BlockTalks x Project Inverse AMA Transcript!
Hello! BlockTalkers & Blockchain Enthusiastic!
We recently hosted an AMA with Project Inverse, on May 21st 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 Germaine, Co-Founder of Inverse, Emeka Co-Founder of Inverse & Ikay Strategic Advisor of Inverse. 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 Project Inverse to our community in layman’s term?
Ans — INVERSE is a DeFI protocol that allows users to stake out utility token XIV for a short duration of time (3 days, and 7days) within tracking vaults that track the movements of select DeFi coins and DeFi index. INVERSE allows users to earn gains from the downward moves of the coins or index being followed in the tracking vaults in the form of additional XIV tokens.
Q2. What are the advantages of Project Inverse to other alternatives in the Blockchain field?
Ans — There are a lot of advantages, First of all we seem be the only one that is something like this. You have to hold the coin you want to stake against. For example, if you believe Uni can go up 5% in price in the next 3 days. You can stake XIV tokens in the Uni Vault and pick your amount. If Uni goes up in price by the end of the time allocated you will receive rewards in XIV tokens. Simple, Easy and straightforward!
Q3. What are the major milestones Project Inverse achieved so far & what are in the future pipeline?
Ans — We have launched the inverse Platform 1 month early, plus we also launched the in-line smart contract as well. With Inverse & Inline XIV holders can earn up to 3X XIV daily on the volatility movements of select defic coins.
Questions Asked on Twitter For Inverse Team!
Q1. I understand that Inverse Platform allows users to earn gains from the volatility of popular coins on the market by placing the native XIV token in ‘tracking vaults’. So, what if a user decides to want to remove the native XIV token he had placed in the tracking vaults, how long will it take to be removed and will there be a penalty or fees to be paid?
Ans — On the Inverse/Inline platform, XIV staked is released depending on the staking time selected by the user (24hrs, 3days, 7days). if users predictions are correct, XIV Holders can earn up to 3X daily. We also have a liquidy pool that XIv holders can stake to gain access to profit sharing on the inverse platform.
Q2. As I understand after reading website that token is a Farming platform based on BSC that has NFTs exchangeable on the Ethereum network, Right?How this unique feature will benefitted both users & your ecosystem?What benefits can token holders get from your platform?
Ans — We are not on BSC yet. However, we are working it as we speak. We hope to have a token bridge by the end of May. Next step is to add liquidity on pancake swap and add XIV BSc tokens on the updated staking vault.
Q3. How is the XIV Utility Token different from other platform tokens and what advantages does the Link, Comp, Uni and Inverse DeFi Index provide in tracking price movements?
Ans — XIV is an integral part on the Inverse platform. All staking and earning are conducted in XIV only. The beauty of XIV and the Inverse platform is you can earn from the volatilty of other defi coins without holding those coins.
Q4. I read that you have started upgrading the Inverse platform to reduce high gas fees and that it will be done in 3 phases. Can you tell us more about this upgrade? What will be the 3 phases that will comprise this process and what results do you expect to get at the end of this?
Ans — Yes we will be upgrading the platform to lower gas fees significantly. The first phase will lower fees by 30%. The second phase will be a complete redeployment of the platform and will lower fees by 80%. And the third phase will involve cloning platform for Binance Smart Chain.
Q5. Users bet XIV, the platform's native token. How does this form of bet work? Could you briefly explain in which situations the bets could end badly?
Ans — Users place XIV in tracking vaults that follow the movements of other popular coins that the user is interested in. Based on the movement of these coins, users may earn gains (or forfeit XIV). Gains range from 1x to 3x amount XIV staked. Rewards in the form of XIV.
Users may also add XIV to Liquidity Pool on the platform and earn passive rewards from losses in the tracking vaults.
Questions Asked by our BlockTalks Community Members during live Session to Inverse Team!!
Q1. Is staking possible with you how do you attract users to stay and invest long term?
Ans — With the XIV platform and token, XIV holders can earn up to 3X daily staking on the platform.
Q2. Tokens from all projects have main utility & practical goals! So can you tell us what the main role of Inverse is in your ecosystem? Explain the utility & use cases in the real world?
Ans — The XIV token is a utility token that is placed in tracking vaults that track the movements of other coins. Users earn gains in the form of XIV based on the coins they are following.
Q3. Who is the leading competitor in Inverse 's blockchain market? What are the strengths to help the project overcome competitors?
Ans — The reality is no competitor to the platform. The Inverse platform is totally unique. Any similar competitor will be a options platforms. But options platform don’t have the range of Inverse.
Q4. Tell us a little bit about security? Have you done an audit of the platform? Are the smart contracts error-free? What are the test results?
Ans — Our protocol has been audited twice, the first time by Certik. We take security extremely seriously. We have an entire security protocol detailed in our whitepaper. Please review.
Q5. Token burn is beneficial for any project, in being able to control the number of token circulation and to provide greater incentives to investors. Does your great project have a plan about token burn?
Ans — We deliberately lowered the token amount so that we do not have to do a token burn.
Q6. Many new projects made a good impression at first but were suddenly abandoned. How will you manage Your project to gain a place in the market and become a best token in the blockchain world?
Ans — We will manage our project by continuing to update and improve our platform and continuing to onboard more users.
Q7. How important is community to Inverse and what can we do as a community to help Inverse achieve its vision?
Ans — Community is extremely important to Project Inverse. We consistent listen to the community and offer rewards and improvements recommended by the community.
Q8. What is the most outstanding technology that Inverse is currently applying? Is Inverse afraid that in the future there will be competitors who will surpass Inverse 's technology?
Ans — Our most outstanding technology is our tracking vaults that track the movements of popular coins and allow users to earn gains from the upward or down movement of these coins.
Q9. It’s hard for investors to trust and invest in new projects lately and most the project have claimed to be falsified, How do make investors trust your platform?
Ans — The platform is decentralized. So we really cannot falsify any information.
Q10. How Inverse will expand team members in the future? Will you expand to other countries? What is the main focus?
Ans — Project Inverse is a decentralized platform that can be used by anybody anywhere. We are however partnering with various international communites to attract users from various backgrounds and professions.
Here are some important links of Project Inverse👇
🌎 Website: projectinverse.com
📱 Twitter: twitter.com/inverseproject
📢 Telegram: t.me/ProjectInverse
📚 Medium: projectinverse.medium.com
