SATO AMA RECAP GAINS CHAT
On Monday, April 12, SATO conducted an AMA in Gains Chat Community. The guests were Luke Montaine, Chief Strategy Officer of SATO Token, and Blues Qin, CTO of SATO. Let’s take a look at the most interesting points from the Conversation.
INTRODUCTION
Ayeley Commodore-M: Let’s start by hearing a bit about you. What did you do before crypto and did you have any other previous venture in crypto?
Luke: I studied economics at the University of British Columbia in Canada and I have been involved in the capital markets for over 15 years in various capacities including the roles of the investment advisor, corporate development, corporate finance and I organized fundraising for many venture capital and private equity situations. I have had extensive experience in structuring, financing, and sourcing assets for various public and private companies.
I have always been very interested in cryptocurrency and this year we decided to take a close look at the crypto market and we have made 2 investments in blockchain-powered businesses.
One is a tokenized e-Commerce loyalty platform called “iCashRewards” with over 500 top brands in the world. Their loyalty points can be redeemed as USDT or SATO.
The second investment we have made is a new NFT art exchange called “The Art of Teaswap.” There will be over 100 artists join the TSA platform including a world rewarded artist from China, Cao Jun, and the other one from the UK, Sir Peter Blake, the godfather of pop artists. SATO will also be one of the payment choices on TeaSwap.
I am the Chief Strategy Officer of SATO CEO at Roadman Investment Corp. I am in charge of strategic partnership planning for SATO. I learned most of my crypto knowledge from Blues, he is THE most knowledgeable person that I know when it comes to cryptocurrency.
Blues: Hello everyone, I am Blues
I started to know Bitcoin In 2011 Dec. I visited a game website about the world of warcraft. I saw on the news that a boy from US had used all his money to buy bitcoin. His mom was so angry and told this story to the public as a bad case. She wanted teenagers could stay away from playing TV games. I didn’t really pay much attention, I thought bitcoin was only a type of game coin. But two years later, I found another news that an organization had received bitcoin for earthquake relief work. I noticed that it was not a game coin, it could solve some problems in the real world.
At that time(2013), I somehow felt that this Bitcoin thing was no longer a toy for internet-addicted teenagers, it should not be as simple as I thought it was.
As a computer science graduate, I researched the fundamentals of Bitcoin overnight and found that Bitcoin consisted of a very large system, including cryptography, sociology, economics, and game theory, and its existence was of great significance.
But unfortunately, I lost half of my Bitcoin in the MTGOX incident in 2014. However, I did not lose faith in Bitcoin. Instead, I started to research on the safety of the technology of Bitcoin and launched an enterprise-level hot and cold wallet solution in 2015. Some Canadian companies asked me to help them with a Bitcoin payment system. So I startup Yesbit as a bitcoin consulting tech company. Yesbit joined the incubator “Communitech” in Waterloo at the beginning stage and then moved to Toronto.
ABOUT SATO
Ayeley Commodore-M: Tell us, what is SATO about in a few simple sentences? And what problems are you looking to solve in the crypto space?
Luke: sure I will take on this one. Since I am not an expert when it comes to the blockchain technology behand SATO, hopefully, I will be able to explain it in a simple way
SATO is an algorithmic rebasing token that is based on the Ampleforth algorithm but with cross-chain function and layer2 solution. SATO is neither fiat-backed nor collateral-based. It is purely algorithmic and relies on market forces of supply and demand to maintain its price.
Every day there will be supply adjustments depending on the price of $SATO. These adjustments are called rebases.
For example: when the price of the token goes above 1 dollar, the total amount of the token increases. (expansion) when the price of SATO is below 1 dollar, the total amount of the token decreases (contraction)
Although the total amount of token changes, the overall percentage of the network owned by a user remains the same. As more people join the ecosystem, the market cap gets bigger.
There has been a lot of stable coins in the crypto space, but a lot of them either back by fiat or some other 3rd party, which puts a lot of risk on the token itself
there has been some algorithmic token as well, but none of them are as simple and elegant on the algorithm compares to AMPL
We have adopted AMPLbut made lots of improvement such as our layer2 solution, crosschain solution and we did not have any private sale( which is huge to the community — much fairer)
This describes our tokenomics
Ariana: SATO has no gas fees at all according to your website, how do you achieve this and at the same time keep the sustainability of the project? Where do the funds for the maintenance and development of SATO come from?
Blues: You still need to pay gas in the Layer1 transaction (Out of Layer2). But there will be no gas between Layer2 accounts.
Ms: SATO has an App that integrates with Metamask. Is your platform simple enough for the non-crypto users to play with no problem?
Luke: Welcome to try the SwapAll app which can be downloaded at swapall.io. It is the easiest way to interact with DeFi
Maria Fuentes: You point out that SATO is an algorithmic stable coin easy to use for investors of various levels, does that mean that with it everyone can easily profit?
Blues: You may get profit as rebase system. For example, you hold 100 SATO with 1 U cost, 1 week later you may have 110 SATO as the inflation rebase. (If SATO price is more than 1U)
You will get profit by both prices and rebase
Twitter user @Isa05962747: SATO aims to combine the best elements of centralized and decentralized technology. Can you tell us what exactly are these elements and why did you decide to incorporate centralized features on your platform?
Blues: SATO will be the first token listed on Swapall Layer2 platform.
By using Swapall Layer2 tech, you will have no gas fee when you deposit or withdraw your liquidity LP in the Swapall platform.
Luke: The goal for SATO is to become a layer2 platform that bridges the gap between DEX and CEX, which means SATO can be used by users on Binance and users on UniSwap.
In addition to what Blues said, Yesbit team created a dApp back in 2018 called yesbit.pro, which was a decentralized binary options platform that enabled people to bit on the fluctuation on the price of bitcoin/eth/usd, etc. But the adoption was not very well because of the market. Then last year they made the SwapAll app and it was a huge success because it’s very easy to use
Just one thing about Yesbit team and the Ethereum team, Yesbit’s team used to be located on Spadina Street in Toronto, which is next to the L4 team (who was working on the layer2 solution for eth)
Twitter user @Romadel33: SATO has no gas tariffs and provides faster settlement. How is this possible. How do you achieve this quality so important to the DEFI world, what is your technology based on, and what are the limitations to zero gas usage, or are there none?
Blues: SATO will be the first token listed on the Swapall Layer2 platform. Based on Layer2 technology, there is no gas fee when you deposit/withdraw the LP token in the Layer2 platform.
We have strong technology on Layer2 solution including Layer2 Oracle and Layer2 trading system.
KYC: What information do you have to give us about your Partnerships, relationship and how would it be of value to the SATO project?
Luke: please refer to the announcement that we made a couple of days ago.
FINANCES
Ayeley Commodore-M: If there was no private sale how have you supported your activities so far? Has it limited you in any way? And will you have any future raises?
Luke: SATO is a joint venture between SwapAll AMM Exchange and Roadman Investment Corp. There hasn’t been any fundraising for the project, instead, all of the development costs were covered by the 2 parties. (SwapAll and Roadman) It’s very much like the relationship between Tether(USDT) and Bitfinex, but when it comes to the token itself, SATO’s price is determined by the supply and demand of the market, instead of being backed by fiat money like Tether.
We are not going to do any public raising for the token because we think the best way to attract users is to give everyone equal chances in obtaining the token. With airdrop and liquidity mining, everyone gets the token at the same rate. It’s not like ICO when the venture capital has much cheaper prices when they invest in a project, which is not fair to the secondary market investors.
Ayeley Commodore-M: Can you expand on the airdrop? How does one qualify for it? Is it still running or it is too late now?
Luke: SATO will be airdropped to the DeFi community. Whoever held badger/DIGG, AMPL, or donated to Gitcoin before March 25 (the snapshot was taken on this date) will be able to claim their airdrop on our website.
SATO is also available for mining on our partners on lavaSwap from HECO and BurgerSwap from BSC, as well as on SwapAll AMM exchange. On SwapAll you can use ETH, USDT, SAP to mine SATO.
Twitter user @meml1997: When I was looking for information about your airdrop I saw quite a lot of people worried about the fact that users have to sign a transaction before claiming the airdrop. Can you tell us more about this? Why is this needed?
Luke: Signing a transaction before claiming the airdrop is to give us the authorization to verify your address is on our whitelist. It is a very common practice in the DeFi space and there won’t be any exposure of your private key. We are using a similar web3 signing method as MakerDAO does.
A lot of people have concerns about this because they are not very familiar with how the layer2 project works. The airdrop website asks you to sign a message, not to sign a transaction. so that is why no transaction fee there. Also rest assured, Metamask will keep your key safe when signing any message
This is a common function in Metamask without any risk.
BUSINESS DEVELOPMENT
Ayeley Commodore-M: What stage is the project at? And what should we look forward to in the coming months?
Luke: The airdrop is going on right now, also the liquidity pool on SwapAll will start on April 15th. and people can go to SwapAll’s layer 2 website for liquidity pool staking. (3 million/60% of the total supply)
Currently, the SATO token is ready for rebasing on 3 different chains, Ethereum, Binance Smart Chain, and Huobi Heco Chain.
Here is our roadmap for the upcoming dates
SECURITY
Dayo: I saw that you passed your security audit done by Beosin with flying colors. Do you have plans for future audits to make the platform even more secure?
Luke: We are talking to some other audit firms in North America and please stay tuned for more info on that
Kenan Yılmaz: How secure is your smart contract and have $SATO you controlled it through any other party except you?
Blues: Please check our audit report.
CONCLUSION
It was a pleasure having you in our group today, Luke, Blues, and Baldwin. Anything else you’d like to say? Where can we follow you to stay updated? — Ayeley Commodore-Mensah from GAINS
Thank you Ayeley for organizing such a great AMA event! Thanks very much to all the GAINS community members. please feel free to follow us on Twitter, Medium, Join our Discord, and don’t forget to claim the airdrop if you are qualified.
Also, come check us out on SwapAll after April 15 for our layer 2 liquidity pool farming! THANK YOU! -Luke Montaine from SATO
Thank you, everyone.— Blues from SATO
Follow Us
SATO official website: https://sato.trade/
SATO official Twitter: https://twitter.com/SatoToken
SATO official Discord: https://bit.ly/3cnsdgw
SATO official Telegram channel: https://t.me/sato_announcement
