CRYPTO SYZYGY : AMA Session With Binary Cat
AMA On Friday, December 17th At 01:00 PM UTC
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We were so pleased to host our Telegram AMA session with Binary Cat where we gave you the chance to ask the team anything you liked. And you certainly delivered!
Summary of the AMA
- Team and Project Intros
- Questions and Answers
Crypto King: Good morning/Good afternoon/ Good evening wherever you guys are based😃
We have come again with yet another exciting #AMA session with Binary Cat’s team. Let’s welcome them. We have Charles and Pedro joining us today.
Welcome both of you :)
Pedro Argento: Hi, guys! Pleasure to be here! My name is Pedro, and I am CEO of Binary Cat. I graduated with an Electrical Engineering degree from PUC-Rio (Brazil), with specialization in operational research, back in 2015. I also hold a master’s degree from PUC in Finance with a focus on derivatives risk. I have also studied artificial intelligence and data science at the General Assembly in San Francisco and am a founder of GoBlock, a blockchain software company mainly focused on energy markets.
Crypto King: Great to have you here. Charles we would like to know a bit more about and your journey in Crypto.
Charle : Maybe you could just brief us about your background and experience in Crypto and otherwise.
Charles: And I’m Charles and I am from Canada! I graduated with a Finance degree with a specialization in international business and also hold a master’s degree in Accounting from the University of Alberta. I am also a Chartered Professional Accountant (CPA), and will hold an MBA designation from Queen’s University within the next month or two. I have several years of experience working with a Big 4 accounting firm, combined with experience working and consulting for several tech firms and a cryptocurrency exchange.
Crypto King: Great! Quite an elaborate introduction I must say :)
Alrighty! Can you tell us about the project you are leading. Let us know what exactly Binary Cat is trying to achieve?
Binary Cat is a decentralized platform that runs on Avalanche where users can bet on the price of crypto assets and the relationship between them. One awesome feature of Binary Cat is that in addition to receiving a share of the winnings if bets are correct, users are further incentivized by receiving KITTY tokens proportionate to their bet size regardless of whether or not they were correct — this increases rewards if you win and lessens the cost associated with a loss. Holders of KITTY tokens will be able to receive a proportionate share of transaction fees generated by the platform if staked and will also have a share of voting rights to participate in governance based on the amount of tokens they hold. 😃
Crypto King: Ok so #KITTY is the native token.
Can you let us know if #KITTY is listed anywhere?
Charles: For sure — currently it is not listed anywhere, however we are in discussions with several exchanges and should have an announcement made shortly!
We do have a launchpad finalized however. 👍
Crypto King: Perfect! I am assuming we will have an announcement soon so that our community can buy.
Awesome! May I know where are you launching your token?
Charles: Yes, we are launching with Penguin Finance — starting today actually!
They’ve been an awesome partnership and are very well regarded in the Avalanche community.
Crypto King: What a coincidence. Ama on the same day :)
Great, can you let us know about the team size and the headquarter location of Binary Cat?
Pedro Argento: Just like a blockchain, our Headquarters are distributed. We all work from different countries
Crypto King: Fantastic. More like a decentralized team :)
Charles: We have a pretty small team but we are certainly expanding as we launch and grow. Currently we have myself, COO, Pedro, CEO, as well as a developer and graphic designer — we also have a marketing team and group of advisors helping us.
Pedro Argento: We’ve been working with Momentum 6 marketing. They’ve been awesome!
Crypto King: Can you let us know about the backers/VC/investors backing your project? If that’s ok to answer :)
Charles: We are for the most part funded by a small number of private investors, however Cartesi (CTSI) assisted us with our initial startup as well as ongoing support as we have developed.
Pedro Argento: We’ve been building in a pretty lean form. So not a lot of investors and a lot more flexibility on how to use the tokens to reward the actual community.
Crypto King: Oh wow we all know #CTSI very well. Listed on Binance and a great team they have. Awesome!
Community Q & A Round 1
Q1. Can you list 1–3 killer features of this project that makes it ahead of its competitors? What is the competitive advantage your project has that you feel most confident about?
3 key points:
1) Focused on simplicity: simple bets that are easy for users to understand. UX that allows betting with minimal clicks.
2) Dynamic: all the time windows are opening for bet while older windows are being resolved. Really fun to play.
3) Reward system and decentralization: we are fully decentralized, all revenue generated is fully distributed to token holders. ~70% of the tokens will be locked and used to incentive early users (2 years distribution). Even if you lose a bet you still get KITTY as a reward.
Q2. Have you being audited ? Have not heard you talk about that security of funds is what every investor craves for and plans to escape incase of insecurity if funds,scams and rug pulls ? How strongly built are your security put in place?
Pedro Argento: Really important question! Our first measure of security is decentralization: all funds are locked in smart contracts and our founders and team have no special access to it. That means that the funds are not vulnerable to us being hacked or any of our private keys leaking.
Our second weapon is limiting exposure: you do not deposit any funds in order to bet, you bet straight from your metamask account sending the amount you want to wager. That way, if someone finds a vulnerability in the code, the only risk is the value of your last bet.
And finally, where we have the larger exposure, in the staking contract, we count on code simplicity, reducing the surface for attacks. It’s a simple code that’s easy to audit and has predictable behaviour.
Q3. What is PROJECT’s revenue model? In which ways do you generate revenue/profit?
Charles : Great question — we charge a transaction fee on each bet placed within the platform of 2%. For example, if you make a bet of 1 AVAX, your bet will be equal to 0.98 AVAX. The cool thing about this platform is that all transaction fees are distributed to holders of KITTY tokens if their tokens are staked! This means you can profit with correct bets, you can profit by receiving KITTY tokens simply by betting, and you can profit by staking your KITTY tokens!!
Q4. Where i can get all the latest news about ? Do you have Twitter/Telegram/Discord community? If yes can you share the link here because there is a lot of fake telegram/twitter groups?
Pedro Argento:Good question — there’s tons of stuff going on with Binary Cat, so make sure to join our community to stay up to date. This is especially important now as we are launching!
Q5. Most users only care about immediate benefits rather than the real value of the project in the long-term. How can Your Project convince users invest to your platform in the long-term?
Charles : As Charles answered, we have a revenue model. So as long as the platform is doing well and we can attract users the investors will have an incentive to stay for the growth.
Community Q & A Round 2
Q. 1 Do the token holders have the right to participate in the governance of the project? What kind of decisions can they vote on about the project?
Pedro Argento: Do the token holders have the right to participate in the governance of the project? What kind of decisions can they vote on about the project?
Q. 2 Does your project support staking program? if yes. how is your stake system work what is the requirement for user, if they want to stake in your platform?
Pedro Argento: Yes! Staked KITTY will give right to receive all revenue from the platform. Staking is simple, no lockup and you can take your tokens out at any time.
Q. 3 Can you explain how is your Tokenomics Distribution? How many tokens Will be minted ? And How many tokens Will be locked by the team?
Charles : Absolutely, Pedro and I may have started the platform, but our goal is to make it decentralized and owned by the community. We hope to achieve this vision with KITTY. ALL revenue from betting (percentage of betting) will be distributed to KITTY holders as previously discussed. Holders will also be able to vote on the future of the platform: deciding what assets to add and other betting parameters.
The feature we are more proud of is the distribution method. If we want to give away ownership to the community, there is no better way than rewarding early users with KITTY. Close to 70% of the supply is locked and will be distributed in every bet. It is a fully transparent airdrop that transfers ownership to those who care about the product and use it.
We have a saying at Binary Cat: you may lose the bet, but you always win KITTY!
There is a total supply of 100,000,000 KITTY. 70% for the community, 12.5% for the Penguin Finance launchpad, 7.5% for the team, 5% for a seed / strategic sale, and 5% for a private sale!
Q. 4 Did you consider community feedback/requests during the creation of your product in order to expand on fresh ideas for your project? Many projects fail because the target audience and clients are not understood. So I’d like to know who your ideal consumer is for your product?
Charles: Yes! We’ve been running on the testnet for a while and been getting a lot of good feedback. Our UI and UX is constantly improving.
Q. 5 What are the benefits of holding your token as long term investment? Can you tell us about the motivation and benefits for investors to keep the your token in the long run?
Pedro Argento: Yes of course — as we mentioned, there are several ways to profit with Binary Cat (i.e. winning by placing a correct bet, receiving KITTY tokens simply by betting regardless of whether your bet was correct or not, and by staking KITTY and receiving a propotionate share of transaction fees generated by the platform). Holding the KITTY token long term will provide you with cash flow earned from transaction fees, as well as appreciation as we are planning on introducing new developments in the future and growing Binary Cat to be the best crypto betting platform out there!
Crypto King: Really amazing to see both of you picking the best ones and quickly answering them.
Any final word from both of you before we sign-off
Charles: It’s been awesome chatting with you today — thanks again for your time! I’ll share links to our socials again, make sure to follow us to stay in the loop for exciting news and developments as we launch!
Crypto King: Great we will be sharing all your social media channels here. All the best with Binary Cat.
Thank you for being such a nice guest.
Now the session ends with lots of thanks to our Guest Speaker…