YOP x Satoshi Club AMA Recap from 20th 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 YOP and our guest was Atif Yaqub, Founder of YOP. The AMA took place on 20th December.
The AMA session was divided into 3 parts with a total crypto reward pool of 888$
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
Gold Rocket | Satoshi Club: Hello, dear Satoshi Club!
Today we are present to your attention AMA with YOP!
D. | Satoshi Club: hello Satoshi Club!
Gold Rocket | Satoshi Club: And our guest is @AtifYaqub!
D. | Satoshi Club: @AtifYaqub welcome to Satoshi club!
Atif Yaqub: Hello everyone. Great to be here. Thank you for hosting YOP.
Gold Rocket | Satoshi Club: Thanks for joining.
To be begin with, please tell us a few words about yourselves and how did you get to be involved in crypto & YOP.
Atif Yaqub: Hi, I am Atif Yaqub, Founder of YOP. Have been active in the crypto space for over 4 years now. Started with mining, moved into investing and over the years supported various projects. We are based in UK with a global team. YOP came about from my personal frustration of most products being geared toward technically capable users. So we decided to create a more user friendly environment but at the same time stay true to the crypto values.
D. | Satoshi Club: thank you! and could you tell us briefly, what is YOP?
Gold Rocket | Satoshi Club: And this is a very correct decision, I think!
Atif Yaqub: YOP is a yield optimization platform & protocol. All-in-one yOptimization application that makes it easy for everyone to access DeFi. Giving you control, custody, insights and flexibility directly in one single application.
Our platform brings together all the tools and our protocol brings together all the access to contracts and pools. All powered by our token $YOP.
Gold Rocket | Satoshi Club: The crypto world is becoming more accessible and creating understandable services for ordinary people is definitely the right direction!
Thanks for the intro! Would you like to add something or can we start with the questions of part 1?
D. | Satoshi Club: more simplicity in DeFi this is what we need
Atif Yaqub: Lets go to questions.
Q1 from Telegram user @b_dima
Your maximum supply is 88,888,888. The reward for the AMA is 888. I see that you work around this number
Do you think it will bring luck to your project? It is also a symbol of efficiency and prosperity
Atif Yaqub: Numbers are really interesting no doubt. They have different meaning for different people. When we did our calculations it was close to 88, so then I thought if we going to have 88, better it is eight 8, and we arrived at 88,888,888. Now everything stays interesting as you divide that. So we also have cool numbers, 2222, 1111, 888. Keeps it interesting!
D. | Satoshi Club: magic of numbers
Gold Rocket | Satoshi Club: Interesting theory!
Atif Yaqub: Open to interoperation for everyone. That is the best part.
D. | Satoshi Club: and of course you have decimal 8 in your Ethereum contract?
Gold Rocket | Satoshi Club: Tell us please about your tokenomics btw @AtifYaqub
I’m sure there was some magic
Yes for sure. So the best part is $YOP is engineered to be deflationary. Our yPlatform and yProtocol make use of the token and withdraw supply from the market. We also have staking, rewards and a buyback plan for token burn. The initial circulating supply is below 10m tokens. We have also kept the token sale price flat at $0.05 for everyone so it is a level playing field.
We have 3m tokens locked from the initial supply deferred by our intuitional investor for delivery at 18 months.
It is great to have longterm partner like Pires, who is listed on the London Stock Exchange supporting the project.
Gold Rocket | Satoshi Club:Yes, I read about it on your twitter. Could you tell us more about this?
D. | Satoshi Club: your token sale already happened or you preparing to launch?
Atif Yaqub: So early on we were approached by this institutional investor, who really had growing interest in the crypto space. We went through a 7–8 week process of due diligence and technical reviews. The idea behind having such a partner is 1. makes the project very strong from the start, being verified (no rug pulls here) 2. gives us long term growth options to raise more capital when we want to scale up. Our hardcap is only $533k, the plan is to deliver our first version, build a base and the grow from there. With proof of product rather than raising huge amounts at start and then not delivering.
Most of our token sale is complete, we have a small allocation remaining which will be launched on a platform in January. More details coming soon. Join our TG Chat for the latest. @YOPfi
D. | Satoshi Cluba: wise approach
got it! thank you!
appreciate for answers! ready for the next question?
Atif Yaqub: Ready.
Q2 from Telegram user @bitcoinistic
You mention that the current applications are poor and generally have limited features with one or two core functions. From all your research and testing none come close to a premium user experience.
Now this is interesting but I would like to see some proof. Can you share with us some of your analysis of your competitors?
We have a 56 page report that we published on our Medium blog. Link :point_up_2: You can review details about the competitor platforms there. In terms of our protocol competitors, it is widely known today all the DeFi protocols are single function, like AMM, Stables, Lending etc. Look out for our protocol paper coming soon which outlines our plans for the DeFi Super Protocol.
Gold Rocket | Satoshi Club: Wow! Detailed enough analysis!
By the way, have you done an audit of smart contracts?
D. | Satoshi Club: thanks! i think people will find there all answers about this topic
Our current smart contract deployed for the token is fully audited. 100% all other contracts we deploy will also be audited, tested, reviewed. Customer safety is very important.
Please be careful as YOP has grown in popularity there are many fake channels and tokens now being promoted.
Always verify and double check!
Gold Rocket | Satoshi Club: Thanks for the answer!
Do your users need to pass KYC?
Atif Yaqub: The yPlatform is non-custodial so it will be open to everyone. If they chose to use the fiat on-ramp then the 3rd party provider may have some elements of KYC. The rest no.
D. | Satoshi Club: understood, good to know such a things
Gold Rocket | Satoshi Club: Can we proceed. Or you want to add something?
Atif Yaqub: Proceed.
Q3 from Telegram user @Tommyramble
How are the farms selected? You say that the optimization protocol gives access to the best farms, but how is this list of farms created?
So there will be various parameters for this depending on what the customer would like to choose. For us “Yield” is everything from holding an appreciating token, earning reward in an AMM pool, or farming tokens. So the novice user may just want low risk easy access. Select an APY and lock tokens. Others might want to chase APY at high risk. There will be options for everything. Customisable and as the version develop we add more features.
Gold Rocket | Satoshi Club: Sounds good
D. | Satoshi Club: and when we will able to try all this diversity?
Gold Rocket | Satoshi Club: What do you personally plan to use from the proposed options?
Atif Yaqub: We have been in development for a few months now. V0 releases Q1 2021 — we believe something around February time. The first version will not have all functions but we have designed our architecture so that it is capable of handling all the add ons. V0 will give you a flavour of all 5 products shown above and let you engage the markets. Then we slowly start layering on more features, so the new customers are not overwhelmed.
Big fan of our “Emergency Button” this allows you to withdraw at an instance by front running TX when there has been a big move in market or vulnerability found in a contract. At these times speed is important.
D. | Satoshi Club: oh, this is really cool
Atif Yaqub: YOP is cool
Gold Rocket | Satoshi Club: Thanks for sharing! I’ll take it on board!
Can we jump to the next question
Atif Yaqub: Lets go
Q4 from Telegram user @Arisabela
YOP has a sofisticated Protocol to compile data from exchanges, block explorers and networks. It says in your website you use artificial intelligence to identify the hottest trends. What kind of AI technology do you use? How is it profitable and how much funds do you destine to it?
Atif Yaqub: Good question. So each of our 5 products are being built to a robust level that they could easily be stand alone products in an app. The question here is about our SMA:tm: (Smart Market Analysis). As data of wallets, tx, movements is all open on block explorers we are using machine learning and data harvesting to collect this data and identity trends with Artificial Intelligence.
This can highlight how many are holding which token, how long, prices, movement, volume and customer sentiment. Something which has lacked on market data websites to date. It will be built overtime and as mentioned we will raise more capital after V0 to scale up production too. Our partners our looking at the 3 years ahead and we have a long term outlook to grow YOP.
Gold Rocket | Satoshi Club: This is a very large amount of work! how big is your team for release this
D. | Satoshi Club: thank you for answer! by the way are you planning to reveal your code? or maybe you already did? can we see it on github?
Atif Yaqub: We have 12 now but that will grow as time goes on. Its not always about how big though, but important to have quality too. You can hire 100 people but they might not build anything, while 10 good team members do magic.
Gold Rocket | Satoshi Club: As far as I know, this is an international team and there are my compatriots from Ukraine
Atif Yaqub: Some of the protocol stuff yes, other stuff will remain private unless we decide to move into foundation model. We will look more into that in Q2 2021.
D. | Satoshi Club: got it! thanks
Atif Yaqub: You have to search the world to find the best.
Also launching in covid time it made sense to structure the project in a different way. No more offices. Fully decentralised.
D. | Satoshi Club: indeed!
Q5 from Telegram user @yellowchamp
The circulating supply of $YOP should remain relatively low and early on we see $YOP becoming a deflationary asset. In fact, our projections show deflation of between 12% and 15% in the later stages of the project. For those newbies in crypto, can you explain more about the deflationary asset? How did you come up with an advance idea that $YOP will become a deflationary asset? What is your basis of having this projection in the future? If this projection will be true, what is your advance plan in giving a solution with this deflation?
The basic meaning is rather than more tokens coming into circulation (normally leads to sell pressure) there is a withdrawal of tokens from supply (usually leads to buy pressure). Our economic modelling shows as users grow we reach these figures. Our protocol & token paper due out soon will go into more details on this too. We have a dedicated economist who has helped model this projections.
Gold Rocket | Satoshi Club: It is very difficult. Thanks for clarifying.
Atif Yaqub: Another way to put it — more users less tokens. More demand.
D. | Satoshi Club: this is perfect explanation for newbies
Gold Rocket | Satoshi Club: Thanks! Do you want to add something? Or move on to the next question?
Atif Yaqub: Roll on…
Q6 from Telegram user @konditer_rolex
You have created an aggregator platform exclusively for mobile phone users. Why exactly these gadgets? Dislike of office clerks or an attempt to adapt DeFi products deeper into society? But then I have a question, how many languages does your application support? Is there a translator (dictionary) from technical language to human? can my mom figure out how to stake a YOP token?
Atif Yaqub: Multiple good questions.
So firstly all big tech companies today now design for mobile first — even if they launch web first. This creates a better product as the mobile restricts you to only put in what is necessary — where as web you have so much space to play with things can get messy fast and UX/UI not so good.
We will follow up after the mobile version with a desktop and tablet version.
In terms of languages if you look at our roadmap — multi lang support will come. As our community grows we will see which other languages have the most demand to add.
In terms of your mother being able to use the app. I hope also everyone grandmother can use the app. That is how easy and informative it should be. With labels and education resource for new comers.
D. | Satoshi Club: we will hope our parents can gain some decent profit through yield farming, mining and maybe lending by using YOP
Gold Rocket | Satoshi Club: I don’t know about Rolex, my mom is very progressive:grin:
I dream of teaching her crypto!
Atif Yaqub: We welcome them all.
Part 2 — live questions from the Telegram community
Q1. from Telegram user @Gutike95
Does the platform have a SCAM token checking system? or will it just append all available tokens in uniswap?
Atif Yaqub: This is why we included market data within the application. So that you can have all the relevant information on hand. From here we will start grading tokens and giving insights where to be more cautious.
Q2. from Telegram user @cengizhantekin
Is yProtocol a fork of an existing protocol or have you prepared it from scratch?
Atif Yaqub: Our own proprietary mechanism. Initially it will speak to other DeFi protocol and then we will start to grow our own liquidity. So its a mixture really.
Q3 from Telegram user @jerryziz91
As a concept the Multi product Support sounded rather fascinating. Which kind of products can it generally support and what are the benefits of the mechanism for the users?
Atif Yaqub: The core benefit is not having to leave the application. So right now imagine when engaging DeFi protocols. You check price in one place. Swap in another. Then make a pool. Then stake. Then use another provider as wallet dashboard to see what is going on. Too much headache. Now imagine having all of that in one application.
Q4 from Telegram user @KeymerS
I understand that you plan to integrate YOP into the 7 different networks, that’s great, but on which exchange platforms do you plan to list it with each of those chains?
Atif Yaqub: We will monitor where the best products are being created and implement these into YOP. This is a long term vision and the market is always moving so we have to follow and see where it goes. Ultimately we see YOP becoming the launch platform for new innovations in DeFi and other products as our community grows.
Q5 from Telegram user @Boylut
Regarding YOP on-chain governance, what kind of proposals customers could put forward and how do you aim to encourage users to actively participate in the governance of the platform, will there be incentives for doing so?
Atif Yaqub: Yes we have built incentives for staking and governance. This creates longer term token holders and therefore a more smoother governance process. We will publish the formula in our protocol and token paper.
Q6 from Telegram user @paul_adebayo
How do you intend to attract community members to your $YOP platform. Any reward or incentives for users of your platform.
Atif Yaqub: Good question — details on the YOP Diplomat Club coming very soon. Stay tuned. Come Earn $YOP. @YOPfi
Q7 from Telegram user @winterkom
– How much participation do YOP’s private investors have in the management of the project? Do they have a say in the conduct of changes to the YOP protocol?
Atif Yaqub: We have chosen investors who are long term partners. They will support the project in various ways. So yes they will have active input and we also welcome community feedback and ideas.
Q8 from Telegram user @ ThinhLe1219
Hello Mr. @AtifYaqub What do YOP want to achieve through the AMA with Satoshi Club today?
Atif Yaqub: We want to share our project, welcome the Satoshi Club community to YOP and hopefully reward the active participants along the way. Welcome to YOP!
Q9 from Telegram user @konditer_rolex
You synthesize data from all liquidity platforms into one application, and the application becomes a combine of DeFi tools. Farms, swap, wallet, etc. This is all cool but my phone has 3 GB of RAM and not very many cores.We don’t need Large Hadron Collider for the app to work properly?
Atif Yaqub: With the latest technology and new architecture we can create a faster and less CPU intense application. So don’t worry you will not need super computer to run YOP! :smiley:
Q10 from Telegram user @Tomekruz
Who can benefit the most from the tools you provide at YOP?
Atif Yaqub: Our logo should answer the question. Newbie and advanced alike…
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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