AMA Recap With AMA Lovers Club
Bictory Finance had a lovely and inspiring AMA with @AMAloversclub, a broad Crypto community of traders, investors, and educators of over 30000 members, on Friday 8 October 2021, at 2 PM UTC. Aim from AMA Lovers Club moderate the event with Kelvin, Community Lead, and Ben, CMO, representing Bictory Finance.
Below is the entire discussion that ensued:
Aim -amaloversclub: Let’s welcome @PatriotBen and @kemmra from the BictoryFinance team!😎👏👏👏
Ben Marchant: 👋hi!!
K E L V I N: 💡💡 Hello everyone!
Aim -amaloversclub: Hello guys, welcome once again. How are you doing today?
Ben Marchant: I’m doing pretty good! 🤓 How are you?
K E L V I N: Glad to be here, I’m good, at least I can say, the market is green🚀
I’m doing great, thank you.
Hahaha, there is some relief.
Aim -amaloversclub: Let’s get started with the AMA session but before then, let’s set some guidelines for the AMA.
AMA will be in 2 segments
1. Introduction segment
2. Community live segment
We will begin by asking you some introduction questions regarding the project’s achievement, plans/target, and the team behind it. I think we are good to proceed. 😎
K E L V I N: Sounds good. Let’s set the ball rolling, then.
Aim -amaloversclub: Can you please introduce yourselves and your background, also introduce the team working on Bictory?
Ben Marchant: Hello everyone! I’m Ben, the Marketing Lead for Bictory Finance. I’ve worked in the IT/Software Support industry for several years. A few years back, a co-worker introduced me to crypto, and I started mining it with my graphics card. I’ve been hooked ever since. Along the way, I found myself providing marketing for different crypto projects. I’ve worked on many projects with Kelvin, and he introduced me to Bictory Finance. I’m really excited about what they have in store. It is going to be a lot of fun. We have many members in the Bicory finance team currently. We have Joha, the Project Lead. Agbona — Operations Lead; Ben — the marketing lead; and Kelvin, our Community Marketing Manager. The vast majority of the Bictory team have been in the crypto space since MTXGox Exchange times and have worked with Beam Privacy, Concordium, Avalanche, Kylin Network, CoinMargin, Unipool DAO, SWN GLOBAL, Korea Bitcoin Center, and several other blockchain projects.
K E L V I N: Hello folks, I’m Kelvin Emmra, a Nurse by profession and a Cryptopreneur who has been in this space for over four years. I started as a writer for marketing firms like CryptoAdventure, Cryptovirally, and Cryptopress. My efforts in marketing have gotten me many tentacles in this space to get any project I’m working on with the right people. I have done sales and marketing as well and happen to join the Concordium Community at its nascent stage. I saw the massive potential in Concordium and happily took the proposal from our Project Lead Joha when he sent me the invite to join the team in building Bictory Finance. I’m happy to see the progress so far, and we have lots of exciting things coming for the community.
Ben Marchant: We also have @c_wohrle with us today; he is our Technical Product Owner!
Aim -amaloversclub: Thank you! Can you introduce Bictory, what critical problems does it solve that existing solutions are not solving, and the competitive advantage?
Ben Marchant: @hon_aim, can you give @c_wohrle permission to say hello? I apologize that we didn’t have him in here sooner. 🙂 Now on to the question. Bictory Finance is a complete ecosystem of products, but the main thing we will solve is the high fees, low liquidity, and we will be a Safe Haven for Global, DeFi, and NFT Investors. Our products will utilize the latest technologies, including Concordium’s ID Layer, which means that users won’t have to KYC directly with us so long as they have a valid Concordium ID.
Aim -amaloversclub: Welcome @c_wohrle
Chase Wohrle: Hello everyone! Excited to be here, and thanks for having us!
Aim -amaloversclub: The pleasure is all ours. @PatriotBen you can continue now, I guess.
Ben Marchant: Ok great, thank you! Yes, we have many different advantages. The fact that we will be the first to utilize the ID layer in this way is fantastic. We will be following all of the latest regulations as well as preparing for future regulations. Many exchanges and projects will be affected by the many things happening in the crypto world, including crackdowns, arrests, and investigations — all due to companies not following the laws. We will be prepared from the start. Investors will know they have a safe place to trade with Bictory Finance.
Aim -amaloversclub: Can you briefly describe the top milestones you have achieved and your target milestones with timelines, also share your roadmap?
Chase Wohrle: Bictory Finance has a fully developed CEX alpha which is undergoing internal testing at the moment. We hope to release the alpha to early investors as soon as we complete our testing to ensure safety and security. We have also built a solid team, including a CTO who we can’t name but is well-known in the industry, a marketing team, and a team of developers and product managers. Overall, we are moving right along! We are currently working on updating our roadmap, but the basics are this:
PRIVATE SALE C ROUND
BICTORY INTEGRATION WITH CONCORDIUM ID LAYER
ALPHA-VERSION LAUNCH: BICTORY CEX
CEX MARKETING CAMPAIGN
The rest we will share as soon as we have the updated roadmap ready, with a few surprises in there!
Aim -amaloversclub: Can you briefly describe your PARTNERSHIPS so far?
K E L V I N: Sure thing. It’s been an incredible journey since we began. Several investors have approached us in this space, considering that we are one of the first movers to launch our suite of financial products using the technology from Concordium. Several investors have approached us in this space, but we have identified an excellent approach to working with only value-added investors. We have secured strategic partners with many institutions and are still in stealth having talks with others. Once the necessary due diligence has been done, we will announce them 🔥
Ben Marchant: Those who wish to become a $BT purchaser or wish to partner with Bictory Finance can email firstname.lastname@example.org, and you will be contacted within 24 hours to get you on the waiting list.
K E L V I N: 👍
Ben Marchant: 💪
Aim -amaloversclub: Finally, before we take on the community questions, Can you give an overview of the Tokenomics and Utility of $BT tokens?
K E L V I N: The part which gets everyone glued to the charts 😅
Aim -amaloversclub: You got the drill, haha.
K E L V I N: $BT token is the main token that will power all the products within our ecosystem: the CEX, Launchpad, and DEX. To give a brief overview before reading further with the link below. BT token will serve to give holders access to projects on our launchpad, liquidity providers end fees accumulated, and holders who choose to pay fees on the CEX will also do so with a decent discount. https://bictory-finance.medium.com/bictory-tokenomics-and-utility-explained-2852929d3da. Just as @PatriotBen mentioned above, anyone willing to have early access to this precious 💎can do so by sending us an email via email@example.com. In the meantime, you can join our telegram group @bictoryfinance and ask us any questions regarding our products and tokens.
Aim -amaloversclub: Thank you guys for the brief but detailed Introduction to Bictory Finance.
K E L V I N: A pleasure doing so
Aim -amaloversclub: This brings us to the end of the introduction segment. We now proceed to the community live component.
Chat will be opened for 120seconds. Kindly hold until the discussion is closed before you start sending in answers to ensure proper organization.
K E L V I N: Send the flood of questions))
Community Live Questions
Question: They are currently relying on the Concordium ID layer to provide maximum security in all the products they are creating. But does this mean that this is the only security measure you are taking? Can you elaborate on the security measures you are implementing?
Ben Answers: I should have expanded on this a bit more. The Concordium ID layer is just one of the reasons our platforms will be secure. We are also working on internal audits and plan to have a 3rd party audit as well. We also have partners who will help in this arena. We want to ensure that Bictory Finance is KNOWN as THE Safe Haven for investors worldwide.
Question: You said registering on the Concordium network can have full access to our platform without going through any form of the strenuous KYC process. But almost all DEX platforms do KYC? Why are you not? Do you guarantee the safety of user assets?
Ben Answers: This is a great question. With the Concordium ID layer, a user must KYC with an identity verifier, which gives them a unique ID on the Concordium network. Using the Concordium ID layer to log in to our products, they have already KYC’d through Concordium, so we are just verifying they have a valid ID. They aren’t required to provide the KYC directly to Bictory. It is really great because it will make things significantly more accessible for the end-user.
Question: I read that a token will be auto-listed on CEX? What do you mean by this? Like If I launch a token on a dex, it will get listed on CEX too? There will be no other formalities? Would you please clarify it?
Kelvin Answers: I know this may come as a surprise, but this is one support Bictory Finance is putting in place for all the startups that find it difficult to get listed on a decent centralized exchange due to the high fees being charged. @bictoryfinance, we plan to list all concordium based projects on our CEX automatically. There will be no listing fees charged for this but only integration fees. We have tailored this to provide good liquidity to startups that will also be listing through our decentralized exchange deployed on the Concordium network. This will be the first DEX on concordium. In case you miss $UNI, you so don’t want to miss $BT.
Through the dual listing on both the CEX and our DEX, our Proactive Market Maker will boost the liquidity of tokens to reduce the high impact that we see on Pancake Swap and Uniswap. Great question, Rakshhit. If you want extra information, I’m always happy to chat and expand on this in our main room @bictoryfinance.
Question: It is common in day-to-day cryptocurrency traders working on PancakeSwap, Uniswap, and Quickswap to complain about the impact of high prices. So, can you explain how using your hybrid DEX and CEX solution can help these users in their day-to-day development?
Ben Answers: We will use orders from the CEX to fill orders from the DEX, which will solve liquidity problems faced by DEXes. Also, using the ID layer will provide low fees because we don’t have to pay a KYC provider to do this, and we don’t have to do the KYC ourselves. Ultimately, we are saving money and passing those savings along to you, our customers.
Question: On Bictory Centralised Exchange, we can do Spot and Margin trading. But do you have any plans of bringing Derivatives trading? As it gives more return and loved by all?
Kelvin Answers: Absolutely! The initial launch of the CEX will come with functionalities that are for Spot Trading activities. However, we plan to open up the business model to the derivatives and other categories that Crypto traders really prefer. Maybe you might want to be part of our early contributors who will access the alpha version of our CEX. Well, it’s simple 😁 be an early contributor by sending an email at firstname.lastname@example.org.
Question: Bictory is on the Concordium Blockchain, which is not used by many. So do you plan to integrate with other popular and most used chains Like BSC, SOL, ETH?
Ben Answers: Yes, while we have the first-mover advantage on Concordium, we plan to expand to other blockchains. We plan to partner with all of the top blockchains to list their projects on our exchanges.
Question: The Bictory platform has a decentralized exchange (DEX) and a custodial exchange of Bictory (CEX). What is the reason to have two exchanges and make one centralized and the other decentralized?
Ben Answers: Because Centralized Exchanges attract traditional investors and institutional investors, while the DEX attracts dApp developers and those who wish to trade in a decentralized manner quickly.
Question: In my opinion, a strong community is a key to the success of a crypto project. How does Bictory include its community in the development of the project? Will you implement an Ambassador Program to allow your users to represent Bictory in their local communities?
Kelvin answers: That’s so true. You can’t leave the community out of any product you’re building. If you jump in real quick into our community @bictoryfinance, you will realize that we value our community members and give them constant updates regarding the project’s development. We share monthly updates to keep the community in the loop with what’s happening on the backend. All core members of Bictory Finance are in the common telegram room to interact with the community. In addition, we will be taking the feedback from our early contributors about the alpha version of our CEX. We have not yet launched our Ambassadorship program, but certainly, this is something we will do.
Don’t forget to follow us on our social media channels for current updates about the project. Continuously stay safe in these intricate and unpredictable times!