When: 7th May, 2021 at 15:30 UTC
Venue: https://t.me/spykefastofficial
Guest : BTC Proxy team (Donn K — Founder)
Hello! Spykefastians & Blockchain Enthusiastic!
We recently hosted an AMA with BTC Proxy, on 7 May at 15:30 UTC. So here we are up with AMA transcript, for those who missed the live session, this post will be saver & feeder of knowledge for them.
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Round 1 : INTRODUCTORY QUESTIONS BY SPYKEFAST.
HunterX — Q1. Kindly give brief introduction about yourself, Crypto experience and your role at @BTC_Proxy?
Donn K:
My name is Donnie and I am the founder of BTC Proxy and also the CTO of Kryptoin. . Our focus is at the intersection of Bitcoin and ETFs which are Exchange traded Products.
Kryptoin is in the regulated Asset Management space where our Directors have managed over 70 Billion and managed the GLD which was the largest Gold ETF. We are also currently engaged in the application for a US Bitcoin ETF.👍
so we have a lot of experience with ETFs and Stablecoin structures
HunterX :
Wow.. Thats huge indeed.
Donn K:
Yes being involved with launching one of the first US Bitcoin ETFs is big
HunterX — Q2. Let’s talk in detail about #BTCProxy project. What are the main features of the project?
Donn K:
sure the main features ok
Our project is focused on one thing and that is to bring Bitcoin Holders — particularly large bitcoin holders into DeFi. Even though there may be over 10B of Bitcoin in Defi. that is only 1% of the BTC’s value. We foresee much more involvement in DeFi by institutions in the future.
BTC Proxy’s key feature is the way Bitcoin is held. It is held by an insured and regulated custodian with insurance. You see large holders cannot simply convert their bitcoin or send it over a bridge and start using Uniswap. Theres too much risk. So our solution makes it safer to use.
The other key feature is that it is a Matic layer-2 so that Ethereum gas Fees are drastically reduced up to 4X less than our competitors. So it makes it cheaper to use.
HunterX :
Interesting.Yes.. I read about Matic Layer 2 thing.
Donn K:
its big now because gas fees are ridiculous
HunterX —Q3. And I am really looking forward to the solution being provided by BTC_proxy team.Savings on this high gas fees acts as icing on the cake.
Gem Flair:
Good to have regulated custodian with insurance in place.
Donn K:
The team at Matic actually forsaw this issue about 2 years ago so their success was due to a long term vision with regards to custody, yes for institutions can only place funds if it meets certain criteria insurance and regulated it has to .👍
HunterX:
Great vision.. Must say.
Donn K:
i can tell you an interesting story about Matic
HunterX :
Yep.
Donn K:
We started developing things for ETFs and blockchain about 3 years ago, we hired a developer who did pretty much everything for us that developer was the one who foresaw the issue with gas fees so after he left our company he founded his own project that project was called Matic
HunterX :
Cool but still not so cool..
Donn K:
they became the 1st Unicorn out of India
HunterX :
Yep.. Indeed.
Donn K:
so our project and matic go far back
HunterX |
Let’s hope its BTC_proxy now. 💯
Donn K:
yes hopefully is our time now
HunterX — Q4. Since when the project development has started? What is the present progress of development?
Donn K:
We have currently integrated with HEX Trust as the custodian and erc20 blockchain. We will integrate with Gemini Custody next as well as BSC (BEP20) chain. Gemini is important for institutional growth as many of them will be US based.
ill post a graphic here to better explain it
our permissinless interface is completed and now we are moving to provide L2 for Binance Smart Chain
HunterX :
Indeed. Looks promising.
Donn K:
you can see the interface at btcpx.io
HunterX :
It’s a great interface.Just had a look myself.
Donn K:
one of the most important features is this meme you just posted this is one of the key utilities of the governance token — which is to FARM BITCOIN. I dont think theres any other protocols that allow this but since using our BTC PRoxy protocol the fees are in Bitcoin, we will share a portion of the fees to be earned by staking PRXY as you know Bitcoin is the King of Incentives 😂
HunterX :
Who wouldn’t want to farm the king Bitcoin.
Donn K:
exactly and theres a portion of the community that is only interested in BTC — they will not venture into Altcoins.
HunterX — Q5. How is #BTCProxy different from other competitors?
Donn K:
that is a great question.
for this we have a graphic that was prepared by the guys at FOMOcraft
our main competitors are WBTC and RenBTC these two guys have tokenized over 10B but we consider ourselves the 2nd generation protocol that allows it to function safer and cheaper
HunterX:
Amazing to see the potential of BTC Proxy we have in here.
Also faster transaction is also another added advantage.
Donn K:
So here is what L2 will save you in gas fees
Ren is a Layer 1 and to mint their renbtc will cost you $50 to mint BTCpx will cost you $14 not to mention that your BTC is also going to be insured as opposed to ren holding it themselves
HunterX :
Almost 30% of the cost.
HunterX — Q6. What major events can we expect in the 2021 #BTCProxy Development Roadmap? Any details related to Public sale?
Donn K:
So on Monday May 10 this is the beginning of our main event @launchpoolsxyz our Allocation Mining Event will take place.
Here users will be staking their $LPOOL to earn an allocation of the 187,500 of $PRXY tokens at the same price that the funds from the private round paid which is $1.60. That is happening this Monday at Launchpools.xyz
so if you guys are not already on launchpool.xyz please do so because your buying it at the same price that the funds did
HunterX :
Hi there, all the info you need is in this article. The launch pool starts on May 10th https://medium.com/btc-proxy/launchpool-ame-for-btc-proxy-scheduled-for-may-11-17-2581e0044077
For more information.Community be ready with your questions.
Donn K:
AME Info 🔥🔥🔥
The Allocation Mining Event (AME) begins on the 11th of May.
Deposits open : block #12407000 (Expected Mon May 10 2021 12:02:23 UTC)
Allocation Mining Opens: block #12413500 ( Expected Tue May 11 2021 11:42:27 UTC)
Allocation Mining Ends: block #12452500 (Expected Mon May 17 2021 09:36:03 UTC)
Funding Ends: block #12458500 (Expected Tue May 18 2021 07:25:58 UTC)
Allocation Size: $250,000
AME Price per Token: $1.60 with vesting over 108 days
Market Cap on Listing: $829,000
Medium Link: https://launchpool.medium.com/btcproxy-ame-details-86e0377589f6
LIVE AMA QUESTIONS .
Alex Lenderp — Q1.Considering that with the growing popularity of this industry, the number of malicious people is also increasing — have you conducted any pentests?
Which project would you call the closest in terms of competition?
Donn K:
did you know that institiions may be held to tax if they sell their BTC?
so in our case their BTC is not sold it is held and the synthetic is created for them to play in DeFi. you cant mine BTCpx since that is a BTC equivalent but you can mine PRXY by staking BTCpx
we have been advised by our Aceelerator TDeFi to audit the contracts and to do penetration testing. Quillhash is the auditor and i believe there was a tweet clarifying their results.
SB — Q2.Can we participate in the staking ?
Donn K:
yes once BTCpx protocol grows the fees from minting and redeeming will accumulate those fees are in BTC and we will offer them for the community stakers of PRXY
but yes $LPOOL is open to anyone to particpate in the AME if you complete their KYC.
SB — Q3.What is the special feature of your project that makes you out of the box?
How do you plan to impress and attract new investors?
Donn K:
we have been invested in by over 12 funds including Matic
we have raised 5M for liquidity on AMMs
and another 1.5m from Alphabit and the funds
we also belong to TDeFi accelerator which is a NEO banking ecosystem
JA — Q4.Hi Sir what are your security measurement to secure the asset or funds in your system is safe since hacking is very rampant now a days?
Donn K:
our security measure is — we dont touch your Bitcoin
when you mint a BTCpx. you actually send it directly to the custodian
we only detect that it has arrived in their wallet and then mint you the equivalent on eth or bsc
so we dont hold your funds therefore it can be insured
this is the limitation in renbtc that is why WBTC is at 9B and ren is at 700M
WBTC is a Bitgo custodian product
and its done this well without a User Interface
CLOSING REMARKS .
HunterX :
It was great having you here @donnkim in the AMA.
We wish you all the best for the AME event.
Donn K:
yes it was a pleasure, for those interested join launchpools.xyz to participate in the Allocation Mining Event
thank you guys….
IMPORTANT LINKS.
Join Social Media Links
📌 Telegram: @BTC_Proxy
📌 Twitter: https://twitter.com/BTC_proxy
Spykefast TG : https://t.me/spykefastofficial
Contact Spykefast Group (TG Members — @realsch& @Gem_Flair) for promotions and AMA!!
