SingularityDAO AMA Recap

03 Sep 202013:08

AMA

SingularityDAO AMA Recap

Myko (CryptoDiffer)

Hello, everyone!😁

We are glad to meet here:

Iris, Head of Content Operations
Blake, Head of International Business Development

Blake

Hello everyone

Sunny

Hello everyone

Myko (CryptoDiffer)

Welcome here!
Hello!!

Blake

Glad to be here. We're from DeCus....the renBTC killer lol

Myko (CryptoDiffer)

thank you both for taking your time today!
sounds good ahah

Blake

Glad to be here

Sunny

Happy to meet you guys and have the chance to introduce DeCus

Blake

So, lets get started ;)

Myko (CryptoDiffer)

okie)
Q1: Can you introduce yourself to our community?

Blake

OK, sure. I'm Blake, head of International Business Development for DeCus
And Iris is head of Content Operations

Sunny

We are from the marketing team of DeCus.io We're from DeCus, which stands for Decentralized Custody....what we do is tokenized cross-chain BTC on ETH, basically like renBTC except much lower collateralization rates...I'm talking super low...and more decentralization I assume everyone is familiar with tokenized BTC. Basically BTC ported into ETH or other chains so that BTC can access DeFi applications. We are led by a team of top scholars who have designed an algorithm that allows for much lower collateralization rates. If you're holding BTC, you miss out on all the juicy farming yields in ETH and on other chains. DeCus lets you take your BTC and port it into Ethereum and start farming or whatever you want

Myko (CryptoDiffer)

actually it was a nice introductory part, i guess you just gradually moved to our next question which is
Q2: Can you introduce DeCus to us?

Blake

lol yes...kinda already started into that

Myko (CryptoDiffer)

so you can continue answering, we have lots of time

Blake

ok.
well, i guess the other main things to note about DeCus is that our team is that we already secured major funding from top players, we have completed two rounds testing and the whole platform will go live in July!

here are some of the strong players we have backing us
we understand that there are some similar tokenized BTC out there in the market already, but many of them are centralized and pose serious risks, or have very high collateralization rates compared to Decus

Our tokenized bitcoin, which is called eBTC, is better in terms of low collateralization and more decentralization
so, that's why i say we are the renBTC killer lol

Sunny

lol a game changer

Blake

So, if any of you are holding BTC and wondering when you can start using it to get in on those fat ETH DeFI returns, now you can...with eBTC

Sunny

And we have a solid relationship with in bitcoin miners in China. They are all set to support us to accomplish the bootstrap our system.

Blake

Yes, that's true.....a solid network of Bitcoin miners backing us

Myko (CryptoDiffer)

sounds like a good ally)
well
thanks for a nice explanation!
we have one last question before moving to community part

Blake

ok sure
lets have it

Sunny

I'm ready to answer this one😁

Myko (CryptoDiffer)

let's talk a bit about previous and future goals
Q3: Let`s now talk about the milestones you have achieved so far and about your upcoming plans?

Sunny

Our team was gathered in December last year, and since then we’ve been working together on this project.

Blake

There she is....out of traffic

Sunny

After a 5-month development, we managed to accomplish some goals settled at the beginning.
Our second round of funding is going to close soon, and so far we have received the strong support from reputable blockchain venture, DeFi protocols and KOLs as Blake have mentioned above.
On the technical side, we held two rounds of Keeper Auction test and the code of this module has been optimized. The custody system has also been developed and it’s currently in closed beta. We expect to conduct public test on the test network in the following week.
And in the same period, the marketing team of DeCus is building brand awareness and is out there pounding the pavement doing lots of AMA sessions to introduce DeCus and eBTC.
In the next few months, product development is still our top priority. We hope the system can be secure, so we plan to invite some white hat communities to test our vulnerabilities. Other than that, we will be building relationships with key platforms and DeFi protocols that can integrate eBTC.

Blake

Yes, that is key for eBTC. If there are any projects out there right now that would like to intergrate eBTC into their platforms, you can contact us to discuss it...or if you know a platform that you think would be a good fit, perhaps one that is just currently being developed....feel free to contact me/us

Sunny

Let's rock an roll.

Myko (CryptoDiffer)

woah!
thank you for such detailed and valuable answers!

Blake

how many questions do we need to answer?

Myko (CryptoDiffer)

as much as you wish

Blake

wow. so many questions
ok lets take a look

Sunny

You guys are energetic

Cryptodiffer Community

Every great project comes with partnership. So I’d like to ask; who are the various partners of Decus and what services do they provide? Also, how do you ensure that the eBTC is backed 1:1 with the real BTC?

Blake

Good question here. Someone is asking how we ensure that all eBTC is backed 1 to 1 with real BTC. That is an important point.....let me explain the process for minting eBTC from native BTC

Cryptodiffer Community

Could you walk us through the process of converting BTC to eBTC and vice versa? will fees be paid? if yes, how cheap and affordable will it be and how would the collected fees be allocated?

Regarding your DCS token, what role does it play? What power within the model does it offer it holders?

Sunny

One user who wants to mint eBTC should first submit a request to the smart contract on Ethereum network and then get a multi-sig BTC address of a designated keepers group. After depositing a certain amount BTC to that multi-sig address and submitting the proof of deposit, the corresponding amount of eBTC will be sent to the user’s ETH address. The following picture demonstrates the whole process
lol we choose the similar questions

Blake

lol yes
I guess we both found that part to be important

Cryptodiffer Community

Could you talk about the partnerships and projects backing Decus at the moment? What projects are you working hand in hand with

Blake

Of course partnerships are very important, in addition to the partnerships I shared in the chart earlier...I can say now that we are in close discussions with Curve and AAVE about adopting our eBTC on their platforms
That will be HUGE

Cryptodiffer Community

1. Can you tell us more about DeCus Dutch Auction, why it was launched and how it actually works?

2. I read that Keepers stand to earn alot on DeCus, could you tell us the requirements of becoming a keeper, the responsibilities and the benefits that comes with it?

Sunny

The stable operation of system relays on Keeper Network. If the number of Keepers is too small, the whole system will become insecure. So we need an efficient and fair way to initiate a bootstrap process of the Keeper Network. Under current circumstances, Ductch Auction seems to be the best way because it is permission-less and transparent. For detailed information ,you can refer to this : https://docs.decus.io/mechanism

Cryptodiffer Community

Are you a global and completely Decentralized project? How can we sure that there is no chance of Centralization in future?

Blake

I know people are concerned about the security of the platform. I can assure you that the algorithm behind the platform is based on the work of a team of PhDs. I am not a PhD myself so it's hard for me to explain it, but I can provide a detailed explanation for the math nerds out there

Cryptodiffer Community

While looking over your team information ,Why did you choose to remain anonymous ? do you have any plan for going public

Sunny

We do not keep anonymous. Blake showed the information of our core team members at the beginning of this AMA

Blake

Yes, I think the person who asked that question abotu our team being anonymous wasnt really paying attention. Our core team is made up of top PhD scholars and all are public

Cryptodiffer Community

Security & User Interface are the Most Important Aspect that Users see on a platform. How has Your Project worked on this? Is Platform suitable for Newbies in the crypto world?

Sunny

We are trying to simplify the minting and redeeming process to make our system more accessible.

Cryptodiffer Community

Could you tell us about the security measures of DeCus? how do they ensure that the backing of our eBTC are not lost and become worthless?

Sunny

DeCus is a decentralized system. You can swap your native bitcoin asset back at any time.

Cryptodiffer Community

What is the vision and mission of your project ? What problems are you trying to solve? Do these problems remain unsolved with the existing public blockchains?

Blake

I think our mission is to bring more BTC into the DeFi space, because right now only about 1% of total BTC has been tokenized and brought into the DeFi space. That means billions of dollars locked away without access to DeFi. We want to facilitate that move
ok, guys. I think that's probably enough for now

Myko (CryptoDiffer)

Thank you for all the answers! thank you for your time today Blake and Iris!

Blake

Thank you for hosing, everyone

Myko (CryptoDiffer)

Thanks everyone who took part)

Sunny

Thanks for your time