We recently hosted an AMA with Bictory, on July 19th at 3 PM UTC. Many of you might have participated or many of not. But we make sure no one missed out from the knowledge shared by Ben Marchant, Marketing Lead at Bictory & Kelvin Emmra, Community Marketer at Bictory. So here we are up with the AMA transcript, for those who missed the live session, this blog post will be a saver & feeder of knowledge for them.
Introduction Questions Asked By Team BlockTalks!
Q1. Could you please introduce Bictory to our community in layman’s term?
Ans — Yes, Bictory is an ecosystem that consists of a Centeralized Exchange, Decentralized Exchange, and a Crowdfunding Platform. It will be the first CEX on Concordium. That is the simplest answer I can offer.
We will also have our own Bictory Token (BT) which will be released in Q4.
Q2. What are the advantages of Bictory to other alternatives in the Blockchain field?
Ans — Bictory is building a financial ecosystem that would host all Concordium based projects in a much more private yet legally compliant manner. This has been clearly shared in our SWOT analysis which i would like to share with you.
Comparing our individual products such as our DEX and Crowdfunding platform we have made it very much easier for for investors to raise funds and also to trade with very good liquidity through our Proactive Market Maker protocol that we we would be using.
Q3. What are the major milestones Bictory achieved so far & what are in the future pipeline?
Ans — While waiting for Concordium our parent network to release their smart contract details in order for us to execute the TGE, we have been building our CEX and we are happy to let you know that the alpha version is coming out very soon.
Going forth, we are still working closely with the development team of Concordium to know more about their smart contracts in order to deploy the DEX as soon as they go live.
Let me share with you some of the partners that have been onboarded and lots of them that are still in discussion but due to NDA might not be able to publicize them now haha.
but if you stick with us in t.me/bictoryfinance you would definitely get to see them.
These are the VCs that have invested with us and we are still talking with some reputable ones in this industry. There are lots of plans in the pipeline for the development and growth of bictory finance. Talk of Ambassadorship roles that would foster the growth of our presence in the local communities.
Questions Asked on Twitter For Bictory Team!
Q1. Bictory finance had the choice to build on the Concordium network, this because in addition to the robust technology, it is due to the identification layer at the protocol level. What does this layer of identification mean at the protocol level for both your platform and users?
Ans — The Identity Layer of Concordium is probably our biggest reason for choosing Concordium. This means that anyone who has completed the identity process for concordium can utilize our products privately and securely without having to KYC with us or reveaal their identity to us. This make things much easier for the end user and provides a seamless experience.
They will be able to utilize any of our products simply because they have completed the process already on Concordium.
Q2. You are building a CEX, DEX and crowdfunding platform, so can you explain how these three features of the project interact with each other? How developed are each of these features in the Bictory ecosystem?
Ans — You nailed it right buddy! Bictory Finance is building a suite of financial products on top of the Concordium Blockchain and this comprises a CEX, DEX and a Crowdfunding platform. This is how these various products would work together in our ecosystem.
The journey starts on our Crowdfunding platform where concordium based projects would raise funds on our multichain support and cross chain pooling system. Our Crowdfunding platform using the identity layer of Concordium would allow easy whitelisting process and no need to undergo further KYC procedure when using any of our products.
The CEX would be made available to list automatically all Concordium based projects and also serve to boost liquidity across our DEX.
The stages of development with each of the products are still in its early stages with the development of the CEX leading the pace.
The alpha version of the CEX is almost done and we would share with all our early contributors who participated in our private sale. It’s still not too late to participate by the way. just send us an email at email@example.com and we would reach back to you with all the process. The DEX and Crowdfunding is pending on the release of Concordium smart contract details and as soon as that is done our developers are ready to get building that.
However, our developers and designers have created an amazing design of them already and we would share with our community in the coming days. Feel free to jump in t.me/bictoryfinance to have a sneak peak when it’s shared. I would share with you the prototype of the CEX in a few.
Q3. Currently, there are many decentralized exchanges. Do you offer more options than your competitors? Why should I choose Bictory protocol over the other platforms? What are your unique features in terms of fees and security?
Ans — Bictory is very unique and solves a problem that has been plaguing the DeFi industry in terms of liquidity. Bictory plans to use a hybrid model to solve this problem by combining PMM (Proactive Market Making) and AMM (Automatic Market Making) we will move the order books from the CEX to fill orders from the DEX. This is a really cool concept, and will be even cooler when it is implemented. In terms of fees and security you will be able to pay fees in BT tokens and will also be able to utilize our crowdfunding platform by holding our tokens. Security is tied closely with Concordium’s ID layer because it make KYC easier and keeps a users identity secure. We are also working closely with Concordium which means we are also going to be AML/CTF compliant and build the most secure platforms as possible.
Q4. Funding is often a problem for crypto startups. For this, bictory is developing a decentralized crowdfunding platform. So, given the current declining market conditions, it is even more difficult for new projects to emerge. How do you deal with this capital in this situation?
Ans — That’s a profound observation and it’s true most projects get stuck along the way due to shortage of funding. We are very much aware of this and we have successfully raised $3.15M and still raising enough more to carry us along the way.
In addition, we would apply for a grant from our parent network Concordium when the time applications are finally opened. We are very optimistic of receiving this because of our long standing relationship with the team from the very first day they began working on this new blockchain network.
We also have an Operations Lead and Project Leader who are experienced in the financial sector and are making sure that our resources are utilized effectively. We would also continue raising funds from strategic investors and VCs along the line.
Q5. I read in your tokenomics that 25% of the tokens will be distributed as rewards to the community. How can users obtain these rewards?
Ans — We are still developing our rewards structures, but we will be rewarding community members in many ways such as a referral structure where a user can be rewarded for referring people to our platforms. We will also be rewarding members of the community through an Ambassador program which we are still developing as well, however we have many devoted community members who will easily fill these roles when the time is right. Also, a major portion of the fees generated on our DEX will be rewarded to Liquidity Providers, which while not directly tied to the reward programs is a big deal.
While you wait for the rewards structures to be implemented, feel free to join our Weekly Social Media Competition in order to win some USDT and help spread the word about Bictory Finance!
Questions Asked by our BlockTalks Community Members during live Session to Bictory Team!!
Q1. You already raised 3.5$ funding from private investors. So, what will be the next steps for Bictory finance? How this funds will be used for the development of Bictory finance? Will they raised more funds or planning to do a public sale?
Ans — Point of correction, it’s $3.15M from Seed round to Private Sale B. We are currently in private sale C and everyone can send us an email through firstname.lastname@example.org to secure your spot. Funding would be done in a very meticulous way to the various parts of the ecosystem and yes we are still raising funds. Our public raise would be in late Q3 or early Q4 most likely. we would be happy to see you join and become and early contributor of our ecosystem.
Q2. Is Bictory interested in NFT? Do you have any plans to make NFT?
Ans — I’m glad you asked. This is something we have plans for as well, but hasn’t been announced yet. We have definitely considered NFTs and they will be utilized at some point.
Q3. What are the plans or strategies that Bictory Finance has in mind to encourage and boost the mass adoption and utility of your $BT token?
Ans — Not only will users receive a discount on fees for trading in BT, they will also gain access to private sales on our Crowdfunding platform. We will also be working with other blockchains besides Concordium in the future so we will be bringing the wide world of crypto together into our platform which they can utitilze at a discount using BT tokens.
Q4. Please I don’t understand how to use the Bictory.io platform, is there a way you can make me understand this platform and do you have an IG page?
Ans — The products have not yet been launched on our homepage hence why you can’t do anything with it. The alpha version would be launched soon and would be shared with our early contributors. I mean those who purchased our tokens by registering with us at email@example.com We are still in early funding and you can participate and be a part of this ecosystem.
Q5. Ambassadors play a very important role in every project, do you have an ambassador program? If yes, how can I be one?
Ans — We haven’t yet started our ambassador program, but we have begun to build this community. Join our telegram and get to know us, the more connected you are with our community and the more you know about our project the better chance you will have of becoming an ambassador once we launch that program.
Q6. What is the most important feature in your ecosystem you are most proud of and confident about you think anyone investing in Your project should know?
Ans — Our ecosystem works hand in hand for a successful development and exposure of all Concordium based projects. it’s quite difficult to single any of them out as each of them plays a vital role in their very own way and also compliment each other.
Q7. Can you explain how is your Tokenomics Distribution? How many tokens Will be minted? And How many tokens Will be locked by the team?
This graph shows the entire tokens and the distribution as well.
Below are official links to stay up to date with any developmental information regarding Bictory Finance
Telegram News: https://t.me/BictoryNews
Medium Blog: https://bictory-finance.medium.com
One Pager: https://bictory.io/one_pager.pdf
And this one for the social media competition: https://gleam.io/5lxRj/bictory-finance-weekly-social-competition-2 🙂