Crosswise x Satoshi Club AMA Recap from the 26th of October

By Satoshi Club | Satoshi Club AMA Recaps | 4 Nov 2021

Hello, Satoshi clubbers! Another AMA took place in Satoshi Club and we would like to introduce to you the AMA session with our friends from Crosswise and our guests, @fbeeg, @ZooM_777, @gwk2021. The AMA took place on the 26th of October.

The AMA session was divided into 3 parts with a total crypto reward pool of 500$.

In this AMA Recap, we will try to summarise the most interesting points for you.

Part 1 — introduction and questions from the Telegram&WebSite

Mary | Satoshi Club: Hello Satoshi Club! We are happy to announce our AMA session with Crosswise! Welcome to Satoshi Club😀

Jonah 🏅🎹 | Satoshi Club: Our guests today are @fbeeg, @ZooM_777, @gwk2021. Welcome to Satoshi Club guys👏

Frederic: Hello everyone. Thanks for having us)

Zoom: Hello everyone😇 Great to be here!)

Greg: Hello everyone, thanks for joining in and having us)

Mary | Satoshi Club: Welcome to Satoshi Club, guys!

Jonah 🏅🎹 | Satoshi Club: We are super excited for this AMA with you guys!

Mary | Satoshi Club: And we will start it with intro🎉🎉🎉

Could you please introduce yourself and tell us more Crosswise?😀

Frederic: My name is Frederic Beeg and I’m the CEO and founder of Crosswise. I have a strong background in creating online platforms in the e-sport gaming and e-commerce industry and have started developing Crosswise 5 months ago with a dedicated team of 7 developers and 4 people for marketing and management. We are bringing an advanced centralized trading experience to a DEX. Crosswise is an advanced cross-chain decentralized exchange.

Greg: Hello friends, my name is Greg and I’m the COO at Crosswise DEX. I’m German-Korean, and have been working online for nearly 20 years. Founded an award-winning web agency as well as popular online education resources in the late 90s. I fell down the crypto rabbit hole in 2015, and have since developed a particular interest in De-Fi, both the technology and its transformative potential. I hold undergraduate and graduate degrees from the London School of Economics and Political Science.

Jonah 🏅🎹 | Satoshi Club: You both have an amazing background.

Mary | Satoshi Club: Why you think crypto space needs Crosswise?😀

Frederic: I’m very much convinced that “normal” retail investors are looking for a DEX that guides them and provides actual support and verified listings. The crypto space has a lot of rug-pulls and scams and is difficult to navigate through for beginners. We are trying to change that.

Mary | Satoshi Club: Yes, this makes sense👍

Jonah 🏅🎹 | Satoshi Club: More like a beginner friendly DEX.

Mary | Satoshi Club: What are your main goals for the nearest future?

Frederic: First of all, I want to say that our platform is already in an advanced state of development. The development is ongoing for 5 months. Our goal is to successfully finish our presale and then launch on BSC within this Q4/2021. We want to quickly expand to further blockchains and create a sustainable, professional ecosystem. Our DEX will have great tools for advanced traders, too. We have build-in statistics, analytics and advanced orders (limit orders with orderbook), plus gasless mode.

This is just a small piece of all of our perks. We are really trying to create the most advanced DEX available.

Mary | Satoshi Club: Great plans👍

Jonah 🏅🎹 | Satoshi Club: And I’m impressed with the features you have lined up!

Frederic: Thanks!

Greg:The overall aim for us is the bridge, the user experience between a CEX and a DEX.

Mary | Satoshi Club: Guys, after you awesome introduction we are very excited to read your answers to the questions from our community😀 Are you ready?🚀

Frederic: Let’s go🚀

Greg: Sure)

Q1 from Telegram user @DK177:

I noticed that your pre-sale starts within less than a day. There are three stages with 1 million allocation for each and the token price is 0.2 BUSD, 0.3 BUSD and 0.6 BUSD. Why does it gradually become extremely expensive? 0.6 BUSD is 3x from the initial stage. Could you please explain the differences of these stages? There is no doubt that participating in the first stage is more profitable. Does stage 1 require more qualifications to participate? Further, when the pre-sale starts, do both stages go live or does each stage launch after the completion of the prior stage?

Greg: Yes the pre-sale will open very soon and you can see the exact countdown at crosswise.finance. The price for the first 2 stages has been designed to offer early investors a particularly low price in return for their early support. All stages are sequential, so that each stage has to sell out before the next stage opens. The current stage will be clearly indicated on the website. All users are required to pass Blockpass KYC, but there are no additional requirements to participate in the early stages. It’s a level playing field for all investors.

Mary | Satoshi Club: The pre-sale will be held on your platform?

Greg: Yes it is self hosted and TechRate has already audited the pre-sale and the token contract. We’re very proud of our dev team as we have passed with 0 issues.

Jonah 🏅🎹 | Satoshi Club: Awesome, congratulations👏

Mary | Satoshi Club: How long each round will last?

Frederic: Our contract automatically switches from one round to another. That means, once round 1 is pledged it switches to round 2. This is indicated on our website, too. Our pre-sale will finish within 4 weeks.

So to say: first come, first serve. We wanted to be as fair and transparent with the community as possible.

Also, there are no team allocations or private sale rounds. We are hosting one public pre-sale and after that we are heading towards our release.

Mary | Satoshi Club: So, I still can’t understand why the prices for each round are so different?

Frederic: Because we want to reward early investors that invest before our soft cap is reached. After that, the potential risk seems less for new investors. Also, our base price once released is 0.75 USD. So even with the price of round 3 there is an instant upside.

Mary | Satoshi Club: Got it!

Thank you for your answers, guys😀 Ready to go to the next question?

Frederic: Of course!

Q2 from Telegram user @Jmagsss:

One interesting feature that Crosswise has is its “Gasless Mode”, where users are allowed to trade assets with gas. This is an attractive feature for traders but may I know, is there a catch? How does Crosswise manage to allow its users to trade without fees? Will Crosswise be the one that will finance the gas fees? Is there a limitation for this feature?

Greg: Crosswise has integrated the biconomy.io API which allows users to perform “meta transactions” by signing a transaction rather tha confirming it with gas. This the same as used on other popular DEXs such as 1inch. The cost of using the API is covered by Crosswise.

Frederic: There are no limitations with that feature. Some wallets don’t support transactions that are signed, but these are the less used ones. We clearly state which wallets are fine to use with gasless feature.

Mary | Satoshi Club: How much is the cost of API covering?

Frederic: We can’t say that as it’s a contract we have signed with Biconomy with partnership agreements.

I can confirm that users have absolutely 0 costs for making transactions on the platform (gas fees).

Mary | Satoshi Club: Gotcha😀 I understand, but it was interesting for me if you will be able to cover the cost of this feature😀

Frederic: We are covering this with the trading fees on our platform, which are absolutely competitive (0.2%).

Mary | Satoshi Club: Awesome👍

Jonah 🏅🎹 | Satoshi Club:
Awesome, but how secure and safe is this for users?

Frederic: The API is audited by Binance, Coinbase and other platforms. Also, the company behind that API is backed by major big players such as Coinbase and huge investors. Their API is absolutely safe and already used by platforms such as DFYN.

Mary | Satoshi Club: Thank you for your answers! Ready to jump to the next question?🚀

Frederic: Of course we are🙌

Q3 from Telegram user @Highpee:

The Crosswise DEX platform will feature a Personal Account Area which can be used to personalise account settings that include vesting, gasless mode, connect with email and notification system. I will like you to shed more light on the Personal Account Area Personalisation. When a user sets his account preference to gasless mode, will this mean that the user will no longer be charged transaction fees on any transactional activity carried out?

Also, why will it be necessary for a user to connect blockchain account with email or other social media platform? And lastly, for the notification system, what type of notification will users be able to customise and receive? Will it cover all transaction activities involving their wallet or can users set selected notifications on crypto prices and products? How will users be notified to receive these notifications?

Greg: Gasless mode simply means no gas/network fee is paid for your transaction. If however there is a deposit fee for a pool, for example, you will be charged the deposit fee element of that transaction. It is NOT necessary for a user to connect their blockchain account to their email. This is optional and allows us to enhance that user’s experience with a range of other features.

In regard to notifications, these will include things like account updates, limit order notifications, special offers, and more. Users will be able to decide which notifications they wish to see, as well as how they receive them. Initially we’ll focus on making notifications available via browser notifications, email, and Telegram.

Mary | Satoshi Club: Gasless mode will be for all users or only for those who have personal account?

Frederic: For all users. And users can activate and deactivate it any time in their account settings.

Jonah 🏅🎹 | Satoshi Club: How many pools do you have and what is the minimum deposit fee?

Frederic: We will have 8 farms with LP tokens in the beginning and 1 staking pool for our own coin CRSS. There is no minimum deposit.

Sorry for the misunderstanding. There is no deposit fee on pools, we have a small deposit fee on farms of up to 2% for non-CRSS tokens. This is used for buyback and burn of the coin.

We don’t want people to quickly enter our farms and pools and dump the coin. That’s why we also added our vesting coin, XCRSS.

Mary | Satoshi Club: This will be the next question😃 Are you ready to answer it?)

Frederic: Of course)

Q4 from Telegram user @Cheriemike:

Crosswise platform uses dual coins (XCRSS/CRSS). $CRSS is used as a fee for transactions while $XCRSS is used for farm/pool for incentivizing users to stake in the Crosswise platform. My question is, does the XCRSS token have any minimum/maximum supply like the CRSS token? At what % fee can users make transactions with on your platform? What other use cases does the $CRSS have apart from being the token used for transactions? What will be the exact amount of CRSS token users need to stake before they are eligible to receive XCRSS token as a reward or will it be that as they start staking they will be rewarded? Will the XCRSS token be launched alongside $CRSS or there is no need for that?

Greg: $CRSS is our main token used for rewards, transactions, and fees. In the future it will also be used for governance voting. $XCRSS is only used for paying out vested rewards. Overall $CRSS and $XCRSS together have a max supply of 50 million. There is no minimum amount to be eligible for farm or staking rewards, but obviously it has to be greater than 0. Both tokens will be launched at the same time, as $XCRSS is really just $CRSS when it is in vested state.

Mary | Satoshi Club: Do you have tokenomics which you can share?😃

Frederic: Yes sure we do. Please find them all here in our litepaper: https://crosswise.finance/static/media/Crosswise_Litepaper_Final.62748729.pdf

Mary | Satoshi Club: Thank you for sharing🙂

When do you plan for your governance to go live?

Greg: We plan to roll out governance features in Q1 of 2022.

Mary | Satoshi Club: Will it be 1 token — 1 vote system?😃

Frederic: This is to be defined)

Mary | Satoshi Club: Understood😃

Frederic: We don’t want our large holders to have an enormous impact and the smaller holders to have almost no voting rights. We will find a way for everyone to be happy with their voting rights.

Mary | Satoshi Club: That’s true! I am happy that you care about this!

Thank you for your answers! Ready to proceed?🚀

Frederic: Of course!

Q5 from Telegram user @Rotoxy:

The Crosswise platform will feature a multi-chain DEX launchpad which projects can use to raise money decentrally. What type of projects do you admit on your launchpad and what coin submission process will a project have to undergo in order for you to be able to block spam projects being listed on your launchpad? How can projects use your launchpad features to create a token and set up its distribution and claim mechanism? Also, I read that your launchpad will have anti-whale, sniper bot and automatic LP lock functions for project to use. How will the projects access these features when deploying a token sale?

Greg: That’s correct, we will only accept vetted projects on Crosswise. We want to avoid scams as well as low-quality projects that won’t add value to the ecosystem. We’re still defining our exact vetting criteria. What is sure, is that we will have minimum liquidity requirements, a KYC process and require projects to have passed or be in the process of being audited by a reputable auditor. Token creation and distribution/claim mechanisms will be available via a user friendly interface. Anti-whale, anti-bot and automatic LP locking will also be available via a simple interface.

Mary | Satoshi Club: So, no chances for anonymous teams?😃

Frederic: We will allow anonymous teams in case they’re able to solve our basic KYC. They don’t need to openly show their whole team. Our DEX will show which team is fully vetted and which one only past the KYC.

Jonah 🏅🎹 | Satoshi Club: Across what chains will this launchpad be released for the start?

Frederic: The launchpad will be first released on BSC. Once the platform is released on Polygon, the launchpad will follow there, too.

We will roll out all features gradually throughout all chains we are on.

Mary | Satoshi Club: Thank you for your answers, guys! Ready for the 6th and last question from this part?😃

Frederic: Go for it🚀

Q6 from Telegram user @MudaraSilva:

Currently, almost all traders and investors use mobile apps due to the convenience. Although you have planned to launch a mobile app, it has been scheduled for the fourth quarter of the next year. Your project has been initiated in the third quarter of this year and the mobile app will be launched after a time period of one year! Why did you postpone this target? Have you already done any designing work? Will your mobile app be less convenient than the web version? Please briefly explain about your app and the features it will offer.

Greg: Our DEX dApp is natively fully functional on a mobile device. Thus from the start you will able to use it with a mobile device. As we’re building a very feature rich DEX, we need to build out those features first before releasing a dedicated mobile app. Our mobile app will offer users a cut-down/streamlined version of the DEX with an integrated wallet for convenience.

Mary | Satoshi Club: Will your app be available for Android?

Greg: Yes of course.

Mary | Satoshi Club: Cool😎

Greg: Android and iOS.

Mary | Satoshi Club: Really great!

Jonah 🏅🎹 | Satoshi Club: The integrated wallet will also be multi-chain I believe.

Greg: Yes it will!

Mary | Satoshi Club: And now guys, we came close to the live part of our AMA😀 Are you ready for the storm?🚀

Greg: Sure, I hope so)

Frederic: Let’s go)

Part 2 — live questions from the Telegram community

Q1 from Telegram user @Rinkus987:

I found that the token sale of $CRSS will begin soon, can you please share more details regarding the token sale, will KYC be a must?

Frederic: Happy to do that. Please find all the information on our website www.crosswise.finance.

The link to get whitelisted is https://x9epe3je3fk.typeform.com/crosswise. As we are following all legal guidelines we require the KYC passed (ID or passport + selfie).

Q2 from Telegram user @maryram:

Probably most of the people only buy a project’s token and also know about a project after they get listed on Binance, so do you plan to be listed on Binance?

Frederic: As any serious project our goal is to get listed on as many centralized exchanges as possible to broaden our target group and attract more investors. Of course Binance would be an ideal match. Be assured that we are working on getting listed on those exchanges!

Q3 from Telegram user @Fatima6734:

On many platforms users complain about the customer support, how have you thought of this problem?

Greg: Yes we agree that given the decentralized nature of DEXs, there is currently little customer support which is something we want to fix. Although we are also a DEX, we will be bringing back the human customer service and support element. We want to be decentralized but also accountable to our users!

Q4 from Telegram user @barisbektas1:

One detail that caught my attention on the Crosswise platform is that you have two tokens, $CRSS and $XCRSS. Could you tell us about the CRSS and XCRSS tokens? Do these two tokens have any advantages over each other?

Frederic: The advantage of our token system is that we are working with vesting, which means that 50% of the rewards on our platform are paid out as $XCRSS, our vesting coin. Those 50% are vested linearly within 5 months. You can also turn of vesting and only receive $CRSS, but that means that you only receive 75% of farm and pool rewards.

Q5 from Telegram user @Rakshhitx5:

Tomorrow is the pre-sale of Crosswise and I read Crosswise has two hard caps and soft caps, what does this mean? I am new to crypto so can you please explain it to me?

Frederic: Let me explain that. Soft cap is the minimum amount we need in order to release our project. Once this is reached, we have enough funds to finish the project. The hard cap is the maximum amount that people can invest and buy at this very moment. We are only selling 6% of the total supply through our pre-sale.

Q6 from Telegram user @Anneth30:

Do you have ambassador program in your project?

Frederic: Yes! We are very interested in ambassadors representing our brand. You can email us under [email protected] for partnership requests. We also offer an affiliate program where 1% of the earnings of your affiliates are getting paid in $CRSS.

Q7 from Telegram user @Phunsuk9999:

Many projects only target the English speaking communities, are you targeting the users across the globe or only the English speaking community? Can the non English users also use this platform?

Greg: I think that many times this is for practical reasons of just not having the resources to support all regions, but also as a lot of people in crypto have until now been English speaking. However, as De-Fi becomes more widespread, we think it will be increasingly important to at least offer support in different languages. So for example, today we established a Thai Telegram group — I believe that is your home country?

Q8 from Telegram user @Ratash97:

What’s the difference between the simple and advanced swap?

Frederic: The simple swap is the swap you are used to from PancakeSwap and other traditional DEXs. This means you simply swap the coin with slippage. The advanced exchange will feature limit orders with an orderbook you already know from centralized exchanges.

Q9 from Telegram user @Sourava12:

You have recently got audited from the TechRate, will you please share your views on that, what was the report?

Frederic: Very happy to share the report with you here: https://crosswise.finance/static/media/Crosswise_Token_Full_Smart_Contract_Security_Audit.d882108d.pdf. We have passed directly without any security threats. This applies for both the pre-sale and the coin contract.

Q10 from Telegram user @one23i:

Is your pre-sale for big investors or small investors too? Is your project suitable for beginners in crypto?

Greg: Our pre-sale is actually designed for everyone — big and small investors alike — that is why the minimum buy is only 250 USD. Given the time we are putting into improving upon traditional DEX features, I would say that our DEX will be particularly suitable to beginners as well, whilst offering advanced functionality for expert users.