Date : 31 May 2021
Host : HunterX & GemFlair
Guest:CRYPTION NETWORK TEAM (Ashwin — Co-founder and CTO , Tejas)
Hello! Spykefastians & Blockchain Enthusiastic!
We recently hosted an AMA with Cryption Network, on 31 May at 3 PM UTC. So here we are up with the AMA transcript, for those who missed the live session, this post will be a saver & a feeder of knowledge for them.
INTRODUCTORY QUESTIONS — BY SPYKEFAST TEAM.
HunterX | Spykefast — Q1. Kindly give brief introduction about yourself, Crypto experience and your role at #Cryption Network Project?
Tejas | cryption.network[@Tejas0x]:
🔥
We started the company with buying ethereum in USA and selling it in india in 2017 when there wasn’t any portal to buy Ethereum. After the RBI regulation came we had to stop, but we pivoted to creating a crypto-to-crypto exchange. I got into development of solidity by that time, started freelancing and slowly building a strong team.
We have worked for many notable companies in the top 200 marketcap and built up a company of a strength of 10 developers and have gained an experience of over 2 years in DeFi.
Ashwin Yardi | Cryption.Network — Won’t PM:
Sure, Hello guys! I am Ashwin, Co-founder and CTO at cryption network. I have been building exciting things in blokchain space since 2017. Have worked with lot of well known projects in this space. Avid Crypto and DeFi fan and firm believer of blockchain as revolutionary tech. 🙂
HunterX | Spykefast:
Great credentials 👏
HunterX | Spykefast — Q2. Let’s talk in detail about #Cryption Network project. What are the main features of the project?
Tejas | cryption.network[@Tejas0x]:
Cryption Network project is a long time in the making and we have been working on all the products for months now. Quite early we realized that the high gas fees were a big issue and we’re gonna be an even bigger problem in the future. There is no point for retail investors to use any dApps at such exorbitant gas fees. dApps on Ethereum have become unusable at the moment. We intend to solve this problem.
Ashwin Yardi | Cryption.Network — Won’t PM:
I will give the formal intro of the project
“Cryption Network is built by a team who has been building DeFi products for the last 2 year. They have built their products while bootstrapping and so there was no seed round.
Cryption Network is build a suite of products, most of which are on testnet, on the Polygon L2 blockchain.
💥PolyDEX — “PancakeSwap of Ethereum using L2 solution having zero gas fees”
1. PolyDEX is a gasless AMM on the Polygon L2 Solution. PolyDEX will have faeature like Partner pools, elastic farms, IFOs, quick exits to ETH layer 1, as well as community farms.
🔮Seer Prediction Market — The Seer Prediction market will be a layer 2 solution which will allow reading and creating predictions on virtually any topic. Matic will allow us to enable
high frequency trades gaslessly. Other prediction markets do not allow high frequency of trades because of the high gas fees on Ethereum. Seer can also be used for insurance.
📚Defi Stack — There are a few staples that all projects need when thinking about tokenomics, liquidity and circulating supply. Many projects create their own which means projects need to allocate resources away from their central mission. By creating a sno-code platform for these projects we save them time and money. Examples: Staking, Farming, IVCO, timelock, vesting, etc
🔷 About investors
CMS holdings, Sandeep Nailwal (Angel investor- Co-founder of Polygon formerly Matic Network), GravityX capital, Master ventures, Ascensive Assets, X21 Digital, Waterdrip ventures, M AU21, GenBlock, Humayun Sheikh (CEO of Fetch.ai)
HunterX | Spykefast:
A great initiative by the team to make DeFi a much convenient space to be in.
Sharing an introduction for one of the primary tool by Cryption Team. 😇
HunterX | Spykefast — Q3. What are the major utilities of holding the #CNT token? How does team plan to enhance it value so as to attract users onboard?
Tejas | cryption.network[@Tejas0x]:
The fees generated by dapps will be used to buy back our token and then burn, send to dev address and send remaining tokens to a staker to be redistributed the community.
This makes our token deflationary
Also you can keep your CNT staked to get access to trading fees, not of just polydex but of all our dApps
Ashwin Yardi | Cryption.Network — Won’t PM:
CNT token is also going to play a central role in protocol governance
Plus some other privileges like, special access to creating prediction markets
HunterX | Spykefast:
Pretty much use case of CNT token to talk about. Interesting.
Upcoming Project on SpykeFast Radar — Cryption Network
🚀 CRYPTION PROJECT — $CNT Token
Cryption Network is built by a team building DeFi products for the last 2 year.
Cryption Network has built a suite of products, most of which are on testnet, on the Polygon L2 blockchain.
💥PolyDEX — “PancakeSwap of Ethereum using L2 solution having zero gas fees”
💥Layer 2 Seed Prediction Market.
💥No code with Defi Stack
Backers 💪
CMS holdings, Sandeep Nailwal (Angel investor- Co-founder of Polygon formerly Matic Network), GravityX capital, Master ventures, Ascensive Assets, X21 Digital, Waterdrip ventures, M AU21, GenBlock, Humayun Sheikh (CEO of Fetch.ai).
Initial Mcap: $720K 🚀🚀
Audit By: Certik
Partnership: Biconomy
Follow the socials 👇
Website — https://cryption.network
Twitter — https://twitter.com/CryptionNetwork
Telegram — https://t.me/CryptionNetwork
Medium — https://medium.com/cryption-digital-services
Follow SpykeFast @spykefastofficial & support us. 💯
Follow our Twitter HunterX and Gem_Flair 💪🙏
Community, this is a project on our Radar. 😇
HunterX | Spykefast — Q4. How is #Cryption Network project different from other competitors?
Tejas | cryption.network[@Tejas0x]:
Dfyn — We have better tokenomics (60%) is for the community, Better farming, a more innovative method of farming (Elastic Farming), community farms, Pools, our token is also deflationary because of burns. Better UI/UX
Quickswap — We are gasless. We have better tokenomics (60%) is for the community, Better farming, a more innovative method of farming (Elastic Farming), community farms, Pools, our token is also deflationary because of burns. Better UI/UX
Ashwin Yardi | Cryption.Network — Won’t PM:
Quickswap: It has a first mover advantage, but the polydex is objectively better than in every aspect. Be it token utility or farming, IFOs
Or User friendly interface 🙂
HunterX | Spykefast:
We all know how Dfyn performed recently. We hope Cryption outdoes its performance ❤️💪
Tejas | cryption.network[@Tejas0x]:
hopes so too
HunterX | Spykefast — Q5. What major events can we expect in the 2021 #Cryption Network Development Roadmap?
Tejas | cryption.network[@Tejas0x]:
😉
HunterX | Spykefast:
🚨 Announcing Cryption Network #IDO on Ignition
Get ready, and time has almost come. It’s time for $CNT to fly! 🚀
🗣Mark your calendars! 🗓
We will be conducting the Cryption Network IDO on Paid Network’s Ignition on 8th June, Tuesday.
🌐 Get more information — https://paidnetwork.com/cryption-ido-on-ignition/
#DeFi #crypto #launch $CNT $IDO
https://twitter.com/CryptionNetwork/status/1398614584240472068?s=20
This is one important event coming up soon.
Ashwin Yardi | Cryption.Network — Won’t PM:
Oh yes, thats one big event for sure 😄
Tejas | cryption.network[@Tejas0x]:
yes. So so our IDO is on the 8th of June.
HunterX | Spykefast:
Congrats on securing Ignition paid IDO platform.
Tejas | cryption.network[@Tejas0x]:
right after that we will launch staking, farming, Cryption app, Polydex all in June
HunterX | Spykefast:
Do June is a busy month for the team
And the community as well.. 😁
Tejas | cryption.network[@Tejas0x]:
wanted to talk about one of our innovative features
called Elastic Farming.
Elastic Farming is a conceptually new way farming with a controlled dilution. Elastic farming changes the blockrate as a function of the CNT price. If the price of the token increase so does the value being given out in farms. Elastic farming puts emphasis on the value being given out to the users as opposed to the amount of tokens.
When the price of the token increased we can give out less token which would keep the value close to constant but reduce the amount of token entering into the circulating supply.
LIVE AMA QUESTIONS.
L:
If Cryption Network plan to make crypto adopted by the masses around the world either by providing seamless and global transactions with low cost transaction fees, then how do you plan to reward the financially when they use your product and platforms?
Tejas | cryption.network[@Tejas0x]:
50% of our trading fees will go back to CNT holders and the other 50% will be burned also benefiting CNT holders
Sun:
I love the fact that Cryption aims to make the onboarding process simpler for retail users, i want to know how many countries you plan to cover and how many are already in action as we speak. I will also like to know if their is going to be reduction on the transaction fees or what you plan to do with the Erc-20 gas fees? Is working with polygons one of your ways?
Ashwin Yardi | Cryption.Network — Won’t PM:
Hey, so our products are going to completely deccentralised and non custodial. For example, when our dex will be launched, it doesn’t matter in which country you are, you can access the DEX exactly like you would have from any country. No restrictions! As for the fees, our Dex will be completely gasless! That is why we are building on Polygon, where tx fees are very small and we will use solutions like Biconomy to create the infra where transactions are gasless 🙂
LFC Boy:
-How does Cryption Network plan to simplify Defi for users and onboard retail investors to its platform?
-Can you tell us about Seer-Prediction Market and how it benefit retail users? Which oracle services do you plan to use?
Tejas | cryption.network[@Tejas0x]:
1. it will be completely gasless. We will use transak and then later Ether Rush to do on off ramp transactions. All this will be bundled into a cryption app so users dont have to worry about Metamask.
2. We will be using chainlink to start then we will use CNT goveranance once it is significantly decentralized. You can do best on all sorts of things such as esports, sports, politics, binary options, etc.
Ishani❣️❣️:
Among the milestones you have planned for Q3 according to your roadmap is the Listing top CEX, can you tell us about it? Is Binance at the top of this list? This would give a big boost to the project.
Ashwin Yardi | Cryption.Network — Won’t PM:
Hey, in general, we are more fascinted by Deccentralised applications and exchanges. However, to amek the token widely accessible and create liquid market conditions, we will be getting on Top CEXs for sure. Few excahnges are already in pipeline and we will build on top of it to get onto more and more high quality exchanges.
CLOSING REMARKS.
HunterX | Spykefast:
Thanks a lot @ashwinYardi @tejas0x for your time and efforts.
It was great having you here for the AMA 😇
We wish the project a great success in their future endeavours. 🔮
Ashwin Yardi | Cryption.Network — Won’t PM:
Hey, honestly, great questions and thanks for having us! All the best community! 👍
Diego:
Great AMA Session😊✌🏻👏🏻
HunterX | Spykefast:
📋 Whitelist Start: May 29, 2021 11AM UTC
⏰ Whitelist Close: June 01, 2021 4AM UTC
🚀 IDO on Ignition: June 08, 2021 11AM UTC
Tejas | cryption.network[@Tejas0x]:
Thanks!!
IMPORTANT LINKS
📌 Telegram: @CryptionNetwork
📌 Twitter: https://twitter.com/cryptionnetwork
📌 Spykefast TG : https://t.me/spykefastofficial
Contact Spykefast Group (TG Members — @realsch & @Gem_Flair) for promotions and AMA!!
