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Wealth Locks x Satoshi Club AMA Recap from the 15th of March

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 Wealth Locks and our guest was:
Bjarne Hejl — @BHejl — The lead developer;
George — @georgej20 — The head of the Marketing side.
The AMA took place on the 15th of March.

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

Mary | Satoshi Club:
Hello Satoshi Club! We are happy to announce our AMA session with Wealth Locks! Welcome to Satoshi Club

Goldie Rocket | Satoshi Club:
Good evening dear Satoshi Clubbers!

Bjarne Hejl:
Hello guys. Happy to be here. All good. Thanks for the cordial invitation. Let’s start and make the satoshi club community aware of Wealthlocks.

George:
Heyy. Thank you for inviting us here.

Goldie Rocket | Satoshi Club:
Kindly tell a bit about yourself and about Wealthlocks.‌‌

Bjarne Hejl:
I am the lead developer in the Project. I build smart contracts on Ethereum and BSC blockchain. I have already developed well-known projects like $FST and $BASE2. Now, I am designing and thoroughly testing smart contracts for the Wealth ecosystem. Wealth locks is a decentralized application that allows blockchain projects to lock their BEP20 tokens and (LP) Liquidity tokens in a non-custodial, time-released smart contract vault.
We are the only ones on BSC that provide Liquidity as well as team tokens lock. Also, we have a 1% Transaction fee on each transaction which gets distributed among holders similar to RFI. The vision of the Wealth ecosystem is what I love the most.

Mary | Satoshi Club:
Yes, you’re BSC pioneers

What is the vision of Wealth Locks?

Bjarne Hejl:
The vision of Wealth is to build an ecosystem in which investors can get most of the services in one place. We will be developing and be integrating products in the Wealth ecosystem one by one. Our 1st product Wealthlocks is live. Wealthtools is in the completion stage. It will be live by the end of March.

George:
Sorry, I had a Problem with My Telegram. I manage the Marketing side of Wealth and I have almost 3–4 years of experience in the Blockchain Industry. WLT is the governance token of the Wealth platform and will be utilized for all the BSC-focused services to be built under the Wealth ecosystem. Besides this, the WLT token itself is the fork of RFI ( reflect finance on Ethereum blockchain) with added features to increase buy pressure.

Mary | Satoshi Club:
You’re doing good! Did any projects already use your Wealthlocks services?

Bjarne Hejl:
The Total Value Locked in the Wealthlocks smart contract is more than 1 Million already. Few Projects that are yet to be launched have already committed to locking with us. Specific stats can be checked on the dashboard on our website wealthlocks.io

Goldie Rocket | Satoshi Club:
Can you please share with us which ones?

Bjarne Hejl:
Sharedefi, Bafi Finance, Pepe, Wojak and BlackBox are some of them.

Mary | Satoshi Club:
Your market cap is still extremely low

Bjarne Hejl:
Our marketing campaign has already started on all social media platforms. It will pick pace with the launch of Wealthtools.

Goldie Rocket | Satoshi Club:
Thank you very much for the great intro! ready for community questions or would you like to add something?

Bjarne Hejl:
We recently got featured in BSC Project with Reputable Projects like Chainlink, Graph, BSC SCAN, BSC NEWS.
https://twitter.com/bscprojectorg/status/1369955293149327361?s=21
We’re one of the few BSC Projects that are listed on Coingecko as well as CoinMarketcap.

Yes, we can start with the community questions.

Goldie Rocket | Satoshi Club:
Q1 from Telegram User
@Korryl
Wealthlocks is the first lockup project on BSC. I think I have seen a similar project on the ETH network. In your opinion what is the difference between being a Lockup project in ETH and BSC? And why did your final decision come to BSC?

Bjarne Hejl:
Due to higher speed and less fee, many devs have shifted to BSC. It is the need of the hour. From a development, perspective BSC is very similar to the ETH chain. If you want to get an idea of where our project stands in comparison to the ETH based project you can check this tweet:
https://twitter.com/wealthlocks/status/1369996544154296322?s=28

Mary | Satoshi Club:
But maybe you added some new features?

Bjarne Hejl:
Yes, we added a team token lockup facility, a very simple interface and many more such features will be coming with wealthtools.

Mary | Satoshi Club:
And one more question. As I understand, you also can’t guarantee that project won’t rug, right? You just locking tokens, but responsible for audit, some contract functions still on the project.

Bjarne Hejl:
Nobody can guarantee that a project can’t rug. But it is very less likely if a project locks its liquidity and team tokens. It builds investor confidence and protects them up to some level.

Mary | Satoshi Club:
Gotcha! Thank you for your answers! Ready to proceed?

Bjarne Hejl:
Yeah.

Goldie Rocket | Satoshi Club:
Q2 from Telegram User
@AmirJosh
Do the locked tokens on Wealth Locks vault all insured, incase some untoward incident occur that might compromise the assets? Do you have an insurance policy?

Bjarne Hejl:
Our smart contract is thoroughly tested and audited. You can check the audit report here: https://twitter.com/nightwatchaudit/status/1364768798943797250?s=21 and also on the website. An audit from Certik is also under process. That will be shared on the website. N for insurance we are planning a wealth vault that will be integrated after the launch of wealthtools.

Mary | Satoshi Club:
You choose a good audit company

Good that you care about security! Didn’t you think to use third-party services for insurance?

Bjarne Hejl:
From our perspective security should be the main focus of any project. Our team is deciding on the features of the wealth vault. Maybe we can integrate third-party insurance services there.

Goldie Rocket | Satoshi Club:
Thanks for your answers! ready for the next question?

Bjarne Hejl:
Yeah.

Goldie Rocket | Satoshi Club:
Q3 from Telegram User @Brainchest
I don’t quite understand, what is the advantage of blocking tokens through your smart contracts and paying? Projects can block tokens at a dedicated address without losing money on fees for you.

Bjarne Hejl:
There are many differences between a project locking its tokens themselves and a secured platform. We have done rigorous testing and audit from trusted third parties to provide a simple, interactive and secured platform. It will also help them build investor confidence and these projects will get to use the other services of the wealth ecosystem at no cost.

Goldie Rocket | Satoshi Club:
Please tell us what are these other ecosystem services?

Bjarne Hejl:
WEALTH TOOLS- It’ll be a coingecko/CMC + Dextools for PancakeSwap projects. Users will be able to track all $BSC projects listed on the pancake with their Social Media Handles and trending news of all projects with Data Analytics and Charting tools. It’ll be live in 2–3 weeks. Dextools generate around 300k monthly revenue from ads. All the Revenue generated from the Wealthtools platform will be used to buy Back WLT. Wealth pools, wealth launchpad, wealth staking platform, wealth dex are all in pipeline. Our team is currently fully focused on wealthtools to launch it before march end.

Mary | Satoshi Club:
Maybe you will also help projects to find new investors?

Bjarne Hejl:
Surely we will be helping them along the line.

Mary | Satoshi Club:
Excellent services! I think all BSC users are waiting for such kind of project! Actually, I was wondered when I knew that there isn’t a lot of infrastructure projects there.

Goldie Rocket | Satoshi Club:
By the way, since you are talking about the team .. could you tell us a little about who these people are? A team of like-minded people, what kind of work do they do?

Bjarne Hejl:
Our team consists of 8 members at the moment. Two of them are solidity experts and two of them are javascript developers. The rest of the team works on ideas and marketing. Everyone in our team has almost more than 3–4 years working experience in the tech and blockchain industry.

Mary | Satoshi Club:
Thank you for your answers! Ready to jump to the next question?

Bjarne Hejl:
Yeah.

Goldie Rocket | Satoshi Club:
Q4 from Telegram User
@konditer_rolex
What happens if the person who blocked the tokens with your help decides to withdraw them ahead of schedule? Is there some mechanism that allows him to do this? And how does the process of returning tokens to the owner generally take place? Does he have a key? Or do you have some kind of system identification of the owner of blocked tokens?

Bjarne Hejl:
No one can withdraw funds from lockup till the time is up, not even us. After the specified time, only the Owner can claim the funds back. As it can be claimed from same wallet from which the funds were locked. It is all inbuilt in the smart contract.

Mary | Satoshi Club:
If some emergency happens?

Bjarne Hejl:
The owner just has to claim from the dashboard after the time duration of the lock is expired.
No, it can’t be done. Otherwise it serves no purpose.

Mary | Satoshi Club:
Lock is strong

thank you! Ready to go to the next question?

Bjarne Hejl:
Yeah.

Goldie Rocket | Satoshi Club:
Q5 from Telegram User @h1drX
I believe that the fact that a token is listed in DEX’s or CEX’s can provide more trust and security to users. And it has come to my attention that $WLT is only in PancakeSwap. Do you plan to list $WLT on Uniswap or KuCoin?

Mary | Satoshi Club:
When Binance?

Bjarne Hejl:
For now, it is only listed on pancakeswap. We will be pushing for major exchanges after wealthtools is live. Hopefully in coming months.

Mary | Satoshi Club:
Btw, I hope you were not affected by the recent accident with Pancakeswap?

Bjarne Hejl:
No, we are not affected, but it is not good for the BSc ecosystem as such.

Mary | Satoshi Club:
Yes, that’s true. But it’s a good signal for improving security.

Bjarne Hejl:
Definitely

Mary | Satoshi Club:
Thanks! Ready for the 6th and last question from this part?

Bjarne Hejl:
Yeah

Goldie Rocket | Satoshi Club:
Q6 from Telegram User @Wormz28
NFTs are the trend nowadays and very popular in the Crypto space and I’ve heard you are planning to introduce the NFT marketplace in wealth ecosystem soon. So when will it be and if you don’t mind me asking, could you share in advance your plans regarding this matter? Also it would be nice too if you can share here with us what are the milestones you are looking forward to achieve?

Bjarne Hejl:
As I already told you for now we are fully focused on launching Wealthtools. N then we will moving as per our roadmap. But hopefully we will have NFT marketplace surprise for community by April end

Goldie Rocket | Satoshi Club:
Please share your roadmap with the Satoshi Clubbers?

Bjarne Hejl:

https://esatoshi.club/wp-content/uploads/Q6.jpg

Roadmap-
WEALTH TOOLS- It’ll be a coingecko/CMC + Dextools for PancakeSwap projects. Users will be able to track all $BSC projects listed on the pancake with their Social Media Handles and trending news of all projects with Data Analytics and Charting tools. It’ll be live in 2–3 weeks. Dextools generate around 300k monthly revenue from ads. All the Revenue generated from Wealthtools platform will be used to buy Back WLT.

WEALTH POOLS- A newer Decentralised Platform where a Defi Project will be able to create different custom pools to Auction their tokens for pre-sale or to raise funds for their Project that to be listed on BSC.

WEALTH LAUNCHPAD- We’ll be introducing Launchpad for Launching Projects on Binance Smart Chain. We will thoroughly investigate all aspects of projects to judge their legitimacy for a token sale on Wealth Launchpad : Team, Technology, Product, Community, and of course business model. Also, the Liquidity will be Locked on Wealthlocks to secure Investors funds.

WEALTH STAKING SERVICES- We are going to launch a unique staking platform where Projects will be able to launch Staking of their tokens in a very Simple, Secured and Transparent way. It will be customized as per project and community demands.

WEALTH DEX- As we all know, the continuous Increase in gas fees of Ethereum network has led to Investors to try different Decentralised Exchanges on other blockchains. But still, we’re in a very early stage of DEX development. We have some amazing ideas and will be bringing the most futuristic DEX out there in the near future.

All the other Mentioned features like Pools, Launchpad, Staking and Dex will be live within 7–8 months.

Mary | Satoshi Club:
And our community was also locked for some time and now they want us to give them more chances to ask questions

it’s a hint that the live part is near

Guys, are you ready?

Bjarne Hejl:
Yup.

Part 2 — live questions from the Telegram community

Q1 from Telegram user @ Apocan

Do you have any plans to work with blockchains other than BSC?

Bjarne Hejl:
Yes, we have plans to integrate it with other blockchains as soon as our full wealth ecosystem is live. Yes, we have plans to integrate it with other blockchains as soon as our full wealth ecosystem is live.

Q2 from Telegram user @ Drogon

Wow, I am impressed to see that in just 24 hours the value of $ WLT has risen by approximately 150% (today, March 14th). This tells me that $ WLT has been in high demand and community trust in the token, but do you think $ WLT could continue to rise? Do you think the community will continue to demand your token? What do you hope?

George:
We think that BSC is in a very early stage, Wealthlocks was the need of the hour as lots of investors were losing their money because of no liquidity lock. Wealthlocks is the only one on BSC that not only provides Liquidity lock but also team tokens lock. Next up we’re coming up with Wealthtools which will be a combination of Dextools+ Coingecko. We’re just finding solutions and real use cases. Price reflects itself.

Q3 from Telegram user @

Blanca

What are the BENEFITS of being able for each one of us to appropriate some of WLT tokens, is there any special incentive from a utilitarian and economic point of view?

Bjarne Hejl:
Yes, there is a 1% fee for every transaction that gets distributed to holders. Bonus events will also be conducted at specific intervals. Holders will also have a say in the governance of the Wealth ecosystem.

Q4 from Telegram user @ Nguyenthanh

Can you tell me how the Wealth Lock project get profit from to maintain your project? Is it from transaction fees? How much percentage did you charge fees for each transaction?

Bjarne Hejl:
We only charge .5% of the total funds that are to be locked. Our main source of revenue will be from wealth tools in form of advertising and other service revenue. It will be live within 2 weeks.

Q5 from Telegram user @ Tuvalunia

Which wallets can I connect with Wealth Locks?

Bjarne Hejl:
For now, the only metamask is integrated. Almost all the BSc chain wallets will be integrated into the coming week or so.

Q6 from Telegram user @ Rolex

What do you guys believe in more? Hype, technology, or organic growth in the value of WLT? I would like to know which of these options you have chosen for your project. What is the role of the WLT token on the platform and how do you plan to maintain the price?

George:
We’re building working products with real use cases and trustful technology which leads to the organic growth of the Project. WLT is the governance token of the Wealth platform and will be utilized for all the BSC focussed services to be built under the Wealth ecosystem. We’re building Wealthtools which will be our Major Revenue generating platform of around 200–300k. All revenue generated will be used to buy back WLT.

Q7 from Telegram user @ Li

One of the roadmap goals of Wealth Locks is the Wealth Launchpad for launching projects on BSC. Can you tell us an estimated date for the release of this Launchpad? And how will you make sure that the projects are legitimate and serious? Will those projects have to meet certain criteria to launch with Wealth? @BHejl @georgej20

Bjarne Hejl:
It will be launched by April — May. We will organize a complete team to review projects thoroughly. We r hiring and building our team on a continuous basis. They will check all the loopholes and grind the project teams as much as possible to give the community the best projects.

Q8 from Telegram user @ Magdalena

What benefits does a project get by locking its tokens? What difference does it make if they are locked or not?

George:
It builds investors’ trust which is the most important thing for the success of any Project. If the liquidity isn’t locked, it increases the chances of investors losing their money or the project can easily ‘Rugpull’. That’s why Wealthlocks is made to protect investors’ money.

Bjarne Hejl:
The project gets credibility and investors get confidence as and when team and liquidity tokens are locked for a project. N also projects get to be part of wealth ecosystem n they will be receiving support from us and also gets to use all our features.

Q9 from Telegram user @ Joxes | C R Y P T O W A V E

Pancakeswap website has recently been hacked, are you taking note of how to strengthen the security and reliability of the Wealth Locks ecosystem (smart contracts, websites, gateways) in the future?

George:
Yes, our Smart Contract is well secured and already Audited as we think that Security should be the first priority of any Project. You can check the Audit report here :
https://twitter.com/nightwatchaudit/status/1364768798943797250?s=21
We have a team member specifically for keeping full security on the Website and gateways. All the future Audit reports will be shared with Community.

Q10 from Telegram user @ Icy

Wealth locks allow developers who built projects on Binance Smart Chain to lock their team and liquidity tokens. So what is the first thing that we must do if we want to lock up project tokens in Wealth locks? What is the step-by-step guide? And how many fees did you charge to lock the token?

George:
You can check step by step guide on Our Website. Minimal fees of .5% is charged which will be used to buy back WEALTH. You can also check our Medium Article here https://link.medium.com/XYvdrR9tEeb

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.

For more information and future AMAs, join our Social Media channels:

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/

Our partners:
Telegram Community — https://t.me/wealthlocks
Medium — https://wealthlocks.medium.com
Twitter — https://twitter.com/wealthlocks
WebSite — http://wealthlocks.io

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