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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

Hello, Satoshi Club! We are happy to announce our AMA session with SMARTS Finance! @hillary_smat @Anthony_bit welcome to Satoshi Club

hello Satoshi club!

@hillary_smat @Anthony_bit hello and welcome!

Thanks we’re glad to be here

nice to see you here!

How are you today?

It really nice to be here.

Very good. How about you Mary?

I am fine, thanks! As you all are here, could you please introduce yourself and SMARTS Finance to our community

I’m Hillary Sam, and my colleague is Anthony Paul. We’re the co-founders of SMARTS Finance.

You have 2 founders or more?)

We have just two founders.

And a number of team members.

nice to meet you guys! so what is your project about?

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

Done

thanks!

Your vision is clear thank you for intro!

Your welcome

And you will have possibility to explain more about SMARTS Finance while answering our community members questions ready?

Yes. Very ready.

.

Permit me to come into the conversation and address the questions

yes, please!

Of course

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.

Do you have dates when this event will take place?

Are you referring to the Token Generation Event?

To all events

I mean minting

Okay good

Our Token Generation Event will commence later today by 6:30pm UTC.

nice! pretty soon

Ok, got it, thanks

so all 550k tokens will be minted today?

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.

So, you don’t have exact dates?

Nop. Only 250k tokens is allocated for our TGE.

ok, got it

The dates will fall between now and the first quarter of 2021

Understand ready for the next question?

Yes

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.

Nice APY:

Yes, it will be available for early participants.

And what about penalties? Or possibility of leaving pool?

The pools will be locked up for 3 months.

There won’t be the possibility to leave the pool until the unlocking period

Oh, it’s clear thanks

Ready to go forward to the next question?

Also concerning our staking products, our whitepaper explains the staking periods and their distribution time.

Yes please.

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.

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?

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.

Ok, that’s great, that you understand its importance

I don’t think that is the right link

Let me fetch it over here

Yes:

https://esatoshi.club/wp-content/uploads/photo5388557654684709215-461x1024.jpg

I mean this

Yes, that’s the file.

Or are you referring to the disclaimer?

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?

: https://github.com/SmartsFinance/smart-contracts/

The Github is working fine

yeah, this link works

Oh, then you put wrong link in your report now i see, that it’s ok!

Thanks, ready for the next question?

Yes

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.

So, your users won’t be able to vote for new tokens launch?

If they will feel that there’s a need for them)

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.

Nice

Yes, you just started, but we are talking about possible future plans

Ready for the next question?

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?

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.

Yes please.

got it, thanks for answer

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.

That’s Smart Finance goal, right?

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.

Ok, may be you have favourites in DeFi system who are like guiding stars for you?

Another is by increasing the rate of adoption as a continuing interest in the project will ensure it keeps surviving and performing well.

Yes, community is a big force for project

Compound gave viral use to DeFi and it’s concept, so they are body to be referenced.

We love Aave and Core too

Good choice

Even though no system is perfect, what we aim to build upon are more use-case and dynamics to the already laid solutions.

Good luck with your own way, hope you will find your own amazing solutions

definitely. thank you for answer! ready for the last question from this part?

Ready for the 6th and last question from this part?

We are so committed to doing that.

Yes we are

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.

That’s true

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.

So, just on their own risk, right?

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.

Got it

So, i wish you no bugs, just profits

Are you ready for the live part?)

Lols.. Thanks.

Part 2 — live questions from the Telegram community

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.

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.

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.

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.

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.

: 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.

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.

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.

Yes. There will be a linear vesting period over 24 months or 2 years.

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.

English Telegram group: https://t.me/Satoshi_club/

Russian Telegram group: https://t.me/satoshi_club_ru/

Spanish Telegram group: https://t.me/satoshi_club_spanish/

Telegram Channel: https://t.me/satoshi_club_channel/

Twitter: https://twitter.com/realsatoshiclub/

Website: https://esatoshi.club/

Telegram: https://t.me/smartsfinance/

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