BlockTalks x CoinsLootAMA Transcript!
We recently hosted an AMA with CoinsLoot, on August 18th at 2 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 Sofia, Business Development & Bogdan, Leading Blockchain Dev at CoinsLoot. 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 Coinsloot to our community in layman’s term?
Ans — Sure, happy to do so! CoinsLoot.com is a sort of decentralized e-commerce platform where you can get top crypto coins, new tokens, or NFTs. It operates on the LOOT BOXes engine, meaning that you will need to choose the box you like the most (each will have the price and probabilities listed before opening), after you open the box you will get the item that will be at least equal to its price, but there is a chance that you will get an item with much higher value! 🤪
So in easy words, I would say it is a new and fun way of buying crypto with quite a big chance of getting the x1000 from the initial price that you’ve paid for the box!
In order to start you will only need to connect your wallet and top up your account with USDC 🔥
We also have LOOT token (etc20 for now, but bep version is coming soon). You can stake LOOT on the CoinsLoot Platform and get passive income every month, as we are distributing 75% of the platform profit among LOOT token holders at the beginning of each month 💥
There is another option of getting passive income from CoinsLoot, which is Affiliate program! Share your affiliate link among your community and get the % 😝
And btw, very soon we will be launching the BSC version of the platform that will have way more new features!
Q2. What are the advantages of Coinsloot to other alternatives in the Blockchain field?
Ans — The beautiful part is that we currently have no alternatives to CoinsLoot.com (http://coinsloot.com/) on the market!
We are not a casino — because you cannot loose your USDC — you will always get the item that is equal to the box price!
We are not the exchange — as the platform is done in a fun and interactive way!
We are not just a market place for NFT — we are offering the solution how to invest in NFT and even get the items with more value.
We are also giving a chance to a new coins to run their ICOs inside our boxes!
So.. with all that in mind, we do not see any alternatives 🤓
Get to know us better: https://coinsloot.com/
Q3. What are the major milestones Coinsloot achieved so far & what are in the future pipeline?
Ans — So far we have finished the IEO for LOOT token and currently the LOOT holders who stake our tokens on https://coinsloot.com/ are getting the automatic payouts every month!
We have also launched the full version of the CoinsLoot platform with higher and lower risk boxes, so everyone can choose the strategy they feel more comfortable with.
We have also won the “PLATFORM OF THE YEAR” award for our innovative idea during the AI & Blockchain summit in Dubai in May!
Right now we have a great plan ahead, which it launching the BSC version of the platform, adding more NFT items, launching the bep20 version of LOOT token, launching the lottery, adding new and more risky boxes with even higher valued items and starting the global marketing.
That will increase the platform profit and will increase the monthly payouts for LOOT holders 😉
Questions Asked on Twitter For CoinsLoot Team!
Q1. I know that Coinsloot offers up to 1000% profit in crypto assets, but I am very interested in what kind of physical items can be won in their boxes, are these probabilities available in all boxes? What would be the biggest physical prize you offer?
Ans — Amazing question!
I am happy to let you know that we will be launching physical itemms boxes very soon and each box , of course, will have the probability listed and explained.
So, before opening any LOOT BOX you will know all the chances and all the items you can get. As I already mentioned above, the minimum value of the item won will be equal to the price you paid for the box 😉
Well, when we talk about the biggest prize, I would say Tesla model X would be on the way 😉
Q2. I have read that in the income distribution system, quantitative betting and timing is applied for each payed token participant. What is the importance of quantitative betting and timing in profit sharing? How does early participation affect the income system?
Ans — As you already know we allow to stake LOOT token on the platform and also making the monthly payouts for the stakers every month, however, w allow investors who are more loyal to the project and who staked token for longer to earn more than speculators. By staking tokens for 400 days, the user gradually doubles the “power of tokens” that is how you are getting more passive income with time.
Q3. CoinsLot offers real world items with no guarantee of loss. What does that mean? If I win any product or something tangible that is not available in my area (a Tesla for example). Who takes care of the logistics?
Ans — Thank you for that question! As I briefly mentioned today, we guarantee the no loss policy for our users. So, in case you will get the tangible item — we will be taking care of the logistics behind the process!
We already have a few partnership with shipping companies coming in place, so you can rest assured that the physical items will be delivered to you on time;)
In case there will be no possibility to deliver a certain item to your area — we will substitute this item with another prize with the same value! all fair in any case 😍
Q4. I could see that they have a diverse number of boxes with different prices, but what about their NFTs? These can only be purchased through the “Genesis NFT Box” or can they be purchased individually? What are the different use cases that your NFTs will have?
Ans — NFT tokens will be available in boxes at BSC version of CoinsLoot.com platform that is coming next month! For this, we have prepared several types of boxes to cover the various requirements of partners. Firstly, there will be different probabilities for different boxes and we will allow our users who want to risk more to satisfy thir needs 😉
We also care about the partners and, for example, some tokens will be minted after opening the box!
We are always looking forward for collaborations with new NFT artists and developers 😉 Get in touch if you want to have your tokens listed on CoinsLoot.com
Q5. In order to participate in CoinsLoot and enjoy all the products and services they offer, you have to use the USDT Stablecoin. Therefore, can you explain why you decided to work mainly with this Stablecoin? In the future you could accept other currencies such as BTC, BUSD or DAI?
Ans — Good question, @antonio50221026. In order to preserve the probabilities of dropping out rewards in some boxes, we need to use stablecoins. Since their price does not change significantly. We chose USDC (in ETH version of the platform) and BUSD (in BSC version of the platform).
Some boxes can only be opened with LOOT tokens — that is for our LOOT holders 😉 .
I also want to remind you that by opening some boxes with BUSD, you can pay less by staking our tokens!
For now you can enjoy the ETH version of CoinsLoot.com but in September we will be very happy to share with you the BSC version as well 😉
You will be able to switch from one version to another with just 1 click!
Questions Asked by our BlockTalks Community Members during live Session to CoinsLoot Team!!
Q1. You point out that with Coinsloot packages users can get up to 1000% in cryptography, but if really all packages are beneficial? or may some provide losses to users?
Ans — Great question! Since we are not a casino, but an e-commerce platfrom we guarantee that the minimum value of the item you get in the box will be equal to the price of the box, however, you can try to open the box as many times as you want in order to get the item with waaay higher value 😉
Q2. Can you tell us more about the lootBox. Is it a lottery system and how will the winner or winners be selected if it is.?
Ans — There can be different tokens inside the box (erc20, erc721 (nft, pnft), erc1155 (assets, pnft). When you open the box you get a random asset. The blockchain chooses a prize safely, honestly and randomly.
Q3. One of the things that strikes me about their boxes is that they are accessible to everyone as the minimum costs $10. But what are the different payment methods or cryptocurrencies they accept? Only USDT ? Aren’t they planning to integrate more ways to pay for the boxes in the future?
Ans — At the moment you can even open the box for just 1 USDC! as Bogdan explained earlier it is safer to use the stblecoin in order to provide the fair deal to our usrs! However, on the BSC version of CoinsLoot it will be possible to open boxes with LOOT token as well 😉
Q4. Is it true that the more users CoinsLoot get the more the reward for users ? you are distributing 75% of funds generated on your platform amongst token holders will receive a payouts distribution, as we are distributing 75% of funds between all the token holders. As a token holder, can you provide instruction on how to claim your funds?
Ans — If you have LOOT token adn you are staking it on CoinsLoot.com — you will get automatic payouts every month 😉 there is no need to claim it! You only need to stake LOOT tokens.
Q5. Why did they decide to create CoinsLoot on Ethereum? The money earned as a reward can easily go to us paying the GAS. Or is this a strategy to make the user feel that they must play and play enough to cover the GAS?
Ans — For the Ethereum version, we have created a second layer. You don’t have to pay for every transaction. Only for basic (deposits, staking)
Q6. Apart from token burn, exchange listings, online and offline promotions, what other strategies would you use to increase the usability and value of your tokens? Is there an Ambassador Program?
Ans — hey you, ofc! Go to coinsloot.com, connect your wallet and in the PROFILE section you will find your affiliate link 😉 Share it with your community and get the % from your invited users game 😉
Q7. There will only be 100 million LOOT tokens available. How much of this will be utilized for overall staking on the platform? And what are the profit-sharing terms while staking?
Ans — If you will connect your wallet to the platform you will see the full stats for the LOOT tokens. right now more then 50% is being staked on the platform 🙂
75% of the profit is being destributed among LOOT holders. Those who staked the token for over 400 days — can get way better payouts and higher passive income 😉 It is our “thank you” for thenusers loyalty! 😍
Q8. The only currency you accept to buy Loot Boxes and other boxes is with USDC? It is not possible to buy these products or boxes with your native Loot token? Do you plan to accept more coins in the future?
Ans — Yes, some boxes can be opened by paying with Loot tokens. We can also think about integrating other cryptocurrencies in the application.
Q9. Can you tell me about the fees within Coinsloot? Are there fees for deposits and withdrawals to buy the boxes and withdraw the rewards? And what are the transaction fees for your Loot token? can they be purchased individually? What are the different use cases that your NFTs will have?
Ans — There are only gas fees for the transactions while talking ab out withdrawal and deposit on CoinsLoot!
When we talk about the LOOT BOXES — there will be a small % taken if you will decide to re-open the box in order to get the item with the higher value! All the % and commissions can be found in the BOX’s description 🙂.