Rizen Coin x SatoshiClub AMA from 22 December
2020 has brought us many new projects worth exploring and Satoshi Club is helping you to do that. And today we would like to tell you about the AMA session with our friends from Rizen Coin. The AMA took place on December 22 and our guests were Rizen Coin and Dani Rizen.
The total reward pool was 500$ and has been splitted in 3 parts.
In this AMA Recap we will try to summarise the most interesting points for you.
Part 1 — introduction and questions from the Telegram&Bitcointalk community
Rizen Coin: Hi, thanks for giving the platform to represent our Rizen Project. I am fine. What’s up everyone.
D. | Satoshi Club: welcome! good to see you here
Dani Rizen: Hello guys
D. | Satoshi Club: ready to start our AMA?
Mary | Satoshi Club: Can you introduce yourself :grinning: and tell us how did you start with Rizen Coin?)
Rizen Coin: I am a core contributor of Rizen coin project. Currently busy with project development. We have come with a unique mechanism which balance the supply and price. Also, our unique product is Rizen swap.
Next please :fire::fire:
Mary | Satoshi Club: Got it) as i see you started Rizen Coin project in the 1 quarter of 2020, right?)
Rizen Coin: Yes.
Mary | Satoshi Club: Where did the name Rizen come from?
Rizen Coin: Rizen name came from verb Rise. We used this word to represent the word pump.
Mary | Satoshi Club: And after one year of development which features do you gave already working?:grinning: I see, that you have Mobile Wallet, Staking, Farming, Rizen Swap, Borrow, Insurance
Rizen Coin: At the very beginning we have developed the staking features. And then farming. Currently we are developing Rizen Swap.
Our Achievements within few weeks
Token Contract Audited
(RZN/USDT , RZN/ETH)
Farming Live (contract audited)
Liquidity Locked ( 6 months)
Live Price Tool
More Marketing coming
Rizen swap coming soon
Check roadmap for more details.
Rizen swap:( hints)
nearly 0% fee
lifetime reward for rzn holders.
Mary | Satoshi Club: Nice achievements! Just few weeks!
D. | Satoshi Club: Rizen swap is already live? or in the development?
Mary | Satoshi Club: Did you already tested it? I mean Rizen Swap?)
Rizen Coin: Not yet. We have come up with the idea nearly zero fee for swap. So. That’s a huge task develop the platform. But yes, we will develop existing uniswap repo.
Mary | Satoshi Club: How is your liquidity locked?) Did you use third party services?)
Dani Rizen: https://v2.unicrypt.network/pair/0xE636601C64C27Cf71e7EE03741bff84Bff9465e0 Locked prove by unicrypt:+1:
Rizen Coin: Yes. We used unicrypt
Mary | Satoshi Club: Did you plan testing phases? Who will be able to participate in testing?)
Rizen Coin: Yes. With our community. Next year we will release the test version.
Q1 from Telegram user @sirdefi
In your series of articles “Comparing RIZEN with other DeFi Projects” in Part 1 you mention that the $RZN token will have a low supply of 10,000, however in the next article, Part 2, you mention that it will be 5000. What is the final supply? Or will the other 5000 tokens be released later?
Mary | Satoshi Club:
Hm, i see 4159 RZN
Rizen Coin: Actually we started with 10 k supply. But community requested to reduce it. Then we decided to make it 5k. And then we again burned 850 token. So, now the supply is 4159. There are also 1% token burn in every reward withdrawal.
Mary | Satoshi Club: 5000–850 = 4150:joy: We still have 9 tokens)
Rizen Coin: There is also 1% weekly reward which can only be minted by rizen holder. So, we tested it one time. That’s why there is 10 more. But currently we disabled it.
Mary | Satoshi Club: Did you have community voting? How was it organized?)
Rizen Coin: Yes. By voting.
D. | Satoshi Club: why the community decided reduce the total supply?
Rizen Coin: They like to have low supply. :rocket:
Mary | Satoshi Club: Yes, it’s very popular now)
Q2 from Telegram user @Gutike95
There are many projects that seek to mitigate the volatility of the tokens, and they achieve it in multiple ways, but none of them have been able to add to it, achieve a Swap with rates of almost 0, how does Rizen manage to provide all these benefits to users without any inconvenience?
Rizen Coin: Nice question :+1:
Yes. I also afraid of the word volatility. It’s really hard to avoid volatility in cryptocurrency. But we can apply various method or mechanism to control it. Rizen has a unique mechanism to control it in a range.
We have a staking feature which lock your token forever and give you lifetime passive reward from every transaction. So, the locked token try to increase the value of rzn token.
On the other hand, rzn max supply is 5k. There is also 1% Rzn inflation weekly for rizen holders which also increase the supply but limited to 5k.
More details have provided in our white paper.
Mary | Satoshi Club: Is this staking feature already live?
Rizen Coin: Yes. Almost 600 token has locked
Mary | Satoshi Club: But what about swap? Will it help to reduce rates to 0?
Rizen Coin: Swap is different. We will explain later in our rizen swap white paper. It’s very complex to explain here.
D. | Satoshi Club: so you will have a separate white paper, which would be discribe swap mechanics?:blush:
Rizen Coin: Yes. It’s on the way. And also it will be audited.
Q3 from Telegram user @PaulMonte20
In a recent article, when asked “how does Rizen Coin deal with price volatility?”, you replied stating that the Rizen devs implemented algorithms capable of triggering & accommodating proper supply inflation & deflation, which in turn are tied to a target price. This mechanism is supposed to mitigate the effects of price dumps & pumps. I find this statement very generic and, honestly, a bit ambiguous. Could you please go into more detail explaining how this ingrained price stability system works, what are its components and if we can draw any parallels/differences to other existing projects that pivot on target price stability as a core feature (e.g. Ampleforth or others)?
Rizen Coin: There are many projects with rebase system mechanism. AMPl is a great example. But if you look clearly it can be manipulated. Since, the rebase target the price. So, any whale can do this to manipulate the price.
Volatility of price depends on demand and supply. So. Here rizen mechanism with demand and supply.
We have a more detailed article on this topic in our white paper
Mary | Satoshi Club: But can you name us a project with similar mechanism or yours are unique and never been used before?
Rizen Coin: I haven’t seen any project before like us. But yes, there will be some similarities.
Mary | Satoshi Club: Whith which project?
Dani Rizen: No One Defi Project gives You Lifetime Rewards Without Rizencoin for stake:fire:
Rizen Coin: See, there are lots of projects out there. Most of them based on deflationary/ inflationary or rebase mechanism.
Here we are both deflationary and inflationary but with Max supply with 5k rzn.
Q4 from Telegram user @Jonahapagu
Unstaking on your Platform is Charged 100% fee which means if users Unstake their assets they are left with only their rewards as all their Staked assets will be charged as Fees this will only make sense if the rewards are attractive enough to ensure users continue to stake their assets… will there ever be a point when this fee will be reduced and how can you guarantee new users that your rewards system is stable and attractive enough that the thought of losing all their staked assets while unstaking them does not scare them away…
Rizen Coin: First of all, staking will give stakers 1% tax which comes from every transactions. There is no such function to reduce the tax in our smart contract. So, 1% tax is permanent.
To generate more rewards for stakers we need more trading activity and products. For example:
once we have our swap platform live. Stakers will get juicy rewards from every transactions. So, the more products, the more usecase and rewards.
Mary | Satoshi Club: If all coins will be locked forever?)
Rizen Coin: There is always coins will be in circulation. The more time will pass, the harder it will be to stake. So, the early stakers will have always good profit. Also, don’t forget that we have 1% inflation weekly based on your holding amount in your wallet. This will help to maintain the supply.
Q5 from Telegram user @yellowchamp
One of the best feature of Rizen Coin is having an insurance serve as the best way to cover risk in your platform. So can you tell us more about the insurance that your platform offered? What are the benefits that we can get with this insurance in your platform? What case or risk covered when availing an insurance? How trusted is this insurance? Thank you
Rizen Coin: Honestly, we have it in our plan. But still didn’t dig it up in details. Our focus is in Rizen swap now.
Mary | Satoshi Club: When you plan to implement it?
Rizen Coin: In the last quarter of the next year. Step by step we will proceed. Yfdai is a great example I think. :rocket:
D. | Satoshi Club: by the way guys, i see you have a github icon on your site but seems it’s not working. i can get to the github through the link
Rizen Coin: Yes. You are right. To avoid cloning of our project , we haven’t published any repo there in live. But we have another Github account where you will get some info. We need to update our github link from every source.
Mary | Satoshi Club: Can you share it with us?)
Q6 from Telegram user @KeymerS
You say that if a failure occurs in the ecosystem the only person responsible would be Ethereum, but is that really true? So why many other projects that are part of eth suffer from multiple problems that are continuously solved? Or already all Rizen algorithms are fully audited and therefore it is IMPOSSIBLE for them to fail?
Rizen Coin: Yes. We are fully audited. But as you know we can’t give guarantee that there won’t be any issue in future. That’s why it is important to take your own risk before join in any project.
Mary | Satoshi Club: I think author reffer to this)
No one. Because security is provided by Ethereum smart contract. So, if Ethreum Blockchain die, everything die. Buying RZN is entirely at your own risk and Rizen Coin is never liable for any losses that may occur when using RZN and our user interface. Please never supply assets you can’t afford to lose and consider that nothing on our site, RZN or any other communication channels covers investment advice. Right?
Rizen Coin: Yes. I hate bugs though.
Mary | Satoshi Club: I want to ask, if you’re planning to give insurance services may be you can give insurance for this accident?) In the future?
Rizen Coin: Ha ha. Will see it if possible. :heart_eyes:
Mary | Satoshi Club: You were audited by TechRate and they didn’t find nothing) according to your audit report) Is it really possible?)
Rizen Coin: No, they found some issue in our previous contract. And then we made correction. And then again did the audit.
Mary | Satoshi Club: Oh:joy: now i see how) thank you :+1:
Part 2 — live questions from the Telegram community
Q1 from Telegram user @Spott
” Uniswap ” is a better competitor among many swaps,
What features makes ” RIZEN-swap ” better compared to all other swaps like UNISwap ?
Rizen Coin: Uniswap is the best dex and very popular. I even like it most. But if you see currently we are facing some issues there. So, our plan is to solve these. Some hints given below.
Rizen swap:( hints)
nearly 0% fee
lifetime reward for rzn holders.
Q2 from Telegram user @Jonahapagu
RIZEN is Building a platform that will yield lifetime passive reward to stakers generated from fee of every transaction that happen in the network…and this is implemented by a combination of proof of liquidity, proof of transaction and proof of stake… how do these three Consensus algorithms combine in the RIZEN ecosystem, at what points are they individually implemented within your platform
Rizen Coin: Actually we are following these consensus mechanism in a combined way.
POT= proof of transactions represent that rewards coming from transactions.
POL= proof liquidity represent that we have locked liquidity and extra provided liquidity in uniswap.
POS= proof of stake represent that we have stakers who wants to support the platform and want to increase the token value in exchange of getting lifetime passive reward from every transactions.
Q3 from Telegram user @paul_adebayo
Do you do buy back or token burn to increase the value and drive scarcity. If not, do you have plans for such in the future.
Rizen Coin: To increase the value of token I hate the way of central control or hand of team to buy back or burn. I like decentralized nature. So, in our system we have build in burn and inflationa function which maintain the supply to increase the coin value.
Q4 from Telegram user @Mora110
Is there specific time and minimum amount to withdraw my staking reward?thanks
Rizen Coin: No, there is no specific time and also no limitation to withdraw reward. Only important things you need to know that if you unstake all of your staked tokens will be burned. :innocent:
Q5 from Telegram user @Nickkiii
Any directions or guidelines on how to Participate in the Rizen Farming program?
Rizen Coin: Yes, sure. We have a video tutorial on this. Also, you can ask any help from our community in our rizen group. https://rizencoin.com/dashboard/farmtutorial.mp4
Q6 from Telegram user @KhaleesiTheCryptoLady
Where is Rizen coin listed, where Could I buy? Isn’t yet too late to participate the staking program? Can I still participate?
Rizen Coin: Rizen coin listed on Uniswap and Hotbit exchange. You can still participate in staking. We are still a beginner project.
Q7 from Telegram user @Korryl
Usually stake and mining project have big weakness and that are a problem of huge price volatility and farming is not sustainable since all farmer only will sell. How is rizen coin manage about this problem?
Rizen Coin: Nice question. Farming is really a unique idea to distribute tokens in a decentralized way. That’s why I like farming. Yes, I agree with you that most of the farmers provide liquidity and earn farming rewards and sell it. But it dumps the price for while. But I believe that if there is demand for token, the price will grow up again and also it gives chances to others who wants to get entry in low price.
Q8 from Telegram user @ktziecee
Most of the projects in the ecosystems are currently closing and subsiding. Because if you see their vision and concepts of projects they have similar plans and lacked of support. What are Rizen Coins trying to solve in defi space which you think a real deal and will makes it shine in the market and among its competitors?
Rizen Coin: Awesome question. Yes, most of the projects are here to get quick money and then go away. Also, their concep is quite similar. But here we are unique with our own staking and supply mechanism. As experimental project we want to see how this mechanism works in a decentralized way in defi space. Yes, in defi space swap is very important which we want to make it with nearly zero fee.
Q9 from Telegram user @AmirJosh
Stakers lock token forever which a one way to reduce circulating supply. So staking RZN right now is not lucrative as the platform is not yet popular and the profit is not that huge. How will you entice holders to stake their tokens and loss it forever with a market like this?
Rizen Coin: Yes. Staking will lock your token forever. Our stakers getting reward from every transactions which is for lifetime.
There are a big picture behind it. If you see, already around 600 token staked which means some vale Locked forever and this will help to reduce dump and lower the circulation. And this will drive the price up always. So, it’s depends on your believe in the system if you are a long time supporter of this project.
Q10 from Telegram user @shair29
Is there any limits require to skate $Rizen if yes so what is their Min & Max limits with retrun % rate?
Rizen Coin: So, there is no limitation for staking. And returns of rate depends on how many transactions will happen.
Part 3 — Quiz Results
In the final part we tested your knowledge in terms of Rizen Coin. They’ve prepared 4 questions for this part. The total reward pool for quiz was 300$.
For more information and future AMAs, join our Social Media channels:
Rizen CoinCommunity: https://t.me/coinrizen