Recapitulation of DEBTPROTOCOL PROJECT AMA event held at AMA LOVERS CLUB.
Date: Saturday, 11th May, 2021
Time: 12:00 UTC
The @ PROJECT team was represented by @DebtEvangelist who judiciously shared with us detailed knowledge and information about @ PROJECT.
1st Segment: INTRODUCTION
Q1: Can you please introduce yourself and your background, also introduce the team working on DebtProtocol?
ANS: sure, I am the CEO of Debt Protocol. I'm in cryptos since 2 years, and I am programming in different languages. I decided to learn Solidity to launch my own project. I was also in the core team of DexMex for their launch
We are currently 4 in the core team, and we hire 2 moderators
Q2: Can you introduce DebtProtocol,what critical problems does it solve that existing solutions are not solving and what's the competitive advantage?
ANS: Debt protocol is a concept that allows to generate yield without increasing the supply and without putting taxes on buys and transfers, meaning there is no inflation
our holders are spread in different tiers (5 in total). Each tier pays 1% of the wallet to the upper tier, and 2% of the sales to the tier below
we aim to develop the concept of 'Proof of Debt'
our final goal would be a new blockchain where there would not be any fees on transactions.
Q3: Can you briefly describe the top milestones you have achieved and your target milestones with timelines, also share your roadmap?
ANS: we launched our token very recently, about 2 weeks ago, so we didn't release new features yet. Our next step is to implement governance to allow our holders to vote on the percentages of daily payment % sales fee
for this month
then we plan to release a 'Memes park', where users will be able to stake their coins related to memes (for example Dogecoin) in order to benefit from our system (like NFT's or a similar reward)
this would be for Q3
and finally, for 2022, the new blockchain i spoke about earlier.
Q4: The important of partnerships in any project development cannot be over emphasize
Can you briefly describe your PARTNERSHIPS so far?
ANS: so far, we have partnerships with Swiss Finance, Dexmex, and Prime Whiterock Compagny
we plan to do new partnerships in the future but we first need to confirm with them.
Q5: Can you give an overview of your Tokenomics, and the UTILITY of the $DEBT?
ANS: the total supply is 100 billion $DEBT
5% of the supply is in team's wallet (vested 2% per week), and 2.5% is in marketing wallet (vested 5% per week)
debt protocol is based on the traditional financial world, where everyone is a creditor or a debtor
the fees are here to generate a yield without increasing the total supply
we also implemented 2 protections for holders
1. someone that doesn't sell might be positioned in a better tier
(depends on the amount of $DEBT held)
2. there are no fees during the first 24 hours after a big buy.
2nd Segment: LIVE Questions
Q1: I really love the idea behind your token. But if I may ask, How exactly are the 1% $DEBT Token going to be deducted from our wallets everyday? Are we to allow Access to our wallets from the Debt platform? Is it going to be safe doing that?
ANS: The fees having to be paid daily are being deduced automatically by the smart contract. It means that you don't have anything to do, and it also means that the system is secure because no one can avoid paying his debts !
for the lowest tier, there is no 2% on sales. For this reason they don't receive something from a tier below but also don't pay anything for a tier below. They just interact with the upper tier, enabling the process to be cyclic, because the same happens for the most upper tier.
here's a scheme to better understand
we are also on Twitter https://twitter.com/Official_Debt.
and we wrote a medium article https://debtprotocol.medium.com/debt-protocol-1-presentation-a74409b5c48d
Q2: How does this cycle game money work? Why must 5 tiers with minimum 1K holders?
how to hold the highest tier that serve as a king, and what happened to the lowest tier?
ANS: there's no need to have at least 1k holders, the wiki says we used tokens with at least 1k holders to have a good idea of how people are spread in general. That's what we analysed to create a good repartition of the tiers.
Q3: 💠 I want to ask:
1️⃣ Increasing Token price
2️⃣ Make Token Valuable
3️⃣ Building Community Trust
From 3 aspects above,So Which one the most important for you?If all above are important for you,. Which one that Will you do first?
ANS: we aim to have a solid organic growth. Of course it is also corelated with increasing the token price, so I guess both come together. Our token is already 'valuable' in the sense that we released a new concept in the blockchain
I think I answered the most important points, thanks everyone and don't hesitate to ask more questions on our telegram group https://t.me/DebtProtocol
also, our wiki can help you to understand better
Follow Us On Our Various Social Media Communities For More Update;
✍️ First Medium Article
📃 Debt wiki (more about Debt)
🌐 Brand new Website
🔒 Locked liquidity by UniCrypt
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