Recapitulation of ZYX DeFi AMA event held at AMA LOVERS CLUB
Date: Saturday, 10th October, 2020
Time: 05:00 UTC
The ZYX DeFi team was represented by Mr. Richie Hunter. He judiciously shared with us detailed knowledge and information about the project.
1st Segment: INTRODUCTION
Q1 : Can you introduce yourself and your background? Also if you have any team members please introduce them.
Ans : Sure!
My name is Richie Hunter and actually I’m based in Barcelona area with part of our team.
My experience in crypto industry goes back to the year 2017, when boom of ICO’s happened. It impressed me so much, that I’ve dived into this area entirely. I try to follow all the trends that could possibly affect the development and later exposure of the technologies in the peoples everyday lives and make their lives easier and more complete, without sacrificing anything.
By the moment we have succesfully developed and launched several corporate projects and finally decided to make something big and opened, so that everybody could benefit from it. That’s how ZYX Network project was born.
In our team we have around 20 persons now, who are spread all over the Europe in such countries as Spain, Holland, Germany and some Baltic countries.
Q2 : Can you introduce ZYX DeFi, what problems does it solve that existing solutions are not solving and what’s the utility of ZYX token(s) and its overall competitve advantages?
Ans : Ok, thanks.
First I would like to point some details regarding our main project, on which everything is based.
ZYX Network is a cryptocurrency created as a means of payment for a fast-growing digital ecosystem in which the economic motives of each individual participant provide an increase in the overall wealth and wellbeing of the entire community. The main strategic success factor for ZYX Network is the fact that it will be relying on the growth of scaling and balancing of supply and demand for funds. Only 1% of the total amount of coins was distributed when the network was launched in June 2020. The rest of supply will be mined with our PoS algorithm.
We’ve thought about entering the DeFi sector once we’ve noticed that there is a lack of solid projects with already functioning base that could be used to build a cross-chain ecosystem that will deliver to users possibilities to use, swap and exchange their assets without paying that killer commissions.
We are one of the first who started with launching our own blockchian and only after that making a migration to other networks. Normally projects do it vice-versa which is much easier )
The main advantages of our tokens is the fact that once all 3 planned integrations are made to Ethereum, Binance Smart Chain and Tron networks) we will launch bridges which will connect them to the mainnet via oracles. And all functions as farming and supply control will be realized using them as well.
And the final stage will be the launch of our Megaswap project — a DEX cross-chain liquidity aggregator.
I would like to give a brief introduction to our ecosystem as well.
- ZYX Network Protocol –
ZYX ERC-20, ZYX BEP20 and lately ZYX TRC20 tokens are backed up by ZYX Network — a real blockchain protocol with more than 15K of active users and community spread all over the globe after 3 months of being launched.
- ZYX Foundation -
ZYX Foundation is a non-profit organization intended to support ZYX environment and prospective technologies. Foundation registered in Switzerland in 2020. The ZYX Foundation is a Swiss foundation, supervised by the Swiss Federal Foundation Supervisory Authority. Our purpose is the promotion of the ZYX protocol through grants and other capital deployment vehicles.
- Bridges & Oracles / ZYX DeFi -
ZYX Network bridges and system of oracles will reduce the costs of transfers, while the ETHEREUM network is overloaded and transfer fees can reach $50 per transaction. The bridge interface and ZYX network technologies can use various networks, as well as liquidity pools in these networks in order to make transfers and exchanges on the networks cheaper. At the same, the bandwidth of these same networks will be increased and filled with liquidity for fast and inexpensive decentralized exchanges.
Q3 : Can you briefly describe the Top milestones you have achieved and the future milestones you want to achieve with timelines? Also, kindly share your roadmap if available.
Ans : Regarding the main project at the moment we have already successfully launched our own blockchain in June 2020, reached more than $20mil in Market Cap, launched a desktop wallet app ( mobile version will be launched this month), have built a community of more than 15K people all over the world, launched ZYX Foundation and already provided some grants for the network development.
In DeFi area we’ve already conducted integration with the Ethereum network and listing on Uniswap.
Actually, we are in a pre-sale of our ZYX BEP20 token and integration with Binance Smart Chain with a later listing on Burgerswap/Pancakeswap at the beginning of the next week.
You can check for our DeFi roadmap here: https://medium.com/@zyxnetwork/zyx-defi-roadmap-2020-e3ded026f25
2nd Segment: TWITTER QUESTIONS
Q1: Will zyx support mining and staking?
Ans : ZYX already supports mining and staking in it’s mainnet with APY up to 252% and farming in the DeFi. You can check for more details regarding the first part in our White Paper — https://zyx.foundation/docs/WP_JULY_2020_ENG.pdf
Q2 : There are many projects similar to yours what makes this different and unique?
Ans : We are not just making another DeFi project that was started from a scratch when somebody decided to earn some money on theis hype. We are a solid and technology backed-up project with a loigicall development into the area that will give evcen more oportunities to people of using our products.
And our final goal of providing a platfrom that will connetct all existing chains in DeFi area in my opinion gives a huge difference as well.
And this second part will be answered in details in our Medium Article: https://medium.com/@zyxnetwork/faq-liquidity-farming-205be1a3fdb7
Q3 : How do you intent to ensure the safety of the holders?
Ans : Firstly working hard ) And secondly we are in the process of making an audit our entire ecosystem by a third-party provider so that users could feel themselves totally secure. Once the audit is finished we will publich all results.
Q4 : How does ZYX generate income, are there sponsors?
Ans : As I’ve already indicated in the intro, ZYX Network Protocol is the projects that has started a time ago and have a special organism that is specially focused on maintaining and providing necessary assets for development of the project and side projects.
Despite of that ZYX DeFi project is mainly our own initiative and we don’t have any sponsors apart of holders who participate in pre-sales of the tokens. So if you would like to be the part of something big that is coming, don’t miss this oportunity and join our Binance Smart Chain integration process.
Q5 : On your website it days that enterprise clients holding a certain amount of tokens are eligible to earn zyx_network tokens for every dollar of flow traded. How much is that minimum amount that clients must hold?
Ans : Hmm.. This question is a bit unclear. If you refer to the PoS algorithm of the mainnet, than you have to hold on your wallet at least 1 ZYX to be able to stake and receive rewards from mining.
If you refer to DeFi, that you don’t have any minimum amount, as the mechanics is different. You just need to add liquidity to the pool and have your LP tokens staked in our farming APP ( https://defi.zyx.network/ ). By doing this you will receive not only the farming rewards but as well a percentage of fees from trading ( on Uniswap for example ), if you’ve refered to this.
3rd Segment: LIVE QUESTIONS
Q1 : How long will the funds be locked in Liquidity and Why did ZYX integrate on Binance Smart Chain, tell us the added benefits, also will you consider to integrate on other chains like Polkadot, Cosmos etc, in future ?
Ans : Funds are locked for 1 year. For Ethereum and ZYX ERC20 you can check it here https://unicrypt.network/pol-dapp/0xb529d41afbc67a1b8e9bd78928dddaf6abf569e4
Q2 : Where is ZYX road map now? Are all targets in accordance with the current road map? and what are the next steps that will be taken in the future?
Ans : Community support is by far one of the biggest factors for the success of a project. What has the ZYX planned on increasing the user experience?
You can check our roadmap on the official website and in Medium articles. Actually we are sticking to the plan with all projects and integrations that we’ve planned. You can check our DeFi roadmap here:https://medium.com/@zyxnetwork/zyx-defi-roadmap-2020-e3ded026f25
Q3 : As you guys moved to binance smart chain, what will happen ZYX ERC20 token on $ETH network? Do I need to swap my tokens?
Ans : No, you don’t need to swap the tokens. Despite of that during the pre-sale of ZYX BEP20 tokens, all holders of ZYX ERC20 tokens will receive an airdrop of BEP20 tokens for the same amount that they hold in Ethereum network. And once we have the bridges launched you will be abel to swap tokens between networks with a really low fees.
Q4 : Trust and security are the most important things in cryptocurrency. Why do we feel safe with ZYX DeFi? The recently released DeFi dForce protocol has been hacked for 25 million dollars. Do you have any tips to avoid these situations in the future?
Ans : The main security factor is a solid and experienced team that is focused on results and progress and not only financial part of the project. Also a seciruty audit is a must for the DeFi priojects. And actually we are in the process of it. So once third-company finish, all results will be published to ensure holders and possible users.
Q5 : Before that you have to pay a lot of costs for creating projects, then advertising, implementing AMA. So what is the benefit? Can you tell me why don’t you name your project like other projects?
Ans : Our focus is not to make another DeFi project that will live 7 days and later die. We strictrly stick to our roadmap and pur corporative identity, as well as core mission and vision. That’s why the projcet will always have the name related to ZYX or will be a part of ZYX Network ecosystem.
Thanks for the question!
Q6 : ZYX DeFi community is growing, SO how can we user help you and How can we contribute your quota towards your success?
Ans : The best contribution — is active participation. For our part, we are ready to provide all necessary instruments such as well working products, new integrations, and constant implementations of new features to ensure we are on the edge.
Q7 : Most new DeFi projects are just copies of existing ones, they are just useless. So, what’s unique about your project & what makes ZYX Network trustable as a long term project for users and investors?
Ans : Thank you for the question! As I’ve already told before, all integrations that we are making now are just a pilloews to launch the main project for what all DeFi theme was started for us. Our main goal is to launch a service that will work as a liquidity aggregator, creating cross-blockchain bridges via our system of oracles. For users, it means lower commissions and faster cross-chain and one-chain transactions and swaps, for DEX’s it means constant liquidity flow.
Q8 : What your plans in place for global expansion, are you focusing on only market at this time? Or focus on building and developing or getting customers and users, or partnerships?
Ans : Thank you for the question. We already have a solid community in many countries with more than 15K users worldwide. In the future, we plan to expand our presence in Asia and announce new integrations that will let us cover even more areas of the people’s everyday lives to achieve more exposure and use-cases.
Q9 : How many developers are working on the project?
Ans : Actually, our teams count more than 20 professionals in different areas, from developers to marketing and PR specialist.
If we count only developers, they are 12 at the moment but we are in a constant search of those who will bring new ideas and experience to our team. So if you are one of them, give us a touch )
Q10 : Will $ZYX offer token BURN or buy back to yoked the value of $ZYX token?
Ans : Txs for the question. Yes, one of the conditions of ZYX BEP20 pre-sale and Binance Smart Chain integration is the buyback and burn of ZYX ERC20 tokens. We will use 50% of collected funds during ZYX BEP20 pre-sale to purchase ZYX ERC20 toikens and burn them. The same amount of ZYX BEP20 will be minted in BSC network.
Q11 : How can I earn $ZYX token?
And how much $ZYX can I earn in a day?
Ans : You can farm and earn tokens. APY will be from 80% up to 252%, depending on the volume of the total supply of tokens.
Q12 : For each platform, the factors that attract more users are: low transaction fees, high levels of security, and ease of operation. Can XYZ ensure these requirements for users?
Ans : I think we are already performing all these points )
Q13 : As we all know, ETH network often has problems with scalability. So, as a project which is aiming to solve exist data problems, How will ZYX solve this issues and can you list some great features of ZYX NETWORK?
Ans : We will not have a problem of scalability due to the fact that we have:
- Own blockchain
- Integration with Ethereum
- Integration with Binance Smart Chain
- Integration with Tron ( soon )
All these points are giving us more possibilities to scale our community and services.
Q14 : On moving forward through your roadmap, what are your most important next priorities/Milestone? As ZYX offers many great features what are you plans for future?
Ans : The most important things are to finish all planned integrations, open bridges and launch our Megaswap. I think this is the most iomportant short-term plans for us now.
Q1 : Before you leave, do you have any information you’d like to pass across, perhaps your Presale or IEO plans or any ongoing activities?
Ans : Actually we are making a pre-sale on Binance Smart Chain. More details could be found here:
You still have time to participate and get bunch of your ZYX BEP20 tokens. Later on we will proceed with listing on Burgerswap/Pancakeswap.
And after that TRON integration will go live. So don’t miss a thing!
To know more, kindly follow ZYX DeFi on their platforms:
… Website: https://zyx.network/
… Telegram: https://t.me/zyxdefi
… Twitter: https://twitter.com/zyx__network
… Medium: https://medium.com/@zyxnetwork
… Discord: https://discord.com/invite/ypNN42S
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