AMA Questions: Part I
Part I of III
This article is the first part of this AMA series.
Part II of this AMA can be found here.
Part III of this AMA can be found here.
1.1 Some top influencers have given a statement they would endorse or partner with Bitgear if the team would public. With so many benefits to the community with influencers, will the team be showing up?
Let us kick this AMA off by addressing the elephant in the room. The outcry of the community about our decision to stay anonymous has not gone unnoticed. As already explained, our reasoning behind this decision was to ensure the project is, and stays, as decentralized as possible as well as to protect our vision. However, we value the feedback we get from our community and are therefore strongly reconsidering our position on this subject. We are happy to let you know that we are currently actively exploring the steps necessary to publicly associate ourselves with the project, while still being able to realize our vision. We expect to make an announcement on this matter in the following weeks. In the meantime, please note that exchange listings and partnerships all require KYC procedures that we meet, from which you can deduct that we are currently already semi-anonymous.
1.2 How large is your team working on this project?
The Bitgear team consists of 9 core team members, we are also currently also working with outsourced employees. We will start the hiring process to expand the core team shortly.
1.3 What is the most exciting feature of the Bitgear ecosystem that is being done better or that other projects are not currently providing?
It is hard to pick one, but right now we are most excited about our platform bridging centralized exchanges. Making it possible to trade the liquidity of a multitude of exchanges, without the need to sign up for any of them. Similar to what Metamask currently does for decentralized exchanges. For example, if you would want to tether up, the cheapest option currently available would be to use a centralized exchange. However, we strongly believe in the “not your keys, not your coins” principle. We do not like the counterparty risk that comes with keeping your funds on an exchange. Uniswap currently offers a solution to this problem, but it can be costly (see the example below).
- Selling a $100,000 equivalent of ETH on Uniswap will cost 239.8 ETH with a potential price impact of 1.97% and a fee of 0.716ETH, excluding blockchain transfer fees.
- Selling a $100,000 equivalent of ETH on a popular Centralised Exchange will only cost 234.05 ETH with a potential price impact of 0.1% and a fee being as little as 0.234 ETH, excluding blockchain transfer fees.
- You have saved 5.75 ETH or an equivalent of $2.450 on this trade (239.8–234.05 ETH).
1.4 Will you provide in your exchange an easy, one-click detailed statement download of all transactions for tax purposes?
All transactions performed on the one-click exchange are visible on the blockchain. Quite frankly, we did not plan to include a detailed statement download of transactions for tax purposes. However, it is an interesting idea and will be fairly simple to implement. We added the idea to our backlog, however, this is not a priority.
1.5 Bitgear has just been listed on Coingecko, congratulations! Is this the start of a new way of buying/selling Bitgear? Would there be upcoming partnerships in the future from big exchanges such as Binance, OKEx, and the like?
Thank you! We are very proud to be listed on Coingecko, CoinMarketCap, Coinbase, Blockfolio, and most recently Delta. There are ongoing conversations with several big exchanges about both listings and partnerships. However, as you could expect, we can not give any concrete comments on these matters. Please be patient and wait, any formal announcements will be made through our social media channels.
1.6 Hi team — I am curious — your project’s scope is extremely large — how confident are you in your team’s abilities to meet technical goals as stated, and have you thus far faced any challenging issues concerning development? If so, how were they handled? Thank you!
There have been many technical challenges, but nothing we’ve encountered as anything more than a temporary blocker. We are confident that we will achieve and release the private beta on time.
1.7 What is your relationship with Polkadot? Are you planning to migrate to their chain, otherwise how will Bitgear be interoperable with Polkadot?
We are exploring cross-chain integration to move tokens to/from Ethereum and the Polkadot network. Our aim at Bitgear is not to build blockchain bridges, but to use already built-in progress solutions to facilitate a gateway into aggregating Polka DEX’s. We have already secured a building partner for Ethereum/BEP2 interoperability. We will be announcing more details regarding this partnership in the near future.
1.8 Who would win in a pillow fight between Batman and Superman?
The question who would win in a pillow fight between Superman and Batman can easily be answered, but heavily depends on the availability of kryptonite. Since the question does not mention kryptonite as an available weapon, specifying a pillow-only fight, it is safe to say that Batman, who is but a mere human dressed as a bat, would not stand a chance against the man of steel.
We want to thank everyone in our community who participated in this AMA. Part II can be found here and part III of this AMA series can be found here. While the submission for new questions is closed, please do not hesitate to reach out to our community manager in Discord should you have further inquiries.
Based out of Frankfurt, Germany, the Bitgear.io team aims to provide an unmatched exchange experience through the development of several tools that will allow traders of any skill level access to algorithmic trading strategies, arbitrage, and decentralized finance (DeFi). Bitgear.io has four exciting products as part of its larger platform ecosystem, GEAR Engine, GEAR Market, GEAR Portal, and GEAR DeFi. To learn more please please follow us on Twitter, Discord, and Medium!