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 GPool and our guest were @jocrypto11, @Patrick_Anthony and @wei_dai. The AMA took place on the 1st of August.
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 GPool! Welcome to Satoshi Club
Gold Rocket | Satoshi Club: Hello, dear community! Today our guests are @jocrypto11, @Patrick_Anthony and @wei_dai.
JJ Admin: Hello, thanks for having us!
Mary | Satoshi Club: Hello! How are you today?
Gold Rocket | Satoshi Club: Hello and welcome to Satoshi Club, guys!
JJ Admin: Thank you.
Mary | Satoshi Club: We are excited to see you all here today!
Patrick Anthony: Hello hello!
Wei Dai: Hi all, thanks for having us.
Gold Rocket | Satoshi Club: Nice to meet
Mary | Satoshi Club: As you all are here, I think we can start our AMA
Patrick Anthony: Let’s go!
Mary | Satoshi Club: And we will start it with intro! Could you please introduce yourself and tell us more about GPool
JJ Admin: Hi my name is Jon. I am one of the founding members of Genesis Pool. I have been with the project since its inception and I have been a retail investor in launchpads and IDOs for many years. My background is in investment and investor relations and I moved over to the crypto DeFi sector a few years ago.
Mary | Satoshi Club: So, you invested in DeFi before it became mainstream?
JJ Admin: Yes, but back then it was pretty difficult. Launchpads have really helped investors get into DeFi.
Mary | Satoshi Club: I am fully agree with you
Patrick Anthony: I’m an Advisor for GPool and in the early stages I will be plugging in and assisting across all facets of the operation. I am a big believer and advocate of DeFi and believe we are on the right track to create a truly decentralised community focused LaunchPad that is going to change the game.
Mary | Satoshi Club: Sure, you will help a lot
Wei Dai: Hi all, I am also an advisor to GPool. I’ve been in the crypto industry for quite a while now, love cryptography, hashing mechanisms and experimenting with multi sig tx types.
Mary | Satoshi Club: Awesome! Your skills will definitely be very useful for GPool!
Gold Rocket | Satoshi Club: Great background guys
What is the essence, main idea of GPool?
JJ Admin: Traditionally, retail investors have always struggled to purchase pre-sale tokens. Before launchpads all pre-sale tokens were bought by seed and private investors.
Launchpads were developed to help the public gain access to tokens in IDOs. Unfortunately, the current batch of launchpads are getting very few tokens for their communities, often just 1%.
Most launchpads now just use their communities for shilling and marketing the IDOs so that retail investors buy the tokens on the secondary market. GPool is here to change that.
Mary | Satoshi Club: Yes, you see the problem clearly
Patrick Anthony: Projects no longer need seed and private investors. They take a large protion of the tokens and then just dump on the public. This needs to stop — Enter Genesis Pool. Healthy markets from DAY ONE!
Gold Rocket | Satoshi Club: Healthy markets are really what we need now crypto
JJ Admin: We agree!
Gold Rocket | Satoshi Club: How long does it take to develop a project?
Patrick Anthony: If you mean to develop the platform. GPool has been at it for a couple of months and we will continue to build out the platform itself for many more months. And once up and fully operation, we plan to hand over to the community and focus trully on a DAO based governance model.
Wei Dai: Here’s the roadmap for an indepth overview on product development: https://medium.com/gpoolofficial/genesis-pool-tokenomics-and-roadmap-507e5ff878d
Mary | Satoshi Club: Tell us more about GPool team
How big is it?
JJ Admin: We believe in true decentralisation and therefore the GPool team will remain anonymous.
Our team has all the skills required to make GPool the best launchpad in the sector, but its our community that will really make the difference.
Gold Rocket | Satoshi Club: Thanks for sharing
And big thanks for great introduction. We will have a questions selected for the Part 1. Ready to start?
JJ Admin: Yes!
Q1 from Telegram User @Asela1112:
In late August of 2021, GPOOL intends to the it’s IDO Launch with 67% $GPool tokens of total supply & no vesting period. Where will this IDO event take place? So Can users get $GPool tokens immediately after we invest our money? Which currencies can we use on GPOOL IDO? Will you use your own GPOOL launchpad to hold IDO event? Will you make KYC registration compulsory to be whitelisted in your IDO event?
Patrick Anthony: YES, week of the 23rd of August 2021.
No vesting period.
This will be the first launch on our Stage one platform.
We will immediately open up a market on Uniswap and provide sufficent liquidity for trading. Although I can’t see many wanting to trade with the amazing GPass staking scheme.
NO KYC for GPool — KYC may be a requirement on a case by case basis depending on the jurisdiction and projects raising on GPool.
Wei Dai: The single sided staking platform rewards users in multiple tokens. So all projects that ever launch on GPool will have to allocate 0.2–2% of their tokens to be rewarded to the members who stake their GPool tokens…
We have prepared and indepth piece on the staking platform: https://medium.com/gpoolofficial/the-genesis-staking-pool-ae1a3bb8777
Gold Rocket | Satoshi Club: Thank you very much for the detailed explanation and for sharing this article.
Mary | Satoshi Club: Using which currencies we will be able to purchase $GPool tokens?
Patrick Anthony: USDT/C and eventually majority of the major stables.
Mary | Satoshi Club: Cool!
Gold Rocket | Satoshi Club: What do you think is the reason for the absence many wanting to trade with the amazing GPass staking scheme?
And how can this be changed?
Patrick Anthony: Just by holding GPool tokens you are rewarded with a Gold GPass which allows you priority whitelisting to IDO’s. And with the 4 projects we have officially secured I can’t see many wanting to risk missing this. These projects will be announced prior to our Launch on the 23rd.
Wei Dai: So by the time these 4 projects are done with their IDOs, the members who stake their GPool tokens, will be rewarded in all of these tokens as rewards.
Gold Rocket | Satoshi Club: This really clarifies a lot
Mary | Satoshi Club: Thank you! Ready to proceed?
JJ Admin: Yes!
Patrick Anthony: Born ready!
Mary | Satoshi Club: Partially covered, but I am sure you have a lot to add on this topic
Q2 from Telegram User @yellowchamp:
I found out in your roadmap development for 3rd quarter that you will have a Single sided staking platform and you will also launch a Genesis Pass. So,can you give us an idea about this Single sided staking in your platform? How it will works and what are the requirements and advantages to stake in your platform despite of having many staking platforms in the market already? Can you also share any idea about the Genesis Pass? What is the use of Genesis Pass in your platform? How to avail Genesis Pass? What are the advantages and benefits of we will have a Genesis Pass in your platform?
To reward its most loyal investors, Genesis Pool will introduce the Genesis Pass (GPass), a reward scheme that will give increasing benefits to investors who hold and stake their GPool tokens.
The Gold GPass will be given to all those investors joining GPool at its inception.
Gold Rocket | Satoshi Club: Thanks for your answer.
Mary | Satoshi Club: This will depend only on the period not on the amount of tokens staked?
JJ Admin: Investors joining GPool at our launch will get given the Gold GPass automatically. They will not have to wait 101 days. The amount of GPool tokens required will be the allocation amount in our IDO.
Mary | Satoshi Club: Gotcha
Patrick Anthony: Within our tokenomics we have allocated 2% for the staking rewards pool. We also have a partnership being announced in the next couple of days that will also be adding tokens to the staking pool. So, by staking users will be rewards well from day one. Also, every project that lists on Genesis Pool will also be required to provide from .02% to 2% of supply to the staking pool.
Wei Dai: Staking platform is pretty much covered in the answer above.
It is pretty straight forward and one of a kind, for all users who stake their $GPOOL tokens, they will be rewarded with the tokens that do an IDO on the GPool platform.
It is one of a kind because, while other launchapds are releasing only 1% of the project tokens for the public sales, we’re encouraging them to give out 0.2–2% just as rewards.
Gold Rocket | Satoshi Club: Indeed it looks like a rather unique solution.
Thanks for your answers. Ready to proceed to the next question?
Patrick Anthony: Yes!
Q3 from Telegram User @antoni_azx:
One of the little controversial advantages of Gpool is that it will be interoperable. However, despite the articles, I could not find clear information on the mechanism or technologies that will be used to connect with different chains. Can you tell us more about this topic?
Wei Dai: We can’t put all our cards out too early.
More will come to light with the layer 1 chain we’re partnering with, the announcement regarding this will go out in the coming week. One of the key reasons we’re partnering with them is to use their bridge to connect between multiple networks.
Gold Rocket | Satoshi Club: Don’t forget to share with Satoshi Clubbers
Patrick Anthony: We will pop back mid week with the news.
Mary | Satoshi Club: But can you tell us which networks will be available?
Patrick Anthony: Every network will be available.
Mary | Satoshi Club: That’s clear!
Thank you, guys! We will follow your updates! Ready to go to the next question?
JJ Admin: Yes!
Q4 from Telegram User @Zohaya:
GPOOL will be unique in that it will only offer one investment tier. This is one advantage that GPOOL will provide to all of its investors. My question is, why did GPOOL choose this type of strategy? Other launchpads offer three or more investment tiers to attract large investments, so why did GPOOl choose only one?
JJ Admin: This is the simplest solution to allowing retail investors easy access to the GPool IDOs.
We chose this strategy because it benefits our community. Its that simple.
There are now so many savvy retail investors out there, including your members
, that we don’t need to attract large investors who will pump and dump tokens on launch.
Mary | Satoshi Club: So, you think VCs are evil?
Patrick Anthony: No — we are not saying they are evil.
It’s just unfortunate that they are slowly becoming obsolete as the retail investor can provide the same level of investment but spread across multiple individuals. This reduces the risk of pump and dump.
We are providing the on ramp to facilitate this. Instead of have 10 people with a $100K position. Projects will now be able to have 1000 people with a $1000 position.
I will say it again. Healthy markets from day 1.
Gold Rocket | Satoshi Club: Thanks for your answers
Ready to proceed to the next question?
Q5 from Telegram user @DK177:
You have indicated that GPOOL is free of whales. Whale activities is a major problem related to new projects. Therefore, your decision is great. However, how do you put this concept in to practice? How do you prevent whales from buying activities? Please explain your anti-whale policy. Further, you have mentioned that investors will be from the GPOOL community. How do you guarantee the GPOOL community is free of whales? What will happen one whale invests with multiple accounts and generates a sell-off situation? In addition to theoretical plans, did you examine about the damage done by whales on similar platforms?
Patrick Anthony: It would be a huge effort for a whale to go and create multiple accounts to purchase multiple positions for every whitelist.
As for the secondary market I know I personally will be trying to buy as much as possible so I can stake and earn more rewards.
Mary | Satoshi Club: That’s why they are whales
but there are a lot of sense in your words.
JJ Admin: In addition to theoretical plans, did you examine about the damage done by whales on similar platforms?
Yes we did a lot of research into the other launchpads and wrote an in-depth article on how whales have caused a great deal of damage. One of the examples we used was the Refinable IDO on Polkastarter.
Here is the Medium article: https://medium.com/gpoolofficial/launchpads-no-friend-of-the-retail-investor-bcffba71a650
Mary | Satoshi Club: Thank you for sharing! We will definitely read it! Ready for the 6th and last question from this part?
Patrick Anthony: Lets go!
Q6 from Telegram user @orlemys:
Your running Pre-Launch Olympics Competition might be one of the most clever marketing ideas I’ve ever seen. With participants creating Medium articles and Youtube videos for a chance to win, you are sure to gain some traction in your platform. However, one of the possible events you listed for participation was the ‘Trolling another Launchpad’. I know most crypto or internet-related things should not be taken so seriously, but recently there has been a rise of toxicity in the community, so how do you ensure the posts stay innocent and don’t delve into anything that might escape your hands? Also, since it is not required to be an investor to win, random users, including minors, might also participate, wouldn’t this also be risky?
Patrick Anthony: Yeah. I agree. We think it is going to do very well.
Trolling is common on the internet and we thought why not have a little fun with it all. And as it is light hearted we do not see any risk in this.
Funnily enough, the trolling competition is one of the comps that has the most entrants to date.
JJ Admin: Here is the link to the Medium article on how to enter the $20,000 GPool Olympic competition: https://medium.com/gpoolofficial/genesis-pool-20-000-pre-launch-olympics-competition-c1c94d4b14cb
Gold Rocket | Satoshi Club: Do you have a favorite in this competition?
Patrick Anthony: I do enjoy the meme and trolling competition entrants most.
JJ Admin: I think the 250 word Medium article competition will be great. I hope all your members enter.
Wei Dai: I am looking forward to the ones that flood reddit with GPool
Gold Rocket | Satoshi Club: Thank you very much for this fascinating first part of AMA. Now get ready for the most impressive part of the AMA — the living questions!
Mary | Satoshi Club: Let’s go
Part 2 — live questions from the Telegram community
Q1 from Telegram user @beerskit:
Which blockchain are you using for GPool project and do you plan to add support for BSC?
Wei Dai: Initially on the Ethereum network, but our long term plan is to have it across all other blockchains. Support for BSC is in the roadmap: https://t.me/gpoolofficialann/32
Q2 from Telegram user @alamins005:
Do you have a partnership with a venture capital firm or an investment firm?
Patrick Anthony: Negative, no need. We are for the community by the community. “Where retail investors become the seed and private investors”.
Q3 from Telegram user @highpee:
Almost 70% of token will be available to the public during IDO and these tokens will not be vested,. Why do you allocate so much to the public IDO? Don’t you think this may be risky if some profit seeking early investors decided to dump a large chunk of the presale token back into circulation as soon as you launch?
JJ Admin: Great question. GPool is very proud we are enabling our community to purchase 67% of our tokens. We feel the loyalty GPass and the staking platform will encourage investors to lock up their tokens. Also with an amazing flow of IDOs investors wont want to sell.
Q4 from Telegram user @bigboicity12:
Almost 80% investors have just focused on price of token in short term instead of understanding the real value of the project. Can you tell us on motivations and benefits for investors to hold your token in long term?
Patrick Anthony: We feel that we mitigate this via GPass and the Staking platform.
Q5 from Telegram user @Rakshitx5:
As GPool is a truly decentralized platform so we can also see meme projects with no real utility? which are usually launched for the developer’s profits? So how GPool deals with memes or no utility projects?
Wei Dai: Nice question. We’re introducing a governance model, so the community will be able to choose the projects that should be eligible for an IDO.
Q6 from Telegram user @ElonsMusky:
I don’t understand the olympics very well, maybe you guys can elaborate? Can you guys explain how you will entice other projects to launch on GPool instead of other launchpads?
JJ Admin: Please read our Medium article: https://medium.com/gpoolofficial/genesis-pool-20-000-pre-launch-olympics-competition-c1c94d4b14cb
Q7 from Telegram user @BJosefina61:
How will GPOOL work to deliver high quality projects within the Gpool launchpad and not teams without serious ideas?
Wei Dai: The projects that apply for an IDO will go through multiple stages of review and the final approval will be from the community. In short, the community decides the projects that get approved for the IDO.
Q8 from Telegram user @Hermbh28:
There are already well known IDOs in market like polkastarter, paid network, cardstarter and many more. So my question is what makes you difference from that IDOs?
JJ Admin: There are over 60 launchpads and all of them we consider our competitors. Polkastarter, the largest launchpad by mcap, has 40k wallet holders. So the combined launchpad sector would have over 300k members.
All of these members want to participate in IDOs and we feel that many of them are being frustrated by the way these launchpads give access to their whitelistings.
GPool is working with projects from a much earlier stage and by doing this we are able to gain a much larger share of the projects we are launching’s token allocations.
This means we will be able to allow more investor to participate in our IDOs and get much better allocations.
Q9 from Telegram user @elizabeth:
A launchpad is only as good as the projects that launch on the platform.
Can you give us any information on if you have any projects ready to launch and secondly how you are going to go about finding projects to choose Genesis Pool?
Patrick Anthony: Great question. We have secured 4 projects all of which will be annouced by the 23rd of August.
- A community focused DEX;
- A network ecosystem that will be tokenising the property market;
- A L2 Privacy coin;
- My personal favourite. A world first Smart Contract platform that is going to change the way smart contracts are viewed and used by the crypto world. They also have real world partners already. “The Amazon of Smart Contracts” Users will invest in GPool just to be a part of this project. Stay tuned;
Q10 from Telegram user @silvert0ngue:
Please tell us about the first couple of projects you mention that you have secured.
JJ Admin: Thanks for you question. Patrick has just answered a similar question. (previous question)
Part 3 — Quiz Results
As usual, for the third part, Satoshi Club Team asked the chat 4 questions about the crypto project. A link to a Quiz form was sent into the chat.
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