Recapitulation of SweepSteaks PROJECT AMA event held at AMA LOVERS CLUB.
Date: Monday, 12th July, 2021
Time: 17:00 UTC
The SweepSteaks PROJECT team was represented by @Meatdepot who judiciously shared with us detailed knowledge and information about SweepSteaks PROJECT.
1st Segment: INTRODUCTION
Q1: Can you please introduce yourself and your background, also introduce the team working on the SweepSteaks?
ANS: Hello AMA Lovers Club!
My name is Anthony and I am the marketing head for SweepSteak!
We are a small group of 9 people but we have dedicate ourselves over the past month on this project
We are an international group but we are mostly from Toronto
We also have 2 members from China, who are working on Chinese marketing.
Q2: Can you introduce the SweepSteaks, what critical problems does it solve that existing solutions are not solving and what's the competitive advantage?
ANS: Lately, we have seen multiple lottery coins which died immediately after launch
Usually due to wrong algorithm, and tokenomics
We have tested our contract and can fully say that we are able to sustain our ecosystem through our tokenomics
Thus, having longevity for the project as a lottery token.
Q3: Can you elaborate on how the lottery system works?
ANS: So basically there is a total of 2 lottery system for holders
First lottery happens every 50 transactions in which 5% of those transactions gets taxed and will be put in our $MEAT pot
And only 1 winner will be chosen randomly by our contract through this
The second lottery happens every 24 hours
In which the other 5% taxed off from the transactions from the last 24 hours will be added in our $BNB pot
And 1 lucky winner will be given the whole pot
The draw will be done by our live dashboard
Here is a sneak peek of our dashboard.
Q4: Can you briefly describe the top milestones you have achieved and your target milestones with timelines, also share your roadmap?
ANS: For now, the best thing we have on-going is our anti bot process and our successful test for our contract after testing it with a heavy volume of transactions
For now, our timeline is basically focusing on marketing
We should be having our coinhunt promotions starting in a few hours
For the following week, we will also have our Weibo ads and poo coin ads coming soon
For our roadmap
Our aim for this quarter is to have our dashboard fully working and automated
Next quarter, we are planning to expand the use case of our token by having mini games on our site which uses our native token $MEAT as the main currency to play.
Q5: Can you briefly describe your PARTNERSHIPS so far?
ANS: We are currently partnered with BabyHusky from China for marketing purposes
For development, we have crypto casino based projects partnered up as well that we will be announcing after launch as per agreement.
Q6: Can you give an overview of your Tokenomics, and the UTILITY of the $MEAT Tokens?
ANS: For our tokenomics
Every transaction has a 13% tax
5% of the tax goes to the $MEAT pot
5% of the tax goes to the 24 hour $BNB pot
3% is for marketing
We held a very small private sale - which is only a total of 2.5% of the total supply
We have no dev tokens and everything else will be put into liquidity/public sale
Left over tokens will be burnt before the public sale goes live
There are 2 utilities for $MEAT token
It is basically the main token for our upcoming ecosystem planned out
Also, holding your $MEAT will automatically add you in the lottery
Also, one more lottery feature for buyers
There is a 1 out of 10 chance that you can double your $MEAT on purchase
So this attracts buyers even after launch.
2nd Segment: LIVE Questions
Q1: Just by owning $MEAT, We will automatically enrolled in your lotteries. So tell us do you have a prerequisite for the minimum amount of $MEAT Token We must hold? however will the 5% tax charged on transaction be dynamic based on the price per token in the near future or it is fixed forever ?
ANS: There is no minimum amount of $MEAT needed to be held, but the more you held the higher chances you win depending on the % you are holding of the total supply.
The 5% tax charged can be changed depending on the market condition as well.
Q2: 💘 In the #MEAT tokenomic there is a 13% tax which is divided into 5% #BNB lottery, 5% #MEAT lottery, and 3% for marketing. For BNB and MEAT lottery, we can all find out from the website https://sweepsteak.net/, but for MARKETING we all don't know what kind of marketing will be carried out.
Can you explain what kind of awesome Marketing you would use to introduce #MEAT to investors? With 3% of tax will you do marketing globally or only target certain circles?
ANS: Our first aim is to have our chinese friends on board and once we have our english community grows, we will be having local communities per country as well. Marketing will be based on those individual local communities such as for china we are using Chinese websites and social medias.
Q3: The $MEAT 🥩 holder will get $MEAT 🥩 and earn $BNB but I don't understand how the distribution mechanism will be and how much will be earned.
1) Can you explain how the $MEAT 🥩 and $BNB are distributed?
2.) How much $MEAT 🥩 and $BNB will the holder get? And how users can participate, is it necessary to CLAIM $MEAT 🥩 / $BNB?
ANS: 1.) $MEAT will be distributed every 50 transactions randomly via our contract, and $BNB will be randomly selected every 24 hours on our dashboard
2.) For $MEAT, they will be getting the 5% of the tax collected in the past 50 transactions
For $BNB, they will be getting the 5% of the tax collected in the past 24 hours
- As long as you are holding your $MEAT, you are automatically included in the lottery draw and this will be automatically given straight to the wallet holding $MEAT.
Yes, we do understand that larger wallets has a higher chance of winning, but that is the nature of any lottery. It is up to you guys to play how it best seems fit to be played on your standard.
Low capital $MEAT owners can buy multiple times in hoping to get the roulette to their favor to increase their total $MEAT tokens.
We are planning it to be web-based first and we will see if PC application is a possibility.
Yes, if there is a high circulating supply of $MEAT, we will be burning them once sold. Also, we will be able to use our 3% marketing wallet to do price supports as well if needed.
Q4: ✅ Who join those 2 lotteries? Only the owners of last 50 transactions / last 24 hours; or do all holders join? What incentives/advantages will the holders have other than lotteries?
ANS: As long as you are holding $MEAT tokens, you are automatically added to the lottery pool.
Q5: I need a more clarification on this, if we purchase $MEAT, automatically we will be entered into the live roulette system where we stand a chance of doubling our tokens, so in the event that I didn't win the lottery, what will happen to my $MEAT? Will it disappear automatically from my wallet?
ANS: Your tokens won't disappear from your wallet.
You will be only getting the same amount of tokens as original from your purchase.
Q6: Luck is not always on my side when it comes to lottery which makes me conclude that lottery isn't my thing. So are there other ways people like me could benefits from your project? Asides doubling of tokens, what other benefits can users derive from your platform, do you have staking and other methods of passive income?
ANS: Yes, for people not interested in the lottery mechanic, we will be having our web base mini game in which you will be using $MEAT as the main source of currency to play in our ecosystem in the future.
Q7: Fear of losing in 1 to 10 chance to double $MEAT
I understand that at the core of the SweepSteak BSC token is a lottery system where I can double my $MEAT with every purchase ? However, If I am not selected in the lottery slot, do I still retain my initial purchase ? I have a fear of losing my investment as such, kindly tell me do I stand a risk of losing my initially purchased $MEAT if I am not selected for the lottery ?
ANS: You will not be losing your initial purchase if you do not win the roulette for $MEAT.
This is only a chance to double your $MEAT or you keep the original amount from your purchase.
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