Thank you to the NanoNews Community for participating in Ask Me Anything (AMA) with PlatON on July 17, 2020. This guest star Kai Yu Head of Community at PlatON. If you were unable to join the live AMA, no worries, here comes our 31th AMA recap!
We are glad to meet here
Dylan Dewdney, CO-Founder at BTW.com
For taking your time out from busy schedule for the AMA!
D: And my pleasure to do so; everyone’s time is valuable, so I appreciate everyone’s attention here too
Q1: Can you introduce yourself to the community? What is your background and how did you join BTW Exchange?
Yeah, absolutely. I have been into crypto for a little while, learned about Bitcoin in late 2010, and then have been pretty headlong into it since late 2011. I taught myself to mine.
I got involved with communities, and I was doing this stuff when everyone thought it was stupid and/or crazy and or didn’t understand it
you had to sort of be courageous then to do it, then I got involved in Toronto community and introduced to Ethereum team at an early point and was part of Ethereum ICO
I started out as a pretty ‘regular guy’ though. I mostly worked at restaurants after leaving academia, I’ve always been sort of counter-culture, and I’ve never accepted the way the world is is the way it should be
we can always improve. I recognized blockchain pretty early on as a basic foundational improvement to the world because it allows the transmission of value in addition to the transmission of information (internet)
if we all accepted what the world we got, we’d still be living in caves
and we’d still have kings and slaves and no glasses, or cars, or telephones, i got into btw because I felt that an exchange was the way to make the biggest impact in crypto
Because it’s still the way that everyone starts in crypto usually and also the major way that anyone takes part in crypto. the first use case of crypto is money and currencies and value, so it makes sense that exchanges woudl be the first major use case driver
F: Yes I agree with your statement about it and how your attitude about DeFi is becoming a hype now? And defi projects are popping up very much at the moment
I was interviewed last weekend, and I said that people need to be somewhat careful about defi
because it looks like ICO in 2017 sort of there’s nothing wrong, of course, with being speculative, but it’s very difficult to be a consistently good trader
for example, they perform functions that a bank would, but they do it globally and in a decentralized way and you retain custody, earning interest etc
many exchanges have essentially tried to prefigure this by staking + interest, and that’s smart – more or less performs a similar function
if you can get 1-4% interest when banks around the world have negative % why would you not? banks are sort of screwed at this point and the world financial system is sort of screwed. it’s in the hospital bed, but we are acting like it’s taking a nap
Q2 : Can you explain briefly about BTW Exchange?
Our exchange is different not because of our features (though we are making sure we have the same or better features for our users than any other exchange)
it is better because of our principles. We are unafraid of the political aspect of crypto and challenging the morality of traditional finance
oru mission is this, and the mission means that that even if our exchange fails, we still win if other exchanges succeed: accelrate the world’s transition to a crypto economy
that said, we want to win in the sense that we think we have a vision that will accelerate that transition better than other teams, we want to grow with young people – 18, 19, 20 year olds and get them in control of their resources and value.
we believe that the point of a centralized exchange is to provide added value, otherwise just use a dex, banking yourself is a great thiing, but it misses the communal aspect of value transfer.
this is why we still have all sorts of structures around finance, that are social
we want to create a value community committed to the moral mission of crypto and have fun doing it!
Q3 : what makes investors, customers, and user feel safe when working with BTW Exchange?
we utilize industry standard practices when it comes to safety and security. 98% multi-sig cold storage for custody. latest encryption standards etc. on an individual level, mandatory 2FA for withdrawal insurance fund
for trading, we have awesome depth and liquidity and zero lag and then long term vision we have pretty awesome tokenomics coming with our platform token. that are cooler than any other exchange i promise you
i’m not necessily supposed to talk about it, but I don’t care lol. just know that this is planned and not final form
ok, so we innovated a couple really cool features with the upcoming platform token, why would anyone come to our exchnange we thought? when there are so many?
we decided that the fairest way to do a platform token while still driving growth and rewarding the community members that believed in us first was to reward them simply for trading. so the idea is in the beginning. no IEO. you can only get it by trading on the platform.
in month one we do a ratio of 1:1, so that if you trade $1000 USDT worth of any trade pair, you get, in real time, air dropped to your exchnage account, 1000 BTW Token
month two we have at 80% and so on and of course the platform token will have provable utlility, driing rebates and staking interest etc
so, essentially, you are getting paid to trade if you join early and you can accrue amazing rebate levels for zero cost no need to buy BNB or other exchange tokens to get rebates, just the cost of trading, really which you would do anyway
the second cool part of the tokenomics we engineered is matched sale burns (MSBs)
so if you sell BTW Token to the exchange over anywhere else we will burn 80%, which applies downward pressure to dumping after the T2A program is finished yet at the same time applies upward ddeflationary pressure to price and also drives traffic to our exchange
as, of course, it makes sense to sell here than anywhere else for the platform token because it would raise value theoretically
there are a bunch of other things too, but these are the major ones I wanted to talk about. ok, will do. we can’t publish anything yet, but i can talk about what we are talking about
Q4: How much secured is our coin on BTW Exchange? What is plan if BTW Exchange got hacked?
i think I already addressed the first part of the q above. the second part i will address though.
assuming you mean like back-end control of something, custody is multi-sig cold wallet. you’d need a very sophisticated social hack or something and you’d need to fool several people in close succession, across the world.
as well as somehow get control and access to back end which woudl be really really tough, people sort of have a very skewed understanding of hacks and exchanges
where – this is so so crazy and insane – the founders actually had personal access to funds and often sole access
we don’t have access to anyone’s funds in the sense of control, etc.
Q5 : What is BTW Exchange plan for today and in the future?
I think I’ve already addressed that above, but in general terms, we want to apply presure on the reason why people get into crypto beyond just money
we want to make clear that there’s a philosophical reason for getting into crypto the same way as getting an electric car and we also want to engineer the best experience in doing so, like tesla i guess too
Q1: Many exchanges have poor customer service support. How’s the situation with BTW? How knowledgeable and readily available is your support?
we use a ticket system and zen desk, i’d say we are pretty responsive
it’s important to make sure that that is covered off no doubt
Q2: Can you tell us, For Using BTW Platform like, Trading, Deposit/withdrawal, Is KYC Required for using services? & Also, What are the benefits of doing KYC on BTW EXCHANGE Trading Platform?
we are not a north american regulated exchange, so KYC is not as much of an issue as perhaps other exchanges. we follow all jurisdictional rules re: compliance and KYC standards etc.
KYC has some social/moral benefits in the sense that it can be used as a way to deter bad actors, but more often than not, it is a way to ensure the state is able to surveil what you do no offense to states or have the ability to.
it’s a balance is my answer, hopefully identity can be solved a bit better than ID cards in the future
Q3: The biggest barrier for crypto exchanges today is regulations and legislation. So are your regulatory compliance and how do you seek to achieve Global Adoption when there are many brokers there?
yes, we are compliant. and i have addressed second part above.
Q4: Most common problem in exchanges is security and lack of speed. How will you offer users a STABLE , SECURE & FAST base from BTW exchange?
we great liquidity depth and basically no lag time with matching engine and addressed security aspects already, more or less
Q5: Does BTW offer educational resources to beginning traders? Is BTW user friendly with beginners or does it only focus on professionals traders?
it’s super easy to use for professionals and beginners alike. I think if you can handle facebook, you can handle btw.com
re: educational resources, for sure. there are screen caps out there of opening an account, etc. as well as our btw research arm has tons of great insights i think
The CORONA pandemic is something we can not ignore at the moment as its affected many people and companies included, as a company that is running a Global Business. How is BTW dealing with this problem? what is the use of BTW tokens beyond the BTWecosystem?
OK, well, we are not a biomedical company, so we are not dealing with this problem at all directly.
however, we have written on this from the global macros perspective. https://medium.com/btw-blog/will-historic-2-6-t-usd-stimulus-create-a-historic-growth-era-for-crypto-assets-e2a08109981c
my personal expectation is that corona will only get worse as will the world and most of the institutions we have will fail
corona is going to be the least of the world’s problems in 10 years, fires and floods are going to be much worse problems
most of the world’s population is coastal and most of the world’s coastal plains are flooding
fires are more ubiquitous and weather is more extreme. at the same time, we see the decline of western liberalism and democracy
and a descent toward strongman politics and tribalism – extreme points of view that are usually stoked by state actors as bots on social media, so the world is going to get really really ugly, most people will have a hard time thinking critically about it because they often won’t trust information and they will just appeal to power or the will to it.
in the midst of this, it’s important to have a clear line of thinking about what we all agree on and what’s truly important
access to resources, safety, security. corona hopefully will help us get stronger as we face all these upcoming challenges in the decades to come
the second part of the question was the use of BTW Tokens beyond the ecosystem. Speculation is really the only answer at the moment – Of course, it’d be great to get end-point adoption, but that’s a little brazen. Ze merchants accepting BTW Token.
Developers can choose any blockchains for creating DApps. How can you attract them to choose BTW for their DApp? What are the benefits of BTW over the other blockchains?
I think you misunderstand what BTW is, (and hopefully not what blockchains are) BTW is an exchange. It will employ a platform token soon. that platform token will most likely first be built using ERC-20 (ethereum) standard of the ethereum blockchain.
developers can choose any BC to build a dapp that’s true. their choice usually hinges on the advantage of them doing so. There aren’t for example, that many developers actually working on bitcoin, bc there’s not a lot to work on
ethereum changed all that with a turing complete programming language integrated with the BC they built
overwhelmingly, developer activity is happening on ethereum
bc it’s easy, and there’s a lot of stuff going on in that ecosystem and tons of support and fellow developers
other blockchains have other advantages over ethereum, to be sure, but they do not yet have the momentum that eth has
in terms of dev awareness and mass
Can you give me 1-3 killer features about BTW to convince me and other big traders to trade in BTW?
yeah, our upcoming T2A program expounded on above as well as our Matched Sale Burns. If you want to quickly build up the cheapest fastest way to trade, then definitely start trading as soon as we open the platform token and T2A program since large traders will be able to accrue super high tier staking rebate benefits.
How do you plan to show the world that your product is not just useless blockchain solution to a non-existing problem?
haha love this. well, it’s not really a blockchain solution at all in the sense that it is a centralized exchange. The problem is getting crypto. and that’s been proved over as a real problem since 2009.
How do you decide which currency to list in BTW? Do you do your own preliminary research? How do you ensure that the currency is not scam?
We vet out projects very comprehensively. In addition, as a young exchange, we are pretty strategic about the projects with which we get involved. so we want to find undervalued projects that have great communities that we can grow with.
How do you compete to attract traders to BTW exchange with major exchange that provide many features such as Bittrex, Huobi, Binance?
I think we compete by offering a reason beyond just money for why you should trade on our exchange and get into crypto: to help, one trade at a time, to create a fair, more equal world.
we do a lot of fun little easter eggs and giveaways on our twitter so check that out too
Telegram Group: https://t.me/btw_com
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