Recapitulation of YOINK AMA event held at AMA LOVERS CLUB
Date: Tuesday, 17th November, 2020
Time: 15:30 UTC
The YOINK team was represented by @porkonomics @lilyoinker @Yoinkopolus @yoinkedev. They 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 YoinK
Ans : Ezra, better known as YoinkeDev, Full stack engineer!
Again, thanks for having us, we are excited to be here.
The Yoink token was born from a multitude of ideas;
Bitcoin, Casinos and The Simpsons. This mish mash culminated in the birth of the Yoink function.
We are a group of friends and crypto enthusiasts whom have been in the space for a number
of years and decided to put some of our ideas into action! Team Consists of 5 members.
Q2 : Can you introduce the YOINK project, what critical problems does it solve that existing solutions are not solving and what’s the competitve advantage
Ans : Sure, yoink is a deflationary token with a sneaky twist. We allocated 30% of the supply (30M tokens) to the piggy bank, every day one of our top 500 holders gets the opportunity to win 1% of its contents. Initially the draw was done from all holders with balances over 1k. Now that we have integrated chainlink VRF, we randomly pick a number 1 - 899 on chain, if a number up to 500 is drawn the YNK goes to the associated wallet. if > 500 the YNK is burned forever. Our intention was to create a fun project with some interesting dynamics that we as crypto entusiasts would love to play!
Q3 : Can you briefly describe the Top milestones you have achieved and your target milestones with timelines, also share your roadmap
Ans : We are probably the only token at the moment to call the Chainlink VRF function every 24 hours
We are very proud of the achievements so far and to highlight just a few:
🐽 Listed on all major crypto tracking sites ✅
🐽 Launched the Yoinking function ✅
🐽 Deployed several iterations of the dashboard ✅
🐽 Launched Yoinklab ✅
🐽 Chainlink VRF integration
2nd Segment: TWITTER QUESTIONS
Q1 : Piggy Bank will hold 30% of the the total YOINK supply. 1% in every 24 hours will be given to a random Yoink wallet, if the selected wallet is not in the top 500 YNK will be burned!
That means everyday is given or burned 0.3% of total supply which is very high amount.
Why have you choosen this system with it supply will be given or burned at very short time?
Why it’s not available for every wallet that has YNK, but not only for top 500?
Ans : The reason for going with the Top 500 is of course to firstly incentivise users to buy YNK, but also to ensure the system cannot be "gamed". Using VRF we select a number between 1 and 899 to determine the winner. if the number is >500 the YNK is burned. If every YNK wallet was included the protocol would be suseptile to manipulation from users spamming a small amount of YNK to many wallets. We are not silly pigs!
Q2 : How does YOINK stimulate market liquidity? Does YOINK have an internal market maker to ensure continuous liquidity? What if people are interested in providing liquidity to Yoink?
Ans :We are currently listed on uniswap where we have excellent liquidity which is locked for 12 months, please check out https://app.uniswap.org/#/swap?inputCurrency=0x87c00817abe35ed4c093e59043fae488238d2f74&outputCurrency=ETH
Due to the awesome design of uniswap AMM anyone can provide liquidity to Yoink, however we are cooking up something special in that regard - stay tuned!!
Locked Liquidity - https://v2.unicrypt.network/pair/0x6F50aF11750F5Ed8E41723Fdc5c7E9d66A7BCc6f
Q3 : In your journey, this period November/December is for marketing push. Beyond AMA are there other incentives and offers given to the crypto community this period to grow the Yoink community?
Ans : Excellent question...We are moving onto the next phase of the yoink ecosystem and today are announcing an airdrop for the Top 500 YNK wallets, the snapshot will be taken between 18th November 12:00 UTC to 22nd November 12:00 UTC. The top 250 YNK holders will receive a 2x multiplier on the drop! We also have yoinklab where we incentivise users to help with grassroots marketing by completing a series of tasks. Check it out at https://dash.yoink.rocks/yoinklab
Q4 : In order not to lose out on the 1% of the piggy bank that will be yoinked to a random Yoink wallet in the top 500, what are the requirements needed to be in the top 500 wallets?
Ans : You can check your eligibility on https://dash.yoink.rocks , currently 39.9K YNK is require to break into the top 500.
Q5 : How do you expect YOINK’s recent partnership with Chainlink to help with the development of your project? Why did you choose to work with this company rather than another of the oracles available in the market?
Ans : We chose chainlink due to their reputation within the cryptosphere as the most robust oracle solution on the market, no other oracle provider has the ability to provide a verifiable random number on chain, it was a pleasure working on the implementation with them! We hope that this integration proves to the wider crypto community that we are here for the long haul, transparency is key for the team
3rd Segment: LIVE QUESTIONS
Q1 : what is the function of VRF (Verifiable Random Function) for $YNK project and investor ?
Ans : VRF is the process of choosing a random number on chain, this can only be provided by link oracles. this ensures the daily draw is done in a fair and verifiable manner
We use Chainlink VRF to determine the daily winner of our Piggy Bank draw. Before Chainlink VRF, there was no possible way to generate a random number on-chain in a highly secure manner not gameable by miners.
Q2 : What features differentiate Yoink’s financial features from other financial features? and what are the benefits of stake holders when we hold $YNK tokens?
Ans : There are multiple benefits for Holding YNK tokens, Currently you get to participate in Yoinking, which based current price is paying out roughly $1500-2000 USD every 24 hours. Secondly we will launch the YNK staking.
Q3 : It is very important for piggies to save but what happens when a piggy bank is empty?
Ans : Great question, we are implementing future strategies to "top up" the piggy bank, they’re made for saving too, not just spending!
Q4 :Trust is of utmost significance , how will YOINK get users to trust in this project ?
How will you assure us YOINK project is not a SCAM project ?
Ans : Agree trust is super important. I hope that by continuing to deliver and iterate the protocol we can prove that we are serious about the project and believe in the long term vision. We are saddened by the amount of rug pulls and scams going on at the moment and we want to breathe some fresh air into the community!
Q5 : Why did you decide to choose ethereum which is the network that is currently the most congested in terms of gas? What benefits can this Blockchain network provide to your project?
Ans : Yes it is a congested network, however it is also the most widely used & trusted network as well.
Ethereum is the most widely adopted smart contract protocol, we believe all defi is happening on eth and dont see that changing. Yes gas fees can be a problem at times but these will be overcome
Q6 : You have mentioned that Liquidity will be locked for 12 months and this is good for the investors who hope to join with YOINK. How can we ensure that the liquidity tokens will be locked for 12 months? And aslo what are you expecting from locking the liquidity for 12 months?
Ans : You can check for the Unlock Liquidity date here - https://v2.unicrypt.network/pair/0x6F50aF11750F5Ed8E41723Fdc5c7E9d66A7BCc6f
We used unicrypt, please see https://v2.unicrypt.network/pair/0x6F50aF11750F5Ed8E41723Fdc5c7E9d66A7BCc6f
Q7 : Is Your project a Global project ? Is any of the local communities restricted from contributing to the project ?
Ans : Yes it is Global. No restrictions for any community. Anyone with an ethereum wallet can participate 😍
Q8 : How do you stay consistent with competing projects that are also consistent in the market there?
Ans : Eat, sleep, yoink, repeat
Q9 : What is the difference Of KYC And Metamask?
Can I Use Metamask To Buy $Yoink?
Ans : Yes you can
Q10 : How do you plan to attract developers? Adoption is one of the important factors that all projects need to focus on to become more attractive to investors. So, what is #YOINK’s plan to adopt more Adoption?
Ans : We aren’t looking for developers, but we want more users! we hope the gamification of the protocol will be a major attraction. and we are adding more elements to further develop this
Q11 : Listing in a good exchange is better way to gain investors. So, What do you think about it?
Ans : Yes agree, we ❤️ uniswap, but are totally open to listing on CEX’s and are in talks with a few currently.
Q12 : Do you plan to expand the listing of your token on different exchanges with less fees?
What benefits does YOINK get from its recent CHAINLINK partnership?
Ans : This has been in the works, once we are ready we will make an announcement.
We are in talks with many exchanges. We intgegrated to Chainlinks VRF to meet the high trust requirements of Yoink participants and provide assurance to users that the draw is being executed fairly in a decentralised manner. You can read more from our announcement: https://medium.com/@yoink/yoink-now-harnessing-the-power-of-chainlink-vrf-to-select-daily-winners-2bb3f44cb27e
Q13 : Has YOINK undergone any security audit ever since you launched, what are your security measures?
Ans : No audits but the contracts are available for anyone to audit, please do!
Q14 : On your roadmap you announced on November or December.
Dashboard upgrade from 1.10 -> 1.20
What does these numbers mean, what will exactly change with dashboard? Please explain
Ans : We are always making small iterations, improving the UI/UX and adding new features, each time you will see improvements
Q15 : According to Yoink, which network protocol is best currently among Eth, binance smartchain or tron ??etc? and why is that?
Ans : Ethereum 100%. We see the majority of the activity happening there and do not see that changing!
Q16 : From where can I buy/sell YOINK token? Is it listed on any exchange? What’s the benefits for me if I buy and hold?
Ans : Uniswap! check out yoink.rocks and read the above answers to see why its awesome to hold yoink!
Q17 : Do you have any Coin Burn / BuyBack systems or any Token Burn plans to increase the value of Token & attract Investors to invest?
Ans : Depending on the result of yoinking, we burn quite often, on average every second day!
Q18 : How important is the community to You? Do you Agree the power of community? And how can the community collaborate or help Yoink for the development of the project?
Ans : Community is the key! We are handing out more than 1 000 000 YOINK to our true supporters. Please check: https://dash.yoink.rocks/yoinklab
Q19 : 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 : This is the first ama we have done, is this a trick question? 😜🤣
1st AMA, definitely a trick question
Q20 : Where do I get YNK coins?
Before you to, do you have any Final Words for community, also do good to share every useful links to your project and how we can participate in the Token Sale. How we can buy?
Ans : We dont have a sale but we wil share details of our upcoming airdrop
We are just publishing the article now, first look for the amalovers ❤️
$STY is coming 🐷
STY will MOON, only way to get $STY is by holding YOINK
Thanks for having us ❤️ great quesions and engagement!
Thanks for having us guys.
Awesome questions & it was a lot of fun!
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