Thanks a lot for actively participating in the Lead Wallet AMA held on 24th October 2020 at the Game of Bitcoins Channel. We really appreciate all your support. This post is a recap of the entire session held with Lead Wallet

We have with us Francis Obasi and Henry Onyebuchi

Hello everyone, it's a great pleasure to be having this AMA with your valuable community. I am Henry Onyebuchi, CTO of Lead wallet, and together with me is our CEO @francisobasi1. We are looking forward to having a great time here explaining about our wonderful project, Lead wallet

I'm Obasi Francis the CEO of Lead wallet. It's a pleasure to be with you guys today 🚀

Q1. Why should I use Lead Wallet for receive and hold my coin rather than another popular wallet like Trust Wallet, Huobi Wallet, and Atomic Wallet? Is there any feature on Lead Wallet that we can't find on another wallet?

This is a good question and we actually get this all the time. The Lead wallet application is being built to provide an all in one solution for crypto users. Usually, various wallets offer different services that do not always accommodate the demands of different kind of users. I'll explain. The crypto space has traders who a bullish on defi, and other traders who want to use their assets for other type of transactions. We believe that having to transfer assets from one wallet to another or from one exchange to another in order to carry out different types of transactions that are not offered in a particular wallet or exchange is a limitation in the crypto space because of the stress and costs it takes to do these transfers.

Beyond storing and exchanging your cryptocurrencies, Lead wallet has a built-in marketplace that allows you to spend your cryptocurrencies on items that you want without the  need to first convert to fiat. Our app is beautifully designed with usability at its core to enable newbies as well as experts to easily manage their crypto assets as they so desire.

Q2. Will it be possible to hold NFT tokens and collectibles in Lead Wallet? That we could see images of our objects.

Yes. We will implement NFTs in the near future. Users will also be able to mint new NFTs directly from the wallet but this aspect is still far down the line of what we are sort out to achieve. However, full details about this will be put out to the community once we are ready to bring it to life

However, the NFT Access version will be available in our later version. What we have in the public beta that will go live before the end of October is the DeFi access

Q3. What is your multi-sender feature mechanism, how can it make several transactions with very low fee, under which strategy does Lead wallet get to lower it?

Usually, when sending multiple transactions, you tend to spend time and it often happens that gas prices fluctuate between transactions. If the change increased drastically, you may spend more time waiting for it to drop, or you may decide to proceed by paying even higher costs.

With the multi sender feature, users will be able to send multiple transfers in one transaction and this will provide them the chance to select the optimal gas fee required to perform this transaction for all the transfers. There won't be any need to consider the factor of gas price discrepancies in between transactions

Q4. Safety and security are always the most important issues. How will the team resolve if there is an unfortunate security problem on the LEAD WALLET? Has the team thought of a workaround for this problem?

Indeed. We have done extensive researches and have been able to come up with the best security measures to ensure the safety of funds in the wallet app.

We know that there are different users of different experience levels in the crypto space. Hence why we are building a simple and easy-to-use wallet to accommodate both the experts and newbies while maintaining the best and up to date practices in security.

All the security features you see on the most popular wallet applications will be provided on the Lead Wallet application. First of all, we are a non-custodial wallet which means that we do not store users' private keys, backup phrases, or other sensitive info on our server. Everything is decentralized and only the users have full ownership of this info.

To protect the users from hacks that may occur physically from theft or loss of their mobile devices, we will ensure that users memorize and write down the backup phrase in another device or piece of paper as there will be a continuous but non-spammy reminder for that until the user can verify that they have this information properly stored.

We will also ensure that screenshots are disabled in the wallet app to avoid users from taking shots that eventually get backed up on their google or IOS drives since hackers can get access to it if they gain access to the user's email. Because the biggest mistake that crypto casuals often make is when they never save any backup phrase and suddenly they lose their primary device, and they can't recover their wallet in another device thereby losing their assets. We want to make sure our users won't have such a problem.

And also, we will provide the standard security practice for the app itself such as 2FA and biometrics (fingerprint login) to be an extra layer of security.

Q5. On your website it days that enterprise clients holding a certain amount of tokens are eligible to earn #Lead tokens for every dollar of flow traded. How much is that minimum amount that clients must hold?

Considering this, the rates have not yet been decided, but this we will make available once we start getting some traction on the wallet app. For now, every token holder is eligible to earn some rewards from the staking dapp at https://stake.leadwallet.io. The minimum required stake is 5000 $LEAD tokens, and there is a daily return of 0.45%. Do well to take part in this and earn yourself some more $LEAD

Q6. Does LEAD WALLET support any form of Staking at all ?

Hey Forte, yes. We will integrate staking features that will allow users to stake PoS coins directly from the wallet app. More details about this will be put out when we are ready to make this implementation

Q7. Mass Adoption & Awareness about project is one of the Biggest Challenge for any Project ! So, How Lead wallet will solve that Major Problem? What are your Marketing & Adoption Plans for Achieve Adoption in Real World?

One of the hindrances to mass adoption in this space is the complexity within the space, and we realized that a wallet application is the second gateway into the crypto space if not the first.

We believe that by providing different use cases for the wallet app in the simplest possible manner/UI, users will easily feel comfortable using our app and absolute beginners won't have much of a problem having a good landing in the space.

We are currently running marketing campaigns within and outside Lead community, including campaigns with top YouTubers and other crypto influencers and bounty programs. We also have a list of blogs rolling out on top crypto news sites to create awareness about the product.

Q8. What is the most ambitious goal of the project? I would appreciate it if you could share with us any upcoming updates? What should the community look for?

Our goal is to deliver a product that can provide optimal usage for both crypto beginners and experts. As it stands, the Beta version of the wallet will be released soon (before the end of this month). We hope for you to be on the lookout because it would be a pleasure having you test and give feedback on what to improve on. There will be rewards for bug bounty.

Q9. Smart contracts are vulnerable to bugs, and even recently three big new DeFi projects were victims of this, costing users funds. How efficient and secured is your smart contract, and did you ever audit it via any external party?

This is a good one. We do not compromise on security as it is a viral aspect of the entire ecosystem including project, team, community, and investors. Our smart contracts have been fully audited by immunebytes.com

Q10. What strategies do you need to adopt to attract users and keep them on your platform for a long time? Do you have a unique strategy to create demand for lead tokens and wallet applications?

We intend to keep everything simple to accommodate all levels of users. It's our priority to provide solutions to user users' demands and by this, we will always set up feedback/suggestions from the community to continues working on aspects that will give everyone a better experience.

About the tokens, while nobody in the crypto space can ever guarantee the future price of any token, we just want to say that we have a deflationary monetary supply system. It means 30% of Lead Wallet’s quarterly profit will be used to buyback and burn LEAD token until only 30% of the total supply is left.

So, when the ecosystem of Lead Wallet grows, and we have more users, that means we will have more revenues and we will have more token buyback and burn. With this mechanism, we will be able to create natural demand for the token itself. The profitability of the entire project itself should be able to drive the demand up for the token in the exchanges.

Q11. Why did you choose erc-20 to support $LEAD  actually this Network has so high gas fee for transactions, doesn't it a limitation for lead ?

Lead tokens were created sometime in February 2020, and we decided it was the best approach to go with an erc20 because of various outfits we intend to put out as time goes by. Also, we decided to leverage on Ethereum Blockchain because of the crowd of people using it. About the gas fees, it's a general problem that we believe will be scaled with the introduction of 2.0. Like many people in this space, we are bullish about it.

Q12. As I know a strong community is very important for every project. Do you plan to be a local or global project? What strategy will be used to expand the community?

We currently have a strong English community and we've been able to have other local communities. First of all, we have a diverse team of members from different parts of the world, and we intend to start our expansion from these regions. Lead wallet is a global project so we take community-building seriously. We are starting up an ambassadors campaign to help expand our reach.

Q13. Lead Wallet claims to be "DeFi Access". The reality is that recently there are scam projects related to DeFi. LeadWallet has a plan to protect us from malicious protocols?

Lead wallets' goal in this DeFi access is to provide a gateway for users to interact with any defi protocol of their choice using their wallet address. Of course, we will start from the popular and integrity-proven protocols even though we cannot really verify the full security of these protocols. Users will be solely responsible for which additional defi protocols they intend to use on the wallet's web, but be rest assured that funds will never be exposed to these defi protocols unless the user initiates and confirms the transaction.

Q14. The hot new term in crypto is "YIELD FARMING". Why did this get so hot right now? Do you have a plan to develop the Yeild Farming system?

Things tend to move so fast in this space. I hear Yield Farming is becoming a thing of the past gradually, and NFTs are rising in demand in DeFi. Who knows? Our main aim now is to deliver the wallet app and then continue to upgrade it for better use. Maybe in the future, we will consider other explorations.

Q15. Lead Wallet will only list tokens that have a certain degree of trust, or with some requirements that must be met? Or will they have the same existing tokens in UniSwap?

There is an erc20 integration that will allow users to add custom tokens just like the way you have it in metamask and trust wallet. In terms of the initial listed erc20 tokens, we will go for popular ones like DAI, USDC, and so on. But there's no restriction on how many can be added by users

Q16. Can you explain the conception of the "perfect token" as it says on your website? What do you think makes a perfect token, and will this vision materialize soon or will it need more time for further development?

A perfect token I'd say is one that provides optimal utility to holders. $LEAD token is an example of this as it powers the Lead ecosystem

It will be used to ensure wallet engagement, subsidize transaction fees, and drive wallet user growth. As a utility token, $LEAD token will help to power operations within the Lead Wallet app, and also allow users to spend less for higher transactional value. Hodlers of LEAD token will be able to enjoy the following features:

1. Up to 20% discount on purchases when you make payment with LEAD token.

2. Up to 35% annualized stake rewards when you stake LEAD on Lead Wallet.

3. Holders of LEAD Token will have the opportunity to share up to 15% of Lead Wallet’s annual net profit for a minimum locking period of three years.

4. The LEAD token has a deflationary monetary supply. This means that 30% of Lead Wallet’s quarterly profit will be used to buyback and burn LEAD token until only 30% of the total supply is left. This will create more demand.

5. The LEAD token can also be used to trade digital gift cards and also to pay for several Lead Wallet services at a discounted rate.

Q17. If I buy a certain cryptocurrency and store it in the Lead wallet for 5 years. How can i access 5 years later, may technologies like operating systems change at that time?

You will always have access to those funds provided you do not give away your private keys and seed phrase. The funds you store in Lead wallet app can also be accessed through other wallets that allow imports.

Q18. What is the GAP you are addressing in the market? What is the opportunity you are exploring? What is the problem you are trying to solve?

We are making crypto usage easy for everyone who wishes to get involved. There are many people interested in venturing into digital assets' endeavours, but this hasn't been possible because the space is too sophisticated. We want to make it easy for users to join the bandwagon safely and easily. We also want to provide all the capabilities for them to perform all their favorite transactions asides from just storing their assets.

Q19. What are the ways that your project generates profits/revenue to maintain your project and what is its revenue model ? How can it make benefit win-win to both investor and your project?

Currently, we have an exchange gateway in the Beta app which will be launching a few days from now. We believe we can get some revenue from trading activities done in the wallet app. Other revenue models are being in place, but this is what we have at this early stage.

Q20. Why does Lead focus on design and not on the ease of use of the Wallet? Do you think that better visual appeal will improve the use of the wallet? Have you done research on UI/UX?

We focus on both design and ease of use. Our primary target is the none crypto community as we believe that there will continue to be an influx into the space as time goes by. We actually have the UI/UX ready and being tested out. We'll be making adjustments based on users' feedback and recommendations.

It has really been an honor. Sorry we didn't see much of our CEO @francisobasi1, he actually had an impromptu call to respond to. I really had fun here with all the intelligent questions asked by this valuable community.. It would be a great pleasure for all of us at Lead wallet to have you all testing the wallet app because your feedback will enable us make it even better for all our users. There will be rewards from feedback.. Feel free to join our Lead wallet community for more info about what we are up to as time goes by @Leadwallet