BlockTalks x Cryption Network AMA Transcript!
Hello! BlockTalkers & Blockchain Enthusiastic!
We recently hosted an AMA with Cryption Network, on May 19th at 2.00 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 Ashwin Yardi, CTO of Cryption Network & Tejas Chitnis, CEO of Cryption Network. 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 Cryption Network to our community in layman’s term?
Ans — This project is a loong time in the making and we have been working on all the products for months now. Quite early we realized that the high gas fees were a big issue and we’re gonna be an even bigger problem in the future. There is no point for retail investors to use any dApps at such exorbitant gas fees. dApps on Ethereum have become unusable at the moment.
So atm, there is significant gap between DeFi and normal retails users who are non technical , comfirtable with web2.0 applications. There are very less options for these users currently. This is our aim and this is the gap we want to bridge. We are building a suite of products on Polygon, with aim of encouraging mass adoption of crypto.
PolyDEX - “PancakeSwap of Ethereum using L2 solution having zero gas fees”
1. PolyDEX is a gasless AMM on the Polygon L2 Solution. PolyDEX will have faeature like Partner pools, elastic farms, IFOs, quick exits to ETH layer 1, as well as community farms.
Seer Prediction Market - The Seer Prediction market will be a layer 2 solution which will allow reading and creating predictions on virtually any topic. Matic will allow us to enable
high frequency trades gaslessly. Other prediction markets do not allow high frequency of trades because of the high gas fees on Ethereum. Seer can also be used for insurance.
Defi Stack - There are a few staples that all projects need when thinking about tokenomics, liquidity and circulating supply. Many projects create their own which means projects need to allocate resources away from their central mission. By creating a sno-code platform for these projects we save them time and money. Examples: Staking, Farming, IVCO, timelock, vesting, etc.
General overview of products for everyone ☝️
Q2. What are the advantages of Cryption Network to other alternatives in the Blockchain field?
Ans — We will have a fully gasless DEX as well as gasless farming.
With our DEX you will be able to do swaps from Ethereum to the Polygon network. We also have a innovative flavour of farming called Elastic Farming.
Elastic farming is bascally using a formula to change the block rate of our farm token using the tokens price as a factor. This allows a more controlled dilution of the token into circulating supply without compramising on TVL.
Oh yes, this DEX will be a central product in our ecosystem. Predication market will rely heavily on PolyDex for solving liquidity issues.
DeFi Stack will be a no code , click and launch platform.
All of our products can be accessed via native android and iso applications.
As if they are traditional centralised exchanges apps. Abstracting away all the intricacies with retails users.
Q3. What are the major milestones Cryption Network achieved so far & what are in the future pipeline?
Ans — 1. We are getting our token contract audit right now.
2. We will have the IDO early next month.
3. Then comes our DEX in like mid June.
In terms of major milestones achieved: we have partnered officially with polygon to launch these exciting products.
Couple of more exciting partnerships done! One going to be announced pretty soooon! Stay tuned guys.
We have also closed our private fundraising round successfully.
CMS holdings, Sandeep Nailwal (Angel investor- Co-founder of Polygon formerly Matic Network), GravityX capital, Master ventures, Ascensive Assets, X21 Digital, Waterdrip ventures, M AU21, GenBlock, Humayun Sheikh (CEO of Fetch.ai).
These names of invetors, speak a volume.
Questions Asked on Twitter For Cryption Network Team!
Q1. How do you make trading without gas profitable on Cryption Network?
Ans — Its costs only $1000 to do a 1 million transactions.
The trading fees will be split into 3 parts, buyback and burns, buyback and put into a staker to give back to the community and a small % will be used to pay for the gasfees.
Q2. You mention that "Half of the tokens bought with those instrument profits will be burned to reduce the supply", but could you really tell us how much% it represents and how often these burns will take place? and any other details about it?
Ans — Hey so current plan is to burn weekly. We have developed "Cross Chain Burner" which burns the tokens on both Polygon and Ethereum simulataneously. As for percentage, it really depends on, fees generated, market price and farm block rate.
Q3. How does Cryption Network close the gap between the three pillars that support a perfect ecosystem? What is the key point within your tools that combining them can create the missing piece in the DeFi problem puzzle and provide the three keys in a seamless ecosystem?
Ans — 1. We will on board new users by integrating transak at first while we get Ether Rush live.
2. Our app will help on board those who arent familiar with metamask.
3. Our gasless dapps will allow users to use our dapps as if it were a normal CEX exchange.
Q4. How do we know Cryption Network has strong foundation and will keep motivated to finished the mission in high competition of block chain industry.
Ans — Like we said we are a team of devs with real experience. Our developer stregnth is also double of what project our size have. We have learned to adapt to all new technologies and trends in the blockchain space.
The backing of so many notable investors, our clear roadmap of next 8 months. Honeslty, we are techies at hear and Entrepreneurs by passion. This is what excites us, this is what we live for.
Our funding also allows is to concentrate even during a bear market.
Q5. From total supply 100M CNT token, 60 % were allocated for community. How are these token distributed, and which community that will be eligible to access the programs were built by those token.
Ans — The 60% is going to be given to anyone who participates in our community. Mostly through farming, staking, airdrops, competition, bug bounties, etc.
Questions Asked by our BlockTalks Community Members during live Session to Cryption Network Team!!
Q1. Can you tell us how Cryption Tokenomics is different from other crypto projects tokenomics?
Ans — We have 60% for the community. 0 marketing allocation. 0 "reserve" allocation.
Q2. Presently as at today, can we possibly use your token in real life for payment?
Ans — Notpresently. TOken is yet to be launched. But when it will be, it. will be a crypto currency. So whether you can use it for payments or not depend on regulation. But token is value accruing and tokenomics ensures sustainable growth.
Q3. I really want to own $CNT. Can you reveal more info about the ways to have $CNT?
Ans — We are soon going to do our IDO. Please wait for actual anouncement. Join our TG and TG Announcment, when whitelist opens, you wwouldn;t want to miss out.
Q4. I understand that your main objective is to build a set of cryptographic products that are easy to use for any retail investor, but really how simple could your products be? Really anyone without crypto knowledge will be able to use it?
Ans — Anyone who has knowledge of how to use centralized exchanges can use our app. Thats the only critieria. Plus there will be more options in coins!
Q5. Lots of projects have appeared and issued their own tokens or coins, but many projects failed to disappear (SCAM) because they could not develop their tokens or coins, how did your project achieve success and tell us that your project is not a SCAM project?
Ans — Hey, first of all we ara a "Public team". Our legal identities our real. We can’t really pull out the scam now. Too late Plus the sheer passion we have for crypto and blockchain ecosystem won;t allow us to do this. We are talking to secrity firsm like Certik as well.
Q6. The problem of scalability on DeFi platforms is one that many are working tirelessly to solve. How does Cryption solve it?
Ans — We are going to be relying on the POLYGON archtecture. If you taqke today as an example then we can see it cost 1000 gwei for a transdfer on ethreum and 1 gwei on MATIC.
Q7. How secure will smart contracts be? Will the code be audited by an outsider before the public launch?
Ans — We are in final talks with CertiK. Our contracts will be fully audity and security analyzed by world;s one of the best auditing fims. After launch, we will be having, bug bounties as well.
Q8. What are your plans for the next few months and what are your plans for the next year?
Ans — 1. PolyDEX
2. Seer prediction market
All of these would be released by next quarter.
Q9. How do you intend to attract community members to Cryption Network . How do you intend to gain more community support? How strong is your community support?
Ans — Community owns this project. And I mean it really. they 60% of the tokens, so they decide the fate of CNT and project. We are also foccussed on strong marketing increading our reach to lot of exciting people like you. Once community see the value, it will always make sure project goes to the moon.
Q10. I am still new to crypto why I invest my hard earned money in your project when i am seeing that many people lost money due to rug pull done by various projects like sushi , what unique feature you are offering me which going to protect my money and prevent these rug pulls?
Ans — Sushi was anon. Also they havent done any rugpull. We are a public team with no where to hide.
Q11. Tokens of projects plummeted prices, causing a lot of loss for investors. With $ CNT token, what will you do to make your project stable and bring the highest return to investors in the long run? What are the real strengths of the project?
Ans — Hey, so we are also going to launch deccentralised hedge funds, which is going to have different strategies like low risk strategies. Investors can buy those. Apart from that, tokenomics of Cryption is very strong point. Activites like farming, elastic farming, pools, staking , weekly. burns, token buybacks makes sure taht price is stable and infact there is upward pressure.
Q12. How much of the profit from each Encryption Network product will be used for buying pressure on the CNT? How will the purchased tokens affect the circulation of supply?
How will you determine the amount of tokens to be staked for productivity agriculture and how do you support Layer 2 solutions for gas-free transactions?
Ans — 1. about 90% 10% will be used to buy MATIC to keep the dapp gasless.
Since the token will be burned and we have a Max supply of 100 M the token would be deflationary.
Q13. BSC is a hot topic right now. Are you interested in adding a chain to BSC?
Ans — Polygon is hotter.
Q14. What is the biggest milestone of Cryption Network? What is plan in next 100 days?
Ans — Hey honestly, biggest milestone for us to be the number 1 DEX on Polygon. We want to be go-to player on L2 ecosystem and I am confident, we are on right track.
Q15. You comment that Cryption Network is born to simplify many of the DeFi products for small investors, that implies that everything is automated to the point that it will be enough to have the money and make a click? Or is it compulsory to have a good knowledge base of DeFI?
Ans — Oh yes, thats what our goal is. Literally, users will be able to use deccentralised exchange as if they are using centralised exchange. One click, no gas fees and lot more.
Q16. Why did you decide to create a DeFi producer pack and not just specialize in one? There are too many projects already, I think it would be more interesting at this time to promote only one product.
Ans — No. We have expertise in many different areas and all of them can fit nicely into a single ecostystem brought together byt the CNT token.
Q17. Is the protocol fully decentralized and anyone can use it from anywhere in the world? I mean is there any restrictions of using your service?
Ans — Not at all. Fully deccentralised. Initial token distribution might not be fully deccentralised becase its also importsnt for the project to be leagaly compliant to see the long term future. There will be KYC and everything in IDO.
Q18. First impressions of your project are actually big deal for customers, you need to give out the best possible outcome - HOW do you plan to do this? To my eye it seems that a rather big part of first impressions are from logo and name?
Ans — Yes, and we have received a lot of feedback from almost everyone that website is killer. Makes a statement about or technical expertise and quality of work.
Q19. Explain the Utility of the $CNT Token and why should we should be incentivized to buy/hodl?
Ans — 1/ Profits are used to buy back tokens.
2. 50% will be burned.
3. 50% will be given back to the community in the form of staking
Q20. Do you have any any Token Burn plans to increase the value of Token & attract Investors to invest?Can you tell me your plan?
Ans — Hey, yes we will be burning the part of the revenue protocol gets weekly. Please checkout our tokenomics for details. You will like it
Here are some important links of Cryption Network👇
🌎 Website: cryption.network
📱 Twitter: twitter.com/CryptionNetwork
📢 Telegram: t.me/CryptionNetwork
📚 Medium: medium.com/cryption-digital-services