Recapitulation of LYNC Network AMA event held at AMA LOVERS CLUB
Date: Tuesday, 29th September, 2020
Time: 21:00 UTC
Venue: https://t.me/amaloversclub
The LYNC Network team was represented by Mr. Jessy, marketing lead for the project. He judiciously shared with us detailed knowledge and information about the project.
1st Segment: INTRODUCTION
Q1 : Can you please introduce yourself, and your background to the house?
Ans : Hello everyone! Happy to be here with you guys! Thank you for giving me a chance to introduce the company I work for — LYNC.Network. My name is Jessy and I am marketing lead for the project. Unfortunately I am alone today as my colleagues are really busy testing our staking contract :-) So let me tell you more about our team first.
We are currently a small team of 6 consisting of our Project Manager and main developer who are based in the UK, we also have a part-time developer assisting with the ReactUI also based in the UK, a VFX and Graphic Designer from the UK for our NFT artwork, upcoming promotional material and website maintenance.
Our Marketing and Social Media management is based in Bulgaria and the Community Management is based in Canada and Europe so we have a mix of time zones.
Our main devseloper has been a full stack developer for the past 6 years along with 4 years game development experience. Over the past 3 years since the 2017 crypto boom, his focus has been on blockchain applications, primarily solidity, node.js and React.
The Community Management team have been moderating forum communities for well over a decade. Our VFX designer has worked on promotional television commercials for Wacom tablets along with a string of freelance 3DFX work for the Metalheadz record label.
Q2 : Can you introduce LYNC Network, what problems does it solve that existing solutions are not solving and what’s it competitive advantage against existing solutions?
Ans : Sure, LYNC Network is first of its kind cryptocurrency ecosystem designed to offer passive income powered by token rewards and board game dApps on the blockchain. Users competing in the games will be rewarded with unique NFT cards for rankings and repeatables. Let me talk about each aspect of our ecosystem in details:
In regards to staking LYNC, all token transactions come with a 1% fee on the receiving end, this is how the reward pool is funded along with a end-of-stake fee of 5%. The minimum required amount to be able to stake is 100 LYNC tokens.
In order to stake your tokens, you will have to send the tokens to the staking contract, this creates a transaction and along with that the 1% transaction fee as this is fundamental to the funding of the rewards. You will be able to claim your current reward balance at anytime, this does not effect your staked tokens, rewards DO NOT compound so you will need to claim your rewards and then add them to your current stake if you wish to compound. The LYNC token itself will be at the core of our network which will expand with NFT’s Staking and boardgames in the coming months, but the LYNC token itself will be at its core.
In regards to the board games and dapps, in order to participate and compete with other users you will have to pay an entry in the form of LYNC tokens, then a reward pool is created and the winner receives his reward in LYNC tokens.
We will charge a small fee of each entry and send these to the staking reward contract. our current roadmap shows that we will be releasing our first dApp in November, this will actually be 2 high percentage chance lottery/raffle games (not like actual lotteries where the odds are like 1 in 8 bazillion, we are talking in the ranges of 1 in 25) and we are confident they will actually release in October.
One will be powered by LYNC to assist the reward pool, the next round and payout the winner, the other in ETH to buy tokens back which will be sent to the reward pool, to fund the next round and also the winner. The first board game we intent on bringing to market is our take on the board game Ludo. We hope to get the communities feedback on what they would like to see implemented to try and maximise the user participation.
In regards to the NFT aspect, we intend to break the NFTs into two parts, the first will be tied into the core of the LYNC network and the second will be based around the games themselves, so for example we are currently planning on a set of 6 limited edition artworks that will be distributed to users who decide to stake within the first 24 hours, we have a very talented VFX/Graphic Designer who will be creating modified Banksy artwork incorporating LYNC in the very recognisable stencil style that Banksy is known for. We thought this would be fitting as no-one actually knows who Banksy is and our team is currently anonymous. We intend to create a fully working marketplace for users to either sell or auction their NFTs of which fees will be deducted to fund the reward pool.
Q3 : What Milestones have LYNC Network achieved presently, and what future milestones do you want to achieve and how will you achieve them, also share about your roadmap?
Ans : This is our roadmap:
You can see it on our website as well. Our project manager is currently working on this as we may have to refactor our goals due to the current gas situation. We know the project scope of what we want the LYNC Network to become is a huge undertaking and is definitely ambitious, but the team is very enthusiastic about some of the features that we are planning, especially the NFTs and we intend to be very realistic with our goals and timeframes as to not disappoint the community. We will hopefully expand the team in the coming months so that we can get more features released increasing that all important reward pool.
Our presale started almost 30 hours ago and it had really smooth launch without major issues. The presale consisted of 3 rounds and the first 2 were finished in basically 3 hours. We are currently still on the final round. The presale will end either when all tokens are sold or on 5th of October 5PM UTC. All unsold tokens will be transferred to our staking reward pool and after we distribute the tokens from the presale we will list LYNC on uniswap at 1$ per token.
2nd Segment: TWITTER QUESTIONS
Q1 : In a previous AMA you shared that live prices from Binance would be on the site during the ITO, do you have partnership with Binance?
Ans : Interesting question. Unfortunately we are not partners with Binance. We show the etherium price live on our ITO page by using the APIs from Trading view.
3rd Segment: LIVE QUESTIONS
Q1 : You guys are doing Ama’s in all group & almost answering same types of questions again n again? How do You feel about it?
Ans : I agree that the questions are similar but I believe that is quite normal as the purpose of AMAs is to introduce ourselves as detailed as possible to people.
Q2 : Can you give us a little idea about the Network Expansion of Lync this November 2020? What additional services and features are in the box for your platform? What preparation are you doing for now for the expansion?
Ans : Yes, presale is done we plan to immediately launch our staking feature along with 2 lottery/raffles games. In order to participate in the games you need to pay entry in LYNC or ETH and we will charge small fees which will be transferred to Staking reward contract. After that we will really focus on our NFT trading cards and implement them in our ecosystem as soon as possible. Finally in the end of the year we plan to release an upgraded version of our staking called staking v2 and the first board game on the blockchain which will be very similar to the famous board game called Ludo.
Q3 : Do you plan to offer the possibility to offer liquidity on different platforms against the LYNC tokens (i.e. on Uniswap LYNC/ETH pair)? How much liquidity is LYNC Network providing on DEXes?
Ans : We plan to lock over 50% of the presale liquidity on uniswap listing LYNC at 1$ per token.
CONCLUSION
Q1 : Before going, could you feel free to post every vital links to the LYNC Network project? Also post details about the Token Sale. We would appreciate it!
Ans : Basically round 1 and 2 are sold and we are currently at round 3. The current presale price is 0.90$.
Follow LYNC Network on the following platforms:
… Website: https://lync.network/
… Twitter: https://twitter.com/thelyncnetwork
… Telegram: https://t.me/lyncnetwork
… Medium: https://medium.com/@lyncnetwork
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