On 16th of May Switch conducted an AMA in Satoshi Club Telegram group. Our guest was Josh Case — Founder of Switch. Prize Pool was really impressive — $500 in ESH for 90 winners all together. More than 200 Questions were posted in our Twitter page from our followers. During the Live Telegram Questions where our Community can ask questions more than 1000 were posted for less than 2 minutes whish was a new Record for us since we host AMAs in our group. Let’s take a look of the most interesting points from Switch AMA.
PART 1, INTRODUCTION AND TWITTER QUESTIONS
Serg | Satoshi Club: Hello, dear friends! Today we present to you Switch! Our guest Is Josh Case — Founder of Switch.
Irina Kravchuk | SatoshiClub: Hi Josh. Welcome 🙂 Good to have you as our guest.
Ciprian Ciubotaru: Hello Josh
Josh Case: Hey! Thanks for having me. I am Josh and I am the founder of Switch and SwitchDex. We started this project in 2018 and have been constantly working on new features and products since. I think you guys will be really happy with what we have coming.
Serg | Satoshi Club: I hope we will find out in the AMA.
Q1 from Twitter user @MerinoBeltran This was also the most popular Tweet.
ESH and GHOST will be both linked, trying to reach a totally private coin (GHOST) and with a personal chain, everything decentralised. But what are the benefits of using GHOST and holding them in a long-term?
Josh Case:
Great question
What we are building is an all in one ecosystem that gives 100% of the fees generated back to it’s token holders. ESH is a token that receives 50% of the fees from our instant swap network, and our DEX network. These fees are airdropped in ETH to the token holders.
GHOST is a proof of stake privacy coin. The benifit for using a privacy coin is to remain private when conducting business online.
Using GHOST, and atomic swaps on our DEX network. You will be able to buy, sell, and trade crypto, buy gift cards, gamble, and more, without giving up any personal information at all.
Serg | Satoshi Club: As a clarification for our community: what are the fees on Switch?
Josh Case: Switch.ag charges a 0.25% fee on swaps and giftcards.
SwitchDex.ag charges a 0.25% taker fee and 0% maker fee.
Serg | Satoshi Club: Cool fees. Really low. And the price of the swap? Where is it taken from?
Josh Case: It is added to your transaction, in eth, when you are swapping. Or the token you are swapping if its token to token.
Q2 from Twitter user @Ashucryptogenic
You guys started this Project with a tiny Sale & till now you guys have run the project Even through the Bearish market, That’s great !! From where does your funding come from? Do you guys have enough funds to run this project in future as well?
Josh Case:
Nice question
Yes we did a small public sale in 2018, and with the market at the time, didn’t get near our cap.
We have kept a small team and have been able to keep it going without more public fundraising,.
The recent success of our token has provided us.a nice boost of funding and has allowed us to take on a much bigger team so we can get new products and features out faster.
Serg | Satoshi Club: Can you tell us more about your recent success?
Josh Case: We have been working really hard for over 2 years on these products and we are getting really close to full releases on all of them.
We also recently announced GHOST and the response has been amazing!
Our token has increased by 9325% in the last 30 days
Serg | Satoshi Club: Oh, I was going to ask where this growth is coming from?
So it is from Ghost?
Josh Case: GHOST has been overwhelming! We have a lot of other cool things being released very soon, but yes I think the market is very excited about GHOST and it has really helped us get traction.
Irina Kravchuk | SatoshiClub: Hard work paid off 🙂
Serg | Satoshi Club: Can you give us some clues?If it not a secret?About things being released soon?
Josh Case: We have many new things coming such as fiat gateways, gambling, NFT marketplace, a DAO and more!
You can find more info here:
https://medium.com/@switchag/post-5-new-features-f94dddb7199f
https://medium.com/@switchag/part-10-switch-acquires-verisafe-902a8fc3a3e
Irina Kravchuk | SatoshiClub: I see that gambling is an attractive field for many projects. Is there a specific reason for it?
Josh Case: Yes! We actually just annoucned yesterday that we acquired wavesbet.io So we will be making a hard push into gaming
People like to gamble lol. Games are fun, and addicting, and it’s a good way to generate fees.
Irina Kravchuk | SatoshiClub: Makes sense
Serg | Satoshi Club: Can you tell us if the revenue from this platform will be shared with the community?Or it will be used for operational costs of the team?
Josh Case: Yes 100% of all fees generated by our products are given to our token holders. Switch as a project controls about 8% of the token supply and is able to use that for funding.
Serg | Satoshi Club: That’s a good motivation to hold the token :)
Q3 from Twitter user @nandhase
Question on Master node, 20k ghost a fixed amount or will a node with 200k ghost receive x10 the weighted rewards?
Josh Case: 20k GHOST is a fixed number required to run a masternode.
If you have less than 20k you can still stake your coins and share in the transaction fees.
You can find more info about this at ghostbymcafee.com In the beginning, 6 new GHOST tokens are minted each block.
3 GHOST are split between masternodes
2 GHOST are split between stakers
1 GHOST goes into a pool used for future GHOST development and growth.
Serg | Satoshi Club: Can we compare Ghost and Zcash or Monero for example? Because they are also privacy coins?
Josh Case: I am not a developer myself, so talking technically about them is very hard. What I can say is our privacy is equal or greater than anything on the market. Like Monero, a lot of these projects have great technology, and we support what they are doing, but with their structure they don’t really have anyone driving marketing and adoption.
Our vision is to really take a privacy coin to the main stream crypto audience by getting users on products like we described before, and making a robust ecosystem where trading, gaming, and commerce can happen.
Ciprian Ciubotaru: A clarification, how can we get GHOST? has GHOST already been released, or distributed? do we have to hold ESH?
Josh Case: To receive GHOST you must be holding ESH token during the snapshot on May 25th.
All info can be found at ghostbymcafee.com
You can buy ESH on IDEX, UniSwap, McAfeeDex, or Mercatox. Soon we will also be on STEX, and a few other exchanges, and we have a major exchange announcement tomorrow!
Serg | Satoshi Club: A new exchange is always good news :) Congrats!
Q4 from Twitter user @Sophie98666
What are the use cases and purpose of Switch in the world of Cryptocurrency? What major issues do you want to solve that other projects aren’t able to fix?
Josh Case:
Switch.ag is a DEX aggrigator that uses Kyber, UniSwap, Bancor and other smart contract exchanges to ensure you are getting the best price on your swaps at all time.
SwitchDex.ag is a full decentralized exchange will all the options of a normal exchange except YOU are in control of everything.
Both of these products allow white labels and our DEX network ahs over 40 portals right now all pooling liquidity and sharing an orderbook
One major issue we want to solve…..
We want people to stop leaving their money on centralized exchanges. With all the hacks and scams out there, people need to understand how to be in control of their own money and transactions and with our products you can do that. If we can get more and more people off centralized exchanges and on to real decentralized financial products we would consider that a huge success.
Ciprian Ciubotaru: How many users do you expect to have on the platforms mentioned above?
Josh Case: We currently have a few hundred daily users but expect this to grow exponentially once our full product line is out later this year.
Serg | Satoshi Club: Yep, and at the same time, we also have to educate people how to safely store the crypto they hold on their own wallets.
Josh Case: Agreed! We are going to do a big educational push on things like this very soon.
Q5 from Twitter user @dani_unss
Why did you decide to do a partnership with John McAfee?What is the positive outcome from it?
Josh Case: When I first started this project I had already takled to John here and there. I thought he would bring a lot to the table being involved, so we made a deal in 2018 and he become an advisor.
He has done amazing for us! In addition to advising us on the product and helping brainstorm ideas etc, he has provided a lot in the ways of marketing. You can check out an article here about the first time I met John
For those that don’t know, Switch used to be called Ethershift. We rebranded last year.
Serg | Satoshi Club: May we know why you took that decision? To rebrand I mean?
Josh Case: As we moved more and more into new products and features, the name Switch just more fit what we were trying to do.
For instance, on our gift cards you can pay in eth, but also bitcoin, litcoin etc.
Ciprian Ciubotaru: Awesome, the platform https://www.switchdex.ag/ is asking me for the usb device, i can finally use my Nano Ledger 🤣,I like your decentralized vision.
PART 2, TELEGRAM COMMUNITY QUESTIONS
Telegram User:
I was Amazed to see that ESH token did all time high of 75x in just 30 days & also achieved 24 hour volume in excess of 1.25 million dollars?
Josh Case: Yes it is awesome. We have over 2 million volume today on ESH!
SwitchDex/McAfeeDex
50% of fees go to ESH holders
50% of fees go to SDEX holders
Telegram User:
Being a new Token Exchange, what are the solutions to protect the users information account and their transactions?
Josh Case: We launched in early 2018. We collect 0 user informatin and 0 funds. You are always in control 🙂
Telegram User:
What is the business model of Switch ? How does it generate revenue for development?
Josh Case: Switch is an open source decentrlized project. We retain approx 8% of the token supply and use that for funding, development, bounties etc.
Telegram User:
How does Switch token exchange provide security to user funds?
Josh Case: Switch holds 0 user funds ever.
Telegram User:
Is it true you acquired Wavesbet? If yes, how is that beneficial to Switch?
Josh Case:
Yes we acquired wavesbet.io
We have been working on a gaming/gambling sectino for a while and this will be a nice addition to that. We have a lot of games that will launch soon. Smart contract based, trust less, provably fair.
Telegram User:
What is the utility and real life use case of $ESH tokens?
Josh Case: ESH token gets 50% of fees generated from our swap and dex networks. It will also get voting rights and more in the future.
Telegram User:
How you got idea to creat Switch?
Josh Case:
In 2017 I was using shapeshift often and they wern’t keeping up with all new projects I was interested in, so I wanted to create something with a much broader range of tokens and services.
Telegram User:
What is Fiat Gateways and what services can this project provide to Switch?
Josh Case: Soon you will be able to buy crypto on our products using bank accounts, debit cards, apple pay and more.
Telegram User:
What is the difference between ESH and SDEX ? Can you explain it clearer?
Josh Case: ESH gets 50% of the swap network (switch.ag) and the dex network (switchdex/mcafeedex).
SDEX gets the other 50% of the DEX network. There are only 200 SDEX tokens total.
Telegram User:
When Documentary — Exiled, John McAfee On The Run is coming we are excited for it?
Josh Case: It’s coming. We are excited too!
It will come out later this summer 🙂
For those not familair, watch the trailer here:
https://www.youtube.com/watch?v=npizv1QBoQ4
PART 3, CONCLUSION
Serg | Satoshi Club: Do you want to add something before we open the chat?
BTW, we hit a record for our group today! 1000 questions in 80 seconds!
Josh Case: Nice!
Make sure you are holding ESH in your own wallet on May 25th to receive GHOST
And join our telegram to stay up with all the latest news and info from us.
https://t.me/joinchat/HGSP7kumphGT85h1DC79IQ
Serg | Satoshi Club: Josh, thank you very much for being here today :) We are glad to have you here in the future as well.
Josh Case: Np thank you! I enjoyed it. Thanks everyone for joining.
For more information and future AMAs, join our Social Media channels:
English Telegram group: https://t.me/Satoshi_club
Russian Telegram group: https://t.me/satoshi_club_ru
Spanish Telegram group: https://t.me/satoshi_club_spanish
Telegram Channel: https://t.me/satoshi_club_channel
Twitter: https://twitter.com/realsatoshiclub
Website: https://esatoshi.club/
Our partners:
Switch Official Community: https://t.me/joinchat/HGSP7kumphGT85h1DC79IQ
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