This AMA (short for “Ask Me Anything”) with Spykefast Community was the first live-streamed AMA with Unicrypt (UNC) Team, wherein Mark (Lead Developer) answered questions.
In this blog post, you can find a wrap-up of the key outtakes and ideas that were presented by UNC team in the AMA.
Host: Satsbuyer & GemFlair, Spykefast Team
Guest: Mark, Lead Developer of UNC Team
Time: July 29th, 14:00 (UTC)
Venue: https://t.me/spykefast
Rewards: 500$ worth of $UNC tokens i.e. 100$ each to the best 5 questions by group members.
There were 3 rounds of AMA conducted (for about 70 minutes of in-depth discussions with UNC team). In First round, Spykefast Hosts asked the questions. In Second round, questions were selected from twitter. In Third round, Spykefast Community members put up their questions to UNC team.
Round 1 Transcript:
Unicrypt Team Introduction (from the Lead Dev Himself) — Hi everyone. My name is Mark, and I am one of the lead developers of UNC. My role is to develop the front-end user interface for the UNC browser and future DAPPS. I have over 7 years experience in full-stack development (LAMP, python, vuejs, javascript, php, mysql / mariadb, and node.js) We have two other developers Alex and Paul, they are responsible for ethereum smart contract development and are more fluent in back-end server side programming such as nodejs, API’s, databases. We have also on-boarded numerous members of the community to help with the project and each of them has a great skill set. To see an updated list of team members and their roles please see this link https://unicrypt.network/team
Spykefast team: Please give us an introduction about Unicrypt and why it is needed?
Mark UNC_Token: UNC is aiming to relieve numerous pressure points from the upcoming wave of DEX’s. We believe uniswap will become one of the major exchanges soon because it offers token developers and traders unique possibilities. For one, any token can list instantly, no more paying massive fees to an exchange to list, who makes money off your trading volume anyway. I have always considered this unacceptable. Secondly, if you’ve ever tried to get your favorite token listed on any exchange or coin listing app, you’ll know how it seems like your plight is being caught on deaf ears. Uniswap offers a highly liquid, user-friendly, non-custodial exchange experience that trumps all CEX’s in existence. But there’s a catch, as you may know, there is a ton of scams on uniswap due to the ‘free-to-list’ approach. Many scammers are pretending to be other tokens (5 plutus tokens where added to uniswap in one day, all of which where scams) and newcomers to the space are constantly losing money on rug pulls. Our first dapp, the Proof of liquidity dapp, helps users find new pairs on uniswap that have locked their liquidity. This means it is impossible for that liquidity to be pulled until the unlock date expires. For taking part in this program, tokens are awarded a trust score, and are highly visible to investors searching on our platform for new tokens. This is a win for token developers wanting exposure, a win for investors who now have some security that the said pair cant exit scam, and its beneficial to UNC holders as we charge 0.3% on all liquidity locks. This is redistributed to UNC stakers. (Staking program coming in the next few weeks, it’s going to be awesome :) )
This rate of scam additions is only going to grow exponentially. The curve of new tokens added to uniswap is parabolic (like many things in crypto) there needs to be a way for investors to find new good tokens, and for tokens that are genuine to make themselves visible.. This is all already possible with our first dapp and the uniswap browser
With everything we develop, we will always consider making a product useful for investors AND token developers. In this way we target the whole crypto market from the business side to the consumer / investor side
Spykefast team: yes the volume on uniswap is growing day by day and infact scams are growing with more pace. This needs to be resolved as lot of rug pulls are seen recently. We are happy that UNC is working to resolve this and already have a working product. I can see more projects will use the POL Dapp with time.
Will you be bringing out a more detailed road map with dates?
Mark UNC_Token: Just to touch on this point, these uniswap charts are truly amazing, in our opinion this is only going to continue. We can see uniswap overtaking most exchanges in the near future
We will in the future yes, for now our focus is on staking and making our explorer the best tool for uniswap gem hunters such as yourselves. The exposure we will gain from this will be massive, and feed into getting more eyes seeing our products and roadmap updates. We believe our order of strategy is a great one, with each weeks focus making the next development more successful and capable of gaining more exposure.
I know people like announcing the announcement, our approach is slightly different. We want to get useful products out as quickly as possible to ensure first mover advantage. For this we are frequently releasing updates before their announced date.
This will continue :)
Spykefast team: yes this explorer is great addition to find out quality gems especially new projects. We found that there is no Whitepaper on your website Will you be bringing out a white paper or a lite paper in near future?
Mark UNC_Token: We are working on documentation for every Dapp we release along with well worded and easy to read medium articles (think uniswap docs — if you’ve been there). These will be continually updated. At the moment there are medium articles covering most aspects of the currently released ecosystem such as the Proof of liquidity Dapp and the explorer, all linkable on the site.
https://unicrypt.network/uniswap-browser For example you can click the ‘How this works’ button to get more in-depth info via a medium article. We will release a more formal white paper upon the release of our staking model as this is the best purpose for a white paper, when people want to get into the calculations
Spykefast team: Yes website interface is very interactive and easy to use. So lets move on to staking. There is big hype of DeFi, so this is the popular question out there. When will staking start and what features will it have?
Mark UNC_Token: We are working on the best staking system possible right now. There has been a ton of projects to learn from. Its important we get this right as we are working on providing staking as a service. This means any token can use our platform to provide staking for their stakers. We aim to be a part of many tokens ecosystems, for this it is important it is done correctly and beneficial to token developers.
We expect a release in a few weeks. I know people would like an exact date, this will be announced when we are certain the date is achievable. Some of the features include deflationary mechanisms (burns), liquidity staking to create healthier markets, and normal staking. We’ll be providing a ton of options and the option to choose what happens to a portion of your staking bonus. Staking will also be tiered in order of importance in response to market conditions. For example at times liquidity stakers will receive the highest yield, at others UNC only stakers will receive a slightly higher yield. In this way our staking will be responsive to market conditions and have options for our users to participate in strategic UNC decisions.
Spykefast team: Thanks for the detailed answers.. so this ends round 1 here.
Round 2 Transcript:
Q1: by @montesparta — Do you have any plans to incorporate other exchange platforms into trust dapp? Does holding more $UNC generate more token drops and at what ratio?
Mark UNC_Token:We do plan to integrate more exchanges absolutely. For now our focus is on uniswap as we can see the growth potential there. As more options become available we will definitely expand our services to other exchanges though. UNC token drops will be proportional to your % of holdings to the circulating supply
Q2: by @bitcoininvest9 — How secure is the smart contract that is implemented for all features and how do @UNC_token test the security level of the smart contract?
Mark UNC_Token: At the moment we have the first version of the trust score solely aimed at addressing the most pressing problem on uniswap right now which is rug pulls and ensuring liquidity stays there. We will definitely be expanding on this concept to make it even easier for traders to filter the good from the bad. One option we are looking into is community voting (via block chain) on whether a certain token is good or not. Think similar to coingecko’s rating system at the moment where you either hit the smiling emoji or the sad emoji. As more ideas come to mind (from us or the community) we will be implementing them
There’s also the option for developers themselves to sign messages and prove they have worked on other projects, and are the owner of the said project giving you trust from an actual team developer perspective. There are many options here.
Q3: by @cryptopenna2 — How secure is the smart contract that is implemented for all features and how do @UNC_token test the security level of the smart contract?
Mark UNC_Token: absolutely, we have a proposals channel in discord but i’d like to get this up on the website too. We are confident our smart contracts are rock solid, and thoroughly tested them for each possible scenario. At the same time they are very simple contracts, the only vulnerability in a contract such as these is a re-entrancy vulnerability if you don’t know about it. We know of these potential re-entries and made sure its air-tight. Some members of the community have requested we get our contracts code audited. We will be getting them audited in the coming weeks along with our staking contracts
absolutely, we have a proposals channel in discord but i’d like to get this up on the website too.
Q4: by @stephanwameyo — What are the incentives/ advantages of token developers locking their liquidity with UNC?
Mark UNC_Token: As we mentioned, the rate of new tokens getting added to uniswap is growing exponentially. The rate of scams are growing exponentially. Everything is growing exponentially. yesterday 70 new tokens were added to uniswap. There is only 3070 tokens on uniswap (to give you an idea how fast this is growing). Tokens desperately need exposure, and as time goes on they will need it even more. Not many people have the time to research 70 new tokens a day, with our POL dapp we give tokens instant recognition. And it only takes them 3–5 mins to perform the lock themselves. We would honestly use this service if we weren't a part of UNC. Its all win with no downside. There are still a ton of tokens that could be legitimate without a single trade on them as they are getting lost in the ever growing pool of tokens on uniswap.
Spykefast Team: Yes i agree, general public don’t know how to check if liquidity is locked or not… so they just have to keep looking for this answer before investing..Directly checking on UNC dapp will be too helpful for non-core investors
Mark UNC_Token: Also, there has been multiple scams already that have ‘Locked their liquidity’
Spykefast Team: yes we can never be 100% sure but alteast this dapp can save us from rug pull at least.
Mark UNC_Token: the truth is only programmers know how to read a smart contract, anyone can make an extremely complicated ‘locking contract’ and say their liquidity is locked.. only to rug pull a few minutes later.. We’ve seen this already multiple times.
This ends round 2. Mark was asked to select the best 2 questions out of above 4 questions. Winners @stephanwameyo and @cryptopenna2 were rewarded $100 worth UNC tokens each.
Round 3 Transcript: Open TG Chat questions
Within flash of seconds, the TG group was flooded with questions for UNC team. Spykefast team was overwhelmed with the response of Community Members.
Q1 by Conan (Spykefast community member): What is your project’s main target of Unicrypt in this year 2020? and what is your VISION and MISSION is in Unicrypt Marketing?
Mark UNC_Token: Our main target is to quickly become one of the most popular browsers for the upcoming wave of DEX’s. Our vision is that everything should be automated and simple. For token developers and investors. If we do hit a new bull market this year (finally!) there is going to be an influx of new investors that need help finding investments. We are also now in the age of dapps, there is ton of new people starting their own blockchains or tokens and contracting developers, our services will be plug and play (like wordpress) that anyone can use to add features to their token.
Q2 by Fadang: One of the biggest problems with DApps is the inactive and useless state. People only create DApps but it has no use case or contribution to the blockchain ecosystem. To prevent and solve this problem that may occur on the UNC Token platform, what will your team do?
Mark UNC_Token: One of the reasons anyone holds crypto is to make money. In order to do that, you need to find a token. In order to do that, you need a browser. And then there’s the problem of where to even begin with thousands of tokens. I believe what we are working on is one of the most important tools that makes this whole cryptosphere turn.
Q3 by Lucky Cat: As I see,the Ethereum block-chain is having some problem with its transaction speed,so do you have any plans to launch your mainnet and build Dapps on it?
Mark UNC_Token: We are confident ETH is going nowhere. They have too much built into it and too many developers building on it. ETH 2.0 is coming soon for which we are very excited. And etherums in built GAS allows you to still get your transactions processed in times of high network throughput. Another way of looking at this is Bitcoin is still king as almost every major crypto project uses it even though it is worse tech wise than some 20k Mcap tokens. First mover advantage and a huge ecosystem will almost always win over tech in our opinion.
Q4 by Elena: What is your strongest advantage that you think will make your team leading the Crypto market as well Decentralized Finance sector? What are another big MILESTONES you have planned for 2020 roadmap and how are they supposed to benefit your costumers? Will it be an exciting year?
Mark UNC_Token:We are confident it will be an exciting year. Our main long term item on the roadmap is nothing short of huge. We’re keeping a lid on it for now though :) Other milestones will continually come as we integrate and support other tokens.
Q5 by Olivera Sofia: Since Unicrypt help in providing liquidity or rewarding liquidity providers are there techniques to fight scams?
Mark UNC_Token: Not outright. Uniswaps biggest draw is ease of use and instant automated listing. Anyone can create a token and list it. This freedom unfortunately comes with a cost. However with continual updates to our rating system we are confident we can make the job of researchers much faster and more elegant.
Q5 by ARASH: Does the team have a plan in the future to convert their tokens into coins and go to their main-net ??
Mark UNC_Token: Not as of yet. We are happy to stick with Ethereum for now. Many of the major top 100 tokens use ETH. Its an amazing network that will in our opinion scale very well. There are many ETH competitors with not even 0.001% of the daily transaction throughput, id imagine many of them would be reduced to a crawl if put under the load ETH is capable of. The important thing is there is tons of untested technologies making insane claims. Time will tell, and if need be we will adapt.
Q6 by ㊗️ Mít Tơ Trader ㊗️: Can you list 1–3 killer features of UNC makes it ahead of its competitors? What is the competitive advantage your platform has that you feel most confident about?
Mark UNC_Token: In our opinion we have first mover advantage on the first decentralized instant coin listing app, the exposure will be great. If you find the explorer useful ask yourself would others? How do you find new gems on Coingecko, or CMC? Or do you rely on twitter influencers to shill a new project? Did we perhaps just create the first browser for finding gems before anyone else, that is already more useful than CMC and Coingecko for that purpose? Time will tell :)
Q7 by Puli Andriano: DeFi is the important topic in the block-chain space right now and near future. So can UNC share your opinions on DeFi? Do you think that DeFi will disrupt the existing financial system and What is UNC approach towards the it?
Mark UNC_Token: I think Defi is a new buzz word that coins are using to push their use-case. I find the whole defi rush pretty humorous. Its just a buzz word. To get truly into defi, I’d look into lending platforms. Many of the other defi tokens just have a new buzz word to slap onto their coin, its nothing new.
Q8 by Wakeel Et Al: I love Staking. What is the governance model of UNC_token? How will your staking ecosystem ensure fairness and balance in the amount of power in decision-making in the community between the Large token holders and the users outside the large holding circle?
Mark UNC_Token: We can modify this as we go along, initially we are going to trial it based on % of UNC holdings, this is one of the most tried and trusted methods. Large holders have much more on the line and deserve more say in their investment. But we are happy to hear recommendations form the community.
Q9 by Jolie K | selling AGA OTC: Hey Mark, love what you’re doing with UNC. One quick question. Given the fact that the value of the token is stricly correlated to the DAPPs that runs on it, is there any plan to incentivize (bounties, etc) community development on top of UNC to create an even bigger ecosystem than what you guys could achieve on your own?
Mark UNC_Token: Absolutely. We are also planning on bounties for developers who had useful dapps to the ecosystem. More on this coming soon. We wanted to make a token / ecosystem where anyone can contribute to its success. For example for now its directly beneficial for the community to request new tokens use the POL dapp.
Q10 by Spykefast Team, SatsBuyer: Mark, i have one last quick question before we finish. Whats the endgame for UNC? I mean whats coming in the long term which is currently just in talks or thoughts and nobody knows about it. Its a tricky question i know!
Mark UNC_Token: To prevent the community getting to excited, and constantly asking when this when that, I can only say, its the biggest use case currently in crypto. And we will be running it ourselves :)
There will be an announcement on this this year though.
This ends round 3. Mark was asked to select the best 3 questions out of above. Winners Olivera Sofia, Fadang and Elena were rewarded $100 worth UNC tokens each.
End is the Beginning:
In the end, Spykefast team thanked Mark for taking time out of busy schedule to answer all important and critical questions related to UNC project.
UNC is trading at 3x the price since the AMA.
Important Links:
UNC TG : https://t.me/unc_token
Spykefast TG : https://t.me/spykefast
Contact Spykefast Group (TG Members — @realsch & @Gem_Flair) for promotions and AMA!!
Thanks again. Stay safe and Keep Printing BTC/ETH/USDT (whatever you like) !!
