Bitberry AMA Recap

03 Sep 202023:08

AMA

Bitberry AMA Recap

Cryptodiffer Team

Hello, everyone!

We are glad to meet here:
Ryu - Ceo of Bitberry
@BitberryRyu

Cryptodiffer Team

Our team has prepared 3 questions for you to start with!
Q1: Can you introduce yourself to our community?

Ryu

Im Ryu, CEO of Monstercube & Bitberry. I've been working as entrepreneur from 1999 to launch and exit many startups.I have successfully run several game companies and IT companies, and have various entrepreneurial experiences in Korea.

From the mid-2010s, SKtelecom, Korea's largest telecommunications company, issued coupons and transferred the development and operation of Syrup Wallet, an advertisement application, to Monstercube, which is now the company, for successful operation.

In order to incorporate crypto using SKtelecom's user base, Syrup is being rebranded and operated under the name Soda Play. Soda is a coin currently listed on Bithumb Korea. And I acquired Bitberry Wallet from Upbit in 2020 for Soda's offline payments, asset management, and custody.
https://www.coindeskkorea.com/news/ama_articleView.html?idxno=70411

I think the future of finance will be in Defi, but there are still many users who have difficulty using it due to lack of infrastructure. So, Bitberry Finance was born together for the growth of Cefi and Defi.

Bitberry Dex, which is scheduled to be launched, is the first DEX to be opened in Korea. In order to solve various regulations, tax issues, and KYC issues that are scheduled in the future, most users in Korea are expected to flow into Bitberry DEX.

Cryptodiffer Team

Very good , thank you for prompt reply!

Q2: Can you briefly tell us what is Bitberry in 3-5 sentences?

Ryu

Bitberry

From 2016
Cefi + Defi
Korean first DEX
Based in largest korean crypto wallet & payment company

Cryptodiffer Team

We have the last question to ask before we open the chat for the community

Q3: Let`s now talk about the milestones you have achieved so far and about your upcoming plans?

Ryu

Launching Bitberry finance
Ongoing yield farming

Upcoming
Certik, quantstamp audit
Launching Bitberry DEX
Launching yield farming of BBS
Major Cex listing

Cryptodiffer Team

Great plans! a lot to be done!
Thank you for such detailed and interesting answers!

Cryptodiffer Community

How many BBR mining methods are there at the moment, can you tell us about them and will you add more methods in the future?

Ryu

There are three Farming pools at the moment
- fBBR
- BBR-ETH LP
- fBBR-BBR LP

We are considering pool with stable coin and more valuable tokens in the future.

Cryptodiffer Community

Bitberry is known as the most promising wallet service project when the Korean blockchain was first introduced. I am curious about the purpose of Bitberryâ€™s DeFi project this year and the direction of K DeFi.

Ryu

With korean new regulation, no DEX in korean market. And almost no Defi in korean market. Bitberry want to work as pioneer

Cryptodiffer Community

There are 3 kinds of Bitberry farm; the Liquidity Farming, Bitberry Smart Farm and Multiple Farm. What are the difference of these 3 products and which is the most profitable one?

Ryu

Different purpose

Liquidity farming is base
Multi ll be used by community, group
Smart ll be used by ppl who are unfamilar of Defi

Cryptodiffer Community

Bitberry uses RootOne to efficiently manage digital currency with integrated wallet and banking services. Looking at the scope of your Supported coins/tokens; BTC, ETH and ERC 20 token. Is there a future plan to support other nodes like TRC 20? What benefits will I get as an investor on Bitberry?

Ryu

Sure it ll be provided

Cryptodiffer Community

In your medium I read people should own BBR Token for equivalent 10000 USDT to possible participate at Bitberry Smart Farm and BBS ( Bitberry Season 2 ), can you describe what are the different between BBS and Bitberry Smart Farm? Can you explain why is it worth it to invest 10.000 USDT and what the benefit that user will get?

Ryu

- Bitberry Smart Farm consists concept of proxy farming, which includes referral code under smart contract that will provide users with additional rewards through gathering sub-farmers or inviting others to join.
Bitberry Smart Farm with the concept of proxy farming in the future, lower-level farmers can be hired only by depositing BBR. The users need to hold certain amount of BBR in order to earn commission from sub farmers as additional bonuses, which can lead to bigger rewards in the future.

- In the tentatively named BBS (Bitberry Season 2), LP supply using BBR would accelerate the farming up to 1.5 ~3 times faster than regular farming. therefore, holding a certain amount of BBR at all times will be a way to secure the rewards from Bitberry Smart Farm and Bitberry Season 2. The users should own a BBR equivalent to at least 10,000 USDT in order to gain an edge in the proxy farming conducted at Bitberry Smart farm.

Cryptodiffer Community

Smart Farm is a term I am seeing for the first time. How does it differ from the Farm we all know? How does this reference code work that you say is included in the smart contract?

Ryu

Yes that is easy way to farming to ppl who are not familar to Defi. Easy to use

Cryptodiffer Community

I heard you plan to combine Cefi with Defi. In your opinion, what benefits will this incorporate for Bitberry Finance and what are the difficulties you have encountered while combining cefi with Defi?

Ryu

the most important thing is

1. Helps people who are difficult to use to use easily. Cefi greatly reduces the difficulty for Defi.

2. It also performs security insurance. Many defi projects have rugpool-like problems. The Bitberry platform is ready for it. The problem with DeFi is that no one wants to take responsibility for security, but Bitberry takes responsibility for security.

3. Cefi promotes safe and easy use while avoiding regulations and kyc risk, which are the advantages of Defi.

Not good factor is commission fee(2~5%)

Cryptodiffer Community

What does we earn for farming $BBS and where can we farm?

DO WE HAVE TO PAY FEES, and is there any Incentives?

Ryu

BBR will be used for farming BBS.

It ll be launched in march
In centralized exchanges, the Referral system is issued by code. It is a centralized system.

However, this has not yet been implemented as a smart contract in the Defi world.

Cryptodiffer Community

You commented that the FarmBBR token ($ fBBR) will allow users to securely store their original asset. I donâ€™t fully understand this, what is the reason for this security, will this not work as a $BBR value dependent token and be subject to the characteristic volatility of the market? Please explain this to us.

Ryu

In this context, original assets refers to SODA. The reason why we call it securely store is that SODA is swapped for farming purpose and can be swapped back whenver you want.
Depends on the reward of each farming pool and its block reward rate.
We have several farming pool at the moment and will introduce more various pools in near future with different farming reward rate.

Bitberry Smart Famr is for the users who are not familiar with DeFi.

Multiple Farm is the new way of farming by linking referencing codes into transactions

Cryptodiffer Community

When it comes to keeping tabs on the cryptocurrency markets, most people rely on CoinMarketCap even though the service isnt necessarily perfect by any means. More competition in this market can only be considered a good thing.Bitberry Token has been added to Blockfolio and LunarCRUSH and LiveCoinWatch.What are the advantages of these three sites and do you really think they are good for Bitberry project?

Ryu

We already applied listing at CoinMarketCap but it takes time more than expected. The listing will be done in CMM soon.

Cryptodiffer Community

It's easy to make a token but it's really hard to make this token valuable? So what's your startegy to make your token more valuable and what's your plan to maintain token price and supply?

Ryu

It ll be used by all structure of Bitberry finance. And BBR token will be used for BBS farming. Bitberry dex token.

And core structure is made from real demands. In korea, most of project company want to use Defi staking solution. Bitberry is only project for do that in korea.

And most of user basis are from Upbit. Bitberry will absorb all Defi investment demands from korean market

Cryptodiffer Community

Which market are you aiming for in the coming time? Do you have any plans to improve APY Liquidity Farming levels higher than other platforms in order to create an attraction for many investors?

Ryu

Yes so BBR yield farming APY is over 350%

Cryptodiffer Community

I belong to the school of taught that believes the future of finance is Defi, however, many users are still experiencing difficulty using it due to lack of infrastructure. How does Bitberry plan to eliminate barrier to entry problem? How user-friendly and secure will your products be so that even a novice will be able to make use of your platform with ease?

Ryu

Because of this kind of barriers, we introduced concept of Bitberry Samrt Farm and Zap function.

- A Zap is an automated workflow that connects users’ action together. Bitberry Finance’s Zap feature will allow the users to directly exchange Ethereum into LP tokens while saving GAS costs by minimizing actions.

Cryptodiffer Community

What are the differences between the Bitberry Governance Token (BBR) and the Governance Token of other DeFi platforms? What utilities will BBR support to enable the connection between the DeFi Bitberry and the CeFi platform?

Ryu

Without BBR, project company cant use service in bitberry

Cryptodiffer Community

About BitBerry Token (BBR), do you have plan to make Private Sale and an ICO (Public Sale) ?
when is it ? could Bitberry team share link where and how to get them ?

Ryu

This can be get yield farming only

Cryptodiffer Community

How is Bitberry Finance's operating model different from other traditional DeFi platforms? How will your technology solve the problems of the current DeFi weaknesses to create a secure, easy-to-use and profitable platform for users?

Ryu

Covering Security matter - Cefi
New Defi function -
In centralized exchanges, the Referral system is issued by code. It is a centralized system.

However, this has not yet been implemented as a smart contract in the Defi world.
Bitberry finance dev team are developing this model in smart contract.

Cryptodiffer Community

-Bitberry wants to create a profitable Defi platform using the pros of CeFi Platform. What are the pros of CeFi you're looking at? How will you overcome challenges met?

-Bitberry operates a dual token ecosystem - $fBBR and $BBR. What necessitate a dual token ecosystem? Why does $fBBR have an infinite supply?

Ryu

The reason why we run dual token ecosystem (actually, there will be BBS introduced soon for Bitberry Swap) is kind of long story below

Monstercube is the company that operated a restaurant curating service called Syrup (rebranded as SODA) from SK telecom, Korea's largest telecommunications company. This service is used by 10 million customers (25% of Korean citizens).

Based on this huge number of users, the company has been earning record-breaking revenue by various advertisement. Because of this revenue, Monstercube acquired Bitberry by paying a significant amount of money from Upbit. Sales basically consist of funds such as advertising revenue through SODA and equity investments from various sources.

There are thousands ppl who uses SODA in real life. The reason why we induce ppl to use Soda to fBBR is there are thousands ppl who has Soda and used in real life

Ryu

We have 3 dev team , each team have leader and team members

1st dev team : bitberry wallet, dex, yield farming
2nd dev team : Vault product, integration between defi project,
3rd dev team : focusing combined asset like synthetix

Totally almost 50
Yes

Bitberry dex ll have smart contracted referral system. This can be new motive in Defi world.

Cryptodiffer Community

1. Although Bitberry uses the phone number as an identifier for users, is it possible to create a username as an alternate method of identification in order to keep personal data private?

2. How secure is the Bitberry platform to keep the phone numbers and data of all its users private? Is it possible that there is some vulnerability in your platform? If this happens, how would the situation be solved?

Ryu

No you don't need phone number or kyc.

You just need metamask and fBBR or BBR or other cryptocurrencies applicapable among the pools

Cryptodiffer Community

What market is Bitberry targeting?

Does Bitberry have a marketing strategy that includes getting both non-crypto INVESTORS and Investors that are from communities that doesn't speak English?

Ryu

Yes correct. We expand market into vietnam too

Cryptodiffer Community

Many products have privacy and anonymity as their primary focus of development. Do you guarantee the security of our data, in order not to cross our telephone number and my transactions with other identifying data platforms?

Do you have plans to develop a large community of users? It would be interesting to develop material and a website with information in English. Do you have plans to do it?

Ryu

Yes bbr.finance are wrote in english

@Bitberry_Official

Hiring too
[Bitberry Community Level Achievement Event]

1. Level Achievement Event by 3 steps - $5 $5 $10 worth Tron🍓

: Let’s have a Chat and level up in Bitberry community! Whenever you reach a certain level, you will receive Trons!

Level 7 (1500 EXP) $5 Tron
Level 10 (5500 EXP) $5 Tron
Level 12 (11000 EXP) $10 Tron

* Abusing is prohibited
* If abusing is detected, the prize will be excluded from the event.
* Topics of chat is limited things related to BBR

2. Community Jackpot!🍓

: While you are talking in the community, jackpot will appear with a certain probability!

Jackpot = $100 Tron

No abusing
Only Bitberry related conversation allowed.
3. Thanks to BEST User = Special Community Reward for the best User🍓

: There is a special reward for users who know about BBR the most in the community and promote BBR to other users!

Reward $300 once per month

4. BBR Ambassador Program🍓

: Start an ambassador program for users with BBR!

Conditions of Ambassador

Users with over $1000 BBR
Users with promotional capabilities for the project (chat, promotion, post)

Reward $100 per month

Fill out the form: https://forms.gle/kMsHGX4cBNqdSHFk6

* You need to fill in the Google form about what you have done once a month.

5. Meme Contest🍓

: Make me a meme about BBR! Various prizes are available depending on the quantity and quality of the memes!

Period: February 12 - March 12

Total Reward $1000

- Most Memes, Best Quality Production Award: $400
- High Quality Award: $300
- Massive Meme Award: $200
- Participation Prize (lottery): $100

Complete tasks 🍓:

1: Post your products on twitter using the hashtags #BitBerry #DeFi #BBR $BBR & tag @bitberryf

2. Follow @bitberryf on Twitter.
https://twitter.com/bitberryF

3: Join our Telegram: https://t.me/Bitberry_Official
(and post your submission, you can post multiple times to increase hype but avoid spam)

4. Fill out the form: https://forms.gle/ySKhAT84NNDZV4dv9
Lot of events are waiting for crypto guys
@Bitberry_Official

Cryptodiffer Community

Why did you choose Defi as the platform for development instead of other blockchain industry options? In your opinion, what are the core values and new features, what is the difference that the Bitberry Finance ecosystem will bring to all DeFi?

Ryu

Originally monstercube start from payment business, bitberry is wallet business. Defi sector is best for making synerfy

Cryptodiffer Community

BBR is a token built on the Ethereum blockchain that has a number of issues. Are you considering a Layer 2 solution like Matic or a move to Polkadot or BSC blockchain?

Ryu

Yes open to discuss and already discussing now. Dot bsc etc all opened

Ryu

The root of our project is IT company still running in the field with various customer pools.
Monstercube is the company that operated a restaurant curating service called Syrup (rebranded as SODA) from SK telecom, Korea's largest telecommunications company. This service is used by 10 million customers (25% of Korean citizens).
Based on this huge number of users, the company has been earning record-breaking revenue by various advertisement. Because of this revenue, Monstercube acquired Bitberry by paying a significant amount of money from Upbit. Sales basically consist of funds such as advertising revenue through SODA and equity investments from various sources.

Every information is disclosed and nothing we hide.

Cryptodiffer Community

@BitberryRyu
I have read of MANY projects oriented to DeFi lately, it is logical to think thay most of think won’t make it to last along time, why should we trust that your protocol can actually settle as a long term platform?

Ryu

Bitberry's parent company, Monstercube's coin, Soda is listed samsung wallet

Ryu

We have Official English community group https://t.me/Bitberry_Official

Ryu

Monstercube start business from 2016
Unlike other defi project, Bitberry have solid basis
https://apnews.com/press-release/kisspr/technology-business-financial-technology-seoul-south-korea-61100ffaa3e727fc3827735d699af011

Cryptodiffer Community

I read that the Bitberry Finance development team is developing the world's first Defi referral system in the form of a smart contract. Could you tell us more? When is the launch planned and has the smart contract been audited?

Ryu

Currently, the codes are being audited at Certik, and Quantstamp is also the one we are discussing for preparing additional audit. We want to provide safer service by receiving as many audits as possible and showing how secure the codes of Bitberry is to users.

Since such audits are not requested by small exchanges, but are only requested by large exchanges, Bitberry was forced to conduct audits. Moreover, since audits are almost compulsory for partnerships with large institution, we are conducting audits as part of the partnership.

Ryu

Yes certik ll be published next week. Quant stamp discussing.

Cryptodiffer Community

Will the auditors be taking a look at a deployed contract?

Seen cases of an audit being passed, and then dev changing things before deploying in a malicious way

Ryu

So we have plan to check all of tier 1 audit company. Not only one

Cryptodiffer Community

What is SODA COIN and how can I get this token? What role does this play in your ecosystem and what uses can I use with this token?

Ryu

You can see here

https://www.dextools.io/app/uniswap/pair-explorer/0x6a475be9d494f80218138c2280f9b4b42a309795

Cryptodiffer Community

Is your Bitberry Smart Farm program only available in Korea or is it global? Are you planning to integrate Bitberry with a Samsung wallet?

Ryu

It can be used globally

Cryptodiffer Community

How can Zap help newbies participate in DEFI? Can users with little money participate in DEFI Bitberry?

Ryu

The only things requried for newbies are Metamask and ETH.

Connect metamask with Bitberry DApp and just click ZAP. Then just wait to see.

Everysteps below is to be done automatically.
- Swap half of ETH
- Make a pool (BBR-ETH)
- Staking
- Take a fruit :)

Cryptodiffer Community

What plans do you have in place to getting recognized globally?
Can you give a blueprint or roadmap to how this would be done?

Ryu

Audit
New features like Bitberry dex
Big CEX
Big Partnership

That are planned in 3monthes

Cryptodiffer Community

What benefits will the early adopters and holders of BBR tokens from Bitberry Season 2 get?

Ryu

Only BBR holder can participate in BBS mining

Cryptodiffer Community

What are the benefits of a partnership between OKEx exchange wallet and Bitberry wallet? What do you plan to achieve together in the long term?

Ryu

https://apnews.com/press-release/kisspr/technology-business-financial-technology-seoul-south-korea-61100ffaa3e727fc3827735d699af011

We are dominant crypto market leader as well as real-life IT business in Korea. As the DeFi is getting more and more attention, we are trying to expand our business to Overseas. In this regard, this MOU is aspiration to strengthen its position in the domestic and overseas markets through partnership with OKX and to expand the soda ecosystem overseas with Bitberry, a cryptocurrency wallet service.

For reference, Bitberry, which was serviced in 2017, currently has about 200,000 members, and security was strengthened through a smart contract update in August. Future exchange functions and personal keychain storage services will be introduced.
OKEx, whose awareness of Lite users is still lower than that of major domestic exchanges, is expected to start a more stable service in the domestic market through collaboration with Bitberry Wallet."

In the future, the linkage between OKEx's exchange wallet and Bitberry wallet will create an environment where users can easily transfer cryptocurrency. The combination of a large exchange and a specialized cryptocurrency wallet service is the first attempt in Korea, and OKEx is expected to solidify its position in Korea through this alliance and expand overseas markets with strengths such as Bitberry's security system, convenience, and accessibility. see. In particular, it is evaluated that it is a more positive partnership with Bitberry, which currently provides global services in Southeast Asia and North America.

Cryptodiffer Community

In my reseach I found Bitberry has implemented
some solutions to minimize impermanent loss to
your users. Is it the same for slippage percents?
Can you tell us more about this solutions to
common problems in DeFi?

Ryu

For minimize IL, Bitberry dex will be provide special function. It ll be discovered in march

Cryptodiffer Community

Please clarify â€” Vaults execute strategies to automate the best yield farming opportunities available. What data are the strategies based on, and how is the selection for the best investment made? Is there a risk of a panic sell in the event of a sharp drop in the price of an asset?

Ryu

Yes that could be the common issue for Vault.
Actually, Vault is under developing and we will deliver beyond the existing service.

Around 50 people participate in bitberry.
We have 3 dev team , each team have leader and team members

1st dev team : bitberry wallet, dex, yield farming
2nd dev team : Vault product, integration between defi project,
3rd dev team : focusing combined asset like synthetix

Cs center, marketing team, totally around 50
You can get SODA token from Bithumb exchange.

Monstercube is the company that operated a restaurant curating service called Syrup (rebranded as SODA) from SK telecom, Korea's largest telecommunications company. This service is used by 10 million customers (25% of Korean citizens).

Based on this huge number of users, the company has been earning record-breaking revenue by various advertisement. Because of this revenue, Monstercube acquired Bitberry by paying a significant amount of money from Upbit. Sales basically consist of funds such as advertising revenue through SODA and equity investments from various sources.

There are thousands ppl who uses SODA in real life. The reason why we induce ppl to use Soda to fBBR is there are thousands ppl who has Soda and used in real life

Cryptodiffer Community

BBR is a token built on the Ethereum blockchain that has a number of issues. Are you considering a Layer 2 solution like Matic or a move to Polkadot or BSC blockchain?

Ryu

We can't disclose everything right now, but we're working on development with various network chains (platforms) in mind.

There are also considerations for exchange platforms, and things like dot and avax as well. TRC is also one of our consideration because of its faster speed and low gas fees.
IL is mostly because of lack of ETH in the pool.
With plenty of ETH, IL gets smaller.

Bitberry had 3000 ETH at peak. Currently, around 1500 ETH and getting bigger size of it.

https://www.dextools.io/app/uniswap/pair-explorer/0x6a475be9d494f80218138c2280f9b4b42a309795

Ryu

Bitberry comminity is now hiring.

Welcome good community manager

T.me/Bitberry_Official

Join this community. And apply CM

Cryptodiffer Community

Ryu

Unlike other DeFi platforms’ governance token, Bitberry Token (BBR) will be supported with various utility, which will provided the connection between Bitberry’s DeFi and CeFi platform.

- BBR will be used as a fee of Bitberry wallet. In the future, when the users select BBR as a transfer fee, they can get a 50% discount in token transfer.

- In addition to transfer fee discount, if the users use CeFi fund product(Deposit & Earn) that runs within Bitberry wallet with BBR, they can get a 50% discount from operation fee.

- Vault strategy contract will include BBR-only Vault contract which will require BBR to participate

- Bitberry Smart Farm with the concept of proxy farming in the future, lower-level farmers can be hired only by depositing BBR. The users need to hold certain amount of BBR in order to earn commission from sub armers as additional bonuses, which can lead to bigger rewards in the future.

- In the tentatively named BBS (Bitberry Season 2), LP supply using BBR would accelerate the farming up to 1.5 ~3 times faster than regular farming. therefore, holding a certain amount of BBR at all times will be a way to secure the rewards from Bitberry Smart Farm and Bitberry Season 2. The users should own a BBR equivalent to at least 10,000 USDT in order to gain an edge in the proxy farming conducted at Bitberry Smart farm.

Cryptodiffer Team

Thank you for your time!
Thank you, everyone, for your questions

Ryu

Sorry for not answering all questions.

You can find decent information at Official group at https://t.me/Bitberry_Official