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 Phuture and our guest were @Charles and @OliverMehr. The AMA took place on the 27th of July.
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 Phuture! Welcome to Satoshi Club
Gold Rocket | Satoshi Club: Hello, dear Satoshi Club community!
These guests come to us not for the first time and we are very glad to see them
Today our guests are @Charles @OliverMehr!
Oliver Mehr: Hi!
Charles | Phuture: Great to be here!
Mary | Satoshi Club: Hello, Oliver and Charles! It’s a pleasure to see you here again
Gold Rocket | Satoshi Club: Hello and welcome to Satoshi Club, @Charles @OliverMehr! Thanks again for joining guys!
Charles | Phuture: Great to be back!
Mary | Satoshi Club: How are you? How do you like current market?
Charles | Phuture: It’s a great time to be shipping product and growing community, which is what we are focused on at Phuture.
Mary | Satoshi Club: Yes, that is true!
I see that your community is growing and that’s cool!
Gold Rocket | Satoshi Club: Please tell us a bit about what happened during this time and a small introductory intro about the project.
Charles | Phuture: We have recentlly established paid community working groups, check it out: https://blog.phuture.finance/how-to-join-a-phuture-community-working-group-14170e3def01
Gold Rocket | Satoshi Club: Congratulations
Mary | Satoshi Club: Satoshiclubbers! Join
Charles | Phuture: Get paid to help grow the Phuture community!
Gold Rocket | Satoshi Club: This is a good milestone for the project
Charles | Phuture: Absolutely, the first of many!
We have Testnet Alpha out this thursday, then the liqudity mining program coming out on the 2nd of august, exciting times!
Mary | Satoshi Club: A lot of events! I will also come and try
Gold Rocket | Satoshi Club: Oh! it’s amazing
Mary | Satoshi Club: Guys, i know that you are here for the third time, but our community is growing fast as well, so could you please give us a short intro about Phuture (for those who are new
Charles | Phuture: At Phuture we are building the infrastructure for you to create, build and invest in crypto indices.
Once live, Phuture will introduce an open design philosophy for creating passive investment strategies. Designed from the ground up to be intuitive to both crypto and non-crypto native users, Phuture provides the tools to create new indices or invest into existing ones created by the community.
The Phuture protocol introduces its unique, scalable, aggregated index architecture that allows it to rebalance across multiple indices simultaneously. Its smart rebalancing engine dynamically ascertains the optimal rebalancing triggers, minimising value lost through swaps and improving index performance.
Mary | Satoshi Club: Thank you
Btw, will you Testnet Alpha be on Ethereum network or on Kovan, for example?
Gold Rocket | Satoshi Club: We would like also to know more about this!
Charles | Phuture: This Thursday we will be releasing the Testnet Alpha — this will be showcasing the beauty of the the Phuture protocol with some features beign held back for testnet.
@OliverMehr can talk about the LM program
Oliver Mehr: We are really excited to announce the beginning of a collaboration with our community in helping us to roll out each phase of our product.
The Testnet Alpha will be in stages: The first stage will be showing off the minting and redemption of index tokens. Each iteration will bring further functionality and we are looking for the community to use the testnet and provide feedback.
In addition, we are currently having our LM contracts audited and are on track for our 2nd of august release. The LM program will focus on the PHTR/USDC uniswap pool with 1mm tokens distributed in the first 6 months.
Mary | Satoshi Club: Wow, awesome numbers! Sure, our Satoshiclubbers will join
Gold Rocket | Satoshi Club: How much work you have done! and more to come!
Oliver Mehr: LM participants will be able to improve their return by either staking more liquidity or locking up their liquidity for longer.
We will also have a referral program such that people can refer their friends and receive a yield boost for doing so. More information will be released in our upcoming medium article!
Mary | Satoshi Club: Oh, that’s even better! I can even tell that it’s perfect!
Gold Rocket | Satoshi Club: Thanks for great introduction, we will have a question selected for the Part 1. Ready to start?
Oliver Mehr: A lot of thought has gone into it. It will set the foundations for the PHTR token, allowing people to access PHTR for utility on the platform.
Mary | Satoshi Club: Cool! Was it your decision or it is your community suggestion?
Oliver Mehr: I think there will always be a need for deep liquidity on the protocol token. We recognised that and got to work structuring it.
Mary | Satoshi Club: Yes, you have a clear definition of what you need to work on
Guys, i am a bit afraid that you will answer all questions before we will ask them
But we still have 6 questions from our community for the first part!
Gold Rocket | Satoshi Club: Yes
Mary | Satoshi Club: Ready?
Oliver Mehr: Ready!
Q1 from Telegram User @andrey_seleznov:
Welcome back, Phuture! Eager to learn all your news since the last time you’ve been at Satoshis! And I have a question. Could you please share some details about Phuture’s open design philosophy for new investment strategies and the tools that will allow users to create new indices. What assets will the users be able to select from when creating their new custom indexes, will the assets selection be limited or any tokens from the supported blockchains can be incorporated into an index? And finally, how do custom indexes generate profits on Phuture, do users who invest into other users’ custom indices pay the fee to creators? Thank you!
Oliver Mehr: Phuture has built the index creator tool that allows people to create their own custom index. In addition, users can invest into existing indices already on the platform. We will launch with 40 assets: each one has been curated and vetted by us. This is to ensure the safety of our platform.
We plan to expand our asset offering over time.
Creating an index is very simple. For that reason there is no fee paid to the creator. Fees are paid by index investors to the Phuture token holders
Mary | Satoshi Club: Will you have any guides for creating an index? Do you have list of this assets somewhere?
Charles | Phuture: Yes. They will be published once the Testnet is live
Oliver Mehr: It will be released in due course.
Mary | Satoshi Club: Super! We will check them! Personally i always like to test something new
Thank you for your answers, guys! Are you ready to proceed?
Charles | Phuture: We look forward to your thoughts after testing!
Mary | Satoshi Club: Sure!
Q2 from Telegram User @Highpee:
Looking at your token, 20 million $PHTR will be minted at once initially. However, the $PHTR contract has the ability to mint additional tokens. You said you included this option in order for you to keep incentivising the ecosystem. But don’t you think that having a mint option and continuously minting tokens to incentivize users may result in the dumping of these tokens back into circulation which will result in token inflation? Who decide when minting is needed and how will this be carried out to ensure that it is not abused and done arbitrarily? What measure will you put in place to ensure that minting will not result into inflation which may directly reduce the value of your token?
Oliver Mehr: Our initial supply is 100mm. Our goal is to get to a self sustaining ecosystem with this token supply. And current circulation: 3,159,205.00 tokens.
That is an ecosystem that relies 100% on platform fees. Currently the team have the ability to mint additional tokens. This will in time be decentralised.
Should the ecosystem require additional incentivisation then the mint functionality will be used.
Bear in mind it is everyone’s interest to mint as little as possible, but we must have it in place in order to continue growing!
By decentralising control over the token, no one bad actor can gain control.
Mary | Satoshi Club: In which way it will be decentralised? Can you please explain?
Oliver Mehr: Controlled via a multisig of core community contributors, as well as team members.
Mary | Satoshi Club: Gotcha
How many people will have a right for multisig?
Oliver Mehr: These details will be decided once we are ready to transition. It is currently too early in our community lifecycle for that.
Mary | Satoshi Club: Thank you, that’s clear
Gold Rocket | Satoshi Club: Thanks for your great answers
Mary | Satoshi Club: Ready to go to the next question?
Oliver Mehr: Yes!
Q3 from Telegram User @ambbobb:
I read a short news that the Community LED Competition has commenced yesterday and will end on th 8th of August, where up to 6 winners will receive $150 each in $PHTR tokens for making the best meme on Phuture plus random giveaway (100$ in $PHTR). Since newbie to this project can still participate in this competition. How can we participate, what are the terms and conditions been attached. What is also the essence of becoming a core contributor to the Phuture protocol after being involved in your first community call?
Charles | Phuture: Good question. This compeititon was created by one of our communities members in the ‘Marketing and Growth’ working group. Phuture empowers its community!
As for how to join — check out the post: https://medium.com/phuture-finance/phuture-meme-competition-81f38a5e1725
Mary | Satoshi Club: I couldn’t find which reward fund you will have for the community working group
Can you tell us?
Btw, a lot of nice memes in your channel
Phuture community is very creative!
Gold Rocket | Satoshi Club:
I like this one
Charles | Phuture: This was created in the ‘Marketing and Growth’ community working group. Anyone can join, contribute and be paid for their time and work! https://discord.gg/CyAJVMpJ
Mary | Satoshi Club: Have you already implemented something offered by your community?
Charles | Phuture: Yes, the meme campaign is one. Lot’s more coming out, like an Ambassador program which was created by one of our other community members.
All new ideas will be posted to the Phuture forum: https://forum.phuture.finance/
Mary | Satoshi Club: Super! As i know ambassador programs are always popular
Charles | Phuture: If you have an idea, join the Discord, start adding value and put a proposal together!
Mary | Satoshi Club: Satoshiclubbers, don’t miss your chance
Charles | Phuture: Our core community gets paid each month for adding value and helping grow the ecosystem. Why not join the Phuture?
Gold Rocket | Satoshi Club: The benefits are obvious
Thanks for your answers
Ready to proceed to the next question?
Oliver Mehr: Yes!
Q4 from Telegram User @orlemys:
Recently, in your medium article you talked about the reasons why investing passively outperforms active management, so, as a new investor myself, I was quite invested in the article, and found it to be very reasonable. So, please tell us, when will we be able to enter the indices? What will be the requirements to enter? For community-created ones, is there a ranking system? How will newbies be able to identify an index with high potential?
Oliver Mehr: It’s a great question. Ultimately, we will be spotlighting the best indices by a number of metrics that a new user will be able to choose when they visit our front end. So they will be able to see the top 6 by marketcap, 30 day performance, annual performance etc. This will help new users find a suitable index for their requirements.
Mary | Satoshi Club: All this features we will be able to see in Alpha Testnet?
Oliver Mehr: No, spotlighting features will not be available in the Alpha. That will come in later stages of our testnet.
Mary | Satoshi Club: We will wait patiently
Gold Rocket | Satoshi Club: This is a great feature in my opinion
Thanks for your answers, ready to proceed to the next question?
Mary | Satoshi Club: Yes, because as I see, I think it will help newbies
Oliver Mehr: Exactly, Phuture provides access to diversified products which can provide people with an onramp into crypto.
Mary | Satoshi Club: It’s a place where everyone can begin to get acquainted with crypto
Gold Rocket | Satoshi Club: Yep… It’s a reason
Charles | Phuture: Yes! Indicies play a core part in traditional markets. We feel it will replicate in crypto. This time, with Phuture’s permissionless architecture, the use cases for indices in a web 3 environment are limitless.
You could create the Satoshi Club index, which consists of projects that present on the AMA.
Gold Rocket | Satoshi Club: You are really in trend today!
Mary | Satoshi Club: This would be great
Charles | Phuture: You could create an index with a basket of crypto sectors. The possible use cases are what excites me!
Gold Rocket | Satoshi Club: Great idea
Charles | Phuture: We have a big integration announcement coming out on Wednesday/Thursday that’s never been done before. Making sure to keep an eye out
If I say anyone, it will give it away.
Gold Rocket | Satoshi Club: Thanks for this.
Mary | Satoshi Club: Wow, can you give us a hint?
Mary | Satoshi Club: Ahaha, sure! We will! And don’t forget to share this news with us
Thank you for your answers! Ready to jump to the next question?
Oliver Mehr: Yes!
Q5 from Telegram User @DK177:
I have to clear some doubts about your staking program. You have indicated that users can receive #ePHTR by staking #PHTR. On the other hand, it was mentioned that users receive their original #PHTR deposit with accrued rewards upon unstaking. Does it mean users can earn #ePHTR while staking and #PHTR rewards will be distributed when they unstake #PHTR? By the way, why did you introduce this dual token mode? Further, which token will be more profitable for a long term investor? Please explain whether we can buy both #PHTR and #ePHTR from CEX or DEX and hold them. If you don’t offer this feature right now, will it be introduced in the future?
There is only one way to get ePHTR right now. That is by staking PHTR!
Once you have staked PHTR and received ePHTR, your ePHTR will continuously earn rewards in PHTR. Once you unstake, you will given these accrued rewards.
The reason why we chose a two token model is to differentiate between casual holders and those who are really interested in participating in the protocol and being active.
Since ePHTR holders receive fees from the platform, it was important to provide a mechanism by which these fees can be distributed.
By staking we can distribute fees to these holders, reduces circulating supply of PHTR which reduces sell pressure and ensure that users who participate in governance are actively staked.
Gold Rocket | Satoshi Club: And my favorite question
Share your tokenomics please.
Oliver Mehr: We could have just allowed users to stake their token and not given them ePHTR in return. Then you have a claim on protocol fees without being to use it for anything and no one would stake. A 2 token model means I can stake my PHTR, earn fees, participate in governance and in addition, use it as collateral on a lending platform! Provide liquidity with it etc.
Gold Rocket | Satoshi Club: This is a unique invention to be honest.
Oliver Mehr: This is strictly better.
Mary | Satoshi Club: Will ePHTR be traded one day?
Oliver Mehr: It can be traded if liquidity is provided to Uniswap.
Mary | Satoshi Club: Great! A lot of features!
Oliver Mehr: We have worked really hard on our token economics and have consolidated information here: https://docs.phuture.finance/protocol/tokenomics
Gold Rocket | Satoshi Club: Thanks for sharing
Mary | Satoshi Club: Oh, I will have good evening today, drink tea and read your tokenomics
Thank you for your answers! Ready for the 6th and last question from this part?
Charles | Phuture: Let’s do it!
Q6 from Telegram User @Gutike95:
I read that Phuture incorporates the use of NFT tokens that will support the creation of the indices, but could you really tell us more about it? Could it be that to create the indexes, they will require that we create an NFT so that the value of it supports the created index?
Oliver Mehr: As the NFT infrastructure matures and we can get accurate pricing data on NFT’s, we will be able to incorporate it into our architecture. We have removed support initially for NFT’s until the infra is in place.
We are fully focused on fungible tokens for now.
Gold Rocket | Satoshi Club: Step by step
Mary | Satoshi Club: Thank you for your answers! Do you want to add something or we can go to the most exciting part of our AMA — live part
Oliver Mehr: Please stake your tokens here: https://app.phuture.finance/staking
Mary | Satoshi Club: Satoshiclubbers
great rewards are here
Charles | Phuture: All I can say is, it will pay to be part of the liqudity mining program early
Mary | Satoshi Club: That’s true
Part 2 — live questions from the Telegram community
Q1 from Telegram user @K2ice:
When is Testnet scheduled to be and what do we need to know ahead before then?
Charles | Phuture: Testnet Alpha will be live Thursday the 29th (this Thursday). Best thing to do is check out the Phuture docs — https://docs.phuture.finance/
Then join the community, bring your time, passion and drive and get paid for value add contributions: https://discord.gg/CyAJVMpJ
Q2 from Telegram user @Oneetwi:
Community and partnership is very important for the project development and to achieve goals. Can you enlight us about your partnership and will you have any ambassador programme for different countries to increase community in global level?
Charles | Phuture: We agree with your points. All I can say is we have lots of partnerships/integrations lined up to be announced. The first one will be live on Wednesday/Thursday.
Ambassador program details will be available soon. I would encourage you to join the Discord and add your thoughts on upcoming proposals/growth idea: https://discord.gg/CyAJVMpJ
Q3 from Telegram user @cryptofollower:
When you launch the Phuture, how many assets will you launch it with? Do you plan to add more assets with community decisions?
Oliver Mehr: We will launch 40 assets initially and look to roll out more with community approval.
Q4 from Telegram user @Guandog:
Could you indicate about the audits of Phuture? Are you working with one or more auditors? Do you have any results expected soon?
Charles | Phuture: QuantStamp CEO, Richard Ma is an investor in Phuture. Phuture will have all contracts audited by QuantStamp before the mainnet launch.
I would encourage you to join the Discord and add your thoughts on upcoming proposals/growth ideas: https://discord.gg/CyAJVMpJ
Q5 from Telegram user @rinnguyen:
How can users earn passive income on Phuture platform?
- Stake PHTR and receive PHTR rewards.
- Join our liquidity mining programme on the 2nd august 2021.
Q6 from Telegram user @Taitaned:
How much is the total supply of $PHTR tokens? And Can you share contract address of $PHTR token with investors? Does $PHTR Token support BEP-20 Address?
Charles | Phuture: 100m is the total supply. Current circulating is just over 3m.
Uniswap pair address: https://app.uniswap.org/#/add/v2/ETH/0xE1Fc4455f62a6E89476f1072530C20CF1A0622dA
Also available on Gate. Not currently supporting BSC, will do after launch.
Oliver Mehr: More to come when we got mainnet live. With each index earning passive yield on yearn.
Q7 from Telegram user @ethcypherpunk:
How do you plan to prevent PHTR from going into excessive inflation and never discouraging investors and selling, if not on the contrary always think in the long term?
Charles | Phuture: We aren’t aiming on minting new tokens nor forecast for the foreseeable Phuture. In fact, all fees generated on the platform are used to buy back PHTR. 15% of this PHTR is burnt and the remaining 85% is redistributed to ongoing initiatives such as ePHTR staking, liquidity mining, index incentives and solver rewards.
Check out our tokenomics for more details — https://docs.phuture.finance/protocol/tokenomics
I would encourage you to join the Discord and add your thoughts on upcoming proposals/growth ideas: https://discord.gg/CyAJVMpJ
Q8 from Telegram user @nguyenben:
A lot of people don’t know which investments are the right ones to choose, how will Phuture help them solve this problem?
Oliver Mehr: Phuture will solve this issue by providing the ability to track a sector or an industry. So, instead of having to pick a specific asset to purchase, you can purchase an index that tracks the top assets in DEFI or LENDING or EXCHANGES. Now you dont need to be right about the specific assets, but be right on the sector or the industry.
Q9 from Telegram user @ask2lance:
In your article it is stated that Phuture Index Creator Tool provides a list of curated sectors from which to choose assets from. What are the list of the curated sectors?To allow an Index to maintain exposure to a sector’s top assets based on a desired weighting methodology What tool will be used for that?Will Phuture add or automatically remove tokens from the index based on the curator current ranking?
Oliver Mehr: The sectors we will launch with are:
Out smart rebalancing algorithm will automatically rebalance assets on the platform and make adjustments when market cap weights change and when the top ranking assets within a sector change.
Q10 from Telegram user @Tahsinahmett:
What is the most important product or feature of PHUTURE that you believe and trust that will make it stand out from other projects?
Oliver Mehr: Permission-less index creation and smart rebalancing. We have built Phuture from its foundations to scale to support a large number of indices, this unlike any of our comps who currently dont allow permissionless index creation. In addition, our smart rebalancing algorithm looks to optimise rebalancing performance by maximising, where possible, volatility harvesting. We believe and will prove that our dynamic rebalancing system will lead to improved index returns.
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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