Thanks a lot for actively participating in the Genesis Shards AMA held on 9th Dec 2021 at the Game of Bitcoins Channel. We really appreciate all your support. This post is a recap of the entire session held with Genesis Shards
I work on strategy at GenShards 💎 I have 4+ years of experience in crypto, prior to which I worked for 4 years in the financial industry working CME and Goldman Sachs
Hey, I am a part of the GenShards core team and take care of partnerships at GS. I have been in the crypto space for more than 3 years and have worked at top tier financial firms before taking the plunge in blockchain!
Q1. How is GenShards different from other launchpads ? Tell us more about the GS NFTOs.
GenShards is a one of its kind "NFTO" launchpad - the project launches happen via exclusive NFT collections.
- NFTO is a unique offering via a limited-edition NFT collection 🀄️🃏
- Our community members get to participate in some of the best gaming projects at an early stage, through exclusive project NFTs ! The NFT will be redeemable for project tokens after the IDO 🔀
- We support promising blockchain & gaming projects with crowdsourced funding in their early stages, while helping them with community building and marketing 📺
Q2. Cross chain compatibility is a pretty big need in today's multi-chain crypto ecosystems. What chains is GS compatible with?
We completely understand that we are entering a multichain world and no one chain can fit everyone's needs. Not everyone can afford fees on some of the more expensive chains. Hence we're constantly working to integrate some of the most loved and used L1/L2 chains out there🔗. GenShards currently supports :-
- Binance Smart Chain (BSC)
...with a few others already being worked on, in pipeline.🛠
Q3. In all the time that I have known in blockchain, the first time I hear the term "Pre-IDO tokens", by which you mean tokens that have not yet been pre-sold and have not been released, right? or does it really have other additional features?
GenShards is a one of its kind "NFTO" launchpad, as we just discussed -
- In NFTO, project launches happen via exclusive NFT collections.
- Community members get to participate in projects at an early stage, through exclusive project NFTs ! The NFT will be redeemable for project tokens after the IDO
- The project tokens are wrapped within the NFTs ! So the NFTs are not only a unique collectible but also provide liquidity in the "PreIDO" stage (hence the term preIDO tokens) ✨
Q4. After read in your medium, I don’t understand the correlation between ‘Gen Access’, ‘Gen Tickets’ and ‘Gen NFTX’. Could you explain how are all these system work together in your platform? What are the connection with Pre-IDO tokens?
- GenTickets are nothing but the NFTs which wrap the project tokens. 🃏They can be redeemed for tokens after the project's TGE.💎
- GenAccess refers to different tiers of these NFTs - black/gold/pink/silver.⬛️🟨🟪⬜️ These provide access to different allocation sizes (black being highest and silver the lowest)
- Gen NFTX is the NFT Marketplace of GenShards and is on the roadmap for early/mid 2022📈
Q5. What kind of partnerships with different projects/platforms/protocols can we expect from Genesis Shards in the future? Could you give us some examples of how other projects can leverage Genesis Shards?
We are focusing on partnering with high quality projects from across the crypto space. We have already integrated our app on 4 leading blockchain protocols - ETH, BSC, Polygon & Harmony and we are actively integrating even more blockchains on our platform 💪
Therefore, we can potentially collaborate with a wide range of projects! Any partner coming on-board gets access to our huge ecosystem - 50+ and growing, and also to the projects that we incubate. 🚀
Therefore we have a steady stream of growing partners. 📈 We have collaborated on various frontiers with multiple projects - be it security, oracle services, NFT marketplaces etc. Being an NFTO pad we can connect our launch partners to any relevant projects that they could collab with in their early expansion phase ✨
Q6. By wrapping time-locked fungible tokens into NFTs, they can be reimagined to serve as DeFi options. How can a token wrapped into NFTs suddenly serve as a defi option? What is Genesis Shards program that can help these wrapped NFTs serve its purpose?
As the primary use case of Genesis ecosytem, by wrapping time-locked fungible tokens (in this case PreIDO tokens) into NFTs (in this case the GenTickets) 🃏🎴, the NFTs start behaving like a DeFi option.
Just like regular options, these Gen Tickets will have some value derived from the underlying assets (pre-IDO tokens)💎, and some value derived from time sensitivity (token unlock points). When the last post-IDO token tranche is unlocked by the project, that is when the time value would collapse to zero - and only the underlying asset value would remain.
As one case sense, the very derivative nature of Genesis products can open up endless possibilities for NFTs in the DeFi space subject to ones exploration and interpretation.Defi is a $150bn+ space and growing and the possibilities are virtually limitless!⚡️⚡️
Q7. Talking about the Gen ecosystem, how can users exchange their tokens and NFTs within the GENESIS SHARD ecosystem, could you explain me what are the positive features and benefits of this exchange, wouldn’t the fees be really high when dealing with wrapped NFTs and high gas rates?
Our NFTs are tradeable on open marketplaces such Opensea and NFTrade. Further, we are working to launch our own NFT marketplace very soon - stay tuned to our social media for the latest updates & further details! 🐧
With regards to the gas fees, Each NFT traded has gas fees determined by the network that it is deployed on. Since we have integrated on multiple blockchains, our users can benefit from all the benefits offered by the underlying blockchain protocol. ⛓
Q8. How do I join your group and what is the link to join please help me with all social media links?
Here are the links to our social media. Do follow us for the latest updates :
▪️Official Twitter: https://twitter.com/GenShards
▪️Official Medium: https://medium.com/genesis-shard
▪️Official Announcement Channel: https://t.me/genshardsANN
▪️Official Website: https://www.genshards.com/
Q9. NFTs is hot trending now, Do you have a play to have NFTs in your platform? If so, can you tell us yhe plans of your project in NFTs?
As we already discussed, we do use NFTs as an integral part of our platform
GenShards is a one of its kind "NFTO" launchpad - the project launches happen via exclusive NFT collections.
- NFTO is an unique offering via a limited-edition NFT collection
- Our community members get to participate in some of the best gaming projects at an early stage, through exclusive project NFTs ! The NFT will be redeemable for project tokens after the IDO
Q10. People always check about safety and security from any project because much hack issue right now, I would like to know how is the safety from your project? How did you make sure that you are secure?
1️⃣ SECURITY MEASURES 🔓
The Genesis Shards ecosystem will be trustless and fully on-chain. Our smart contracts will be made permission-less and community-governed.
This way, users keep control of their assets on their own wallets (e.g. Metamask).
While the Genesis Shards native architecture has been built ground up with security in mind, we also intend to work with pre-established Polka bridges to accommodate cross chain liquidity, without really reinventing the wheel there.
This would help ensure the security of the multi-chain assets on it are best optimized.
2️⃣ SECURITY AUDIT ✅
We are happy to share that Sentnl, a leader in blockchain security, has performed a comprehensive audit of our $GS smart contract
🔒 A pioneer in blockchain security, Sentnl is a renowned auditor of smart contracts verification in the space. Sentnl has audited over 50 smart contracts on ETH and EOSIO blockchains
✨A high priority is given to contract security at GS and we do not take it lightly - the audit results speak for themselves 🗣
🛡 "The contract has 0 flaws or security vulnerabilities. The risk associated with this contract is low risk." - excerpt from the audit report
📌 The full report can be found on the GS Webapp
✅ Our community can rest assured that the $GS contracts are safe and have no security loopholes
Q11. Can you briefly describe your PARTNERSHIP so far and upcoming partnerships?
As stated above, We are focusing on partnering with high quality projects from across the crypto space. We have already integrated our app on 4 leading blockchain protocols - ETH, BSC, Polygon & Harmony and we are actively integrating even more blockchains on our platform. Therefore, we can potentially collaborate with a wide range of projects! ⚡️
We have collaborated on various frontiers with multiple projects & have more than 50 partners on-board ranging from security, oracle services, NFT marketplaces etc. Any interested potential partners can reach out to me on TG to explore any opportunities🤝
Q12. Can you tell us about your upcoming presale? Where can I buy your tokens? Which exchanger can get this token?
We just shared the upcoming NFTO project on Genpad - Studyum
More details here
Q13. Apart from being swapped for elements like Gen Access what other uses have the $GS TOKEN in the GENESIS ecosystem?
The native $GS token is native utility token of Genesis ecosystem.The token gets used for Genesis Access Club membership, Genesis NFTX and plays a significant role in Genesis network governance.
The various roles of $GS token in Genesis ecosystem:
$GS Tokens are required for participating in GS NFTOs as access club members. Based on the amount of tokens held access tiers are decided enabling different access rights to its users.
There are four tiers (we call them Access Clubs)
• Silver Access Club - at least 2,000 GS tokens
• Pink Access Club - at least 7,500 GS tokens
• Gold Access Club- at least 15,000 GS tokens
• Black Access Club- at least 30,000 GS tokens
Feel free to check the detailed info in the article below👇
$GS token is the native token on the NFTX platform allowing users to benefit from reduction in Swap fees for tickets, access cards or Gen smart contracts.
$GS tokens would provide governance rights to its members where they can vote on different proposals within the ecosystem. The number of tokens held would be a representation of voting power within the network.
Q14. Is your project only open to a certain audience (elite investors, Professional players), or is it open to medium and small fund investors, traditional players?
We want to open up investment possibilities for everyone, along the same opportunities that big funds get
👉 You can be part of an Access Club (for priority access/higher allocations) for as less as 2000 tokens (currently valued at ~$400)
👉 Some projects are also opened up to our community, wherein anyone can take part
More on the process here:-
Q15. There are still many unresolved problems in crypto. What did your project do in solving and developing the technologies and design problems it uses/developed?
GenShards started with the idea of tackling preIDO liquidity - we enable this by wrapping project tokens within NFTs; and the NFTs can be traded on an exchange like OpenSea/NFTrade
Would like to encourage all to follow our social channels
We have some exciting NFTO projects coming up!!
Follow our social channels !! 📺
Medium | Twitter | Telegram community | Telegram announcements channel
The next NFTO is coming up shortly !!
GS Newsletter - Issue # 8️⃣ is here ! ✨
Hello community members!
The eighth edition of the GenShards Newsletter is here ✨
In this edition, you will find updates on -
- Key updates on what's been up in the world of crypto 🗞
- Recent happenings at GenShards ☯️
- Market update 📈
- and throughout you will find...loads of memes 😍
Some of our community members will have received a copy in your mailbox (make sure to check your spam too! )
If you wish to subscribe, just drop your email in this form 🙂 📩
👉 Also - you can find a copy of the newsletter here 📰
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