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Beyond x Satoshi Club AMA Recap from the 3rd of September

Hello, Satoshi clubbers! Another AMA took place in Satoshi Club and we would like to introduce to you the AMA session with our friends from Beyond and our guest, @Alexander_Kravets. The AMA took place on the 3rd of September.

The AMA session was divided into 3 parts with a total crypto reward pool of 500$.

In this AMA Recap, we will try to summarise the most interesting points for you.

Part 1 — introduction and questions from the Telegram&WebSite

Gold Rocket | Satoshi Club: Hello again, dear Satoshi Club community! We are pleased to announce AMA with Beyond

Today our guest is @Alexander_Kravets!

Alexander Kravets: Hi @GoldRocket27! Awesome to be here with everyone

Gold Rocket | Satoshi Club: Hello and welcome to Satoshi Club, @Alexander_Kravets!

Andrés M. | Satoshi Club: Welcome to Satoshi Club Alexander, it’s an honour for us to have you here!

Alexander Kravets: Thank you for having me!

Gold Rocket | Satoshi Club: How are you doing?

Alexander Kravets: I’m good! It’s about 8pm where I am, have been traveling all over the world last few weeks, so I’m trying to figure out if it’s fall or summer — so busy these days @Beyond! How are you?

Gold Rocket | Satoshi Club: We are really excited to e-meet with you

Alexander Kravets: Likewise, it’s my pleasure!

Andrés M. | Satoshi Club: Really excited for this especial AMA session.

Gold Rocket | Satoshi Club: It means that you and I are in the same time zone, and Andres is now at lunchtime, it seems

Andrés M. | Satoshi Club: Correct haha!

Gold Rocket | Satoshi Club: You will survive with love and help from Satoshi Club

Alexander Kravets: Well, let’s not bug him and hopefully I can make it to dinner

Cool — where are you based?

Andrés M. | Satoshi Club: We are a team from different parts of the globe, I’m from LATAM for example

Gold Rocket | Satoshi Club: I’m from Ukraine. Odessa

Alexander Kravets: I’m in Kiev this week! Hope it’s still beach time by you guys.

Gold Rocket | Satoshi Club: It got a little cold, but real crypto lovers it never stopped

Alexander Kravets: Ibiza! Pump it!

Gold Rocket | Satoshi Club: Don’t tell my mom

Let’s start! Introduce yourself please. How did you get to be involved in crypto & Beyond?

Alexander Kravets: So my name is Alexander Kravets, based primarily in the US, currently I’m the COO of a large multinational centralized crypto exchange. My background is 12 years at a regulated trading firm catering to high frequency traders, stock brokerage, trade clearing, trading software, market data, and retail brokerage systems. I’m a DAO member and advisor at Beyond, I joined as I’m excited about the possibility of bridging DEX functionality and synthetic instruments to make trading synthetic assets an opportunity worldwide.

Gold Rocket | Satoshi Club: Great background

Andrés M. | Satoshi Club: Long experience, wow

Alexander Kravets: I got involved in crypto by launching a trading firm around crypto data and execution in 2017 or so, totally jumped in — been a super fun ride since!

Gold Rocket | Satoshi Club: You felt the prospects very early

Alexander Kravets: It’s funny, we all think we’re late, and it’s STILL early! Only 100m people own BTC. We have way more upside.

Check this out — how the market has grown mathematically and exactly as designed. Upside 10m (10⁷).

Gold Rocket | Satoshi Club: Yes, we are still at the origin of mass adoption

And it’s really amazing and gives chance for us.

Alexander Kravets: Absolutely. It’s how the future will run — permissionless, decentralized, open, and inclusive.

Andrés M. | Satoshi Club: So, which year do you think we will reach 10⁷ price?

Alexander Kravets: 4 years per ring on average, see the vertical axis at 12 o’clock. I’d say 2030. 1m in 2026 etc.

Andrés M. | Satoshi Club: I will keep this message, I’m completely agreeing with you

Alexander Kravets: One more and we have a crowd.

Gold Rocket | Satoshi Club: When did you buy your first bitcoin?

Alexander Kravets: 2017

Gold Rocket | Satoshi Club: And when sold

I am this summer

Alexander Kravets: Not selling!

Gold Rocket | Satoshi Club: You have iron nerves and strong faith

Alexander Kravets: Haha thanks!

Gold Rocket | Satoshi Club: What is the essence of Beyond?

Alexander Kravets: So Beyond Finance is a novel way to access synthetic assets, bringing traditional financial services to the global crypto community. Beyond’s DEX will simplify synthetic trading by overcoming the limitations of existing synthetic asset platforms. Beyond’s vision is to address the global unbanked problem, and provide democratic access to trading instruments — anyone can easily trade and issue synthetics via a decentralized platform, simply by connecting their blockchain wallet to Beyond.

Gold Rocket | Satoshi Club: How long does it take to develop a project? What plans do you have for the future? And what can we expect from Beyond?

Alexander Kravets: Sometimes it can take a long time — but not with Beyond.

It was created by experienced traders with backgrounds in traditional finance that thought synthetic platforms sucked and wanted to build a better one — so they did.

Raised 7m in a few weeks since there was a great product!

Launched token IDO in April and product mainnet launch was in August.

So moving forward it’s a better experience, lower cost with an updated chain, more stuff to trade, a launchpad (we call it BELP for Beyond Launchpad and there’s a Belpy the cat, it’s super cute) as well as lots of liquidity and gamification stuff.

Gold Rocket | Satoshi Club: You’ve chosen a great time to launch

Bullish sentiment I think played a good role.

Alexander Kravets: Good products get ahead sooner or later, but definitely a great time!

Gold Rocket | Satoshi Club: Absolutely agree!

Andrés M. | Satoshi Club: Could you explain a little more about what is a synthetic asset?

Alexander Kravets: So essentially a synthetic asset is a representation of a real asset that is not something you exchange or redeem to get the asset — you just trade it. There’s a price feed and a market. You can bet on the price of oil without buying oil.

Andrés M. | Satoshi Club: Oh perfectly explained, thank you.

Gold Rocket | Satoshi Club: Also we would like to know more about your team. Who is on the project team core?

Alexander Kravets: Team comes from global asset management, govt regulatory agencies, VC, investment banks, trading, management consulting — Goldman, UBS, Bain, Two Sigma, Singapore Ministry of Finance, Index Ventures, etc. Also founders and board members of top tier global exchanges. A few of the guys — https://bfinance.medium.com/introducing-the-team-at-beyond-finance-ba6b8b0af055

Growing quickly with major dev hires, ops, biz dev etc.

Gold Rocket | Satoshi Club: This means that the team is doxxed and public.

Thanks for great introduction, we will have several questions selected for the Part 1. Ready to start?

Alexander Kravets: Let’s do it!

Q1 from Telegram user @Josegamboac:

Not all cryptocurrency traders are familiar with trading synthetic assets. Right now, these platforms suck: they are difficult to use, expensive, have difficult to understand mechanisms, and are illiquid. Beyond will make it easy and friendly to use, specifically targeting retail users around the world. How is Beyond working to make its platform user friendly? In what way will you go beyond to have liquidity? How will you allow a user not so familiar with the crypto world to access your platform?

Alexander Kravets: A few existing players are out there, but much more to improve as these platforms focused mostly on staking their native token.

There’s high costs, poor price tracking, low liquidity and lousy UI/UX, high collateral cost.

Beyond changes that — better UI, better liquidity, issuance of any asset, with a lower 300% collateralization vs a common 750%. There is also full transparency and we are transitioning to much more efficient chains.

Easy, cheap, more stuff, less cost, fast.

Liquidity we have proprietary market making and transparent price discovery, trading reflected on chain.

The whole experience is based around the common user. We just partnered with Klaytn wallet for example — their parent company is Kakao, owns Kakaotalk, 90m users — so these users who use Klaytn wallet will be able to use Beyond to trade synthetic assets.

Gold Rocket | Satoshi Club: Do you have a guide on how to start being a newbie on your platform?

Alexander Kravets: Absolutely!

Here: https://bfinance.medium.com/beyond-mainnet-faq-33a59726f9f5
And here: https://bfinance.medium.com/beyond-staking-guide-e1386b102db
The DEX is live — https://www.beyondtrade.io/market/market.php

Gold Rocket | Satoshi Club: Thanks for sharing

Andrés M. | Satoshi Club: What are the benefits into the platform for $BYN holders?

Alexander Kravets: So first, they get staking rewards when they stake BYN on the Beyond DEX.

There’s also LP rewards, trading fee rewards, BNY is a governance token so they can vote, launchpad coming, etc.

Andrés M. | Satoshi Club: Oh great, how high is the APY?

Alexander Kravets: Right now it’s several hundred percent as an intro.
I think a 120 day lock.

Gold Rocket | Satoshi Club: Sounds great!

Andrés M. | Satoshi Club: Thanks for your answers. Ready to go with the next question?

Alexander Kravets: Yep!

Q2 from Telegram user @Ajpaa:

The Beyond Mainnet launch 1.0 took place August 11th, also you have tentatively announced that Mainnet Layer 2.0 launch is scheduled for December 8th. What is the reason for this proposed upgrade and it’s advantages? What are the differences between the two of them? Are you going to be deploying new products and features with the launch of the Layer 2.0? If yes what feature/product?

Alexander Kravets: Very good question.

Mainnet was launched on Ethereum — so gas costs are high and takes a while sometimes due to network limitations.

Accordingly, 2.0 will be on a better chain for this — cheaper and faster.

Plus additional assets, chart studies, pricing, LP rewards, create your own asset, list private assets that aren’t trading yet (partnership with Lithium), launchpad, lots of other cool stuff!

It’ll approach centralized exchange functionality.

Gold Rocket | Satoshi Club: Which of these features are you personally most proud of?

Alexander Kravets: Haha how can I choose! Like which children I like the most. But generally having easy access to trade stuff securely and cheaply and quickly is the goal, and I’ll be proud when we hit it out of the park later this year.

Andrés M. | Satoshi Club: Haha we understand, thanks for clarify it.

Gold Rocket | Satoshi Club: Gotcha

Andrés M. | Satoshi Club: Let’s proceed with the next question.

Q3 from Telegram user @Jmagsss:

Actual and live prices of synthetic assets are difficult to determine and that is why oracle plays a big role in synthetic asset platform like Beyond Finance’s. For your market and platform, what oracle service provider are you using? Does Beyond Finance use third-party oracle providers? If so, would you develop your very own oracle in the future to access price feeds and data from different assets around the world?

Alexander Kravets: Beyond had partnered with Chainlink, the leading oracle — https://bfinance.medium.com/beyond-finance-using-chainlinks-industry-leading-oracle-solution-to-price-synthetic-assets-5e76c38e09a0

They’ve done a great job and so, we will focus on the trading part, while having them provide the best pricing data

Andrés M. | Satoshi Club: Which other partnerships do you have currently?

Alexander Kravets: A bunch actually!

So Klaytn is huge — millions of users. Huobi invested and partnered with Beyond. So did OKEx. Lithium for listing private assets (things that aren’t traded in public markets).

Gold Rocket | Satoshi Club: In fact, all of your partnerships are with serious players in the crypto market.

Andrés M. | Satoshi Club: Important brands there

Gold Rocket | Satoshi Club: By the way, why did you name the project like that? is there any secret in this?

Alexander Kravets: I didn’t name it — but I guess it’s Beyond traditional finance — get it? Beyond

Andrés M. | Satoshi Club: It makes sense

Gold Rocket | Satoshi Club: I love this concept

Alexander Kravets: Thank you! Yes, these are very credible organizations. They see the value and so do we — it’s a huge market. Decentralized synthetic assets = anyone anywhere can trade anything without giving someone their assets.

The Beyond team will execute, as they have been.

Q4 from Telegram user @DK177:

It is happy to see that The Beyond exchange offers loans. However, it has been indicated that we have to lock ETH and borrow ETHb or USDb. It is true that ETHb and USDb are faster and cheaper to transfer, but they have limited utilities and they are not available on popular exchanges. Why did you decide to offer loans with these tokens? There are many platforms that offer loans with our desired currency. Then why should I choose The Beyond to apply for a loan? What are the unique benefits you offer?

Alexander Kravets: The loan function hasn’t been finalized to my knowledge, but I would imagine that there would be competitive loan rates and high security. ETH and USD at Beyond should be quite liquid.

Look for more info on this soon!

Gold Rocket | Satoshi Club: Please do not forget to share with us

Alexander Kravets: I’ll bring it to the Odessa beach club, promise!

Gold Rocket | Satoshi Club: Do you want to add something to this question?

Andrés M. | Satoshi Club: Btw, could you share us your roadmap? We would like to know what else is coming!

Alexander Kravets: Of course, here it is!

We’re on track — launched mainnet, mobile coming shortly. Next, 2.0 version on HECO chain (partnership with Huobi). Loan and launchpad EOY. Plus gamification, leverage/inverse trading, lots of other stuff!

Gold Rocket | Satoshi Club: Yes, and you rush like a rocket

Alexander Kravets: Boom!

Gold Rocket | Satoshi Club: Thanks for sharing

Alexander Kravets: Of course!

Andrés M. | Satoshi Club: A big ecosystem to the end of this year, incredible

Alexander Kravets: Honestly it’s a strong team — That is why I joined and invested as well. They have a strong understanding of trading that many in the space don’t and a background of executing projects.

Andrés M. | Satoshi Club: That generates confidence in the users.

Alexander Kravets: Yes, and the product speaks for itself.

Gold Rocket | Satoshi Club: Ready to proceed to the next question?

Andrés M. | Satoshi Club: Let’s proceed. Thanks for your answers!

Q5 from Telegram user @Highpee:

At start, your project will be controlled by what you called benevolent dictatorship by the team before transitioning into a DAO. How benevolent will the team be during the initial stage of dictatorship and for how long will it last?

Also, why do you think it is necessary for your users to stake a minimum of 50,000 $BYN in their wallet before they will be able to have a say when you eventually transit into a DAO? Why will governance not be opened to every valuable members irrespective of the $BYN held? Also, you said users will be incentivized to participate in governance. What type of incentive are you going to offer and will such incentives be given out in proportion of user’s BYN also? Will incentive be for all users that join the proposal through voting or is it only meant votes that won the proposal?

Alexander Kravets: Initially, you have to launch something before it gets big enough to have effective decentralized governance. The 50k BYN threshold was set to ensure that stakeholders made decisions that have skin in the name — later that is expected to be lowered with popular voting. Incentives are voting rewards and I believe it will be based on participation, not success.

Gold Rocket | Satoshi Club: This is fair, I think.

Alexander Kravets: Appreciate that, thank you.

Andrés M. | Satoshi Club: Where and how can we buy BYN token?

Alexander Kravets: Currently on the Beyond DEX, MXC, Gate.io, Ascendex, and De-Fi exchanges like SushiSwap and Uniswap.

Andrés M. | Satoshi Club: Also, could you share the tokenomics of the token? Market cap and max supply.

Alexander Kravets: Definitely!

100m hard cap max: Current circulating is around 8.7m.

https://coinmarketcap.com/currencies/beyond-finance/markets/

Andrés M. | Satoshi Club: That’s what we called a crypto gem

Gold Rocket | Satoshi Club: Sounds good

Alexander Kravets: Also for TVL we’ve reached $1.5m worth of BYN locked, which is just a few weeks.

Andrés M. | Satoshi Club: Have you done burning token events?

Alexander Kravets: Not at this time, we’re focusing on product, not price pumps.

Gold Rocket | Satoshi Club: Wow! you know how to strike the imagination!

Andrés M. | Satoshi Club: Very good point!

Alexander Kravets: The organic flywheel of using BYN to trade and locking it, while having many other use cases for rewards is what will drive the ecosystem. The exchange itself is very usable and friendly. Will have liquidity, that’s the direction.

Gold Rocket | Satoshi Club: It is a solid foundation for success

Andrés M. | Satoshi Club: Don’t you think high ERC fees can make your plans difficult?

Alexander Kravets: Yes, hence the move to HECO as well as other chains that are more efficient. That’s coming soon!

Andrés M. | Satoshi Club: Excellent strategy

Alexander Kravets: Thank you

Andrés M. | Satoshi Club: Well, I think the topic is very clear, it is time to proceed with the last question of this first part of the AMA.

Q6 from Telegram user @yellowchamp:

I found out that in the 4th quarter or Phase 4 of your roadmap, you are going to launch a BeStarter Launchpad. So, can you give us an advance idea or information about your BeStarter Launchpad? What kind of projects are you welcoming to be launch in your launchpad? How would you choose or screen projects to be launch in BeStarter Launchpad to ensure the legitimacy of the project? Does $BYN holders will get a priority lane to be whitelisted in your launchpad? As you integrate launchpad in your platform, what can we expect as changes and development of Beyond Finance network in the 4th quarter of 2021? Thank you.

Alexander Kravets: So BELP (Beyond Launchpad) is indeed scheduled to launch at the end of 2021. Beyond will leverage strong connections in the industry and partnerships to facilitate valuable and quality deal flow. BYN holders will participate on a priority basis, of course. There will also likely be BYN requirements to gain access to the best and earliest stage deals. We will have more info on this soon, especially Belpy the Cat, our NFT! Don’t laugh, this is very serious.

BELP will be very, very interesting for Beyond — as it will allow listings on the DEX and bring many more participants to the Beyond ecosystem as a whole and BYN in particular.

Andrés M. | Satoshi Club: We will be waiting to know more about that event, don’t forget to share the updates with our community!

Alexander Kravets: Definitely!

Gold Rocket | Satoshi Club: Do you already have sketches of the NTF?

Alexander Kravets: It kind of looks like a cat, but beyond.

Gold Rocket | Satoshi Club: Or is it a trade secret for now?

Alexander Kravets: It’s beyond secret!

Andrés M. | Satoshi Club: Haha we understand.

Gold Rocket | Satoshi Club: I love your answers, in them is so much humour and sarcasm

Alexander Kravets: Hahah I do have a dark sense of humour.

Gold Rocket | Satoshi Club: I can’t stop smiling

Andrés M. | Satoshi Club: @Alexander_Kravets, thank you so much for your time in this first part of the AMA, it was so interesting.

Alexander Kravets: Thanks for noticing

Andrés M. | Satoshi Club: Now is time to open the doors to our community to post their questions

, the live segment is coming.

Alexander Kravets: Let’s go!

Andrés M. | Satoshi Club: Dear @GoldRocket27, let’s do it

Part 2 — live questions from the Telegram community

Q1 from Telegram user @Rinkus987:

There are several attempts in the market that have tried to create synthetic products through similar mechanism as Beyond uses. Can you talk about the various flaws these platforms have? How can you say that Beyond is more superior than these platforms?

Alexander Kravets: Yes — Existing Synthetics platforms are not user friendly, have scalability issues, have limited liquidity. Huge TVL but minimal actual volume. Beyond is focusing on making a retail friendly platform for mass adoption — easy and friendly UI, all tools to stake, trade, and issue are built in. Layer 2 solution for scalability, network congestion, fix high transaction fees. Easier asset issuance, better price tracking.

Q2 from Telegram user @Akira236:

In less than a week, $1M BYN was staked. That’s a great milestone in so less time. Can you tell me about the upcoming products on Beyond platform?

Alexander Kravets: $1.5M! Thank you. Upcoming we have the 2.0 mainnet, launchpad, more assets, more order types, inverse/leveraged trading, better chains, integrations with huge retail platforms, and much more.

Q3 from Telegram user @alptrader:

What are the partnership details with you and Klaytn and the key benefits of partnering with them?

Alexander Kravets: By integrating Beyond’s synthetic asset trading protocol, Klaytn users will be able to access a wide variety of financial assets in a completely decentralized manner. Additionally, Beyond’s users will be able to create and access new markets by leveraging assets built on the Klaytn blockchain.

Klaytn is a public blockchain developed by Ground X, the blockchain affiliate of the South Korean company, Kakao. This leading internet company is well known for their messaging app, KakaoTalk, used by over 90% of South Korea’s population with over 50 million users. Klaytn’s recently announced partners include LG Electronics, Binance, Shinhan Bank and Injective Protocol.

Beyond plans to integrate onto Klaytn’s blockchain network, which greatly benefits the De-Fi ecosystem. Users of Beyond will enjoy fast transactions, low fees and large scalability of Klaytn.

Beyond’s synthetic asset trading platform will in turn be available to MILLIONS of users of the digital asset wallet based on Klaytn, Klip.

Q4 from Telegram user @Hadia142:

Do you have a global ambassador, program or referral rewards system or bonuses for newcomers to your community?

Alexander Kravets: Yes! So we have local communities all over the world and are launching a Beyond Ambassador program. These are our Telegram channels:

Q5 from Telegram user @Guandog:

Do you recommend BEYOND as a platform for long-term focused trades (let’s say 3 months onwards)? Or do you just focus on efficient day trading?

Alexander Kravets: Both really. When you lock BYN to participate, you earn rewards, while your long term synthetic assets appreciate. For short term, you can lock in a quick PNL giving Beyond’s low cost, high liquidity, and accurate price feeds.

Q6 from Telegram user @shadnan32:

Can you explain the background of your team? How will you and your team carry out this project during this current pandemic (COV-19)?

Alexander Kravets: There’s over 20 people now, strong finance and dev backgrounds, distributed all over the world. COVID is not a factor, and we have a strong infrastructure.

Q7 from Telegram user @smelekin:

Do you plan to make support for OKEx chain for Beyond Finance token BYN?

Alexander Kravets: Possibly! We are closely reviewing integration with many efficient chains to facilitate ease of access, low cost, and high speed for Beyond users.

Q8 from Telegram user @Gemshunter22:

Is your project only for synthetic assets and elite investors? How can community be benefitted from Beyond Finance?

Alexander Kravets: Exactly not. While early backers were large crypto VCs and exchanges, the platform is specifically built for the retail users — to make synthetic trading easy, fun, approachable, and rewarding.

Q9 from Telegram user @ronaldo_super:

How can Beyond provide people democratic access to trading instruments and solve global banking problems?

Alexander Kravets: In line with the question preceding this one, anyone (regulation permitting of course) can access trading instruments directly without having to fund a brokerage account. This is a very big deal.

Q10 from Telegram user @Jonathantross:

When can we expect to see the mobile version ( Android & iOS ) of The Beyond platform?

Alexander Kravets: Very soon! Testing now, and it’s looking great

Part 3 — Quiz Results

As usual, for the third part, Satoshi Club Team asked the chat 4 questions about the crypto project. A link to a Quiz form was sent into the chat.

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Satoshi_storyteller

Storyteller for Telegram community @satoshi_club