the 1 million dollar question. All projects are trying to attract more investors from ouside of the industry, whether insitutional investors like banks or individuals. And I think that for as long as the crypto community is becoming bigger, we are succeding in bringing outside investors. I think DeFi will revolutionise the industry because of the returns which as way better in comparison to traditional finance and banking.
Telegram User: Do the BCORE token holders have right to participate in the governance of the project? On what kind of decisions can they vote on about the project?
Nick | BetaCore (BCORE) Finance: We honestly believe that the most important aspect of the CORE token family is governance and community. Unlike CORE, the BCORE team has the luxury to focus on the governance platform and the support of the community as most of the technology is already provided. We will build on that technology in order to release a governance platform that will allow the community to do literally WHATEVER it wants with the token. The community will have control on the mechanisms, will control the percentages of profits that go to buy backs, they will even control the deflationary staking rate. It is an open field for the community, and we will make it happen.
Samuel Yabes: Thank you for answering questions from our community. Before ending the AMA, do you have anything to say to our Community? Before we open Chat again.
Nick | BetaCore (BCORE) Finance: Well first of all I want to thank you Samuel, the Cryptoscreen Indenesia team and your community for having us. This was really enjoyable. Apart from what has already been discussed, people should know that we are hosting a mega-airdrop that will be concluded on 20 October 2020. Check out our channels to find details to the aidrop so you don’t miss out. See you guys at the pre-sale!