On 11th of April SATO conducted an AMA in Crypto Revolution Community. Our guests were Luke Montaine, Chief Strategy Officer of SATO Token and Blues Qin, CTO of SATO.Let’s take a look at most interesting points from our Conversation.
Danny | Crypto Revolution: Okay guys. SATO AMA is starting
Welcome Luke and Blues! Happy to have you with us today!
Luke Montaine: Hello everyone at Crypto Revolution. Thanks Danny for having us.
Danny | Crypto Revolution: Could you please introduce yourselves guys and tell us how did you get involved into Crypto? 😃
Blues: Hello everyone!
Luke Montaine: Okay, I will go first!
My name is Luke Montaine and I have been involved in the capital markets for over 15 years in various capacities including the roles of investment advisor, corporate development, corporate finance and I organized fund raising for many venture capital and private equity situations.
After studying economics at the University of British Columbia, I began my career as an investment advisor at Global Securities Corporation, a boutique securities and futures brokerage firm in Vancouver, British Columbia prior to being acquired by PI Financial Corp.
I have had extensive experience in structuring, financing and sourcing assets for various public and private companies.
I currently serves as CEO and director of Roadman Investments Corp. Roadman is an investment company listed on Toronto Venture Exchange and Chief Strategy Officer of SATO Token.
We have always been very interested in cryptocurrency and this year we decided to take a close look at the bitcoin and blockchain markets and we have made 2 investments in blockchain powered businesses.
Danny | Crypto Revolution: This is such an impressive background 👏
Luke Montaine: One is a tokenized e-Commerce loyalty platform called “iCashRewards” with over 500 top brands in the world. Their loyalty points can be redeemed as USDT or SATO.
The second investment we have made is a new NFT art exchange called “The Art of Teaswap.” There will be over 100 artists join the TSA platform including a world rewarded artist from China, Cao Jun, and the other one from UK, Sir Peter Blake, the godfather of pop artist. SATO will also be one of the payment choices on TeaSwap.
Danny | Crypto Revolution: Wow that sounds really interesting!
What made you go into Crypto? Except looking closer at Bitcoin and Blockchain Technology? 😁
Luke Montaine: I have always been following the news with Bitcoin and Ether. I think with the news talking about how Elon Musk bought bitcoin at 30k and how tesla is accepting bitcoin, it’s time for me to get into the space as well.
Danny | Crypto Revolution: Definitely. Wise desicion 😉
Blues: I am Blues Qin. I was a Lead software engineer in Thomson Reuters. Now I am the CEO of Yesbit and CTO of SATO.
Danny | Crypto Revolution: 💪
Blues: I started to know Bitcoin In 2011 dec. I visited a game website about world of warcraft. I saw a news that a boy from US had used all his money to buy bitcoin. His mom was so angry and told this story to the public as a bad case. She wanted teenagers could stay away from playing TV game.
I didn’t really pay much attention, I thought bitcoin was only a type of game coins. But two years later, I found another news that an organization had received bitcoin for earthquake relief work. I noticed that it was not a game coin, it could solve some problems in the real world.
Danny | Crypto Revolution: Hah. That’s interesting 😃
Blues: As a computer science graduate, I researched the fundamentals of Bitcoin overnight, and found that Bitcoin consisted of a very large system, including cryptography, sociology, economics, and game theory, and its existence was of great significance.
Danny | Crypto Revolution: You still play Warcraft sometimes? 😃
Blues: Watch the video only! Too busy to run a business!
Danny | Crypto Revolution: 😅
Blues: At that time, I also started to buy Bitcoin and became a believer in Jan 2013, hoping to make cross-border donations in the future; but unfortunately, I lost some of my Bitcoin in the MTGOX incident in 2014.
Danny | Crypto Revolution: Oh man. That’s bad. Hopefully you managed to save some.
Blues: However, I did not lose faith in Bitcoin. Instead, I started to research on the safety of the technology of Bitcoin, and launched an enterprise-level hot and cold wallet solution in 2015. some of Canadian companies asked me to help them with bitcoin payment system. So I startup Yesbit as a bitcoin consulting tech company.
Yes, I still hold half of them
Danny | Crypto Revolution: Awesome!
Blues: Yesbit joined the incubator “Communitech” in Waterloo at the beginning stage and then moved to Toronto.
Danny | Crypto Revolution: Thank you 😉
Could you please introduce SATO in Layman’s term to the Community?
Luke Montaine: Let me try to explain :)
Danny | Crypto Revolution: Go ahead please 😁
Luke Montaine: SATO is an algorithmic token that is based on the Amplforth algorithm but with cross-chain function and layer2 solution. SATO is neither fiat backed or collateral based. It is purely algorithmic and relies on market forces of supply and demand to maintain its price.
Every day there will be supply adjustments depending on the price of $SATO. These adjustments are called rebases.
for example: when the price of the token goes above 1 dollar, the total amount of the token increases. (expansion) when the price of $SATO is blow 1 dollar, the total amount of the token decreases (contraction)
Although the total amount of token changes, the overall percentage of the network owned by a user remains the same.
Danny | Crypto Revolution: So SATO is a Rebase Token?
Luke Montaine: That’s the understanding from a financial background guy lol. Yes, very much like Amplforth token.
Danny | Crypto Revolution: Okay 🙂
So there is huge SATO Airdrop going on at the moment. Why you decided to do such an Airdrop and how people can participate?
Here is the token distribution for SATO btw!
Danny | Crypto Revolution: Thanks for sharing :+1:
Luke Montaine: The total supply of SATO is 5 million with 30% of the supply for airdrop, 60% for liquidity mining, 5% for the team, and 5% for the referral. At the airdrop phase, there are two ways to get SATO tokens. One is to participate in mining at SwapAll exchange. The circulation at SwapAll is 500,000 as an incentive for all the ppl that supported the exchange from the very beginning. The 500,000 SATO tokens at SwapAll can be earned by staking USDT, ETH, SAP (governance tokens in the SwapAll financial system).
We also have the 500,000 SATO airdrop event for these three communities. badger/ampl/gitcoin.
The Badger community is selected as they are the real contributors to the DeFi industry. The Badger project has already done a screening round for us and it meets our selection criteria of truly understanding DeFi and making contributions to the development of DeFi. The second qualified community is the Amplforth. We admire the algorithm of Amplforth and we’d like to airdrop SATO as an incentive for all friends in the Amplforth community. Last but not least, Gitcoin, a commonweal community designed for developers, has made a great contribution to the development of cryptocurrency. If you held Badger, Digg, or Ampleforth token, or donated to Gircoin before March 25th, you are eligible to claim the airdrop.
Danny | Crypto Revolution: Really great initiative 👏
Blues: We prefer to distribute initial coins through airdrop rather than ICO/IEO.
Danny | Crypto Revolution: Got you!
Luke Montaine: Our goal is to get as many users as possible to use SATO, so that’s why we want to airdrop to as many people as possible. It’s also a very defi way to do it, similar to what Uni did.
As more people started to know SATO and use SATO, the token will be more valuable.
Danny | Crypto Revolution: Oh yeah Definitely. A lot of people will remember what UNI did and after that 1inch 😉
Luke Montaine: The price of SATO will purely set by all the community members. It’s not like ICO project, which the price is heavy impact by the ICO price.
Q1 from @Phanboichau9
What is your background and how did you come to the idea to create SatoToken project? Why did you choose the name SatoToken? Does it have special meaning and is there any story behind this name?
Blues: In Thomson Reuters I was responsible for synchronizsing millions of financial data into the Reuters database and sending the data to the client software. I used some of these technologies for Sato Oracle system.
As a Defi fans. I joined Bancor ICO in 2017. I tried to create DAI on Makerdao in 2018.
Recently, I invested a lot of Defi coins like FYI, AMPL, Badger, Basis Cash. I found lots of Defi project were heavily related to USDT, DAI, USDC. But USDT is centralized stable coin which may hurt Defi project
That’s why I think Algorithimic stable coin will have big opportunity in the Defi world.
Danny | Crypto Revolution: Interesting opinion about USDT 😀
Luke Montaine: Okay, thanks Blues for the intro. I will talk about the name. The name SATO is actually short for Super Algorithmic Token and it’s named after Satoshi Nakamoto.
When Satoshi created bitcoin, part of bitcoin’s vision was to become an everyday use currency that people uses for reward points, donation tokens, currency for a game, or even micropayments for adult sites.:wink:
However, because of the volatility of bitcoin, it’s often very hard to use bitcoin under these circumstances. Hence there is a need for a more stable token which price doesn’t fluctuate too much.
We think SATO is such a token that will be stabled at around 1 dollar and can be used by all these use cases Satoshi envisioned. We name the token after Satoshi to pay our respect to him/her/them.
so that’s the story behind the name SATO
Danny | Crypto Revolution: Inspiring story 😁
Btw guys important to mention: Till when people can participate in the Airdrop?
Luke Montaine: April 25th!
People who claimed the airdrop before April 14th will get their token on the 15th! Whoever claimed after 14th will get their airdrop before April 25th.
Danny | Crypto Revolution: People can claim only via Metamask or they can use for example Trust wallet as well?
Baldwin: How to claim airdrop: https://docs.sato.trade/sato-staking/getting-sato
Blues: Yes. Metamask/Trust wallet/Ledger!
Danny | Crypto Revolution: Super 😉
Q2 from @agathabrianna_
On the Medium you said SATO plans to list in various exchanges on April 14, 2021, where is the target market that SATO will list? And what feedback did IcashReward get by partnering with SATO?
Luke Montaine: Sure, I will take this one!
Not only SATO is being airdroped to Badger, Ampl and Gitcoin community, it’s also being mined on various exchanges. For example, LavaSwap on Huobi Heco Chain, BurgerSwap on Binance Smart Chain and Cex such as VirgoX and Layer 2 AMM exchange SwapAll.
For example, on SwapAll, right now you can use USDT, ETH and SAP(utility token of SwapAll platform) to mine SATO.
the thing with rebasing token is that the not all the Cex support the rebasing system. It has a very high technology standard for the exchanges to do rebase for their customers.
There has been a lot of iCashReward customers asking us about SATO. They were all excited that this algorithmic token will be used in the ecosystem. Because they understand that not only the price of the token will be stable at 1 us dollar, as more people uses SATO, the total market cap will increase and they will all benefit from holding it. Similar to what happened to Ampl, their market cap has increased so many times since genesis
Danny | Crypto Revolution: True 💪
Luke Montaine: iCashReward was excited to use SATO not only because it can attract crypto users, but because it’s much easier than use other type of payment system. It’s fast, secure and it’s the future of online payments.
Also as Blues mentioned, SATO is a decentralized rebasing token not back by any Fiat or 3rd party
Q1 from cryptoinvestor02
A lot of stablecoins is very centralized and have companies working in it. Sato describes in the site “the fastest algorithimic stablecoin” How sato is different like the traditional model of stablecoin? Do you have baskets with other coins in your composition or only dollar? Is your smart contract different like other stable coins?
Blues: USDT,USDC,BUSD are centralized.
DAI is a decentralized Stablecoin, but it depends on ETH cap or asset value. I don’t think DAI can support the entire Defi world.
AMPL is the first rebasing token and will be a good choice for ETH Defi. But it can only be used on ETH.
Luke Montaine: In the long run, it will be just like the competition between POW and DPOS.
People always criticize POW’s speed is not fast enough, it is still the best solution in the crypto space. The value of its existence lies more on a game theory. It is not necessarily the best or the most difficult algorithm, but it has won the game theory through the interaction among miners, exchanges, and users. It has reached a perfect balance point.
As for DPOS, everyone feels that it has a lot of advantages, and it may be very fast, and there are many things that can be done with it. But since the foundation of cryptocurrency, POW is at the forefront of the first tier.
Blues: FEI, BSC, BSD are too complex for users. Normally, user don’t have so much time to operate every day. That’s why AMPL is still the most successful rebasing coin.
SATO will use AMPL rebasing algorithm and support multi-chain rebase. We have strong technology on multi-chain Oracle.
Danny | Crypto Revolution: 💪
Baldwin: Claim your airdrop: https://swapalltrade.com/
Blues: We hold USD, CAD, ETH, HT, BNB, USDC, USDT for daily usage. As we need ETH, BNB, HT for gas.
SATO will use AMPL rebasing algorithm, So the core rebasing technology is the same. But SATO has some new functions like Oracle and Emergency rebase, which will improve the rebasing logic across multi-chain.
Danny | Crypto Revolution: Got it!
Question: Which communities qualify for the 500k airdrop, where can you get SATO right now even if you are not qualified for the airdrop?
Best Answer: Gitcoin, AMPL, Badger Communities.
What role does Oracle play in your Rebase system? How has your project solved the negative rebase issue?
Blues: SATO’s Oracle system can sychronize the AMM price into the smartcontract on multi-chain(ETH, HECO, BSC). This Oracle combine Chainlink and ZK Layer2 technology. For negative rebase, it is a good way to reduce the bubble in short period. That is much better than the old inflation algorithm(POW, Dpos).
To be a standout project in this crypto market and attract more investors, you can tell the community: What do you think the biggest problem #SATO will solve is that projects other unsolved, and why is the problem important to address?
Blues: Cross-Chain rebase. rebasing stable coin should support multi-chain. SATO is the first one to do that.
Would you mind telling a bit more about the team and some of their profiles? Because I have seen many projects kick-off with inexperienced team members and some of them don’t go well due to mistakes.
Luke Montaine: As I mentioned before, we as a public listed company(Roadman Investment, listed on Toronto Venture Exchange as: LITT) has invested in the SATO project so we are supporting the system to ensure more adoption of the token.
Blues and his Yesbit team has been in the crypto space since 2015 (Yesbit Technology, Toronto Canada) and have had so many projects in the space. Such as tech support for bibox.com’s OTC platform in North America LinkCoin.pro. Yesbit.pro dApp(a decentralized binary options platform). SwapAll AMM exchange.
As the author of EIP1973, Blues is one of the most knowledgeable person that I know in the crypto space. (http://1973alliance.com/)
Many new projects made a good impression at first but were suddenly abandoned. How will you manage Saito project to gain a place in the market and become a best token in the blockchain world?
Blues: We have listed company to support. We do not have ICO or Public sale. As an airdrop SATO users, you will have lowest risk. But I still need to say, risk is always there in the crypto/financial world.
Will every country in the world have the opportunity to be part of the #SATO services? How many countries are currently related to?
Luke Montaine: Yes, we have a bounty program that we will announce soon, everyone is welcomed to participate. Stay turned and follow us on Twitter(https://twitter.com/SatoToken) and Medium. (https://medium.com/sato-trade).
Danny | Crypto Revolution: Thanks guys for your Valuable time. Final Words to Community please?
Luke Montaine: Thanks everyone for coming to the AMA today. It has been pretty impressive to see this many great questions and high percentage of participation. Thanks Danny for organizing such a great event.
I invite everyone to go to our Website to learn more about SATO and claim our airdrop if you are qualified.
Blues: Thanks Crypto Revolution!
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