Hello! BlockTalkers & Blockchain Enthusiastic!
We recently hosted an AMA with TotemFi, on March 25th at 02.00 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 Jolyon, CEO & Harry, CMO at TotemFi 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 TotemFi to our community in layman’s term?
Ans — We will be creating a platform for users to predict items of particular interest (initially BTC price) whilst also enjoying the functionality and reward of staking. There is huge scope for what the predicition pools can focus on but yeah intially we will be focusing on on-chain assets. We’ve got some key ROI calcuators that will hopefully drive understanding and engagement with the platform.
Q2. What are the advantages of TotemFi to other alternatives in the Blockchain field?
Ans — Two of our main differentiators are
Real value creation, BTC & TOTM yields through our prediction protocol in combination with TOTM staking rewards.
which means you get BTC and TOTM for making accuracte predicitions, with native staking rewards ontop
accessibility, which has two parts:
User-friendly design, simple prediction model with dynamic rewards calculator means we are building DeFi prediction markets for everyone.
Non-punitive predictions, Stake and predict with no penalties for inaccurate predictions
we know how volatile crypto is and therefore wanted to create a model where people are not penalised for entering into the predicitions, this is done by having a 3% recall function on selling so the btc purchases and operational costs are covered by the background trading volume. Meaning its not person A wins so person B loses (not a zero sum game!)
Q3. What are the major milestones TotemFi achieved so far & what are in the future pipeline?
Ans —Very proud of the team we have hired and built from all the world
DuckDAO tier one incbuabtion has helped take us to the project to whole new level, we have learnt some much from there exprince of doing it 20+ times and they have connected us with the people that can help make this work + there community is amazing. Happy that are tokens have been split in to such small sections rather then just to go to VC’s
We are close at launching are main product, which is starting to look nice. And we have lots of plans once we get going to imporve and change based on feedback. lots of excitngn partnerhsips in the pipeline, and amazed at how helpfull everyone has been!
Questions Asked on Twitter For TotemFi Team!
Q1. Only getting users, holders etc is not everything. In my opinion, a project needs to deal with solving a real world issue or problem What is the problem that your project primarily focuses on?
Ans — Yeah exactly, one reason why prediction markets have huge potential is because blockchain technology has characteristics that solve traditional market issues such as counterparty risk. Blockchain of course is a trustless system eliminating the need for those third party intermediaries.
On the specifics of TotemFi two main items in our mission is what we discussed above around real value creation and driving accessability
so ensuring that the inflation rate in the ecosystem doesnt reduce the real rate of the rewards close to nil, giving the BTC rewards solves part of this
secondly is the non-punative model which should hopefully drive adopting by removing a barrier to entry.
Q2. Security & User Interface are the Most Important Aspect that Users see on a platform. How has Totem worked on this? Is Platform suitable for Newbies in the crypto field?
Ans — Deep down security is one of the main concerns with any smart contract project. Facebook had the motto move and fast and break things, untill they updated it move fast with stable infutracutre haha. but in smart contracts we have seen that you cant do that.
UX/UI, we’ve just touched in this above and have award winning designers working hard on our user interface alongside our FE devs. The variation in dApps currently out there is massive with some confusing an clunky ones to some more sophisticated creations. (we’re hoping to fall closer to the latter…!)
Working hard with the support of our incubators to ensure we have suitable audits for all of our code. We’ve created strong internal controls and processes with 4eye reviews where necessary to get details correct on a granular level
Regarding the userbase, our initial MVP is designed with a step function and no penalties for incorrect predictions. This is to allow both adept analysts get high returns alongside individuals less experienced with predictions, given you also get staking interest whilst in the prediction pools hopefully it will support everyone.
We will be brining out loads of other exciting features and pools post MVP which can hone in on suiting different groups.
Q3. How will Totem solve the scaling problem & how will it overcome the threat of centralization? How easy is it to use Totem platform in an existing infrastructure?
Ans — Everyone knows scaling is a huge issue in crypto right now and its causing an issue to some protocols. There are a variety of avenues we are seeing in the market and exploring ourselves such as chain migration and Layer 2 scaling solutions. We are working closely with our tech team and incubators to get to robust long term solution and that includes considering roadmap decisions further down the line.
we’re keen not make short term decisions on this project
In regards to centralisation threat, our aim is to move towards decentralisiation in a swift and sensible manner i.e. on-chain governance and smart contracts running a majority of the protocol. We’ll keep pushing for this and ensure everyone is updated in the process.
We’ve chatted to a number of prediction market CEO’s over the last few months and believe very careful thought needs to go into the path to full decentralisation.
Q4. Users often care less about technology, but rather the value of the token. How does Totem Fi manage to strike a balance between developing the technology and also improving the value of the token?
Ans — Our goal is to make it interesting, rewarding, and easy to use prediction markets. The value of the token will be access to this functionality and earning btc rewards. In addition the tokens will shortly have governance features which will allow creation of in demand prediction topics
Hopefully we can therefore combine making innovative tech whilst driving the value of the token
Additionally with only 10 million total tokens with no further minting functionality, this should help keep the value of the tokens.
Q5. Marketing is an essential element of every project, so everyone knows the potential that a project can generate. What is your strategy to attract new users and investors and maintain it in the long term?
Ans — Huge fan of oragnic growth so refferal will be a massive channel for us, another great vaule of add of going with DuckDAO is the DDIM and DUCK holders all got a small section to invest in this means they are intrested and we hope they will use our Dapp
Youtube will be a great channel for us in terms of investors, we were abit neverous that we would hit the cap. nstead we had over 30mill pledged, it was crazy! Blown away, I wish I had more Allo’s to give out! But can’t wait to see this fly on uniswap.
Questions Asked by our BlockTalks Community Members during live Session to TotemFi Team!!
Q1. Can you explain to me more about TotemFi’s staking mechanism? What are the Conditions for Staking? If I am a new user, do you have any instructions in web or app interface?
Ans — Yeah — the staking is as you would expect in standard projects where you token is locked in a smart contract for a period of time. With TotemFi there is the additional functionality to predict the price of an asset at the end of the predicition pool
we’ll be releasing comprehensive guides on how to interact with the staking pools etc when we launch MVP.
Q2. How many betting pools will there be on the TotemFi platform and how will the system work in these pools? How will users set their odds?
Ans — 3 main pools, owl fox and wolf. will be 15 days to start with, and the lenths and prizes will be diffrent.
Q3. What makes you feel confident about the survival & sustainable success of Your project in the near future?While you build your project, do you take into account community feedbacks and demands?
Ans — We take all feedback, we have updated our tockeniomcs when we met experts, we also locked the team tokens to show our commitent as we had them unlocked. We are very hard working. Im quite lucky and we all passiaote about the space!!
Q4. I believe that TotemFi is characterized by allowing users to bet in a garatized way offering good returns in $TOTM and BTC. But how does this prediction system really work? How is it possible that if users are wrong due to an inaccurate prediction they do not risk their initial capital ?
Ans — Thanks for your question — as discussed above in the AMA, we have a 3% recall function on the background trading volume and transfers. This means that the btc purchases, rewards and operational costs are covered by this function and allows us not to take the users principal stake to pay for it. Therefore providing protection for the users.
Q5. Can you briefly outline some of the utilities of the TOTM token in respect to its use cases and how beneficial it will be to holders in the long term?
Ans — Thanks for your question! Main points here are access to high yield BTC and other crypto token rewards and the on-chain governance which will be relased shortly after TGE
Q6. Can you explain to me more about TotemFi’s staking mechanism? What are the Conditions for Staking? If I am a new user, do you have any instructions in web or app interface?
Ans — Lots of content to come on this front! The only condtion is you need the coin and this will be launched hopefully 1/2 months after TGE. We wont to make really clean UX/UI.
Q7. What will the role of the community play in the TotemFi ecosystem? When developing and updating your platform, will you take into account the community’s requests and suggestions?
Ans — We are always keen to listent to the community. You guys have so many awesome ideas and we will be working to get on-chain governance up and running to allow holders and users of $TOTM to vote on the future development of the project
Q8. Because of tough market conditions many projects are far from the targets. What’s $TotemFi Project strategy to survive in this long blockchain marathon?
Ans — Yeah we have an expert team of advisors, investors and community members around us helping us to make great decisions at every step.
Q9. It is pretty obvious that without blockchain this project would not exist But what is questionable — why team uses that slow ETH blockchain when there are plenty of alternatives on the market?
Ans — ETH is slow and expensive, so L2 soultions and cross chain options are being explored right now. We will update on everyone on our progress but dont worry, we wont let gas fee’s destory our predtciton market. On this point while gas fee’s are annyoing, i rember having to defend if there was even a need for crypto, this makes me bullish on the space.
Q10. Security of the Stakeholders should come first, have you carried out any code auditing on your smart contracts to access any potential security vulnerabilities?
Ans — We are currently being audited by Certik, details will be passed out to the public shortly.