Crypto Wizards AMA with Samecoin
Guests: Kurt Farrugia and Frank Su
Section 1 : Live QnA
1.Could you both please provide a quick self-introduction for the community?
Hello everyone, this is Frank. I am in charge of the overall product design and planning of the samecoin protocol.
I'm Kurt, Product Leader for Samecoin. My colleague @Frrrsu and I are here to introduce you to Samecoin.
2. Can you introduce the project Samecoin , what are some of utlities of Samecoin ? How do you think you stand out among the competitors if there are any?
Our project is aimed at simplifying cryptocurrencies and crypto payments for the everyday Joe. Our strategy to tackle this challenge is through a family of truly decentralised stablecoins, deeply integrating it into a usability-first payment app on iOS and Android, that's being developed by our partners at SamePay.
This way we can make crypto finally viable for the everyday person by making crypto feel the same as using fiat; i.e simple, quick and painless.
3. Can you share the achievements the team has made so far ? what are the major achievement target Samecoin is yet to achieve . If possible also share your roadmap.
The major achievement target may which is yet to achieve is launch the Samecoin Protocol to the public with completed audit report.
We still contact with other few audit firm. Any news will let you know.
4. Is there a presale or private sale for the community ? If yes what are the criterions for participation?
Ans-Yes, there will be a presale before the launch of the Samecoin Protocol. We will be announcing dates and criteria on our social media, so we suggest to sign up on https://samecoin.com/ and join our Telegram group https://t.me/Samecoin so you get the news before everyone
5. Whats the total supply of the token ? Could you share a detailed tokenomics of mainnet token’s supply distribution?
Samecoin will have a total supply of 100M, while the supply of the stablecoins like SameUSD and SameEuro will of course depend on the size of the reserve and therefore size of the Samecoin economy.
64% of it will be rewarded to the community(Liquidity Providers & DAO), 36% will be distributed to Seed Fund Investor, IDO, IEO, Advisors and Team.
Section 2 : Twitter Questions
I would like to have a long term investment with your project but at this moment I have doubts, how can you convince me that this project is very promising?
As a decentralized, diversified and trustless platform, Samecoin Protocol will be completely composed of smart contracts. After the audit is completed, the code and audit report will be available to the public on the official website for viewing.
This is also to improve the transparency and credibility of the project. In addition, it is planned to add community governance to the ecosystem, which will encourage users holding Samecoin to truly become a part of the project, and promote the continuous development of the project through the wisdom of the community.
Samecoin is also forming an ecosystem of products, with the first one of them being a partnered payment system aimed at making crypto payments simple for the everyday person. This makes Samecoin and its family of stablecoins the first of it’s kind with deep integration into a global payments system.
Binance smart chain is having high transaction speed and cheap gas fees , Are you planning to launch your mainnet or switch to other blockchains in the future?
Ans- Guy Frrr:
Binance Smart Chain has attracted more and more Ethereum applications to its ecosystem with faster transaction speeds and lower fees. The Samecoin Protocol will be listed first in the Binance Smart Chain.
In follow-up actions, we will launch it in Ethereum, HECO and other popular blockchains within an appropriate time according to the degree of promotion of the project, as well as market and community needs.
In the DeFi ecosystem, users great interest is the complement and convenience , Among them security is a problem directly related to assets, What is Samecoin doing to keeps uses fund safe?
Ans- Guy Frrr:
Samecoin Protocol will be completely composed of smart contracts. We have reached cooperation with many well-known auditing companies (including Certik) to ensure the security of the code to the greatest extent and avoid loopholes and risks at the code level.
The code will be made public on GitHub and the audit report will be published upon completion.
Samecoin is a family of stablecoins that are build with digital payments in mind, with stable value and low fees. Could you tell me more about "FAMILY" of coins? Also state functions of "Sameusd" , "Sameeuro" , and "Samecoin".
Samecoin is the utility token of the ecosystem. It’s a medium through which the Samecoin Protocol can enforce governance, reward users, incentivize activity, and provide a medium to raise capital.
SameUSD and SameEuro are 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 the reserve.
From where you get the project name? What does it mean to you? And why did you chose this name?
Ans- Our mission is to make people all over the world have the opportunity to use the same convenient crypto. We’re simplifying crypto to make it feel the same as when you’re using fiat. Crypto can only be widely adopted when it feels the same as using fiat; easy to get, easy to use and easy to understand. That’s where the name of "Samecoin" came; crypto with the same benefits of fiat.
Section 3 : Live QnA
1. Which do you think is more important:
C. Token Price
If all of the above is important to you, which should come first?
Ans- In my view, Community is the most important. As a DeFi project, what Samecoin most needs to do is to provide the community with a convenient, safe and easy-to-use stablecoin system
2. In terms of finding local utility will Samecoin offer stable coins backed by other currencies too in the future?
Ans- We are always looking into the possibilities of more locally-backed currencies, especially for juridscitions which are more crypto-friendly due to issues of hyper-inflation and unavailable banking structure. We do not have more announcements about that just yet, but definitely do keep checking back for news as we are always cooking some new ideas.
3. Almost 80% investors have just focused on price of token in short term instead of understanding the real value of the project. Can you tell us on motivations and benefits for investors to hold your token in long term?
Ans- This is why we decide to unlock the Team share of Samecoin by 4 years which will not only provide a sustainable development fund but also prevent that, if the price of Samecoin to the moon so fastly, the team forgets the heart :）Thus, I am sure that holders of Samecoin will grow together with Samecoin for a long time.
4. Could you give me 2 or 3 key points to convince me and other angel investors invest in project for the long-term?
Ans- 1 - We are focusing on decentralisation unlike most stablecoin projects. 2 - We are in constant communication to tie down close partnerships which will lead to faster and more effective adoption. 3 - Every team member is heavily involved in all decisions regarding the project. We all know the direction we’re going.
5. Currently, NFT is very hot, do you think you will apply NFT technology to your products in the future?
Ans- Our team has been continuously paying attention to NFT. Although this field is not the main direction of our project for the time being, one day in the future, I believe that we will definitely bring an innovative NFT project combined with the Samecoin project.