AMA Recap: BSC Army with METASEER
- Time: July 22nd, 2021 at 7:00 AM UTC
- Project name: METASEER
- Hosts: Luke & Kristen from BSC Army
- Guest speaker: Japhet Lim
- Main content:
- Part 1: Project overview
- Part 2: Business plan
- Part 3: Community Q&A
Part 1: Project Overview
1. Can you give a little introduction by yourself and also the project?
Japhet: Hi guys, I’m Japhet, I’m the tech adviser/ops lead for the METASEER project. The METASEER project is actually something that is revolutionary. It takes an existing product and decentralizes it. To put it in a very simple sentence, we are offering the first type of financial product that has not been seen in the crypto market. We call it hybrid options, it’s a prediction markets product. Hybrid options mean that it’s a mixture of binary options and vanilla options. It’s a mixture of both types of options, so this is a product that hasn’t been seen in the market yet and we are looking forward to pushing it out to the crowd, getting it launched, and just gaining some legit traction on the user-base. You guys can look forward to the launch of the platform. It’s a very straightforward product. If anybody of you is similar to binary options or vanilla options, you will love our product because it has so many different utilities. The nature of options itself is useful if you’re an investor. Or if you are a scalper for trading or you are a trader who specializes in short-time frames, the very nature of our product will definitely be satisfactory for you and you will definitely love it.
2. Would you like to share with us some information about your team and how have you been able to put up such great work?
Japhet: Our team at the moment is about 12 people. We have our user growth leads. We just added a new user growth lead yesterday, her name is Alana. I’m the ops lead/tech advisor. We have Ian who is the lead for strategic partnerships and we have Shawn who is the overall project lead. Each of us has a ton of experience dealing with cryptocurrencies and the blockchain space. We have experience since I think the three of us combined is over 10 years. Personally, I’ve been dabbling with cryptocurrencies and blockchain technology since 2017. The same goes for Ian and Shawn. So each of us got about at least four years of experience under our belt with cryptocurrencies and blockchain. I’m a trainer as well. I trained in Singapore for blockchain courses. I started my own project called Oction. I also ran a mining farm before in Singapore. So you can say that the whole team has been to almost every corner of the crypto industry.
Ian is an expert in OTC trading, in forming partnerships business development, and finding new collaborative opportunities for projects. Shawn, on the other hand, he’s an expert at centralized exchanges. He knows how exchanges work, he knows how to attract users for DEXes, how to attract users for centralized exchanges.
When you put the three of us together, we actually encompass the entire space. From tech to mining to project development to business development, to attract users, to exchange management. All that combined together actually form the three corners of the crypto market.
We have nine other members who are each specialist and masters of their own realm. Some of them are very good at interacting with the Chinese market. Some of them are very good at interacting with the Russian market. Some of them are very good at tech, at designing the front end. They know how the UIUX will work because when it comes to designing blockchain Dapps, there is one big hurdle: it’s not like a usual Dapp where you just have to connect the front end to a centralized server and everything goes, but for blockchain, the Dapp is a bit different, you have to have your front end interact with the blockchain successfully. We got specialists in that as well – from ORACLE, we also have advisors coming in from JP Morgan, in the tech department, just purely advising us. These are the different advantages of the project that makes us firmly believe we will definitely be able to launch the product and we will definitely be able to attract the users that we need to gather on the platform.
3. METASEER is called ‘the first CeDe-Fi Hybrid Options Market’, why do you think it was necessary to release the project?
Japhet: I think the decentralized finance space has many great applications already: AMM swaps – automated market maker, we have DEXes, we have landing and borrowing platforms, we have staking platforms, we have stable coin maintenance platforms. These are all the different segments of DeFi that are very well explored already. There are so many projects in each of these spaces. While there are also some rug pulls, I mean that comes with the job, but overall there are many different applications in each of these segments that we believe are top of the range. And they represent the future of crypto and blockchain. But the only market which we think is largely untapped, it’s actually the prediction markets category and there are very few projects on each chain that refers to it and I can give you the reason from a tech/ops perspective – when you want to create a Dex or Swap, there are a lot of coding references on Github which existing developers can use. But prediction markets-wise, there are fewer coding references on Github that you can use to develop a project.
So that is partially or maybe one of the many reasons why the prediction markets category doesn’t have a lot of products now. And even within that category, the products that exist, as of now, are your normal vanilla options mostly, whether it’s American style options or European style options, that’s up for debate. But definitely, there are no binary options as of now. That led us to believe that: ‘Why don’t we go to the traditional finance space, take a product that is already so successful, and put it on the blockchain?”. Those who know Binary Options, will know that it was wildly successful and while not all the platforms and other companies had a good reputation, largely due to the way they manipulated the platform and the assets’ price feed, it is no doubt, a successful product and it has gathered a lot of users.
So me, Shawn and Ian, and the other team members were thinking: “Why don’t we take a product that has been successful in Traditional Finance and put it to De-Fi because the problem with BO in the TradFi context was that there was a lot of manipulation and the very definition of De-Fi is zero manipulation?”. That’s why we said: “Look, let’s not really reinvent the wheel, instead let’s improve the wheel. Let’s go to the TradFi space, take a product that is so successful already and bring it to De-Fi.”. That’s where we came up with the idea of hybrid options whereby we combine certain elements of vanilla options – at the money or in the money status with binary options whereby there’s a single strike price. You go in, there’s a fixed payout, one or zero, super simple UIUX, the user experience is super easy to understand. You still can analyze, you still can do your technical and fundamental analysis, but in terms of entering a trade, it’s as simple as clicking a button.
After a lot of thought, we thought that the entire crypto market had this gap so why don’t we fill this gap. Plus the fact that I came from Oction, which is a vanilla options platform. We already have the tech reference for our own platform, which means it is not difficult to develop the platform for METASEER. With all these advantages that we have, we decided to do this. We didn’t even need a google or do market research, we didn’t even need to conduct surveys. We know it will be a hit because it was already a huge hit in the traditional finance space. So coming over to DeFi, there shouldn’t be any difference at all and we all know that the crypto audience is much more speculative than the traditional finance audience. At least according to my own experience, that’s the case. With that in mind, we have no doubt that this product will be pretty much popular among our users.
Part 2: Business plan
4. Since the recent issues with the Pancake, Bunny and also other projects that are exposed to flash loan services were hugely at risk of a flash loan attack; their project was flush away because their sources were exposed to lending services. How have you been trying to come up with a solution to counter the attacks from the flash loan services and also the lending services when doing METASEER?
Japhet: First of all, to counter these problems, we need to find out the source and the cause of these problems. Whether it’s Pancake or Bunny or other platforms that had a flash loan attack, no matter which platform we looked at, the key reason for flash loan attack is really because of two reasons.
Number one: these projects all have one thing in common. They had a dynamic minting schedule, meaning that they will mint more tokens as people borrow more.
Number two: they had a loan function, staking, borrowing, and a lending function.
These two reasons added together are the reason why a flash loan attack can actually happen. After these attacks, I found that projects like Cake are not really susceptible to flush from attacks. Because Cake doesn’t have a dynamic minting schedule, they have a fixed minting schedule. They mint a designated number of tokens at a designated timing. For METASEER, we have no such problem.
Number one: we don’t have any loan functions.
Number two: we don’t have any minting functions. Our tokens are fully primark so with that two pointers in mind, you would see that we are totally unsusceptible, we are not vulnerable at all to a flash loan attack.
The only attack that we would sort of be susceptible to will be a DDOS attack. Whereby malicious sources flood the website with fake users. For that, to mitigate that issue, it’s pretty simple: we just have to set up the firewall in a way that will prevent a DDOS attack, and maybe we can block out certain accounts that use VPN.
Even if such an attack does occur, it does not affect the funds or the security of the funds for all our users. Because when users come to the platform, they connect their wallets, it’s Web3, and we do not hold any custodianship over their assets, they take care of their own assets. Putting all these points above together, there is literally almost zero percent chance that anybody’s funds would be compromised. Just because they came to METASEER to trade or to buy a hybrid option, because of the fact that our product does not fall into any of the other DeFi categories, it also doesn’t suffer from the risk of the other DeFi categories.
5. Can you give us a description of your tokenomic distribution? Did you think it was a wise way to distribute it like that?
Japhet: The way we distributed our tokens, I would say it is fairly decentralized:
15.5% goes to ecosystem development
35% is for liquidity mining
5% is for exchange liquidity reserves
5% is for marketing
4% is for advisors
13% is for team
10.5% is for public sale
12% is for private sale
There are a few things within this tokenomics that I sort of want to point out and really clarify: The first point is the close percentages between private and public sales. For most projects, their private sale or their public sale will be slanted towards one side, either the public sale or the private sale will have a much heavier percentage. But for us, if you look at our tokenomics 10.5 versus 12, it’s only a 1.5 percent difference. What this means is that we are trying to balance the interests of key stakeholders with the effect of decentralization because, at the same time, the project is in its early stages. We want the project to realize our full direction before the public before the community comes in and starts to contribute.
That’s why we put a very close percentage between public and private sales. This is something, I wasn’t the one who planned the tokenomics, but I fully agree, wholeheartedly agree on. I think this leads back to our tagline.
If you guys visit our website, you will see that we are actually CeDeFi – centralized decentralized finance, and this is where I want to bring this theme in. We don’t believe in full DeFi or full CeFi, and we don’t think it works that way. We want to seek a balance so that’s why this 10.5 percent versus 12 percent is a very good representation of the CeDeFi spirit and the CeDeFi model, whereby both the community and key stakeholders, in the long run, will come together and decide on the direction of this platform.
There might be a new group of developers coming up and managing the platform, that’s actually what we hope will happen. We know that maybe one day we are not so creative anymore, maybe one day we get old, you never know. The best way to ensure the longevity of a project is when there are so many different talents on the project. Even if one team doesn’t perform, the other teams will take over, and that’s really what we hope to achieve. That’s point number one.
The second point is our team percentage (13%). I’ve heard a lot of arguments: pro and against the number 13. Some people say it’s too much, too little. Usually, we will tell them that the 13% is not just for the existing team, it is also for all the future team members that will come on board. Thus, we have to take that into account as well. I can easily constitute just 5% or if you guys want, 2%, I am totally fine with that. The problem is how will we split the tokens to the future talents that we will recruit?
6. The possibility that your paving is actually wider than just a binary option, so for now are you planning to perfect and stick with the binary options services, or are you planning to stick your business model with the CeDeFi business model to cross more centralized finance products into the CeDeFi products? What would be the possible choice for your future of METASEER?
Japhet: I think for METASEER, our product, in the short term, I’m referring to the next 12 to 24 months, we are definitely focusing on our core product which is hybrid options. A combination of binary plus vanilla options. For the next two years, we will focus on our primary product because this product itself requires a lot of marketing.
Number two, based on our marketing outreach and our projections on the marketing side, we will need at least two years for this product to propagate or to spread successfully to the traditional finance space.
So to answer your question, I think for the next two years we will definitely be focusing much more on the core product of hybrid options. We won’t really be delving into other products because the very nature of hybrid options itself is already so colorful and so wide-spreading, meaning that we could even do options on NFTs as long as the NFT value can go up or go down. We could do binary options on NFT hybrid options. We could do hybrid options on Fx. We could do a bit of an option on Shares & Stocks. But the similarity is that no matter the asset, you are always using crypto to enter the trade. And let’s not forget that this is just the product development side.
On the ecosystem side, we also have this thing called platform, which has a service whereby we will partner up with low cap tokens or new tokens to create an additional utility for them. It’s quite simple: I’m a new token, my name is token ABC. I have this set of utilities, so what can happen is that we can partner up with this new token and say “Look, token ABC, we are the METASEER team. How about we give your token another utility. We allow your token, we enable your token to buy hybrid options”. Suddenly and magically with the snap of a finger, what happens is that same token now has another utility which is to buy hybrid options
If you notice what has happened there in that split moment is that we have created individual ecosystems within the overall METASEER ecosystem. This is something that our audience, our users are also very excited about. They want to see different tokens being used to enter a trade. Of course, if you use token ABC to enter a trade, whatever your financial gain is, you will also gain, you also profit, you also make money in the form of the same token.
When I say that with these two points above, you already realize that just by developing our current product, we could easily take two years to realize all these visions and it’s very doable, it is very executable. But just our core product alone, we can have so many different paradigms, we can have so many different layers of dynamics that are added to the project. To be honest, we will be focusing on our core product. We don’t want to be distracted. We don’t want to be confused. We don’t want our tech resources to be diluted. We want it to be very focused on sharpening the core product and then after that, we will develop, start products based on the core product instead of creating another core product by itself. That is the plan for METASEER.
Honestly, if we complete the above endeavor, more or less, the three of us with our current team members and the future team members, we can say to each other: “Good job guys, you did what you can already, now time for the next generation.”
7. We have talked about the token distribution so now I just want to retrace that a little bit. Can you give us some more use cases for your token since every token can be adding more options to your platform, how are you planning to utilize your token in the activities of your model?
Japhet: Our token will have three core utilities.
Number one: when you are a user of our platform, meaning that you want to buy a hybrid option, you can buy using BUSD or any other currency that we allow. However, the moment you want to utilize the insurance function, which is a capital protection function, you will need METAs, you will need to pay METAs to activate this function whereby we protect your capital at a price. It’s a capital protection function.
For example, you did a call on bitcoin to go above 45,000 USD in 10 minutes. If at the 9th minute, you are still losing money, you are still out-of-the-money, meaning that it is still below 45,000 USD, you can activate this insurance function whereby we will refund you your entire trading amount of 100. But in order to refund you that amount, you need to pay us METAs, so this function can only be utilized by METAs. This exact logic will apply to whatever token is being used to enter the trade. It will apply to whatever asset you speculate on in the METASEER ecosystem. It will apply to all-time-frames and it will apply to even our white label projects.
Number two: When a new token wants to enable itself to purchase hybrid options, meaning that this new token wants to be allowed into the METASEER ecosystem so that they can use their token to enter into a trade, they will need to pay METAs as well. It has a listing fee. They will need to pay METAs as a listing fee so that the circulating supply of METAs is reduced.
The third utility is you can stake METAs to earn METAs and our governance token. More details will be released later on for the governance token, but suffice to say as the word suggests governance that token will play a critical role in deciding where the platform will go in the future.
These are the three utilities of our token; number one: to activate the insurance function, number two: has a listing fee, and number three: they can stick it to earn more METAS and to earn METAS
8. We wanted to know more about the roadmap of METASEER, would you give us a little description of how you guys have been working on that and where you guys are right now on the roadmap?
Japhet: In terms of tech our roadmap, it’s very simple. We have finished developing the Solana-BSC bridge. We actually did the tech even before we raised the money. I myself have come up with a tutorial video that will be released to the crowd within these few days. After the bridge, we have also issued tokens on both chains. We have issued tokens on the Solana chain, we have issued tokens on the BSC chain. The next thing we’re going to do is the programming of the platform itself.
We’re going to start from this thing called the Writer’s Pool. Basically, the writer’s pool will be the house of the platform. When you trade, when you buy a hybrid option, and you make money, that profit that you make needs to come from somewhere, right? It’s not going to come from me, it has to come from the platform. The writer’s pool will be an open pool for anybody who wants to be a writer to contribute liquidity. Once they contribute liquidity, they’ll be rewarded when the traders themselves are not successful in their trades. The amount which they use, let’s say they traded a 100 position, 96.5% of it will go towards the writer’s pool, the other 3.5% will go towards ecosystem development. What happens is we’re going to start with the writer’s pool program after we finish programming. What will happen next is that we will go on to program the Call and Put smart contract function.
Once these two things are done, we will integrate a centralized oracle. This is where I need to clarify something, a lot of people say a DeFi project needs to integrate a DeFi oracle. Unfortunately, as of now, based on our research, DeFi oracles are limited in response time because of the state of the blockchain and this hurts, especially for our product, which is very short-time-frame binary options.
The price feed has to be flawless, the price feed has to be perfect, you cannot even lag for one second; so for that to happen, we will be using a centralized oracle at the start. But it will be a centralized oracle that doesn’t have any conflict of interest, meaning that they themselves don’t offer any options products.
After getting the Writer’s Pool up, and after getting the Call to Put smart contract up, when these three components of the recipe are ready, we will launch the entire platform on the BSC testnet.
When the testnet is completely stable, we will go on to program the insurance function into the platform. Once that is done as well, that means the BSC basic product is completed.
At first, we only allowed speculation on crypto assets, but the centralized oracle that we are using will allow us to go into markets like Fx, Stocks, Shares commodities.
Once the BSC platform is completed, before expanding to other asset types, we will first build the Solana platform, we will repeat all the steps that we did for the BSC platform for the Solana platform.
The reason why we are doing BSC first is that we already have a codebase for BSC so it’s easy to start building on it first. The Solana side is a very different story. Solana is a very powerful blockchain, the transaction speed is 50 000 transactions per second. They beat Visa, they even beat Mastercard. However, it’s so new that very few developers know how to build on it. That’s why Solana will take a bit more time.
After the Solana platform is up, we will go back to expanding the asset range for the BSC platform to maybe FX to commodities. Then we’ll go to the Solana side and expand the asset range.
After these two things are done, we will expand the time frames. Maybe we will allow 10-minute options, after that, 15 minutes. When these two platforms are very stable, good to go, that’s where we will explore building on newer chains like Polygon and probably by then Cardano. We will be in Cardano, Polkadot.
As you can see, the whole business, the whole tech roadmap is not a randomly put-together set of events. We have certain routines that we repeat: refresh, rinse, and repeat, and just continue that for every single new chain. We take the same set of things that we did for one chain and just duplicate it. So that on every single chain, our platform will exist and they will look identical, of course, the transaction speed and other metrics will still depend on the state of the particular blockchain the platform is built on. That’s not something that we can control, it depends on the blockchain’s capability. But I have faith in Cardano, I have faith in BSC, I have faith in Solana, I have faith in Polkadot. This blockchain will definitely be able to execute hybrid options, which are binary options plus vanilla options, with precision and flawlessly. I have no doubt. I have faith in our blockchain developers.
In terms of the marketing roadmap, very simple, SEO, ads, all these things will come into the picture. That’s the basics. We will be running these Twitter ads, Facebook ads, google ads, that’s the basic SEO. But on top of that, we’ll be forming partnerships. This is where our token utility, our partnerships, our marketing approach actually ties together.
When we enable new tokens to enter a trade for hybrid options, what happens is that these new tokens will market us as we market them. A natural marketing partnership is formed like that; no cost, they don’t suffer a cost, we don’t suffer a cost, both sides are cost-free so we will keep doing this, leveraging off each other, so that we can reach out to a larger crowd. Number two: we also have certain advisors on the team that will connect us to certain groups of users for the gaming side, who are interested in our product. They will open the doors. We will help these platforms to transit from a centralized platform to a decentralized platform and we will help to white label our platform to them. It will be under their own logo, their own flag but using our tag. Maybe they will offer other products, hybrid options on other kinds of predictions so I can’t comment as of now, but that is the marketing roadmap and the tech roadmap has as we see right now.
Part 3: Community Q&As
9. Your project sounds very ambitious since it includes lots of fields what can be sure that you are going to manage the overall project well without being distracted by small elements
Japhet: Let’s address the first part of the question whereby the comment is that our project sounds very ambitious. Well, maybe it’s just the way I phrase it but if you just look at the whole overall point, actually it’s just one core product and then from that, we are developing sub-products and the sub-products will take minimal to zero technical effort and time. So honestly, we are not super ambitious, right? However, we are hell-bent, we are determined to make our product work.
It doesn’t include a lot of fields. We are still very much focused on the prediction markets category. We are not going into AMM swaps. We are not going into lending and borrowing. We are not going into NFT gaming. We are still very much focused on where we are. We hope to create an ecosystem that will promote the longevity of the project and the longevity of the token.
Now to really answer your second question, how can I be sure that we will manage the overall project without being distracted by small elements? I think this is where maybe I go into a little bit on the operation side.
Number one: we have bi-daily meetings, which means every two days we meet once. The whole team meets to make sure that we iron out our marketing message. We iron out the technical roadmap.
Number two: when it comes to the technical development side, our developers are given a very clear roadmap. Writer’s pool, smart contract integration of oracle insurance function, etc. They are given a very well-defined, well-detailed roadmap. So that our developers know exactly what to do.
We have a separate group of developers for the blockchain functions and for the website so if we need anything changed on the website just aesthetical changes. They will be the ones to do it. We don’t disturb the other team. We only assign to the teams what they are supposed to do. We don’t make one team do everything – they do what they are best at and they don’t have to do anything outside of their scope.
This comes back to my point, that’s why we need a reasonable allocation for our team tokens. We can have specialists doing what they’re supposed to do instead of doing everything else. That’s the reason why we need team allocation. This question actually supports my point – that we need people in different vacancies in different slots, so that they do what they do and they are not distracted.
10. Without proper marketing and capital infusion the project dies. How do you convince yourself you have added adequate marketing power and capital to push this project to the top?
Japhet: The problem of marketing and the issue of capital infusion. I think it’s something that probably pertains to every product in the world, not just crypto, not just TradFi, not just DeFi. It pertains to every product in the world and although I’m the ops lead, I’m also very concerned about marketing. The way we approach this marketing mission is: we are trying to strike a balance between budget and effect. Because when you market too much, your budget dies quickly and we all know marketing is about consistency. You can’t just market intensely for the first three months and then and then go quiet unless you have a very good reason.
So we have to make sure that our budget is planned for the next 12 to 20 months so that we can keep marketing until the platform has sufficient users. So the way we ensure we have adequate marketing power is through two ways. The first point is that we spread our budget out. We don’t focus on one spot and then after that, no sound, no fire. We make sure that along the journey you guys know where we are, see us on Twitter or Facebook. That’s the first way we ensure that our marketing doesn’t die and we manage our capital.
The second way is, in terms of marketing power: a lot of the time we strive for zero-cost marketing. A lot of people will hear us and say: “what are you talking about? how can marketing come at zero cost?”, well it can. The answer to that is partnerships. You partner on a project that doesn’t want to pay anything as well and you expose each other to each other’s audiences. So a lot of the budget and the capital can be saved when we forge meaningful partnerships. That’s why, again, coming back to the utility of the token, we have a platform as a service utility. We allow low cap or new tokens to buy our hybrid options so that in exchange, we are exposed to their audience. They are exposed to our audience. It is literally a win-win situation. And that form of marketing doesn’t come at any cost and it’s actually more effective, why? Because when we go into another token’s community to do an AMA, at the very least, I know that community is active.
When we do random AMAs with some of the providers, I mean BSC Army is definitely one of the ones that really work out but there are AMAs out there that don’t work out. We see bots answering us. Till these questions come out, we don’t even know where they came from, suddenly just one load of questions in the Telegram chat. We don’t even know whether we are really answering humans. Sometimes these AMAs don’t really work, the best type of AMAs are actually those that we secure through partnerships because at least we know they have an active community. Maybe not a big community but at least active, so these are some ways that we try to secure zero-cost marketing through strategic partnerships.
So these are the two ways that we ensure that we have adequate marketing power without drying up our capital. Number one: we spread our budget, we don’t focus on one side and then we die for the rest of the journey. Number two: we try to achieve cost-free marketing wherever we can. And last of all, because of the fact that the three are leads, we have so much experience dealing with influencers, dealing with vendors, dealing with all the different marketing agencies. We already know who can perform and who cannot perform. That’s why right now this AMA with BSC Army is happening. Because BSC Army is one of the best AMAs out there. We already know. So that helps us to save a lot of time and a lot of costs as well. So those are the three methods to make sure that we have adequate marketing and make sure that our capital will last us all the way.
11. Since Binary Options don’t let you own any assets. It just makes a prediction of the price. How are you gonna distinguish between BO in your project from gambling?
Japhet: This is the question we have been asked a lot of times. We have to ask ourselves what is the difference between gambling and investing, so to answer that question, let me picture myself going to a casino. I go to a casino and I roll the dice. Is there any technique involved? I don’t know, at least for me, there’s no technique where I can shake the dice and it comes out exactly what I want it to be. I’m not the god of gamblers and I don’t think most of us are. There’s no way, there is no technique involved when it comes to gambling, you literally just put your money on the table, cross your fingers, cross both sets of fingers, cross your toes as well, and hope that you win. In other words, gambling is solely based on luck. There is no technique involved.
What I’m trying to say is that for our platform, it’s not gambling because there are points to analyze. There are analytical tools that you can use and it’s not just a matter of throwing dice and closing your eyes, crossing your fingers, and hoping that you win. It’s not so.
12. I don’t see any information about the security and protection of project user information so how will your platform protect investors and customers?
Japhet: Number one is you can go to our Github, you can look at the kind of codes that we have published there. We already have a preliminary version of the Writer’s Pool smart contract. That smart contract that you see on the METASEER Github is already audited.
Number two is the security, again, like the flash loan question, it’s not super applicable to our project. When you come to our platform, you connect your wallet, and you trade, it’s web3. You press the connection wallet, choose a network, and you trade the funds. You do not leave your wallet until you enter the trade, you do not deposit your funds to us, we do not have any treasury functions, we do not hold custodianship over your tokens and coins. All we do is really just let you connect your wallet and that’s it. In that kind of paradigm, how will we ever compromise the security of your wallet?
The only security risk is with the Writer’s Pool getting hacked, but that’s not a risk that the player side, the trader side needs to be concerned with. That is for the writers to be concerned and that’s why our writer’s pool smart contract has been audited. Your coins are always in your wallet, it doesn’t leave your wallet, you don’t give your funds to us, you take care of your own coins, if your wallet is hacked, it’s because you show your private key to someone. That’s the only reason why your tokens are gone. On our end, we don’t collect any funds.
13. Do you have any coin burn buyback systems or any token burn plans to increase the value of the token and attract investors to invest?
Japhet: In terms of coin burn, we are not going to do any coin burn. Our token is fully pre-mined so if we still burn them, there won’t be much left. But in terms of buyback, that’s where I refer you back to our ecosystem whereby 3.5% of the spread will go towards ecosystem development. Part of the budget will be used to buy back coins from the market whether it’s on the decks or on a centralized exchange.
Number two is the token’s utility itself, which restricts circulating supply, meaning that when you want to list your token on our platform, enable it to buy hybrid options, you need to pay us METAs. That is one way where we take back METAs.
When you want to utilize the insurance function, you need to pay METAs as well, so to pay METAs, you need to go and buy METAs so that is one way where we reduce the circulating supply as well. The token utility is always tied back to reducing the circulating supply. These are all the tips and tricks, the strategies that really work, not just for us, we are not using these strategies for the first time, there have been many projects before us that utilize similar strategies. We are not going to reinvent the wheel because the wheel works and that’s why we believe that these strategies will be able to sustain and support the value of the token.
Up to now, METASEER has had outstanding growth with an ever-expanding ecosystem, promising to thrive in the near future.
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