Recap: AMA with MB BC Blockchain Community

Recap: AMA with MB BC Blockchain Community


Yesterday we had an AMA with the Vietnamese community of MB BC Blockchain! Again, we want to thank everyone that participated in the AMA and want to encourage everyone to send in your most creative, critical and interesting questions to future AMAs. For everyone that has missed the live AMA, we have compiled the compressed recap. We hope you enjoy and find some interesting pieces of information!

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Segment 1: Questions by MB BC Blockchain

Q1: Would you please introduce your project?

Alistor: Put into one sentence: The DEXToken Protocol will enable a new DeFi ecosystem, by creating a unique decentralised exchange and a protocol which allows for the interaction of on-chain and IoT like off-chain networks.

Let’s take a look at it a bit closer: At the core of the DEXToken Protocol is the DEXToken Swap Exchange, featuring a brand new AMM technology. This allows our decentralised exchange to have several benefits compared to existing exchanges.

Users on existing decentralised exchanges are facing high slippage and volatility due to the simpler AMM structures. Our AMM solves this effectively by using a volatility-function based formula, decreasing the slippage and volatility effect.
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At the same time, our AMM doesn’t rely on external price-oracles and the DEXToken Protocol offers off-chain minting of tokens. The off-chain capabilities potentially offer a faster and cheaper decentralised trading experience, while also being highly useful for enterprise partners to decentralise their processes and link them to decentralised finance applications.

Q2: Could you please describe what is DEXG in a few simple sentences to our Community?

Alistor: I think a lot of features have been mentioned above already. Breaking it down into simple terms, end-users will find a highly capable and cheaper decentralised exchange, which gets rid of a lot of problems current generation exchanges like Uniswap have.

At the same time holders of DEXG will be rewarded with a share of the trading fees generated by trades on the exchange. This way we ensure the decentralisation and that the governance decisions by the holders are only made in a beneficial manner.

Companies meanwhile can use the DEXToken Protocol to decentralise and connect their processes to decentralised finance.

Q3: DEXG has some memories in its journey please share them with us

Alistor: I think it’s important to understand first that the DEXToken Protocol is created by the Flowchain Foundation. The idea of the DEXToken Protocol originated as part of the Flowchain ecosystem in 2018. In late 2019 we established the ‘Tokenomics Research Center’ in Taiwan in cooperation with the National Taiwan University and National Tsing-Hua University. This research led to the creation of our unique speculative AMM model.

Fast forward a few months and in mid-2020 the official work on the DEXToken Protocol started. We added the initial 20,000 DEXG tokens on Uniswap and locked them for two years. No Pre-Sale, no ICO. We then went over to distribute the remaining tokens in a fair and decentralised fashion via our staking rounds and here we are, our second staking round just started a few days ago (it’s still possible to join!) and there are more to come.

Q4: What are your plans for DEXG in the future?

Alistor: In the near future, we will launch the beta of the DEXToken Swap exchange, which we will subsequently add features on over time. With the mentioned unique features and interconnectivity with the Flowchain architecture, we envision DEXG to become a global player in the field of decentralised finance and IoT.

With the final staking round ending in January 2021, we’ll intensify our efforts to acquire real-world enterprise and business partnerships, but more on that once the time has come. 

Q5: Finally, what are the major milestones DEXG achieved so far & what is in the future pipeline?

Alistor: So, a few aspects are already mentioned in question three, but let’s put it in a timeline:

Pre-Launch:
Tokenised Hardware Whitepaper (2018), Opening of the Tokenomics Research Center (2019), Release of the research results (March 2020)

After the research concluded we started to plan and get to work:
In August 2020 we put 20,000 DEXG on Uniswap and locked them for two years. Our first staking round and the release of the Whitepaper concluded in September and with October we started to migrate liquidity to Balancer and opened the Balancer Shared pool.

With that being said the year holds a few more milestones moving forward:
• November 2020: Third and fourth DEXG staking round
• November 2020: Private Alpha of the DEXToken Swap Exchange
• December 2020: Public Beta of the DEXToken Swap Exchange
• January 2021: The eight and last DEXG staking round concludes

Over the course of 2021 and 2022, the DEXToken Swap exchange will continuously be expanded in functionality, as well as the Protocol will undergo constant development. Our Roadmap can be found in the Whitepaper and details this more.

Segment 2: Twitter Questions 

Q1: What are the major obstacles that you have faced on executing your roadmap and how do you plan to execute your continuing roadmap for this year?

Alistor: Since we are building a completely unique and new codebase for our project, we have to do everything from scratch. In the process of ‘translating’ the math behind the AMM to Ethereum’s solidity code, we had to break down complex mathematical concepts into minimal design programming logic to keep it as bug-free as possible.

In the process, the dev team had to run hundreds of tests to make sure each little code fragment does exactly what it is supposed to do without any interactivity malfunctions. This consumes a lot of time, but thanks to our dedicated and committed developers, who are really going the extra mile for the project, we continue to stay on track with our schedule as outlined in the Roadmap.

Q2: Currently, there are quite a few competitors for Defi options. What are DEXG’ competitive advantages? Is there a difference between DEXG and other DeFi projects?

Alistor: I think a few of the unique features of the DEXToken Protocol have been outlined in previous questions already, so let me focus on something else here; The team.

Our team really distinguishes us from the majority of DeFi projects. We’ve been successfully working in the field of cryptocurrencies and blockchain for years. With the Flowchain Foundation, we are in business for over two years already as a driver of innovation in IoT blockchain in the Asia Pacific region at this point. Our background and the unique stance of not holding a pre-sale or ICO for DEXG proves we are not here to just capitalise on the DeFi market in the short-term, but we are here to build something big.

Q3: Why is $DEXG not listed on popular exchanges like KuCoin, Gate?

Alistor: So, until decentralised finance applications were possible, projects needed centralized exchanges to be accessible for traders, investors and more. People interested needed to accept the terms and conditions of said exchanges while also being exposed to potential security risks of centralized systems (e.g. the 2020 KuCoin Hack). The times have changed in this regard; DeFi projects need centralised exchanges less than the other way around.

Like CZ stated, exchanges like Binance need to start listing DeFi projects to not lose market shares. Once a project attracts enough volume and interest that a major exchange picks it up, others will follow. I believe the days of projects needing to succumb to the extensive demands and payments demanded by many exchanges to get listed are limited. DeFi projects can exist without them.

In a nutshell that means that we are not actively looking to get DEXG listed on centralised exchanges, however, exchanges might list DEXG on their own behalf when it fits their interests.

Q4: What is the purpose of breaking the staking process into separate rounds, as opposed to having just had people stake their tokens and letting them sit, as seen with other projects?

Alistor: There are several aspects to this, for one using separate smart contracts allows the staking to adapt to changes in the holder structure and pricing, while at the same time allowing for increased security, on the other side our take on staking is different than usual.

Most projects utilise staking with dynamic APYs depending on how much assets are being staked. So, they use it as a feature generating passive ‘income’ for holders, with the first participants in the staking getting an unfair advantage over the people that join up later.

Our staking primarily targets at a fair distribution of DEXG tokens and as such we continuously want to allow new people to join the staking rounds at fair terms, without incentivising and centralising distribution at the early holders too much.

Q5: Are you planning to promote your project in countries/regions where English is not good? Do you have a local community for them to better understand your project?

Alistor: Yes! We are planning to make DEXG and the DEXToken Protocol accessible globally. For this, we also need to have localised communities in different languages. For the Vietnamese community we have translated our medium posts and created a dedicated community channel:

Telegram Group: DEXToken Vietnam Official Group
Announcements: DEXToken Vietnam Announcements
Medium: DEXToken Protocol Vietnam

More Regions and languages will follow in the near future!

Segment 3: Live Questions 

Q1: 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?

Alistor: We got a large team of developers performing internal audits on every change of code. However, we are also cooperating with external security audit partners. Our Staking smart contract has been audited by Pessimistic and came back without any larger security issues. The report can be viewed here.

Our decentralised exchange will go into private alpha in November, allowing external developers and security auditors to check on it for bugs and exploits. With the public beta, we are going to employ a bug-hunt strategy, rewarding people that report bugs to our development team.

Security and functionality are our highest concern, not only to protect our brand and protocol, but also the funds of investors.

Q2: Can you explain how is your Tokenomics Distribution? How many tokens Will be minted? And How many tokens Will be locked by the team?

Alistor: The total supply of DEXG will be determined by our staking rounds, so I can’t give you an exact number on this right now since we will see it go down further until January 2021. However, it’s safe to say there won’t be more than 80,000 DEXG in total. This includes the 10% DEXG locked up for the team.

You can view our supply model in more detail here.

Q3: Currently, Asian attaches great importance to Blockchain technology, is this a great opportunity for DEXG? How is the DEXG project planned to develop in Asian?

Alistor: Since our company, the Flowchain Foundation is based in Singapore and has its roots in Taiwan, we are in a good position to work with the Asian Blockchain communities like MB BC Blockchain. Our focus already has been on Taiwan and China, but we are strengthening our ties to all major Asian regions currently. 

Q4: As I am a developer with knowledge of programming languages such as solidity, C ++, Java etc., can I create Dapps on your platform? And HOW easy to create dApps on your platform?

Alistor: We are starting to release the developer documentation soon, so people participating in the private alpha and public beta can get an in-depth look at the codebase and protocol functionality.

Since we are building on top of Ethereums ERC-20, creating a dApp and connecting it with DEXG is as hard or easy as any other ERC-20 interoperability. Since we are coming closer to the public beta, I hope we will see you participating in our bug-hunt to show us your talents!

Q5: What companies are you partnered with or seeking to partner with in future?

Alistor: I can’t comment too much on this due to existing NDA agreements. I can hint that we are in talks with real economy companies in the Asia Pacific region to integrate DEXG though. Details on this can’t be released until Q1 2021, but we are very excited.

The End

Links & Ressources:


Disclaimer:

DEXG tokens are not intended to constitute securities in any jurisdiction. The white paper does not constitute a prospectus or offer document of any sort and is not intended to constitute an offer of securities or a solicitation for investments in securities in any jurisdiction.

The Flowchain Foundation Limited disclaims any and all responsibility and liability to any person for any loss or damage whatsoever arising directly or indirectly from (1) reliance on any information contained in this white paper, (2) any error, omission or inaccuracy in any such information, or (3) any action resulting therefrom.

The value of DEXG tokens is currently very volatile. Flowchain Foundation (“Company”) does not have any means of stabilizing the token value, please buy at your own risk. Unlike bank accounts or accounts at some other financial institutions, DEXG are uninsured unless you specifically obtain private insurance to insure them. Thus, in the event of loss or loss of utility value, there is no public insurer or private insurance arranged by Company, to offer recourse to you. Because DEXG are based on the Ethereum protocol, any malfunction, breakdown or abandonment of the Ethereum protocol may have a material adverse effect on the platform or DEXG. Moreover, advances in cryptography, or technical advances such as the development of quantum computing, could present risks to the DEXG and the platform, including the utility of the DEXG for obtaining services, by rendering ineffective the cryptographic consensus mechanism that underpins the Ethereum protocol.


DEXToken Protocol
DEXToken Protocol

The DEXToken Protocol is building the infrastructure to connect decentralised finance and the internet of things.


DEXToken Protocol
DEXToken Protocol

The DEXToken Protocol connects decentralised finance and the internet of things, governed by the DEXToken Governance token and powered by our scientifically researched AMM - https://dextoken.io/

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