Recapitulation of BictoryFinance PROJECT AMA event held at AMA LOVERS CLUB.
Date: Thursday, 7th October, 2021
Time: 16:00 UTC
The BictoryFinance PROJECT team was represented by @PatriotBen, @kemmra and @C_wohrle who judiciously shared with us detailed knowledge and information about BictoryFinance PROJECT.
1st Segment: INTRODUCTION
Q1: Can you please introduce yourselves and your background, also introduce the team working on Bictory?
ANS: Hello everyone! I’m Ben, the Marketing Lead for Bictory Finance. I’ve worked in the IT/Software Support industry for a number of 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 for 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 who is the Project Lead, Agbona - Operations Lead, Ben - Marketing lead and Kelvin who works as our Community Marketing Manager. The vast majority of the Bictory team have been in the crypto space since mtgox exchange times, and have worked with projects such as Beam Privacy, Concordium, Avalanche, Kylin Network, CoinMargin, Unipool DAO, SWN GLOBAL, Korea Bitcoin Center and several other blockchain projects.
Hello folks, I'm Kelvin Emmra, a Nurse by profession and a cryptopreneur who have been in this space for over 4 years. I started off as a writer for marketing firms like CryptoAdventure, Cryptovirally and Cryptopress.
My efforts in marketing has gotten me many tentacles in this space to get any project i'm working 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 huge 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
We also have @c_wohrle with us today, he is our Technical Product Owner!
Q2: Can you introduce Bictory, what critical problems does it solve that existing solutions are not solving and what's the competitive advantage?
ANS: @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 A Safe Haven for Global, DeFi, and NFT Investors. Our products will utilize the latest technologies including Concordium’s ID Layer which will mean that users won’t have to KYC directly with us so long as they have a valid Concordium ID.
Ok great, thank you! Yes, we have many different advatages. The fact that we will be the first to utilize the ID layer in this way is amazing. We will be following all of the latest regulations as well as preparing for future regulations. There will be many exchanges and projects that are affected by the many things that are happening in the crypto world including crackdowns, arrests, and investigations. All due to companies that are not following the laws. We will be prepared from the start. Investors will know they have a safe place to trade with Bictory Finance.
Q3: Can you briefly describe the top milestones you have achieved and your target milestones with timelines, also share your roadmap?
ANS: 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 that it is safe and secure. 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!
Q4: Can you briefly describe your PARTNERSHIPS so far?
ANS: It's been a great journey so far since we began and we have been approached by several investors in this space. Considering the fact that we are one of the first movers to launch our suite of financial products using the technology from Concordium. We have been approached by several investors in this space but we have identified a good approach to working with only value added investors
At the moment, we have secured strategic partners with the following institutions and still in stealth having talks with others. Once the necessary due diligence has been done we will announce them as well 🔥
Those who wish to become a $BT purchaser or wish to partner with Bictory Finance can email email@example.com and you will be contacted within 24 hours to get you into the waiting list.
Q5: Finally before we take on the community questions, Can you give an overview of the Tokenomics, and Utility of $BT tokens?
ANS: The part which gets every one glued to the charts 😅
You got the drill, haha
$BT token is the main token that will power all the products within our ecosystem, that is the CEX, Launchpad and DEX. Just to give a brief overview before reading further with the link below.
BT token will serve to give token 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 descent discount.
Just as @PatriotBen mentioned above, anyone willing to have early access to this precious 💎can do so by sending as an email via firstname.lastname@example.org In the meantime, you can equally join our telegram group @bictoryfinance and ask us any question regarding our products and tokens.
2nd Segment: LIVE Questions
Q1: 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?
ANS: 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 inestors worldwide.
Q2: In one of the previous Amas, you were asked about NFTs and you told us you have a plan that was unannounced because you have something in development. Agreeing that you considered NFTs important, at what point would NFTs be implemented on Bictory Finance ?
ANS: NFTs will be implemented within the Bictory platform soon, so keep a look out 👀
Q3: You said registering on the Concordium network can have full access to our platform without going through any form of strenuous KYC process. But almost all DEX platforms do KYC? Why you are not? Do you guarantee the safety of user assets?
ANS: This is a great question. With the Concordium ID layer, a user must KYC with an identity verifier which then gives them a unique ID on the Cocordium network. By using the Concordium ID layer to login to our products they have already KYC'd through Concordium so we are just verifying they have a valid ID and they aren't required to provide the KYC directly to Bictory. It is really great because it will make things very easier for the end user.
Q4: I read that a token will be auto-listed on CEX? What do you mean by this? Like If I launch a token on dex it will get listed on CEX too? There will be no other formalities? Can you please clarify it?
ANS: 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 descent centralized exchange due to the high fees being charge. @bictoryfinance we plan to automatically list all concordium based projects on our CEX. There will be no listing fees charged for this but only integration fees.
We have tailored in 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 liquidity of tokens to reduce the high impact that we see on Pancake Swap and Uniswap. Great question Rakshhit. I'm always happy to chat and expand on this in our main room @bictoryfinance in case you want extra information.
Q5: Bictory name is resembling with the Victory word. Is it so? Or does it have some other meaning? And why did you choose the Bictory word for your project any specific reason or story behind it?
ANS: This is true. Also because Bictory is a victory for blockchain, so this was our thinking behind the name.
Q6: It is common in day to day cryptocurrency traders working on PancakeSwap, Uniswap and Quickswap 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?
ANS: We will use orders from the CEX to fill orders from the DEX which will solve liquidity problems faced by DEXes. Also, by using the ID layer, we will be able to 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 that savings along to you, our customers.
Q7: 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?
ANS: Absolutely! The initial launch of the CEX will come with very limited functionalities that is for Spot Trading activities. However, we have plans of opening 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 have the an access to the alpha version of our CEX.
Well, it's simple 😁 be an early contributor by sending an email at email@example.com
Q8: Bictory is on 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?
ANS: Yes, while we have the first mover advantage on Concordium, we do plan to expand to other blockchains as well. We plan to partner with all of the top blockchains to list their projects on our exchanges.
Q9: The Bictory platform has a decentralized exchange (DEX) and a custodial exchange of Bictory (CEX). What is the reason to have 2 exchanges and make one centralized and the other decentralized?
ANS: Because there Centralized Exchanges attract traditional investors as well as institutional investors, while the DEX attracts dapp developers, and those who wish to trade in a decentralized manner quickly.
Q10: In my opinion, a strong community is the 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 give your users the opportunity to represent Bictory in their local communities?
ANS: 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 realized that we do value our community members and give them constant updates with regards to the development of the project.
We do 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 tg room to interact with the community.
We have not yet launched our Ambassaddorship programme but certainly this is something we will do.
Follow Us On Our Various Social Media Communities For More Update;
Telegram News: https://t.me/BictoryNews
Medium Blog: https://bictory-finance.medium.com
One Pager: https://bictory.io/one_pager.pdf
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