RECAP AMA EPID COMMUNITY x DEXToken Protocol
We recently hosted an AMA & DEXToken Protocol, on Nov 13th, at 01:00 UTC. Many of you might have participated or many of not. But we make sure no one missed out from the knowledge shared by ALISTOR with , BUSINESS DEVELOPMENT of DEXG, Operation at DEXToken Protocol. So here we are up with the AMA Recap, for those who missed the live session, this medium post will be a saver & feeder of knowledge for them.
TEAM DEXTOKEN PROTOCOL. INTRODUCTION
ALISTOR: – Hey everyone, thanks for having us here.
I have been a cryptoccurency enthusiast and trader for many years, before I got invovled creating and helping crypto projects myself. In August 2020 I joined the DEXToken Protocol (DEXG) in the position as business developer. 😊
TEAM DEXTOKEN PROTOCOL. INTRODUCTION
Q: – Can you give a brief introduction of what Dextoken Protocol is？What is it aiming to do, and what it intends to solve in this industry?
A: – Sure; The DEXToken Protocol aims to create a new DeFi ecosystem, connecting our Flowchain IoT applications to the world of decentralised finance. Let’s split it up in private and business users.
On the corporate side we aim to enable real world enterprises to connect their business processes to the world of DeFi, while reducing their costs and increasing efficiency and automation by utilising the off-chain minting functionality of our ecosystem.
For private and retail users the DEXToken Protocol will offer a brand new decentralised exchange, that features an unique AMM technology, allowing for less slippage, faster order throughput and less reliance on third parties.
DEXG holders will meanwhile serve as governance participants and collect a share of the trading fees from the exchange. This secures the strength and health of the protocol.
Q: – Can you share some of your background and experience? How did you know and get involved in cryptocurrency? What made you decide to found DEXG?
A: – Although I wish I had his talent, DEXG has been founded by the Flowchain Foundation and respectively their CEO, Jollen Chen. Jollen has quite a respectable history https://www.linkedin.com/in/jollen as Android, Linux and Blockchain developer and consultant. Being very interested in new technologies and helping talented upcoming developers, the first ideas about an IoT platform came up years ago which culminated in the founding of Flowchain in 2017. DEXG is the next step within the Flowchain ecosystem, connecting the existing Flowchain IoT infrastructure to the world of decentralised finance. The grand idea is to create a complete ecosystem in house, which offers unlimited opportunities and value.
Q: – Are there any fee for swap DEXG on the DEXToken Swap?
A: – Just like with any other assets, trading DEXG on the decentralised exchange will incur fees. Those fees will be redistributed to liquidity providers and DEXG holders. Removing the fees to trade for certain assets or individuals could provide risks of market manipulation, like we see it on many centralised exchanges.
Q: – Can you tell me more and everyone here about UNIVERSAL PRICE MODEL?
A: – Well, that’s quite a complex question! The universal price model is a mathematical formula outlined in our published research paper ‘Volatility Effect on the Adoption and Valuation of Tokenomics’. This mathematical formula is the core of our AMM to adjust prices of assets. For the technical savvy, feel free to take a look at the research paper for more insights: https://dl.acm.org/doi/pdf/10.1145/3341105.3373891
In laymans terms, it is the basis on which markets and pricing model function. Without this, our unique Exchange wouldn’t even be possible.
Q: – What can Staking DEXG receive?
A: – To participate in the staking round you need to submit your DEXG to the Balancer shared pool. In return you will receive BPT tokens, which you can deposit in the staking dApp to receive more DEXG.
We just announced our 4th staking round today, you can find the details here: Pandora Staking Round Announcement
QUESTIPN FROM TWITTER
Q: – @cryptoraaaaz
What is an AMM? Why is the AMM of DEXG special?
A: – Slim Rim
What is an AMM? Why is the AMM of DEXG special?
An AMM pretty much is the engine running a decentralised exchange, executing orders, setting prices, etc. Common problems of existing AMMs are high slippage, slow order throughput, reliance on price-oracles, security issues. Our AMM gets rid of a lot of problems, proving to be a lot more efficient and reliable than existing options. It´s the heart you could say!
https://dextoken.io/static/img/dextoken/speculative-amm.png
Q: – @cryptoenr1que
Why did you decide to distribute your platform’s participation rewards in 8 rounds? What is the DEXToken team looking for with this strategy? When did these rounds start and when will they end?
A: – ALISTOR
Since we did not wish to hold a pre-sale or ICO we looked into alternatives to ensure the stability and distribution of the DEXToken Protocol. In the end we settled for an Initial liquidity offering by locking 20,000 DEXG and 10,000 USDT in an Uniswap pool. The staking rounds aim to offer a decentralised, secure and fair distribution of the remaining supply, without incentivising price control and manipulation by individuals.
The first staking round started in September 2020, and the final one will conclude in January 2021, with each round lasting about a week. The 4th staking round will start at the 20th November 2020 – feel invited to join everyone!
Q: – @mylhe
Can you explain why does the maximum supply of 200,000 DEXG is a theoretical value? What is the true total supply of DEXG token? Why it is only called theoretical value?
A: – Slim Rim
The 200,000 DEXG theoretical supply was the maximum supply the protocol offered on a technical basis. Since the ‘true’ maximum supply is determined within the eight staking rounds, depending on the community engagement the supply would be less. Our current estimates range from 60,000 to 75,000 DEXG. Now that I have answered this question I will sadly have to say see you later! I will leave you in the capable hands of my partner @AlistorZimon Thanks for everyone their input from me and I hope to see you in our communities!
Q: – @zorro6963
With the latest problems of the Infuria node, how secure are staked DEXG? What happens if the Infuria node breaks completely?
A: – ALISTOR
Infuria offers a high performance API node for developers. We use it for our dApp to display the live smart contract data. A few days ago the Infuria node didn’t update in time with the rest of the ETH network and failed to provide the data accordingly. In the extreme case of Infuria going off the network, we can switch to another API provider or in the most extreme case, create one ourselves.
The problem with Infuria provided no security risks with the DEXG staking smart contract, which is fully functional without any third party tools. The smart contract has been audited internally and externally for security flaws and has returned no issues in those audits.
Q: – @odalisreyes143
Are you afraid tightening regutaltions will hamper the growth of DEXG? Do you have a legal advisor?
A: – ALISTOR
Regulations are always a topic we have a close eye on. We have an very experienced legal counsel on board at the Flowchain Foundation who ensures that DEXG moves within the regulatory boundaries. Generally our experience is that regulatory agencies are hesitant with harsh rulings against crypto projects and want to give the space room to thrive and develop.
FREE ASKING
Q: – @jobel4
Why does your platform did not conduct ICO or presale for $DEXG token? How did you obtain funds for liquidity? What is the strong points of Dex Token Protocol?
A: – ALISTOR
Funding the project via a Pre-Sale or ICO comes with regulatory problems. We were in the fortunate position to kickstart the project with our own funds, which gets rid of a lot of problems the future might bring in regard to regulatory decisions. I think this already shows the attitude that went into the project, we are here to stay and not to collect investors money. I think our attitude, strong technical background and professionalism will be key drivers in the success of DEXG.
Q: – @Santa077
Why you choose this group to do AMA. Is this best way to advertise or you we are special???
A: – Alistor
We value the Vietnamese communities a lot! This is why we opened a dedicated Vietnamese DEXG Group to keep in touch! We think that many projects are very centric on the English communities and miss out on good ideas, input and value of other regions in the world.
Q: – @Suriya100
While you build your project, do you take into account community feedbacks and demands?
A: – Alistor
A lot of ideas of our community have been picked up and implemented! Community feedback is very important to us. Of course we can’t implement all changes individuals want, but when we notice a good idea we are always open to expand on it.
Q: – @Nickkiii
I’m a developer, and I’m interested in contributing to your project. alongsides earning, Do you have any Bug Bounty to check for vulnerabilities ?
A: – Alistor
With the beta release of the decentralised exchange, we will start a bug bounty hunt we invite everyone to participate in! Feel free to follow our project and contribute to making the exchange as safe and usable as possible!
Q: – @Thienpham11
What strengths does DEXG team have and what breakthroughs will there be in the near future?
A: – ALISTOR
We have been active in the crypto space for several years now with the Flowchain Foundations and have a very experienced and professional development team. Our team currently works very hard to release the private alpha of the DEXToken Swap Exchange in late November and get it ready for the public beta in late December!
Thank you for the support and enthusiastic participation of the community!
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