Octaplex x Satoshi CLUB AMA Session 22 Jule 2021

Octaplex x Satoshi CLUB AMA Session 22 Jule 2021



PART 1. Introduction of Octaplex project and community questions.

Hello, Satoshi clubbers and guests of this site. Let’s talk today about the game-changer in DeFi yield creation.

Octaplex is implementing a brand-new idea to the popular frictionless yield concept. What we wanted to create is a reward system that will reduce dump pressure from holder’s rewards and give the holders a choice from a variety of tokens to choose from. Each holder shall get rewards through the Claiming Dapp but in tokens of their own choice!

The plan of AMA session:

  1. Part — Introduction and preselected questions.
  2. Part — Live questions
  3. The Quiz about TradeStars

The reward pool is 500$

Leading the AMA our clever and fun admins:

Gold Rocket | Satoshi Club — @GoldRocket27

Andrés M. | Satoshi Club — @AndresM77

The Representative of the project:

Mario — @captaincapcap — responsible for HR and partnership acquisition.

Zander — @Z_a_n_d_e_r — technical guru of Octoplex.

Introduction of Octaplex project.

 

Gold rocket | satoshi club:

Hello again, dear community! We are pleased to announce ama with Octaplex.

Today our guests are from Octaplex: @captain:capcap and @z_a_n_d_e_r!

Captain:

Hey there everyone, happy to be here

Gold rocket | satoshi club:

Hello and welcome to satoshi club, guys!

Andrés m. | satoshi club:

We are glad to have you here.

Zander:

Hello guys!

Captain:

I’m mario, accompanied by zander, our technical guru

Gold rocket | satoshi club:

Thanks for joining guys!

Andrés m. | satoshi club:

So, we would like to know more about you, please introduce yourself guys.

Gold rocket | satoshi club:

Yes!

let’s start!

Introduce yourself please. How did you get to be involved in crypto & Octaplex?

Tell us please also about your position in Octaplex.

Captain:

As mentioned, i’m mario — responsible for hr and partnership acquisition. I can look back on a 10 years history in crypto, first as an investor and starting to work on our project recently. I’m a specialist in data analysis, helping to plan and calculate our plans moving forward.

Zander:

My name is zander. I live in the netherlands and have a background in electrical engineering. My friend hiding, who is also a founding member of Octaplex brought me into the crypto space (binance smart chain specifically) 6 months ago. I am mainly responsible for technical aspects, such as the contract and making sure everything is smooth sailing as well as brainstorming ideas.

Gold rocket | satoshi club:

Great background

Captain:

Thank you

Andrés m. | satoshi club:

What is the essence of the project?

Gold rocket | satoshi club:

Excellent experience for integrating to crypto

Gold rocket | satoshi club:

Yep.. Main idea of Octaplex

Captain:

We strive to create the biggest network in the cryptospace. We want to achieve that by accumulating partnerships with different projects, creators, freelancers, whatever you can think of. Connecting projects and helping them forming new partnerships within the network. In that way everyone in our network can benefit from one another.

Andrés m. | satoshi club:

So, a crypto bridge?

Captain:

Kind of. We act like an intermediate for projects. In the future we will be a bridge across the borgers of blockchains

Gold rocket | satoshi club:

Whoever owns the cross-chain bridges owns the world today

Also we would like to know about your team. Who is on the project team core?

Captain:

Ok, something went wrong so i avoid using handles — haha

Indeed. We want do give our partners a safe space they can act in without fear of getting scammed or betrayed

Andrés m. | satoshi club:

That’s a problem to solve, the trust of the people is needed to increase the adoption

Gold rocket | satoshi club:

Bad bot

Captain:

There’s our founder @hidingintheblockchain, the co-founders @playboisafemoon and @pinky_556 besides me and zander.

Captain:

Thank you

Gold rocket | satoshi club:

Is your team anonymous?

Captain:

Until this point, yes. Everyone on the team has their own, personal reasons to doxx or not to (at this stage). But we’re gonna show ourselves to the open world when the time has come. There are many projects out there, like feg for example, that are still anonymous, so we don’t see an issue there being anonymous at this stage. But we know each other and also doxxed ourselves to some of our partners aswell.

Gold rocket | satoshi club:

Great answer

Captain:

We’re trying to be as honest and transparent as possible

Andrés m. | satoshi club:

So, why do you choose Octaplex as the name of the project?

Zander:

The Octaplex name is based on the complex geometrical shape with the same name. To us it symbolizes the interconnection that we want to achieve between projects on more than just one plane, or than 3 in this case

by strengthening the relationship between projects and blockchains, instead of working against eachother, we all benefit.

Another name for an Octaplex is a hyper diamond, which is the inspiration for our Octaplex logo.

Andrés m. | satoshi club:

Great concept

Gold rocket | satoshi club:

Thanks for the introduction, we will have a question selected for the part 1. Ready to start?

Captain:

For sure

Gold rocket | satoshi club:

This is really the right approach

So let’s share this hyper diamond with our community.

Preselected questions about the Octaplex DeFi project.

 

Andrés m. | satoshi club:

Q1 from telegram user @meml97

While reading about Octaplex i saw that you are implementing a brand new idea to the popular frictionless yield concept. Can you tell us more about this new idea you came up with and why did you decide to create this new concept? What kind of innovations will your frictionless yield have? What will make it different and better from the frictionless yield concepts we already know? What benefits will people get from this?

Captain:

The novelty here 1. Multiple tokens as rewards. 2. Variable ratios choosable through the Dapp.

We decided to create it because we noticed in many projects that the price dumps because of rewards sell off, also we wanted to provide users a choice instead of just giving out rewards in a single token and we want to form partnerships with other projects and get to know them, so instead of just listing any token randomly we strive to “meet” different project’s developers and managers in order to cooperate with them

Gold rocket | satoshi club:

Reasonably

Andrés m. | satoshi club:

Which partnerships do you have currently?

Captain:

The currently officially announced crypto projects are dogeback and poordoge. We have some more in the announcement pipeline but they’re still confidental until we announced them officially.

We also have a partnership with Slance, a content creator for web designs, educational videos, graphics, etc. And on that end, also more in the pipeline.

Andrés m. | satoshi club:

Congratulations, we will be waiting for the coming announcements

Gold rocket | satoshi club:

Don’t forget to share with satoshi clubbers

Thanks for your answers

Ready to proceed to the next question?

Captain:

I can post the respective links afterwards

Of course.

Andrés m. | satoshi club:

Q2 from telegram user @asela1112

Octaplex offers a reward system, consisted with variety of 7 different tokens $bnb $busd $btc $ada $eth $matic & $plx. Why is this 7 token reward system? Why don’t you use only $plx for rewards? And also you mentioned, users can select up to 6 tokens to get rewards. So will users be able to choose their own percentages to get their rewards? Meanwhile you hope to add a new token in every week to the list. When will you begin to add more tokens? Will $trx be available in reward list?

Gold rocket | satoshi club:

It will be great

Zander:

Excellent question! The reason for multiple reward payout options is so that holders can tailor their rewards to their needs. Of they want a single currency they can choose so, or up to six different tokens, with a 7th additional reward from one of our partners. And if you want PLX rewards, you can choose that as well. We are convinced that this approach makes holding PLX very attractive and reduces selling pressure on the native token because all rewards are stored in BNB and converted at payout.

We will begin adding more tokens right after launch from our partners, and every week we plan to add a new token to the reward system.

We will take your suggestion of adding $trx to our reward system into consideration. If there is enough interest then that is definately possible.

Captain:

Also this helps our investors to diversify their portfolio, just to mention that.

Zander:

And yes, you will be able to choose which tokens you want from a list and the percentages of each.

Gold rocket | satoshi club:

It really has a grain of salt

Andrés m. | satoshi club:

That’s great for each user, what about different fees, could it be a problem?

Captain:

Do you mean different fees on different tokens or our taxation system? Just want to be clear.

Andrés m. | satoshi club:

The taxation system. Btw, is it different for each token?

Gold rocket | satoshi club:

Thanks for your answer

Tell us please about your tokenomics btw.

Captain:

Zander is on it, our tokenomics are a bit extensive, that’s why he takes so long to answer that

Gold rocket | satoshi club:

Take your time please

Zander:

Certainly! We implemented quite a few innovative features. Apart from automatic holder rewards in up to 6 different currencies simultaneously, we also have:

  • – lottery on each buy transaction
  • – airdrops to random addresses throughout the day
  • – time variable sell tax that starts high to avoid sell offs and reduces gradually over the weeks following launch.

Buy tax is fixed at 10%

And is distributed into different pots on the contract.

Also the admin and moderation team get a reward for their effort, instead of holding large wallets.

During sell events, 35% of the tax is injected back into the liquidity pair and 50% is distributed to holders.

And auto buyback functions to name a few.

For the exact details, please have a look at our website:

www.octaplex.io

Gold rocket | satoshi club:

Thanks for sharing

this is really quite a non-standard model

Zander:

Good question. Since rewards are stored on the contract in bnb, the fees for exchanging to other currencies do not matter that much. It would be like swapping the token yourself, only automated and at a reduced gas cost with work spread across transactions

Andrés m. | satoshi club:

Thanks for the clarification, let’s learn more about it with our next question that is about tax as well.

Gold rocket | satoshi club:

Clear answer

can we proceed to the next question? Or you want to add something?

Captain:

Our taxes start at a high level at launch. This is a countermeasure for sniping and bots, so we essentially benefit from that. Then they decrease gradually over time (not hodl time)

Andrés m. | satoshi club:

Oh good point, deflationary system

Captain:

The high taxes only apply to selling. For buys, we have a fixed tax of 10%

For selling, the taxes decrease as follows:

  • After 1min-4h slippage 49%
  • After 4–24h slippage 40%
  • 1–3d slippage 35%
  • 4–7 days slippage 30%
  • 8–13 days slippage 25%
  • 14–28 days slippage 20%
  • 29- 56 days slippage 17%
  • After 56days slippage 15%

Andrés m. | satoshi club:

Thanks for the answer, ready for the next question?

Captain:

We are

Zander:

Go ahead andrés!

Andrés m. | satoshi club:

Q3 from telegram user @dk177

According to your tokenomics, there is a buy tax of 10%. Why did you apply this kind of high tax? Don’t you think users will reluctant to buy tokens due to this? In that tax, 1% has been allocated for marketing and another 1% for admins and moderators. Why did you allocate funds for marketing and the team from a tax? Shouldn’t you have deducted those expenses from the total allocation? Further, 4% of the buying tax has been allocated for auto buyback. Please explain how this feature works on Octaplex.

Zander:

The reason for applying a high tax is to keep the reward system sustainable. Typically if you buy at 10% and sell at 15% thats 25% in total, but the buyback function slowly burns the total supply until 50% has been burned. So if you hold long enough this alone will make up for the tax.

We allocate funds for marketing and the team from tax so that rewards stay in relation with the trading volume and as a safety measure. If we allocate a large percentage of the initial supply for the team and marketing, this causes a situation where team members could potentially sell off all their holdings and cause a big dump.

The buyback function will be triggered by the amount of nee holders that join. For example if there are 200 new holders, a buyback happens, and the tokens bought back are burned until 50% of the supply remains, causing a gradual increase in the token value. The buyback function has an allocation from the tax and only has access to the funds in its own pot.

Zander:

So by giving team members a proportional “salary” it also incentivizes them to stay involved or they will be removed from the payroll.

Andrés m. | satoshi club:

The clear and detailed answer, would you like to add something before the 4th question?

Captain:

Done, thank you andrés

We like to call our buyback function “the Kraken”. It devours tokens like ships

Andrés m. | satoshi club:

Haha yes, i think is similar

Q4 from telegram user @andrey_seleznov

Hi Octaplex!

Octaplex’s documentation mentions that your smart contract had to be made from scratch due to its high complexity. You could not reuse code from the existing defi projects so your developers had to create a completely new smart contract. This approach has its pluses and minuses from where i stand. Such new code is less likely to suffer from the common bugs copy-pasted from other sources but at the same time, the risk is high to introduce new vulnerabilities that are not widely known and may be not easy to proactively spot and fix. As we are all aware security is paramount in defi so i’d like to ask if you have done 3d party audits yet or opened bug hunting sessions? How can users be assured of the security of Otaplex’s smart contract?

Thank you!

Zander:

Excellent observation! Security is indeed our number one priority!

I will start by clarifying that the statement from our whitepaper that mentions the contract made from scratch refers to the fact that it is not a fork of another project with minor midifications.

The contract uses the open zeppelin framework and tried and tested interfaces with reentrancy guards and thourough testing with extensive research into the known vulnerabilities of smart contracts. The nature of our tokenomics makes this the most suitable option.

We are planning an external audit in the near future as we hope that it will build more confidence in our contract.

Andrés m. | satoshi club:

Safety first

Gold rocket | satoshi club:

Thanks!

Zander:

Another safety feature we have built-in is separately allocated reserves for each functionality. For example, the airdrop function cannot spend tokens meant for the lottery, etc.

Andrés m. | satoshi club:

That’s a feature that our community was so interest.

Captain:

I have to add, that we are looking to find a reliable auditor, communicating with us through the process. With a contract that complex, there’s no point in getting a free audit done that doesn’t help anybody

As we seek for quality in everything, we do

Andrés m. | satoshi club:

Well, as we said, don’t forget to share the results with our community.

Time to proceed.

Captain:

Of course, we will

Andrés m. | satoshi club:

Q5 from telegram user @xperia3

While I was checking the tokenomics of Octaplex’s coin, i realized 2% of the total supply is reserved for airdrops. Can you please explain what should users do to receive these airdrops? Some projects are guiding the audience beforehand by giving some steps for getting these airdrops but some keep it in secret and reward the active users. Which one will Octaplex do?

Captain:

Good question! Actually, in multiple ways. There’s a dedicated pot. Any wallet that holds at least 10 plx will be eligible to join the lottery system. Every 5 hours the contract will be your lucky fairy, enrolling the lottery, choosing 3 wallets at random to split the pot between these.

Then we have a community rewarding system within our telegram group that rewards the most active and the most helpful users via a reputation system. So the 3 most active and the 2 with the highest reputation will get an airdrop at the end of each month (of course admins excluded).

Also, we will have some rewards via partnerships, but that’s enough info for now

Gold rocket | satoshi club:

Your community is very lucky

Captain:

Giving people a good feeling while contributing is making us happy too

Gold rocket | satoshi club:

Thanks for clarifying! Ready to proceed to the next question? Or want to add something?

Captain:

We can go on, thank you

Gold rocket | satoshi club:

Q6 from telegram user @ashia_24

On your roadmap, i saw that on q4 2021 you will start to develop your “Octawallet”. Can you give us a sneak peek at this wallet? Is this wallet compatible with android or ios devices? Will you adopt more tokens for your Octawallet? Is KYC needed for this wallet?

Captain:

We are in the planning phase of the wallet so we don’t want to make any promises as of now because we think this would draw a rather shady picture in raising expectations. But what I can say about it now is that there will be a version for IOS and android. Of course, we will add more tokens, just as we do in our reward’s system. The KYC depends on the regulations. For example, the EU is trying to forbid anonymous wallets we may have to implement a KYC for specific regions — but this is something only time can tell.

Captain:

Also, we will try to implement benefits for users, like in our tokenomics system.

Gold rocket | satoshi club:

Yes, time will tell

Andrés m. | satoshi club:

Amazing things are coming for the project, that’s something that’s exciting and motivates the communities

Captain:

We hope so and are working nonstop to deliver the best for our community

Andrés m. | satoshi club:

@z_a_n_d_e_r and @captaincapcap that makes 6/6 questions answered for this first part of the AMA, thank you so much for your time and clear answers, we enjoyed it much.

Gold rocket | satoshi club:

Betting on mobile apps is a very winning position. For a modern person, a gadget is a full-fledged working tool.

Andrés m. | satoshi club:

Completely agree

Now is the time to interact with the Satoshiclubbers

Captain:

Thank you, we also had a great time. Let’s get some from your community

Gold rocket | satoshi club:

Get ready for the storm of questions

Zander:

Fantastic!

PART 2.Questions about the Octaplex project from the live chat of the telegram community.

 

In this part, we open a chat for the crypto community for 120 seconds. Then the guests from the Octaplex crypto project choose the top 10 questions. The 10 crypto enthusiasts have earned cryptocurrency in the sum of 100$.

Q — 1 from a telegram user @rinnguyen

Can You give details about your team?
How many total members are there in the Octaplex Team?
Mainly, From which place they come from?

Captain:

I’ll start with an easy one.
The core team consists of 5 members. We’re based in Germany, Croatia, the Netherlands and Austria. Also we have a team to moderate our groups and social media, scout for partnerships and many more tasks which is basically from all around the world, but at the moment most of them are based in Europe aswell. We are well organized and have a structure in our working plans. No free rides on that end

Q — 2 from a telegram user @slla1112

Will “OCTABRIDGE” cover all networks? Are there networks that you have negotiated or negotiated with?

Captain:

As we are yet in the planning phase of the Bridge we did not negotiate until that point. But we will cover the most commonly used chains at first, expanding to smaller chains in the future.

Q — 3 from a telegram user @captainprice111

How will you offer the project owners the opportunity to choose the reward token and set the rate? Do you host a video or advisor on your platform to help users?

Zander:

Thanks for the good question!
We will have a DApp that you can use to keep track and personalize your rewards. Here you can choose up to 6 different tokens and set the percentage you want for each reward. There will also be a “Prove that you are not a robot” button that you need to press to activate automatic reward payouts. This is done to avoid bots from earning rewards.
We will release a tutorial video and the app will be very intuitive and support will always be available by the team on our telegram group.

Q — 4 from a telegram user @sophiejohnson1

OCTAPLEX award holders can choose 6 different coins and choose the percentages from which they will receive their reward. But will the percentages be changed if the selected tokens gain value too quickly and fall too fast? Are these rates stable?

Zander:

Excellent question! Since rewards are stored on the contract in BNB and converted into the desired reward currencies during payout, the price of these tokens at the moment you claim will determine how many tokens you receive. The ratios that you set will remain fixed. For example, you can set 30% for token 1, 10% for token 2, 25% for token 3 etc. You can adjust these settings any time you wish and claim rewards manually as well if you do not want to wait until the next auto payout

Q — 5 from a telegram user @arboledae

How will your project provide service and care to your community when you need it? How much importance do you place on your own community and how much value do you place on this project?

Captain:

A community is the essence of any project. We are there for our community if they ned assistance, answering questions, or just have a bit of Smalltalk with them. Also we are getting the community involved via events, airdrops and much more. We also will have internal AMAs via voice chat and once a week an informal chit-chat to get to know our community.

Q — 6 from a telegram user @Akira236

I see Admin Team only owns about 0.5% of the tokens?
Why have you guys kept so few tokens for the team?

Zander:

Hi Akira. Thanks for asking! This is done for security reasons. If the team holds a large portion of the initial supply, one of the team members can at any time decide to bail and sell all his tokens which will cause a massive dump and sell-off. In our case that can’t happen.
Octaplex will reward its team with a small portion of the slippage tax instead. Keeping everyone motivated to make the project a success!

Q — 7 from a telegram user @xperia3

As I see in the roadmap of OctaPlex, you are aiming to start developments of OctaSwap, OctaWallet and OctaBridge. These all are very big steps. How long do you plan to release these features? Which one will have more priority in the development team of OctaPlex? Can OctaPlex be sure for creating a good level of security for all these features?

Captain:

For any of our development goals security is the top priority. So we will get together with specialists and work it out in the most secure way. We are starting the development phases simultaniously but our main focus to start with will be the “Octabridge”, as we want to connect our partners as soon as possible across the blockchains. We didn’t set an exact time frame for any of them but all 3 will be released over the course of 2022.

Q — 8 from a telegram user @a1kb1k

I’d like to know more about what is your project’s competitive advantage that other competitors don’t have in terms of scalability, security, features and adaptability?

Zander:

Hi there! Firstly, the extensive amount of features we incorporated into our tokenomics sets us apart from our competition. But most importantly we plan to build up a network between partners and across blockchains. The contract is designed to be scalable with the possibility to add new features after launch by linking rewards to secondary contracts. For example bridges to other blockchains. The reward system is designed to be scalable with work spread across transactions, so that the gas fees remain reasonable.
Each contract functionality only has access to its own portion of funds that are accumulated through slippage tax. Certain features like the buyback function can also be adapted to suit the current market conditions.

Q — 9 from a telegram user @Amila19932

Presale on Dxsale will be on 27 thin this month. This is the best time to talk about your presale. How can we join your presale? In which platform will be your presale happens? Please share more details on that?

Captain:

That’s absolutely right, amila. Thanks for noting that. We are having our presale via DxSale on the 27th, as you mentioned — and we will share the exact link in our Telegram, Twitter, Discord and of course on our homepage. The presale will last for 24 hours. We will announce the exact time in the coming days. Everyone with a Wallet and at least 0.1 BNB can participate.

Q -10 from a telegram user @Nhairym

All the alternatives and benefits offered by OctaPlex are amazing, a very well structured and well-founded project, but there are 3 DeFi aspects that have not yet been fully resolved: interoperability, scalability and security, as they have been able to adapt to those conditions. that OctaPlex achieves will be only for internal use of your project exclusively or in the future, other projects may implement them, to tell you how DeFi, CeFi have done it; what are your long term plans?

Captain:

Those 3 aspects you mentioned we are covering with our project as a whole, as we are not only about our token, but also create a network — bringing projects together. The interoperability aspect we will not only be covered by our development goal „octabridge“, also implementing tokens to our rewards system. In principle we act like an intermediary for projects, creators, freelancers, etc, connecting to each other. In that sense we expand our network across blockchain borders, also meeting the scalability aspect. Security in DeFi is sheldomly unmet criteria in all of DeFi up to this date. The only way to get some kind of security is via an audit, which we are planning to do as soon as we deploy the contract aswell as a bughunt. For our partners we offer security in our network as we pick our partners carefully so they can communicate in a safe environment, not have to be in fear of being scammed themselves. We also warn partners if they’re up to cooperate with known scammers (we did that recently).

Part 3 — Quiz about project

 

In the final part, we tested the knowledge in terms of the Octaplex project. They’ve prepared 4 questions for this part, so everyone could be a part and answer. Participants had 10 minutes to answer. 300$ was distributed between the winners.

Our contacts for more details:

English Telegram group | Russian Telegram group | Spanish Telegram group | Telegram Channel | Twitter | Website

Our Crypto Partner by this AMA: Octaplex

Telegram group | Discord | Tweeter | Website | Reddit

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