This is the summary of the Ask Me Anything (AMA) on 24–10–2019 in the Telegram @cryptodakurobinhooders. Robert Auxt and Tomas Pristac managed to answer 62 questions about the current and future developments of Eterbase as a company and exchange. Quite a few questions were ‘overlapping’ and got near same responses, so for the sake of readability, they’re summarised in this recap. The answers are categorised into several sub-sections to make reading easier instead of a chronological order like in the telegram.
Introduction:
Daku:
Hi All , welcome everyone. We are having Eterbase team here for this round of AMA.
Project website: https://www.eterbase.com
ETERBASE is the company behind the process of building two key products — a robust and fully compliant digital asset exchange branded as ETERBASE EXCHANGE and a full Decentralised Financial Ecosystem. The primary focus of the exchange is the full integration of digital assets and real FIAT world via SEPA and European IBAN accounts, this includes the newly launched Treasury service which we believe will ensure they are a major player in the Exchanges sphere.
Eterbase is engaged in the process of a fully compliant platform that offers a broad range of B2C and B2B cryptocurrency-specialized solutions. These include a high-frequency trading platform capable of real-time spot trading and margin trading, over-the-counter trading, and high frequency server hosting with a direct-market access and incentive system for market makers.
Q: Could you briefly introduce yourself?
A: Robert Auxt
Hi, my name is Robert Auxt and I am co-founder and CEO. Before, Eterbase I worked for investment banks and investment funds.
A: Tomas Pristac
Hi all, my name is Tomas Pristac, currently serving as CBDO at Eterbase. Came from Wealth Management and Financial Services area where worked 10+years.
General Eterbase Questions
Q: DEX solutions are becoming quite a hot topic. A lot of live ones, a lot of new ones. Why is Eterbase different?
A: Robert Auxt
Personally, I like DEXes quite a lot, however in long-term there what will separate more centralized solutions will be regulation. In essence true DEXes like McAfee’s one will not be compliant and thus will lack liquidity from institutional investors. Besides, this I think there can some cross-over mainly in terms of self-custody solutions that will offer DEX like features for centralized exchanges.
Q: Eterbase just announced about Eterbase Treasury Gateway- a financial bridge between Non-blockchain enterprises and blockchain projects to accelerate wider adoption of crypto. Is the Treasury Gateway live on Eterbase right now and how does it have potential?
A: Robert Auxt
We are currently in the process of onboarding first projects and processing their KYCs and other documentation. Overall, we expect more than 50 projects to join us next year.
Q: Recently, there have been a number of hacked user information hacks such as FACEBOOK, Binance, etc. These are all websites with leading security systems but still hacked by hackers. So, how does Eterbase protect KYC information of users?
A: Robert Auxt
We run Eterbase as DEX and our core databases are sharded and NEVER contain any personal data (as we are subject to GDPR). All personal data is stored and encrypted on separate servers that are under special security settings. AI and other measures are deployed to monitor security situation in real time as well.
Q: Does Eterbase provide a place for investors to invest with Xbase holders?
A: Robert Auxt
We run our platform and also XBASE or Eurbase can be bought on other exchanges and platforms if I understood your question correctly.
Q: There are a lot of centralised and decentralised exchanges (Binance, Hyobi, Bittrex, Kucoin). What are the main advantages (and disadvantages) of Eterbase?
A: Robert Auxt
There are several advantages, mainly we offer negative trading fees via our Premium Membership system. Besides negative trading fees we have zero deposits/withdrawals for EUR fiat via SEPA. Also, as per our API goes we are right now fastest exchange on the continent.
Q: Can you describe why we should use EterbaseEX?
A: Tomas Pristac
If you are frequent trader you can enjoy negative trading fees and earn while trading
Q: What does your team look for in new project listings (on Eterbase). Is there a listing fee?
A: Robert Auxt
Generally, we prefer projects that meet certain minimum criteria and can provide liquidity and have active market maker to ensure good trading experience. Also we charge listing fees, depending on complexity of implementation.
Q: I can’t find a lot of information regarding the Eterbase technology on your website? Could you share something about this? Strengths for example.
A: Robert Auxt
Martin (our CTO) can explain bit more. However our core strength is in scalability as we run sharded solution and multiple-trading engines per pair and also as mentioned above our current superior API.
Q: Are there any future plans to increase trading volume and liquidity?
A: Robert Auxt
Yes, we are in process of onboarding several new projects and market makers. Also we are going to restructure our markets to aim for sub 0.1% spreads and deep liquidity for majority of pairs. Also we will be releasing our open source trading bot (EterBot) and connecting to Humming Bot.
A: Tomas Pristac
We have many things in our Q4 roadmap. We want to finish altcoins implementation. We want to pilot P2P crypto lending. We want more FIAT gateways. Also we want launch treasury gateway for blockchain and crypto projects and many many more.
Q: There is a VIP member system on Eterbase. Based on token holdings or trading volume? What are the benefits?
A: Robert Auxt
Yes. The current system is based on Premium Membership level. For the highest you get 50% kickback (negative fee) for all market making orders for example and 50% discounts on all withdrawals
A: Tomas Pristac
We have 9 levels of premium membership with many benefits, these are listed on the website.
Q: Eterbase’s referral system has up to 5 levels with a very high commission rate. Is this mechanism sustainable/forever?
A: Robert Auxt
Yes we have 5 level for our referral system. Most referral system don’t go that deep. Yes, it will stay this way and all fees are split in real-time.
Q: Why is the project called Eterbase?
A: Robert Auxt
Initial idea was to build something that will last long like “based in eternity” hence Eterbase.
Q: Why take the name EBASE. What is the difference between Ebase and USDT, TUSD etc?
A: Robert Auxt
Mainly the fact that EURBASE (EBASE) is tracking EUR instead of USD. Also it will compensate for inflation mid-term.
Q: Will Eterbase use an API based model that connects with multiple exchange Platforms? Does the platform require full access to our exchange Accounts and if yes, how secure is it?
A: Robert Auxt
Yes, our API is very flexible and pays a lot of attention to security. You can limit access to view, trade and withdrawal modes.
Q: 1. You decided to launch OEO, MAY I know how OEO is different from IEO/ICO?
2. How do you ensure BOT free trading on your Exchange?
A: Robert Auxt
1. It is mainly aimed to offer new tokens directly via orderbook instead of going via traditional IEO platforms that are generally very expensive for some projects.
2. Bot free trading environment is not really our aim, we actually provide incentives for market making bots that can increase spread and liquidity.
Q: A lot of projects always talk about their strengths, while their token or coin prices always go down. As one of the project leaders, do you dare to speak out the difficulties that Eterbase is facing and how long will it take to overcome it?
A: Robert Auxt
We have and are facing a lot of problems, but so far we were able to solve most of them. Currently, we are trying to solve liquidity issue and working hard on this one.
Our current weakness is liquidity, which is slowly improving. Our core strength is in our team and things that we can bring together like IBAN accounts, negative trading fees and P2P lending/borrowing.
Q: Will there be a token buyback/burn?
A: Robert Auxt
In order to obtain Premium Membership you need to lock some tokens away, which is naturally decreasing the supply and hence works like token burn in itself.
Q: What tokens are tradeable on Eterbase Exchange?
A: Robert Auxt
ERC20, BEP-2 and we are also adding new mainnets like ATMO, XRP etc.
Q: Eterbase will initiate a launchpad for Initial Exchange Offerings (IEOs) to make the ETERBASE EXCHANGE attractive for new projects, so which standards for projects launch IEOs on Eterbase Exchange?
A: Tomas Pristac
We created our own variant of IEO called OEO. In simple terms OEO stands for Order Book Exchange Offering, which means that tokens/coins are sold directly via order book at pre-selected tiers divided by price and quantity of assets sold. Time span for transactions is short and remaining/unsold supply is burnt after conducting OEO. This kind of offering is ideal for projects that have had limited exposure, are not listed on liquid market or want to raise additional funds via exchange without complicated process like ICO/IEO.
Q: Is your interface suited for newcomers?
A: Robert Auxt
Our current interface is not suited for newcomers, however we are preparing a simplified version quite soon.
Q: As the first regulated european exchange, is this something that makes Eterbase attractive to traders?
A: Robert Auxt
Yes, we indeed hope so.
Q: 1. How can blockchain projects benefit from using The Treasury Gateway? The token has to be listed on Eterbase to get involved?
2. What is your relationship with Binance? Why did you decide to issue XBASE-B tokens on the Binance chain?
A: Robert Auxt
1. They can have own SEPA corporate account connected directly to our exchange and yes usually their token is going to be listed.
2. We are part of Binance Alliance and besides having our token on Binance Chain we list things like Binance USD.
Q: Which markets is Eterbase operating in? Is Eterbase going to expand its project in the markets of some countries like Vietnam, Thailand, Romania, and European countries?
A: Robert Auxt
For Crypto-to-Crypto we operate globally with exception of sanctioned countries. For IBAN and SEPA we operate for all SEPA members (most EU countries).
Q: How will your token (Xbase) grow in demand?
A: Robert Auxt
The future demand for token will increase symmetrically with the number of projects and traders on our platform. Our listing fee is also payable in XBASE.
Q: How big is your addressable market and what are the future growth potentials?
A: Robert Auxt
Our market is predominately the entire EU and crypto-to-crypto is almost applied globally.
Q:1. Will Eterbase have its own blockchain?
2. When will Eterbase Exchange listed on CMC?
A: Robert Auxt
1. Not blockchain but DAG probably.
2. We are in touch with CMC. Out stablecoin (Eurbase) was listed a few days ago so we expect listing soon
Q: How can Eterbase mitigate the risk of someone manipulating the symmetrical liquidity pool.
A: Robert Auxt
We are creating mainly environment suited for pure market making and not wash trading.
Q: Most investors focus on short term token price instead of possible future value. Why should these investors choose Eterbase?
A: Robert Auxt
Mainly, lock-in in exchange for negative trading fees, lower withdrawal fees and increased airdrops.
Q: How many people work with Eterbase?
A: Robert Auxt
Currently 20+ ppl are involved with the project on daily basis. We hope for strong growth in next month due to influx of projects, market makers and marketing campaign.
Q: Between the goal of building an increasingly strong platform, improving user experience and the goal of attracting more satellites project into the Eterbase ecosystem. Which goal is Eterbase more focused at the moment?
A: Robert Auxt
Projects and liquidity right now.
Q: Will my cousin in the United States be able to use eterbase ? What types of assets could he invest in eterbase project ?
A: Robert Auxt
We currently serve US clients with exception for FIAT services.
Q: Partners in every project play a huge role as backup and support at every start of a project/company, so my question is What role do your partners play in the ecosystem of Eterbase and what benefits do they have for being a partner?
A: Robert Auxt
Mainly we can provide corporate bank accounts for our partners.
Q: 1. If you had to explain what Eterbase is to someone who doesn’t know it, what would be the main points you’d mention?
2. How did you survive on this long bear market and what difficulties have you encountered in this time?
A: Robert Auxt
1. Negative trading fees, IBAN accounts on exchange, deep referral system.
2. Our core business strategy is not much affected by crypto cycles as we really focus on services such as treasury service for business clients.
Q: Why you choose to store data on MongoDB Database ? How secure it is ?
A: Robert Auxt
There are several DB solutions used not just MongoDB.
Q: How many users/clients does Eterbase have? What is the goal?
A: Robert Auxt
Currently, we have over 5k+ clients our target is 50–100K towards the end of this year.
Q: When is the Mobile App due?
A: Robert Auxt
Mobile App is planned next year.
Q: Eterbase has a strong community; are there more plans for promotions/events/meetups to reward the old users who followed Eterbase for a long time? Is there also going to be an ambassador campaign?
A: Robert Auxt
We are going to onboard Ambassadors for core regions. We also attend conferences and meetups. We might do a series of hackathons next year.
Q: Some community groups (Eterbase) have a small number of participants. Is there a dedicated plan for growth regarding this? What countries will be targeted?
A: Robert Auxt
We have started limited marketing and going to go full scale towards the end of this year. We will target Europe mainly with other regions planned for next year.
Q: How do you attract market makers to Eterbase to increase liquidity? Sustained demand for a token is challenging under current market conditions. What support or community building tools do you provide projects in helping them with this problem?
A: Robert Auxt
Yes — current market situation is in extreme fear mode, however closer we get to BTC halving the situation will hopefully improve as it will push BTC and other alts might follow this trend. Liquidity, will be increase by adding projects, market makers and OTC providers.
Q: How important are liquidity providers for new projects? What is your view regarding these services?
A: Robert Auxt
To a substantial degree but in our case we work both with investment banks for EUR liquidity and crypto — miners/OTC desks/Market Makers. However, it is more like continuous process where we are trying to increase amounts as much as we can and also going to restructure markets in order to provide best trading experience currently possible.
Q: Eterbase provides currency exchange services, as well as Binance’s BNB, do you have any plans to help increase the value of XBASE?
A: Tomas Pristac
you can increase value only by utilizing, with new product and services range that will lead to benefits from XBASE hodling😉. ETERBASE is not only an exchange. Our plan is to create functional ecosystem of digital asset trading, new emerging services and asset classes
Q: Currently the tokens are in a state of unstable prices. with quality partners, advertising, marketing and quality products. etc. So what are your challenges and what are your plans to make the Eterbaseproject popular?
A: Tomas Pristac
Majority of tokens have been in a downtrend, the undervalued projects will see good growth as the markets improve. With the Treasury clients joining they will buy and lock 1 million tokens, this will provide buy pressure and lower the circulating supply. With each Treasury partner we will be cross marketing, this will bring new users and volume. We will of course be increasing marketing efforts and our digital marketing starts in November
Q: What is Eterbase development plan in the next 5 years?
A: Tomas Pristac
- DIGITAL ASSET ECOSYSTEM.
- NEW PRODUCTS of DeFi ( Payments, e-commerce, P2P, P2B, B2B lending etc.)
- NEW EMERGING INVESTMENT SERVICES (new investment asset classes, custody, asset management, margin trading, next gen derivatives).
- NEW SVGN/GOVT coop.
- Institutional investors.
