YMPL AMA Recap : Cryptoscreen Community
Earlier today the YMPL team joined the Cryptoscreen Community Telegram to connect with the community and answer any questions they had relating to YMPL mission, tech, progress on our journey so far, recent updates and our plans moving forward. John CEO of YMPL Finance took part in a particularly exciting AMA session which included introductions, questions from twitter, and a live AMA session with the Telegram community. If you missed the AMA live, have a read through this recap to gain some deeper insights into YMPL, You also need to know that our AMA this time has a $100 prize in YMPL Token.
INTRODUCTION
Samuel :
Hello Everyone please welcome @YMPLAdmin CEO YMPL .
John :
hello everyone ! i’m john from ymplprotocol
Samuel :
Introduction myself Samuel and I will be hosting the AMA this time 😊
@YMPLAdmin Are ready to start event today?
John :
sure i’m very excited to be here, our public sale is coming in an hour too!
Samuel :
Okey , tell us a little about yourself and what part you took on YMPL?
John :
okay! let me introduce myself first, i’m john from ymplprotocol. my background is engineering and i’m in ethereum ecosystem since 2017. so mainly i’m looking all around the project and make sure it delivers!
Samuel :
Can you introduce what is YMPL and how does YMPL work?
John :
YMPL is an alternative assets that its supply reduce or increase based on ETH price randomly. the mission is to provide alternative asset for the ethereum ecosystem that grows with the big brother Ethereum. which the price is totally based on demand and supply. totally decentralized oracle, random algorithm, everything onchain. The vision of YMPL is to grow the ethereum ecosystem further with its protocol.
Samuel :
What makes YMPL attractive compared to other projects?
John :
we believe that we are all in the space together and we do not really treat anyone as competitor
We want to create a digital asset that is truly unique.
We already have Bitcoin that its value derives from scarcity whereas many other digital assets focus on the predictability of future supply, why not try something new?
We see Ampleforth as a pioneer in this space with their rebasing algorithm, however, in our humble opinion, this mechanism doesn’t seem to work well for stablecoin or something with a certain price target. This is why we created YMPL, a limitless, unpredictable rebasing asset that behaves like a living organism. We don’t know where it will end up, we let the free market mechanism decide. With this unique characteristic, we do hope that it will potentially be an alternative store of value in the long run.
Samuel :
We know YMPL is doing a public sale. When will it start and where can people buy it?
John :
It will start on 19 Aug 2020, 1PM UTC (Basically now) on our telegram channel, https://t.me/YMPLofficial.
If you miss it, dont worry, We will be listing on Uniswap within 24 hours that our public sale ends.
Samuel :
Can you tell me the long term benefits for YMPL investors?
John :
The probabilistic rebasing algorithm is likely to expand the amount of token, thus benefiting the early holders as it is much easier to acquire a few YMPL before this living asset multiplies itself further. Holding a bit of YMPL in your portfolio might be a great diversification strategy. but as always! DYOR.
Samuel :
Can you please explain the concept of YMPL as the original preferred store of value for the Ethereum DeFi Ecosystem?
John :
For quite some time, the cryptocurrency market has been seeking a hedging asset, something that does not directly correlate with the market. This simple but vital need has not been met with an answer, as we either hold most digital assets that will go up and down along with Bitcoin price, or a stablecoin or tokenized asset that its price is pegged to the real physical world.
With YMPL, we offer an alternative, something that does not peg to anything in the outside world, does not correlate to the price of the digital asset market. Having said that, the market will be the one who decides if YMPL can be a solid alternative store of value as we foresee or not.
TWITTER QUESTION
Question 1
the main source of trouble at DeFi is the vulnerability of smart contracts, which has led to the loss of funds, are there any special steps that YMPL has taken to avoid this incident in the future?
John :
Yes, this space is very very risky, defi ecosystem is like another world, everyone wants to jump in and play around with it. How safe is YMPL? as safe as we can. i don’t think any project can guarantee that it is hack-proof. software ALWAYS has bugs but it depends on how well you treat it our code has been audited by ETH researcher we are close with our code will be public soon, and if anyone found a bug we also have a bounty program coming out.
Question 2 :
What kind of concept does YMPL use, to be able to create truly unique synthesis assets?
John :
YMPL is an alternative assets that its supply reduce or increase based on ETH price randomly. the mission is to provide alternative asset for the ethereum ecosystem that grows with the big brother Ethereum. which the price is totally based on demand and supply. totally decentralized oracle, random algorithm, everything onchain. The vision of YMPL is to grow the ethereum ecosystem further with its protocol.
Question 3 :
You have said on the article “dynamic price discovery based on custom random algorithm based on Commitment scheme of future blockhash”, could you explain briefly on how does the random algorithm work with commitment scheme?
John :
random ethereum smart contract is hard, we use a way that picking future block hash as the source of randomness.
there will be 2 phase when doing rebase, 1 tx for committing to the future block hash number
Question 4 :
How does YMPL intend to increase the value, utility and liquidity of $YMPL token. thus producing a natural increase in price of the token?
John :
we have many future plan for ympl, staking, also liquidity mining is in our roadmap
but slowly and surely :)
Question 5 :
Adoption is one of the important factor that all sustainable blockchain projects should focus to be more attractive in the investors’ eyes. What #YMPL has done and plans to do to achieve real world adoption?
John :
we have many partnerships incoming, that will attract more users to ymplprotocol. stay tuned for the exciting updates!
Because Mr John could not continue the AMA this time, we were forced to continue the LIVE/FREE QUESTION segment without an answer
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