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The Future of UpBots AMA Recap

Last Friday, Neil and Ben hosted the Future of UpBots AMA to give our lovely community the chance to ask questions and give feedback.

We receive many great questions regarding the current state of the platform today and where we are looking to take it in the future. Check out all the Q&As below.

Q:
Hey folks, love the project and cannot wait for the launch! Do you have plans for almost a supermarket of user-generated (and approved of course!) bots which customers can choose from? Maybe their favourite Twitter TA expert or YouTube trader?

A:
Yep. We want to have as large a market place as possible and always with a high level of quality. If the strategy is based on an algo, and it is good, we can add it and we count on you to propose it to the Youtubers you follow. If it is based on his analysis, we will do everything to have it in “social copy trading”.

Q:
What’s your plan to get people to use Upbots? Partnerships or sponsorship with recognized traders who already use the platform?

A:
OF COURSE !!!

The goal of UpBots is to have dozens of bots obviously while keeping a high level of quality. And following the campaign to attract algo devs, we received a lot of requests.

I can assure you that new algos will be added soon! I keep in mind FTT !!!

Q:
Are you planning to ask the KuCoin team to add support for the BSC or SPL version of $UBXT?

It wouldn’t be bad to be able to withdraw through blockchains a little more honest than Eth(fees)reum?

A:
Thank you for the kind words

We are in contact with KuCoin and FTX to see how we can enable the withdrawal of tokens on BSC. It’s a bit of a complex process on their side and for FTX, they are not ready yet. That’s why we decided to work first with André Cronje (from Yearn, anyswap, fantom, …) to get the bridge.

But we will do everything to make the process as easy as possible!

Q:
How do you plan on tackling the issue of a potential lack of trust in bot/algorithm technology that the new/novice trader may have?

A:
Transparency is key and always will be. Blockchain offers that, and we want to move in that direction. That’s why UpBots is closely linked with this technology.

They will be able to see the trades, have the assurance that the team chooses the bots on solid and accurate bases.

After, a bot remains a bot. Making profit is an objective, but losses can still exist.

We think that not charging them until they have made a profit is a very healthy way to prove that they can trust the bots.

If they don’t make a profit, nobody will.

Q:
Marketing is a central element for a successful project, What is your strategy to attract new users and investors to UpBots and keep them long term?

A:
I think I put together a somewhat high level but the comprehensive answer to this the other day. In summary our marketing strategy is now about the commercial launch which is coming up in a couple of weeks.

That will be fun. We have an NFT scavenger hunt type competition for you guys which I’m hoping will be interesting for anyone who likes to game/figure stuff out. Influencers, coingecko ads, and lots more marketing activity to get the word out.

After the launch we will go to more of a user acquisition marketing strat because if we get lots of happy users, UBXT and our token economy will work all by itself 🚀

Q:
What will the UpBots team do to attract new users to the platform? In the opinion of the team, where is the heart of the project?

A:
This is a very, very broad question, but we have a lot of options and we are finding that we are doing better than expected.

We were banking on 600 users at launch. We are already over 3000 and every day we have almost 50 new subscribers.

This is thanks to our partnerships, our tokens, and the incredible effort of our marketing team. Thought for Neil, Daniel, Bulent, Zor, and all the others who are working in the shadow

Q:
There’s already access from Upbots to DeFi in the Ethereum ecosystem. Will UpBots support on-chain automated trading on Serum DEX / Solana eco-system in the near future? Are you looking to collaborate with Mango, Oxygen, Orca, Raydium etc?

A:
we want to be blockchain agnostic for the interface and for the token.

Having automatic bots on the blockchain is a challenge, but that’s where we want to go and one of the reasons we had to open up to BSC in the first place.

Solana will potentially be an option as well. A mix between: community adoption and possibilities offered by this blockchain will always have to be found.

Q:
Why it shows only 623 holders on etherscan? Thank you

A:
This is the number of people holding UBXT on an on-chain wallet.

This does not include all users with UBXT on an exchange like Kucoin or FTX. These are all under the single exchange account and number in the thousands.

Q:
Currently most investors only care about profits at the moment but ignore the long-term benefits. So can you give them some advice why they should buy and hold ubxt token in the long term?

A:
We haven’t even launched yet, we have 5x more users than originally planned at launch and we have an extremely strong tokenomic.

Especially since we will have gradually burned 50% of all UBXT…. so for the same market cap, this means that each token will be worth 2x more….

I obviously can’t give financial advice on a product we have, but I expect to keep my tokens for a long time to come.

Q:
Will @UpBotscom filter which companies / influencers can offer their bots on UpBots platform? Or everyone will be let in?

A:
I’ll take this one. We want to encourage as many people as possible to create their own bots. We will have a Create Your Bot interface and an interface called Algo Lab for just those purposes.

BUT we have to also think of the greater good when it comes to users. So any bots that go live on teh system and are available to the community on a perf fee rental basis will have to go through rigorous backtesting by the team to ensure quality.

Q:
How many active users of Upbots do you expect in the next 12 months?

A:
We are currently at what we hoped to be in 1 year … so the future looks even more beautiful than we thought.

If we currently have over 3000 users, we hope to easily reach 10,000 users by the end of the year. That’s the new internal objective.

Q:
What is the main mission and ultimate goal of Upbots? Which part of the project is YOUR TEAM focused on at the moment? Which ones are most important to you in growing your community and increasing the value of $ubxt?

A:
The ultimate mission of UpBots, for the coming months and years: to have an interface that will allow newcomers and experts to evolve serenely. This requires a system of performance fees only and maximum decentralization. It is not easy, but it is the progression we want!

The part we are working on the most? The whole interface, and especially finishing the testing of the “performance fees system”. It’s extremely complex, we’ve added virtual debts or virtual credits rules to have the most honest system possible, but developing what we want is a huge job, even if you don’t realize it. Fortunately, we are getting to the end of the testing.

Q:
Hey love the platform! What do you see as the top 3 challenges for UpBots to achieve their goals over the next 12 months?

A:
A giant bear market would be detrimental to all early crypto projects. Other challenges would largely come from outside of the things we know about right now IMO.

Q:
What is the main mission and ultimate goal of Upbots ? Which part of the project is YOUR TEAM focused on at the moment? Which ones are most important to you in growing your community and increasing the value of $ubxt?

A:
for the third part :

Our KPI is first and foremost to see the satisfaction of our customers on this demo. If they are happy they stay and use it. If they use it, the token will go up, etc…

But our only priority is to be sure that we meet the users’ needs and that we deliver what they expect.

Q:
Will there be a swap function in the future too swap your assets easily between crypto, forex and commodities? Everything combined into one swap function? 👀#FutureofUpBots @Ben_solfin

A:
we already have a swap system based on our partnership with Dex.ag. This feature will evolve a lot and if you have specific suggestion for it, let us know 😉 you can share that with @Zor888

Q:
Hi guys, my question is in two parts:

Are there any plans to sponsor a football team in the Premier League? UpBottenham Hotspurs sounds pretty good to me., for example.

When the commercial launch happens, will there be a waitlist in place or do you expect that users can sign up and trade immediately?

A:
1- you talk about the spur for the number of belgians they have in it ? Because that’s the way to talk to me 😃

2- No waiting list. The idea is to bring the platform as soon as possible, as long as all our security tests are ok.

Q:
Hey love the platform! What do you see as the top 3 challenges for UpBots to achieve their goals over the next 12 month?

A:
Thanks Jake!

The first challenge is to be able to stay up to date with the latest news. This requires a lot of flexibility because the crypto market is evolving extremely fast. Like BSC, we have changed some of the plans and allocated a lot of resources to go there and install the necessary on the interface. And we’re still working on it. Certainly new things are coming and we need to be ready to use them.

The second thing is the systemic risk of the market. Both for cryptos and regulation (but we made the choice to be in Switzerland where the regulation is already done and solid) as well as for a drop in the market and less efficient bots. But there too, go on the forex or commodities, have short / long, etc … our solutions are many.

The third, continue to make sure to always have the highest level of requirement and continue to listen to you. I hope that if one day you realize that I don’t listen to you anymore, one of you will come and remind me ;-) because that’s how we work.

Q:
Where do you see UpBots in 5 years time?

A:
I don’t know if I should say that but … our goal is to become better and more famous than eToro, with tools that are 100x more advanced

Q:
What measures are you taking to protect users from hacking attempts?

A:
We have a range of security on the platform. Let me break down some of it for you:

1) 2fA — Set this up and it makes your login much more secure against attack

2) Encryption — all API data (when you paste it into the interface) is immediately encrypted with what amounts to military grade protection.

3) API access limitations — funds cannot be transferred out of your account by API unless you set that up. Right now that dramatically reduces the attractiveness of UpBots as a target to hackers because they wouldn’t be able to get capital out, only trade it into other assets.

4) Our UBXT smart contract has now been audited by at least 2 (maybe 3) different auditors. Each CEX you list on requires you to get your contract audited by a company they know. It’s passed both times with flying colours!

Q:
On which possible exchanges will UBXT be listed in addition to the current ones?

A:
This is a tricky area. We’re not allowed (regulator) to speculate on this and we’re also not allowed to tell anyone early (exchanges themselves). So there’s nothing we can really say to this most frequently asked question. Sorry 😞

Q:
What’s the program after August and the end of the staking for loyalize investors?

$upbots

A:
very good question.

The staking will continue and … scoop: it will be added to our interface very soon instead of UBXG.

We listened to the community and decided not to launch UBXG, even though the development is finished. This will be done by staking UBXT and LP-UBXT!!!

We will take care of the reward. All this is done for the better, with the goal of having an even stronger UBXT.

The staking will allow to win UBXT, but also to have access to “community bots”, algo resulting from partnership with projects with which we work (like Avax which should arrive today or Monday)

Q:
the videos should be every month (the deck is done, I’ll make the video this weekend), and the AMA, if you like it, we could do it 1 or 2times a month for sure 😊

A:
How often do you plan to hold these updates ?

Q:
What is your plans for Forex Markets in the future ?

A:
the plan already evolved since we see the evolution of blockchained assets. So we planned to move to traditional market but depending on the evolution in the coming months, we could change the plan. I mentionned the need of flexibility, that’s what i was talking about.

We will first finish the crypto side, and then move on the the forex 😊

Q:
I would like to know with the UpBots team on which rocket launch base will the launch of the platform and UBXT be? What day will it be? I already have my binoculars in hand!

A:
for the launch we need 2 things: to have tested at 100000% the performance fees system, which is very complex, and we are exactly in this phase of testing. And then to have the validation of the regulator on this system (which is assured, but we just need to have the official validation once we have shown them). We’re talking about between 2 and 4 weeks normally in total.

Q:
Is there a mobile app on Apple and Google store?

A:
we are reviewing the briefing with an agency to translate the code for the apps. They will then start the work. I cannot give a date yet.

Q:
Who and who can access your algo — trading bots? How much accuracy are users assured of?

A:
Good question 😉

Everybody can access the bot if they stake (for the future community bots) or if they allocate UBXT to that bot.

The accuracy is only one of the multiple thing we look when selecting algos (accuracy needs to be integrate in a more global equation with the Risk ratio, number of trades, strongness, behaviour in both trends & ranging, etc …) . But remember : we are a market place, not the algo developers 😉

Q:
will you be introducing a trader statistics like risk score, drawdowns, monthly PNL so copiers can have a better idea who to copy?

A:
Yes I think so but please stay part of the community and continue to make suggestions like this. We’re trying to build the best tool possible for traders and so traders are the best possible people to give us insight into what they want/need. Of course we already have traders in our orbit and on the team but the more voices the better the product in this case

Q:
What will the UpBots team do to attract new users to the platform? In the opinion of the team, where is the heart of the project?

A:
in short :

community bots and partnerships, amazing referral system, the huge network we have and the influencers that are already using the interface and loving it, and in the end : having the best possible interface should already be one of the biggest reason of it’s success.

Q:
Are there plans to incorproate UBXT liquidity pools on UpBots? Which DEXs would it be available through?

A:
that’s not currently a plan. We are already sharing a lot of our liquidity (in eth and USDT) on pancakeswap, uniswap, kucoin, ftx and sushiswap.

If you had an idea in your question, feel free to PM us to explain it 😉

Q:
When is copy trading coming?

A:
The trading engine support already partially that feature. The briefing for the frontend (design, flow, UX/UI) is done, but we need to finish the back end flow, the implementation of design, testing etc. This feature should arrive, I hope, in Q3 or maybe Q2 depending on the progress on other tasks.

Q:
do you think to enter NFT world, let users create their own bots and fight each others to earn point or Ubxt

A:
that’s an amazing idea !!!apparently you have somethign in mind so if you could describe exactly how you see it and send that to our team, well if it’s possible, I would be happy to work on that

Q:
How do you plan to combat the rising ethereum fees?

A:
we fought it first with a system miwing off-chain and on-chain transactions .

Then going on BSC is what we are doing now for the next steps and in order to be 100% on-chain

Q:
Hey guys…1st off..great job and my only request…Please let the community know on staked tokens as a % of the total current supply..I know you guys said FTX can only know that etc but guys….come on…❤️

A:
We will be launching our own staking program sometime in the very near future and after that everyone will be able to see because it’ll be on-chain in a smart contract. Unfortunately as awesome as FTX are and have been to us, their staking program is a bit of a black box.

Q:
Which exchanges are you looking to add next for manual trading and the algo bots?

A:
all of them honnestly. We decided to start with the development of features on the 2 first exchanges (binance and ftx) then adding the others.

Q:
@neilsisson i think an italian translation ti platform Is important for italian user.

They aren’t good with english😂

A:
yeah localisation is important. We recognise that and it will happen. It’s great that you participate in the IT community @AndreaI1980 because we will for sure roll out new languages on the basis of where we have the most active and largest communities. It’s common sense if you think about it 😉

Q:
will you be introducing a trader statistics like risk score, drawdowns, monthly PNL so copiers can have a better idea who to copy?

A:
Each Master Trader (so for social copy trading) will have different rates, and the history of his trades. It’s critical to let the community see what he does and his past resutls of course 😉

Q:
Who and who can access your algo — trading bots? How much accuracy are users assured of?

A:
Good question 😉

Everybody can access the bot if they stake (for the future community bots) or if they allocate UBXT to that bot.

The accuracy is only one of the multiple thing we look when selecting algos (accuracy needs to be integrate in a more global equation with the Risk ratio, number of trades, strongness, behaviour in both trends & ranging, etc …) . But remember : we are a market place, not the algo developers 😉

Q:
Is UpBots creating the educational courses that will be in the edu center?

A:
Some will, some are devleopped for 4C-trading and will be sold there too. Some could be developped by partners and being sold on the interface. We are currently talking with different companies for that actually.

Q:
For payments within the platform will the user use UBXT? This will strengthen the token inside and outside the platform.

A:
Yes everything will be in UBXT.

You will also be able to directly buy UBXT on UpBots via a creditcard thanks to a partner we are working with. Planned for in a few weeks

Q:
follow-up question pls..

how to apply for Master Trader? :) I’m interested :)

A:
When we will launch the feature of Social Copy trading 😊

(small) stake of UBXT will be also mandatory.

Q:
NFT? so UpBots will seriously focus on this field soon?

A:
Not sure what you mean by “seriously focus” but look UpBots has always been about aggregating the best, safest and most profitable places you can put your capital. NFTs are a strange one atm as far as an investment vehicle goes. BUT personally speaking I love the concept of art on the blockchain whatever form that takes so we will be having some fun with NFTS over the next year.

We will be giving away a custom designed, one of a kind NFT that we commissioned a very talented illustrator to create on our behalf each month and anyone who is into it can participate and try and win it

Q:
My question is how do u intend to integrate TradFi with already existing bot tools?

How about Dex automatic trading??

A:
We are still on the briefing side of things, since we went on BSC, but it could be through a deposit in a smart contract of XXX value, and all the trades are done by that SC. But as soon as I have the full confirmation of my blockchain dev team … you guys will be updated

Hope that checking over the answers to some of these questions has given you deeper insight into the direction of UpBots! Keep in mind that we’re striving to provide full transparency, so feel free to join the channels below to ask us questions at any time!

Have a question regarding the UpBots platform or our algo bots? Come join our Discord server!

Want to receive the latest UpBots company news and updates? Come join our Telegram channel!

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