BlockTalks x Samecoin AMA Transcript!
Hello! BlockTalkers & Blockchain Enthusiastic!
We recently hosted an AMA with Samecoin, on May 31st 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 Kurt Farrugia, Product Leader & Frank Su, Tech Ops Lead of Samecoin. 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 Samecoin to our community in layman’s term?
Ans — In summary, Samecoin is a project that consists of a family of cryptocurrencies and products. With these, we’re aiming to simplify crypto and bring it into the pocket of the everyday person and business owner, by making crypto easier to use, easier to understand and easier to implement.
Q2. What are the advantages of Samecoin to other alternatives in the Blockchain field?
Ans — We believe that our advantage is the way we build products. We think of the user first, making sure that with every product and every feature solve a problem. This way we make sure the project has a long term application that can lead to long term growth for token holders, thanks to good adoption. Unfortunately most projects nowadays are short term and short sighted and we do not see that as a sustainable way to bring value.
Q3. What are the major milestones Samecoin achieved so far & what are in the future pipeline?
Ans — I am very happy to share with you that we have reached a cooperation with Certik. The final audit report will be met with you in the near future.
And we will launch our Samecoin Protocol beta version on June 8. Stay tuned. After that, more information liked IDO will announce recently, please keep an eye on our telegram.
Questions Asked on Twitter For Samecoin Team!
Q1. reading their medium they say that their token is not pegged to the dollar or any mineral asset such as gold but is backed with a reserve package of stablecoins. Could you explain to me what difference is there in using a crypto asset from the US dollar or a commodity like gold?
Ans — SameUSD/SameEuro is backed by a reserve in the form of a basket of widely accepted stablecoins(USDT, USDC and BUSD). This means the size of the reserve can easily be verified by anyone, while making sure that no single stablecoin has a majority share of our reserves.
USDT is always oscillating when encountering some bad news about regulatory. Thus, Samecoin protocol is choosing to peg to a bundle of stablecoins like USDT, BUSD, USDC. This has the benefit of insulating the stablecoin against shocks to a particular country, currency, commodity or stablecoin.
Q2. As an utility token, what uses can its holders give to SameCoin within the ecosystem?
Ans — People can use Samecoin to pay for transaction fees (instead of BNB, ETH) on SamePay, our multi-wallet mobile app. This way, early buyers of Samecoin (at lower intitial prices) would effectively be paying fees at a much lower price. When minting SameUSD ot SameEuro, all users also get a little bit of Samecoin as a reward, which can be used for the transaction fees on SamePay.
This creates an incentive loop where the more SameUSD you mint, the more Samecoin rewards you get that you can then use that Samecoin to pay for the transaction fees at a price that would end up bringing you lots of savings.
Q3. Samecoin’s family of stablecoins, like SameUSD are pegged to a bundle of other stablecoins rather than any fiat currency. Why bind to stablecoins? fiat currencies are considered stable why not use them as a store of value?
Ans — While fiat currencies are stable, the bank accounts which they’re held in are not. The companies/individuals who own those bank accounts also are not. We’re seeing more and more cases now where regulators may start to crack down on the classic stablecoins that are backed by fiat assets.
As a user I also wouldn’t want to use a stablecoin whose stability rests on making sure the reserve (which is owned by someone else) stays valid.
Q4. From what I could understand, you have three tokens in your ecosystem, while the Samecoin is a utility token, SameUSD and SameEUR are spendable currencies, but can they be exchanged for each other? How does your trading system work?
Ans — Of course, all three of them are completely free of circulation and freely convertible. We decide to add liqudity for Samecoin-BNB firstly on PancakeSwap. Also, everyone can easily mint or redeem SameUSD or SameEUR by Samecoin Protocol using USDT/BUSD/USDC and etc, which means that eventually, they can all be exchanged for each other.
Q5. Which countries is Samecoin focusing on for growth? Are the present markets with huge data sources like India and China is your target markets?
Ans — At the moment we are focusing on making sure our products can be used comfortably by anyone around the world who has a device and an internet connection.
Questions Asked by our BlockTalks Community Members during live Session to Samecoin Team!!
Q1. Do you have medium, have you planned a listing on Binance?
Ans — Yes, you can follow us and read our content on https://medium.com/samecoin . We do not have any announcements regarding Binance yet.
Q2. Safety is major concern have you completed any audit for your project?
Ans — We have reached a cooperation with Certik. The final audit report will be met with you in the near future.
Q3. What does the Samecoin project mean? What is your desire when choosing a name for this project?
Ans — The name cam from our wish to make crypto as easy to use as fiat. So therefore it would be the "Same" kind of usability and reliability.
Q4. I saw that in your partner section appear BSC, so Samecoin coins are only compatible with BSC or do you have the Cross Chain feature?
Ans — In the future, we will also consider to launch Samecoin to ETH or other excellent chain.
Q5. Visiting samecoin’s website, I didn’t find much satisfying information, can you share all the links and info graphics where I can research about same coin and also stay updated?
Ans — We will have a major update to our site on June 8th! We will be adding more details version all of the info we gave here today and more! So make sure to check again next week.
Q6. What is your current project Samecoin weakness, how will you overcome it? And what is the strength to project Samecoin to lead the market?
Ans — The weakness of Samecoin I think is that we are still a young project. Time & community will help it to make stronger.
Q7. Which do you think is more important: Community, Investors and Token price?
If all of the above is important to you, which should come first?
Ans — Community is first. No community means no reach. No reach means no users.
Q8. Coronavirus diseases has slowed down many economies around the world, has it affected your project negatively or positively?
Ans — A lot of the team works remote as we do not have a headquarters. Thankfully no one inside the team caught the virus, so overall we haven’t been affected yet.
Q9. What do you think about DeFi and its future? Can you come up with a real solution?
Ans — DeFi will finally be accepted by everyone in the world as they all want to own their money on their hand. That’s also the reason why we decide to launch Samepay.
Q10. When will SamePay actually be fully available and how cheap will transaction fees be compared to your competitors?
Ans — Transaction fees will be similar to normal gas fees on BSC at the start. However we are researching layer 2 solutions to implement in order to reduce fees for all users.
Q11. How did you refer users to your Samecoin project? Do you need to advertise a lot or not and it works?
Ans — We’re talking and doing AMA’s to lots of communities like this one. We’ve received tremendous amount of feedback doing this so we will continue doing that in the near future. We do not spend heavily on advertisement at this stage.
Q12. ️ Is your project global or local? What are your plans to expand it to all over the world? Can we joint your great from anywhere in the world?
Ans — Samecoin is actually a GLOBAL Decentralized Project. We welcome everyone to join us.
Q13. Can you explain in detail how the token burn with buying back and burning tokens from the open market on a quarterly basis will work?
Ans — Yes, Samecoin has a quarterly burn system which may become monthly as more token holders are added. 50% of the samecoin used to pay for fees are burnt.
Q14. How will your project generate profits / income to sustain your project and what is the revenue model? How will it benefit your investors and your project?
Ans — The other 50% of fees collected through Samecoin is used to run the products.
Q15. How do holders get rewarded by having SameCoin? Do yqou have passive and active earning mechanisms?
Ans — Users will be able to stake Samecoin-SameUSD pair in order to collect savings.
Here are some important links of Samecoin👇
🌎 Website: Samecoin.com
📱 Twitter: twitter.com/SamecoinCom
📢 Telegram: t.me/Samecoin
📚 Medium: medium.com/samecoin