Thank you to everyone who joined AMA Blockelite x Aubit on 3rd February at 2:00 PM UTC l 9:00 PM UTC+7. Here is the recap for those who missed this AMA.
Our special guest today is Graham Doggart – CEO & Co-founder of Aubit
Segment 1: Introduction about Aubit and Graham Doggart – CEO & Co-founder of Aubit
Q1: Can you briefly introduce yourself as well as Aubit?
Graham Doggart – CEO & Co-founder of Aubit: AuBit is a new way of bringing asset management to everyone. We are calling it “Social Finance” because it uses the power of network effects, the power of everyone trading together, to generate rewards for everyone involved.
Whether it is traditional assets like stocks, bonds, gold or alternative assets like crypto, and hedge fund products, AuBit brings a new way to access them and making the performance of them better than their real world versions.
If you hold an AuBitised Product, let’s say it was AuBit Bitcoin, then every time anyone anywhere in the world trades AuBit Bitcoin, we take the trading and service fees releated to that transaction and redistribute 80% of them back to the existing holders.
This is a huge change in asset management or even how bank accounts or crypto wallets work
Instead of having a fixed amount of an asset in your account or wallet, it is always growing as other users trade the same products that you are holding.
The more people that come on and trade, and the more trading volume, the more everyone holding those products see their asset volume grow.
What we have done is take the old fee model and give it back to the users, rewarding those that are already holding the products. The platform is also “gamified” too meaning you can learn to manage your AuBit Freeway account with the best level (like a role playing game) and get much better redistributed rewards as a result. This includes referring other users, being active on the platform, holding Freeway Tokens, getting through AuBit educational materials, and making choices about your AuBitised Portfolio
There is also a whole tribes system where users can band together to generate the best AuBitised growth they can within their groups.
My background is originally in software and database architecture, but I spent most of my career working with large financial and legal institutions helping them move online, improve product adoption, and ensure regulatory compliance. We have also managed to create an incredible team that have worked at some of the biggest investment, tech and banking organisations globally.
AuBit’s World Class Management and Advisor Team have worked at some of the largest financial and technology companies in the world including Goldman Sachs, Fidelity, HSBC, Credit Suisse, Morgan Stanley, IBM, Google and The Prudential.
Q2: To help us know more about your project, what products does Aubit build? What do you bring to users?
Graham Doggart – CEO & Co-founder of Aubit: So AuBit Freeway offers lots of different AuBitised versions of assets.
For example, we have US stocks, US bonds, Gold and Bitcoin products
So top stocks like TSLA are available as AuBitised products.
AuBitised products perform better than the real world asset because of the redistributed trading fees coming back into the simulated underlying asset.
We also have AuBit Virtual Hedge Fund products
These are complex quantitative trading strategies packaged up as AuBitised product tokens
These products are just not available to normal people, you have to have a lot of money and the right connections to get in on these trading strategies.
We have planned several VHF products
The first one that went live is the Forex Quantamental
It targets 50% APY, not including AuBitised gains and is running far ahead of its target right now
We work to bring #accessforall to these sorts of opportunities within the AuBit Freeway ecosystem
Also, our referral system is awesome
As you refer a new user, you both get $10 to spend on the platform
There are FWT bonuses for every 20 referrals that get active on Freeway
more important, we have Forever Rewards
so all referrers get equivalent to 10% of the AuBitised Performance Gains in AuBit Virtual Hedge Fund Products and 2.5% of the AuBit fee redistributions that get paid to users
also, everyone becomes part of a connected referral group, such as Blockelite community
and an equivalent amount of rewards are redistributed equally among every referral group member
It is the fairest referral system, everyone benefits, and the biggest and best users get their fair share too
Blockelite Host: great APY, can you share a little bit about the security of your platform and your products?
Graham Doggart – CEO & Co-founder of Aubit: Yes, so we actually have one of the leading blockchain security experts in the world as our Chief Security Advisor
Stephen Holmes is the chair of the blockchain and smart contracts committe at the international standards organisation
He is leading the team on security, ensuring our smart contracts and platform is rock solid.
Of course we are using blockchain encryption which is provable robust for now
But we are also working on full encryption of our transactions at rest as well as in transit which is new plus a whole quantum proof system for managing IDs, NFT locking mechanisms and other data aspects.
Users also have the option to move out of Freeway through our Freeway Airlock
This essentially lets a user take their AuBitised products onto other chains, such as Ethereum.
But also others as there is market demand with fewer gas charges
Q3: Who are the current notable partners for Aubit and what can we expect from the partnerships that you have?
Graham Doggart – CEO & Co-founder of Aubit: We have partnered with an institution who have taken a locked position of 4% of FWT. They are a publicly listed merchant bank who can work with us to get publicly listed companies with exposure to various AuBitised Products.
We are really working to bridge the old world of traditional finance with the new world of digital finance and defi
We have partnered with Ferrum for FWT pre-staking which is currently still live, and if it fills, will mean about 67% of FWT will be staked
Pre-staking rewards are in FPR tokens, which give accessiblity to AuBit Virtual Hedge Fund products as the platform launches
at the end of March
They are running well, with 6.1% performance in the last 4 weeks
We are also partnered with Deltec Bank, Simmons and Simmons, the leading fintech complaince law firm, and a number of others which can be seen on the website. There are other partnerships, which we can’t give out details of yet.
Blockelite Host: FWT has been listed on Exchange, right?
Graham Doggart – CEO & Co-founder of Aubit: Yes, FWT is on Bithumb Global, Bitmax and Uniswap
Q4: What is the market strategy of Aubit to get mass adoption by millions of users or investors outside the crypto space?
Graham Doggart – CEO & Co-founder of Aubit: Good question
The Freeway Forever Rewards referral system has really worked well since we released in 4 days ago
with over 25,000 now on the app waiting list
This will continue and we fully expect to get to 200,000 users from the crypto community
This is where the AuBitised model is proven out and we can show our results to more traditional investors and big institutions to come on and see the additional gains for themselves
Our team have worked at and know a lot of the top executives at some of the biggest financial institutions and funds in the world
Blockelite Host: Everyone can join now: https://go.aubit.io/blockelite
Graham Doggart – CEO & Co-founder of Aubit: Also, as we grow the crypto community we are expecting virality in various geographic hotspots and also other early adopters that like how simple our app experience is, alongside the better performance we can produce from resitribution of fees back to holders and the AuBit virtual hedge fund products.
Yes we there is $1m in rewards to kickstart things (covering up to 250,000 users to start with)
Plus the forever rewards should be much much bigger as we grow
Q5: AuBit’s 1m $ ‘Forever Rewards’ Referral Program is now live. How do people join? What are the reasons that attract people to join this program?
Blockelite Host: With question 5, the guest mentioned a lot above 🙂
Everyone can join now: https://go.aubit.io/blockelite
Graham Doggart – CEO & Co-founder of Aubit: It’s really easy, just follow the blockelite link above
It is a simple as putting in your details and you will get your own referral link to introduce whomever you would like
All rewards are banked ahead of the platform launch and as you are your referred users get active on the Freeway platform you both get $10 to spend on the platform, FWT bonuses for ever 20 referrals, and then all the Forever Rewards and other bonuses we mentioned.
You will become a part of the same Freeway Referral Group meaning there will be rewards for everyone in the group, forever!
Segment 2: 5 best questions from Twitter
Q1: “When an AuBit-networked product is traded, 80% of product-related transaction revenues are distributed back to every product holder, what us the destination of the other 20%?”
Graham Doggart – CEO & Co-founder of Aubit: This is the business model of the whole platform, 80% goes to existing holders and 20% is taken as revenues to maintain the platform and grow the business, and eventually profit.
This is the same for all other incurred costs on transactions, after costs that have been incurred with 3rd parties, 80% of the remainder is redistributed back into the related product. A much fairer system where everyone is treated like a stake holder, not just “a customer”
Blockelite Host: 80% for FWT holder, right?
Graham Doggart – CEO & Co-founder of Aubit: No, 80% goes to the AuBitised Product Holder
So if AuBit Gold, goes to AuBit Gold holders
FWT has much more utility than that
FWT is required to unlock access to the best performing products, preferential rewards within the network, and discounted fees.
We all it native staking, holding FWT in your Freeway Account
We have calculated that, if a user has a diversified AuBitised portfolio, then utility value is approximately 5x no matter the price of FWT
So utility value is always dependent on how much a user wants to use FWT to improve their Freeway account. Which is definitely the best, rather than hype value.
Q2: “What makes AUBIT so sure that the digital holdings are properly backed up in real gold?”
Graham Doggart – CEO & Co-founder of Aubit: This is a tricky question.
In order to provide genuine #accessforall we have to build entirely new assets
This is due to regulatory laws
So AuBitised assets are tokenised virtual simulations of the trading of an asset with the additional network-enhancements and gamification aspects.
There is a legal disconnect between AuBitised products and actual assets
But unlike synthetic assets, where there is a big pool of value that over-collateralising the synthetic asset, it’s risky as the over-collaterlisation may not be enough, plus there is no guarantee they could buy the real asset
Also, synthetics are deriviatives, which in most countries will be regulated.
In our case there is legal disconnect from our tokenised simulations and real world assets
And the AuBit Reserves Foundation works to mirror real world assets compared to the simulation
Yes, it is also over-collateralised the whole time, but it is always working to get as close to exactly the same assets (to a degree of risk) to what is happening in the simulations.
This means that we can always liquidate the real world asset to keep the fidelity of the overall system
Big difference in model, more efficient, and I would argue once you are passed the idea of it being a simulation, you can see that it is actually better than the real world traditional asset management model as everyone gets more this way.
Q3: “What can you tell us about your roadmap? What’s next for AuBit? What should we expect from Aubit this 2021?”
Graham Doggart – CEO & Co-founder of Aubit: Big things!
The platform is on target to launch at the end of March
We plan to have our core products and virtual hedge fund products fully available for users, alongside FWT native staking and various gamification aspects. And of course the Forever Rewards referral system.
After that, the roadmap is pretty comprehensive, several more products based on community demand, and integrations across online banking, mobile payments, and on and off ramps between fiat and crypto with the AuBit Network.
We think 2021 is definitely AuBit’s year
Q4: “Many blockchain projects are just on paper and have no real meaning. What practical product is $AUBIT using? What plans do you have for a better product in the future?”
Graham Doggart – CEO & Co-founder of Aubit: Our platform is about to launch, so not just vaporware.
AuBit is also solving some important problems in the finance space
A better way to do asset management that is accessible to everyone
Access to products that are not normally available to those without loads of money and special connections
And opportunity to take control and do more with their wealth creation activities in general
So we have a genuine use case, a team of 15 full time developers, a team with a massive reputation to protect, and a platform about to launch…
Not bad as far as the average crypto project goes
Q5: “Security is an important issue for a project because many cases of hacking have occurred. How about AuBit security? Has security been verified to be safe?”
Blockelite Host: It looks like you answered this question in part 1 😂
Graham Doggart – CEO & Co-founder of Aubit: Our ERC-20 smart contracts have been security audited and use robust frameworks that have already been tested signifcantly.
Yes, see the above on our Chief Security Advisor
and how we are working hard to ensure security is our number one priority.
Segment 3: Live questions
Q1: What are the ways that people can get rewarded by using Aubit’s products? How efficient in your staking feature?
Graham Doggart – CEO & Co-founder of Aubit: Every time someone uses and AuBitised product or service, 80% of the fees generated are put back into the ecosystem. This makes it possible for users to be rewards continuosly just for using the platform for their AuBitised portfolio.
In addition, holding FWT in your Freeway Account is the most effective way to maximise your rewards as it means you can access various rewards for staking and referrals but also access to the products that have the most performance potential. The AuBit Virtual Hedge Fund products distribute preferential performance gains to FWT native stakers (just holding FWT in your Freeway account with no lockups is how you natively stake).
We have calculated a great deal of utility can be generated as users manage their Freeway account in an optimum fashion.
Q2: In your website it says that AuBit may need just thousands of users to achieve what you call ‘critical network mass’ how is this possible, and what would be the results of this in the platform?
Graham Doggart – CEO & Co-founder of Aubit: AuBit requires trading volume to work. It is relative to trading volume. So just a few thousand users trading frequently is enough to make a huge benefit for users in the network. It doesn’t require millions like other network effect businesses. The biggest gains happen at the outset which is why we are rewarding users to come on now with the referral system.
Q3: What do you think is the future of digital collectibles and NFTs and how then does AUBIT plan to be at the forefront of this innovation?
Graham Doggart – CEO & Co-founder of Aubit: We do have roadmap items to utilise NFTs, both as AuBit defi held assets to borrow or lend against and AuBit Derivative products and services, and well as whole account NFT locks that make Freeway account transferable on other public blockchains.
Q4: You say the AuBit project is a bridge between traditional finance and decentralized finance. Well, can you give us some information about the features that link these two financial structures?
Graham Doggart – CEO & Co-founder of Aubit: For the crypto community we bridge access to real world assets and potential defi liquidity in traditional assets to enter crypto assets, for traditional investors and institutions we provide an institutional grade way to come into tokenisation of traditional assets plus a convenient way into the crypto space with the likes of AuBitised Bitcoin, at least a fund holding could always say they are generally beating the crypto market as the volume of Bitcoin is always growing.
There are many other ways we are bringing the two worlds together into a hybrid and better solution with the AuBit Network, either removing fees or redistributing them in beneficial ways for all parties involved.
Q5: If your team can be very successful in ensuring global accessibility, how will you gain global user access to products with AuBit network in more than 180 countries and what rights will you gain over these structures?
Graham Doggart – CEO & Co-founder of Aubit: We have begun this journey by carefully building out our first products as unregulated tokens, which means almost anyone can access them.
As we grow, we will build out regulated versions of these products that can be used in countries that do not allow unregulated tokens, as well as institutional grade product variants that any trraditional investor can get comfortable around.
The idea is to bring everyone together in the AuBit Network, segregate value where we need to from a regulatory and legal point of view, but combine the network effects for the benefit of all.
Thanks so much for having me everyone!
Don’t forget to join through Blockelite’s Freeway link: https://go.aubit.io/blockelite
Our AMA session is now over !!!
More information about Aubit