Thank you to the NanoNews Community for participating in Ask Me Anything (AMA) with Crypto Locally on September 18, 2020. This guest star Jae Chung, Co-Founder Crypto Locally. If you were unable to join the live AMA, no worries, here comes our 68th AMA recap!
We are glad to meet here:
Jae Chung, Co-Founder Crypto Locally
For taking your time out from busy schedule for the AMA!
Introduction Session
Q1: Can you introduce yourself to the community? What is your background and how did you join Crypto Locally?
I started coding when I was 13, and started working at a couple tech startups as a teenager. I met Hugo at a company called Jobable in Hong Kong, where we got to work on a blockchain project together. I was impressed by both the technology and community behind it, and I started contributing to the EOS community as a developer. I wrote open source scripts that helped start and peer nodes, and launch a network (Ghostbusters infrastructure standards). I found a vulnerability in EOS.IO that qualified for a bug bounty and wrote an automated testing suite for EOS system smart contracts (now integrated into Block.one’s codebase). I also helped launch the EOS mainnet along with a few other developers. Outside of starting HKEOS, I advised Lumeos and Uncloak, worked as a tech consultant, and started CryptoLocally with Hugo.
At CryptoLocally, I built most of the blockchain/backend side of the platform.
Q2: Can you briefly describe what is Crypto locally?
CryptoLocally is a non-custodial, smart contract escrow based P2P crypto trading platform and fiat gateway to DeFi. Our mission is to make crypto and DeFi accessible to everyone, regardless of their environment.
Q3. What are the major milestones Crypto Locally achieved so far & what are in future pipeline?
The platform has been online for almost a year now, we started with a marketplace for EOS.IO token exclusively and then added other chains like BEP-2, ERC-20 and TRC20.
CryptoLocally was built from the ground up from our team. We have a real platform with 15K+ users and it is still growing month to month.
We recently released our Finance Wallet, which provides a one-step fiat gateway to DeFi for everyone on CryptoLocally. The Finance Wallet will evolve into CryptoLocally Vaults (maximized yield cross-chain through smart contract investment algorithms). We are also building out a way for users to govern and manage the platform by voting with $GIV when we launch GIVernance.
The public sale is also coming soon, so please tune in for announcements related to the sale!
Twitter Session
Q1: Is this a platform for professional traders? What is the effect that ordinary investors who are not trading experts can feel from using the CryptoLocally platform?
CryptoLocally can be used on very different levels, from beginners to professional traders. For example, we see newbies buying small amounts of WAX to get into NFTs through PayPal payments or whales selling big amounts of BTC or ETH through local bank transfers.
A lot of our users also use CryptoLocally for arbitrage trading, buying and selling at different price levels. They even advertise their offers in their communities and become recognised OTC traders locally.
We are amazed by the creative ways our users use the service and can’t wait to see the next ones.
Q2: The DEFI space is very young and is changing rapidly. My question is, how flexible is CryptoLocally’s design and tools to adapt to changes in the DEFI crypto space?
CryptoLocally was designed to be blockchain agnostic since day one and we will continue to work in that direction to give the best experience to our users.
While $GIV is BEP-2 token, our product doesn’t rely entirely on Binance Chain, our smart contracts are deployed across multiple chains like ERC-20, TRC20 and EOS.IO.
We are also working on cross-chain and cross-asset communication to facilitate access to DeFi solutions by removing trading and swapping hurdles we witness today.
Regarding $GIV in particular, it is currently on BEP-2 (Binance Chain) but there may be 1:1 swaps to ERC-20 in the future.
host: Yes, it will make it easier for users to transact between protocols and currently many projects are also implementing it
Q3: Is CryptoLocally attention only on Peer-To-Peer (P2P) transactions? Is there nothing else CryptoLocally wants to develop? And is the CryptoLocally platform suitable for beginner crypto users or advanced crypto users?
We recently released a DeFi wallet on CryptoLocally, you can earn interest on GIV, ETH, DAI, USDT and USDC directly on our platform. Our aim is to create the easiest and most accessible fiat gateway to DeFi and its tools for everyone, we want to empower all people with the tools to take control of their financial future.
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.
Q4: What happens if in the Peer-to-Peer FIAT transaction the seller cancels the sale after the buyer makes the payment? How do you protect those funds?
After a seller has funded the escrow, he can’t cancel a transaction. His only option is to open a dispute.
In case of dispute between the two parties, 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.
Q5. For each exchange, the factors that attract more users are: low transaction fees, high levels of security, and ease of operation. Can Crypto Locally ensure these requirements for users?
Yes of course.
Transaction fees: The fees are the same for all currencies available on the platform, users who buy crypto, on CryptoLocally, are charged a 0.99% commission fee for every completed trade + the cost of the transaction fee.
High levels of security: 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 and released only when the seller confirms the payment reception. CryptoLocally doesn’t hold custody of users funds.
Ease of operation: CryptoLocally is extremely easy to use. Trading on CryptoLocally takes just five simple steps to complete:
- Open Trade
- Agree on Terms
- Fund the escrow
- Pay
- Release the Escrow
Learn more by reading our guide here: https://cryptolocally.com/en/eth/how-to
Live AMA
Q1. Despite the recent DEFI hype, current adoption and user engagement in DeFi is only 1% of crypto users. How are CryptoLocally planning to raise the overall level of DeFi adoption?
Well said. Even DeFi will not get very far without mass adoption. At this point, DeFi is barely in the early adopters stage on the technology adoption curve — it’s just a group of tech savvy blockchain enthusiasts.
There is one key component missing in DeFi that is blocking mass adoption. We must provide easy, simple, and inclusive access for everyone. This is where CryptoLocally comes in. CryptoLocally bridges the gap between the ordinary person and the world of DeFi.
Q2. What geographic markets is CryptoLocally focused on, since the banking system in different countries can be very different?
There are over 2.5bn people in the world that have absolutely no access to financial services.
A lot of these people are undocumented, and can’t KYC even if they wanted to.
And to most people living in developing countries, it’s extremely hard to get set up to buy and sell crypto. We’re trying to make crypto and DeFi accessible to those that don’t have the means to access it otherwise.
Q3. Truly, you’ve done AMA in many telegram groups, so what next, what other way will you make your project more popular?
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… We will create special campaigns/promotions and partnerships to reach people in these locations.
Q4. As we know, every succesful project has a few stories behind the scene, what’s the story behind your project success? Are there any special prototypes or upcoming updates that you want to show/share with us?
There are a few features that we are very excited to launch in the coming months:
First, CryptoLocally Vaults (CLVs) which are non-custodial, smart contract based algorithms deployed across multiple chains. Behind a clean user interface, 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.
You can find the detailed roadmap on our white paper: https://cryptolocally.com/en/blog/giv-whitepaper
Q5. Actually NANO CHATROOM is Indonesian Community, CAN we deposit with Indonesian FIAT?? (Ex: IDRT,BIDR)
You can trade with Indonesian Rupiah on CryptoLocally. In fact, you can go to the “Buy” page on CryptoLocally right now and start looking for trades that support the Indonesian Rupiah immediately. There are a few offers already! 🙂 Since CryptoLocally is non-custodial, you never have to deposit your money at any time. During the trade, you will pay the seller directly using a local payment method that you agreed on.
Thank you for having me here guys! We have a lot of exciting announcements coming on investments, partnerships, as well as the public sale. Please join our community and tune in here:
Telegram chat: https://t.me/cryptolocally
Telegram announcements: https://t.me/givannouncements
Twitter: https://twitter.com/cryptolocally
Thank you for trusting NanoNews as the organizer of the event today, hopefully everyone can understand about Crypto Locally
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