Telegram community AMA summary - June 2020

For those who missed our AMA or just want a read, this blog post is for you.

Dear community:

Welcome to the recap on our recent AMA held in our Telegram group. We would like to thank very much for the shown interest in the project and everyone’s support who participated in the event.

Introduction with TradeStars:

Darshan Bhalerao | Moderator:
Kindly introduce yourself Christian Hentschel & Gaston Maluendez.

Christian Hentschel | TradeStars:
Hi to all the TradeStars community! . I’m Chris, software engineer and entrepreneur. I love tech and I’ve been in the blockchain space for +5yr. Previous to TradeStars, I was working in the gambling and gaming space in different projects, such as Decent.bet and Decentraland.org. In 2015 I founded and grew a LATAM fantasy sports product and I got involved into crypto, back in 2012 in a friends/acquaintances dinner where we were talking about Bitcoin and the possibility of disruption for the financial sector.

Gastonmaluendez | TradeStars:
Hey everyone, I am Gaston. I’m an economist and I come from the Financial Sector. At the age of 23 I started my first startup in Brazil. It was a SAAS for the construction industry, which was sold. After that I stared a new startup in Argentina in the e-commerce space, which was also sold. TradeStars is my 3rd startup, and we are ready to rock it big time!

Darshan Bhalerao | Moderator:
For our new members, Can you tell us what your role is at TradeStars and what the project is about in a few simple sentences?

Gastonmaluendez | TradeStars:
We are both co-founders. Chris is responsible for the software development and marketing strategies, and I’m working on the fundraising and business agreements.

TradeStars is a Fantasy Sports Stock Market where users can trade digital assets that represent real-life sports performances. We are creating the “Nasdaq of Sports”.

Darshan Bhalerao | Moderator:
How are the plans shaping up for marketing + building a strong, core community which is essential for any project in the crypto industry?

Christian Hentschel | TradeStars:
Well, great question. We are placing many marketing actions in our socials around TSX giveaways. We believe we’re at the very initial stage where we’re also learning what our users want from TradeStars.

We believe the best marketing actions should be around earning and learning on how our utility token (TSX) can be used in the platform. Additionally, we’re also working on new features to reward our users with monetary prizes based on their shareholdings. For example their shares will pay off dividends in a daily / weekly basis, based on the real player performance for that period.

Marketing plan details are huge to detail here, but the new features and also actions with the real players (cricket / soccer / esports) are on the roadmap for the mid term ahead.

Darshan Bhalerao | Moderator:
Finally as we moved into 2020, in the short term what is TradeStars planning to achieve by end of year?

Gastonmaluendez | TradeStars:
Our main milestone is to reach 1 million users by the end 2020 and get the first 10 to 20 real cricket players as verified profiles in our platform. Also, we are working hard to enable Soccer and E-Sports soon after sports are resumed worldwide.

Darshan Bhalerao | Moderator:
How is the project development progress going? And what more we can expect from TradeStars?

Gastonmaluendez | TradeStars:
We are quite excited with the engagement we had up to now. More than 45.000 users in our community and about 22.000 registers, which in turn, 70% came directly from our referral program. We are working on our fundraising in several conversations with potential investors / VCs. When we get the deals done we know we are going to scale our operations quickly and reach hundreds of thousand users in the upcoming months.

Darshan Bhalerao | Moderator:
A lot of people were asking whether TradeStars was going to support Fiat or not?

Gastonmaluendez | TradeStars:
Of course YES!!!. FIAT is fundamental to reach a mass audience. We will start supporting FIAT deposits by late 2020.

Darshan Bhalerao | Moderator:
There are many projects that came into Crypto Space and many of them failed, how is TradeStars different from them?

Christian Hentschel | TradeStars:
We have implemented blockchain as the underlying infrastructure. All our assets, trades and transactions run on the public Ethereum + Matic L2 networks.

But, having said that, We are very aware, way before even started, that there are a lot of barriers that we should overcome in order to scale a blockchain based product.

We are focused to make the use of the product as simple as possible to our users while keeping the security, privacy and transparency levels that running on a public blockchain provides

We believe, playing TradeStars is like any other game, where our users don’t need to know about private keys, wallets, signatures, which we believe is the key to scale it massively

Darshan Bhalerao | Moderator:
Since TradeStars is Fantasy Sports Stock Market, how is it different from dream 11 and other fantasy games?

Gastonmaluendez | TradeStars:
Dream11 is a Daily Fantasy Sports (DFS) where users create their teams and compete against each other. TradeStars has a different approach. Think of it as a “stock market” where users can trade virtual stocks 24/7.

Darshan Bhalerao | Moderator:
Great, thanks for answering all my questions @chentschel & @gmaluendez, I’m unmuting the chat for our Community Members 🙂

Bellow are some of the questions we answered from the community AMA session:

Ross:
Q1. What would happen if the performance NFT lows its price because it is sold very badly, but actually the performance that was created for is excellent? How much would the price be increased?

Q2. About performance NFT, at launch time only a few exist, and the rest will be ‘unlocked’ how, and by who? What are the requirements to own a performance NFT?

Christian Hentschel | TradeStars:
If its sold badly, and has a great performance, you’ve just made a bad deal. The performance influences the price and will give you access to dividends and other future deals as a share holder. The price formula is dependent on the market demand, there should be calculated at the buy/sell time.

We’ll allow everyone to unlock the cards in the near future. If you unlock, you’ll be owner and get access to that NFT transaction fees (2.5%) per trade generated by its shares.

Hoang Nam:
Q1. Chiliz is token for sports,They have very good roadmap, My question is do you have a plan to have a partnership together? Or do you think they are your biggest competitor?

Christian Hentschel | TradeStars:
Hey @Hoang_NamV. I don’t think we’re doing similar things. We maybe allow Chilliz tokens as medium of payment in our platform in the future.

Alice:
Q1. 70% of fees from Performance NFT will go to the owner, what will be the distribution of the other 30%?

Q2. How long will it take to have 100% of the token supply circulating?

Christian Hentschel | TradeStars:
Hey @alice_wonderland12 nice question!. The other 30% goes to the platform, and the supply for the NFT fractions (shares) is infinite. You can find more details of the technical implementation and how this works in https://whitepaper.tradestars.app.

Rimjhim:
Q1. In this Lockdown time, No. of Users on the Platform will be Increased Rapidly, Isn’t it?

Q2. There is a scope of attracting Non-crypto people as well, How are you planning to do?

Gastonmaluendez | TradeStars:
Well not really, because we need of real sports to be out there. Prices of tokens in our platform depend on real performance of Sport Stars, so we expect to grow much more when sports are back.

Ashish Tripathi:
Q1. Why do you choose to focus on cricket other than soccer and basketball? How do you build the community around cricket?

Q2. Compared to traditional gaming, the blockchain gaming niche is still new & relatively small. Still, there are hundreds of Dapps & games built on blockchain networks. So could you share with us what TradeStars are trying to solve and build on the sports and gaming industry?

Gastonmaluendez | TradeStars:
We decided to launch on Cricket because it is a massive sport (number 2 in the world) and it it mostly concentrated in India, which is a country we love and we see has great opportunity for new startups.

We are building community working with marketing strategies related to Cricket fans and enthusiasts.

Christian Hentschel | TradeStars:
Hey @T_ashish08 . We’re doing a Fantasy Sports basing our infrastructure on a public blockchain. A new kind of Fantasy actually, where you trade stocks of your favourite players, and built / thought from the ground up on the strategic advantages a public blockchain infrastructure allow us. For example full transparency for the transactions, automated 24/7 liquidity on all trading assets, descentralization of the whole platform, don’t need for custody of the users funds and assets to name some.

Bhaskar:
Q1. How do you adjust the relationship between price and supply of NFT Performance Cards?

Q2. Is it possible that smart tokens and reserve tokens will be affected by price fluctuations? Could there be sudden price fluctuations? How do you ensure stability in prices?

Christian Hentschel | TradeStars:
Hey @ItsBhaskar. The NFT is unique. It represent a lifetime performance of a sport athlete in the real life. The price fluctuates for it fractions based on the total supply and influenced on that NFT performance according to the punctuation rules (https://tradestars.app/rules).

Lanre Akorede:
Q1. Why TradeStars wants to works on blockchain like there are already so many successful fantasy sports platform on web so why TradeStarts want to bring blockchain in it?

Q2. Which types of benefits blockchain serves to users?

Gastonmaluendez | TradeStars:
Probably the most important advantage blockchain gives TradeStars is that it enables our users to be the true owners of their digital assets. We think this is the future. No need to trust, just verify!

Ashish Tripathi:
Q1. Can users create new tools in TradeStars? Do you care about developers?

Q2. Can you provide information about the economic incentives and competitive environment you plan to provide for users and developers?

Christian Hentschel | TradeStars:
For the 1st question is YES!. A lot! We, have not yet released an API to build on. If you have any ideas or suggestions for this please reach out.

For the 2nd one, the economic incentives are built into the foundations. Every time you make a buy, theres a price fluctuation you can benefit from. A percentage of the transactions goes to the NFT owner (this means if you are owner of the NFT you would be keen to promote the transactions of it shares), and also as a shareholder when you get dividends from your holdings, or access to special competition tiers (more on this in late 2020)

Richardo Pascual:
Q1. We all know that you want to built next generation fantasy sport game where we can buy or sell, also, trade digital assets , also trading can be done, But as we know while trading liquidity is major problem !. So tell us that how you bring liquidity in TradeStars platform?

Gastonmaluendez | TradeStars:
We are a decentralized exchange where 100% of liquidity is managed by on-chain smart contracts and the users. You can find more on this here: https://whitepaper.tradestars.app/

Mayur Rane:
Q1. How is TradeStars implementation was influenced by the ideas behind Bonded Curves and Smart Tokens concept in the Bancor protocol?

Q2. Why is TradeStars called Fantasy Sports platform?

Christian Hentschel | TradeStars:
For the Q1, I would say a lot. Bonding curves specially. And to answer the second, It’s called fantasy, because you play with real world assets. The definition comes way back like 50 yrs. 🙂

Thanks a lot to all of our community fans. It was a great experience to answer you guys all the amazing questions about TradeStars.

Edited by : TradeStars.