SMARTS Finance x Satoshi Club AMA Recap from 15th of December
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 SMARTS Finance and our guest were Hillary Sam and Anthony Paul. The AMA took place on 15th December.
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&Bitcointalk community
Mary | Satoshi Club: Hello, Satoshi Club! We are happy to announce our AMA session with SMARTS Finance! @hillary_smat @Anthony_bit welcome to Satoshi Club
D. | Satoshi Club: hello Satoshi club!
@hillary_smat @Anthony_bit hello and welcome!
Hillary Sam | Smarts.Finance: Thanks we’re glad to be here
D. | Satoshi Club: nice to see you here!
Mary | Satoshi Club: How are you today?
Anthony Paul | Smarts: It really nice to be here.
Hillary Sam | Smarts.Finance: Very good. How about you Mary?
Mary | Satoshi Club: I am fine, thanks! As you all are here, could you please introduce yourself and SMARTS Finance to our community
Hillary Sam | Smarts.Finance: I’m Hillary Sam, and my colleague is Anthony Paul. We’re the co-founders of SMARTS Finance.
Mary | Satoshi Club: You have 2 founders or more?)
Hillary Sam | Smarts.Finance: We have just two founders.
And a number of team members.
D. | Satoshi Club: nice to meet you guys! so what is your project about?
Hillary Sam | Smarts.Finance: Our Devs are three in number and they are experts from Spain.
Ride along with us as we take you through what Smarts Finance is all about.
SMARTS Finance is an innovative DeFi platform which offers services and products aimed at providing an autonomous, flexible money market on the ethereum blockchain
SMARTS Finance offers a sustainable model to token holder via
– A burning deflationary model
– Buyback mechanism using fees accrued from trading
– Distributed gas fee to minimize transaction cost by 100x folds
– Additional vesting of distributed tokens to minimize sell pressure in the open market
SMARTS long term vision is to add more value to the DeFi frontline via the power of community engagement, transparency, easy integration and adaptability. Also SMAT tokenomics is designed to be sustainable overtime because aside tokens apportioned for team, all generated fees and funds will be directed towards the project use and promotions which will see SMAT token appreciate over time especially for long term holders.
In a nutshell, Smarts intelligently combines all this strategies to deliver the biggest APY to investors
D. | Satoshi Club: thanks!
Mary | Satoshi Club: Your vision is clear thank you for intro!
Hillary Sam | Smarts.Finance: Your welcome
Mary | Satoshi Club: And you will have possibility to explain more about SMARTS Finance while answering our community members questions ready?
Hillary Sam | Smarts.Finance: Yes. Very ready.
Q1 from Telegram username @Ubik1337
I have read your Medium article about Token Generation Event. In this article you inform, that you will held 2 TGE events and for both those events you will minted 250000 SMAT. My question is — when are the rest tokens will be minted? If consider that at start your total supply, should be — 550,000 SMAT, as written on your website. Thanks.
Anthony Paul | Smarts: Permit me to come into the conversation and address the questions
D. | Satoshi Club: yes, please!
Mary | Satoshi Club: Of course
Anthony Paul | Smarts: Yes, 250k SMAT tokens are allocated for our TGE, which is 25% of the Maximum Supply (1M).
10% which is 100k tokens is allocated to the team and this will be vested for 2 years.
Also, 15% and 5% are allocated for Uniswap liquidity lock and Marketing respectively. The cumulative of these gives 550k tokens which is the Total Supply.
The remaining 45% of the Maximum Supply will be minted bit by bit as a reward for Liquidity providers, stakers, lenders, and those who take part in the Smarts governance.
Mary | Satoshi Club: Do you have dates when this event will take place?
Hillary Sam | Smarts.Finance: Are you referring to the Token Generation Event?
Mary | Satoshi Club: To all events
I mean minting
Hillary Sam | Smarts.Finance: Okay good
Our Token Generation Event will commence later today by 6:30pm UTC.
D. | Satoshi Club: nice! pretty soon
Mary | Satoshi Club: Ok, got it, thanks
D. | Satoshi Club: so all 550k tokens will be minted today?
Hillary Sam | Smarts.Finance: Minting of tokens allocated for stakers, liquidity providers etc. will take effect when we start launching our DeFi products and services which is timelined to start launching in the last quarter of 2020 and first quarter of 2021 according to our Roadmap.
Mary | Satoshi Club: So, you don’t have exact dates?
Hillary Sam | Smarts.Finance: Nop. Only 250k tokens is allocated for our TGE.
D. | Satoshi Club: ok, got it
Hillary Sam | Smarts.Finance: The dates will fall between now and the first quarter of 2021
Mary | Satoshi Clubadmin: Understand ready for the next question?
Hillary Sam | Smarts.Finance: Yes
Q2 from Telegram username @reinleoken
The APY yield is going to be announced when the dashboard goes live, but what percentage of APY can we expect, just give us a rough estimate? And lock in period too is yet to be announced, is there going to be penalty for leaving pool before the end of the lock in period! If yes what sort of penalty are we looking at?
Anthony Paul | Smarts: There is a need to conclude the TGE (Token General Event) before the reward allocations and distributions are released. For the sole reason of knowing the amount to workaround (in case there are some significant amount of token left out during the event).
We have a figure already with the potential to yield at least 200% APY for the first few weeks before the rewards are spread out on other products. This means participants of our liquidity program will be exposed to potentially higher rewards in the earlier days.
For our liquidity mining program, we have revised the lock-up period initial set at 6 months to 3 months in order to give flexibility to user’s open interaction as much as possible. The lock-up period was put in place to ensure stable liquidity is available for a decent amount of time. After this phase is concluded, withdrawn liquidity will compensate from the project reserve and resource.
Mary | Satoshi Club: Nice APY:
Anthony Paul | Smarts: Yes, it will be available for early participants.
Mary | Satoshi Club: And what about penalties? Or possibility of leaving pool?
Anthony Paul | Smarts: The pools will be locked up for 3 months.
There won’t be the possibility to leave the pool until the unlocking period
Mary | Satoshi Club: Oh, it’s clear thanks
Ready to go forward to the next question?
Anthony Paul | Smarts: Also concerning our staking products, our whitepaper explains the staking periods and their distribution time.
Q3 from Telegram username @Highpee
Smart contracts are vulnerable to bugs, and even recently big DeFi projects were victims of this, with such security breach resulting in unplanned financial harm. How is the security system in Smarts Finance smart contracts? I am asking because in one of your recent interview, you said you are tackling this issue by making a deep assessment of your smart contract and ensuring it pass certification by your internal audit CTO. Do you you think internal audit alone is enough? Don’t you think you should partner other professional bodies such as slowmist, certik or others to audit your smart contacts?
Anthony Paul | Smarts: We are aware of the huge role security play in the success of every entity, most especially blockchain-based projects that are operating around the DeFi concept, and we know that managing it comes with a lot of responsibility. Security is #1 priority for us, and that is why we are engaging the services of well qualified developers in this area with conversant knowledge of blockchain for the development of our Smarts Contracts and products.
Yes, we said in one of our recent AMA that part of the security measures we’ve taken was making a deep assessment of our contract with confirmation that it is safe to interact with by our CTO.
Mary | Satoshi Club: Also, in your audit report you’re referring to this link https://github.com/SmartsFinance/smart/ , but it’s empty. Can you clarify about this?
Anthony Paul | Smarts: However, we also stated in that AMA that we will be engaging the service of professional bodies such as Certik to ensure the utmost safety of our Smart contract as we will be leaving no stone unturned.
Mary | Satoshi Club: Ok, that’s great, that you understand its importance
Anthony Paul | Smarts: I don’t think that is the right link
Let me fetch it over here
Mary | Satoshi Club: Yes:
I mean this
Anthony Paul | Smarts: Yes, that’s the file.
Or are you referring to the disclaimer?
Mary | Satoshi Club: I mean that you are referring here to your github and it’s empty. May be you have another link or you have some troubles with your github page?
Anthony Paul | Smarts: https://github.com/SmartsFinance/smart-contracts/
The Github is working fine
D. | Satoshi Club: yeah, this link works
Mary | Satoshi Club: Oh, then you put wrong link in your report now i see, that it’s ok!
Thanks, ready for the next question?
Anthony Paul | Smarts:Yes
Q4 from Telegram username @abujoans
SMAT is The governance tokens power the blockchain-based voting in Smarts ecosystem . They are often used to signal support for proposed changes and to vote for new proposals. For example MKR in Maker Protocol. Are you planning to issue other tokens like the Maker project at Smarts Ecosystem?
Anthony Paul | Smarts: For the visible future, we are not planning to launch additional tokens. SMAT will be the primary source under which all ecosystem functions and interactions will be footed.
It is the basis of value generation and distribution. SMAT will oversee governance function and their execution. It represents the mantle of power users in the network can use to influence how
• Operations are led
• Rules are set and
• The possible direction the project should take.
Mary | Satoshi Club: So, your users won’t be able to vote for new tokens launch?
If they will feel that there’s a need for them)
Anthony Paul | Smarts: If the need to do that arise and the community approve that, then that will be done.
But for now there is no tangible reason to issue additional tokens.
Mary | Satoshi Club: Nice
Yes, you just started, but we are talking about possible future plans
Ready for the next question?
D. | Satoshi Club: but people (your users) might be not understand your conception and how things in crypto work, don’t you afraid that they can bury the project by their decisions?
Anthony Paul | Smarts: Yes. If the need arise and is good enough to issue a new token then we may do that.
The governance function will have a set of rules which means only valid points can be expressed and established as there will be a consensus before a notion is put to its execution.
D. | Satoshi Club: got it, thanks for answer
Q5 from Telegram username @Fahruqh1
Everyone thinks that a successful blockchain or cryptocurrency project is measured by the price of their token and is less concerned with technology and its adoption in the blockchain world afterwards. So for SMART what success targets will soon be achieved beyond the price side?
Anthony Paul | Smarts: The keyword is “A Sustainable Ecosystem”.
Our long term vision is for Smarts Finance to remain relevant within the DeFi space without jeopardizing but rather improving on the basics and fundamentals of existing trends in the decentralized finance niche.
For us to achieve this, we need to build a sustainable ecosystem where users are given access to all available DeFi Services without any difficulty.
Mary | Satoshi Club: That’s Smart Finance goal, right?
Anthony Paul | Smarts:Yes. To build a sustainable system.
One way we can effect that is through a well-defined reward distribution model. As such, we will be introducing additional vesting of the newly distributed tokens given to investors as a reward for providing liquidity to keep the SMARTS Tokenomy healthy.
Mary | Satoshi Club: Ok, may be you have favourites in DeFi system who are like guiding stars for you?
Anthony Paul | Smarts: Another is by increasing the rate of adoption as a continuing interest in the project will ensure it keeps surviving and performing well.
Mary | Satoshi Club: Yes, community is a big force for project
Anthony Paul | Smarts: Compound gave viral use to DeFi and it’s concept, so they are body to be referenced.
We love Aave and Core too
Mary | Satoshi Club: Good choice
Anthony Paul | Smarts: Even though no system is perfect, what we aim to build upon are more use-case and dynamics to the already laid solutions.
Mary | Satoshi Club: Good luck with your own way, hope you will find your own amazing solutions
D. | Satoshi Club: definitely. thank you for answer! ready for the last question from this part?
Mary | Satoshi Club: Ready for the 6th and last question from this part?
Anthony Paul | Smarts: We are so committed to doing that.
Yes we are
Q6 from Telegram username @Coin4me
DeFi products and services are still at an experimental phase and call for cautions in their handling. Always afford to make your research and invest what you can afford to lose when you interact with their different components. Although, Smarts Finance will employ the versatility and experience of accredited auditing firms to ensure the safety of our contracts. Nevertheless, we cannot guarantee they won’t misbehave from faults due to bugs or other uncertainties. Use the products with care.’ I found this statement is posted on your site and as stated you are taking off any SMART Finanse’s responsibility for your users funds loss. Maybe, after all, members of your community and investors deserve, for example, insurance of their investments?
Anthony Paul | Smarts: DeFi is a relatively new form of financial system built on top of the blockchain. The fact that it is new explains why it comes with a lot of risks which might be as a result of bugs and uncertainties, and as you know no software component is entirely free from bugs.
Mary | Satoshi Club: That’s true
Anthony Paul | Smarts: In a bid to maintain transparency, the information on our website is there majorly to sensitize our investors about the risks which comes with investing in the DeFi market despite the mouthwatering reward it offers.
Mary | Satoshi Club: So, just on their own risk, right?
Anthony Paul | Smarts: And no we don’t offer insurance. But will ensure we keep to the best security practise to make sure contracts and code are safe to deploy and use.
Our dev team have their major versatility in cyber security and protection and with such possession, we have the confidence to produce good products that are safe to interact with.
Mary | Satoshi Club: Got it
So, i wish you no bugs, just profits
Are you ready for the live part?)
Anthony Paul | Smarts: Lols.. Thanks.
Part 2 — live questions from the Telegram community
Q1. from Telegram user @KevSalom
I was very curious to see you say that you have “a distributed gas rate to minimize the transaction cost”. What does this mean? Is the rate divided among several transactions or something similar? And if so, wouldn’t this affect the speed of each transaction?
Anthony Paul: What this means is that. We want to limit the barrier to entry by finding a solution to one of the major concerns of the Ethereum blockchain.
What blockchain is set to do is to set people free from the traditional ways not try to enslave them more to it. And as you know it, we are enslaved to fees of all kinds in conventional settings.
We want to minimize this by providing low gas costs on certain products we can effect and integrate this into.
One way we can achieve this is by pooling deposits together and submitting them via a single transaction.
Q2. from Telegram user @AugusS7
the only benefits of being ported from SMARTS are “Smarts Staking, Smarts Lending & Borrowing, Liquidity, Mining and Agriculture”? Or really in the long term could they have even greater benefits, because of new applications developed?
Anthony Paul: We plan to add additional products that can benefit the system and users alike. We are restricted to pronounce such products right now as they are still in their planning phase.
The aforementioned products are the services we offer.
Q3. from Telegram user @paul_adebayo
A lot of project are being abandoned because the developers cannot achieve the required capitalization. How can you make the project sustainable for its development
Anthony Paul: There are various mechanisms we have laid out to make the project sustainable. Our upcoming TGE which is happening at 18:30 UTC is one of the means we can acquire resource to ensure the project run for as long as possible.
Different decent marketing outlets have contacted us and we know working with them will give us the right exposure and usage we need.
Q4. from Telegram user @JesusFre1tes
Q: Blockchain allows the need not to trust, but to verify. The network contract and token permission implementation function with SMARTS FINANCE is located with unrelated members through a multi-signature functionality. How efficient is this method? Why not use an AI or bots as many other projects have done?
Anthony Paul: A function of such should be handled by humans.
I do not think AI has been effectively used or applied to such use-case.
Our multi-sig functionalities are handled by users who have the capability and sense to ensure its safety and usage.
The main purpose of the multi-sig usage is to make sure we operate in the TRUSTLESS way possible and prevent the possibility to rug or misuse resource.
Q5. from Telegram user @araceley
Was any major issues or vulnerabilities reported after the internal audit done by your CTO?
Anthony Paul: No. No vulnerability was found. The report of the audit is right in the chat during the first phase of questions.
You could read it’s content to confirm it’s authenticity.
Q6. from Telegram user @Reinleoken
Propose the listing of a new token market.” Aren’t you concerned that sketchy elements could accumulate $SMAT and use the vote to vote in sketchy tokens on your platform? Is there a system to prevent accumulating smart token?
Anthony Paul: This is a possibility. And we are planning to build a governance system that would thrive to mitigate bad practices and whale influences of many kinds.
Q7 from Telegram user @Alika061
Will it be registered right after the sale. Or it lists immediately when the hard cap is reached for the $SMAT token and when will the liquidity mining campaign start at #SmartsFinance? What to expect in the next quarter of 2021 in the last #SmartsFinance roadmap Do you have the roadmap.
Anthony Paul: The liquidity mining program will start along with our listing.
The contract is ready and at the final stage to be deployed.
To ensure there is an equal entrance to all participants. Deposits into the contract will be made before the token is listing at a set rate (which is the listing rate).
These are some of the measures put in place to ensure LPs are not exposed to very high price volatility which may affect the integrity of the pool.
Q8. from Telegram user @Antoni_azx
$SMAT holders will be able to redefine reward structure and their distribution. How often can be this changes made and what happens if a proposal gets less than 50 votes? Is it discarded forever or can be putted in the table again?
Anthony Paul: Yes, they will be able to vote for the rules and terms.
More information on how the governance system will work will be released when it is out for use.
Q9. from Telegram user @AmirJosh
10% of $SMAT tokens are allocated for the team and advisors. Is there gonna be a lock-up period for the teams token? How many months will it be lock and will it be gradually release.
Anthony Paul: Yes. There will be a linear vesting period over 24 months or 2 years.
Q10. from Telegram user @vedamatrix
I’m interested in network validators programs. Does Smarts include mining, node validator prizes or minting too?
Anthony Paul: This is well done by our upcoming liquidity program.
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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