Recapitulation of CoinDCX AMA event held at AMA LOVERS CLUB
Venue: https://t.me/amaloversclub
Date: Thursday, 10th December, 2020
Time: 13:30 UTC
The CoinDCX team was represented by @Mithunshetty32. He judiciously shared with us detailed knowledge and information about the project.
1st Segment: INTRODUCTION
Q1 : Can you please introduce yourself and your background, also introduce the Team working on CoinDCX
Ans : Sure, about the team at CoinDCX. We started a couple of years back and have since then gone on to become one of the most popular exchanges in the country for our service, security and also in a big part thanks to our community. In fact this AMA was put together by one of our active community members @mehul. I’m not sure if he’s here
You can read more about us here - https://coindcx.com/about-us
I’m not one of the bunch of pretty folks on that page. I joined the team about 6 months ago
Q2 : Can you introduce the CoinDCX project, what critical problems does it solve that existing solutions are not solving and what’s the competitve advantage
Ans : Sure, so at CoinDCX we don’t just provide our own liquidity but also pool liquidity from some of our partner exchanges, thereby providing. a larger pool and more options for our traders. And we all know how important that is.
I’ll share some links here that will help you read more about this
We’r also extremely focused on security and have some of the best practices in place thanks to partners like Bitgo
we’re also constantly innovating to being better products and solutions to solve for needs identified by our community
the latest aming them is the ETH2.0 staking solution
which i’m here to talk about today
I’ve been told that our Margin Trading product is amongst the best people have experienced in the market. So do check us out and we’d love to hear from you 😊
Q3 : Can you briefly describe the Top milestones you have achieved and your target milestones with timelines, also share your roadmap
Ans : sure so in our case this would look slightly different than than a blockchain project out there, considering we’re an exchange.
But let me list some of them in the context of this ama
One of the biggest achievments for us this year has been the launch of our two latest products :
ETH2.0 staking through which we’re seeking to help people participate in this huge event in the ethereum and crypto ecosystem by taking away barriers like the amount of ETH you can stake (minimum of 32 on the eth blockchain) and the challenge of your funds being illiquid for the rest of the year
What we just launched today was CoinDCX Go our new offering for newbies to easily and safely buy cryptocurrencies
i’ll share links that you can read at the end of this ama, since there’s only so much that i could possibly cover 😊
as far as our target milestones are concerned with ETH2.0 we want to reach a milestone of 2000 ETH staked by Dec 15th and we’re also giving away a community backed token in a 1:1 ratio for the amount of ethereum staked by each user on coinDCX
let me send you the current status too. But last i checked we had breached the 25% mark to 2000 ETH
Q4 : Explain more about the ETH 2.0 Staking on Coindcx, why should we use the COINDCX pool?
Ans : let me first set some context on the ETH2.0 itself before i get to whatb we’re doing
also pardon the time I’m taking. First typing AMA !
ETH is the 2nd most valuable Blockchain in the industry after Bitcoin.
ETH has always been on the forefront in bringing about innovation in the industry like you all know.
From ICO boom to DeFi Ethereum has always promoted innovation
Currently Ethereum runs on a consensus mechanism called "proof of work" as we all might be aware of. Here miner solve a cryptographic puzzle to mine and block -> generate rewards and get Ethereum into circulation
But many believe that proof of work is not a very efficient way of consensus as the power lies with the ones who have hardware availability. Also mining is a full time and resource intensive job
Electricity required to mine a block is equal to powering few households and with the requirement for scalability on Ethereum to compete with real world systems this will always increase. Ethereum needs to scale beyond the real world system in order to be adopted. For reference currently Ethereum validates around 15 Transactions per second and visa on the other hand validates 1500. So there is a big room for improvement
So ETH 2.0 Ethereum developers decided to solve this problem all at once by introducing a new consensus mechanism in the chain called "Proof of stake". ETH 2.0 is all about that
now to CoinDCX and staking ETH with us
To stake ETH on your own. You need :
- 32 ETH
- illiquidity for funds for almost a year
- high commission
- penalties and inactivity deductions
vs with CoinDCX
We take care of all this. You can stake
- as low as 0.1 ETH to as huge as 6000 ETH in a single transaction
- possibility to make your funds liquid after we reach milestone
- daily payouts
- Negligible commission
- no technical know how and penalties to worry about since we take care of that
Here’s the latest status on where we are. We’ve reached 30 % of our target to launch a community based token for all participants. So get in there!
This is also how we’re solving for the liquidity problem with your funds being locked to a year. The token will be tradable one.
Q5 : What Beneficial campaigns are available on Coindcx especially for new users?
Ans : Super. So before I get there is like to just post a link to a blog about the token we’re promising to launch based on reaching out milestone
So especially for the AMA lovers community we’re throwing in a couple of offers.
1) We’ll share a unique sign up link for you. And if we have 15 ETH staked by Dec 15th, we’ll do a giveaway of 0.5 ETH to one lucky winner from those who stake from the AMA lovers community
here’s one more
I’ve already mentioned our much loved margin trading product. For all new sign ups from the AMA lovers community who sign up before the end of december, your first BTC worth of trade is on us. Meaning we won’t charge you our trading fee. This will be reimbursed back to you when you hit 1BTC of volume
I’ll share the unique link with the admins for you all
the offer i mentioned is only for ama lovers club!
I’ll share full details again that you can share with the community
2nd Segment: LIVE QUESTIONS
Q1 : You said that" We are contributing to the Ethereum ecosystem on our part so it helps to grow the whole ecosystem". So what exactly will you do to contribute to the Ethereum ecosystem?
Ans : So this is how we’re doing it
- You can stake as less as 0.1 ETH on coindcx vs only a minimum of 32 ETH on the blockchain. We do this by pooling validators and sending blocks of 32 when we reach that number.
Plus the issue of the ISO token solves for liquidity issues with your ETH being locked for over a year
we will continue to issue other rewards beyond our deadline of Dec 15th to gratify partiicpants
here’s the link again on how the token will work - https://blog.coindcx.com/coindcx-promises-to-launch-eth-backed-token-on-reaching-1-million-in-eth2-staking/?utm_source=Twitter&utm_medium=SM&utm_campaign=Token
Q2 : Security is very important and valued by users. Would you mention CoinDCX’s security measures? How do you protect investor funds ?!
Ans : Very important question. We take this very seriously and have solid measures in place beyond the standard ones like 2FA. We’ve also partnered with the best in class security providers in BitGo to ensure this
To get into details of this, you can also read more about our security measures and upgrades here - https://blog.coindcx.com/lets-talk-security-with-akash/
we’re also constantly upgrading this
Q3 : 1. How much stability can CoinDCX offer us? What approaches do you use so that they are not so affected by instability in the crypto world? What is your way of countering all these vicissitudes?
2. How has the gas increase affected you? Do you have any alternatives so this isn’t a serious problem? What approaches does CoinDCX have to make this not a bigger problem for both your community and you?
Ans : So again very timely question. Just today we introduced the TRC-20 wallet which will help over come the speed and high gas fee issues that plagued traders with ERC-20. Our customers can now choose their poison and go with either wallet
Q4 : How much leverage do you offer for us to going in long or short on CoinDCX?
Ans : We offer 250 coins with upto 10X on long and we have about 50 tokens listed on short now. You can check us out here - https://info.coindcx.com/crypto-and-bitcoin-margin-trading/
Q5 : You said CoinDCX platform prepared to offer ETH staking support to the global cryptocurrency community by tying cryptocurrency to the network as collateral. So what is the solution you gave to this problem? Do you have confidence in your solution?
Ans : You can stake as less as 0.1 ETH on coindcx vs only a minimum of 32 ETH on the blockchain. We do this by pooling validators and sending blocks of 32 when we reach that number.
and
Plus the issue of the ISO token solves for liquidity issues with your ETH being locked for over a year
we will continue to issue other rewards beyond our deadline of Dec 15th to gratify partiicpants
here’s the link again on how the token will work - https://blog.coindcx.com/coindcx-promises-to-launch-eth-backed-token-on-reaching-1-million-in-eth2-staking/?utm_source=Twitter&utm_medium=SM&utm_campaign=Token
While we’re based India we have customers from across the world ranging from the US to south east asian countries
Q6 : Its an tread platfrom also but now the binance is on fire. every treader tread there. so why you think that treader will interest to tread here.....is it any extra facility or function? Ohh I forget about ETH 2.0....do you support that ETH?
Ans : Yes we do support ETH2.0, that’s why I’m here! Check out our solution. Also India is still a growing market and we believe there will be more than one player in the space. What stands us out if 1) security 2) quality of support 3) liquidity & 4) our community which i think will hold us in good stead
Q7 : Is KYC required in order to use CoinDCX? And some countries makes it enforced in order to allow service so do you plan to create new local CoinDCX services?
Ans : I’ll be honest. I will need to just verify the limits on trading when it comes to non KYC’d users from outside India. May I share the details on this group in a while? @admins if would let me do this in some time that’ll be super helpful :)
Q8 : As your first AMA with CoinDCX, how do you feel about representing the project on an AMA in this community and what do you feel about staking ETH2.0 on CoinDCX generally?
Ans : I’m thrilled to do it. It’s a job i dearly love and about ETH2.0 staking my views are innovations like these are so important to be more inclusive within the crypto community
if not for solutions like ours no small investor would have been able to take part in ETH staking which really would have been sad. Our solution pools ETH from multiple users and hence helps small investors and traders (i’m a small investor myself) take part and benefit
Q9 : If your plan is to go global, you have to be prepared for this. Some of the exchanges are crushing when there is a crypto dump. How can you manage in those times?
Ans : We definitely want to at some point and we already have traders from abroad. We’re keen to work with international communities with traders from across the globe to being our product to them.
Q10 : I see from COINDCX target for stack ETH2 is 2000 ETH and yet still 30% in there, what have COINDCX already do for promote this and do you think it can reach target for 100%?
Ans : Yes, but we’re confident we’ll hit that milestone over the upcoming week. To begin with get in therw and stake your ETH to help us get there !
Q11 : After stake ETH in your platform, can we unstake it again sometime in the future? What is the most profitable gain that we get if we stack in your platform?
Ans : the returns are in the 10% to 20% range. The ETH stays locked for a year but the token we’re giving as rewards on reaching our milestone solves for your liquidity problems
Yes also, I know I haven’t been able t answer all questions but I’d love to do it atleast as a write up
Q12 : How safe are the Funds of those who stake Eth on #CoinDCX platform ?
Ans : So the funds locked with us aren’t kept with us and are sent over to the ETH2.0 blockchain in blocks of 32. So we aren’t holding your EH with us and it sits with the ETH blockchain. Don’t have to worry :)
CONCLUSION
Final word for community?
Ans : Folks, we’ve worked super hard on this ETH2.0 staking product and the idea was to give everyone a chance to participate in this milestone in our industry! The admins will share the unique link and like i promised if we hit 15ETH from ama lovers one lucky winner walks away wth 0.5 ETH + Your first 1BTC worth of trade is on us on Margin if you choose to sign up and trade with us:)
i’d love to come back another time again and interact with you all again
Checkout CoinDCX on:
Website: https://coindcx.com
Twitter: https://twitter.com/CoinDCX
Telegram: https://t.me/coindcx
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