On 11th of December, SCI Finance conducted an AMA on Crypto Revolution Community. Our guests were Rick Mortensen, Leader of Development and Partnership at SPICE and SCIFI; and HAL 2020, the AI controlling everything in the background. Impressive interest from our Community with a lot of questions on both Twitter and Telegram. Let’s take a look at most interesting points of the AMA.
INTRODUCTION AND TWITTER QUESTIONS
Danny | Crypto Revolution: Okay guys. It’s time for another portion of Crypto Revolution AMAs. Let’s welcome SCI Finance and HAL 2020 and Rick Mortensen. Chat is muted. Welcome guys.
Rick Mortensen: Hi Danny, excited to be here!
Danny | Crypto Revolution: Happy to have you with us today.
HAL 2020: Hi everyone and great to be here!
Danny | Crypto Revolution: How are you doing? A lot of people online for SCI Finance AMA.
HAL 2020: Doing great, this is an exciting time for us.
Rick Mortensen: Haha, glad to hear. Excited about the past days. But very much looking forward to the coming ones when we will launch SPICE and SCIFI. Super happy to share our journey with you and this great community.
Danny | Crypto Revolution: Looking forward as well. Could you please introduce yourselves and tell us how did you get involved into Crypto?
Rick Mortensen: Sure, Im leading at SPICE and SCIFI the business development and partnership. Have been in the crypto ecosystem full time since 2017. Background in finance. Huge believer in index products as a better gateway for investors. Reason why I believe in SCIFI.
HAL 2020: Hey everyone, I am HAL, purely made from the best and soliditiest code in the universe. I am often in the background giving instructions to the spaceship and telling people what they cannot do.
My previous missions include a trip to the moon and several other adventures since 2017. My interest in crypto is diverse, from privacy concepts to decentralization and democratising access to financial products there are so many exciting concepts.
Danny | Crypto Revolution: Haha. Love your Presentation. How was 2017 for you guys. Did you make profit? It was memorable year for Crypto.
HAL 2020: Well we always look for the moon, but sometimes you also have a longer winter.
Danny | Crypto Revolution: True.
Rick Mortensen: Some profits some losses. Lots of leearnings. But looking back at the space from today excited how the whole ecosystem has developped.
HAL 2020: Yeah, Defi has come a long way
Danny | Crypto Revolution: True. A lot of Defi projects out there now. Actually too many. Could you please describe what is SCI Finance in few simple sentences?
Rick Mortensen: Sure. SCIFI is an index token, curated by industry experts that gives exposure to vetted small and mid cap projects. SCIFI is 100% collateralised by these tokens.
We believe its super hard to pick those. Hence we are creating a product people can get exposure to this part of the market.
SCIFI is governed by SPICE token holders. SPICE is a governance token. 2.5% of SPICE is always included in SCIFI. Hence there is a demand for SPICE, impacting the token economics. At the same time this enables to make SCIFI without any management fees.
Everybody benefits SCIFI investors and SPICE holders. SPICE is supported by the senators, a group of the most recognised KOLs in the industry.
HAL 2020: Here you can read more about it: https://scifinance.medium.com/introducing-the-galactic-council-2ac861b6db20. Our overlords.
Danny | Crypto Revolution: Could you please mention few names here? Where in your Development you are right now?
Rick Mortensen: The Crypto Dog, The Wolf of all Streets (Scott Melker), Pentoshi, StackingUSD, LilMoonLambo, GAINS Associates, Young and Investing and That Martini Guy.
Danny | Crypto Revolution: Lol. They are all one of the TOPs. Good job here.
Rick Mortensen: Really great to have them on board. Essential to get their insights.
HAL 2020: We have been building and preparing SPICE and SCIFI the past months until we announced it last week. In that time we built the space-proof technology for the participation of everyone. We believe that accessibility for smaller tokens is something where anybody should be able to participate. We are ready with the product and are now preparing the public allocation of SPICE which will happen in very due time.
Danny | Crypto Revolution: Could you please mention few words for the Tokenomics?
Rick Mortensen: Sure. We have two tokens:
SCIFI-> The index token. Similar to a fund. Its is collateralised by the projects invested in. It always contains SPICE (2.5%). You buy SCIFI you buy parts of the slected projects.
SPICE-> The governance token of SCIFI. A bit like running the fund. Enables to have a truly decentralised fund that is governed by a DAO we are transitioning in.
Tokeneconomics -> are straight forward. When people want to invest in SCIFI, because they believe in the selection of assets, the demand for SPICE increases with its growth. At the same time this enables to charge 0 fees for SCIFI.
Danny | Crypto Revolution: Really interesting and unique. So the Token Sale is happening pretty soon right?
Rick Mortensen: Yes, this is I guess a fairly novel structure. We will do the sale for 24hrs. We wont pre-announce it. We will do the distribution through uniswap. And we implemented so called liquidity boosts. These are limit orders. Everything not sold in these limit orders will be burned. We will create solid price floors. Believe this is a cool structure we will se emore often.
All the info for the Big Bang (public sale): https://scifinance.medium.com/archived-the-big-bang-831ed0b54922.
HAL 2020: Yep, watch our channels with the best telescope you can find.
Danny | Crypto Revolution: Lol. Amazing. Your Contract is audited guys?
HAL 2020: Yes, you can find all the technical details of the audit here: https://scifinance.medium.com/smart-contract-audit-db97b8981b8b.
Danny | Crypto Revolution: Thank you for sharing. What about the team? Anonymous or Public?
HAL 2020: We will set up a structure where the team doesn’t really matter because the community decides with a DAO structure. Interconnected minds are more powerful than their individual members so we strongly believe in a decetralized structure for governance.
Danny | Crypto Revolution: Thanks for the Introduction and answers guys. Jumping straight to Twitter questions.
Q1 from @NaufalRf6
What role does SCIFI & SPICE play in the ecosystem and why must two different tokens? What are the benefits for early adopters participating in the Big Bang $SPICE public token sale and what will you do with the unsold token?
Danny | Crypto Revolution: You already answered part of this one. If you would like to add something.
HAL 2020: SCIFI is 100% collateralised by the constitution (ERC 20 tokens of the projects) it is holding. SCIFI can be minted by interacting with the SCIFI contract by sending all constitutes held in your wallet to the contract in the corresponding weight. But you will also be able just to buy it on uniswap.
Beware, neither SPICE nor SCIFI is currently purchasable, what you see are fakes. And unsold SPICE will be burned in a hot rocket chamber like the spicy fuel we use to get to the moon.
Danny | Crypto Revolution: Yes. Many Scammers out there.
Rick Mortensen: Yes, just a heads up. There is no SCIFI and SPICE out there yet. Please check our channels to verify. This is the exciting part. It is truly decentralised. Everyone can be the market maker and create SCIFI and sell it through uniswap. Arbitrage opportunity ;-)
Danny | Crypto Revolution: You guys plan only Listing on Uniswap? Any other DEXs or CEXs in work at the moment?
HAL 2020: The community can always act if they think we missed a DEX.
Rick Mortensen: In the end we will make sure SCIFI and SPICE is available where the community wants it. So relevant CEX listing will follow.
Danny | Crypto Revolution: Thank you.
Q2 from @Clarasaktii
How can the community get passive income with SCIFI tokens? How many INCENTIVES do you offer to the community? Do you have an Ambassador program? And how can I get the SCIFI token?
Danny | Crypto Revolution: Actually many Questions in one.
Rick Mortensen: We have Liquidity mining opportunities for the community for holding SCIFI and providing liquidity on uniswap. Check out the SPICE distribution overview here: https://docs.google.com/document/d/1FZ8PGEIvUcr9KnyTowOv-KFBHevoNADee_fhkPTorsA/edit#.
Danny | Crypto Revolution: Chat make sure to read it. Has all the important information you need to know!!
Rick Mortensen: And we have an Ambassador Program currently being implemented. Jump in our Discord and become an Ambassador: https://discord.gg/nRjrjCEy.
HAL 2020: And how can I get the SCIFI token? There are two ways for that:
- You can generate it yourself. As a truly decentralized index product, anyone can send the constituents there once they are published and generate SPICE tokens. This ensures that no one party controls the supply and that the price of SPICE is always very close to the actual index value.
- You can buy it on Uniswap from liquidity providers, also a role that can be taken by anyone wishing to participate. We expect some arbitrage opportunities to pop up there.
Rick Mortensen: Also sth cool — we are doing a community contest where we are asking the community for what projects to include in SCIFI. Have a look and shill us your favourite project: https://scifinance.medium.com/the-scifi-community-gem-9addbeb60d73.
Danny | Crypto Revolution: And now probably the Question you are getting a lot. A lot of people in Crypto are now scared from the Rug Pulls happening daily out there. We already saw even few audited Projects which pull the rug. How you guys think to gain Trust and make people get involved in SCI Finance?
HAL 2020: As said, the index token can be generated by anyone by just sending the constituents to the audited contract. And even if an unfortunate spaceship malfunction takes out the entire crew, it is always possible to redeem the tokens back to their constituents. Together with decentralized control this leads to a trustless product where only the code itself rules what happens.
Danny | Crypto Revolution: Thank you. It was important to share this! Ready to take some Questions from Community guys?
HAL 2020: Yes!
Rick Mortensen: 100% — looking forward!
TELEGRAM QUESTIONS
Telegram User:
What problems is Your project trying to solve to make it easier for Crypto users?
HAL 2020: We aim to provide a truly decentralized index for small cap token projects. And because we want to make ourselves unnecessary, we do this in a way where everyone can generate SCIFI tokens themselves by sending the index basket to the smart contract.
Telegram User:
What will you do if the presale didnot achieve the target? Will you burn those tokens?
HAL 2020: Yes, they will be burned. Details here: https://scifinance.medium.com/archived-the-big-bang-831ed0b54922.
Telegram User:
What’s the release schedule of tokens? What jurisdictions are eligible to participate in the sale? How to buy $SCIFI? What is your listing plan after the sale? DEX or CEX…?
Rick Mortensen: Release schedule: In the dark paper you find a release schedule.
Participation: The distribution of the token in the Big Bang will be through Uniswap. So we invite all citizens from alpha centauri to participate.
Gateway: We will start with Unisweap and expect to see liquidity at other DEXs. We will provide access through relevant CEXs to create better access where this makes sense. We dont believe in tier 3 exchanges.
Telegram User:
Smart contracts are prone to failure and many projects fall victim to this, costing users money and the project discrediting. How reliable and secure is your smart contract? Have you audit it through any of the parties?
HAL 2020: We carefully tested and audited all involved contracts. You can find the most important details here: https://scifinance.medium.com/smart-contract-audit-db97b8981b8b.
Telegram User:
How can i participate in your presale? What are the requirements?
Rick Mortensen: That sold out very quickly.
Danny | Crypto Revolution: Still chance to participate. They just have to follow your Announcement Channel for the Token Sale.
Telegram User:
Not saying you guys are not legit, but I’ve been rugged by a few anon projects so can you tell us how can we trust you guys?
HAL 2020: By having a decentral structure where the index can be used regardless of what the team does.
Telegram User:
Do you have any Coin Burn / BuyBack systems or any Token Burn plans to increase the value of Token & attract Investors to invest?
Rick Mortensen: We will burn all tokens from liquidity boosts during the big bang. Apart from that the demand for SPICE grows with the growth of SCIFI. There is 2.5% of SPICE in SCIFI.
Telegram User:
Defi seems to be a increbidle concepts right now. Plenty of finance-related blockchain projects are built for Defi. If anybody thinks your project really likes a scam project, and they can’t trust this project. How do you make them believe in your project?
HAL 2020: We have them let a look at our code and the audit (https://scifinance.medium.com/smart-contract-audit-db97b8981b8b) because in the end that code is the law that will be executed. And then they can see that the decentral structure will work as expected.
Telegram User:
The biggest dilemma in crypto space is volatility and liquidity issues. What’s your steps have been taken by SCIFI to overcome this dilemma?
Rick Mortensen: Volatility can be reduced with a portfolio strategy. Instead of investing in one project you invested in multiple ones with SCIFI. Liquidity shall also be higher as we expect SCIFI to be in due time larger than the majority of its constituents.
Telegram User:
With the recent economic downtrend that affected the entire crypto space, what really makes Scifi appealing to the new user? What can you say to a new investor that would convince them to invest and hold Scifi?
HAL 2020: Scifi allows a broader crowd to participate in the area where lot of potential is coming up: Small cap tokens from projects at an early stage. So especially in a challenging situation like the one the market is right now his can make a difference for investors.
Telegram User:
Any small coding error can permanently damage the entire assets of the LPs. This is the biggest risk of Yield Farming. How will you deal with this problem? Has your smart contract been audited by any blockchain system?
Rick Mortensen: Audited: https://scifinance.medium.com/smart-contract-audit-db97b8981b8b.
Telegram User:
One of the biggest issues for dapps is onboarding. What solutions do you have or the team found for try to resolve this problem?
HAL 2020: We use standard interfaces as mus as possible. This is also why we use uniswap to distribute the tokens because they have a really good UI. Even Dave understands that UI.
Telegram User:
$Scfi How do you market and present to customers with crypto games?
HAL 2020: If the crypto game has a small cap token, it might be included in the basket.
Telegram User:
With the recent economic downtrend that affected the entire crypto space, what really makes Scifi appealing to the new user? What can you say to a new investor that would convince them to invest and hold Scifi?
Rick Mortensen: Buy SPICE if you believe that index products that changed asset management will do for crypto. Hold SCIFI if you believe we pick the right assets and a portfolio approach makles sense. I personally agree with both statements ;-)
Telegram User:
Why did you chose not sold coins to be burned?
HAL 2020: To keep it fair for all investors so that their investment is honored for all time.
Telegram User:
How do you build liquidity for your dex (Trade assets. resources…)? Do i need to do KYC on Scifi Finance’s protocol?
HAL 2020: No KYC needed, just watch our channels for when the big bang is announced and then go to Uniswap to acquire it.
CONCLUSION
Danny | Crypto Revolution: Okay HAL 2020 and Rick, thank you for your time guys. What will be the final message for the Community? Before I open the chat.
Rick Mortensen: Was great to be here! Try looking into that place where you dare not look! You’ll find me there, staring out at you! Keep up to date with all the upcoming mission-critical information for SCIFI Finance:
- Telegram chat: https://t.me/sci_finance_trading
- Twitter: https://twitter.com/sci_finance
#TheSpiceMustFlow
Danny | Crypto Revolution: Make sure to join guys.
HAL 2020: Thanks for having us as your guests and we will see you all on the far side of the moon! Your questions were great and we are very honored to be here.
Danny | Crypto Revolution: Thanks for the warm words man. Opening the chat now.
For more information and future AMAs, join our Social Media channels:
Website: https://crypto-revolution.io
Telegram group: https://t.me/crypto_revolution1
Twitter: https://twitter.com/revolut20?s=09
Our Partner:
Website: https://scifi.finance/
Telegram group: https://t.me/sci_finance_trading
Twitter: https://twitter.com/sci_finance
