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Quiver Protocol x Satoshi CLUB AMA Session 07 Jun 2021

PART 1. Introduction of Quiver Protocol project and community questions.

Hello, Satoshi clubbers and guests of this site. Let’s talk today about the first-ever decentralized protocol that collects information to make it beneficial for the community.

Quiver Protocol is run by the information collectors, verifiers, purchasers, and the governance system.

The plan of AMA session:

  1. Part — Introduction and preselected questions.
  2. Part — Live questions
  3. The Quiz about Quiver Protocol

The reward pool is 500$

Leading the AMA our clever and fun admins:

Mary | Satoshi Club — @Satoshi_club

D. | Satoshi Club — @Cool_as_Ice

The Representative of the project:

Gopher JK — @gopherjk121 — co-founder and mainly leading the development team

Introduction of Quiver Protocol project.

Mary | satoshi club:

Hello, satoshi club! We are happy to announce our ama session with quiver! Welcome to satoshi club

D| satoshi club:

Today our guest — @gopherjk121! Hey, welcome to our club!

Gopher jk:

Nice to meet you guys! Glad to be here at satoshi club for ama

D| satoshi club:

Nice to me you too!

Mary | satoshi club:

Hello, welcome to satoshi club

Gopher, we are excited to have you here today! And our community wants to know about quiver as much as possible

And we will start with an introduction

Gopher jk:

Ok, I will make a brief introduction about quiver and how it has started.

D| satoshi club:

Nice

Mary | satoshi club:

Sure, you read my thoughts!

Gopher jk:

Quiver protocol started from the point of view that lots of individual investors are hard to find loyal investment groups that they can collaborate on. It’s started by 3 core co-founders from a development background.

Doing investment together is the key to success, but now investment groups are not decentralized, private groups and people feel hard to reach them.

Quiver is solving critical problems that arise in uniting people into DAO based investment group.

  1. Loyalty is the key in co-investment, and it is solved by the reputation management system.
  2. The rewards system for DAO members and other contributors(e.g. Information providers and verifiers, internal team members) are solved by automatic fee distribution system.
  3. We have teamed up with senior developers to support the development of the protocol. (Emotional NFT product shows the proof of the team’s ability)
  4. We are partnering with well-known companies and individuals in crypto world.

Our current stage is to set up a DAO to build a decentralized investment protocol together. If you see who a valid member of quiver could be, we welcome him/her anytime.

Gopher jk:

Faq to understand the uniqueness of quiver protocol.

What’s the difference between quiver DAO and other DAOs?

⁃ everything is planned and executed by DAO (they are as high as founders)

⁃ DAO get full control of funds collected for protocol’s growth including seed sale funds

⁃ DAO members reach out investors easily to increase their network

What’s the difference between emotional NFT and other NFTs?

⁃ emotional NFT is a certificate of quiver DAO member

⁃ emotional NFT is designed to interact with an investor in real-time for their investment not just for avatar

⁃ emotional NFT gives you happy pricing in qstk purchase by providing discounts

What’s the difference between quiver team and other teams in general?

⁃ quiver team focus on real value, details, and productivity

⁃ focus on building unique and innovative products and not interested in forking anything

⁃ most of the members are from a development background

Mary | satoshi club:

When did you start to develop quiver?

Gopher jk:

Here’s a brief introduction for a general overview. The idea started 1 year ago, and we cleaned up-spec and started development in April.

Mary | satoshi club:

Thank you

Gopher jk:

It has been 2 months after starting actual development.

Mary | satoshi club:

Also, can you tell our members what is your role in the quiver?

Gopher jk:

My role at quiver is co-founder and mainly leading the development team. One of the products we have right now is https://emotional.quiverprotocol.com

Mary | satoshi club:

How did you get involved in cryptospace? It seems you’re experienced here

D| satoshi club:

Yeah, our first question in part 1 about your NFTs so we will back to this

Gopher jk:

Cool.

I got involved in the crypto space as a developer 5 years ago.

Mary | satoshi club:

It long time

as I thought.

Thank you for your intro, gopher

Gopher jk:

Thanks

Mary | satoshi club:

Are you ready for the first part of our ama?

Gopher jk:

Yes

Preselected questions about the Quiver Protoco DeFi project.

D| satoshi club:

Let’s go! Thanks for the intro!

Q1 from telegram user @imwiiw27

Quiver protocol introduces the quiver emotional NFT minter DAPP, where you can design your own NFT and give it a story. And the other is the NFT community (telegram owners). Would you mind elaborate to us what is the difference of them. And what is the role of each in quiver protocol? What benefits will provide to the user and to the community of this two NFTs?

Gopher jk:

Quiver is utilizing NFTs as team has felt the potential of NFT and designed emotional NFT DAPP to setup quiver DAO.

D| satoshi club:

So your NFT will be play important role in your ecosystem?

Gopher jk:

Yes, we have two types of NFTs,

  1. Emotional NFT (active now) to provide to DAO members.
  2. Informaiton NFT (to be built) to provide investment opportunities information to users as a form of NFT. This NFT proves that the provider sent the investment opportunity to information purchasers by recording the history on-chain

The uniqueness of emotional NFT is followings as mentioned in the intro

⁃ emotional NFT is a certificate of quiver DAO member

⁃ emotional NFT is designed to interact with an investor in real-time for their investment not just for avatar

⁃ emotional NFT gives you happy pricing in qstk purchase by providing discounts

We give discount rates on QSTK purchases to DAO members as they are core members who lead the community with a foundation.

The benefit of getting quiver emotional NFT is that users can become a DAO member of quiver protocol where it leads the investment of community users and work together with foundation to build the protocol.

D| satoshi club:

I like it, plenty of functions

I see your NFT sale will be last for 11 days, how many NFTs on sale?

Gopher jk:

There are 4000 emotional NFTs on sale and it is to restrict the number of DAO members to at most 4000 at initial. Voting power is determined by (number of NFTs * 200k + number of qstk owned)

Mary | satoshi club:

Where and when this sale will take place?

Gopher jk:

Emotional NFT sale is active now and remaining time to mint is 11 days, after this period, users will be able to purchase it only on open marketplaces when others want to sell e.g. Opensea

D| satoshi club:

I think I have read something about whitelist…are these NFTs available for everyone to buy?

Gopher jk:

This sale is active on https://emotional.quiverprotocol.com

Whitelist minters period is over and it’s now open to everyone.

D| satoshi club:

Oh, got it

Mary | satoshi club:

Gopher! Thank you for your answers! Ready to proceed?

Gopher jk:

Let’s preceed

D| satoshi club:

Q2 from telegram user @lzamg

Quiver introduces two erc20 native tokens: QREP (reputation token) and qstk (economy token). Some features of these tokens got my attention, for example that both are used for governance and that QREP can’t be bought. Can you please explain what are the purposes of these two tokens? How are they used and what’s the role they play within the quiver platform? Quiver users need to hold both tokens?

Gopher jk:

Qstk is much related to finance, and it can be bought. It’s quiver team’s main token that is used for coin listing on Uniswap and sale for investors and crowd.

QREP is to manage each user’s loyalty point in quiver protocol. Since quiver is building the information provider service, the accuracy and trustworthy of information is very important.

If high QREP owners provided the information, it means the information is accurate. And QREP can’t be affected by whales and it is making the protocol secure.

Quiver users hold qstk token via purchase and QREP can’t be sent or bought, it’s automatically increased by the DAO members of the community.

Mary | satoshi club:

How loyalty points can be earned?

D| satoshi club:

Did you integrate any burning mechanism in your tokenomics? And about NFTs I’m curious to ask the same, will they be burnable?

Gopher jk:

By giving correct information to the investors and when investors vote on the NFT they created.

By helping the accuracy of the information for checking the information NFT.

Reputation is increased by all the events that help the community. It’s earned by the effort put into the protocol. Fund providers will get a little but not much.

NFTs will be burnable if owners transfer them 0x0 address.

We didn’t integrate the burning mechanism on qstk so far, but it will be built if DAO wants. We are setting up DAO after the emotional NFT mint period.

D| satoshi club:

Oh, okay

I thought maybe it will possible to burn them as part of some actions on your platform and get something more valuable for this

Mary | satoshi club:

Thank you, Gopher, for your answers! Ready to go to the next question?

Gopher jk:

Sure.

D| satoshi club:

Q3 from telegram user @asela1112

In quiverprotocal.com I saw a new feature, called reputation-based community which will be viral in crypto space soon. Reputation cannot be priced due to the unpredictable trust of users in crypto. So how will quiver platform tokenized reputation through QREP token? As my opinion, there are a lot of scammers, spread out in the crypto space nowadays. So how do you predict the users that can be trusted 100%? Is there any protocol to measure reputation with $QREP? Which opportunities, will users acquire through the “reputation-based community” feature in your platform?

Gopher jk:

Quiver team is preparing a reputation increase/decrease mechanism and it will be similar to the reputation mechanism on https://stackoverflow.com

Scammers will be banned by the community via governance action. We have built a banning mechanism on the QREP token.

We can’t guarantee users are 100% trusted but we can ensure that high reputation users are more involved in quiver protocol to help other users and only by doing that they can get the reputation.

We save the users’ on-chain history by address and users can see their past actions and how they did earn the reputation.

Gopher jk:

By whitelisting reputation growth history on-chain, it is guaranteed that the user is loyal. And if a user makes spam he will be banned instantly by the person who make a proposal to ban the user.

D| satoshi club:

Nicely done

Mary | satoshi club:

Can it be the wrong report?

Gopher jk:

The final decision is made by DAO for ban, as it’s serious.

If a person makes invalid report, the reporter will get cut on reputation.

And the reported person who didn’t make bad actions, won’t get any cut on reputation.

Mary | satoshi club:

As I know it’s always working for a small project, but are you sure it will work if you will have, for example >500k users? If yes — that’s perfect DAO

Gopher jk:

For big actions, it’s made by whole DAO. For small actions, moderators can make actions directly.

Mary | satoshi club:

Gotcha! Thank you for your answers! Ready to jump to the next question?

Gopher jk:

For instance, if team need to ban a user with 10 QREP, only 1 moderator’s allowance is needed.

I am ready for the next question

D| satoshi club:

Q4 from telegram user @orlemys

Your main goal is to create a platform that allows for vetted, high-value information to reach the community effectively. Even if you weren’t to offer any of your other services/products, this alone would be revolutionary enough. However, this comes with many risks. Hackers would undoubtedly try to steal such info, and some of them may even succeed, successfully leaking invaluable resources. How would you deal with this? Apart from investing in top-notch security, would you consider splitting quiver into a ‘free service with limited features’ and a ‘premium unlimited service’ platform? We’ve seen suck strategy work in various industries. So, i’m curious. Is this something you’d experiment with in the future?

Gopher jk:

We are building things step by step to avoid those hacks.

  1. The information is secured by the key owned by the information creator — only the users with the key can check the information. Even though the information is stored on-chain it’s not fully visible. We are making the key length to be as long as possible so that hackers can take on average 10 years to hack the key.
  2. Without the services that require information daily, information providers are not incentivized, and we are building the information provider protocol and the other services together. We are making partnerships with the ecosystem projects who are focusing on investment. The other services will run by third parties. Quiver is mainly focusing on investment information provider service.
  3. It’s already in plan for ‘free service with limited features and a ‘premium unlimited service’. DAO members who make investment decisions are only able to see the information. The normal users who put funds on the pool can only see the investment history after the investment is finished.
  4. | satoshi club:

Do you partner with any cybersecurity firms? Who can check your platform and contract and help with security? Or do you planning to do any audits?

Gopher jk:

We got the first audit from Certik. As security is important, we are partnering with security services to get instant audits. Recently lots of audit requests are coming, and by making partnerships we can get an instant audits.

For every product we make, we are making audits by third parties before main-net to ensure community users are secure enough.

Mary | satoshi club:

Can you share your audit report with our community?

D| satoshi club:

Very nice! Audit from Certik is a warrant of security for most people in crypto

Gopher jk:

Here’s the link for their first audit.

https://github.com/quiver-protocol/contracts-official/blob/main/audits/2021-05-20/quiver%20skynet%20scanning%20report.pdf

The second audit is going now and will be released soon.

Mary | satoshi club:

Thank you for sharing! Ready to go to the next question?

Gopher jk:

Let’s go for next question

D| satoshi club:

Q5 from telegram user @highpee

You decided to build your protocol on Ethereum due to the ease of smart contract development on the Ethereum network using the current prototype. However, this chain has gas and scalability issue. Since your MVP won’t be live untill later in q3/2021, will you consider running a test-net on cheaper layer 2 scaling solution such as polygon? And with regards to your own chain that you plan to launch next year, what will be the feature of the chain? Will it be a fork of Ethereum or your chain will be introducing a new blockchain innovation entirely?

Btw I remember we had one project on ama, they said they were audited by Certik, but didn’t provide any information about this, and in Certik itself didn’t hear about them

do you remember? @madamlobster

Gopher jk:

Ethereum is providing a way to build faster and we are using this for MVP stage. For gas efficiency, we can use polygon to make most of the actions with less gas and regularly sync into Ethereum network by using relayer. Polygon is good for the faster actions but Ethereum is still more secure and therefore regularly synchronizing to Ethereum network helps the security.

For our own chain, we will make the gas for the actions to be entirely free. And it will be specialized and quiver’s actions like voting, information decryption …

Mary | satoshi club:

Yes, unfortunately, I can’t remember their name, but that was weird. Do you plan your own chain?

Gopher jk:

The contract with Certik is to do both 1st audit and 2nd audit together. 1st audit is a general audit and 2nd audit is a more detailed audit.

2nd audit is still ongoing and they will list after 2nd audit finalization.

D| satoshi club:

Awesome

Gopher jk:

Yes, we are planning our own chain to let users not lose gas for participating in quiver’s action.

D| satoshi club:

When users be able to test it?

Mary | satoshi club:

Are this plan in your roadmap?

Gopher jk:

We are planning to give our own chain by q2 / q3 of next year.

We made a detailed roadmap for 2021 to q4 but for 2022 didn’t make a detailed plan. For 2022, created yearly plan and it will be discussed with DAO.

Mary | satoshi club:

We will wait for the updates from you

Gopher jk:

Foundation is doing most of initial setup for DAO and project’s future, but detailed action and finance management will be done by DAO

We give more responsibility to DAO members and quiver DAO members get more responsibility than other DAOs — which means more decentralized community, and more rewards to DAO members.

Mary | satoshi club:

I really want to see how this will work!

Gopher jk:

We are giving the seed sale funds to DAO-managed multi-sig wallet. (it’s the first time to do this on crypto projects)

Mary | satoshi club:

Wow! Fantastic! It’s an innovative decision

D| satoshi club:

This is a sign of true decentralization

Gopher jk:

We want true decentralization for all including information collection. And quiver protocol team is building an environment for that.

Mary | satoshi club:

Decentralization is why a lot of us are here! Thank you for your answers, gopher! Ready for the 6th and last question from this part?

Gopher jk:

Sure

D| satoshi club:

Q6 from telegram user @kimterbear

Quiver protocol’s content creation program allows users to participate in journalizing information about quiver. Articles shall be submitted with minimal standards and one of these standards is that the article is only allowed in english language. However, there are many investors around the world and not all of them knows english. Will the winning articles be available for translation in all languages?

Gopher jk:

We were focusing on English as most of the users around the world understand English. We will discuss if we need translation into other languages after the DAO setup.

Gopher jk:

If we need translation, we will have to translate all the apps to other languages as well including emotional NFT DAPP

Mary | satoshi club:

Will users get rewards for participation in this program?

Gopher jk:

Yes, the article should have described the details for the content creation program. (marketing manager has wrote this). Users get qstk or usdt by the quality of the content they create.

Mary | satoshi club:

Can you share that article with us?

Gopher jk:

Let me get it.

https://quiverprotocol.medium.com/quiver-protocols-content-creation-program-2444e5652968

Mary | satoshi club:

Thanks! Satoshiclubbers, join

D| satoshi club:

Nice! Thank you! Satoshi clubber don’t miss your chance!

@gopherjk121 thank you for the answers in this part! Now we are starting the most fun and exciting part of ama!

Mary | satoshi club:

Gopher, do you feel that storm is coming?

Storm of live questions?

Gopher jk:

Yes. I am ready for the live questions

Mary | satoshi club:

Let’s go

PART 2.Questions about the Quiver Protocol project from the live chat of the telegram community.

In this part, we open a chat for the crypto community for 120 seconds. Then the guests from the Quiver Protocol crypto project choose the top 10 questions. The 10 crypto enthusiasts have earned cryptocurrency in the sum of 100$.

Q — 1 from a telegram user @Karoceh

How would you persuade investors to hold your tokens for the long term if I acquire your coin today?Will there be any additional advantages in the future, such as staking and farming?

Gopher JK:

Quiver team is decentralized and team is open for anyone if he/she is skilled. If you provide your proven work experience, hiring team will qualify your skills and use your service.

Q — 2 from a telegram user @Kabirkapoor9

How much Discount do you offer to purchase QSTK after having Emotional NFT?

Gopher JK:

Users get discounted QSTK as part of emotional NFT mint, the discount rate is different by lock period.
6 months lock period, 28% discount, 1 year 36%, 10 year 44%.

Q — 3 from a telegram user @vedamatrix

Which token of you is better for long term investment QREP Token or QSTK Token?

Gopher JK:

Keeping both with a good balance will be good. QREP is your reputation and QSTK is your stock at Quiver.
If you own high QREP, people understand that you are loyal and purchase more of your information you provide. (Increases the percentage of your work to be purchased, and opportunity to be hired as internal team member)
If you own QSTK, you can get discount on information purchase and get rewards that is made from Quiver DAO’s investment.

Q — 4 from a telegram user @deleteduser

Copied question?

Gopher JK:

As a first stage, we will hire or invite analysts and form up the group. Analysts provide the pros and cons of each opportunity and the decision is finally made by the DAO who owns voting power.
At the initial stage, the analysis group will get rewards from the DAO for their effort.
After DAO start making more profits, analysis group will get % of income made from each successful investment.

Q — 5 from a telegram user @mucana

Investors are mostly trying to earn income in the short term. How do you intend to make the Quiver platform attractive to attract investors?

Gopher JK:

Some of users participate in pump-up signals to get short income — but Quiver is avoiding pump-up signals. Quiver is trying to provide only actual, potential-based investments for long term.
If users start to make income before the full product is ready, it will make the whole crypto go wrong.

Q — 6 from a telegram user @Kushal85127939

How Quiver protocol is different from Centralised investment group? What product do you offer with the help of Blockchain Technology?

Gopher JK:

Centralized investment groups are hard to reach and it’s not easy to participate. But most of the crypto users are investors, they want to invest together to make their funds more secure and manage well.
Quiver’s goal is to help the users to form up the group and do the investment together.
The product we provide is the trustworthy information verified, and DAO members manage the funds for normal users.

Q — 7 from a telegram user @xperia3

What is the Emotional NFTs? I see people can create their own NFTs as their choice and mint. Will these NFTs have a value or is it something like a badge without a monetary value?

Gopher JK:

Emotional NFTs are the certificate of DAO members. NFTs will have value and we will list the NFT on open sea and other marketplaces soon (NFTs have value by open market)

Q — 8 from a telegram user @Robotliker1

When are you going to set up DAO?out of 4000 How many emotional NFTs should I hold to be in DAO member?

Gopher JK:

We are setting up DAO after the emotional NFT sale period finish. (around 20th of June)
We will create a telegram and discord channels for DAO members only.
You need 1 emotional NFT to be a DAO member.

Q — 9 from a telegram user @Tehokjambe

Many projects only focus on the price of their tokens in the market but not on the utility of the tokens, and can your tokens deliver real value in the world?

Gopher JK:

Price of tokens are important but pump ups are not what we want. We want our QSTK token price to naturally grow. We built a mechanism for that and going to discuss after DAO setup.
The real value of QSTK token is that it’s giving a discount on information purchases and gives voting power to DAO members.

Q -10 from a telegram user @Shaa93

NFT is still quite unfamiliar to many people, how does Quiver make Quiver easier for users, both non-crypto?

Gopher JK:

Yes, NFTs are still not that familiar to many people. Most of them are thinking that NFT is just the digital art.
By pioneering the usecase of NFTs, Quiver is going to let more people around the world to know the value of NFT.
We are planning to run an education session with our users to provide the utility of NFTs.

Part 3 — Quiz about project

In the final part, we tested the knowledge in terms of the Quiver Protocol project. They’ve prepared 4 questions for this part, so everyone could be a part and answer. Participants had 10 minutes to answer. 300$ was distributed between the winners.

Our contacts for more details:

English Telegram group | Russian Telegram group | Spanish Telegram group | Telegram Channel | Twitter | Website

Our Crypto Partner by this AMA: Quiver Protocol

Telegram group | GitHub | Tweeter | Website | Facebook | Medium

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