Hello! BlockTalkers & Blockchain Enthusiastic!
We recently hosted an AMA with ZigZag Finance, on September 29th at 2.30 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 Yo Mi CEO at ZigZag. 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 BlockTalks
Q1. Could you please introduce ZigZag Finance to our community in layman’s term?
Ans — we launched ZIGZAG 2 years ago. This was the first version of the system on EOS. In 2 years we have completely redesigned the system. ZIGZAG v2 is a DeFi system built on IPFS specifically for e-commerce (online shops, casinos, online games). We are not building a complex system with all kinds of smart contracts. An online business has a very clear task — to ensure easy flow of money for users. We are building a system that makes it easy to replenish the balance, withdraw and transfer money without commission. And it’s all decentralized. But at the same time, the business has a transaction control system. This is a mandatory requirement for a legal business.
Q2. What are the advantages of ZigZag to other alternatives in the Blockchain field?
Ans — ZIGZAG is built specifically for corporate use. In it the company pays for transactions, not the user. All transactions are carried out instantly and free of charge.
Q3. What are the major milestones ZigZag achieved so far & what are in the future pipeline?
Ans — Now we have 3000 gaming terminals on which we have to start accepting ZIGZAG as a payment instrument. This is our plan until mid-2021. this is more than enough to reach the $ 10 million valuation. We will continue to develop a network for receiving payments using ZIGZAG.
Questions Asked on Twitter to Yo Mi!
Q1. The project tells us that the acquisition and sale of data between participants is protected by code of conduct and how safe is deployed on the blockchain, but how do you handle regulations while operating on a global scale?
Ans — We use a special consensus mechanism inside the system. It allows you to protect balances and information within the system.
Q2. Why did you decide to create two tokens (zig and zag) for your platform, instead of just one that integrated the features of both?
Ans — We have 2 tokens. ZIG — stablecoin (based on real USD on bank account), ZAG — bonus token (cashback). You can make any payments and deposits to your gaming or casino balance using ZIG. After this you will get ZAG as Cashback. To send cashback we buyback ZAG tokens from exchanges. and ZAG price rises.
Q3. Can you briefly explain how the top milestones that Zigzag team aims to execute before the end of this year or going to execute in future, will help you succeed and what Zigzag may look like in 2020 and beyond?
Ans — We will connect 1500 terminals this year and 1500 until the middle of next year.
Q4. Partnership and community are the keys to the success of such projects. Could you tell me what partnerships ZigZag will develop and what incentives are there for new ZigZag users?
Ans — soon there will be news from our partner. it will be surprise.
Q5. For example, in the future, when Zigzag financr reaches the maximum threshold of total supply. Will the team create additional tokens or create another token to address the scarcity?
Ans — Our goal is to create a deficit, increase prices and liquidity =)
no reason to create new token.
Questions Asked by our BlockTalks Community Members during live Session to Yo Mi!
Q1. Why Choosing ZigZag as project name?
What is the name represent? How does Zigzag integrate with defi platform to bring better experience in e-commerce these days?
Ans — For our platform we need 2 tokens. Stablecoin ZIG=z1G, and bonus token ZAG. we came up with this name and it fit perfectly
Q2. What’s makes EOS platform is perfect to built ZigZag project? how does ZigZag will improve every online service in Internet these days like online shoop or game?
Ans — we are still using the EOS platform. But in the second version, we will completely switch to our platform. we love the idea of EOS. Transactions are free for the user there.
Q3. How much is the minimum amount of $ZAG that a user must own in order to participate in the governance process within the ZigZag ecosystem?
Ans — 1024 ZAG
Q4. How does ZigZag incentivize users to hold their $ZAG in the log term? What are the benefits that $ZAG holders receive?
Ans — Rewards for nodes (8–12% per year). And staking system.
Q5. We all know that DeFi will not replace Traditional finance institutions, so how do you seek to create an ecosystem that will allow both interoperate together?
Ans — Our system does not change traditional finance. We’re just making it easy to fund your account. using PayPal is expensive. You can use our system and save.
Here are some important links of ZigZag Finance 👇