Hello! BlockTalkers & Blockchain Enthusiastic!
We recently hosted an AMA with Rebased, on 12th August 1 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 Co-founder of Rebased & head of development of Rebased. So here we are up with AMA transcript, for those who missed the live session, this blog post will be saver & feeder of knowledge for them.
Introduction Questions Asked By BlockTalks
Q1. Could you please introduce Rebased to our community in layman’s term?
Ans — Rebased is a fork of the recently hyped Ampleforth project — with clear and required changes.
Basically we’re offering a trustless & transparent alternative to Ampleforth with simpler, immutable smart contracts.
We are a project that is working with elastic supply and the so called rebase mechanism — where supply meets demand. With the goal of reaching our target of 1 USD.
I am sure most ppl here are familiar with projects such as AMPL/RMPL.
Q2. What are the advantages of Rebased to other alternatives in the Blockchain field?
Ans — Let me share a graphic here.
Immutable smart contracts
Comparable systems like Ampleforth allow administrators to change all aspects of the system including its monetary policy. Rebased locks in its monetary policy from day 1 via non-upgradebale smart contracts.
No admin accounts
The rebase smart contracts don’t have admins. The only aspect of the system that is initially managed by the team are the Oracle addresses. This access will be revoked once there is sufficient liquidity for the ETH/REB pair and a the Oracle system has been completely decentralized.
Publicly callable rebase mechanism
Rebased allows anyone to trigger a rebase once sufficient time has elapsed since the last one. This means that there is no trusted “operator” who needs to call the rebase function (and could refuse to perform the rebase or stop doing rebases at some point).
Rebase every 12h
The higher rebase rate will allow us to find the desired equilibrium in a faster and healthier way. In addition, price fluctuations will be lower and allow the investor to better assess the associated risk.
Inflation-resistant price target
REB is designed to track the purchasing power of one 2020 US dollar as represented by the Consumer Price Index (CPI). This makes REB a stable store of value that is unaffected by inflation.
Fair token allocation
We have chosen a fair initial token distribution for optimal decentralization and long-term sustainability of the network. Community comes first! No seed or private investors.
Q3. What are the major milestones Rebased achieved so far & what are in future pipeline?
Ans — We have no official roadmap but we are happy to share details from our internal one :)
Internal $REB Roadmap
Finish all smart contracts ✅
Deploy on Ropsten Testnest ✅
Finish Logo & CI ✅
Publish Website & SoMe Channels ✅
Go live on mainnet ✅
Publish all code ✅
Start initial marketing ✅
Schedule first AMA ✅
To be completed:
Finish community sale
Provide and lock initial liquidity
Coingecko & CMC listing
Get code audited by trusted third party
Implement liquidity provider incentive program
More exchange listings
after we completed all open points we will try to establish fruitful partnerships.
Questions Asked on Twitter For Rebased!
Q1. How many partners currently have trusted Rebased technology and what benefits do these partners bring to Rebased and vice versa?
Ans — There are currently no partnerships and none are in preparation. We have used the last 6 weeks to develop the product and everything around it. A project like $REB is also not very dependent on partnerships. However, we will start establishing some after the sale. But our principle is: quality before quantity. However, our principle is: quality over quantity.
Q2. Your community sale will start on August 14. What are your expectations regarding this sale?
Ans — The sale will be on August 14 at 12:00 ET directly on our website.
Pricing is modular:
We are seeing a lot of traction already and are expecting it to go very well.
As you might know we are aiming to sell a total of 1.63 Million REB — which is 65% of the toal supply.
Make sure to check out our token allocation on rebased.fi
Q3. If REB tracks the purchasing power of a US dollar does it mean that you are planning to make your token a stablecoin? How will you manage the high volatility of the market?
Ans — The primary goal is to make REB a good store of value that maintains its purchasing power over longer periods of time. It’s not necessary meant to be a MoE for daily payments and will be more volatile than regular pegged stablecoin especially during the first months. However in principle it could also become a MoE in the future at a larger market cap if the price stabilizes around the target.
Q4. Can you tell me more about Rebased tokenomics. Are they an utility token? For what reasons we need to buy REB tokens? What are they real use case?
Ans — REB tokens are meant to be a trustless store of value as well as a means of payment in the mid-to-long-term. REB uses market forces to maintain its purchasing power and remain non-correlated with other crypto-assets and fiat currencies. It’s a hedge against price movements of Bitcoin, Ether, USD and other assets which are often highly correlated.
Q5. Staking is in great demand in crypto space these days. Does Rebased support Staking where users can stake their coins for Passive Rewards? If No, Any plans to enable Staking?
Ans — We are planning to implement a staking program where REB holders will earn rewards for providing REB liquidity in AMM pools such as Uniswap and Balancer. This program will go live in late Q3 2020.
Questions Asked by our BlockTalks Community Members during live Session for Rebased team!
Q1. How will oracles on reBase work exactly? Will they be centralised?
Ans — Because there are no price feeds for REB/USD yet. It’s a chicken / egg problem. This is the first thing we’ll correct as soon as there’s sufficient liquidity on Uniswap. The plan is to replace the manually updated Oracle with a fully automated one that calculates a REB/USD rate from the Uniswap REB/ETH rate (via Uniswap’s built-in Oracle) and either Uniswap ETH/DAI / ETH/USDC or Chainlink ETH/USD (currently testing both)
Q2. Currently, even with good partnerships, hype, marketing, and work products, the price of all tokens will fall. So, what are your challenges and plans to make the rebased project a hot project?
Ans — Well with a project like rebase the price is not the most important metric. Our goal is to have a stable price at around 1 USD.
We look at MCAP and MCAP growth!!
Q3. $REB is operating on ERC20 contract for distribution, but right now gas fee is very high, will you have any solution for that problem?
Ans — unfortunately, everybody is suffering with high gas prices. We all wait for ETH 2.0.
Just look at the NFT space for example… or blockchain in gaming. We are all in the same boat.
So we have no solution for the whole ETH network congestion problem.
Q4. In crypto , Many project were Dead & some project Core Team members left projects, which impact negative effect on crypto projects! So, How we can trust Rebase ? What make you not scam & long term working project?
Ans — Our goal is to create a trustless set of smart contracts such that ultimately you don’t need to team to be around for the coin to work. This should be accomplished within a few weeks to months because in the beginning some manual effort is required.
Q5. In the Future
What are your plans of adding benefits for REB tokens holders?
What are your plans about burning REB tokens for greater incentives for your investors?
Ans — WE will burn unsold tokens (if we do not sell everything)
We are thinking about burning tokens removed from the LP from uniswap.
Q6. How does the REBASE Backup provide liquidity for exchange and how is the backup better than ordering a book? How is #Rebase changing the new DeFi ecosystem and what are the plans for the next few years?
Ans — 15% of the supply are dedicated to providing liquidity on Uniswap. Liquidity will be provided on Uniswap right after the pre-sale and the Uniswap pool tokens will be locked into a standard ERC20 timelock smart contract.
Q7. From technological and commercial perspectives, how can traditional companies be integrated into the blockchain? What are your plans for traditional companies that continue to exist with their own systems?
Ans — Our project is a DeFi Application! So we are not looking into partnerships with traditional companies. We want a world where we can be independet.
Q8. How do you plan to spread awareness about your project in different countries where English is not spoken well?
Do you have local communities for the them to let them better understand about your project?
Ans — To be honest we have not thought about this, simply because we had no time until now.
Q9. We are open for every help. We want to involve the community (all around the world) as much as possible.
How do you plan to spread awareness about your project in different countries where English is not spoken well? Do you have local communities for the them to let them better understand about your project?
Ans — As you can see we starting out with an English-speaking target audience but we’re planning to extend the audience to other demographics. To this end 20% of the token supply are dedicated to the ecosystem development and community funds that will in turn be used to spur the growth of the community, including sponsoring non-Englishg marketing efforts, local meetups etc.
Q10. Trust is very important in business. So, what makes investors, customers and users feel safe when working with REBASED? And how will you get the trust of many users that have negative thoughts about Blockchain?
Ans — Our mainnet smart contracts are already public. And we will get everything audited asap after the sale. Actually we have a community bounty and the contracts might be audited even before the sale.
Q11. Why did Rebase choose UNISWAP Exchange as the first decentralized exchange instead of a centralized exchange?
Ans — Because listing is instant there and we can provide a lot of inital liquidity ourselfes and do the AMM (automated market making) as well.
Q12. Most capital initiatives result in quantitative relaxation, misallocation and loss. How does ReBASE’s economic model eliminate failures in managing and manipulating the money base?
Ans — The advantage of REB is precisely that the monetary supply is managed by an algorithm depending on the purchasing power of REB. It’s all based on transparent code so you can be sure that there won’t be any quantitative easing.
Q13. What will the funds from the community sale be used for?
Ans — To provide initial liquidity on Uniswap, future exchange listings, marketing, security audits, web development, dapp development, and further development in general.
You can also check the FAQ on our website.
Q14. How can i support your project?
Ans — I’d say hang out on our Telegram, make memes, and ping any of the admins directly if you have a concrete idea for something that might need sponsorship.
Q15. The Official website explain that all Smart Contracts are non- upgradable, so this not Will limit you in futures improvements?
And why you chose 12H as separation between the rebaseds?
Ans — We do not see the need for future improvements! We have a clear and simple goal.
12h is because from an economical perspective this will allow the MCAP to grow in a healthier and more mature way.
Q16. REB is a ERC20 token, what are your thougths om the high fees from Ethereum, don’t upu think it would influence REB bought and trading at the beginning?
Ans — Yeah high fees are an issue and the recent 200% rise in gasprice has taken us by surprise as well. I don’t think we have a short-term solution for this problem either. If the situation persists, we’ll need to look into moving the token and/or any future dapps to L2 (however it will also depend on how Ethereum scales as a whole) or offer bridges to cheaper chains.
Q17. What will the funds from the community sale be used for?
Ans — Part of the funds will be used to provision liquidity on Uniswap, the remainder to reimburse our development costs so far & fund future development.
Q18. What’s an ELASTIC SUPPLY, kindly explain more about your Tokenomics as many of us don’t understand elastic, Rebase, etc
Do you offer any advantages for Liqiudity Providers to provide Liquidity for Rebase on Uniswap?
Ans — I recommend to watch some explainer videos of AMPL on youtube! This will make it way easier.
It is relatively hard to describe it only via telegram!
Yes there will be incentives for LPs coming shortly after the launch on Uniswap. However, we will also provide inital liquidity. If we sell out than it will be 750.000 USD.
Q19. The price of money does not reflect the development and benefits that the project brings, can you give people here a few reasons why they should invest and keep REB in the future?
Ans — Because of potential positive rebases and a growing MCAP.
Just look at our competitors and their current MCAP.
We will start with an inital MCAP of 2 Million, you can do the math yourself to see the potential and incentive for investors and hodlers.
Q20. The Official website explain that all Smart Contracts are non- upgradable, so this not Will limit you in futures improvements?
Ans — In our opinion the function of blockchain is to provide immutable, simple protocols on which you can then build other stuff. If you create normal, upgradeable software then there’s no reason to use a blockchain in the first place. What’s the point if the admins can just change the code anytime they want?
Q21. They announce Ampleforth with some modifications, supply, interval time for rebase. 2M as valuation is maybe big to fork Ampleforth and changing few parameters ?
Ans — It’s more than changing a few parameters.
- Code is simplified & refactored to remove reliance on admins
- We’re working on a Oracle system that completely removes the reliance on external trusted inputs; If you check the AMPL code you’ll see that all Oracles rely on human-managed multisigs
As a result you get a 100% trustless protocol which is fundamentally different from what AMPL / RMPL / etc provide.