Recapitulation of CryptoLocally AMA event held at AMA LOVERS CLUB
Date: Thursday, 29th October, 2020
Time: 13:00 UTC
The CryptoLocally team was represented by Hugo. 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 if you have a team, you can introduce them also
Ans : I’ve been working in tech teams since 8 years now, started my professional life at UBS and AXA, then left the corporate world for an online gaming company in Berlin, helped startups as a UI/UX consultant in Paris and finally moved to Hong Kong where I leaded product teams for a couple years.
We have a diverse and experienced team, Jae (co-founder) is a brilliant backend and blockchain engineer, he found a vulnerability in EOS.IO that qualified for a bug bounty and also helped launch the EOS mainnet along with a few other developers. Jae and I met at a company called Jobable in Hong Kong where we got to work on a blockchain project together. We ran a block producer team (hkeos.com) together before building CryptoLocally.
We are also very happy to have great advisors that joined us in this adventure. Benjamin Rameau, Damir Cengic and Dan Clarke are Ex-Binance, Jack Huang is managing partner at One Block Capital. They are all helping us tremendously.
You can find the full team on our white-paper: https://cryptolocally.com/en/blog/giv-whitepaper
Q2 : Can you introduce the cryptolocally project, what critical problems does it solve that existing solutions are not solving and what’s the competitve advantage over similar solutions
Ans : CryptoLocally is creating the easiest and most accessible fiat gateway to DeFi and its tools for everyone. Our goal is to empower all people with the tools to take control of their financial future.
By eliminating the middleman, CryptoLocally enables people to bypass the onerous fees, interest rates, and other restrictions traditional financial institutions impose.
CryptoLocally is already a trusted provider of a peer-to-peer (P2P) digital asset marketplace with no middle-man; it offers out-of-band payment methods and a revolutionary smart contract escrow.
People can meet in person, send a bank transfer, or use KakaoPay, AliPay, WeChat Pay, Venmo and more — all in a currency the buyer and the seller decide to use. All
the while, their digital assets will be secured in an escrow that is safer than a traditional bank account.
The main competitive advantages we have are; ease of use and the large amount of ALTs available on the platform imo.
Q3 : Can you briefly describe the Top milestones you have achieved and your target milestones with timelines, also share your roadmap
Ans : Sure, the platform has been online since a year now, we started with a marketplace for EOS.IO token only and then added other chains like BEP-2, ERC-20 and TRC20.
CryptoLocally was built from the ground up from our team. We have a real platform with 20K+ users and it still growing.
We recently released our Finance Wallet V2, which provide a one-step fiat gateway to DeFi for everyone on CryptoLocally. The Finance Wallet evloved into CryptoLocally Vaults (maximized yield cross-chain through smart contract investment algorithms). We are also building out a way for users to govern and manage the platform by voting with $GIV when we launch GIVernance.
The complete roadmap is available here: https://cryptolocally.com/en/blog/giv-whitepaper
2nd Segment: TWITTER QUESTIONS
Q1 : What does Non-Custodial mean? Why is your service Non-Custodial? What are the advantages of it, compared to Custodial services?
Ans : We upgraded traditional escrow systems (used on other P2P platforms) by using smart contracts. This feature completely removes the third party from a trade while keeping a tight security layer throughout the trading process.
Non-custodial means that we are never in control of your funds, not on the FIAT side of course but also not on the crypto side, which is quite revolutionary. On other P2P services you have to deposit your crypto on a wallet to start trading, in our case, as a seller you will only have to fund the escrow during a trade. This gives more flexibility to regular sellers because they won’t be exposed to market price volatility while selling on our platform. You can keep your funds on an exchange in a stable coin like USDT for example and then fund different trades on the go to maximise your margins.
Q2 : Does your platform offer incentive for traders trading on the platform? And if so, how many percentage of a transaction is given as incentive for trading?
Ans : You can earn $GIV (our native token) while trading on CryptoLocally, after each trade, both users will be awarded GIV based on the trade amount, with a ratio of up to 0.8 GIV per $100 US traded if you’re the user that started the trade and up to 3.2 GIV if you’re the User that created the offer.
On top of that we also have a referral program, with which you can earn 10% of CryptoLocally’s fee for every successful trade your referrals make, and earn 20% of CryptoLocally’s fee if the seller and buyer of a successful trade have signed up with your referral code. On top of that, you will also earn 1% in GIV of the value (in USD) of each successful trade your referrals make! For example; When someone you referred successfully trades 1,000USDT, you will then earn 10GIV.
Q3 : What really MOTIVATED you to bring such a great PROJECT into existence?
Ans : Honestly, we started building CryptoLocally out of necessity. We found the whole process of getting into crypto so complicated at first. It takes a while to realize the route of finding a centralized exchange with fiat-crypto services, and get KYC verified, wait for bank transfers to confirm, get BTC, then trade BTC into alts (while losing a lot of money in fees and time along the way).
CryptoLocally essentially puts everything in one place, and brings simplicity back to the user. All you need is an email address to get started. No need to connect a bank account and wait for wires to confirm if you can use your favorite local payment method. This is a product that normal internet users can start using immediately.
Q4 : I think that savings, loans, commerce and insurance should be innovated by DeFi, what has CryptoLocally done to promote decentralized finance and open the doors to an interconnected alternative?
Ans : Totally agree, at CryptoLocally we think that DeFi is expected to democratize financial services. Unfortunately, at this time, access to DeFi and digital assets in general remains fragmented, complicated, expensive and slow. For the unbanked, millions of people living in emerging economies, or people who live in regions with restricted currencies, this is sometimes outright impossible.
We are making it a very simple process, signup, deposit on our Finance wallet and click the toggle button. That’s it, you are earning interest and there is no lockup period.
As said earlier, we just released our new Finance Wallet V2. Thanks to our new partnership with Idle, our Finance Wallet V2 is now powered by Compound, Aave, Maker, and dY/dX instead of only Compound for Finance Wallet V1. In other words, you will be able to earn more passive interest on your crypto than ever before, thanks to several sophisticated blockchain algorithms working behind the scenes. You can also freely diversify the cryptos in your Finance Wallet V2 to stay in your risk comfort zone while earning.
You can try right now by signing up on cryptolocally.com and setting up your finance wallet here: https://cryptolocally.com/en/defi
Once you’ve deposited the selected crypto that you want to stake, simply toggle on the button and that’s it, you’re already earning interest! You can’t do simpler than this!
Q5 : How To Stack $GIV? What is the minimum Amount of Stacking?
Ans : You can stake $GIV in one click through our Finance wallet, at the moment stacking $GIV will get you 20% APY!
There is no minimum amount of stacking and no lockup period, you can stop whenever you want by simply toggling the button to “Off”.
What do you need to do in order to get started? Create a password to set up your Finance wallet, deposit or use the $GIV you earned while trading on CryptoLocally and then simply toggle the button under “earn interest” to passively earn interest from your GIV.
3rd Segment: LIVE QUESTIONS
Q1 : $GIV is a BEP-2 token, do you plan to introduce the cross-chain and cross-asset solution soon, so users can have easy access to your DeFi products ?
Ans : CryptoLocally was designed to be blockchain agnostic since day one and we will continue to work in that direction to give the best experience to our users.
While $GIV is BEP-2 and ERC-20 token, our product doesn’t rely entirely on Binance or Ethereum chains, our smart contracts are deployed across multiple chains like ERC-20, TRC20 and EOS.IO.
We are also working on cross-chain and cross-asset communication to facilitate access to DeFi solutions by removing trading and swapping hurdles we witness today.
Q2 : As a P2P exchange, why do you still need a token? Does it serve any purpose on your platform?
Ans : As mentioned ealier you can earn $GIV while trading on CryptoLocally, after each trade, both users are awarded GIV based on the traded amount.
You can also earn interest on your $GIV holdings directly on the DeFi wallet.
There's a couple more cool features like boosting your offers or buy fees rebates with your $GIV.
On top of this we are currently building two major DeFi features around $GIV;
First, CryptoLocally Vaults (CLVs) that are integrated in Finance Wallet V2 are non-custodial, smart contract based algorithms deployed across multiple chains. The CLVs will work in the background and apply strategies that optimize yield for users that invest into the vault pools.
This allows users to earn maximum yield on their crypto assets across all chains, all in one place, with the click of a button.
The second one is GIVernance; GIV will evolve to be a governance token on the platform, offering a truly decentralized solution. Voting rights will offer GIV holders the ability to control the level of inflation, interest and free float (by way of token burns), vote on CLV strategies and finally vote for new listings on CryptoLocally.
Q3 : How will disputes between two parties (for example if the buyer doesn’t want to pay the seller) be solved on Cryptolocally?
Ans : In case of disputes or issues between users, both parties have the possibility to report bad behaviour or ask for help while opening a dispute. For example, if the buyer doesn’t pay or the seller doesn’t want to release the escrow，each of them can easily open a dispute by clicking on the button “Open dispute”. In this case, the smart contract (Escrow) will be locked automatically and our support team will promptly contact each party to obtain evidence to substantiate the claim. After reviewing each side’s evidence, the support team will release the escrow if the payment has indeed been made. If the payment hasn’t been made, the funds will be returned to the seller.
Q4 : What is the fee for using CryptoLocally Wallet? Will it be possible to pay the commission with only GIV or ETH token?
Ans : There is no fee at all on our side for the DeFi wallet! The only fee that you have to consider is the transaction fee from the Ethereum chain.
At the moment, if you can withdraw GIV for example and the transaction fee will be paid directly in GIV. We’re planning to extend that to other tokens too. Meaning you will be able to withdraw ETH and pay the transaction fee with your GIV tokens instead of ETH.
Q5 : In what ways is your CryptoLocally partnership with Binance and Tron ?
Ans : We are part of the Binance Fellowship program and therefore partnered with Binance X who have given us a lot of advice along the way. We integrated BEP-2 tokens into CryptoLocally for our partnership. We also partnered with Tron in order to support TRX and TRC-20 tokens on CryptoLocally, and collaborate on marketing/PR.
Q6 : What’s the use of a non-fungible token (NFT) in Cryptolocally? And why did this project support WAX,a token designed for NFT ? Will it help in the ecosystem and blockchain protocols ?
Ans : We are working on NFTs too, we believe that we are at the very beginning of this type of digital asset and the non-fungible token ecosystem as a whole.
Cryptolocally supports $WAX on our P2P marketplace, it is a token specifically designed for the NFT ecosystem. Our smart contract escrows are perfect for NFT trading and we are planning to integrate NFTs into our P2P marketplace across multiple blockchain protocols in the near future, which will allow seamless NFT trades and swaps through different chains.
Q7 : As a newcomer who doesn’t have an account on CryptoLocally. How do I register and start trading? Do I need to provide some evidences before I could withdraw my funds?
Ans : Extremely easy! You will have to chose a username and input your email address, then you’ll confirm email and that’s it. You can start trading right away.
Q8 : Gold and silver status are earned when staking $GIV, what are the benefits of these status ?
Ans : Correct, you can get a silver or gold status by staking GIV on CryptoLocally, having a silver or gold status will give you up to -50% commission fee when you complete a trade on the platform, you will also earn more GIV when you complete a trade and through our referral system.
Q9 : DeFiat Staking on #CryptoLocally and Collection of prize bets have been created for #CryptoLocally, is there a minimum or maximum to stake $GIV tokens?
Ans : There is no minimum and no maximum amount of GIV to stake on CryptoLocally. There is also no minimum lockup period, you can withdraw your GIV anytime.
Q10 : How do you charge fees for the P2P trading? How much does CryptoLocally charge per transaction?
Ans : The fees are the same for all currencies available on the platform, users who buy crypto, on CryptoLocally, are charged a 0.99% commission fee for every completed trade + the cost of the transaction fee.
And as mentioned earlier, you can lower that fee by staking GIV and accessing to Silver or Gold status on the platform
— Hello everyone —
Join our African TG and win $10
How to join the contest?
1. Join our African Telegram Group - https://t.me/cryptolocallyAfrica
2. Sign up on CryptoLocally - https://cryptolocally.com/en/user/register?ref=oOodK
3. Engage actively with members in the Telegram Group (Share your suggestions and contribute to discussions on the telegram group) huRules?
At the end of the event (31/10/2020) five winners will be randomly selected among the participants, and five winners will be selected among the ones that have been the most active on our new telegram group and shared the best suggestions.
Note: Participants may earn both rewards; rewards will be distributed within 24 hours after the results have been announced.
How much will be the reward?
There will be 10 winners who will win a prize of $100.
1st to 10th prize winners: 10$ worth of $GIV token each.
When will this contest end?
— Learn more about the rules https://cryptolocally.com/en/blog/join-africa-telegram-group
Thanks everyone for your time, was a pleasure answering your quesitons!
Here are some important links of CryptoLocally
Telegram Chat: https://t.me/cryptolocally
Telegram Chat Africa: https://t.me/cryptolocallyAfrica
FOLLOW AMA LOVERS CLUB ON:
Telegram Group: https://t.me/amaloversclub
Telegram Channel: https://t.me/amaloversclub_channel