Thank you to everyone who joined AMA Blockelite x CryptoLocally ($GIV) on 24th September 2020 at 11:30 AM UTC I 18:30 PM UTC+7. Here is the recap for those who missed this AMA.
Hello fellow Eliters and welcome to another Blockelite AMA Series
Our special guest today is Hugo Campanella — Co-Founder of CryptoLocally @hgkam
How are you feel today?
Hi again everyone
Excited to be here
Host: So great!
We will enter Segment 1 right now !!!
Can you briefly introduce yourself as well as the CryptoLocally project? @hgkam
I’ve been working in tech teams since 8 years now, started my professional life at UBS and AXA, then left the corporate world for an online gaming company in Berlin, helped startups as a UI/UX consultant in Paris and finally moved to Hong Kong where I leaded product teams for a couple years. This is where I met Jae (co-founder) and we decided to start a business together. We started a block producer team (hkeos.com) on the EOS blockchain and built bloks.io; now the most used block explorer for EOS.IO chains. We then started CryptoLocally together.
About the company:
CryptoLocally is creating the easiest and most accessible fiat gateway to DeFi and its tools for everyone. Our goal is to empower all people with the tools to take control of their financial future.
By eliminating the middleman, CryptoLocally enables people to bypass the onerous fees, interest rates, and other restrictions traditional financial institutions impose.
CryptoLocally is already a trusted provider of a peer-to-peer (P2P) digital asset marketplace with no middle-man; it offers out-of-band payment methods and a revolutionary smart contract escrow.
People can meet in person, send a bank transfer, or use KakaoPay, AliPay, WeChat Pay, Venmo and more — all in a currency the buyer and the seller decide to use. All the while, their digital assets will be secured in an escrow that is safer than a traditional bank account.
Great, thank you @hgkam for your introduction, our pleasure to have you join us today
Are you ready for 5 best questions from twitter? @hgkam
Mr. Hugo: Yes, ready
Okay, our guest is ready, we will start Segment 2 right now !!!
Segment 2, Q1: What is the difference between CryptoLocally compared to traditional escrow systems? from @nhitran83149300
We have a couple significant differences;
CryptoLocally is non-Custodial, we upgraded traditional escrow systems (used on other P2P platforms) by using smart contracts. This feature completely removes the third party from a trade while keeping a tight security layer throughout the trading process.
No KYC needed to trade P2P or use our DeFi wallet, you can create an account with an email plus password and start trading right away.
High privacy as we don’t ask for any personal information.
Large range of altcoins listed, we all know how much hassle it is to go from FIAT to a specific altcoin, we are removing those hurdles and making it a one step process.
We are now supporting ERC20, BEP2, TRC20 and EOS.IO tokens and the list will keep growing.
Same process for our DeFi wallet, you can deposit or buy on USDT on CryptoLocally for example and start earning interest in one click.
Thank you for your answers.
No KYC, high privacy, and support for many blockchain platforms, your project is amazing and worth looking forward to.
Mr. Hugo: You got it
Host: We will continue to the next question,
This question certainly a lot of people are interested
Segment 2, Q2: Can I invite any new user to register under my link and transact on Cryptolocally? What reward can I get? From @thienlong77
We do have a referral program, with which you can earn 10% of CryptoLocally’s fee for every successful trade your referrals make, and earn 20% of CryptoLocally’s fee if the seller and buyer of a successful trade have signed up with your referral code. On top of that, you will also earn 1% in GIV of the value (in USD) of each successful trade your referrals make! Example: When someone you referred successfully trades 1,000USDT, you will then earn 10GIV.
Once you’ve signed up and you are logged in on Cryptolocally, on this page: https://cryptolocally.com/en/earn you can find your referral link, monitor how many users have signed up with your referral code, how many referred trades have been completed, the total referred trade volume per crypto and the total referrals’ revenue that you can claim.
You can transfer your referral earnings whenever you want and instantly to your personal wallet.
Host: Sounds great! There are many benefits for inviting new users to use Cryptolocally
Segment 2, Q3: Is Cryptolocally’s sale of public tokens limited to audience? And when is time? from @danhtc1107
Our Public token sale will not be restricted to our current user-base nor specific locations, I can’t disclose too much information about it but pretty much everyone will be able to participate, at the condition to follow our announcements and be fast of course 🙂
Join our announcements channel to stay informed about it: https://t.me/givannouncements
Host: Great, we will continue Q4 of segment 2
Segment 2, Q4: What’s an escrow? Are my cryptos safe? What payment methods are supported? From @nambeo95
Great question 🙂
Traditionally, an escrow is designed to protect both the buyer and seller. By having a third party hold an object of value during a transaction. You can find more details in one of our blog posts about escrows: https://cryptolocally.com/en/blog/whats-an-escrow
At CryptoLocally we upgraded traditional escrow systems (used on other P2P platforms) by using smart contracts. This feature completely removes the third party from a trade while keeping a tight security layer throughout the trading process. Smart contract escrows enable users to trade among themselves without having to deposit their funds on an exchange wallet. The assets are directly sent to the smart contract address. Essentially, even a successful “hack” of CryptoLocally would not be able to steal traders’ funds.
Regarding payment methods, we already support over 30 payment methods around the world. These include local payment methods like WeChat Pay (China), KakaoPay (Korea), ChipperCash (Africa), PayPal (Global), etc. Gift cards just got listed as a payment method too!
Host: People, please take 1 minute to read the answer.
Mr. Hugo: Yes, very important part
Host: Ok, last question for segment 2
Segment 2, Q5: How is the listing process in CryptoLocally Exchange and how do you choose projects to be listed? From @JeffereyBins
Until now we have taken community suggestions and decided new listings internally. To go even further down this road we are currently working on GIVernance; GIV will evolve to be a governance token on the platform, offering a truly decentralized solution. Voting rights will offer GIV holders the ability to control the level of inflation, interest and free float (by way of token burns), vote on CLV strategies and finally vote for new listings on CryptoLocally.
Host: You are awesome, thanks for answer all 5 best questions from twitter of my community.
The last segment for AMA today, Mr. Hugo will select 5 best questions from the community
1. How cryptolocally deals with dispute between the two parties? What response time does the support service have and how long does it take to solve the problems? Is the team available 24/7?
In case of disputes or issues between users, both parties have the possibility to report bad behaviour or ask for help while opening a dispute. For example, if the buyer doesn’t pay or the seller doesn’t want to release the escrow，each of them can easily open a dispute by clicking on the button “Open dispute”. In this case, the smart contract (Escrow) will be locked automatically and our support team will promptly contact each party to obtain evidence to substantiate the claim. After reviewing each side’s evidence, the support team will release the escrow if the payment has indeed been made. If the payment hasn’t been made, the funds will be returned to the seller.
And yes we have agents in different timezones that are very reactive.
2. The marketing strategy is very important. How did Crypto Locally get better known? I see, it seems that the Binance dex has fewer users than the ERC20 dex.
The marketing team is working very hard to promote CryptoLocally. We are looking to invest more into branding, PR, social media and influencers to keep traction growing on the platform. We also want to release more educational content via news articles, guides, review videos made by youtubers etc.
Lastly, we want to expand our community and focus on new locations like Indonesia, Vietnam, Ghana, Argentina, Venezuela and more We will create special campaigns/promotions and partnerships to reach people in these locations.
Regarding the DEX question, $GIV it is currently on BEP-2 (Binance Chain) but there may be 1:1 swaps to ERC-20 in the future.
3. I have read that CryptoLocally depends, plans to depend heavily on Staking, could you tell us what is required for a user to be able to stake? up to how much% could it generate annually?
Our Finance Wallet lets you earn interest on cryptocurrencies like ETH, DAI, GIV, and USDC in the easiest and fastest way possible, right from the CryptoLocally platform!
No need to install or use any third party software, simply:
– Signup on CryptoLocally
– Set up your Finance Wallet by creating a password
– Deposit your Crypto
– Toggle on the “Earn Interest” button.
And that’s it, you are passively earning interest on your cryptocurrency.
There is no minimum lockup period and you can stop whenever you want by toggling the button to “Off”. That’s all you need to do to start/stop earning interest on your cryptocurrencies.
4. Why is the core of the GIV Protocol the GIV token? What is the role of GIV in the GIV ecosystem?
Right now you can earn $GIV while trading on CryptoLocally, after each trade, both users are awarded GIV based on the traded amount.
You can also earn interest on your $GIV holdings directly on the DeFi wallet.
There’s a couple more cool features like boosting your offers or buy fees rebates with your $GIV.
On top of this we are currently building two major DeFi features around $GIV;
First, CryptoLocally Vaults (CLVs) which are non-custodial, smart contract based algorithms deployed across multiple chains. The CLVs will work in the background and apply strategies that optimize yield for users that invest into the vault pools.
This will allow users to earn maximum yield on their crypto assets across all chains, all in one place, with the click of a button.
The second one is GIVernance; GIV will evolve to be a governance token on the platform, offering a truly decentralized solution. Voting rights will offer GIV holders the ability to control the level of inflation, interest and free float (by way of token burns), vote on CLV strategies and finally vote for new listings on CryptoLocally.
5. What are your plans on GLOBAL EXPANSION? We need more communities to the project.!!!
CryptoLocally is global. Anybody from around the world can trade cryptos in their local fiat currency and start earning interest through the Finance Wallet. When you browse trade offers on CryptoLocally, you will see offers from all the countries you can think of. In this way, we make crypto and DeFi accessible to everyone globally.
We are very attentive to the community feedback and suggestions. This gives us a constant flow of information to keep improving the experience on the platform.
This is also why we decided to be more decentralised though GIVernance.
I have very limited time today unfortunatly, we are doing a whitelist event for our token sale: https://medium.com/@cryptolocally/apply-to-the-giv-public-sale-whitelist-b6cb4aad453b
Don’t forget to join our channels 🙂
Thank you all for the great questions!
Host: Great! Thank you for joining today AMA! It was awesome! @hgkam
Mr. Hugo: My pleasure
See you soon and stay safe everyone
Our AMA session is now over !!!